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Supreme Court: Admission of claims after the resolution plan has been accepted by CoC would result in making CIRP prolonged and inefficacious

The Supreme Court has, vide its judgement dated September 11, 2023, in the case of RPS Infrastructure Limited v. Mukul Kumar and Another [CA No. 5590/2021], held that the admission of claims after the resolution plan has been accepted by Committee of Creditors (“CoC”) would result in making the Corporate Insolvency Resolution Process (“CIRP”), an […]

Delhi High Court: When there are two interconnected agreements with conflicting arbitration clauses, the clause contained in the main agreement should be given primacy

The Delhi High Court (“Delhi HC”) has, in its judgement dated August 22, 2023, in the matter of Amit Guglani and Another v. L and T Housing Finance Limited and Another [ARB.P. 1317/2022 and I.A. No. 19286/2022], held that when there are two interconnected agreements with conflicting arbitration clauses, the clause contained in the main […]

Supreme Court: Dissenting opinion of an arbitrator cannot be treated as an award if the majority award is set aside

The Supreme Court has, by its judgment pronounced on August 24, 2023, in the matter of Hindustan Construction Company Limited v. National Highways Authority of India [Civil Appeal No(s). 4658 of 2023, 4659 of 2023, 4660 of 2023, 4661 of 2023 and 4662 of 2023], disposed of a batch of appeals involving a common question […]

Legalaxy – Monthly Newsletter Series – Vol V – October 2023

We are pleased to share with you the link to our newsletter “Legalaxy” for October 2023, providing updates on the recent and relevant legal developments in India. Below are the key highlights of the newsletter: The Mediation Act, 2023 receives the President assent IBBI amended the CIRP Regulations under the IBC AGMS and EGMS through virtual […]

NCLT: Stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016

National Company Law Tribunal, New Delhi (“NCLT”), vide its order dated August 2, 2023, in the case of M/s. Bezel Stockbrokers Private Limited v. Security Exchange Board of India and Another [Company Petition No. (IB)-251(ND)/2021], held that a stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Facts […]

NCLAT upholds CCI’s order approving acquisition of Hindustan National Glass and Industries Limited by AGI Greenpac Limited

National Company Law Appellate Tribunal (“NCLAT”) has, collectively in the matters of: The U.P. Glass Manufacturers Syndicate v. Competition Commission of India and Others [Competition Appeal (AT) No. 07 of 2023]; Independent Sugar Corporation Limited v. Competition Commission of India and Another [Competition Appeal (AT) No. 08 of 2023]; Geeta and Company v. Competition Commission […]