IBC
Disputes Over Oppressive Extraordinary General Meetings Lie Outside Civil Courts: Calcutta High Court
The Calcutta High Court has held that disputes alleging oppression of a member through an Extraordinary General Meeting are company law disputes that fall squarely within the jurisdiction of the National Company Law Tribunal. The court reiterated that these disputes cannot be examined by a civil court. Bhaskar Gupta, a long-standing member of Calcutta Club Ltd for over four decades and a former chairman of the club's finance sub-committee, had challenged an EOGM convened by the club to consider...
LiveLawBiz: Business Law Daily Round-Up: December 26, 2025
Tax GST Registration Can Be Restored If Returns And Dues Are Cleared: Gauhati High CourtRevenue Cannot Reclassify Input Services Or Deny CENVAT Credit While Sanctioning Refund: CESTAT ChandigarhCentre Imposes Anti-Dumping Duty On 2-Ethyl Hexanol Imports From EU, US, Korea, Others Till June 2026Service Tax | Sale Of Popcorn & Beverages At Cinema Counters Is Not Service, No Service Tax Payable: CESTAT DelhiInformation Technology Act Provisions Regarding Service Of Notice Inapplicable To...
Plea To Shift Hindustan National Gas's Registered Office Can Proceed Despite Pending Appeal: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi recently clarified that an application filed by insolvent Hindustan National Gas & Industries Limited for changing its registered office from Kolkata to Mumbai can be considered by the Regional Director in accordance with law, despite an appeal challenging approval of the resolution plan being pending before it.A coram comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed, “We only observe and...
Oppression And Mismanagement Plea Not Maintainable Without Company Membership On Filing Date: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Chennai recently reaffirmed that a petition alleging oppression and mismanagement under Sections 241 and 244 of the Companies Act, 2013, cannot be entertained unless the person filing it establishes that he was a “member” of the company on the date the petition was filed. While setting aside an order of the National Company Law Tribunal (NCLT) at Bengaluru, the Appellate Tribunal said that the tribunal failed to examine this basic...
LiveLawBiz: Business Law Daily Round-Up: December 25, 2025
TAX Tax Paid During Probe Must Be Refunded Once No Liability Found: Chhattisgarh High Court Allows Service Tax RefundCustoms | ELISA Kits For Food Testing Qualify As 'Diagnostic' For Exemption: Delhi High Court Grants Interim Relief To ImporterFilm Broadcasting Licence Fees Not Royalty Under India–Mauritius DTAA: Mumbai ITATARBITRATIONRERA Relief Does Not Bar Arbitration Protection: Delhi High Court Sets Aside Commercial Court's OrderIBCBorrower's Debt Acknowledgment Extends Limitation Against...
Jet Airways Liquidation: NCLT Mumbai Rejects Jalan-Kalrock's Plea To Refund ₹370 Crore As CIRP Costs
The National Company Law Tribunal (NCLT) at Mumbai recently refused to grant any refund to the Jalan-Kalrock consortium in relation to the over Rs 370 crores infused by it during the insolvency proceedings of Jet Airways Ltd. In an order dated December 15, a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar dismissed the consortium's plea, holding that the amounts claimed could not be classified as insolvency resolution process costs and were therefore not...
Borrower's Debt Acknowledgment Extends Limitation Against Guarantors Too: NCLAT Reaffirms
The National Company Law Appellate Tribunal at Delhi has reiterated that acknowledgment of debt by a principal borrower extends the limitation period for initiating insolvency proceedings against its corporate guarantors.Quoting apex court's ruling in Laxmi Pat Surana vs. Union Bank of India, (2021), the tribunal observed,"There is no quarrel with the proposition that the acknowledgement made by the principal borrower will tantamount to be an acknowledgment made by the guarantor and any...
LiveLawBiz: Business Law Daily Round-Up: December 24, 2025
TAX Condonation Must Be Considered Despite Deemed Service On GST Portal: Rajasthan HC Sets Aside Dismissal Of GST Appeal On LimitationCESTAT Mumbai Holds Amendment Of Bills Of Entry U/S 149 Customs Act Is Legally Recognised Mode Of Modifying AssessmentGSTAT Withdraws Staggered Filing Requirement for GST Second Appeals; Allows Unrestricted E-FilingIncome Tax | Revised 2024 Compounding Guidelines Cannot Be Applied After Case Attains Finality: Madras High CourtCentral & State GST Authorities...
CoC Cannot Modify Distribution Mechanism After Approving Resolution Plan: NCLAT Dismisses Bank of Baroda's Appeal In RCIL CIRP
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that once a resolution plan is approved by Committee of Creditors under section 30(4) of the Insolvency and Bankruptcy Code, 2016 (IBC) and the CoC is itself bound by the plan, it cannot subsequently alter or modify the distribution mechanism provided therein. A Bench comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Member–Technical) dismissed an appeal filed by Bank of Baroda, an assenting...
Threat To Cut Electricity To Hotel During Insolvency Violates Moratorium: NCLT Chandigarh
The National Company Law Tribunal (NCLT) at Chandigarh has recently held that electricity is essential to the functioning of a hotel and must continue during insolvency proceedings. The tribunal restrained the Chandigarh Electricity Department from disconnecting power supply to a hotel undergoing the Corporate Insolvency Resolution Process.A bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal said that a hotel cannot operate without uninterrupted electricity and that...
NCLT Kolkata Dismisses UCO Bank's ₹846 Crore Insolvency Plea Against Nicco Uco Alliance
The National Company Law Tribunal (NCLT) at Kolkata has dismissed an insolvency petition filed by UCO Bank against Nicco Uco Alliance Credit Ltd., a listed financial services company over an alleged default of Rs 846 crore. It held that the plea was barred by limitation and could not be entertained. The tribunal found that the bank approached the insolvency forum far too late. It noted a gap of nearly nine years between the original default and the first acknowledgment of debt. This delay, the...