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Supreme Court Quashes NCLT Approval and NCLAT Judgment in Bhushan Power CIRP, Remands for Fresh Resolution Plan. Approved Plan Set Aside Due to Inordinate Delay, Illegal Extension Clause, Waterfall Violation, and Non-Compliance with IBC Provisions Including Sections 30, 31, and 53.

The Supreme Court adjudicated a batch of civil appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) challenging the approval of ...

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Bombay High Court Allows Appeal in Company Petition — Interim Relief Granted to Restrain Alienation of Property. Balance of convenience favored grant of ad-interim relief to protect subject matter of petition under Sections 397, 398 of Companies Act, 1956.

The present appeal arises from a Company Petition No. 149 of 2012 filed under Sections 397 and 398 of the Companies Act, 1956, alleging oppression and...

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Bombay High Court Dismisses Appeal Against Arbitral Award in Stockbroker Dispute, Upholds Limitation and Maintainability. The Court held that the claim was within limitation due to acknowledgement of debt and that the arbitration application was maintainable despite directors' disqualification.

The Appellant, Kaynet Finance Limited, a member-broker at the National Stock Exchange of India, was appointed by the Respondent, Verona Capital Limite...

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Bombay High Court Hears Writ Petition Challenging Defamation Process in Companies Act Special Notice Case. The Dispute Involves Allegations Made in a Statutory Notice Under the Companies Act, 2013.

Background: The present writ petition arose from a criminal defamation complaint filed by Respondent No.2, Nusli Neville Wadia, against the petitioner...

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Supreme Court Clarifies SEBI's Jurisdiction in Investor Compensation Claims Under Securities Law. SEBI Lacks Power to Award Direct Compensation but Can Order Disgorgement of Ill-Gotten Gains for Restitution Under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992.

The dispute originated in 2005 when the Securities and Exchange Board of India (SEBI) issued a show-cause notice to M/s. Vital Communications Limited ...

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Bombay High Court Adjudicates Writ Petitions Filed by Depositors of PMC Bank Seeking Relief from Withdrawal Restrictions. Court Examines Validity of RBI Directions and Protection of Depositors' Interests under Relevant Banking and Co-operative Laws.

A batch of writ petitions and a public interest litigation were filed before the Bombay High Court by various depositors and account holders of the Pu...

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High Court of Karnataka Allows Petitions Challenging Appointment of Administrator and Election Notification for Cooperative Societies. Violation of Section 30 of Karnataka Cooperative Societies Act, 1959 and Rules 13, 14 of Karnataka Cooperative Societies Rules, 1960.

The petitioners, directors of various cooperative societies, challenged the appointment of an Administrator and the subsequent election notification i...