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Insolvency and bankruptcy

PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (FORMERLY KNOWN AS DEWAN HOUSING FINANCE CORPORATION LIMITED) versus 63 MOONS TECHNOLOGIES LIMITED & OTHERS

The NCLAT transgressed its limited appellate jurisdiction under s.61 by modifying an approved resolution plan to set aside the clause allocating s.66 recoveries to the SRA. The CoC's commercial decision—approved by requisite votes and the NCLT—must be respected where the plan meets s.30(2) requirements; authorised representatives' votes bind their classes. Avoidance Applications under Chapter III and s.66 applications under Chapter VI are distinct and NCLT must decide each category under the respective provisions; s.66 recoveries may be appropriated by the SRA if the plan so provides and the…

Source excerpt

  • Resolution plan approval and s.30(2) requirements
  • Avoidance applications (ss.43,45,50) vs s.66 fraudulent/wrongful trading
  • Committee of creditors commercial wisdom and scope of judicial review
  • Supersession of board of directors under rbi act
  • Rights of fixed deposit holders and treatment of deposits
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Taxation

STATE OF HIMACHAL PRADESH AND OTHERS versus M/S A.J. INFRASTRUCTURES PVT. LTD AND ANR.

The High Court's declaration that section 16-B of the HPGST Act was ultra vires was unsound because that writ petition had been rendered infructuous and thus the constitutional issue should not have been decided; moreover, on merits and in light of later precedent (Central Bank of India), section 16-B is valid and not ultra vires, but section 16-B only creates a first charge after liability is determined and a sum is due, so in cases where the State had not followed statutory steps to determine liability no recovery as arrears of land revenue could be sustained; applications under section 151…

Source excerpt

  • Validity of section 16-b of the himachal pradesh general sales tax act, 1968
  • Priority of state tax charge versus secured creditors under sarfaesi/drt regime
  • Recovery of tax as arrears of land revenue under the himachal pradesh land revenue act, 1954
  • Use and limits of inherent powers under section 151 cpc
  • Consequences of adjudicating an infructuous writ petition
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Insolvency law

KOTAK MAHINDRA BANK LIMITED versus A. BALAKRISHNAN & ANR.

Issuance of a Recovery Certificate by the Presiding Officer under Section 19(22) read with Section 19(22A) of the Debt Recovery Act gives rise to a fresh cause of action; a liability arising from such Recovery Certificate is a 'financial debt' within clause (8) of Section 5 IBC and the holder is a 'financial creditor' under clause (7) of Section 5; such a holder may initiate CIRP under Section 7 IBC within three years from the date of issuance of the Recovery Certificate. Accordingly the NCLAT order holding the Section 7 application time-barred was quashed and set aside.

Source excerpt

  • Corporate insolvency resolution process (cirp)
  • Recovery certificate / debt recovery
  • Definition of financial debt and financial creditor under ibc
  • Limitation for initiation of cirp
  • Statutory interpretation
  • Moratorium (section 14 ibc)
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Banking and financial regulation

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA versus M/S. SIBCO INVESTMENT PVT. LTD.

The RBI communication dated 09.06.1997 was a binding direction traceable to ss.45-MB of the RBI Act, 1934 and s.35A of the Banking Regulation Act, 1949; SIDBI acted bona fide and prudently in withholding payment in view of the RBI directive, the pending Company Court proceedings and a reasonable suspicion over the predecessor's title during the suspect spell; SIBCO accepted payment without timely protest and is barred by waiver/acquiescence and constructive res judicata; accordingly SIDBI's appeal is allowed, SIBCO's cross-appeal is dismissed and the Trial Court judgment dismissing the suit i…

Source excerpt

  • Rbi directives and supervisory powers
  • Public interest
  • Holder in due course
  • Fraudulent preference (suspect period)
  • Waiver and acquiescence
  • Constructive res judicata
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India decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.