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High Court of Karnataka Allows Winding Up Petition Against Airline Company for Inability to Pay Debts Under Companies Act, 1956. The court held that the company was commercially insolvent and unable to pay its debts, and appointed the Official Liquidator to take charge of its assets.

The petitioner, Aerotron Limited, a company incorporated under the laws of England and Wales, filed a company petition under Sections 433(e) and (f) r...

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High Court of Karnataka Dismisses Winding-Up Petition Against Kingfisher Airlines Ltd. for Lack of Service of Statutory Notice. Petition under Sections 433(e) and (f) of the Companies Act, 1956 fails as petitioner Aerotron Limited did not prove service of demand notice under Section 434.

The petitioner, Aerotron Limited, a company incorporated under the laws of England and Wales, filed a winding-up petition under Sections 433(e) and (f...

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High Court of Karnataka Allows Winding Up Petition Against Airline Company for Inability to Pay Debts. Creditor's Statutory Demand for USD 3 Million Remained Unpaid, Leading to Order for Winding Up Under Sections 433(e) and (f) of the Companies Act, 1956.

The petitioner, Aerotron Limited, a company incorporated under the laws of England and Wales, filed a company petition under Sections 433(e) and (f) r...

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Supreme Court Hears Appeals on Forum for Trial in SEBI Act Cases — Retrospective Application of 2002 and 2014 Amendments Disputed. Court Considers Whether Change from Magistrate to Sessions Court and Subsequent Special Courts Affects Pre‑2002 Offences Still Pending.

This batch of appeals and petitions before the Supreme Court concerned the proper forum for trial of offences under the Securities and Exchange Board ...

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High Court of Madras Dismisses Appeal Under Section 37 of Arbitration Act Upholding Setting Aside of Arbitral Award for Perversity. Single Judge Correctly Found That Award Granting Damages for Loss of Business and Non-Supply Ignored Exclusion Clause and Lacked Evidentiary Basis.

The appeal arose from a dispute between a construction and engineering company (appellant) and an elevator manufacturer (first respondent) regarding c...

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Supreme Court Allows Regulatory Appeal on Trial Forum under Securities and Exchange Board of India Act, 1992. Procedural Amendment to Section 26 by the 2002 Amendment Act Held Retrospective, and All Pending Trials for Pre-2002 Offences Must Proceed Before Special Court as per the 2014 Amendment.

The Supreme Court addressed a batch of appeals and writ petitions concerning the correct forum for trial of offences under the Securities and Exchange...

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Bombay High Court Examines Challenge to SEBI Special Court's Rejection of Compounding Application Under Section 24A of SEBI Act. Writ Petition Filed Against Order Denying Compounding of Offence Under Section 24(2) for Non-Payment of Penalty Without SEBI Consent.

The case involved a criminal writ petition filed by N.H. Securities Ltd. and its directors seeking to quash an order of the SEBI Special Court that ha...

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High Court of Bombay Considers Revision Against SEBI Special Court's Rejection of Discharge in SEBI Prosecution for Non-Payment of Penalty. Vicarious Liability of Directors Under Section 27 SEBI Act Questioned Due to Absence of Specific Averments in Complaint.

The matter arose from four Criminal Revision Applications filed before the High Court of Bombay challenging a common order of the SEBI Special Court t...