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Supreme Court: Appeals and Applications under the Arbitration & Conciliation Act, 1996 relating to commercial dispute of specified value, other than the international commercial arbitration, shall lie before the Commercial Courts established under the Commercial Courts Act, 2015 even though they are subordinate to the rank of the Principal Civil Judge in the District.

The Supreme Court (“SC”) in its judgment dated October 19, 2022, in the case of Jaycee Housing Private Limited And Others v. Registrar (General), Orissa High Court, Cuttack And Others [Civil Appeal No. 6876 of 2022], held that the Commercial Courts Act, 2015 (“CCA”) has an overriding effect and shall prevail over the Arbitration & […]

NCLT: Indemnity of obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai Bench (“NCLT”) has in its judgement dated October 7, 2022 (“Judgement”), in the matter of Reserve Bank of India v. Reliance Capital Limited [CP. (IB) No. 1231/MB/C-I/2021] held that indemnity obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 […]

NCLAT: Attachment of Corporate Debtor’s bank account by the Employees’ Provident Fund Organization cannot continue during Moratorium

The National Company Law Appellate Tribunal, Chennai (“NCLAT”) has in its judgment dated September 9, 2022 in the matter of B. Parameshwara v. Assistant PF Commissioner, Employees’ Provident Fund Organization, Bommasandra II and Others [Company Appeal (AT) (Ins) No. 231 of 2021] held that attachment of the bank account of the corporate debtor by the […]

NCLT: A related party of the financial creditor is not barred under Section 29A of the IBC to submit a resolution plan

The National Company Law Tribunal, Cuttack (“NCLT”), in the case of Trimex Industries Private Limited v. M/s. Sathavahana Ispat Limited and Others [I.A. No. 791/2021 in CP. (IB) No.179/HDB/2020], has held that a related party of the financial creditor is not barred under Section 29A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to submit […]

“Solely” means ‘Only’ – Supreme Court on Scope of Exemption u/s 10(23C)

We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent ruling of the Supreme Court in a batch of matters titled New Noble Education Society. The Supreme Court in the said ruling, has delved into aspects relating to registration of ‘education institutions’ under section […]

NCLAT: Erstwhile resolution professional has no right to be heard before being replaced under Section 27 of the Insolvency and Bankruptcy Code.

The National Company Law Appellant Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgement dated September 2, 2022 (“Judgement”), in the matter Sumat Kumar Gupta v. Committee of Creditors of M/s. Vallabh Textiles Company Limited [Company Appeal (AT) (Insolvency) No. 1037 of 2022] held that when the Committee of Creditors (“CoC”) decides to replace the […]