IBC Monthly Digest: November 2024

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. 5918-5919 OF 2022, 2024 LiveLaw (SC) 858 STATE BANK OF INDIA AND ORS. Versus THE CONSORTIUM OF MR. MURARI LAL JALAN AND MR. FLORIAN FRITSCH AND ANR.| C.A. No. 5023-5024/2024 and Connected, 2024 LiveLaw (SC) 866 Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors., Company Appeal (AT) (Insolvency) No. 1803 of 2024 Sandip Narendrakumar...

REAL ESTATE MONTHLY DIGEST: NOVEMBER 2024

HARYANA REAL ESTATE REGULATORY AUTHORITY Haryana RERA Orders Raheja Developers To Pay Interest To Homebuyer For Delayed Possession Case – Dharampal Singh & anr Versus M/s Raheja Developers Limited Citation – Complaint No : 2385 of 2023 Haryana Real Estate Regulatory Authority (Authority) bench, comprising Vijay Kumar Goyal (Member), has directed M/s Raheja Developers Limited, to pay interest to the homebuyer for the delay in handing over possession. Additionally, the ...

Tax Monthly Digest: November 2024

SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no.: R.P.(C) No. 000400 - / 2021 The Supreme Court today (November 7) held that the officers of the Directorate of Revenue Intelligence(DRI) have the power to exercise powers under the Customs Act, 1962 to issue show-cause notices and recover duties The Court held...

Arbitration Monthly Digest: November, 2024

Supreme Court Government Entity Can't Be Given Differential Treatment While Staying Operation Of Arbitral Award : Supreme Court Case Title: International Seaport Dredging Pvt Ltd Versus Kamarajar Port Limited, Case Number- Civil Appeal No 12097 of 2024 Recently, the Supreme Court disapproved of a High Court's decision to exempt a government entity from depositing other amounts in addition to the arbitral award amount as a condition precedent for seeking a stay on the...

Tax Monthly Digest: October 2024

1. Kerala High Court Strikes Down Rule 96(10) of CGST Rules Retrospectively, Finds Them Ultra Vires To CGST Act The Kerala High Court struck down Rule 96(10) of the Central Goods and Service Tax Rules holding that it was ultra vires to the Section 16 of the Integrated Goods and Service Tax Act and was manifestly arbitrary. Justice P. Gopinath noted that Section 16 has not imposed any restriction in availing refund of taxes paid on input goods and input services or claiming refund of...

Arbitration Monthly Digest: October 2024

Supreme Court Arbitral Award Must Carry Post-Award Interest As Per S. 31(7)(b) : Supreme Court Case Title: R.P. GARG VERSUS THE CHIEF GENERAL MANAGER, TELECOM DEPARTMENT & ORS., CIVIL APPEAL NO. 10472 OF 2024 Citation : 2024 LiveLaw (SC) 794 The Supreme Court held that the post-award period shall carry a rate of interest decided as per Section 31(7)(b) of the Arbitration & Conciliation Act, 1996 (Arbitration Act). “For the reasons to follow, while allowing the appeal...

Monthly Digest Of IBC Cases: October 2024

SUPREME COURT 'Breaches Discipline Of Law Laid Down In IBC' : Supreme Court Disapproves Of HC Deferring CIRP Under Article 226 Case Title: CoC of KSK Mahanadi Power Company Ltd. v. Uttar Pradesh Power Corporation Ltd. and Ors. Citation : 2024 LiveLaw (SC) 815 The Supreme Court recently took exception to the Telangana High Court ordering the deferring of the Corporate Insolvency Resolution Process in the exercise of powers under Article 226 of the Constitution. The Bench of ...

Monthly Digest of IBC Cases: September 2024

Supreme CourtStakeholders Consultation Committee's Advice Not Binding On Liquidator: Supreme CourtCase Title: V.S. Palanivel v. P. Sriram CS Liquidator etc, Civil Appeal Nos. 9059-9061 of 2022 Citation: 2024 LiveLaw (SC) 662The Supreme Court clarified that the advice offered by the Stakeholders Consultation Committee (SCC) constituted in liquidation proceedings is not binding on the Liquidator. IBC| Timeline To Pay Balance Sale Consideration By Auction Purchaser In Liquidation Proceedings...

Arbitration Cases Monthly Digest: September 2024

Supreme Court Courts At Referral Stage Must Not Enter Into Contested Questions Involving Complex Facts : Supreme Court Case Title: COX & KINGS LTD. VERSUS SAP INDIA PVT. LTD. & ANR., ARBITRATION PETITION NO. 38 OF 2020 Citation : 2024 LiveLaw (SC) 676 The Supreme Court on Monday (Sep.9) reiterated that once there exists a valid arbitration agreement, than it would not be justifiable for the referral courts at the referral stage to venture into contested questions ...

RERA Cases Monthly Digest: September, 2024

Maharashtra Real Estate Appellate Tribunal MahaREAT Finds MahaRERA's Dismissal Of Homebuyer's Complaint Incorrect, Directs Builder To Refund ₹4.5 Lakh Case – Mr. Jaikishan Udhav Lakhwani & anr Versus M/s. Kanakia Spaces Realty Private Limited Maharashtra Real Estate Appellate Tribunal (Tribunal) bench, comprising Shriram R. Jagtap (Judicial Member) and Dr. K Shivaji (Technical Member), holds Maharashtra Real Estate Regulatory Authority (Authority) dismissal of the homebuyer's...

Arbitration Cases Monthly Digest: August 2024

Supreme CourtArbitration | Impermissible For Arbitral Tribunal Or Courts To Grant Interest Upon Interest Under 1940 Act : Supreme Court Case Details: M/S D. KHOSLA AND COMPANY VERSUS THE UNION OF INDIA, SPECIAL LEAVE PETITION (CIVIL) NO.812 OF 2014 Citation : 2024 LiveLaw (SC) 558 The Supreme Court on Wednesday held that an Arbitral Tribunal is not empowered to grant interest upon interest while passing an arbitral award as the Arbitration Act, 1940 does not specifically provide...

Arbitration Cases Monthly Digest: July 2024

Supreme Court Avoid Bulky Pleadings & Lengthy Submissions In Arbitration Appeals : Supreme Court To Advocates Case Title: Bombay Slum Redevelopment Corporation Private Limited Versus Samir Narain Bhojwani Citation : 2024 LiveLaw (SC) 445 Expressing displeasure over the filing of bulky and lengthy submissions in the arbitral proceedings, the Supreme Court on Monday (July 8) called upon the Bar to urge only the legally permissible grounds in the arbitration proceedings...