Landmark Judgement
List of Landmark Judgement
- Member of the Society of Indian Law Firms (SILF)
- Member of Federation of Indian Chambers of Commerce & Industry (FICCI)TECHNOLOGY, MEDIA AND TELECOM
- Technology, media and telecommunications (TMT) are one of the fastest-developing sectors of the legal market. The regular advancement in technology pushes legal limitations and begs for the development of precedents. Our Firm advises on market developments, regulatory changes, legislation and commercial and technical issues including agreement drafting.
- Member of Federation of Telangana and Andhra Pradesh Chambers of Commerce & Industry (FTAPCCI)
- Member of Indo-American Chambers of Commerce (IACC)
- Charter Member of The Indus Entrepreneurs (TIE), Hyderabad
- Empanelled and associated with various banks, financial institutions and domestic & multinational corporations.
- Member of the Society of Indian Law Firms (SILF)
- Member of Federation of Indian Chambers of Commerce & Industry (FICCI)TECHNOLOGY, MEDIA AND TELECOM
- Technology, media and telecommunications (TMT) are one of the fastest-developing sectors of the legal market. The regular advancement in technology pushes legal limitations and begs for the development of precedents. Our Firm advises on market developments, regulatory changes, legislation and commercial and technical issues including agreement drafting.
- Member of Federation of Telangana and Andhra Pradesh Chambers of Commerce & Industry (FTAPCCI)
- Member of Indo-American Chambers of Commerce (IACC)
- Charter Member of The Indus Entrepreneurs (TIE), Hyderabad
- Empanelled and associated with various banks, financial institutions and domestic & multinational corporations.
Canara Bank Vs Gadala NCLT
- Canara bank challenged the CoC's commercial wisdom of allocating the resolution amount based on security interest and pleaded that the Resolution amount should be distributed based on voting share. NCLT decided that commercial wisdom in respect of distribution prevailed and dismissed their application.
- In another IA, an unsuccessful RA challenged the decision of the CoC in approving the Resolution plan even though he had given a higher amount. The bench dismissed the said challenge based on commercial wisdom and allocation of marks as per the evaluation matrix.
REVENUE RECORDS – NOT A PROOF OF OWNERSHIP OF THE PROPERTY
P. Kishore Kumar v. Vittal K. Patkar [2023 INSC 1009] 1030420115150148291judgement20-nov-2023-505234 In an appeal filed before the Hon’ble Supreme Court, in Civil Appeal No.
Can a claim be filed after the Resolution Plan is approved by the CoC :
RPS Infrastructure Ltd. Vs. Mukul Kumar & Anr.[
RPS Infrastructure Ltd. Vs. Mukul Kumar & Anr.
Court : Supreme Court of India
Facts : The Appellant and the Corporate Debtor (CD) entered into an agreement for the development of land. However, the Appellant being aggrieved of CD misconduct of advertising the project on his own name without mentioning the name of the Appellant sought remedy through Arbitration. In the Arbitration proceedings an award was passed in the favour of the Appellant however an appeal was filed by the Corporate Debtor against the award.
Issue : Whether the appellant’s claim pertaining to an arbitral award, which is in appeal under Section 37 of the Arbitration Act, is liable to be included at a belated stage – i.e. after the resolution plan has been approved by the COC.
Judgement :The Hon’ble Court held that It is undisputed that the process followed by Resolution Professional was not flawed in any manner, except to the extent of whether an efforts should have been made by Resolution Professional to locate the liabilities pertaining to the said award from the records of the Corporate Debtor. If we analyse the aforesaid plea, it is quite obvious that Resolution Professional did what could be done to procure the Corporate Debtor’s records by even moving an application under Section 19 of the IBC. That it was not fruitful is a consequence of the Corporate Debtor not making available the material. It is thus not even known whether there was a reflection in the records on this aspect or not
It also held that mere fact that the Adjudicating Authority has yet not approved the plan does not imply that the plan can go back and forth, thereby making the CIRP an endless process. This would result in the reopening of the whole issue, particularly as there may be other similar persons who may jump onto the bandwagon. As described above, in Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors. [2019] ibclaw.in 07 SC, the Court cautioned against allowing claims after the resolution plan has been accepted by the COC.