Between The Lines – Vaish Associates Advocates

NCLAT: Avoidance application can continue after the completion of CIRP

The National Company Law Appellate Tribunal, New Delhi Bench (“NCLAT”), in the matter of Kapil Wadhawan v. Piramal Capital and Housing Finance Limited and Others [Company Appeal (AT) (Insolvency) Nos. 437, 439, 441, 442, 445, 451, 452 and 512 of 2023], held that avoidance applications can continue even after completion of Corporate Insolvency Resolution Process (“CIRP”). […]

Supreme Court: Section 327(7) of the Companies Act, 2013 which excludes the application of Sections 326 and 327 of the Companies Act, 2013 to a company undergoing liquidation under the Insolvency and Bankruptcy Code, is constitutionally valid

The Supreme Court of India (“Supreme Court”), vide its judgement jointly in the matter of Moser Baer Karamchari Union Through President Mahesh Chand Sharma v. Union of India and Others [Writ Petition (C) No. 421 of 2019], Manoj Kumar Nagar v. Union of India [Writ Petition (C) No. 777 of 2020], and Raj Kumar Verma […]

NCLAT: Notice period of 30 days should be given for e-auction, even though there are no timelines under Liquidator Regulations

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), by way of a common judgment dated July 4, 2023, in the matter of Naren Seth v. Sunrise Industries and Others [Company Appeal (AT) (Insolvency) No. 401 of 2023] and Marine Electricals (India) Limited v. Sunrise Industries and Others [Company Appeal (AT) (Insolvency) No. 695 of […]

Calcutta High Court: Courts cannot re-appreciate the evidence or substitute its view with that of the arbitrator while considering the issue of enforcement of a foreign award

The Calcutta High Court (“Calcutta HC”) has, in its judgement dated June 23, 2023, in the matter of Jaldhi Overseas Private Limited v. Steer Overseas Private Limited [(2023) SCC OnLine Cal 1628], held that courts cannot re-appreciate the evidence or substitute its view with that of the arbitrator while considering the issue of enforcement of […]

NCLAT: NCLTs and NCLAT have the power to recall their Judgments

A five-member bench of the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) in the case of Union Bank of India v. Dinkar T. Venkatasubramanian [Company Appeal (AT) (Ins.) No. 729 of 2020], in its judgment dated May 25, 2023, held that NCLAT can recall its judgments by the virtue of inherent power […]

Madras High Court rejects enforcement of a foreign arbitration award which was passed without considering FEMA violations and fraud in share valuations

In a landmark verdict, the Hon’ble Madras High Court (“Madras HC”), in the case of Aapico Hitech Public Company Limited and Another v. Sakthi Auto Component Limited [Arbitration Original Petition No. 296 of 2021] (“Judgement”), in its judgment dated February 3, 2023, has rejected enforcement of a foreign arbitration award on the ground that it […]