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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, […]

Between the Lines | Supreme Court: Chairman, directors, and other key managerial personnel of a company cannot be automatically held vicariously liable for the offences committed by a company

The Hon’ble Supreme Court (“SC”) in Ravindranatha Bajpe v. Mangalore Special Economic Zone Limited and Others (decided on September 27, 2021), held that the chairman, directors, and other key managerial personnel of a company cannot be automatically held vicariously liable for the offences committed by a company unless specific allegations and averments against them are […]

Between the Lines | NCLAT: Security Deposit and the interest thereon would fall within the ambit of the definition of ‘Financial Debt’ under the IBC

The National Company Law Appellate Tribunal Principal Bench, New Delhi (“NCLAT”) has in its judgment dated October 07, 2021 (“Judgement”), in the matter of Sach Marketing Private Limited v. Resolution Professional of Mount Shivalik Industries Limited, Ms. Pratibha Khandelwal [Company Appeal (AT) (Insolvency) No. 180 of 2021], held that ‘Security Deposit’ and the interest thereon […]

Between the Lines | Supreme Court: An arbitrator cannot grant pendente-lite interest under Arbitration and Conciliation Act, 1996 when expressly barred by the parties

The Hon’ble Supreme Court (“SC”) has in its judgement dated October 4, 2021, in the matter of M/s Garg Builders v. M/s. Bharat Heavy Electricals Limited (Civil Appeal No. 6216 of 2021), held that an arbitrator cannot grant pendente-lite interest as per the Arbitration and Conciliation Act, 1996(“1996 Act”) when barred by the parties (“Judgement”). […]