Between The Lines – Page 9 – Vaish Associates Advocates

NCLAT: NCLTs and NCLAT have the power to recall their Judgments

A five-member bench of the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) in the case of Union Bank of India v. Dinkar T. Venkatasubramanian [Company Appeal (AT) (Ins.) No. 729 of 2020], in its judgment dated May 25, 2023, held that NCLAT can recall its judgments by the virtue of inherent power […]

Madras High Court rejects enforcement of a foreign arbitration award which was passed without considering FEMA violations and fraud in share valuations

In a landmark verdict, the Hon’ble Madras High Court (“Madras HC”), in the case of Aapico Hitech Public Company Limited and Another v. Sakthi Auto Component Limited [Arbitration Original Petition No. 296 of 2021] (“Judgement”), in its judgment dated February 3, 2023, has rejected enforcement of a foreign arbitration award on the ground that it […]

NCLT Hyderabad rejects resolution plan for being incompliant with Regulation 36B 4(A) of the CIRP Regulations

The National Company Law Tribunal, Hyderabad (“NCLT”), in the matter of Viceroy Hotels Limited [CP (IB) No. 219/7/HDB/2017], vide its order dated June 9, 2023, has rejected the resolution plan approved by the Committee of Creditors (“CoC”) on account of non-compliance of Regulation 36B (4A) (Request for resolution plan) of the Insolvency and Bankruptcy Board […]

Delhi High Court: An arbitration clause contained in a contract perishes upon its novation

The Delhi High Court (“Delhi HC”) has, in its judgement dated June 2, 2023, in the matter of B. L. Kashyap and Sons Limited v. Mist Avenue Private Limited [Commercial Arbitration 190/2019], held that an arbitration clause contained in a contract would perish with its novation if the novated contract does not contain any arbitration […]

NCLT: Land owners entering into joint development agreements for sharing of profits do not come within the ambit of operational creditors

The National Company Law Tribunal, Principal Bench, New Delhi (“NCLT”) has, in its order dated May 12, 2023 (“Order”), in the matter of Mrs. Jesleen Kaur Papneja v. Raheja Developers Limited [Company Petition (IB)/392(PB)/2019], held that an agreement in the nature of a joint development agreement, for sharing of profits in an agreed upon ratio, […]

NCLAT upholds the insolvency proceedings against Go First

The National Company Law Appellate Tribunal (“NCLAT”), collectively in the matters of: SMBC Aviation Capital Limited v. Interim Resolution Professional of Go Airlines (India) Limited, Abhilash Lal [Company Appeal (AT) (Insolvency) No. 593 of 2023], SFV Aircraft Holdings IRE 9 DAC v. Interim Resolution Professional of Go Airlines (India) Limited, Abhilash Lal [Company Appeal (AT) […]