Between The Lines – Page 5 – Vaish Associates Advocates

NCLT: Stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016

National Company Law Tribunal, New Delhi (“NCLT”), vide its order dated August 2, 2023, in the case of M/s. Bezel Stockbrokers Private Limited v. Security Exchange Board of India and Another [Company Petition No. (IB)-251(ND)/2021], held that a stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Facts […]

NCLAT upholds CCI’s order approving acquisition of Hindustan National Glass and Industries Limited by AGI Greenpac Limited

National Company Law Appellate Tribunal (“NCLAT”) has, collectively in the matters of: The U.P. Glass Manufacturers Syndicate v. Competition Commission of India and Others [Competition Appeal (AT) No. 07 of 2023]; Independent Sugar Corporation Limited v. Competition Commission of India and Another [Competition Appeal (AT) No. 08 of 2023]; Geeta and Company v. Competition Commission […]

Calcutta High Court: Application for removal of arbitrator must be made before the same court as envisaged in Sections 2(i)(e) and 42 of the Arbitration and Conciliation Act, 1996

The Calcutta High Court (“Calcutta HC”) has, in its judgement dated August 11, 2023, in the matter of M/s. Gammon Engineers and Contractors Private Limited v. The State of West Bengal [A.P. No. 785 of 2022], held that an application for removal of an arbitrator must be made before the same ‘court’ as envisaged in […]

Bombay High Court: Secured creditor may initiate recovery proceedings against secured asset owned by guarantor even if principal borrower is placed under moratorium

The High Court of Bombay, at Mumbai (“High Court”) has, by judgment pronounced on July 20, 2023, in the matter of Mr. Latif Yusuf Manikkoth v. The Board of Directors of the Bank of Baroda and Others [Writ Petition (L) No. 9116 of 2023], inter alia, held that Section 14 (Moratorium) of the Insolvency and […]

NCLAT: Avoidance application can continue after the completion of CIRP

The National Company Law Appellate Tribunal, New Delhi Bench (“NCLAT”), in the matter of Kapil Wadhawan v. Piramal Capital and Housing Finance Limited and Others [Company Appeal (AT) (Insolvency) Nos. 437, 439, 441, 442, 445, 451, 452 and 512 of 2023], held that avoidance applications can continue even after completion of Corporate Insolvency Resolution Process (“CIRP”). […]

Supreme Court: Section 327(7) of the Companies Act, 2013 which excludes the application of Sections 326 and 327 of the Companies Act, 2013 to a company undergoing liquidation under the Insolvency and Bankruptcy Code, is constitutionally valid

The Supreme Court of India (“Supreme Court”), vide its judgement jointly in the matter of Moser Baer Karamchari Union Through President Mahesh Chand Sharma v. Union of India and Others [Writ Petition (C) No. 421 of 2019], Manoj Kumar Nagar v. Union of India [Writ Petition (C) No. 777 of 2020], and Raj Kumar Verma […]