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The National Company Law Tribunal (NCLT) dismissed an application filed by Willis Lease Finance Corporation (WLFC) under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against SpiceJet Limited. The dismissal was based on the absence of a contractual relationship between the parties, leading to a lack of merit and maintainability of the petition.
Read moreS. Ashokkumar, Sr. counsel for M.Deivanandam for the Petitioner. L. Muralikrishnan, Spl.Public Prosecutor (Income Tax) for the Respondent.
Read moreAshutosh S Dave, Jyotindrasinh J Vala, M.S. Namrata A Doshi for the Petitioner. M R Bhatt & Co. for the Respondent.
Read moreDebashis Chowdhury, Adv. in ITAT/231/2017; Sucharita Biswas, Adv., Asok Bhowmick, Adv. in ITAT/362/2017 for the Petitioner. J.P. Khaitan, Sr. Adv., Pratyush Jhunjhunwala, Adv., Swapna Das, Adv. for the Respondent.
Read moreTilak Mitra, Adv. for the Petitioner. J.P. Khaitan, Sr. Adv., Pratyush Jhunjhunwala, Adv., Swapna Das, Adv., Siddhartha Das, Adv. for the Respondent.
Read moreDebasish Chowdhury, Adv., Madhu Jana, Adv. for the Petitioner.J. P. Khaitan, Sr. Adv., Nilanjana Banerjee [Paul], Adv. for the Respondent.
Read moreDebasish Chowdhury, Adv. Sucharita Biswas, Adv. P. K. Bhowmik, Asok Bhowmik, Advs.for the Petitioner. J.P. Khaitan, Swapna Das, Siddhartha Das for the Respondent.
Read moreJitender Kumar, Adv. for the Petitioner. Sanjay Kumar, Easha Kadian, Adv. for the Respondent.
Read moreHeld In a writ petition being India Trade Promotion Organization vs. Director General of Income Tax (Exemptions) & Others in WP(C) 1872/2013, the predecessor Division Bench issued a Mandamus to the appellant herein to grant approval to the respondent herein under Section 10(23C)(iv). It was held that the driving force is not the desire to earn profits but, the object of promoting trade and commerce not for itself, but for the nation - both wit ...
Read moreHeld Scope of Section 451 is with regard to the interim custody of the article or asset produced before the Magistrate during the course of investigation in a crime. It is a well settled position of law that while deciding the question of releasing the said article, proper course open to the Magistrate is to ensure that it is entrusted to a person who can preserve the same and title of the party over the same need not be decided. In Suresh Ser ...
Read moreThe Respondent also sought to rely upon certain tabulated statements in the Petition an impression is sought to be created as if the same were part of the invoices/ written confirmation. That was not the case. The said statements were not provided with the invoices / written confirmations and most of them do not even co-relate to the invoices. There is / are no tabulated statements in support of some of the invoices / written confirmations. Ther ...
Read moreThe second observation of the Adjudicating Authority in the second line of paragraph 3 amply protect the interests of the Corporate Debtor. The Bench has clearly mentioned that if specific document is sought by the Corporate Debtor from the Financial Creditor based on petition which has been filed by the Financial Creditor, the same can be requested from the Financial Creditor and Financial Creditor may provide copy of the same.
Read moreThe Application having already been fixed for hearing, we seen no reason to entertain this Appeal. We only request the Adjudicating Authority to hear and decide the application as early as possible. With these observations this Appeal is disposed of.
Read moreLooking to the facts of the present case, we observe that for a period of two weeks, further steps in the ‘Corporate Insolvency Resolution Process’ be not taken and further steps in the ‘CIRP’ shall be taken in accordance with the Order of the NCLT in the aforesaid application.
Read moreThe above Agreement which is agreement relied by both the parties unequivocally contains the acknowledgement of Corporate Debtor towards liability to refund the amount of Rs.3.5 crore to the Financial Creditor and the Agreement mentions the mechanism to return the amount. The Agreement Clause 3.3 also mentions giving an IDBI cheque of Rs.3.5 crore to the Financial Creditor which raise clear presumption of owing debt by the Corporate Debtor to t ...
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