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In the present case, after the Appellants’ conviction, A revision was preferred by them in the High Court It is important to note that during the course of the revision filed by the Appellants, the parties entered into a Memorandum of Understanding to settle the dispute within themselves. Clause 8 of the Memorandum of Understanding stated that the dispute was to be settled amicably, and in the event of the dispute still not being amicably resolved, it must be first referred to a sole Arbitrator.
The Supreme Court noted that as per the terms of the agreement, Respondent No.2 was ...
B.V. Seshaiah v. The State of Telangana and Another
February 1, 2023
REED 2023 SC 02001
In the present case, the petitioner has filed the suit prior to the appointment of the Liquidator but after the appointment of the Liquidator, the petitioner has filed his claim of Rs.14,47,32,521/- against the respondent before the Liquidator in the form prescribed under the I&B Code, 2016.
The High Court noted that the NCLTs and the NCLATs are constituted under Sections 408 and 410 of the Companies Act, 2013 but without specifically defining the power and functions of the NCLT. Section 408 of the Companies Act states that the Central Government shall constitute a National Comp...
Alliance Broadband Services Private Limited v. Manthan Broadband Services Private Limited (In Liqn.)
December 19, 2022
REED 2022 Cal 12573
The Appellate Authority observed that the opportunity for the Resolution Professional and the CoC has to be a time-bound opportunity to make one more effort to revive the Corporate Debtor, as the liquidation being Company Appeal as the last resort....
Govind Prasad Todi and Another v. Satya Narayan Guddeti and Others
February 14, 2023
REED 2023 NCLAT Del 02542
DRAT
In the present case the Application was filed to condone delay of 424 days in preferring the Appeal against Order of DRT-I, Chennai.
Main reasons assigned for delay of 424 days can be divided into two parts; first part was prior to COVID-19 pandemic, and second part was after COVID-19 pandemic. From date of receipt of Order to date of filing Appeal, if the period was divided into two parts, roughly 224 days will fall under first category i.e., prior to COVID-19 pandemic, and around 200 days would fall under the second category, i.e. after COVID-19 pandemic. If there was sufficie...
Canara Bank v. Coromandel Indag Products India Limited and Others
