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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...

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High Court of Bombay Makes Rule Returnable in Writs Seeking Compliance with RBI Master Circular on Loan Restructuring. Petitioners Allege Inability to Comply with Loan Obligations Due to Telecom Industry Downturn, Seek Direction to Banks Under Paragraph 6.4 of RBI Master Circular Dated 1 July 2015.

The petitioner in Writ Petition No. 1893 of 2019, GTL Infrastructure Limited, a company incorporated under the Companies Act, 1956, filed a writ petit...

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NCLAT Dismisses Appeal of Homebuyer Seeking Late Claim Filing in CIRP — Resolution Plan Approved Prior to Claim Filing Cannot Be Reopened. Homebuyer's claim filed after CoC approval of resolution plan was rightly rejected by RP as per IBC Regulations.

The case involves an appeal filed by Sonia Kapoor, an allottee of a unit (A-1-104) in a real estate project of Dream Procon Pvt. Ltd. (Corporate Debto...

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Bombay High Court Dismisses Petition Challenging Denial of Promotion Due to Minor Penalty — Government Policy Upheld. Clause B of GR dated 15.12.2017, which denies promotion during currency of penalty, is not violative of Articles 14, 16, and 20(2) of the Constitution.

The petitioner, Mohan Vasantrao Sangvikar, a Sub-Divisional Engineer in the Public Works Department, challenged the order of the Maharashtra Administr...

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Bombay High Court Allows Pension Claim of Employee Transferred from Government Institute to Government Company. Holds That Pensionary Benefits Cannot Be Denied on Ground of Transfer Without Option to Retain Government Pension Under Article 14 of the Constitution.

The petitioner, Prakash Parshuram Mavlankar, was employed with the erstwhile Haffkine Institute, a government entity under the State of Maharashtra, f...