Between The Lines – Page 30 – Vaish Associates Advocates

Between the Lines | Supreme Court: A personal loan to a promoter or a director of a company cannot trigger the CIRP under the IBC

The Supreme Court (“SC”) by its judgement dated August 28, 2020 (“Judgment”) in the case of M/S Radha Exports (India) Private Limited v. K.P. Jayaram & Another [Civil Appeal No. 7474 of 2019] held that a personal loan to a promoter or director of a company cannot trigger the Corporate Insolvency Resolution Process (“CIRP”). Facts […]

Between the Lines | Calcutta HC: NCLT order mandating filing record of default from the Information Utility to prove financial debt by the financial creditors struck down

The High Court of Calcutta (“HC”) has in its combined judgment dated August 18, 2020 (“Judgment”) in the matter of Univalue Projects Private Limited v. Union of India [W. P. No. 5595 (W) of 2020] and Cygnus Investments and Finance Private Limited & Another v. Union of India and Others [W.P. No. 5861 (W) of […]

Between the Lines | Supreme Court: (i) The merits of the arbitral award are not open to review by the enforcement court, which lies within the domain of the seat courts (ii) The period of limitation for filing a petition for enforcement of a foreign award is three years

The Hon’ble Supreme Court of India (“SC”) has in its judgment dated September 16, 2020 (“Judgment”) in the matter of Government of India v. Vedanta Limited and Others [Civil Appeal No. 3185 of 2020], held that the period of limitation for filing a petition for enforcement of a foreign award under Sections 47 and 49 […]

Between the Lines | The Permanent Court of Arbitration, Hague: The Indian Government’s imposition of tax liability along with interest and penalty on Vodafone, pursuant to a retrospective amendment made in the Income-tax Act, 1961, was in violation of the bilateral investment treaty signed between India and Netherlands

The Permanent Court of Arbitration, Hague (“PCA”) has in its award released on September 25, 2020 (“Award”) in the matter of Vodafone International Holdings BV v. The Republic of India [PCA Case No. 2016 – 35] held that, the Indian Government’s imposition of tax liability along with interest and penalty on Vodafone International Holdings BV, […]

Between the Lines | IV. Consumer Protection Act, 2019: An analysis

Background The Consumer Protection Act, 1986 (“Erstwhile Act”), was enacted with the sole aim of protecting the interests of the consumers and providing for the establishment of Consumer Councils and authorities for the settlement of consumer disputes and related matters. In today’s digital era, we have a myriad of goods and services that can be […]

Between the Lines | NCLAT: IBC has no bar for the ‘Promoter’ to file ‘resolution application’, even if otherwise not eligible in terms of Section 29A

The National Company Law Appellate Tribunal (“NCLAT”) in the case of Sreeram E. Techno School Private Limitedv. Beans and More Hospitality Private Limited Through R.P. Prabhjit Singh Soni (decided on September 11, 2019) upheld the order dated July 19, 2019 passed by the NCLT, III bench, Delhi (“Adjudicating Authority”) under Section 30(6) of the Insolvency […]