The Hon’ble Supreme Court of India (Supreme Court) in Sanjay Chaudhary and Anr v. Pioneer Urban Land & Infrastructure Ltd. And Anr. has overturned a National Consumer Disputes Redressal Commission (NCDRC) order permitting a developer to charge interest on outstanding payments from homebuyers. The dispute between the parties centered around a residential flat purchase…
The Hon’ble High Court of Bombay (Bombay HC/Court) in Shiv Charan and Ors. v Adjudicating Authority and Anr, has reinforced the powers of the National Company Law Tribunal (NCLT) to direct the Enforcement Directorate (ED) to release properties attached under the Prevention of Money Laundering Act, 2002 (PMLA) after the approval of a resolution plan…
In the matter of Tarsem Lal v Directorate of Enforcement, Jalandhar Zonal Office, the Hon’ble Supreme Court of India (SC) delineated Enforcement Directorate’s (ED) scope of powers to arrest under Prevention of Money Laundering Act, 2002 (PMLA), ruling that (i) the Enforcement Directorate and its officers cannot exercise powers under section 19 of the PMLA…
The Hon’ble Supreme Court of India (Supreme Court), in the case of Delhi Metro Rail Corporation Limited (DMRC) vs. Delhi Airport Metro Express Private Limited (DAMEPL), annulled the arbitral award which was in favour of DAMEPL on the grounds of Patent Illegality under section 34 of the Arbitration and Conciliation Act, 1996, exercising its curative…
In the landmark case of Global Credit Capital Ltd. and Anr. v. Sach Marketing Pvt. Ltd. and Anr., the Hon’ble Supreme Court of India (Supreme Court) delivered a comprehensive judgment that delves into the intricacies of debt classification under the Insolvency and Bankruptcy Code, 2016 (IBC). The judgment, dated April 25, 2024, was presided over…
On April 19, 2024, the Hon’ble Supreme Court (Supreme Court) delivered a significant judgment in the matter of Insolvency and Bankruptcy Board of India (IBBI) Vs. Satyanarayan Bankatlal Malu and Ors. addressed the jurisdictional authority of Sessions Judges in the context of the Insolvency and Bankruptcy Code, 2016 (IBC). The case arose from a complaint…
In the matter of Desh Bhushan Jain, Erstwhile Director of Angel Promoters Pvt. Ltd. Vs. Abhay Kumar, IRP of Angel Promoters Pvt. Ltd. and Ors, the National Company Law Appellate Tribunal, New Delhi (NCLAT) has dealt with the question of whether default in the payment of the terms of a settlement agreement which was arrived…
The National Company Law Appellate Tribunal, New Delhi (NCLAT), vide judgment dated May 31, 2024 in the matter of Slimline Realty Pvt. Ltd. Vs. Mr. Jigar Bhatt, clarified the applicability of the proviso to section 33(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) vis-a-vis the obligation of the Liquidator to obtain prior approval from…
A batch of writ petitions challenged the validity of a Central Board of Indirect Taxes and Customs (CBIC) instruction dated July 9, 2022. The instruction, issued under section 151A of the Customs Act, 1962, pertained to the warehousing of imported capital goods used in the solar power-generation and the asserted inapplicability of the Manufacture and…
The case pertained to an application submitted by the appellant, a developer in terms of the Special Economic Zones (SEZ) Act, 2005 (SEZ Act) before the Andhra Pradesh Electricity Regulatory Commission for recognition as a ‘deemed distribution licensee’ as per the proviso to section 14(b) of the Electricity Act. In 2016, after the formation of…