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Companies Law - Supreme Court - Case Laws
Showing 1 to 20 of 1214 Records
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2022 (10) TMI 67
Struck off name of the Company - defunct company. - HC upheld the order of RoC - Locus of the appellant seeking restoration of struck off name of the Company from the register of RoC - RoC asserted that the company was not functioning and not carrying out any business and the last annual return was filed of the year 2002-03 - Section 560(5) of the Companies Act, 1956 - HELD THAT:- the document produced by the appellant including the DIN forms obtained in September/October 2008, much after name of the Company was struck off in the year 2006 and even Form 32 which has now been placed on record by the appellant has been seriously disputed by the respondents. The Division Bench of the High Court under the impugned judgment has proceeded on the basis of the facts referred to in the affidavit in opposition filed by the RoC while recording a fin....... + More
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2022 (8) TMI 935
Jurisdiction - power of High Court in issuing extra-ordinary directions - Investigation under the provisions of Section 212 and Section 219 of the Companies Act, 2013 in respect of several corporate entities in the Sahara group - whether the High Court was justified in passing an interim direction staying the operation of the two orders dated 31 October 2018 and 27 October 2020 and interdicting all subsequent actions including the issuance of look-out circulars? HELD THAT:- The first reason which has weighed with the High Court in regard to the construction of Section 212(3) is ex facie contrary to the law, as has been laid down by a two judge Bench of this Court in SFIO vs Rahul Modi [2019 (3) TMI 1411 - SUPREME COURT]. While elaborating upon the provisions of Section 212(3), this Court has held that the statute does not contain any spec....... + More
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2022 (8) TMI 551
Constitutional Validity of N/N. S.O. 3412 (E) dated 20 September 2019 issued by the Ministry of Corporate Affairs - appointment of 28 candidates as Members of the National Company Law Tribunal for a tenure of three years - contrary to the provisions of Section 413 of the Companies Act 2013 or not - HELD THAT:- A Selection Committee was constituted for the selection of Members of the NCLT. The Selection Committee was chaired by the Chief Justice of India. On 29 March 2022, the President of the NCLT addressed a communication to the Union Government recording that the tenure of 23 Members would come to an end in June - July 2022 and that the resultant vacancies would create difficulties in the “pan-India functioning” of the NCLT. The President of the NCLT requested that the probable vacancies may be factored in during the course ....... + More
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2022 (5) TMI 928
Oppression and Mismanagement - validity of Board Meetings - validity of withdrawal of resignation from the post of Directorship - Invocation of jurisdiction of this Bench under Section 397/398 and other provisions of the Companies Act, 1956 - requisite qualification as contemplated under Section 399 of the Companies Act, 1956 - any case has been made out even under Section 111A of the Companies Act, 1956 or not - validity of Board Meetings - transmission of Equity Shares - validity of AGM conducted - failure to adhere to the request of the petitioner regarding furnishing the documents and inspection of bock s and accounts of the R 1 Company - HELD THAT:- There is no doubt that on 06.04.2013, G.V. Rao addressed a letter to the Board resigning from the post of Directorship. The letter explicitly indicated that his resignation should be....... + More
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2022 (4) TMI 298
Seeking prayer that the socalled counter claims be ordered to be decided before adjudication on the applications - HELD THAT:- The appellant financial creditor attempted to challenge the said order dated 10.08.2021 as passed by the Appellate Tribunal in appeal before us. Having regard to the circumstances, we had passed the said order dated 26.11.2021, as noticed at the outset. It is rather disturbing to note that despite specific orders of the Appellate Tribunal as also of this Court, the Adjudicating Authority has not been able to decide the pending applications and now, the submissions before us on behalf of the respondent No. 1 (applicant) are to the effect that there ought not to be “tearing hurry” in deciding those applications. Such a proposition on the part of the applicant cannot be countenanced, particularly looking ....... + More
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2022 (2) TMI 628
Application for emergency relief with the registrar of the SIAC court of arbitration seeking interim prohibitory injunction to prevent FRL and FCPL from taking further steps in the aforesaid transaction with the Reliance group - tortious interference in the scheme for the sale of assets - HELD THAT:- If an order is passed, by the Arbitral Tribunal, in favour of FRL, then it will be difficult to initiate fresh proceedings before NCLT at that stage. It is his submission that FRL is incurring expenditure everyday and there is an imminent threat of insolvency. Any delay in the proceedings before the NCLT will have serious ramifications and virtually render the agreement between FRLReliance group redundant. Furthermore, the livelihood of 22,000 employees of FRL are also at stake. In the same breath, he has submitted that continuation of the NC....... + More
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2022 (1) TMI 170
Seeking interest on the alleged belated payment of principal sum and accrued interest to the plaintiff for the Bonds issued by SIDBI - Bond Holder undergone liquidation - central case projected by the plaintiff was that the amount, both principal and interest, were paid beyond the maturity period and, therefore, the defendant is liable to pay the interest for delayed payment - HELD THAT:- A conjoint reading of the statutory provisions, makes it abundantly clear that for ‘public interest’ the RBI is empowered to issue any directive to any banking institution, and to prohibit alienation of an NBFC’s property. The term ‘Public interest’ has no rigid definition. It has to be understood and interpreted in reference to the context in which it is used. The concept derives its meaning from the statute where it occurs....... + More
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2021 (11) TMI 1044
Maintenance of status quo with regard to the distribution of funds of the corporate debtor to the financial creditors - Liquidation in process - only aspect relevant in the present case is that the applications pending before the Adjudicating Authority need to be decided without further loss of time - HELD THAT:- The Adjudicating Authority is definitely expected to keep in view the requirement of expeditious proceeding under the Insolvency and Bankruptcy Code, 2016 as also the directions issued by the Appellate Tribunal, even if expressed in soft terms. In the given set of circumstances, the Appellate Tribunal, while reiterating its request to the Adjudicating Authority to decide the pending IAs at the earliest, ought not to have disposed of the appeal. Rather, the Appellate Tribunal could have kept the appeal pending, while awaiting comp....... + More
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2021 (9) TMI 1442
Vacation of Emergency Award passed by the Emergency Arbitrator - HELD THAT:- Taking into consideration the submissions advanced by the learned senior counsel for the parties and particularly the fact that the parties have approached the Singapore International Arbitration Centre for vacating the Emergency Award passed by the Emergency Arbitrator and the arguments in the said matter have been concluded and the order is going to be pronounced shortly, it is thought fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being. List these matters after four weeks.
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2021 (8) TMI 1257
Stay on order passed by NCLT - HELD THAT:- The appellant submitted a Resolution Plan which was approved by the Committee of Creditors. The adjudicating authority has also approved the Resolution Plan - The NCLAT stayed the order passed by the NCLT and directed the appeals to be listed for hearing on 07.09.2021. We do not intend to express any opinion on the merits of these appeals. Appeal dismissed.
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2021 (8) TMI 1234
Maintainability of appeal - Resolution plan of the appellant has been approved by the Committee of Creditors (COC) and placed before the adjudicating authority - HELD THAT:- In the meanwhile, the respondent has filed an appeal before the NCLAT. While issuing notice on 09.03.2021, the NCLAT directed the adjudicating authority not to pass final orders till the appeal is heard. In view of the NCLT hearing the matter and reserving it for orders, the NCLAT is directed to decide the matter on the next date of hearing - appeal dismissed.
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2021 (4) TMI 1328
Maintainability of appeal - the submission which has been urged on behalf of the appellant is that the appeal before the NCLAT against an interlocutory order of the NCLT would interminably delay the final disposal of the proceedings before the NCLT. It has been submitted during the course of the hearing that one of the appellants is ninety-eight years old - HELD THAT:- All that needs to be observed is that the NCLAT should dispose of the appeal against the interlocutory proceedings before the date which has been fixed for the hearing of the main proceedings before the NCLT. Appeal disposed off.
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2021 (4) TMI 320
Winding up of Company - it was a specific case of the appellant, that on account of the defective material supplied by the respondent, the appellant had suffered huge losses and as such, it was the appellant who was entitled to receive the damages from the respondent - satisfaction of respondent’s claim to the extent mentioned in the order impugned in the appeal - HELD THAT:- It is therefore well settled, that if the debt is bona fide disputed and the defence is a substantial one, the court will not wind up the company. It is equally well settled, that where the debt is undisputed, the court will not act upon a defence that the company has the ability to pay the debt but the company chooses not to pay that particular debt. It is equally settled, that the principles on which the court acts are first, that the defence of the company i....... + More
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2021 (3) TMI 1383
Application for withdrawal of company petition - litigation involving the liquidation and winding up of the Baranagore Jute Company has been pending for almost 30 years - direction to pay the worker dues - HELD THAT:- The amount is directed to be released but however it is found important to have the amount crystallized and the persons to whom the amount to be paid identified before the said amount is released. In addition to the above application, persons who claim to be the legal heirs of the partners of a partnership firm, which was the petitioning creditor(s) have also filed an application for withdrawal of the main company petition - the application for withdrawal of the company petition would have to be made before the Calcutta High Court, as there may be other persons interested in the proceedings. SLP disposed off.
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2021 (3) TMI 1181
Oppression and Mismanagement - Validity of proceedings of the sixth meeting of the Board of Directors of TATA Sons Limited held on 24.10.2016 in so far as it relates to the removal of Shri Cyrus Pallonji Mistry (CPM) - seeking restoration of position of CPM as the Executive Chairman of Tata Sons Limited and consequently as a Director of the Tata Companies for the rest of the tenure - seeking to declare as illegal the appointment of someone else in the place of CPM as Executive Chairman - seeking restraint on Shri Ratan N. Tata (RNT) and the nominees of Tata Trust from taking any decision in advance - seeking restraint on the Company, its Board of Directors and Shareholders from exercising the power under Article 75 of the Articles of Association against the minority members except in exceptional circumstances and in the interest of the Co....... + More
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2021 (3) TMI 1180
Concession Agreement - Operation of rapid metro link - 'debt due' as per the financing documents in terms of their respective Concession Agreements - whether the consequences envisaged in the consent order of the High Court dated 20 September 2019 can stand obviated? - HELD THAT:- At the very outset, it is important to note that the FIR in respect of IL&FS group of companies was lodged on 6 December 2018. The termination notices of June and August 2019, and the institution of the writ proceedings, took place thereafter. Evidently the appellants on the one hand, as well as HSVP/HMRTC on the other, were conscious of the developments which were taking place in respect of the IL&FS group of companies in the proceedings before Justice D K Jain on 19 August 2019. When the consent order was passed before the High Court, HSVP was ....... + More
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2021 (3) TMI 1178
Seeking appointment of Arbitrator so as to to constitute an Arbitral Tribunal to adjudicate upon the disputes that have arisen between the petitioner and the respondent - HELD THAT:- A perusal of the arbitration agreement indicates that the arbitration shall be held at Mumbai and be conducted by three arbitrators. For the purpose of appointment KIVF I, KEIT and KIVL are to jointly appoint one arbitrator and the promoters of Indus Biotech Private Limited, to appoint their arbitrator. In the second agreement dated 20.07.2007, ‘KMIL’ as the Investor is on the other side. In the third agreement dated 20.07.2007, ‘KIVFI’ as the Investor is on the other side and in the fourth agreement dated 09.01.2008 it has the same clause as in the first agreement. The two arbitrators who are thus appointed shall appoint the third arb....... + More
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2021 (1) TMI 1105
Maintainability of application - initiation of CIRP - Corporate Debtor failed to repay the loan obtained from the Assignor Bank - Non Performing Asset - Financial Debt - time limitation - HELD THAT:- It is well settled by a catena of decisions of this Court, that Article 137 of the Limitation Act gets attracted to applications filed under Sections 7 and 9 of the IBC. The right to sue accrues when a default occurs, and if that default has occurred over three years prior to the date of filing of an application under Section 7 of the IBC, the application would be barred under Article 137 of the Limitation Act. At the highest, limitation started ticking on 27th March 2003, when a Recovery Certificate was issued by the DRT. The appellant has not disclosed any material in its application under Section 7 of the IBC to demonstrate that the applic....... + More
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2021 (1) TMI 939
Contempt petition - guilty of contempt - specific performance of family settlement - oppression and mismanagement - allegation is that the high value contracts were executed by issuing multiple cheques under the value of ₹ 10 lakhs, though, the contract amount was much more - vital information with regard to management of the Company was withheld - unilateral settlement with trade union - appointment and promotion of senior executives - Sections 397, 398 and 403 of the Companies Act, 1956 - HELD THAT:- Perusal of Section 397 would reveal, that a member of a Company is entitled to apply to the CLB complaining that the affairs of the Company were being conducted in a manner prejudicial to the public interest or in a manner oppressive to any member or members including anyone or more of themselves, for an order under the said section. ....... + More
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2020 (12) TMI 535
Winding up of Appellant Company - Transfer of winding up petitions from the Company Court to be tried by the NCLT - HELD THAT:- The Code began tentatively by leaving proceedings relating to winding up of companies to be transferred to NCLT at a stage as may be prescribed by the Central Government - This was done by the Transfer Rules, 2016 (supra) which came into force with effect from 15.12.2016. Rules 5 and 6 referred to three types of proceedings. Only those proceedings which are at the stage of pre-service of notice of the winding up petition stand compulsorily transferred to the NCLT. The result therefore was that post notice and pre admission of winding up petitions, parallel proceedings would continue under both statutes, leading to a most unsatisfactory state of affairs. This led to the introduction of the 5th proviso to section 4....... + More
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