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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 (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 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 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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• 2020 (12) TMI 3
  
  Tribunals - Member of the Tribunal or Appellate Tribunal or other authorities - Constitutionality of various provisions concerning the selection, appointment, tenure, conditions of service, and ancillary matters relating to various tribunals - constitutional validity of the “Tribunal, Appellate Tribunal and other Authorities [Qualification, Experience and Other Conditions of Service of Members] Rules, 2020” - Allegation that the Search-cum-Selection Committees provided for in the 2020 Rules did not conform to the principles of judicial dominance - Appointment of persons without judicial experience to the posts of Judicial Members/ Presiding Officer/ Chairpersons - terms of office - Advocates, eligible for appointment or not - Administrative control of the executive in matters relating to appointments and conditions of service ....... + More

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• 2020 (11) TMI 587
  
  Liquidation proceedings - Scope of the term "Party" - Transfer the winding up petition pending to the National Company Law Tribunal - circumstances under which a winding up proceeding pending on the file of a High court could be transferred to the NCLT - at whose instance, such transfer could be ordered? - HELD THAT:- The transferability of a winding up proceeding, both under Rule 5 as well as under Rule 6, is directly linked to the service of the winding up petition on the respondent under Rule 26 of the Companies (Court) Rules, 1959. If the winding up petition has already been served on the respondent in terms of Rule 26 of the 1959 Rules, the proceedings are not liable to be transferred. But if service of the winding up petition on the respondent in terms of Rule 26 had not been completed, such winding up proceedings, whether....... + More

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• 2020 (9) TMI 713
  
  Condonation of delay in filing appeal - power to condone the delay beyond a period of 45 days - appellants admittedly received the certified copy of the order on 19.12.2019, they chose to file the statutory appeal before NCLAT on 20.07.2020 - Winding up of Company - contentions raised by the learned counsel for the appellants are twofold namely (i) that the Appellate Tribunal erred in computing the period of limitation from the date of the order of the NCLT, contrary to Section 421(3) of the Companies Act, 2013, and (ii) that the Appellate Tribunal failed to take note of the lockdown as well as the order passed by this Court on 23.03.2020, extending the period of limitation for filing any proceeding with effect from 15.03.2020 until further orders - Section 420(3) of the Companies Act, 2013. Computation of period of limitation from the da....... + More

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• 2020 (7) TMI 168
  
  Maintainability of application - sections 241 and 242 of the Companies Act, 2013 - Oppression and Mismanagement - transfer of shares - nomination of shares - HELD THAT:- A bare reading of the provisions of section 72(1), every holder of securities has a right to nominate any person to whom his securities shall “vest” in the event of his death. In the case of joint­holders also, they have a right to nominate any person to whom “all the rights in the securities shall vest” in the event of death of all joint holders. Sub­section (3) of section 72 contains a non­obstante clause in respect of anything contained in any other law for the time being in force or any disposition, whether testamentary or otherwise, where a nomination is validly made in the prescribed manner, it purports to confer on any person &ld....... + More

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• 2020 (2) TMI 1081
  
  Fraud/misconduct/conspiracy - oppression and mismanagement - injunction from disposing movable and immovable properties/assets which belong to them and whose assets were frozen - HELD THAT:- Under Section 241(2), the Central Government, if it is of the opinion that the affairs of the Company are being conducted in a manner prejudicial to public interest, may apply itself to the Tribunal for orders under this Chapter, which is headed “prevention of oppression and mismanagement”. Apart from the vast powers that are given to the Tribunal under Section 242, powers under Section 337 and 339 are also given in aid of this power, which will apply mutatis mutandis - Section 337 refers to penalty for frauds by an officer of the company in which mis-management has taken place. Likewise, Section 339 refers to any business of the company w....... + More

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• 2020 (1) TMI 1504
  
  Entitlement to provident fund benefits - contractual employees of the Appellant-Company - statutory obligation to provide the benefit of provident fund - entitled to provident fund benefits under the Pawan Hans Employees Provident Fund Trust Regulations or under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act) and the Employees’ Provident Fund Scheme, 1952 (EPF Scheme) framed thereunder? HELD THAT:- This Court in Regional Provident Fund Commissioner v. Sanatan Dharam Girls Secondary School [2006 (10) TMI 509 - SUPREME COURT] laid down a twin test for an establishment to seek exemption from the provisions of the EPF Act, 1952. The twin conditions are: First, the establishment must be either “belonging to” or “under the control of” the Central or the State Government. The ph....... + More

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