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Between the Lines | NCLAT: The occurrence of a default, and not the inability to pay debt is relevant for admitting or rejecting an application for initiation of CIRP under the IBC

The National Company Law Appellate Tribunal (“NCLAT”) in the case of Monotrone Leasing Private Limited v. PM Cold Storage Private Limited (decided on July 6, 2020) has held that the inability to pay-off debts and committing default are different aspects which are required to be adjudged on equally different parameters, and that ascertaining commission of […]

Supreme Court: The appellant’s plea on limitation was illusory; the date of execution of sale deed was deliberately excluded to overcome limitation and mislead the court

The Supreme Court of India (“SC”) by its judgement in Dahiben v. Arvindbhai Kalyanji Bhanusali through Legal Representative and Others [Civil appeal no. 9519 of 2019] (decided on July 9, 2020) upheld the order of the Gujarat High Court (“GHC”) affirming the decision of the trial court which had allowed the application of respondent nos. […]

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 […]