Supreme Court
Fox Mandal & Company Takes ₹3.9 Crore Service Tax Dispute To Supreme Court
Fox Mandal & Company has moved the Supreme Court against a CESTAT order in a service tax case involving demands of about ₹3.9 crore against the law firm. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe will hear the special leave petition on April 6 after the petitioner's counsel sought time to place an additional annexure relating to reconciliation issues raised in the pleaThe dispute arose from service tax proceedings initiated against the law firm under the pre-GST...
Supreme Court Refuses To Interfere With Bombay High Court Ruling In Vedanta–Sunflag LAM Coke Arbitration Dispute
The Supreme Court recently declined to interfere with a judgment of the Bombay High Court dismissing Vedanta Ltd's writ petition challenging an arbitral order in its dispute with Sunflag Iron & Steel Co. Ltd over the purchase and supply of LAM Coke. The court also imposed costs of Rs 5 lakh on the company. A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe dismissed Vedanta's special leave petition, observing: “We are not inclined to interfere with the impugned judgment and...
Supreme Court Directs SEBI Recovery Officers To Decide 106 PACL Property Attachment Objections
The Supreme Court has recently directed that 106 applications challenging the attachment of properties linked to PACL Ltd. be examined by Recovery Officers under Section 28A of the SEBI Act. A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S. Chandurkar was dealing with a batch of interlocutory applications filed by individuals and companies against the recommendations of Justice Retd. R.S. Virk, who had recommended dismissal of their objections. Justice Virk had been...
Supreme Court Dismisses SpiceJet Challenge To ₹144.51 Crore Deposit Order In Dispute With Kalanithi Maran
Calling it “an abuse of the process,” the Supreme Court on Friday refused to interfere with a Delhi High Court order directing SpiceJet Limited and its Chairman Ajay Singh to deposit Rs 144,51,69,887 in their long-running arbitration dispute with former promoter Kalanithi Maran and Kal Airways Pvt. Ltd. Dismissing the Special Leave Petitions with costs of Rs 1 lakh, the bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe observed, “We are not inclined to interfere with the...
Arbitrators Cannot Grant Pre-Award Or Pendente Lite Interest As Compensation If Contract Bars It: Supreme Court
The Supreme Court on Friday held that an arbitral tribunal cannot award pre-award or pendente lite interest when the contract expressly bars payment of interest, even if such amounts are granted in the guise of compensation. A Bench of Justice Sanjay Karol and Justice Vipul M. Pancholi ruled that “The provisions of the Act of 1996, including provisions contained in Section 31(7)(a) give paramount importance to the contract entered into between the parties and categorically restrict the power...
Supreme Court Makes Absolute Interim Protection To Deepak Garg In Rs 1596 Crore SRS Fraud Case
The Supreme Court on Thursday made absolute the interim protection it had earlier granted to Deepak Garg, a Director of SRS Finance Ltd and SRS Shining Ornaments Ltd, during the pendency of his special leave petitions challenging the Punjab and Haryana High Court's refusal of anticipatory bail in the alleged Rs 1,596 crore SRS Group financial fraud case. A Bench of Justices Vikram Nath and Sandeep Mehta said, “Taking into consideration the facts and circumstances of the case and upon hearing...
Supreme Court Refuses To Interfere With NCLAT Order Upholding CIRP Against Kirtiman Cements
The Supreme Court on Friday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) judgment upholding the initiation of Corporate Insolvency Resolution Process (CIRP) against Kirtiman Cements and Packaging Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). A Bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan dismissed the Civil Appeal filed under Section 62 of the IBC, stating that it was not inclined to interfere with the NCLAT's...
Byju's Insolvency: Supreme Court Continues NCLAT's No Final Order Direction In Plea To Remove GLAS Trust From CoC
The top court was hearing an appeal filed by the Committee of Creditors challenging the NCLAT's decision upholding the rejection of its plea to implead itself in proceedings seeking removal of GLAS Trust from the CoC of Think & Learn Pvt. Ltd.
Supreme Court Stays Madras HC Order Reviving Sreedevi Video-Saregama Dispute Over Tamil Telugu Film Music
The Supreme Court on Thursday stayed a Madras High Court order that had revived an injunction claim in a copyright dispute between SaReGaMa India Ltd and Sreedevi Video Corporation over the audio rights of iconic Tamil and Telegu films such as Sagara Sangamam, Salangai Oli and Shankara Bharanam. The High Court had held that although Sreedevi's plea seeking declaration of copyright was barred by limitation, its claim for permanent injunction could still be examined independently and remanded the...
Courts Must Remain Vigilant Against Expanding 'Narrow Boundaries' Of IBC Review: Supreme Court
The Supreme Court on Friday upheld the approval of Sarda Energy and Minerals Ltd.'s (SEML) resolution plan for SKS Power Generation (Chhattisgarh) Ltd., cautioning courts against expanding judicial review under the Insolvency and Bankruptcy Code, 2016. Affirming the National Company Law Appellate Tribunal's order, which had upheld the National Company Law Tribunal's approval of the plan, a Bench of Justices BV Nagarathna and R Mahadevan stressed that the IBC prioritises speed and...
CRB Mutual Fund Case: Supreme Court Rejects Former Director's Plea Against Forensic Audit Order
The Supreme Court recently refused to interfere with a Delhi High Court order directing a forensic audit and SEBI supervision of the winding up of the CRB Mutual Fund, dismissing a special leave petition filed by C.R. Bhansali, a former director of CRB Capital Markets Ltd., in the long-running proceedings arising from securities and mutual fund irregularities of the 1990s. A bench of Justices J.B. Pardiwala and K.V. Viswanathan said: “Having heard the learned counsel appearing for the parties...
Supreme Court Refuses To Frame Guidelines On Parallel Insolvency Against Borrower and Guarantor
The Supreme Court on Thursday observed that while simultaneous Corporate Insolvency Resolution Processes (CIRPs) against principal borrowers and corporate guarantors are legally permissible, it will not frame additional judicial guidelines regulating such proceedings, leaving any reform to Parliament and the Insolvency and Bankruptcy Board of India (IBBI). “We, however, decline to lay down guidelines as proposed; and for good reason. IBC is a product of a well-thought, deliberated, and...