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Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case. Municipal Corporation's Prior Consent to Resolution Plan Precludes Later Objections Under IBC.

The Municipal Corporation of Greater Mumbai (MCGM) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which had upheld ...

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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...

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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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Bombay High Court Sanctions Scheme of Arrangement in Company Petition for Revival of Sick Pharmaceutical Company. Scheme under Section 391 of Companies Act, 1956, Approved Involving Settlement of Secured Creditors' Dues through Cash and Securities.

The Pharmaceutical Products of India Limited (PPIL), a company incorporated under the Companies Act, 1956, filed two company petitions under Section 3...

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Supreme Court Upholds Women Army Officers' Right to Permanent Commission in Landmark Gender Equality Judgment. Court holds that women SSC officers are entitled to PC at par with male counterparts, rejecting discriminatory service conditions.

The case concerns a batch of appeals filed by the Ministry of Defence against a Delhi High Court judgment directing the grant of Permanent Commission ...

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Bombay High Court Dismisses Application for Recall/Review of Order Allowing Secured Creditor to Release Leasehold Rights. Applicant, an ex-director and guarantor, lacked locus standi as he was not a party to the original application and no fraud or mistake was established.

The judgment concerns an application filed by Mr Shashikant Pasari, an ex-director and guarantor of Rajan (Textile) Mills Pvt Ltd (in liquidation), se...

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Supreme Court Dismisses Appeals Against Insolvency Initiation Under Insolvency and Bankruptcy Code, 2016 -- NCLAT Order Upheld in Favor of Allottees as Financial Creditors -- Corporate Debtors Failed to Deliver Possession and Complete Formalities

The Supreme Court dismissed civil appeals filed by erstwhile directors of corporate debtors against the NCLAT judgment which upheld the NCLT order ini...

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Supreme Court Allows HUDA's Appeal in Land Acquisition Case — Section 5A Compliance Upheld. Collector's recommendation not binding on State Government; no discrimination found in acquisition of land for development.

The case involves appeals by Haryana Urban Development Authority (HUDA) against the High Court's judgment quashing land acquisition notifications unde...

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Supreme Court Upholds Employer's Acceptance of Voluntary Retirement Under Modified Voluntary Retirement Scheme (MVRS). Resignation Submitted Under MVRS Was Unconditional and Could Not Be Withdrawn After Acceptance, as Per Scheme Terms Under Clause 5.1.

The dispute arose from the respondent's resignation under the Modified Voluntary Retirement Scheme (MVRS) introduced by the appellants, a public secto...