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Between the Lines | Supreme Court: Arbitral Tribunal cannot award interest when the parties to the contract have agreed that it is not payable

The Supreme Court (“SC”) has in its judgment dated November 18, 2021, in the matter of Union of India v. Manraj Enterprises [Civil Appeal No. 6592 OF 2021] (“Judgement”) held that the arbitrator in the arbitration proceedings, has no power to award interest, contrary to the terms of the agreement/contract between the parties. Facts A […]

Between the Lines | Supreme Court: The dishonor of cheque issued as a security can attract offence under Section 138 of the Negotiable Instruments Act

The Supreme Court of India (“SC”) has in its judgment dated October 28, 2021 (“Judgement”), in the matter of Sripati Singh (since deceased) through his son Gaurav Singh v. The State of Jharkhand and Another [Criminal Appeal Nos. 1269-1270 Of 2021], held that the dishonour of a cheque which is issued as a security can […]

Between the Lines | Karnataka High Court: An application for compounding under Section 15 of the Foreign Exchange Management Act, 1999 cannot be rejected on the basis of Rule 11 of Foreign Exchange (Compounding Proceedings) Rules, 2000

The Hon’ble Karnataka High Court (“KHC”) in the matter of Mrs. Joyce Lynn Peters v. Reserve Bank Of India and others (Writ Petition No. 26425 of 2017) (“Judgement”), held that an application for compounding under Section 15 (Power to compound contravention) of the Foreign Exchange Management Act, 1999 (“FEMA”) cannot be rejected on the basis […]

Between the Lines | Supreme Court: NCLT cannot adjudicate contractual dispute if termination of contract is based on grounds unrelated to Corporate Debtor’s insolvency

The Hon’ble Supreme Court (“SC”) has in its judgement dated November 23, 2021, in the matter of TATA Consultancy Services Limited v. Vishal Ghisulal Jain, Resolution Professional, SK Wheels Private Limited [ Civil Appeal No 3045 of 2020] held that, the residuary jurisdiction of the National Company Law Tribunal (“NCLT”) cannot be invoked if the […]

GST Cafe | No time limit for filing refund application for excess credit in the electronic cash ledger: Central Board of Indirect Taxes and Customs

The Central Board of Indirect Taxes and Customs (‘Board’), vide Circular No. 166/22/2021-GST[1] clarified inter-alia, that the time limit of two years for filing a refund application as prescribed under sub-section (1) of section 54 of the Central Goods and Services Tax Act, 2017 (‘Act’), does not apply in cases whereby the refund application is […]

Between the Lines | Supreme Court: Limitation period for appeal under Insolvency and Bankruptcy Code, 2016 begins from the date of pronouncement of order and delay in uploading the order cannot exclude limitation

The Supreme Court (“SC”) has in its judgment dated October 22, 2021 (“Judgement”), in the matter V Nagarajan v. SKS Ispat and Power Limited and Others [Civil Appeal No. 3327 of 2020], held that the period of limitation for filing of appeal against an order as per Section 61 of the Insolvency and Bankruptcy Code, […]