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National Company Law Appellate Tribunal Considers Appeal Against Admission of Coffee Day Enterprises to CIRP Under Section 7 of Insolvency Code. Appeal Raises Questions on the Validity of Debenture Trustee's Action and Limitation Period Based on Debenture Trust Deed Provisions.

The appeal arose from an order of the NCLT Bengaluru Bench admitting Coffee Day Enterprises Limited (the corporate debtor) into Corporate Insolvency R...

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Supreme Court Allows Workman's Appeal on Distribution of Company Assets in Liquidation. Holds that Secured Creditors Have Pari Passu Charge Only Over Properties Specifically Charged, Not All Assets; Workmen Have Priority for Uncharged Properties Under Sections 529 and 529A Companies Act, 1956.

The dispute arose from the winding up of U.M.I. Special Steel Limited, a company registered under the Companies Act, 1956. The company became sick, an...

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Bombay High Court Examines Whether Writ Petition Lies Against National Stock Exchange for Termination. Maintainability Questioned on Grounds That NSE is Not State Under Article 12 and Dispute is Contractual.

The petitioner, Suprabhat Lala, was appointed as a Manager with the National Stock Exchange (NSE) on 1 October 2001 under terms and conditions set out...

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Supreme Court Disposes of Appeals by Authority for Advance Rulings Against High Court Judgment Quashing AAR's Rejection of Treaty Benefits. Questions Raised on Taxation of Capital Gains Under India-Mauritius DTAA and Scope of Section 245R(2) Proviso (iii) of Income Tax Act, 1961.

The disputes arose from applications for advance ruling filed by three Mauritius-incorporated companies—Tiger Global International II Holdings, Tige...

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High Court of Judicature at Bombay Quashes Demand Notice Issued to Former Director for Recovery of Company's Customs Dues. Director Not Personally Liable for Tax Arrears Under Section 142 of Customs Act, 1962, Absent Statutory Provision.

The case involved a writ petition filed by Purshottam Das Gupta, an 86-year-old former director of Sujata Verbatim Limited (later known as PDG Infotec...

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Supreme Court Dismisses Appeal Against Tender Cancellation in Public Procurement Case — State's Decision to Cancel Tender Upheld as Not Arbitrary Under Article 14 of the Constitution.

The appeal arose from a High Court order dismissing a writ petition challenging the cancellation of a tender by the State. The appellant, a bidder, co...