CA-128

In the matter of CA Sachin Kansai in Statutory Audit of Anshu’s Clothing Ltd. (now known as Aditri Gems & Jewels Ltd.) – National Financial Reporting Authority (NFRA)

/ 1 minute of reading

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In the matter of CA Sachin Kansai in Statutory Audit of Anshu’s Clothing Ltd. (now known as Aditri Gems & Jewels Ltd.) – National Financial Reporting Authority (NFRA) Read Post »

The Adjudicating Authority/NCLT which is hearing the case under the IBC does not have jurisdiction to impose a penalty under the Companies Act, 2013- Ashish Chaturvedi Vs. Inox Leisure Ltd. – NCLAT New Delhi

/ 12 minutes of reading

NCLAT holds that the Adjudicating Authority has imposed the penalty on the two ex-directors by invoking provisions of the Companies Act, 2013, and thus passed the Impugned Order by travelling beyond their jurisdiction, we are of the view that since the IA No. 1253/2020 was filed under the provisions of IBC, it would have served the requirement of law if any order regarding the penalty was imposed under the provisions of IBC. Moreover, it would have served the cause of natural justice if the Appellants were given an opportunity to be heard before imposition of any penalty. Chapter VII of the IBC which lays down “Offences and Penalties” under which officers of the Corporate Debtor can be penalized and/or punished with imprisonment is relevant in this regard.

The Adjudicating Authority/NCLT which is hearing the case under the IBC does not have jurisdiction to impose a penalty under the Companies Act, 2013- Ashish Chaturvedi Vs. Inox Leisure Ltd. – NCLAT New Delhi Read Post »

Whether an entry made in a Balance Sheet of a Corporate dDebtor would amount to an acknowledgement of liability under Section 18 of the Limitation Act, 1963 – Asset Reconstruction Company (India) Ltd. Vs. Bishal Jaiswal and Anr. – Supreme Court

/ 90 minutes of reading

Hon’ble Supreme Court set aside several judgments of NCLAT and one judgment of Calcutta High Court and held that an entry made in a balance sheet of a corporate debtor is amount to an acknowledgement of liability under Section 18 of the Limitation Act.

Whether an entry made in a Balance Sheet of a Corporate dDebtor would amount to an acknowledgement of liability under Section 18 of the Limitation Act, 1963 – Asset Reconstruction Company (India) Ltd. Vs. Bishal Jaiswal and Anr. – Supreme Court Read Post »

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