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 …

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…

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 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 …

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 …

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 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 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…

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 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…

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 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…

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 …

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…

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 "…