Between The Lines – Page 12 – Vaish Associates Advocates

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 […]

Supreme Court: CIRP can be initiated against Corporate Debtor without proceeding against Principal Borrower

The Supreme Court (“SC”) has in its judgment dated September 6, 2022 in the matter of K. Paramasivam v. The Karur Vysya Bank Limited and Others [Civil Appeal No. 9286 of 2019] held that the Corporate Insolvency Resolution Process (“CIRP”) can be initiated against the corporate debtor without proceeding against the principal borrower. Facts Mr. […]

Supreme Court: The actual gain or loss is immaterial, but the motive for making a gain is essential.

The Supreme Court (“SC”) has, in its judgment dated September 19, 2022, in the case of Securities and Exchange Board of India v. Abhijit Rajan [Civil Appeal No. 563 of 2020], held that in deciding cases pertaining to insider trading, the actual gain or loss is immaterial, but the motive for making a gain is […]

NCLT: Section 14 of the Insolvency and Bankruptcy Code does not differentiate between assessment, quasi-judicial or judicial proceedings.

The National Company Law Tribunal, Mumbai (“NCLT/ Adjudicating Authority”) has in its judgement dated July 29, 2022 (“Judgement”), in the matter of M/S Ravi Infrastructure and Projects v. KSS Petron Private Limited [CP (IB) 1202/MB/C-II/2017] held that Section 14 (Moratorium) of the Insolvency and Bankruptcy Code, 2016 (“IBC“) does not differentiate between assessment, quasi-judicial or […]

NCLAT: Re-agitating an issue which has attained finality is an abuse of the process of law.

The National Company Law Appellate Tribunal (“NCLAT”), in Vikas Dahiya v. Arrow Engineering Limited [Company Appeal (AT)(Insolvency) No. 699 of 2022] (“Appeal No. 699 of 2022”) and Oval Investment Private Limited v. Arrow Engineering Limited [Company Appeal (AT)(Insolvency) No. 812 of 2022] (“Appeal No. 812 of 2022”), held that re-agitating an issue which has attained […]

NCLAT: Moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is no bar for initiation of proceedings under Section 66 of the IBC

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgment dated August 4, 2022 in the matter of Rakesh Kumar Jain v. Jagdish Singh Nain and Others [Company Appeal (AT) (Ins.) No. 425 of 2022] held that the moratorium imposed under Section 14 (Moratorium) of the Insolvency and Bankruptcy Code, […]