Between The Lines | Supreme Court: Appeals and Applications under the Arbitration & Conciliation Act, 1996 relating to commercial dispute of specified value, other than the international commercial arbitration, shall lie before the Commercial Courts established under the Commercial Courts Act, 2015 even though they are subordinate to the rank of the Principal Civil Judge in the District.

The Supreme Court (“SC”) in its judgment dated October 19, 2022, in the case of Jaycee Housing Private Limited And Others v. Registrar (General), Orissa High Court, Cuttack And Others [Civil Appeal No. 6876 of 2022], held that the Commercial Courts Act, 2015 (“CCA”) has an overriding effect and shall prevail over the Arbitration & […]

Between The Lines | NCLT: Indemnity of obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai Bench (“NCLT”) has in its judgement dated October 7, 2022 (“Judgement”), in the matter of Reserve Bank of India v. Reliance Capital Limited [CP. (IB) No. 1231/MB/C-I/2021] held that indemnity obligations under an agreement is not a ‘financial debt’ under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 […]

Between The Lines | NCLAT: Attachment of Corporate Debtor’s bank account by the Employees’ Provident Fund Organization cannot continue during Moratorium

The National Company Law Appellate Tribunal, Chennai (“NCLAT”) has in its judgment dated September 9, 2022 in the matter of B. Parameshwara v. Assistant PF Commissioner, Employees’ Provident Fund Organization, Bommasandra II and Others [Company Appeal (AT) (Ins) No. 231 of 2021] held that attachment of the bank account of the corporate debtor by the […]

Between The Lines | NCLAT: Erstwhile resolution professional has no right to be heard before being replaced under Section 27 of the Insolvency and Bankruptcy Code.

The National Company Law Appellant Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgement dated September 2, 2022 (“Judgement”), in the matter Sumat Kumar Gupta v. Committee of Creditors of M/s. Vallabh Textiles Company Limited [Company Appeal (AT) (Insolvency) No. 1037 of 2022] held that when the Committee of Creditors (“CoC”) decides to replace the […]

Between The Lines | Supreme Court: Discretion of the Arbitral Tribunal to grant post-award interest on part of the aggregate sum due.

The Division Bench of Supreme Court (“SC”), vide its judgment dated September 1, 2022 in the matter of Morgan Securities and Credits Private Limited v. Videocon Industries Limited [Civil Appeal No. 5437 of 2022] held that the arbitral tribunal has discretion under Section 31(7)(b) of the Arbitration and Conciliation Act, 1996 (“Act”) to grant post-award […]