Between The Lines – Page 26 – Vaish Associates Advocates

Between the Lines | Supreme Court: Trivial procedural lapses not a ground to nullify SARFAESI proceedings initiated by secured creditor if no substantial prejudice was caused to borrower

The Supreme Court (“SC”) has in its judgment dated October 27, 2020 in the matter of M/s L&T Housing Finance Limited v. M/s Trishul Developers and Another [Civil Appeal No.3413 OF 2020], observed that proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (“SARFAESI Act”), initiated by secured […]

Between the Lines | NCLT, Mumbai: The jurisdiction to grant reliefs for recovery of rent from the tenant and the eviction of tenant from the property of the corporate debtor is in the exclusive domain of the civil court

The National Company Law Tribunal, Mumbai (“NCLT”) has in its judgement dated October 27, 2020 (“Judgement”) in the matter of Asset Reconstruction Company (India) Limited v. Precision Fasteners Limited [C.P. (IB) No. 1339/NCLT/MB/2017], held that jurisdiction to grant reliefs of recovery of rent from tenant and the eviction of tenant from the property of the […]

Between the Lines | Delhi High Court: Once the CIRP process itself comes to an end, an application for avoidance of transactions cannot be adjudicated

The Delhi High Court (“DHC”) has in its judgement dated November 26, 2020 (“Judgement”), in the matter of M/S. Venus Recruiters Private Limited v. Union of India [W.P.(C) 8705/2019 & CM APPL. 36026/2019], held that the role of the Resolution Professional (“RP”) cannot continue once the resolution plan (“Plan”) is approved and the successful resolution […]

Between the Lines | Delhi High Court: Mere fixation of the place or the seat of arbitration outside India, will not divest the Court of its jurisdiction under Section 9 of the Arbitration and Conciliation Act, unless there is any agreement to the contrary

The Hon’ble High Court of Delhi (“DHC”) has in its judgement dated October 23, 2020, in the matter of Big Charter Private Limited v. Ezen Aviation Pty. Ltd. and Others [O.M.P. (I) (COMM.) 112/2020] (“Judgement”), held that an agreement would be required to have a specific stipulation that the parties had agreed to exclude the […]

Between the Lines | NCLAT: NCLT to decide afresh on Punjab National Bank’s insolvency plea against Mittal Corp Limited

The National Company Law Appellate Tribunal (“NCLAT”) set aside an order dated December 20, 2019 (“Impugned Order”) passed by the National Company Law Tribunal (“NCLT”), by way of its judgement dated September 7, 2020 in the case of Punjab National Bank v. Mittal Corp Limited (Company Appeal (AT) (Insolvency) No. 260 of 2020). The NCLT […]

Between the Lines | Supreme Court: Suit for specific performance filed within limitation could not be dismissed on the sole ground of delay or laches

In the matter of Ferrodous Estates Private Limited v. P. Gopirathnam (Dead) and Others [Civil appeal no. 13516 of 2015], the Supreme Court of India (“SC”) vide its judgement dated October 12, 2020 held that a suit for specific performance filed within limitation could not be dismissed on the sole ground of delay or laches. […]