Companies Act, 2013

The Supreme Court examined the corporate insolvency resolution of Dewan Housing Finance Corporation Ltd (DHFL), where Piramal Capital submitted a resolution plan (RP) that allocated recoveries from Section 66 applications to itself. The plan was approved by the Committee of Creditors (CoC) and the National Company Law …

The National High Speed Rail Corporation Limited (NHSRCL) issued a tender for the Mumbai‑Ahmedabad Bullet Train project, which is funded by a loan from Japan International Cooperation Agency (JICA). Monte Carlo Limited submitted a technical bid that was rejected by NHSRCL as non‑responsive due to material deviations, a…

Reliance Commercial Finance Ltd (RCFL) issued non‑convertible debentures and defaulted in March 2019. The RBI issued a prudential framework requiring lenders to enter into an inter‑creditor agreement (ICA) before a resolution plan, and SEBI later issued a circular on 13 Oct 2020 standardising the procedure for debentur…

Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jailaxmi Sugar Products Pvt Ltd, alleging default and seeking initiation of a corporate insolvency resolution process (CIRP). The Debt Recovery Tribunal (DRT) issued a certificate of recovery on 1 November 20…

Visa Coke Ltd., an operational creditor, claimed that it had validly served a statutory demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, by sending Form 3 to the Key Managerial Personnel (KMP) of Mesco Kalinga Steel Ltd. at its registered office. The National Company Law Tribunal (NCLT) and th…

The Supreme Court examined a batch of writ petitions filed by Hindustan Construction Company Ltd seeking to strike down Section 87 of the Arbitration and Conciliation (Amendment) Act, 2019 and the deletion of Section 26 of the 2015 Amendment, arguing that they revived an automatic‑stay of arbitral awards and removed th…

State Bank of India (SBI) appealed an order of the NCLT rejecting its IBC petition against India Power Corporation Limited. The appeal was filed three days after the statutory 30‑day period, and SBI sought condonation of delay, relying on a free certified copy of the NCLT order sent under Rule 50. A split decision aros…

The Central Government assigned the Serious Fraud Investigation Office (SFIO) to investigate a group of companies under an order dated 20‑06‑2018, directing a report within three months. The SFIO arrested Rahul Modi and others on 10‑12‑2018, after the three‑month period had expired, leading the petitioners to file habe…

Mackintosh Burn Ltd, a public company with the Government of West Bengal as majority shareholder, refused to register the transfer of 100 shares to itself, alleging that the applicant was controlled by a competitor and that the transfer could affect the company’s interest. The respondent sought registration, and the Co…

The plaintiffs, Dubai nationals and shareholders of a Dubai‑incorporated company (Defendant No.2), filed a derivative suit in the Madras High Court seeking a declaration that Defendant No.2 held the beneficial interest in 6.16% of the shares of an Indian company (Defendant No.1) that were registered in the names of oth…

The Union Ministry of Corporate Affairs issued orders on 31 October 2018 and 27 October 2020 authorising the Serious Fraud Investigation Office (SFIO) to investigate several Sahara group companies under sections 212 and 219 of the Companies Act, 2013. The Delhi High Court, hearing writ petitions under Article 226, stay…

The appellant, Rathish Babu Unnikrishnan, challenged a summoning order issued under Section 138 of the Negotiable Instruments Act on the ground that the cheques were security instruments for a share buy‑back and not payable on a legally enforceable debt. The Delhi High Court dismissed his petition under Section 482 of …

The Supreme Court examined the NCLAT order that had declared Tata Sons' affairs oppressive and prejudicial, reinstated Cyrus Pallonji Mistry (CPM) as Executive Chairman and Director, restrained the Tata Trust nominees, and set aside the conversion of Tata Sons from a public to a private company. The Court held that the…

The Association for Democratic Reforms and Common Cause filed two interlocutory applications seeking a stay on the sale of electoral bonds under the Electoral Bond Scheme, 2018, alleging that the scheme permits donor anonymity and violates transparency in political funding. The Court examined the scheme’s statutory bas…

The Haryana government awarded concession agreements to Rapid Metrorail Gurgaon Ltd (RMGL) and Rapid Metrorail Gurgaon South Ltd (RMGSL) for two metro projects, which were later terminated by both parties amid allegations of fraud against the IL&FS group. The State agencies HSVP and HMRTC approached the High Court unde…

The appellants filed a petition under Sections 241 and 242 of the Companies Act, 2013 alleging oppression and mismanagement, and the NCLT issued an ex‑parte ad‑interim order on 5 October 2020. The respondents appealed to the NCLAT, which set aside the NCLT order on the ground that it violated natural justice and remitt…

Jaypee Infratech Ltd (JIL) mortgaged its land to secure loans taken by its holding company Jaiprakash Associates Ltd (JAL) from a consortium of banks. The Interim Resolution Professional (IRP) applied to the NCLT for avoidance of these transactions under Sections 43, 45 and 66 of the Insolvency and Bankruptcy Code, 201…

The Supreme Court examined the constitutional validity of several provisions of the Insolvency and Bankruptcy Code, 2016, including the classification of financial versus operational creditors, the powers of the resolution professional, the evidentiary status of private information utilities, and the requirements of Se…

The dispute arose from a share purchase agreement where KCP and its nominees, including Cheran Properties Limited (the appellant), were to acquire shares of SPIL from KSL. The parties later entered arbitration, which awarded KSL the return of share documents and payment of Rs 3.58 crore. The award attained finality, an…

The Supreme Court considered appeals concerning the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited (JIL) under the Insolvency and Bankruptcy Code, 2016. The resolution plan submitted by NBCC (India) Ltd. was approved by the Committee of Creditors (CoC) with a 97.36% voting share, but various…

The Transmission Corporation of Andhra Pradesh Ltd. (appellant) awarded contracts to Equipment Conductors and Cables Ltd. (respondent) which led to arbitration where claims on invoices 1‑57 were held time‑barred and no award was made. The respondent unsuccessfully sought execution of those amounts, then issued a Sectio…

Home buyers booked flats in various projects of the Amrapali Group of companies in Noida and Greater Noida, paying substantial amounts between 2010-2014. The builders failed to deliver possession within the promised 36 months and did not pay dues to the Noida and Greater Noida Authorities or repay loans taken from bank…

The appellant, a suspended director of the corporate debtor, challenged the admission of a Section 7 application initiating a Corporate Insolvency Resolution Process (CIRP) by UCO Bank, arguing that the debtor's balance‑sheet entries did not constitute a clear, specific acknowledgment of debt required under Section 18 …

The appellant, V. Nagarajan, challenged an order of the National Company Law Tribunal (NCLT) dated 31 December 2019 that dismissed his application for interim relief in a liquidation proceeding. He filed an appeal before the National Company Law Appellate Tribunal (NCLAT) on 8 June 2020, relying on a free certified cop…

Hindustan Petroleum Corporation Ltd. (the appellant) owned two adjacent plots, 4/4 and 4/5, in Azadpur, Delhi, and operated petrol stations on both. Ajay Bhatia (the respondent) filed a suit seeking possession and mesne profits for Plot 4/4 after the lease expired in 2003. The trial court decreed possession of Plot 4/4…

The corporate debtor, Seya Industries Ltd., and its investors, including Beacon Trusteeship Ltd., entered into a debenture arrangement which later gave rise to arbitration and a claim for payment. While arbitration was pending, the investors filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) i…

The petitioners, Sesh Nath Singh and others, challenged the National Company Law Tribunal's (NCLT) order admitting a Section 7 application by Baidyabati Sheoraphuli Co‑operative Bank to initiate corporate insolvency resolution against the corporate debtor. The issue was whether the three‑year limitation period for fili…

Forech India Ltd. filed a winding‑up petition in the Delhi High Court in 2014 against a company, serving notice under Rule 26 of the Companies (Court) Rules. Later, a financial creditor (Respondent No.1) filed an insolvency petition under Section 7 of the Insolvency & Bankruptcy Code (IBC) before the NCLT, which was ad…

The Supreme Court examined the approval of a resolution plan for ACIL Ltd., where the Committee of Creditors (CoC) had approved a plan with an 88.56% majority after multiple revisions. The National Company Law Tribunal (NCLT) had stayed the plan and ordered a re‑valuation of ACIL's assets by the Official Liquidator, a …

Mobilox Innovations Pvt Ltd, an operational creditor, filed an application under the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of corporate insolvency against Kirusa Software Pvt Ltd for an unpaid operational debt of Rs.20,08,202.55. The corporate debtor raised a dispute, alleging breach of a non‑di…

The petitioners, who were personal guarantors to corporate debtors, challenged a Central Government notification dated 15‑Nov‑2019 that brought certain provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) into force only for personal guarantors. They argued that the notification exceeded the power conferred by …

Electrosteel Steel Ltd. (now ESL Steel Ltd.) filed a petition under Article 227 challenging an order that directed it to comply with an arbitral award dated 06.07.2018 passed by the West Bengal MSME Facilitation Council in favour of Ispat Carrier Pvt. Ltd. The award was rendered after the corporate debtor’s insolvency …

M/s Kaledonia Jute and Fibres Pvt. Ltd. (appellant) sought to recover a debt from M/s Axis Nirman and Industries Ltd. (first respondent) and filed a petition under Section 7 of the IBC before the NCLT. Simultaneously, a winding‑up petition against the first respondent was pending before the Allahabad High Court, which …

Infrastructure Leasing and Financial Services Ltd (IL&FS) obtained a ₹400 crore loan from HDFC Bank, securing the facility by assigning lease‑rental receivables to the bank under a Master Facility Agreement, Assignment Agreement and related escrow documents. The National Company Law Appellate Tribunal (NCLAT) issued an…

The operational creditor, Mis. Surendra Trading Co., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the corporate debtor, Mis. Juggilal Kamlapat Jute Mills Co. Ltd. The adjudicating authority identified procedural defects and gave the creditor seven days to cure them. The cred…

Avitel Post Studioz Ltd and its promoters invested USD 60 million in HSBC based on alleged representations that Avitel would secure a lucrative BBC contract, which later proved to be fictitious. HSBC obtained interim awards and a foreign final award from a Singapore tribunal finding the appellants liable for fraudulent…

The Insolvency and Bankruptcy Board of India (IBBI) filed a criminal complaint under Sections 73(a) and 235A of the Insolvency and Bankruptcy Code, 2016 (IBC) against the former directors of SBM Paper Mills for non‑compliance with a One‑Time Settlement ordered by the NCLT. The Sessions Judge issued process, but the res…

The appellants, workmen and employees of ABG Shipyard Ltd., claimed wages, salaries and statutory dues for the period of the Corporate Insolvency Resolution Process (CIRP). They argued that these amounts should be treated as insolvency resolution process costs under s.5(13) of the IBC and thus enjoy priority under s.53…

The petitioners, environmentalists, sought protection for the Great Indian Bustard (GIB) and Lesser Florican, arguing that overhead power lines in Rajasthan and Gujarat cause fatal collisions. They requested that the states and the Union underground all future power lines in priority and potential habitats, convert exi…

The petitioners challenged Sections 3, 4, and 10 of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, which introduced threshold requirements for allottees and certain financial creditors to initiate corporate insolvency resolution process (CIRP), clarified that a corporate debtor can initiate CIRP against anot…

M/s Dalmia Power Ltd. and M/s Dalmia Cement (Bharat) Ltd. filed original income tax returns for AY 2016-17 and later entered into schemes of arrangement and amalgamation with nine other companies, which were approved by the NCLT only in April-May 2018. The companies filed revised returns on 27 November 2018, beyond the…

The Airports Economic Regulatory Authority of India (AERA) determined tariffs for aeronautical services, which were challenged before the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). AERA then filed appeals under Section 31 of the Airports Economic Regulatory Authority Act, 2008, seeking to contest TDSAT…

The appellants, shareholders of Upper Assam Plywood Products Pvt. Ltd., sought winding up of the company before the NCLT, which dismissed their petition on 25 October 2019. They applied for a certified copy of the order, received it on 19 December 2019, and filed an appeal before the NCLAT on 20 July 2020 together with…

The Centre for Public Interest Litigation filed a writ petition seeking a fresh National Disaster Management Plan, specific minimum relief standards, and direction to use the National Disaster Response Fund (NDRF) for COVID-19, as well as to channel all contributions to the NDRF instead of the PM CARES Fund. The Court …

The Supreme Court examined the scope of Section 29A(h) of the Insolvency and Bankruptcy Code, 2016, which bars persons who have executed an enforceable guarantee that has been invoked by a creditor from being a resolution applicant. The Court held that the disqualification arises when the guarantee is invoked, applies …

Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL) supplied electricity to Raman Ispat Pvt Ltd, which defaulted on payments. PVVNL attached the debtor's assets and, after the corporate insolvency resolution failed, the matter proceeded to liquidation under the Insolvency and Bankruptcy Code (IBC). PVVNL contended that secti…

The Supreme Court examined whether the New Okhla Industrial Development Authority (NOIDA), as the lessor in a 90‑year lease of land for a residential project, could be treated as a financial creditor under the Insolvency and Bankruptcy Code, 2016. The Court held that the lease does not qualify as a financial lease unde…

The Supreme Court examined the winding‑up petition filed by Antrix Corporation against Devas Multimedia Private Ltd under section 271(c) of the Companies Act, 2013, alleging fraud in the formation and conduct of the company. The petition was never advertised, and the petitioners challenged the order on grounds of lack …

The Supreme Court examined whether Pawan Hans Ltd., a government‑owned company, was exempt from the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act) and whether its contractual employees were entitled to provident‑fund benefits. The trade union representing the contractual workers claimed tha…

The Supreme Court examined whether Bharat Sanchar Nigam Ltd. (BSNL), a statutory corporation that had acquired the assets and liabilities of the Department of Telecommunications (DoT), could invoke Article 112 of the Limitation Act, 1963, which grants a thirty‑year limitation period for suits by the Central Government.…

Action Ispat and Power Pvt. Ltd. filed a winding‑up petition against Shyam Metalics and Energy Ltd. for unpaid dues. The Company Judge admitted the petition, appointed an Official Liquidator and seized the appellant's premises. State Bank of India, a secured creditor, filed an IBC application and sought transfer of the…

The Supreme Court heard a public‑interest writ filed by Disabled Rights Group seeking enforcement of reservation, accessibility and teaching‑facility provisions for persons with disabilities in higher education. The petitioners argued that institutions were not complying with the 3% reservation under the 1995 Disabilit…

The Supreme Court examined the corporate insolvency resolution of Essar Steel India Ltd, where ArcelorMittal's resolution plan was approved by the Committee of Creditors (CoC) but later altered by the NCLAT, which imposed an equal treatment rule for all creditors and re‑distributed payments. The Court held that the CoC…

The Asset Reconstruction Company (India) Ltd., a consortium of lenders, filed a Section 7 application before the NCLT seeking initiation of corporate insolvency proceedings against Corporate Power Ltd. after the latter defaulted on its loans. The NCLT admitted the application, relying on entries in the debtor's balance…

The corporate debtor Gujarat NRE Coke Ltd (GNCL) initiated a corporate insolvency resolution process, but its promoter Arun Kumar Jagatramka was deemed ineligible to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). After the liquidation order, Jagatramka filed an application under…

The Supreme Court of India struck down the Electoral Bond Scheme and related amendments to the Finance Act 2017, which had introduced anonymous financial contributions to political parties. The Court held that the scheme violated the right to information of voters under Article 19(1)(a) of the Constitution, as informat…

Future Retail Ltd (FRL) and Future Coupons Pvt Ltd (FCPL) entered into a sale agreement with Reliance Group, which Amazon challenged by initiating arbitration at the Singapore International Arbitration Centre (SIAC). An emergency arbitrator issued an injunction restraining FRL from proceeding with the deal, and the Del…

The appellant society, representing homebuyers, challenged the NCLAT's order admitting Takshashila Heights India Private Ltd (the corporate debtor) into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Edelweiss Asset Reconstruction Company Ltd (the financial creditor). The society also contest…

The testator, Jayant Shivram Salgaonkar, died leaving fixed deposits and mutual fund securities for which he had nominated certain family members under Section 109A of the Companies Act, 1956 and Bye‑law 9.11.1 of the Depositories Act, 1996. The nominees claimed that the nomination gave them absolute beneficial ownersh…

State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and Bankruptcy Code (IBC) 2016…

The appellant, Dhanasingh Prabhu, advanced a loan of Rs.21 lakh to the respondents who were partners of the partnership firm “Mouriya Coirs”. The respondents issued a cheque in the name of the firm which was dishonoured, prompting the appellant to serve a statutory notice under Section 138 of the Negotiable Instruments…

The Supreme Court examined the winding‑up of six open‑ended mutual‑fund schemes of Franklin Templeton, focusing on the interplay between SEBI (Mutual Funds) Regulations, 1996, particularly Reg. 18(15)(c) and Regs. 39‑42. The Court held that when the trustees, by majority, decide to wind up a scheme under Reg. 39(2)(a),…

The Supreme Court examined multiple appeals arising from the Satyam scandal, where the appellant, Chintalapati Srinivasa Raju, a former executive and non‑executive director of Satyam Computer Services Ltd (SCSL) and co‑brother of its chairman, was shown cause for insider trading under SEBI (Prohibition of Insider Tradi…

The Madras Bar Association challenged several provisions of the Companies Act, 2013 relating to the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), alleging that their constitution and the qualifications for members violated the basic structure of the Constitution. The Supr…

The Supreme Court considered a dispute arising out of a corporate insolvency resolution process involving Avani Towers (the corporate debtor), Energy Properties (the ostensible owner of a 10.19‑acre land), and Victory Iron Works (a licensee of a 10,000 sq ft portion). The corporate debtor had financed the purchase of t…

The Supreme Court considered three appeals where successful resolution applicants sought to withdraw or modify their resolution plans after approval by the Committee of Creditors (CoC) but before approval by the Adjudicating Authority under the Insolvency and Bankruptcy Code (IBC), 2016. The Court held that the IBC doe…

HDFC Bank Limited sought to initiate insolvency proceedings against Kishore K. Mehta under Section 9(2) of the Presidency Towns Insolvency Act, 1909, relying on a recovery certificate issued by the Debt Recovery Tribunal (DRT) in 2004. The bank argued that the term "decree or order" in the statute should be interpreted…

Aspinwall & Co. Ltd. amalgamated with Pullangode Rubber & Produce Co. Ltd., with the scheme approved in 2006 and the appointed date set as 01‑01‑2006. The appellant sought to set off the accumulated losses of the amalgamating company against its own income under the Kerala Agricultural Income Tax Act, 1991, relying on …

The employees' union of Jaipur Metals & Electricals Ltd challenged a High Court order that refused to transfer winding‑up proceedings, filed under Section 20 of the Sick Industrial Companies Act, to the National Company Law Tribunal (NCLT) and set aside an NCLT order admitting a Section 7 insolvency application by Alch…

Asian Hotels (North) Ltd., the licensor, granted individual shop licenses to various shopkeepers, including the respondents, and later revoked those licenses. The respondents filed suits seeking a declaration that their licenses were irrevocable and perpetual. While the suits were pending, they applied to amend their p…

The Greater Noida Industrial Development Authority (GNIDA) claimed that it had submitted a claim of Rs 43.40 crore as a financial creditor against JNC Construction Ltd., but the resolution professional treated it as an operational creditor and the resolution plan approved by the NCLT omitted its claim and undervalued i…

The Supreme Court examined whether the term “consent of the unitholders” in Regulation 18(15)(c) of the SEBI (Mutual Funds) Regulations, 1996 requires the approval of a majority of all unitholders or merely a majority of those who actually voted in the poll. The Court held that consent means the affirmative vote of a s…

The Ansal Crown Heights Flat Buyers Association, representing flat buyers, entered into agreements with Ansal Crown Infrabuild Pvt. Ltd. (ACIPL) for possession of apartments, which were not delivered. The association filed two consumer complaints against ACIPL and its directors/promoters; the National Consumer Disputes…

The Supreme Court considered an appeal by B.K. Educational Services Pvt. Ltd. challenging the applicability of the Limitation Act, 1963 to applications under Sections 7 and 9 of the Insolvency and Bankruptcy Code (IBC) and the retrospective effect of the newly inserted Section 238A. The Court examined the Insolvency La…

Religare Finvest Ltd. sued the erstwhile Lakshmi Vilas Bank (LVB) for alleged misappropriation of fixed deposits used as security for loans, leading to a criminal complaint and FIR under IPC sections 409 and 120B. LVB was placed under moratorium by the RBI and subsequently amalgamated into DBS Bank India Ltd. under a s…

The Cellular Operators Association of India and other telecom service providers challenged the Telecom Consumers Protection (Ninth Amendment) Regulations, 2015, which required service providers to credit Rs 1 to the calling consumer for each call drop (up to three per day). The Delhi High Court upheld the regulations, …

The Supreme Court had earlier declared the Electoral Bond Scheme unconstitutional and directed the State Bank of India (SBI), as the authorized bank, to furnish the Election Commission of India (ECI) with details of each bond purchased and redeemed between 12 April 2019 and 15 February 2024. SBI filed a Miscellaneous A…

Jyoti Limited sought to list equity shares on the Bombay Stock Exchange (BSE) that were allotted to an Asset Reconstruction Company (RARE) after converting part of its debt into equity. The BSE rejected the application, stating that Jyoti had not obtained in‑principle approval from the exchange and had not secured a sh…

Bank of Rajasthan Ltd. (now part of ICICI Bank) granted a term loan and overdraft facility to VCK Shares & Stock Broking Services Ltd., which defaulted. The bank sought recovery of the debt before the Debts Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDB Act). …

The Supreme Court considered an appeal by minority shareholders of Bharti Telecom Limited (BTL) who challenged the company’s reduction of share capital under s.66 of the Companies Act, 2013, alleging that the valuation and the notice were unfair and misleading. BTL had cancelled 28.4 million shares held by the appellan…

The corporate debtor Ricoh India Ltd. initiated a corporate insolvency resolution process under the IBC, inviting resolution plans. Kotak Investment Advisors Ltd. (KIAL) submitted its plan on time, while Kalpraj submitted a belated plan which was later accepted by the Committee of Creditors (CoC) and approved by the NC…

The Supreme Court examined the eligibility criteria for a Captive Generating Plant (CGP) under the Electricity Act, 2003 and the Electricity Rules, 2005 in the appeal filed by M/s. Dakshin Gujarat Vij Company Ltd. against M/s. Gayatri Shakti Paper and Board Ltd. The Court clarified that a CGP qualifies only if the capt…

The appellants, who claimed to have purchased 94.8% of the equity shares of M/s. Lexus Technologies Pvt. Ltd., filed a company petition before the NCLT seeking rectification of the Register of Members under Sections 59 and 88 of the Companies Act, 2013 and relief for oppression, mismanagement and fraud. The NCLT, and s…

The Delhi Airport Metro Express Pvt. Ltd. (DAMEPL) and Delhi Metro Rail Corporation Ltd. (DMRC) entered into a concession agreement for the Airport Metro Express Line. DMRC was served a termination notice for alleged defects in the civil structure, which DAMEPL claimed were not cured within the 90‑day period, leading t…

Jaypee Infratech Ltd (JIL) defaulted on a loan from IDBI Bank, prompting the bank to initiate a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Home buyers filed a writ petition alleging that the CIRP ignored their interests and sought a pro‑rata refund of the Rs 750…

The dispute arose between the promoters of M/s Shreemukh Namitha Homes Pvt Ltd and two former directors over alleged illegal convening of an extraordinary general meeting, appointment of directors, and filing of false documents on the MCA website. The complainant filed a private complaint before the Special Court, whic…

The appellants, investment companies of the Jindal Group, held shares of Jindal Ferro Alloys Ltd (JFAL) as stock-in-trade and, following a court‑sanctioned scheme of amalgamation, were allotted shares of Jindal Strips Ltd (JSL) in exchange. The Assessing Officer treated the JSL shares as taxable business income under s…

The dispute arose in Biological E. Ltd. after the death of its promoter, when the widow (respondent No.1) and her three daughters were appointed directors. The widow challenged the validity of board meetings held on 9‑4‑2013, 10‑4‑2013 and 11‑4‑2013, the appointment of her daughters as directors and the continuance of …

The Serious Fraud Investigation Office (SFIO) investigated alleged fraud involving the Adarsh Group and filed a criminal complaint before a Special Court, which took cognizance of offences under the Companies Act, 2013 and the IPC and issued bailable and later non‑bailable warrants against 16 respondents. The responden…

Gujarat Urja Vikas Nigam Ltd (GUVNL) allocated a 25‑MW solar project to Astonfield Solar (the corporate debtor) under a 25‑year Power Purchase Agreement (PPA) executed in 2010. After severe flood damage the plant operated at a fraction of capacity and the corporate debtor was declared a non‑performing asset, prompting …

The appellant, HPCL Bio‑Fuels Ltd., entered into turnkey contracts with the respondent, Shahaji Bhanudas Bhad, for equipment supply. After a dispute over unpaid dues arose in 2014, the respondent invoked the arbitration clause and filed a Section 11(6) application in the Bombay High Court in February 2018, which he unc…

The Serious Fraud Investigation Office (SFIO) appealed against the Delhi High Court's order granting statutory bail to Rahul Modi and others, who had been arrested in connection with alleged offences under the Companies Act and the Indian Penal Code. The charge‑sheet was filed within the 60‑day period prescribed by Sec…

The respondent, a beneficiary of shares bequeathed by his mother, sought registration of the transmission of those shares after the company refused to register them. The refusal triggered an appeal under the erstwhile Companies Act, 1956, which the respondent failed to file within the prescribed two‑month period; he la…

The Supreme Court examined whether the "group of companies" doctrine, which allows an arbitration agreement signed by one member of a corporate group to bind non‑signatory affiliates, is valid under Indian law and how it should be applied. The Court considered the interpretation of the phrase "claiming through or under…

Eva Agro Feeds Private Ltd bid the reserve price of Rs.10 crore for a corporate debtor's property in an e‑auction and was issued a certificate of winning on 20 July 2021. The liquidator cancelled the auction the next day under Clause 3(k) of the E‑Auction Process Information Document without giving any reasons, prompti…

The State Tax Officer (appellant) claimed GST and CST dues of about Rs. 47.36 crore from Rainbow Papers Limited (respondent) during a corporate insolvency resolution process. The claim was filed after the deadline prescribed in the IBBI Regulations and was waived by the Resolution Professional, leading to the approval …

The financial creditor, Karur Vysya Bank, advanced loans to three non‑corporate borrowers who defaulted. Maharaja Theme Parks and Resorts Private Limited (MTPR) had given corporate guarantees for those loans. The bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate a Corpora…

The deceased Abhey Kumar Oswal had nominated his wife Aruna Oswal as nominee of his shares under the Companies Act, 2013. After his death, his son Pankaj Oswal filed a partition suit claiming one‑fourth of the estate, including shares in two companies, while the High Court ordered a status‑quo in favour of the nominee.…

The appellant, a former promoter and non‑executive chairman of Amtek Auto Ltd., was arrested in July 2024 on allegations of massive bank fraud and money‑laundering under the Prevention of Money Laundering Act, 2002 (PMLA). Despite cooperating with the investigation and being the sole accused taken into custody among 28…

Century Textiles entered into a lease for Block‑A in 1928 under the Bombay Improvement Trust Transfer Act, 1925, with a 28‑year term that expired in 1955. The lease required the construction of poorer‑class dwellings and contained no clause obligating the Municipal Corporation of Greater Mumbai to convey the land after…

The Supreme Court examined the Corporate Insolvency Resolution Process (CIRP) of Earth Infrastructures Limited (EIL) and whether the lease‑hold lands held by its subsidiaries could be treated as assets of the corporate debtor. The Court found that the subsidiaries were merely fronts for EIL, which was the real develope…

Mahagun Realtors Private Ltd. (MRPL) merged with Mahagun India Private Ltd. (MIPL) by a court‑sanctioned scheme effective 1 April 2006. The Income Tax Department issued assessment notices and later an assessment order in the name of MRPL, which had ceased to exist after the amalgamation. The revenue argued that the ass…

The Supreme Court considered appeals by K. Sashidhar challenging the rejection of resolution plans for two corporate debtors, KS&PIPL and IIL, by the Committee of Creditors (CoC). The CoC had approved the plans with less than the statutory 75% voting share of financial creditors, leading the NCLT to deem the plans reje…

The appellant, a former director of Evirant Developers Private Ltd, challenged an interlocutory order of the NCLT dismissing his application alleging unauthorized filing of a reply in a Section 7 proceeding. The NCLT heard the matter on 17 May 2023 but did not pronounce a substantive order until it was uploaded on 30 M…

The Supreme Court examined the eligibility of ArcelorMittal India Private Ltd (AMIPL) and Numetal Ltd to submit resolution plans for Essar Steel India Ltd (ESIL) under the Insolvency and Bankruptcy Code (IBC) after the introduction of Section 29A. The Court held that disqualification under sub‑clause (c) of Section 29A…

The Central Government, alleging mismanagement and public‑interest prejudice in IL&FS and its group companies, obtained an order from the National Company Law Tribunal (NCLT) suspending the existing board and appointing a new one under Sections 241 and 242 of the Companies Act. Subsequently, the Government applied unde…

The corporate debtor Amtek Auto Ltd pledged 66.77% of its shares in JMT Auto Ltd as security to M/s Vistra ITCL (appellant No.1) for short‑term loans extended to its group companies. Vistra filed a claim as a secured creditor, which was rejected by the resolution professional and later by the adjudicating authority. Th…

The appellant, a shareholder and suspended managing director of a corporate debtor, filed two appeals under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) against orders of the National Company Law Tribunal (NCLT) without first applying for condonation of delay. The appellant argued that the limitation perio…

Consolidated Construction Consortium Ltd (CCCL) entered into a contract with a Proprietary Concern (PC) to supply light fittings for a Chennai Metro Rail Limited (CMRL) project and paid an advance of Rs 50 lakhs, which the PC encashed even after CMRL terminated the project. CCCL later paid back the amount to CMRL and d…

IFB Agro Industries, a listed company, alleged that SICGIL India Ltd. and related persons acquired more than 5% of its shares from the open market without making the disclosures required under SEBI's Substantial Acquisition of Shares and Takeover (SAST) Regulations and Insider Trading (PIT) Regulations. The appellant f…

The corporate debtor, holding a mining lease that was about to expire, sought a deemed extension of the lease through its resolution professional during a corporate insolvency resolution process (CIRP). The Karnataka Government rejected the extension, prompting the resolution professional to obtain a direction from the…

The appellant, Adesh Kaur, owned 903 equity shares in Eicher Motors Ltd. In 2012, an impersonator forged her signature, obtained a change of address from the company's share transfer agent (respondent No. 2) and secured duplicate share certificates, which were then transferred to a third party (respondent No. 8). Upon …

The Supreme Court examined whether proceedings under Section 140(5) of the Companies Act, 2013 can continue after an auditor resigns, and whether the provision is constitutionally valid. The Court held that the NCLT's enquiry under Section 140(5) must run to its logical end irrespective of the auditor's resignation, an…

The Supreme Court examined a batch of appeals challenging the National Company Law Appellate Tribunal's (NCLAT) order that set aside the approval of a resolution plan for Appu Hotels Ltd. The Court held that the resolution applicant, M.K. Rajagopalan, was ineligible to submit a plan because he was the managing trustee …

DBS Bank Limited Singapore extended a USD 50 million loan to Ruchi Soya Industries Limited, secured by first charges over immovable assets. A resolution plan was approved by the Committee of Creditors with 96.95% support, but DBS dissented, receiving a pro‑rata distribution that was lower than the liquidation value of …

Bharti Airtel Ltd. and Bharti Hexacom Ltd. entered into spectrum trading agreements with Aircel Ltd. and Dishnet Wireless Ltd., which later led to disputes over bank guarantees and payments. When Aircel entered the Corporate Insolvency Resolution Process (CIRP), Airtel claimed a right to set‑off Rs. 112.87 crore agains…

Mrs. Shailja Krishna, a majority shareholder and former executive director of Satori Global Limited, alleged that the company’s board had fraudulently obtained her signature on a gift deed and share transfer forms, thereby oppressing her and mismanaging the company. The NCLT had earlier granted her relief under Section…

The Supreme Court examined appeals challenging two Madras High Court orders that declared the 7‑3‑2022 Special Synod meeting of the Church of South India (CSI) invalid, set aside the amendments to the CSI Constitution, and ordered re‑election of all office bearers. The Court held that the Special Synod meeting was duly…

The petitioners, representing workmen of Moser Baer Karamchari, challenged the constitutional validity of Section 327(7) of the Companies Act, 2013 and the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), alleging violation of Articles 14 and 21 of the Constitution. The Court examined t…

Bengal Chemists & Druggists Assn. appealed against an order of the National Company Law Appellate Tribunal (NCLAT) that dismissed its appeal as not maintainable because it was filed nine days after the initial 45‑day limitation period and after the additional 45‑day grace period had also expired. The appellant argued t…

The petitioners, who were independent, non‑executive directors of MBL Infrastructure Ltd., were impleaded as accused in a complaint under Sections 138 and 141 of the Negotiable Instruments Act for the dishonour of an account‑payee cheque signed by the company’s managing director. They filed a criminal revision under Se…

The Supreme Court examined an appeal by Asset Reconstruction Company (India) Ltd., a financial creditor, against a NCLAT order that held a Section 7(2) IBC application against V. Hotels Ltd. was time‑barred. The Court clarified that the Limitation Act, 1963 applies to IBC applications and that the three‑year limitation…

The National Company Law Tribunal (NCLT) Bar Association filed a writ petition under Article 32 challenging a 2019 Ministry of Corporate Affairs notification that appointed 28 NCLT members for a three‑year term, alleging it contravened Section 413 of the Companies Act, 2013 which mandates a five‑year term. The Union of…

The appellants filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) in June 2021, which the National Company Law Tribunal (NCLT) dismissed on 26 August 2022. They applied for a certified copy of the order, received it on 15 September 2022, and e‑filed an appeal before the National Company Law Ap…

The appellant company failed to honour multiple cheques, leading the respondent to issue statutory notices under Sections 138 and 141 of the Negotiable Instruments Act and file criminal complaints. While the corporate debtor was placed under a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), the…

A. Navinchandra Steels Private Limited, an operational creditor, challenged the admission of a Section 7 petition filed by SREI Equipment Finance Limited before the NCLT, arguing that a winding‑up petition against the same debtor was already pending in the Bombay High Court and that the Companies Act provisions should …

Future Coupons Private Ltd (FCPL) and Future Retail Ltd (FRL) challenged orders of the Delhi High Court Single Judge that enforced an emergency arbitrator’s interim award in a dispute over FRL’s sale of retail assets to Reliance. The appellants alleged that the judge denied them a fair opportunity to present their defe…

The Supreme Court examined whether Spade Financial Services Ltd. and AAA Landmark Pvt. Ltd. could be treated as financial creditors of AKME Projects Ltd. during its corporate insolvency resolution process. It held that the transactions between the corporate debtor and the two entities were collusive, lacking genuine di…

M/s Jupiter Capital Pvt. Ltd. held a 99.88% share in Asianet News Network Pvt. Ltd. which reduced its share capital from 15,35,05,750 to 10,000 shares, proportionately reducing Jupiter's holding to 9,988 shares and receiving Rs. 3,17,83,474 as consideration. The Revenue argued that this reduction did not constitute a "…