Supreme Court
Hidden Doctrine In Gayatri Balasamy: How Supreme Court Used Implied Powers To Transform Arbitration Law
When the Supreme Court ruled on Gayatri Balasamy v. ISG Novasoft Technologies Ltd[1] it made waves, earning the title of the “modification judgment.” Most discussions centered on a key takeaway: Indian courts can now, in certain situations, modify arbitral awards rather than just nullifying them. However, if you dig a little deeper into those 61 pages, you'll uncover a more subtle yet significant shift. For the first time, the Court tapped into the Doctrine of Implied Powers to broaden the...
IBC - Speculative Investors Can't Be Permitted To Misuse Insolvency & Bankruptcy Code Proceedings: Supreme Court
In a significant observation aimed at curbing the growing misuse of the Insolvency and Bankruptcy Code (IBC) in the real estate sector, the Supreme Court has reiterated that the Code cannot be used as a tool by speculative investors seeking quick financial returns rather than the genuine revival of distressed companies or protection of real homebuyers.Emphasizing the remedial and protective nature of the IBC, the Court observed that the legislation was “conceived for revival and the protection...
ITC Cannot Be Denied To Bona Fide Purchasers If Seller Defaults On Tax Payment : Supreme Court
The Supreme Court recently held that the Input Tax Credit (ITC) on goods purchased from registered dealers cannot be denied to bona fide purchasers merely because the seller failed to deposit the Value Added Tax (VAT) with the government.A bench of Justice Manoj Misra and Justice Nongmeikapam Kotiswar Singh observed that there was no infirmity in the order of Delhi High Court granting credit to the respondent, a bonafide purchaser. “We do not find a good reason to interfere with the order...
Supreme Court Seeks Union & SEBI Responses On Sahara Company's Plea To Sell Assets To Adani Properties Ltd
The Supreme Court on Tuesday (October 14) sought the response of the Union Government and SEBI on the applications filed by Sahara India Commercial Corporation Ltd seeking permission to sell its 88 properties, including Amby Valley in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt Ltd.The Court directed Sahara to implead the Ministries of Finance and Corporate Affairs in its application.A bench comprising Chief Justice of India BR Gavai, Justice Surya Kant and Justice MM...
Supreme Court Refuses To Entertain PIL Seeking Probe Into US Based Short Seller Viceroy's Allegations Against Vedanta Group
The Supreme Court on Friday refused to entertain a public interest litigation (PIL) seeking a probe into allegations made by US-based short-seller Viceroy Research LLC against Vedanta Limited, Hindustan Zinc Limited, Vedanta Resources Limited and related entities.A bench of Justice PS Narasimha and Justice AS Chandurkar allowed the petitioner, one Shakti Bhatia, to withdraw the petition after expressing that it was not inclined to entertain the matter.In the petition, Bhatia had sought a...
Right To Seek Arbitration Not Lost Just Because Arbitration Clause Became Inoperable Due To Statutory Amendment: Supreme Court
The Supreme Court held that the invalidity or inoperability of an arbitration clause, such as one naming an ineligible arbitrator under Section 12(5) of the Arbitration and Conciliation Act, 1996, does not nullify the underlying arbitration agreement between the parties. The Court clarified that in such cases, the Court is empowered to step in and appoint a neutral arbitrator under Section 11(6) of the Act to preserve the efficacy of the arbitration mechanism.The Court emphasised that the...
Supreme Court Upholds Tax On Ink & Chemicals Used To Print Lottery Ticket; Says Their 'Deemed Sale' Occurs With Lottery Sale
The Supreme Court on Tuesday (October 7) held that the ink and chemicals used in printing the lottery tickets is a taxable item under the Uttar Pradesh Trade Tax Act, 1948 (“Act”). A bench of Justices JB Pardiwala and KV Viswanathan dismissed the appeal filed by an assessee, who is engaged in the business of printing lottery tickets and had been taxed on the value of ink and chemicals used in the printing process. While the Appellate Authority and Tribunal set aside the levy holding these...
Supreme Court Issues Notice To IndiGo On Plea Of Customs Dept & GST Council Against Ruling On IGST Exemption For Imported Parts
The Supreme Court on Monday sought a response from IndiGo's parent company, InterGlobe Aviation, on a petition filed by the Customs Department challenging a Delhi High Court ruling that exempted the airline from paying Integrated Goods and Services Tax (IGST) on imported aircraft parts that were repaired and serviced abroad.A Bench comprising Justice BV Nagarathna and Justice R Mahadevan issued notice to InterGlobe Aviation while hearing the department's plea against the March 2024 judgment of...
Supreme Court Refuses To Quash Money Laundering Case Against JSW Steel Over Dealings With Obulapuram Mining Company
The Supreme Court today refused to quash PMLA proceedings against JSW Steel Limited in relation to alleged illegal mining by mining companies owned by former Karnataka minister G. Janardhana Reddy.A bench of Justice Dipankar Datta and Justice Augustine George Masih noted that JSW steel is no more an accused in the predicate offence investigated by the CBI, and the ECIR also doesn't name JSW Steel as an accused. The Court noted that ED's money laundering complaint was based only on...
Supreme Court Seeks Union, RBI Responses On PIL Seeking Portal To Access Unclaimed Financial Assets & Dormant Bank Accounts
The Supreme Court yesterday issued notice on a PIL seeking a centralized portal for enabling individuals to access a comprehensive list of all financial assets held across entities regulated by the Reserve Bank of India and other financial regulators. A bench of Justices Vikram Nath and Sandeep Mehta passed the order on a petition filed by one Aakash Goel.Senior Advocate Mukta Gupta appeared for the petitioner and submitted that the matter pertains to small investors/depositors. "First it's...
Arbitral Award Must Be Within Parameters Of Agreement Between Parties : Supreme Court Dismisses Chinese Company's Appeal
The Supreme Court has recently upheld the setting aside of an arbitral award of nearly ₹995 crore granted in favour of Chinese company SEPCO Electric Power Construction Corporation, holding that the arbitral tribunal had erred by re-interpreting contractual terms and departing from the agreed stipulations in violation of Section 28(3) of the Arbitration and Conciliation Act, 1996.“Numerous precedents laid down by this Court have often emphasised that an arbitrator lacks the power to deviate from...