The NCLAT, New Delhi vide its judgment in the matter of Real Estate Regulatory Authority vs. M/s D.B. Corp Limited and Anr., inter alia, dealt with the following questions: firstly, whether amounts accruing on account of a barter agreement could be ascertained as an ‘Operational Debt’ for the purposes of maintainability of an application filed…
The hon’ble High Court of Gujarat (Gujarat High Court) in its judgment in the matter of Jagdish Prasad Saboo v. IDBI Bank Limited, held that proceedings initiated under chapter III, Part III of the IBC will have no bearing on the proceedings initiated against the debtor under the master circular issued by the RBI to…
October 31, 2023 dismissed the review petition filed seeking the review of the judgment passed in the matter of State Tax Officer v. Rainbow Papers Ltd. (Rainbow Papers) and reaffirmed its decision to hold that statutory authorities having a security interest created under any other legislation will be treated at par with the secured creditors…
In Cox and Kings Ltd. v. SAP India Private Ltd., the hon’ble Supreme Court of India (Supreme Court) upheld the applicability of the doctrine of group of companies (Doctrine) in the context of complex transactions involving multiple parties and agreements in the Indian arbitration jurisprudence. Supreme Court recognized the practicality of modern commercial transactions,…
The hon’ble Supreme Court of India (Supreme Court) in Re: Interplay Between Arbitration Agreements Under the Arbitration and Conciliation Act 1996 and the Indian Stamp Act 1899 has conclusively resolved the longstanding dispute regarding the stamping of arbitration agreements. The Supreme Court emphasized that the question of stamping is one of admissibility, falling within…
The most favoured nation (MFN) clause in Tax treaties aims to provide a level playing field to treaty partners. Protocols to some of Indian Tax treaties had the MFN clauses with their different formulations that provided for similar scope and/or rate of tax with respect to certain streams of income if India extended more favorable…
A three-judge bench comprising of Chief Justice of India D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra, in the matter of Dilip B Jiwrajka v. Union of India, the hon’ble Supreme Court of India (Supreme Court) upheld the constitutional validity of the provisions under part-III, chapter-III of the Insolvency and Bankruptcy Code, 2016 (IBC)…
In a significant legal development, the hon’ble Supreme Court of India (Supreme Court) has delivered a verdict that strengthens the position of home buyers in insolvency cases. The court’s decision in Vishal Chelani & Ors v. Debashis Nanda supports the rights of home buyers who had previously secured a decree from the Uttar Pradesh Real…
The last quarter saw several amendments to various waste management rules promulgated under the Environment (Protection) Act, 1986. Key among them are the Plastic Waste Management (Second Amendment) Rules, 2023 (PWM Amendment Rules) and the Hazardous and Other Wastes (Management and Transboundary Movement) Second Amendment Rules, 2023 (MTM Amendment Rules). PWM Amendment Rules: The…
The Bombay City Civil Court (Amendment) Act, 2023 was enacted by the Government of Maharashtra enhancing the pecuniary jurisdiction of the Bombay High Court to INR 10 crores. Up until 2012, the pecuniary jurisdiction of the Bombay High Court was above INR 50,000 and post the 2012 amendment, was increased to INR 1 crore.…