Between The Lines – Page 22 – Vaish Associates Advocates

Between the Lines | Supreme Court: Dissenting secured creditor cannot challenge an approved resolution plan basis the value of security held by it over the corporate debtor.

In the matter of India Resurgence ARC Private Limited v. M/s Amit Metaliks Limited & Another [Civil Appeal No. 1700 of 2021] decided on May 13, 2021 (“Judgement”) the Supreme Court (“SC”) held that a dissenting secured creditor cannot challenge an approved resolution plan under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and insist on […]

Between the Lines | Supreme Court: In seeking to construe a clause in contract, there is no scope for adopting either a liberal or a narrow approach

The Supreme Court of India (“Supreme Court”) in the case of Bangalore Electricity Supply Company Limited v. E.S Solar Power Private Limited and Others [C.A. 9273 of 2019] by judgement dated May 03, 2021, upheld the decision of the Appellate Tribunal for Electricity (“APTEL”). The APTEL had passed an order reversing the findings of the […]

Between the Lines | Delhi High Court: An arbitral award cannot be interfered with on account of disagreement over inference drawn from evidence

The Delhi High Court (“DHC”) has in its judgment dated April 15, 2021, in the matter of Megha Enterprises and Others v. M/s Haldiram Snacks Private Limited [O.M.P (COMM) 79/2021], held that an arbitral award cannot be interfered with on account of disagreement over inference drawn from evidence. Facts Megha Enterprises (“Petitioner”), engaged in the […]

Between the Lines | Calcutta High Court: Award-holder’s claim will stand extinguished on approval of award-debtor’s resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016

The Calcutta High Court (“CHC”) has in its judgment dated May 7, 2021, in the matter of Sirpur Paper Mills Limited v. I.K. Merchants Private Limited (Formerly Known as I.K. Merchants) [A.P. 550 of 2008] (“Judgement”), held that the claim of the arbitral award-holder will be frustrated once the resolution plan of the award-debtor is […]

Between the Lines | Supreme Court: Entries made in balance sheet amount to acknowledgement of debt for the purpose of extending limitation under Section 18 of the Limitation Act, 1963.

The Hon’ble Supreme Court (“SC”) has in its judgment dated April 15, 2021 (“Judgement”), in the matter of Asset Reconstruction Company (India) Limited v. Bishal Jaiswal & Another [Civil Appeal No.323/2021], held that entries in balance sheets amount to acknowledgement of debt for the purpose of extending limitation under Section 18 of the Limitation Act, […]

Between the Lines | Supreme Court: Refusal to condone delay under Section 34(3) of the Arbitration and Conciliation Act, 1996, is appealable under Section 37 of the said Act

The Hon’ble Supreme Court (“SC”) by its judgment in Chintels India Limited v. Bhayana Builders Private Limited [Civil Appeal No. 4028 of 2020], on February 11, 2021, held that refusal to condone delay under Section 34(3) of the Arbitration and Conciliation Act, 1996 (“1996 Act”) was appealable under Section 37 of the 1996 Act. Facts […]