Between The Lines – Page 30 – Vaish Associates Advocates

NCLAT: Contract termination notice issued to the Corporate Debtor post initiation of CIRP stayed

The National Company Law Appellate Tribunal (“NCLAT”), in the case of Tata Consultancy Services Limited v. Vishal Ghisulal Jain (decided on June 24, 2020) has decided that a contract termination notice issued by Tata Consultancy Services Limited (“Appellant”) to S.K Wheels Private Limited (“Corporate Debtor”), a company undergoing Corporate Insolvency Resolution Process (“CIRP”) under the […]

NCLT, Mumbai: Reference to arbitration in an insolvency petition under Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai (“MNCLT”) has, by an Order dated June 9, 2020 (“Order”), allowed an application under Section 8 (power to refer parties to arbitration where there is an arbitration agreement) of the Arbitration and Conciliation Act, 1996 (“ACA”) thereby referring a matter pending before it to arbitration. The said Section 8 […]

NCLAT: To prevent detriment to the liquidation process and other secured creditors, company not having a minimum of 60% value in the security interest could not be allowed to realize security interest under the provisions of SARFAESI Act, 2002

The present appeal arose from order dated November 20, 2019 (“Impugned Order”) passed by the National Company Law Tribunal, Chennai (“NCLT”). By way of the Impugned Order, the NCLT had dismissed the liquidator’s application seeking permission to enable the sale of assets of ‘Surana Power Limited’ (“SPL”) on the basis of consent given by majority […]

NCLT: Dismisses appeal against refusal to register share transfer in a public company; upholds JVA and AoA clauses

The National Company Law Tribunal (“NCLT”), Mumbai in the matter of Riverdale Infrastructures Private Limited v. Kirloskar Ebara Pumps Limited, Ebara Corporation and Kirloskar Brothers Limited (decided on May 26, 2020), dismissed the appeal against refusal to register share transfer in a public company, thereby upholding the validity of clauses of joint venture agreement and […]

High Court of Delhi: An injunction against contractual relations of two parties in absence of law would violate Article 19(5) of The Constitution of India

The High Court of Delhi (“DHC”) in the case of Inox Leisure Limited v. PVR Limited (decided on May 18, 2020) held that an injunction seeking interference with the contractual relations of parties, without an explicit law in place, would violate the fundamental rights under Article 19(5) of the Constitution of India (“Constitution”). Facts Inox […]

Supreme Court : Waiver of right to object jurisdiction of arbitral tribunal after an award has been passed, upon failure to raise such objection during arbitration proceedings

The Supreme Court of India (“SC”) by its judgement in the matter of Quippo Construction Equipment Limited v. Janardan Nirman Private Limited (decided on April 29, 2020) set aside the judgement dated February 14, 2019 passed by the Calcutta High Court (“CHC”). The SC held that a party was deemed to have waived its right […]