02/12/2024

Section 224(5) of the Companies Act, 2013 does not gives the power to NCLT/ Tribunal to appoint a Nominee Director – Union of India Vs. Carnoustie Management (I) Pvt. Ltd. and Ors. – NCLT Principal Bench

/ 5 minutes of reading

Hon’ble NCLT Principal Bench held that it is amply clear the Section 224(5) of the Companies Act, 2013 does not gives the power to this Tribunal to appoint a nominee director as prayed by the Applicant in this application. It only speaks about passing of appropriate orders with regard to disgorgement of such asset, property, or cash, as the case may be, and also for holding such director, key managerial personnel, officer or other person liable personally without any limitation of liability. It is also well settled that Sec 224(5) of the Companies Act does not whisper about the appointment of Nominee Director. It is only under Sec 241 and 242 and under the statutory provisions i.e. Sec 161 of the Act, under which the said appointment can be done.

Section 224(5) of the Companies Act, 2013 does not gives the power to NCLT/ Tribunal to appoint a Nominee Director – Union of India Vs. Carnoustie Management (I) Pvt. Ltd. and Ors. – NCLT Principal Bench Read Post »

No TDS is deductible from the payment for the sale of assets of the Corporate Debtor in liquidation, made by Successful Auction Purchaser to Secured Creditor who has released the asset under Section 52 of IBC – Indian Bank Vs. Manbhum Ispat Pvt Ltd. – NCLT Kolkata Bench

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No TDS is deductible from the payment for the sale of assets of the Corporate Debtor in liquidation, made by Successful Auction Purchaser to Secured Creditor who has released the asset under Section 52 of IBC – Indian Bank Vs. Manbhum Ispat Pvt Ltd. – NCLT Kolkata Bench Read Post »

Is an amount which was seized by the Income Tax Department and adjusted against demand prior to initiation of CIRP, an asset of the Corporate Debtor? – Harish Chander Arora Liquidator of Rathi Super Steel Ltd. Vs. The Principal Commissioner of Income Tax (PCIT), Ghaziabad, and Anr. – NCLAT New Delhi

/ 5 minutes of reading

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Is an amount which was seized by the Income Tax Department and adjusted against demand prior to initiation of CIRP, an asset of the Corporate Debtor? – Harish Chander Arora Liquidator of Rathi Super Steel Ltd. Vs. The Principal Commissioner of Income Tax (PCIT), Ghaziabad, and Anr. – NCLAT New Delhi Read Post »

Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, providing that the Delisting Regulations shall not apply in the case of delisting of equity shares pursuant to a Resolution Plan approved under Section 31 of the IBC cannot be regarded as ultra-vires the SEBI Act – Harsh Mehta Vs. Securities and Exchange Board of India (SEBI) and Ors. – Bombay High Court

/ 43 minutes of reading

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Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, providing that the Delisting Regulations shall not apply in the case of delisting of equity shares pursuant to a Resolution Plan approved under Section 31 of the IBC cannot be regarded as ultra-vires the SEBI Act – Harsh Mehta Vs. Securities and Exchange Board of India (SEBI) and Ors. – Bombay High Court Read Post »

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