Supreme Court
Mere Use Of Word 'Arbitration' Does Not Create Arbitration Agreement Unless Parties Clearly Intend So: Supreme Court
The Supreme Court upheld the Punjab and Haryana High Court's decision refusing to refer the dispute to arbitration, observing that the mere use of the term “arbitration” in a clause is not sufficient to mandate reference to arbitration unless the parties clearly intended to resolve their disputes through arbitration. “mere use of the word 'arbitration” is not sufficient to treat the clause as an arbitration agreement when the corresponding mandatory intent to refer the disputes to arbitration...
Supreme Court To Examine If NCLAT Can Refer Matter To Third Member When Two-Member Bench Delivers Split Verdict
The Supreme Court is set to decide whether, in the case of a split verdict by the National Company Law Appellate Tribunal (“NCLAT”), the reference of the case to a third member would be legally justifiable or should the matter be referred to a larger bench of three members for fresh adjudication. Observing that there is no clear procedure to address situations where a two-member bench of the NCLAT delivers a split verdict, a bench of Justices J.B. Pardiwala and K.V. Viswanathan sought the...
Income Tax Act | Supreme Court To Examine If S.12AA Registration Alone Entitles Trusts To 80G Benefits To Donors
The Supreme Court is set to examine whether the registration of a trust under Section 12AA of the Income Tax Act, 1961, which recognizes it as a charitable institution for income tax exemption purposes, is sufficient to entitle its donors to claim tax deduction benefits under Section 80G of the Act. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan has issued notice on a petition filed by the Income Tax Department challenging the Chhattisgarh High Court's ruling that once a...
Supreme Court Dismisses Customs' Appeal Seeking Rs 93 Lakh Duty On Lulu Malls' Imported Trampolines
The Supreme Court recently (October 31) dismissed an appeal filed by the Customs Department challenging the classification and valuation of imported amusement equipment, including trampolines, by Lulu International Shopping Malls Pvt Ltd.A bench of Justices Pankaj Mittal and Prasanna B Varale held that there was no error in the classification of the trampolines and other equipment under the category of gymnastics equipment. The bench observed, “we do not find any infirmity in the...
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...
