COMPANY LAW
SpiceJet Vs Credit Suisse AG- Madras High Court Dismisses Appeal Against Airline's Admission Of Winding Up
Madras High Court has dismissed the appeal preferred by SpiceJet against a single-judge bench order for admission of its winding up on Credit Suisse AG's Company Petition. Yesterday, Madras High Court had reserved the pronouncement of judgment on SpiceJet's appeal for today. After hearing the counsels appearing for SpiceJet and Credit Suisse at length, A Division Bench of Sathi Kumar Sukumara Kurup and Paresh Upadhyay noted in the order that the Original Second Appeals were dismissed and...
Appeal Against Admission Of Winding Up: 'Moonshine Defence By SpiceJet, Ploy To Avoid Liability': Swiss Corporation Argues Before Madras High Court
After hearing the caveator Credit Suisse AG at length, Madras High Court has decided to hear the appeal against the admission of SpiceJet's winding up further on January 10, 2022. Yesterday, a Division Bench of Justice Paresh Upadhyay and Sathi Kumar Sukumara Kurup heard the counsel appearing for the Switzerland based Corporation, Advocate Rahul Balaji. While deferring the hearing, the court has also mentioned that the interim stay on the operation of winding up order will...
Madras High Court Orders Winding Up Of SpiceJet Ltd, Official Liquidator To Take Over The Company Assets
The Madras High Court has ordered that SpiceJet Limited must be wound up and the assets must be taken over by the official liquidator on the grounds of proved inability of the Airlines to repay its debts. Justice R. Subramanian was adjudicating a company petition filed by Credit Suisse AG, a Switzerland based Stock Corporation and a creditor, who alleged inability on the part of respondent Airlines to pay the debts owed to the former. In the petition filed under Sections 433(e) and...
'A Sorry Picture Of System Generated Harassment':Kerala High Court Expresses Dismay At Delays By Central Registration Centre In Allowing Incorporation Of LLP
The Kerala High Court recently expressed dismay at the delays and hardships brought on by the Ministry of Corporate Affairs' Central Registration System in processing applications for the incorporation of Limited Liability Partnerships (LLP). Taking note of the predicament of the petitioner, whose application for incorporation was being delayed for various reasons, Justice N Nagaresh remarked, "The facts of the case disclose a sorry picture of what could be described as a 'system...
Supreme Court Allows Tata Sons Appeal Against NCLAT Order To Reinstate Cyrus Mistry As Chairman
In a big win for Tata Sons Ltd, the Supreme Court on Friday allowed its appeal against the order of the National Company Law Tribunal, which had ordered to reinstate the ousted Chairman Cyrus Mistry.The Court allowed the appeal of Tata Sons, answering all questions of law framed in the case in its favour, and set aside the NCLAT order. The appeals filed by Shapoorji Pallonji group and Cyrus Mistry were dismissed.The Top Court held that the actions of Tata Sons board against Mistry did not amount...
Supreme Court Allows Tata Sons Appeal Against NCLAT Order To Reinstate Cyrus Mistry As Chairman
In a big win for Tata Sons Ltd, the Supreme Court on Friday allowed its appeal against the order of the National Company Law Tribunal, which had ordered to reinstate the ousted Chairman Cyrus Mistry.The Court allowed the appeal of Tata Sons, answering all questions of law framed in the case in its favour, and set aside the NCLAT order. The appeals filed by Shapoorji Pallonji group and Cyrus Mistry were dismissed.The Top Court held that the actions of Tata Sons board against Mistry did not amount...
Supreme Court Dismisses Plea Seeking Inclusion Of Advocates As 'Professionals' In MSME Act
The Supreme Court on Friday dismissed a plea filed seeking inclusion of Advocates in the definition of the word "professional" under the Micro, Small and Medium Enterprises Development Act 2006. A three-judge Bench of CJI Bobde, Justice Bopanna and Justice Ramasubramanian issued the direction while hearing petitioner's challenge to the Delhi High Court order refusing to entertain petitioner PIL seeking inclusion of Advocates in definition of professionals under the MSME Development Act...
CSR Amendment Rules, 2021: A New Paradigm
The concept of Corporate Social Responsibility (hereinafter referred as CSR) is known for its philanthropic nature. The term has its traces from the pre-independence era when Mahatma Gandhi urged rich industrialists to contribute their share of wealth towards poor and marginalized sections. Thus, CSR acts as an ethical obligation on the companies to utilize their resources in addressing the needs of society and to ensure the companies' sustainability in the long run. With the passage and...
CSR Amendment Rules, 2021: A New Paradigm
The concept of Corporate Social Responsibility (hereinafter referred as CSR) is known for its philanthropic nature. The term has its traces from the pre-independence era when Mahatma Gandhi urged rich industrialists to contribute their share of wealth towards poor and marginalized sections. Thus, CSR acts as an ethical obligation on the companies to utilize their resources in addressing the needs of society and to ensure the companies' sustainability in the long run. With the passage and...
"If There Is No Field In MCA Portal For Lawyers As Professionals To Register Companies/LLPS It Would Be Discriminatory": Delhi High Court
Delhi High Court has on Monday directed Central Government to file an affidavit in the plea filed challenging the non-providing of a field for Advocates to register companies and LLPs on behalf of their clients in the current Ministry of Corporate Affairs' portal. A single Bench of Justice Pratibha Singh observed that if its true that MCA's portal has no provision made for Advocates who are members of Bar Councils and Bar Councils are not provided as an option in the list of...
10 Important Factors An E-Commerce Entity Must Know To Deal With The Consumers In 2020
As per ministry of communication, Govt. of India, the number of internet users in India is expected to grow to 730 million by the year 2020. Due to adoption of digital technology, on the one hand E-commerce entity, where transactions occur directly with the consumers (B2C), multiplied rapidly and at the same time internet using consumers have grown fast in the past few years in India. Keeping in view the new set of challenges faced by consumers in the digital age, Consumer Protection Act,...