Yes Bank scam: SC grants interim bail to Rana Kapoor's wife, daughters
A bench comprising Justices S.K. Kaul and M.M. Sundresh said: "In the meantime, the petitioners are granted interim bail with no specific conditions at this stage as the petitioners were originally granted bail/interim bail subject to certain terms and conditions by the trial Court which would naturally equally apply here".
Demolition of twin towers: SC junks Supertech's plea seeking modification
A bench of Justices D.Y. Chandrachud and B.V. Nagarathna noted that grant of such a relief is in the nature of a review of the judgement passed by the top court, as it held that its judgment directing demolition of twin towers specifically affirmed the directions which were issued by the Allahabad High Court for the demolition of the towers - T 16 and T 17.
Chairman, MD, ED can't be held vicariously liable for criminal acts of company: SC
In a judgment, a bench comprising M.R. Shah and A.S. Bopanna said: "Magistrate has to record his satisfaction about a prima facie case against the accused who are Managing Director, the Company Secretary and the Directors of the Company and the role played by them in their respective capacities which is sine qua non for initiating criminal proceedings against them".
Parties in commercial litigation should avoid filing mindless appeals, says SC
A bench of Justices Sanjay Kishan Kaul and Hrishikesh Roy said: "In carrying on commercial litigation, parties must weigh the commercial interests, which would include the consequences of the matter not receiving favourable consideration by the courts. Mindless appeals should not be the rule." The bench noted that tender jurisdiction was created for scrutiny of commercial matters.
Moratorium under IBC applicable to corporate debtor, not its promoters: SC
A bench of Justices D.Y. Chandrachud, Vikram Nath, and Hima Kohli said: "It is clear that the moratorium provision contained in Section 14 IBC would apply only to the corporate debtor, the natural persons mentioned in Section 141 continuing to be statutorily liable under Chapter XVII of the Negotiable Instruments Act." The apex court made this observation in a matter connected with builder-home buyers' dispute arising out of abandoning of a housing project.
One principal object of IBC to revive debtor, liquidation last resort: SC
A bench of Justices L. Nageswara Rao, B.R. Gavai and B.V. Nagarathna said: "It could thus be seen that one of the principal objects of the IBC is providing for revival of the corporate debtor and to make it a going concern. Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort."
SC says commercial court to decide Essar's arbitration plea against Arcelor
Arcelor had opposed Essar Bulk Terminal's plea for arbitration, and had sought transfer of proceedings from the commercial court to an arbitration tribunal. The company argued that an arbitral tribunal having been constituted, the commercial court cannot proceed further with the application under Section 9 of the Arbitration Act.
Can't let IBC fail, avoid delay in resolution processes, SC tells tribunals
Observing that judicial delay was one of the major reasons for the failure of the insolvency regime that was in effect prior to the Insolvency and Bankruptcy Code (IBC), the court said: "We cannot let the present insolvency regime meet the same fate." The bench, headed by Justice D.Y. Chandrachud, said that the NCLT and the NCLAT should endeavour, on a best effort basis, to strictly adhere to the timelines.
SC upholds arbitral award in favour of Reliance Infrastructure Ltd
A bench headed by justice L. Nageswara Rao dismissed a plea by DMRC and upheld the 2017 arbitration award in favour of debt-laden Reliance Group, ADAG, led By Anil Ambani. The amount over Rs 4,600 crore, including interest, will help the beleaguered group to repay its debt. A detailed order will be uploaded on the top court website later in the day.
SC asks NCLAT to hear 63 moons plea against DHFL sale within two months
63 moons, which holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL, had challenged the NCLAT's judgment on the grounds that the current resolution plan was "disappointing" for NCD holders. 63 moons said the apex court has directed the NCLAT to hear its appeal against Piramal Group's resolution plan within a period of two months.