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NCLAT: A financial creditor cannot intervene or oppose admission of a corporate insolvency resolution process by another financial creditor

In the recent judgement of L&T Infrastructure Finance Company Private Limited v. Gwalior Bypass Project Limited and Others (decided on August 19, 2019), the National Company Law Appellate Tribunal (“NCLAT”) has reaffirmed the two orders passed by the National Company Law Tribunal (“NCLT”) dated May 29, 2019 and has held that a financial creditor cannot […]

Delhi High Court: Remedies available to allottees of flats under the Consumer Protection Act, 1986 and the Real Estate (Development and Regulation) Act, 2016, are concurrent

The Delhi High Court has, in M/s. M3M India Private Limited and Another v. Dr. Dinesh Sharma and Another (decided on September 4, 2019), that was clubbed together with a batch of petitions filed under Article 227 of the Constitution of India and dealing with the same question of law, held that the proceedings instituted […]

GST Cafe – Take a look at the Highlights of the 37th GST Council Meeting

The following are the highlights of the 37th GST Council meeting held on September 20, 2019 along with notifications implementing decisions taken during the meeting. Law and Procedure related changes Requirement for filing of Annual Return for F.Y. 2017-18 & 2018-19 waived for composition taxpayers Requirement for filing of Annual Return for F.Y. 2017-18 & […]

NCLAT: The Insolvency and Bankruptcy Code, 2016 is not applicable to NBFCs

The National Company Appellate Law Tribunal (“NCLAT”) has, in the case of Housing Development and Finance Corporation Limited v. RHC Holding Private Limited (decided on July 10, 2019) held that the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”) are not applicable to ‘non- banking financial institutions’ (“NBFCs”). FACTS Housing Development and Finance Corporation […]

NCLT Cuttack: Failure to implement the resolution plan cannot reset the clock back to day one to restart the insolvency process

The National Company Law Tribunal (“NCLT”), Cuttack in the case of State Bank of India v. Adhunik Metaliks Limited and Others (decided on July 8, 2019) rejected the resolution plan submitted by the resolution applicant on the ground of delay and ordered for liquidation of the corporate debtor. FACTS State Bank of India (“State Bank”) […]

The fee structure contractually determined for the arbitral tribunal prevails over the fee structure provided under the Arbitration Act

The Supreme Court in the case of National Highways Authority of India v. Gayatri Jhansi Roadways Limited with Gammon Engineers and Contractors Private Limited v. National Highways Authority of India (decided on July 10, 2019) held that the fee structure for the arbitral tribunal previously agreed between the parties under the arbitration agreement, in case […]