Supreme Court
Arbitration | Objections To Arbitral Award Execution Maintainable Only If Decree Is Void Or Without Jurisdiction : Supreme Court
The Supreme Court on Monday (November 3) ruled against the stalling of the enforcement of an arbitral award at the execution stage, reiterating that the objections against the execution of an award lie in a narrow compass, such as only when a decree is inherently void or passed without jurisdiction. A bench of Justices Sanjay Kumar and K.V. Viswanathan upheld the Delhi High Court's decision dismissing Appellant-MMTC's objections under Section 47 of the Code of Civil Procedure and its...
Byju's Insolvency | Supreme Court Refuses To Interfere With NCLAT Order Allowing Byju's Subsidiary Aakash To Proceed With Rights Issue
The Supreme Court on Monday refused to interfere with an order of the National Company Law Appellate Tribunal (NCLAT) which had allowed Aakash Educational Services Ltd., a subsidiary of Byju's (Think and Learn Pvt. Ltd.), to proceed with its proposed rights issue.A bench of Justice PS Narasimha and Justice Atul Chandurkar dismissed two appeals filed by US-based lender GLAS Trust Company LLC – representing Byju's US creditors, and Shailendra Ajmera – the Insolvency Resolution Professional,...
GLAS Trust Moves Supreme Court Against NCLAT Order Allowing Aakash to Proceed wth Rights Issue
GLAS Trust Company LLC, a US-based lender to embattled ed-tech Byju's (Think & Learn Pvt. Ltd.), has moved the Supreme Court challenging the National Company Law Appellate Tribunal's (NCLAT) order that refused to stay Aakash Educational Services Ltd.'s Extra Ordinary Meeting to approve rights issue.The lender, which represents Byju's largest creditors, has sought an immediate halt to the fundraising exercise, arguing that it could dilute Byju's 25.41% stake in the coaching subsidiary. The...
Automobile Dealers Association Moves Supreme Court Over Compensation Cess Lapse After GST 2.0 Reforms, Claims Loss Of Rs.2500 Cr
The Federation of Automobile Dealers Association has moved the Supreme Court seeking relief related to compensation cess input tax credit worth Rs.2500 crores, which stands locked in dealers ledgers as a consequence of recent revision in the Goods and Services Tax (GST) framework.Briefly put, a notification issued on September 17 scrapped the compensation cess on motor vehicles. This was done, as per the FADA, "without providing any transitional or refund mechanism". Therefore, dealers'...
Supreme Court Transfers Eureka Forbes' Patent Infringement Suit Against Atomberg's “Intellon” Water Purifier To Bombay High Court
The Supreme Court has transferred a patent infringement suit filed by Eureka Forbes Limited before the Delhi High Court to the Bombay High Court, where a related suit by Atomberg Technologies Private Limited for “groundless threat of infringement” is already pending.A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S Chandurkar allowed Atomberg's transfer petition and dismissing Eureka Forbes' counter-transfer petition.“In the interest of saving precious judicial time and to avoid...
Vasai-Virar Illegal Constructions Case: Supreme Court Issues Notice On ED's Challenge To HC Quashing Arrest Of IAS Officer
The Supreme Court today issued notice on a plea filed by the Enforcement Directorate challenging Bombay High Court's declaration of suspended IAS officer and Vasai Virar City Municipal Commissioner Anilkumar Pawar's arrest as illegal.A bench of Justices Vikram Nath and Sandeep Mehta passed the order, after hearing Additional Solicitor General SV Raju (for ED). On a specific Court query, the ASG informed that the photographs of ornaments (stated to be recovered during raids) were taken prior...
Supreme Court To Examine If Transfer Of Leasehold Rights Attracts GST
The Supreme Court is set to examine whether the assignment of leasehold rights constitutes a “transfer of land” or amounts to a “supply of service” under the Goods and Services Tax (GST) regime.A bench of Justice Pankaj Mithal and Justice Prasanna B. Varale was dealing with Centre's plea challenging a Gujarat High Court judgment that held that assignment of leasehold rights in land and building does not amount to a taxable supply under the GST Act. Before the High Court, M/s Life Sciences...
Can Multi-State Cooperative Societies Submit Resolution Plans Under IBC? Supreme Court To Consider
The Supreme Court recently directed that the Central Registrar of Multi-State Cooperative Societies be made a party to the appeal filed by a multi-state co-operative society against a National Company Law Appellate Tribunal (NCLAT) judgment that had held the society ineligible to submit a resolution plan for a company under the Insolvency and Bankruptcy Code, 2016.A bench of Justice JB Pardiwala and Justice KV Viswanathan sought a response from the Central Registrar on whether multi-state...
Non-Resident Company Need Not Have Permanent Office In India To Be Taxed On Income Accruing Here : Supreme Court
The Supreme Court has clarified that under the Income Tax Act, a non-resident company can be taxed in India on income that accrues or arises from a business connection within the country, even if it does not maintain a permanent office or physical establishment here.A Bench of Justice Manoj Misra and Justice Joymalya Bagchi, in its judgment examined the scope of Sections 4, 5(2), and 9(1)(i) of the Income Tax Act, 1961, and held that the statute does not make it mandatory for a non-resident...