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NCLAT: A writing to be an acknowledgement of liability must involve an admission of subsisting jural relationship between the parties and a conscious affirmation of an intention of continuing such relationship in regard to an existing liability

The National Company Law Appellate Tribunal (“NCLAT”) in the case of Mr. R.R. Gopaljee v. Indian Overseas Bank and Others (decided on June 24, 2020) upheld the order dated July 05, 2019 passed by the NCLT, special bench, Chennai (“Adjudicating Authority”) under Section 7 (initiation of corporate insolvency resolution process by financial creditor) of the […]

Supreme Court: Dispute as to inheritance of shares cannot be adjudicated upon in proceedings under Section 241/ 242 of Companies Act, 2013

The Supreme Court (“SC”) has in its judgment dated July 6, 2020 (“Judgment”) in the matter of Aruna Oswal v. Pankaj Oswal and Others [Civil Appeal No. 9340 of 2019], held that disputes pertaining to inheritance of shares cannot be pronounced upon in proceedings initiated under Sections 241 and 242 of the Companies Act, 2013 […]

Competition News Bulletin – July 2020

We are glad to share the July 2020 edition of our newsletter – Competition News Bulletin. Some highlights of this issue are as under: CCI finds cartel in the domestic industrial and automotive bearings market but refrains from imposing penalty CCI fines Grasim for abusing its dominant position in the market for supply of VSF […]

NCLAT: Contract termination notice issued to the Corporate Debtor post initiation of CIRP stayed

The National Company Law Appellate Tribunal (“NCLAT”), in the case of Tata Consultancy Services Limited v. Vishal Ghisulal Jain (decided on June 24, 2020) has decided that a contract termination notice issued by Tata Consultancy Services Limited (“Appellant”) to S.K Wheels Private Limited (“Corporate Debtor”), a company undergoing Corporate Insolvency Resolution Process (“CIRP”) under the […]

NCLT, Mumbai: Reference to arbitration in an insolvency petition under Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai (“MNCLT”) has, by an Order dated June 9, 2020 (“Order”), allowed an application under Section 8 (power to refer parties to arbitration where there is an arbitration agreement) of the Arbitration and Conciliation Act, 1996 (“ACA”) thereby referring a matter pending before it to arbitration. The said Section 8 […]

NCLAT: To prevent detriment to the liquidation process and other secured creditors, company not having a minimum of 60% value in the security interest could not be allowed to realize security interest under the provisions of SARFAESI Act, 2002

The present appeal arose from order dated November 20, 2019 (“Impugned Order”) passed by the National Company Law Tribunal, Chennai (“NCLT”). By way of the Impugned Order, the NCLT had dismissed the liquidator’s application seeking permission to enable the sale of assets of ‘Surana Power Limited’ (“SPL”) on the basis of consent given by majority […]