Supreme Court Clarifies Acknowledgment of Debt in Balance Sheets under IBC: Asset Reconstruction Company vs. Tulip Star Hotels (2022) LEGAL ISSUE: Whether a balance sheet of a company can be considered an acknowledgment of debt for the purpose of extending the limitation period under the Insolvency and Bankruptcy Code (IBC). CASE TYPE: Insolvency Law Case […]
Supreme Court Quashes Cheating and Breach of Trust Charges in Investment Dispute LEGAL ISSUE: Whether a criminal case for cheating and breach of trust can be initiated when the dispute primarily arises from a breach of contract in a commercial transaction. CASE TYPE: Criminal Case Name: Vijay Kumar Ghai & Ors. vs. The State of
Supreme Court Allows Disinvestment of Residual Stake in Hindustan Zinc Limited, Orders CBI Probe LEGAL ISSUE: Whether the Union Government can disinvest its residual shareholding in Hindustan Zinc Limited (HZL) without amending the Metal Corporation (Nationalisation and Miscellaneous Provisions) Act 1976, and whether a CBI enquiry is warranted into the disinvestment of 26% of HZL’s
Supreme Court Clarifies the Role of Balance Sheets in Acknowledging Debt under IBC Date of the Judgment: April 15, 2021 Citation: (2021) INSC 218 Judges: R.F. Nariman, J., B.R. Gavai, J., Hrishikesh Roy, J. Can a company’s balance sheet serve as valid proof of debt acknowledgment, thereby extending the limitation period for initiating insolvency proceedings?
Supreme Court quashes penalty against part-time director under FERA: Shailendra Swarup vs. Enforcement Directorate (2020) LEGAL ISSUE: Whether a part-time, non-executive director can be penalized for a company’s FERA violations without proof of their involvement in the company’s daily operations. CASE TYPE: Criminal Appeal (Foreign Exchange Regulation Act) Case Name: Shailendra Swarup vs. The Deputy
Date of the Judgment: 25 September 2008 Judges: S.H. Kapadia, B. Sudershan Reddy The Supreme Court addressed the question of whether clubs are liable to pay sales tax on the supply of food and drinks to their members. The core issue revolves around whether such supplies constitute a ‘sale’ under the Tamil Nadu General Sales
