Articles and Updates

• Vasanth Rajasekaran, Saurabh Babulkar and Anand Chichra - 09-06-2021

In its recent decision of Sandeep Khaitan, Resolution Professional for National Plywood Industries Ltd. v. JVSM Plywood Industries Ltd.1, the Supreme Court ruled that the inherent powers of a court under Section 482 of the Code of Criminal Procedure ("CRPC") cannot be exercised to defeat or undermine the statutory dictate of Sections 14 & 17 of the Insolvency and Bankruptcy Code, 2016 ("IBC").

• Vasanth Rajasekaran, Saurabh Babulkar and Anand Chichra - 09-06-2021

The Calcutta High Court ("High Court") in its recent judgement of Sirpur Paper Mills Limited v. I. K. Merchants Pvt. Ltd.1 settled the debate on an integral point of law on the interplay between the Insolvency and Bankruptcy Code, 2016 ("IBC") and the Arbitration and Conciliation Act, 1996 ("Arbitration Act"). The High Court held that the approval of a resolution plan under the IBC in relation to a corporate debtor, would extinguish the claims of the award holder under the Arbitration Act against such corporate debtor.

• Vasanth Rajasekaran , Saurabh Babulkar and Anand Chichra - 09-06-2021

The National Company Law Appellate Tribunal, Chennai Bench ("NCLAT") in its recent judgement 'Lakshmi Narayan Sharma v. Punjab National Bank'1, held that 'balance and security confirmation letters' would amount to sufficient 'acknowledgment of debt' to extend limitation under Section 18 of the Limitation Act, 1963 ("Limitation Act") for initiating insolvency proceedings.

• Manjula Chawla and Ritika Ganju - 02-06-2021

The corporate social responsibility (CSR) regime was introduced in India as a part of the new Companies Act, 2013, specifically under Section 135 therein read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules). Since then, Section 135 of the Companies Act and the CSR Rules have undergone several amends, resulting in a CSR regime which now stands to penalise non-compliant corporates with a much-extended net of CSR obligations.

• Vasanth Rajasekaran - 02-06-2021

In the recent decision of Antrix Corporation Ltd. v. Devas Multimedia Pvt. Ltd. and Anr.1 the Bengaluru Bench of the National Company Law Tribunal (NCLT) passed an order for the winding-up of Devas Multimedia Pvt. Ltd. (Devas). The NCLT concluded that Devas had been operating fraudulently since its inception while passing an order under Section 273 of the Companies Act, 2013 (Companies Act). The present article briefly examines the findings of the NCLT in the matter mentioned above.