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Supreme Court Upholds NCLAT Decision Setting Aside NCLT Orders Approving Resolution Plans for Earth Infrastructures Limited. Dispute Involves GNIDA's Claim Over Land Leased to Special Purpose Company and Its Subsidiaries, and the Validity of Resolution Plans Under IBC.

The Supreme Court of India heard a batch of civil appeals arising from a judgment of the National Company Law Appellate Tribunal (NCLAT) dated 30.01.2...

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Karnataka High Court Dismisses Winding Up Petition by Ex-Director Against Company for Disputed Interest Claim. Company Petition under Section 433(e) of Companies Act, 1956 dismissed as debt was bona fide disputed and no written agreement for interest existed.

The petitioner, Mr J R Srinivasa, an ex-director of the respondent company Sree Gururaja Enterprises Pvt Ltd, filed a winding up petition under Sectio...

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National Company Law Appellate Tribunal Considers Appeal Against Admission of Coffee Day Enterprises to CIRP Under Section 7 of Insolvency Code. Appeal Raises Questions on the Validity of Debenture Trustee's Action and Limitation Period Based on Debenture Trust Deed Provisions.

The appeal arose from an order of the NCLT Bengaluru Bench admitting Coffee Day Enterprises Limited (the corporate debtor) into Corporate Insolvency R...

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High Court Adjudicates on Official Liquidator's Report on Claims of Secured Creditors in Company Liquidation. Distribution of Sale Proceeds from Assets of Company Under Liquidation Determined Based on Debts Recovery Tribunal Order.

The matter concerned the winding up of Maharashtra Explosives Ltd., a company incorporated under the Companies Act, 1956. By order dated 12-8-2001, th...

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Bombay High Court Quashes Process Against Directors in Cheque Dishonour Case — Lack of Specific Allegations of Role in Day-to-Day Affairs. Directors Cannot Be Vicariously Liable Under Section 141 of Negotiable Instruments Act, 1881 Without Averments of Their Involvement in Company's Business.

The petitioners, including a company and its directors, challenged the order issuing process under Section 138 read with Section 141 of the Negotiable...