Supreme Court
Satinder Singh Bhasin Could Not Use IBC Limitation To Shield ₹50 Crore Bail Deposit From BIIPL: Supreme Court
The Supreme Court on Thursday, while considering pleas seeking cancellation of bail granted to Satinder Singh Bhasin, rejected his contention that the Interim Resolution Professional (IRP) of Bhasin Infotech and Infrastructure Pvt. Ltd. (BIIPL), of which he is a director, could not question the Rs.50 crore deposited as a bail condition due to the two-year look-back period under the Insolvency and Bankruptcy Code.It found that the amount that had been deposited for securing the bail was sourced...
'Company Cannot Fund Director's Bail Under Companies Act': Supreme Court Cancels BIIPL Director's Bail
The Supreme Court on Thursday held that a company cannot grant a loan to its director without special resolution of shareholders and where it is not for its business purposes and cancelled the bail of Satinder Singh Bhasin after finding that the Rs. 50 crore deposit was arranged using company funds in violation of the Companies Act. Bhasin, director of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), had been granted bail on November 6, 2019 in connection with multiple FIRs arising out of...
Supreme Court Refuses To Interfere With Bombay HC Order Quashing IT Assessments Against Merged Reliance Entities
The Supreme Court on Wednesday refused to interfere with a Bombay High Court ruling that had quashed income tax assessments issued in the names of Reliance Polyethylene Ltd. and Reliance Polypropylene Ltd. even after their merger with Reliance Industries Ltd., noting that the Revenue has issued a fresh notice pursuant to the High Court's decision. A Bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe dismissed the Revenue's special leave petitions after recording that the...
Auction Purchaser Rights Not Absolute Under SARFAESI; Must Yield Where Sale Is Illegal: Supreme Court
The Supreme Court on Wednesday (April 1) held that the rights of a bona fide auction purchaser are not absolute and must yield where the sale process is legally flawed, as it dismissed appeals filed by auction purchasers and the Central Bank of India and upheld a Madras High Court judgment setting aside a SARFAESI auction sale.A bench of Justices Dipankar Datta and Satish Chandra Sharma affirmed the High Court's April 12, 2023 ruling, which had annulled the auction after finding that the...
No Fresh Arbitration Maintainable On Same Cause Without Liberty To Refile: Supreme Court
The Supreme Court on Wednesday held that a litigant cannot initiate fresh arbitration proceedings on the same cause of action after abandoning earlier proceedings, emphasising that such conduct amounts to abuse of process and is barred by principles underlying Order 23 Rule 1 of the Code of Civil Procedure. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe was hearing an appeal against the Punjab and Haryana High Court order dated November 8, 2024, which had allowed a fresh...
Supreme Court To Hear Anil Ambani's Plea Against 'Fraud' Tag Over Loans Availed by RCom, ADAG Entities Next Week
The Supreme Court on Wednesday agreed to hear next week a special leave petition filed by Anil Ambani challenging his classification as “fraud” by banks in connection with alleged irregularities of Rs. 31,580 crores involving Reliance Communications and other ADAG entities.Ambani's petition challenges a Division Bench order of the Bombay High Court, which set aside an earlier interim relief granted to Ambani and permitted Bank of Baroda, IDBI Bank, and Indian Overseas Bank to continue...
Tax Exemptions Are 'Defeasible' Concessions, Not Enforceable Rights: Supreme Court
Holding that a tax exemption is only a “defeasible” concession, the Supreme Court has ruled that beneficiaries have no legally enforceable right to its continuation beyond the period of grant and that such benefits can be withdrawn by the State in public interest.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe was allowing appeals filed by the State of Maharashtra against a batch of industrial units and captive power producers, including Reliance Industries Ltd., challenging...
After Pan Products Company Agrees to Deposit ₹3.5 Crore Of GST Demand, Supreme Court Stays Coercive Action
The Supreme Court has directed Simla Gomti Pan Products Pvt. Ltd. to deposit Rs 3.5 crore in a GST dispute and ordered that no coercive action be taken against it for now. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan was hearing the company's challenge to a November 3, 2025, judgment of the Allahabad High Court, which had refused to entertain its writ petition. The company had earlier approached the High Court against assessment orders for 2021–22 and 2022–23, contending that...
Supreme Court Dismisses Fox Mandal's Appeal In ₹3.89 Crore Service Tax Case
The Supreme Court recently (March 25) dismissed an appeal filed by Fox Mandal and Company against the Commissioner of Central Goods and Service Tax, Noida, declining to interfere with the CESTAT order, which upheld service tax and CENVAT-related demands aggregating to about Rs. 3.89 crore.While refusing to interfere with the CESTAT judgment dated December 11, 2024, which had upheld substantial service tax demands and remanded certain issues for reconsideration, a bench of Justices Pamidighantam...
Re-Colouring Facts As Public Policy Ground Not Enough To Resist Enforcement Of Foreign Arbitral Award: Supreme Court
The Supreme Court of India on Wednesday held that enforcement of foreign arbitral awards cannot be resisted under Section 48 of the Arbitration and Conciliation Act, 1996, on a party's plea re-characterizing factual disputes as issues of public policy, particularly as courts cannot re-examine awards on merits at the enforcement stage. A Division Bench comprising Justice Sanjay Kumar and Justice Vinod Chandran dismissed Special Leave Petitions filed by Nagaraj V. Mylandla and Sharada Mylandla...
Supreme Court Sets Aside Excise Demand On RCF, Says Exemption On Naphtha Depends On Intended Use
The Supreme Court has set aside central excise duty demands raised against Rashtriya Chemicals and Fertilizers Ltd over alleged wrongful availment of exemption on Naphtha procured for use in the manufacture of fertilizer, holding that in the facts of the case the benefit of the exemption notification could not be denied merely because the fuel was used in a common steam generation plant supplying different units of the factory.The case arose from a series of show cause notices issued over...
Supreme Court Sets Aside HC Ruling Granting Electricity Duty Relief To Reliance, Other Captive Power Industries
The Supreme Court on Wednesday set aside the Bombay High Court's 2009 rulings that had granted electricity duty relief on captive power generation to industries, including Reliance Industries Ltd., for the period between 2000 and 2005.The appeals challenged the Bombay High Court judgments dated October 5, 2009, and November 7, 2009, which had quashed state notifications withdrawing exemption and allowed full electricity duty relief to industries for the intervening period. A bench of Justices...