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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...

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Supreme Court Dismisses Appeal in Company Law Dispute Over Share Transfer Validity and Limitation. Rectification of Register of Members under Sections 59 and 88 of Companies Act, 2013 requires proof of valid share transfer and petition within limitation.

The case involves an appeal by Chalasani Udaya Shankar and others against M/s. Lexus Technologies Pvt. Ltd. and others, arising from a company petitio...

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Bombay High Court Quashes Section 138 NI Act Complaint Against Directors Due to Lack of Specific Averments of Vicarious Liability. Complaint against directors quashed as complaint lacked specific allegations of their role in company's conduct.

The applicants, K & K Foundry Pvt. Ltd. and its two directors, filed an application under Section 482 of the Code of Criminal Procedure, 1973 seeking ...

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Bombay High Court Upholds Removal of Director in Co-operative Bank Case for Misappropriation and Conflict of Interest. Commissioner's order under Section 78A(1) of Maharashtra Co-operative Societies Act, 1960 confirmed due to unauthorized donations to trust and contract awarded to son's firm.

The petitioner, P. A. Inamdar, was a shareholder, director, and Chairman of the Muslim Co-operative Bank Ltd., Pune. On 19 July 2017, respondent Nos. ...

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Karnataka High Court Allows Writ Petition Challenging Appointment of Director in BESCOM Board Without Hearing. Impugned Order Quashed for Violation of Principles of Natural Justice Under Article 226 of Constitution of India.

The petitioner, G Ashok Kumar, was working as Managing Director of Karnataka Vidyuth Karkane and was also a nominated Director (Technical) on the Boar...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

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Bombay High Court Upholds Conviction of Company and Directors in Cheque Dishonour Case Under Section 138 r/w 141 of Negotiable Instruments Act, 1881. Directors' Claim of Not Being In Charge of Business at Time of Cheque Issuance Fails to Rebut Presumption of Liability Under Section 141.

The case involves a criminal revision application filed by M/s. Jaimin Jewelery Exports Pvt. Ltd. (Accused No.1) and its directors, Gautam Mehta (Accu...