Legal News & Views

Cause Title :  M/s. Platinum Rent A Car (India) Pvt. Ltd. vs M/s. Quest Offices Limited, Comp App (AT) (CH) (Ins) No.448/2022, National Company Law Appellate Tribunal At Chennai Date of Judgment/Order : 12.01.2023 Corum : Justice M. Venugopal, Member (Judicial) & Shreesha Merla, Member (Technical) Citied:  Background Appeal was filed against the order of the NCLT with an application for condonation of delay of 25 days. The Appellant had requested for condonation of delay based on the fact that while the order of the NCLT was passed on 08.06.2022,  the ‘Certified Copy’ of the above ‘impugned  order’ was applied on 21.07.2022 and the ‘Appellant’, was provided with a ‘Certified Copy of the same’, on 26.07.2022 Judgment The appeal was rejected by the NCLAT on the ground that the ‘procedural formalities’ (including the ‘time limit’), enshrined under the ‘Insolvency & Bankruptcy Code, 2016’, ought to be followed in true ‘letter and spirit’, because of the fact that ‘Speed’ is essence

Cause Title :  Ashoka Hi-Tech Builders Pvt. Ltd. vs Sanjay Kundra & Anr., National Company Law Appellate Tribunal, Company Appeal (AT) (Insolvency) No. 46 of 2023 Date of Judgment/Order : 18.01.2023 Corum : Justice Ashok Bhushan (Chairperson) & Barun Mitra (Member-Technical) Citied:  Pioneer Urban Land and Infrastructure Ltd. vs. Union of  Indi a, (2019) 8 SCC 416 Namdeo Ramchandra Patil and Ors. Vs. Vishal Ghisulal Jain, Company Appeal (AT) Ins. No. 821 and 930 of 2021 decided on 19.09.202 Anuj Jain, Interim Resolution Professional for  Jaypee Infratech Limited vs. Axis Bank Ltd. & Ors., (2020) 8 SCC 401 Background Appellant was a land owner on which a development project was to be constructed by the Corporate Debtor and he had filed the claim before the Resolution Professional which was admitted and he was inducted in the Committee of Creditors however subsequently on an Application filed by the Home-Buyers, impugned Order has been passed removing the Appellant from the C

Cause Title :  M/s. Meenakshi Solar Power Pvt. Ltd. versus M/s. Abhyudaya Green Economic Zones Pvt. Ltd. and Ors., Supreme Court Of India, Civil Appeal No. 8818 Of 2022 Date of Judgment/Order : November 23, 2022 Corum : B.R. Gavai; J., B. V. Nagarathna; J. Citied:  Vidya Drolia vs. Durga Trading Corporation (2021) 2 SCC 1 Indian Oil Corporation Ltd. vs. NCC Ltd. 2022 SCC OnLine SC 896 Union of India vs. Kishorilal Gupta and Bros. (1960) 1 SCR 493 Young Achievers vs. IMS Learning Resources Pvt. Ltd. (2013) 10 SCC 535 M.B.S Impex Pvt. Ltd. vs. Minerals and Metals Trading Corporation (2020) 5 ALD 185 National Insurance Co. Ltd. vs. Boghara Polyfab Pvt. Ltd. (2009) 1 SCC 267 SBP & Co. vs. Patel Engineering Ltd. (2005) 8 SCC 618  Damodar Valley Corporation vs. K.K. Kar (1974) 1 SCC 141 Background The appellant is engaged in the business of producing power through running and operating thermal/solar/hydro power plants. The respondent No.1 is a Solar PV Power Project located while Respond