Between The Lines – Page 7 – Vaish Associates Advocates

Supreme Court: No absolute or unfettered discretion on the part of liquidator to cancel an auction which is otherwise valid

The Hon’ble Supreme Court of India (“SC”) has, by its judgment dated September 6, 2023, in the matter of Eva Agro Feeds Private Limited v. Punjab National Bank and Another, held that the mere expectation of the liquidator, that a higher price can be attained, can be no good ground to cancel an otherwise valid […]

Supreme Court: Admission of claims after the resolution plan has been accepted by CoC would result in making CIRP prolonged and inefficacious

The Supreme Court has, vide its judgement dated September 11, 2023, in the case of RPS Infrastructure Limited v. Mukul Kumar and Another [CA No. 5590/2021], held that the admission of claims after the resolution plan has been accepted by Committee of Creditors (“CoC”) would result in making the Corporate Insolvency Resolution Process (“CIRP”), an […]

Delhi High Court: When there are two interconnected agreements with conflicting arbitration clauses, the clause contained in the main agreement should be given primacy

The Delhi High Court (“Delhi HC”) has, in its judgement dated August 22, 2023, in the matter of Amit Guglani and Another v. L and T Housing Finance Limited and Another [ARB.P. 1317/2022 and I.A. No. 19286/2022], held that when there are two interconnected agreements with conflicting arbitration clauses, the clause contained in the main […]

Supreme Court: Dissenting opinion of an arbitrator cannot be treated as an award if the majority award is set aside

The Supreme Court has, by its judgment pronounced on August 24, 2023, in the matter of Hindustan Construction Company Limited v. National Highways Authority of India [Civil Appeal No(s). 4658 of 2023, 4659 of 2023, 4660 of 2023, 4661 of 2023 and 4662 of 2023], disposed of a batch of appeals involving a common question […]

NCLT: Stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016

National Company Law Tribunal, New Delhi (“NCLT”), vide its order dated August 2, 2023, in the case of M/s. Bezel Stockbrokers Private Limited v. Security Exchange Board of India and Another [Company Petition No. (IB)-251(ND)/2021], held that a stock broker company is a financial service provider under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Facts […]

NCLAT upholds CCI’s order approving acquisition of Hindustan National Glass and Industries Limited by AGI Greenpac Limited

National Company Law Appellate Tribunal (“NCLAT”) has, collectively in the matters of: The U.P. Glass Manufacturers Syndicate v. Competition Commission of India and Others [Competition Appeal (AT) No. 07 of 2023]; Independent Sugar Corporation Limited v. Competition Commission of India and Another [Competition Appeal (AT) No. 08 of 2023]; Geeta and Company v. Competition Commission […]