Top Stories
Supreme Court To First Hear ED's Objections To Maintainability Of Review Petitions Against Judgment Upholding PMLA Provisions
The Supreme Court on Thursday (July 3) observed that it will first hear the issue of maintainability of the review petitions filed against the Vijay Madanlal Choudhary judgement, which upheld various provisions of the Prevention of Money Laundering Act (PMLA), before going into other issues raised by the petitioners.Clarifying the above, a bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh posted the review petitions for hearing on August 6.During the brief hearing today,...
IBC | Naming Creditor In Balance Sheet Not Mandatory, Acknowledgment Extends Limitation: Supreme Court Allows IL&FS Plea
Reaffirming that an entry in a company's balance sheet amounts to a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963 irrespective of the name of the creditor, the Supreme Court today (July 30) revived the dismissed insolvency plea filed by IL&FS against Adhunik Meghalaya Steels for a default of ₹55.45 crore, citing an acknowledgment of debt in the corporate debtor's balance sheet. The bench comprising Justices Manoj Misra and KV Viswanathan heard the case where the...
Disputes Arising Out Of 'Work Contract' With MP Govt Instrumentality Shall Be Referred To MP Arbitration Tribunal : Supreme Court
The Supreme Court today (July 30) reiterated that the disputes related to 'work contract' must be adjudicated exclusively by the Madhya Pradesh Arbitration Tribunal under the Madhya Pradesh Madhyastham Adhikaran Adhiniyam, 1983 (“1983 Act”). Holding thus, the bench comprising Justices JB Pardiwala and R Mahadevan refused to interfere with the Madhya Pradesh High Court's ruling, which set aside the arbitration proceedings initiated by the Appellant, for settlement of the dispute arising out of...
Supreme Court Allows Open Court Hearing Of Review Petitions Against Rejection Of JSW's Resolution Plan For Bhushan Power & Steel
The Supreme Court accepted the request for an open court hearing of the review petition filed against the May 2 judgment which had rejected JSW's resolution plan for Bhushan Power and Steel (BPSL).A Bench of Chief Justice of India BR Gavai and Justice Satish Chandra Sharma issued notice to the parties on the review petition and posted the matter for hearing on July 31 at 3 PM."Application(s) for listing review petition(s) in open court and application for oral hearing are allowed. Issue notice,"...
Supreme Court Rejects Plea Of Ilaiyaraaja's Music Company To Transfer Sony's Suit From Bombay HC To Madras HC
The Supreme Court on Monday (July 28) dismissed a transfer petition filed by music maestro Ilaiyaraaja's 'Ilaiyaraaja Music N Management Pvt Ltd' (IMMA) seeking to transfer the copyright infringement suit filed against it by Sony Music Entertainment India Pvt Ltd from the Bombay High Court to the Madras High Court.The bench of CJI BR Gavai and Justices K Vinod Chandran and NV Anjaria heard the matter. The bench noted that Ilaiyaraaja's appeal in the Madras High Court was filed subsequent to...
Supreme Court Stays PMLA Trial In Case Where Chargesheet In Predicate Offence Not Filed For 7 Yrs
The Supreme Court recently stayed trial against 4 accused in a case under the Prevention of Money Laundering Act where chargesheet had not been filed in the predicate offense since 7 years. A bench of Justices Vikram Nath and Sandeep Mehta passed the order after hearing Senior Advocate PB Suresh (on behalf of the petitioners), who argued that the petitioners were not named in the predicate offense and questioned how trial could proceed in the PMLA case when chargesheet had not been filed in...
Supreme Court Stays PMLA Trial In Case Where Chargesheet In Predicate Offence Not Filed For 7 Yrs
The Supreme Court recently stayed trial against 4 accused in a case under the Prevention of Money Laundering Act where chargesheet had not been filed in the predicate offense since 7 years. A bench of Justices Vikram Nath and Sandeep Mehta passed the order after hearing Senior Advocate PB Suresh (on behalf of the petitioners), who argued that the petitioners were not named in the predicate offense and questioned how trial could proceed in the PMLA case when chargesheet had not been filed in...
Foreign Entity Doing Business Through Temporary Premises In India Liable To Tax : Supreme Court Rejects Hyatt International's Appeal
The Supreme Court on Thursday (July 24) ruled that the existence of a Permanent Establishment (PE) is sufficient to attract tax liability for a foreign entity in India, even in the absence of exclusive possession of a fixed place of business. The Court clarified that temporary or shared use of premises, when combined with administrative or operational control, is adequate to establish a PE, thereby triggering income tax liability in India.Holding so, the bench comprising Justice J.B. Pardiwala...
'CBI Has Guts To Not Appear Before Us?' : Supreme Court Questions CBI's Absence In Plea For Probe Against Indiabulls Housing Finance
The Supreme Court today(July 21) passed strong critical oral remarks against the Central Bureau of Investigation (CBI) for not entering appearance in a case concerning allegations of serious illegalities, including round-tripping of funds, violations of provisions of the Companies Act, and siphoning of funds committed by the promoters of Indiabulls House Finance Limited (renamed as Sammaan Capital ltd) and its subsidiaries and their promoters. The Special Leave Petition is filed against the...
Clause Saying Arbitration "May Be Sought" Doesn't Constitute A Binding Arbitration Agreement : Supreme Court
The Supreme Court recently held that a clause in an agreement that arbitration "may be sought" to resolve disputes between the parties will not constitute a binding arbitration agreement.Approving the refusal of the High Court to refer the parties to arbitartion, the Supreme Court observed that the phraseology of the clause did not indicate that the parties were bound to go for arbitration."...clause 13 does not bind parties to use arbitration for settlement of the disputes. Use of the words...
SEBI Act | Interest On Unpaid Penalty Applicable Retrospectively, Liability Accrues From Adjudication Order : Supreme Court
In a case involving SEBI's imposition of interest on unpaid penalties, the Supreme Court recently held that interest on unpaid penalty amounts can be applied retrospectively and the defaulter's liability to pay interest shall accrue from the date of expiry of the period specified in the assessment order.No separate demand notice, after the liability is crystallized in the assessment order, is required to be issued by SEBI, the Court said."Under section 220(1) read with section 28A of the SEBI...