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Supreme Court Allows Fresh Resolution Process for Corporate Debtor Despite Default by Successful Resolution Applicant. Time Spent in Litigation Excluded to Uphold Maximisation of Asset Value Under Insolvency and Bankruptcy Code, 2016.

The appeal arose from the corporate insolvency resolution process of Amtek Auto Limited, initiated under Section 7 of the Insolvency and Bankruptcy Co...

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Bombay High Court Hears Writ Petition Challenging Defamation Process in Companies Act Special Notice Case. The Dispute Involves Allegations Made in a Statutory Notice Under the Companies Act, 2013.

Background: The present writ petition arose from a criminal defamation complaint filed by Respondent No.2, Nusli Neville Wadia, against the petitioner...

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Bombay High Court Revokes Leave for Representative Suit in Tata Group Shareholder Dispute. Court holds that shareholders of different listed companies lack the same interest required under Order 1 Rule 8 CPC.

The Plaintiffs, claiming to be shareholders of various listed companies of the Tata Group, filed a representative suit under Order 1 Rule 8 of the Cod...

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Bombay High Court Quashes Reassessment Order in Income Tax Case Due to Non-Application of Mind and Lack of Independent Satisfaction. Notice under Section 148 of Income Tax Act, 1961 held invalid as Assessing Officer failed to form independent belief based on tangible material.

The petitioner, Devkant Synthetics India Pvt. Ltd., a company engaged in trading of shares and securities, filed its return of income for assessment y...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Valid Approval Under Section 151. Reassessment Notice Issued Beyond Six Years Without Proper Sanction from Specified Authority Held Invalid.

The petitioner, Vibrant Securities Pvt. Ltd., a member of the Bombay Stock Exchange and National Stock Exchange, challenged a reassessment notice date...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Bona Fide Counterclaim. Company's claim for damages exceeding admitted debt constitutes a substantial defence under Section 434 of the Companies Act, 1956.

The appellant, Prime Broking Company (India) Ltd., appealed against an order dated 28 June 2016 passed by the Company Judge admitting a winding up pet...

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Bombay High Court Quashes Reassessment Notices and Orders Under Section 153 of Income Tax Act, 1961 for Lack of Valid Sanction and Non-Application of Mind. Reassessment proceedings initiated without proper approval under Section 151(2) and based on borrowed satisfaction are invalid.

The petitioner, Ashok Commercial Enterprises, filed nine writ petitions challenging reassessment notices dated 19th July 2021 and 14th July 2021 issue...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Bona Fide Counterclaim. Company's claim for damages exceeding admitted debt constitutes a substantial defence under Section 434 of the Companies Act, 1956.

The appellant, Prime Broking Company (India) Ltd., appealed against an order dated 28 June 2016 passed by the Company Judge admitting a winding up pet...