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Companies Law - Case Laws

Showing 1 to 20 of 10274 Records

  • 2017 (11) TMI 1184 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH

    Corporation Bank And Mr. Dinkar T Venkatsubramanian Versus Amtek Auto Limited And Indian Overseas Bank

    Corporate insolvency process - respondent bank informed the applicant that the amount available in the current account of the corporate debtor is not an asset of the corporate debtor inasmuch as the dues of the corporate debtor in the books of respondent bank exceeds the amount available in the balance in the current account and therefore, they exercised the rights of set off and appropriated the amount towards the dues payable to the bank. - Hel....... + More


  • 2017 (11) TMI 1183 - MADRAS HIGH COURT

    Tacel Sanitaryware Private Limited, B. Vridhagiri, V. Balaji, R. Meikandanathan, P. Sivaraman, S. Selvirathna, V. Lalitha Versus Abdul Latheef Meera Sahib, A. Mohamed Ashhar, V. Balaji, R. Meikandanathan, P. Sivaraman, S. Selvirathna, V. Lalitha, M/s. Tacel Ceramics Pvt. Ltd., M/s. Tacel Pipes Pvt. Ltd., Abdul Latheef Meera Sahib, A. Mohamed Ashhar, Tacel Sanitarywares Private Limited, B. Vridhagiri, R. Meikandanathan, P. Sivaraman, S. Selvirathna, V. Lalitha, M/s. Tacel Ceramics Pvt. Ltd., M/s. Tacel Pipes Pvt. Ltd., Abdul Latheef Meera Sahib, A. Mohamed Ashhar, M/s. Tacel Sanitaryware Private Limited, B. Vridhagiri, V. Balaji, M/s. Tacel Ceramics Pvt. Ltd., M/s. Tacel Pipes Pvt. Ltd.

    Oppression and mismanagement - application to the Company Law Board for appropriate relief qua oppression - Held that - removal of directors - The Company Law Board gave a specific finding bringing the case under Sections 397 and 398 of the Act, thus exercised the powers under Section 402 of the Act. There is no dispute on the memorandum of understanding entered into. It has been entered into by the second appellant on behalf of the first appella....... + More


  • 2017 (11) TMI 1116 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    UT Worldwide (India) (P.) Ltd. Versus Integrated Caps (P.) Ltd.

    Corporate Insolvency Resolution Process - Held that - The statement of accounts as filed by the Operational Creditor is not complete in order to ascertain what are the amounts which were actually remitted by the Corporate Debtor over a period time even though it is admitted that some payments were received shown by the Banker s Certificate as received from the Corporate Debtor and the same does not match as no payment is shown to have been receiv....... + More


  • 2017 (11) TMI 1115 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH

    Punjab National Bank Versus M/s. James Hotels Ltd.

    Corporate insolvency process - Held that - Managing Director of the Company has referred to certain proceedings held by this Tribunal to press upon the contention that in the circumstances of the case, this Tribunal has taken cognizance of the offence, therefore, a direction should be given for lodging the complaint and for investigation. This contention deserves to be out rightly rejected, as holding of the proceedings for disposal of the applic....... + More


  • 2017 (11) TMI 1045 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Green Power Engineers (P) Ltd. Versus M/s Faith Merchantile (P) Ltd.

    Non-production of Banker s Certificate - section 9(5) of IBC, 2016 - Held that - failure to abide by the statutory mandate would result in rejection of the Application as filed by the Petitioner/Creditor by virtue of provision 9(5) of IBC, 2016 - denial of liability and raising a dispute coupled with inaction on the part of Operational Creditor in diligently prosecuting for the recovery of amounts alleged to be due to it since 2012 - petition dis....... + More


  • 2017 (11) TMI 946 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    M/s Dolphin Offshore Enterprises (India) Ltd. Versus M/s Instrumentation Limited

    Corporate Insolvency Resolution Process - proof of admitted dispute - Held that - In the present matter, the corporate debtor has raised a dispute about the disputed pending tax liability in respect of the work contract which is evident from the MoU, dated 16.06.2017 in which the applicant had itself tried to settle the matter in respect of pending tax liability in a tripartite meeting. It is therefore seen that the respondent had earlier raised ....... + More


  • 2017 (11) TMI 945 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Jord Engineers India Ltd. Versus Valia & Company

    Corporate Insolvency Resolution Process - Held that - In the present case as the demand notice has been given by an advocate and there is nothing on record to suggest that the advocate in question holds any position with or in relation to the respondent Valia & Company and the demand notice has not been issued in mandatory Form 3 or Form 4, as stipulated under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rul....... + More


  • 2017 (11) TMI 944 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    M/s. Hyosan Automative India Pvt. Ltd. Versus Metecno (India) Pvt. Ltd.

    Corporate Insolvency Resolution Process - Held that - We find that the application under Section 433(e)(f) read with Sections 433(i)(a) and 439(i)(b) of the Companies Act, 1956, which was transferred to the Adjudicating Authority was not complete before treating it as an application under Section 9 of the I&B Code and admitting the case, we hold that the application was fit to be rejected. The Adjudicating Authority having failed to notice the sa....... + More


  • 2017 (11) TMI 943 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Mass Metals Pvt. Ltd. Versus Sunflag Iron & Steel Co. Ltd.

    Corporate Insolvency Resolution Process - authorization to advocate/lawyer for issuing notice - Held that - In the present case as an advocate/lawyer has given notice under Section 8 and there is nothing on record to suggest that the Advocate/lawyer has been authorised by Board of Directors of the Respondent - Sunflag Iron & Steel Co. Ltd. to do so, and there is nothing on record to suggest that the Advocate/lawyer hold any position with or i....... + More


  • 2017 (11) TMI 926 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Centech Engineers Private Limited and ors. Versus Omicron Sensing Private Limited

    Corporate insolvency resolution process - notices not issued by the Operational Creditor but by the Advocates Associates, namely, SPS 85 Associates - Held that - In the present case, admittedly the notice has been given by Associate of Advocates and there is nothing on the record to suggest that the Associate of Advocates was authorised by the respondent- Operational Creditor or was holding any position with or in relation to the respondent compa....... + More


  • 2017 (11) TMI 925 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD

    Ravi Sanghi and others Versus Anand Prakash Sanghi (Expired) and others

    Applicants as appropriate and necessary parties - Held that - It is the settled position of law that the proper and necessary parties should be impleaded to a litigation, in order to avoid multiplicity of litigation later on with a similar prayer. Moreover, the main issue is pending from the year 2008, and if the Applicants are not permitted to add as petitioners as prayed for in the present application, it will lead to file a separate Company Pe....... + More


  • 2017 (11) TMI 924 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Zapp India Ltd. Versus Maheshwar Textiles and ors.

    Corporate Insolvency Resolution Process - eligibility of advocate/lawyer as giving notice as not authorised by Board of Directors of the Respondents - Held that - In the present case as an advocate/lawyer has given notice and there is nothing on record to suggest that the lawyer has been authorised by Board of Directors of the Respondents - Maheshwar Textiles & Anr. and there is nothing on record to suggest that the lawyer hold any position w....... + More


  • 2017 (11) TMI 893 - GUJARAT HIGH COURT

    In The Matter of The Official Liquidator Versus Pinakin Surendra Shah

    Voluntary winding up of the company - Held that - The Court, having heard learned advocate Mr.Hasurkar and having gone through the present report, finds that there appears to be a satisfaction reached by the Official Liquidator that the Voluntary Liquidator had submitted all requisite records and documents for voluntary winding up of the company and had also complied with relevant provisions of the Act for such purpose and that the affairs of the....... + More


  • 2017 (11) TMI 892 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    Shaw Traders Versus Balaji Paper And Newsprint Private Limited

    Corporate insolvency resolution process - Whether the advocate who issued the demand notice in Form-3 has got any authority to issue the notice? - Whether the dispute raised by the respondent/corporate debtor comes under the definition of section 5(6) of I&B Code, 2016? - Held that - A demand notice issued in the instant case was not issued in terms of the provisions of the Adjudicating Authority Rules and I&B Code. We hereby hold that the demand....... + More


  • 2017 (11) TMI 891 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Anu Elastics Pvt. Ltd. Versus Aggarwal Elastics

    Corporate insolvency resolution processes - main plea taken by the appellant is that no notice was issued or served by the Adjudicating Authority on the appellant - proof of existence of dispute - Held that - Though it was reported that no notice has been served at the given address, but the Adjudicating Authority wrongly treated the notice deemed to have been served. It is a settled law that on refusal of the notice by a party, the same can be d....... + More


  • 2017 (11) TMI 890 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    A.D. Electro Steel Co. Pvt. Ltd. & Anr. Versus Anil Steels (Operational Creditor)

    Corporate insolvency procedure - proof of existence of dispute - Held that - In the present case, we find that there was an existence of dispute between the parties. Learned Counsel for the Respondent- Operational Creditor while did not dispute the aforesaid fact and submits that the amount due to the Operational Creditor have already been paid. - In view of the fact that there was a dispute between the parties and the decision of the present cas....... + More


  • 2017 (11) TMI 889 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD

    Anand Prakash Sanghi, Sudhir Sanghi, Amit Sanghi, Siddarth Sanghi, Swathi Sanghi, Anjana Sanghi, Usha Sanghi, Aditya Sanghi And Alok Sanghi Versus AGA Publication Limited

    Oppression and mismanagement - Misuse of Digital signatures - Control of private key - eligibility of EGM - Held that - Information Technology Act, 2000 and the Rules made there-under have provided enough safeguards and security in order to prevent misuse, tamper/fraudulently use etc of Digital Signature. Since the second Respondent has admittedly in possession of his Digital Signature with all keys and transacting with the same for subsequent tr....... + More


  • 2017 (11) TMI 888 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAI

    M/s. Consolidated Construction Consortium Limited Versus M/s. VA Tech Wabag Limited

    Corporate Insolvency Resolution Process - Held that - There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor s management immediately. IRP is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call fo....... + More


  • 2017 (11) TMI 842 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Shri Hem Raj Singh Versus Naraingarh Distillery Limited, Shri Baldev Singh Kang, Ms. Ravinder Kaur Kang, Ms. Deep Kamal, Smt. Renu Anand, Shri Rahul Anand, Ms. Bhavna Anand, Smt. Renu Anand, Shri Jitendra Anand, Shri Rahul Anand, Ms. Bhavna Anand, The Registrar of Companies And The Regional Director, New Delhi

    Oppression and mismanagement - in spite of the status quo orders Directors have changed and shareholding in the company has been considerably changed - transfer of shares - control of the Company itself has changed in the face of status quo orders - Held that - It is clear that the Respondents knew about the Status Quo Order and pending petition. Still they entered into the MoU and took steps under the same. Disputes inter say the two groups of R....... + More


  • 2017 (11) TMI 841 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL

    Ramesh Chander Gupta Versus Punjab National Bank

    Corporate insolvency procedure - Power of Attorney Holder as given power of attorney prior to enactment of I&B Code , entitlement to file an application under Section 7 or 9 or 10 of the I&B Code - admission of application under Section 7 - appointment of Interim Resolution Professional - Held that - In the present case, the appellant has enclosed the so-called Power of Attorney of the Punjab National Bank like ICICI Bank. As noticed in the case ....... + More


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