Between the Lines | Karnataka High Court: An application for compounding under Section 15 of the Foreign Exchange Management Act, 1999 cannot be rejected on the basis of Rule 11 of Foreign Exchange (Compounding Proceedings) Rules, 2000

The Hon’ble Karnataka High Court (“KHC”) in the matter of Mrs. Joyce Lynn Peters v. Reserve Bank Of India and others (Writ Petition No. 26425 of 2017) (“Judgement”), held that an application for compounding under Section 15 (Power to compound contravention) of the Foreign Exchange Management Act, 1999 (“FEMA”) cannot be rejected on the basis […]

Between the Lines | Supreme Court: NCLT cannot adjudicate contractual dispute if termination of contract is based on grounds unrelated to Corporate Debtor’s insolvency

The Hon’ble Supreme Court (“SC”) has in its judgement dated November 23, 2021, in the matter of TATA Consultancy Services Limited v. Vishal Ghisulal Jain, Resolution Professional, SK Wheels Private Limited [ Civil Appeal No 3045 of 2020] held that, the residuary jurisdiction of the National Company Law Tribunal (“NCLT”) cannot be invoked if the […]

Between the Lines | Supreme Court: Limitation period for appeal under Insolvency and Bankruptcy Code, 2016 begins from the date of pronouncement of order and delay in uploading the order cannot exclude limitation

The Supreme Court (“SC”) has in its judgment dated October 22, 2021 (“Judgement”), in the matter V Nagarajan v. SKS Ispat and Power Limited and Others [Civil Appeal No. 3327 of 2020], held that the period of limitation for filing of appeal against an order as per Section 61 of the Insolvency and Bankruptcy Code, […]