Between The Lines – Page 39 – Vaish Associates Advocates

Supreme Court: Former employee can be appointed as an arbitrator

The Supreme Court in the case of Government of Haryana PWD Haryana (B and R) Branch v. M/s G. F. Toll Road Private Limited and Others (dated January 3, 2019) held that the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) does not disqualify a former employee from acting as an arbitrator, provided there are no […]

Supreme Court: ‘Administrative difficulties’ cannot be a valid reason for condoning the delay in challenging a domestic award beyond the statutory period prescribed

The Supreme Court in the case of M/s Simplex Infrastructure Limited v. Union of India (decided on December 5, 2018) held that administrative difficulties cannot be a valid reason to condone a delay above and beyond the statutory period prescribed under the Arbitration and Conciliation Act, 1996 (“Arbitration Act”). FACTS M/s Simplex Infrastructure Limited (“Appellant”), […]

Challenge to resolution plan by SEBI dismissed by National Company Law Appellate Tribunal

National Company Law Appellate Tribunal (“NCLAT”) in Securities and Exchange Board of India v. Assam Company India Limited and Others (decided on August 29, 2019) held that a resolution plan requiring delisting of shares of the corporate debtor against which Securities Appellate Tribunal (“SAT”) had passed an interim order would be valid. FACTS After a […]

Delhi High Court: Creditors cannot be given preferential treatment towards satisfaction of a compromise decree during moratorium

The Delhi High Court (“DHC”) has, in the case of Ved Prakash Abbot v. Kishore K. Avarsekar and Others (decided on August 09, 2019) held while dismissing a contempt petition that pending moratorium under the Insolvency and Bankruptcy Code, 2016 (“IBC”), creditors cannot be given preferential treatment towards satisfaction of a compromise decree. FACTS Ved […]

NCLAT: A financial creditor cannot intervene or oppose admission of a corporate insolvency resolution process by another financial creditor

In the recent judgement of L&T Infrastructure Finance Company Private Limited v. Gwalior Bypass Project Limited and Others (decided on August 19, 2019), the National Company Law Appellate Tribunal (“NCLAT”) has reaffirmed the two orders passed by the National Company Law Tribunal (“NCLT”) dated May 29, 2019 and has held that a financial creditor cannot […]

Delhi High Court: Remedies available to allottees of flats under the Consumer Protection Act, 1986 and the Real Estate (Development and Regulation) Act, 2016, are concurrent

The Delhi High Court has, in M/s. M3M India Private Limited and Another v. Dr. Dinesh Sharma and Another (decided on September 4, 2019), that was clubbed together with a batch of petitions filed under Article 227 of the Constitution of India and dealing with the same question of law, held that the proceedings instituted […]