Court : Supreme Court of India
..... . in this part, unless the context otherwise requires (1) "adjudicating authority", for the purposes of this part, means na- tional company law tribunal constituted under section 408 of the companies act, 2013 (18 of 2013); *** (5) "corporate applicant" means-- (a) corporate debtor; or (b) a member or partner of the corporate debtor who is authorised to make an application for the corporate insolvency resolution process under the constitutional document of the corporate debtor; or (c) an individual who is in charge ..... thereafter, the notification dated 19.08.2016 brought into force chapter vii) of part-iv and some provisions of part-v relating to finance, acts, audit and miscellaneous provisions ..... in fact, it is by operation of the provisions in chapter iii of part iii that personal guarantors get the benefit of interim moratorium [section 96] ..... 2 embraces the whole code including section 78 and other provisions enforced by the impugned notification, which clearly appoints the date of enforcement for section 2(e) and other provisions, and chapter iii of part iii. ..... of the law itself is limited- for instance in the case of section 78 which applies to fresh start of insolvency proceedings- the code is limited then, in its application to one sub category of individuals (all of whom are covered by the chapter, which is opened by section78) i.e. ..... of these chapters, i, iii to vii, all of which have been notified are operative components of the code, relatable to individuals and partnership .....
Tag this Judgment!Court : Supreme Court of India
..... the appropriate 23section 293, income tax act; section 20a of the securities and exchange board of india act, 1992; section 18, the recovery of debts and bankruptcy act, 1993; section 34 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002;section 268, companies act, 2013; section 231 of the insolvency and bankruptcy code, 2016; section 56, petroleum and natural gas regulatory board act, 2006; section 154, electricity act, 2003; section 27 of the telecom regulatory ..... of a constitution on the westminster model is that judicial power, however it be distributed from time to time between various courts, is to continue to be vested in persons appointed to hold judicial office in the manner and on the terms laid down in the chapter dealing with the judicature, even though this is not expressly stated in the constitution.9. in l. ..... miscellaneous application no.111 of 2021 filed by the union of india is pending as this court directed the union of india to furnish details of the accommodation available for chairpersons and members of tribunals and to submit a proposal as to what amount would be .....
Tag this Judgment!Court : Supreme Court of India
..... part b section matters requiring special resolution as per numbers the companies act 2013 5 alteration of articles of association while converting from private limited to public limited and vice versa 12 to change the registered office of the company outside the local limits of the city, town or village 13 for alteration of memorandum of association of the company 14 for alteration of article of association of the company 13 & 27 change in the object clause of the memorandum of association of the company 41 to issue global depositary receipt in any foreign country 54 ..... b (i) the decision to disinvest the residual shareholding of the union government in hzl cannot be undertaken without amending the provisions of the nationalisation act 1976; (ii) besides yielding profits, the 29 per cent shareholding of the union government ensures that no decision which requires the passage of a special resolution under the companies act 2013 can be adopted without its support, which effectively gives it a veto over key decisions concerning hzl. ..... of india to the extent of 29.5% in the respondent no.4 without amending the metal corporation (nationalisation and miscellaneous provisions) act, 1976, (ii) direct the central bureau of investigation to file status report in this hon ble court from time to time in respect of investigation being carried by it and this hon ble court monitor the investigation till filing ..... 53 chapter 9 of the cbi crime manual details the process of conducting preliminary .....
Tag this Judgment!Court : Supreme Court of India
..... based on the above discussion, it is clear that the 2nd respondent is disqualified as a director under section 164 (2) (b), companies act, 2013 and consequently ineligible to submit a resolution plan under sec. ..... .-(1) notwithstanding anything to the contrary contained under the companies act 2013 (18 of 2013), any person aggrieved by the order of the adjudicating authority under this part may prefer an appeal to the national company law appellate tribunal ..... that in respect of stepping by the new promoters/resolution applicant into the shoes of the erstwhile company and taking over the business, the provisions of companies act, 2013 shall be applicable and because 39 of this reason a copy of this order is to be submitted in the office of the registrar of companies, chennai.114. ..... . 73[(d) provides for the manner in which proceedings in respect of avoidance transactions, if any, under chapter iii or fraudulent or wrongful trading under chapter vi of part ii of the code, will be pursued after the approval of the resolution plan and the manner in which the proceeds, if any, from such proceedings shall be distributed: provided that this clause shall not apply to ..... liberty is hereby granted for moving any miscellaneous application, if required, in connection with implementation of this resolution plan. .....
Tag this Judgment!Court : Supreme Court of India
..... page 46 of 91 intended to be used for activities relating to his obligations under corporate social responsibility referred to in section 135 of the companies act, 2013 (18 of 2013); (g) goods or services or both used for personal consumption; (h) goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples; and (i) any tax paid in accordance with the provisions of section 74 ..... law for the time being in force and in case of non- requirement of such certificate from such authority, from any of the following, namely: (i) an architect registered with the council of architecture constituted under the architects act, 1972; or (ii) a chartered engineer registered with the institution of engineers (india); or (iii) a licensed surveyor of the respective local body of the city or town or village or development or planning authority; (2) the ..... shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless, (a) he is in possession of a tax invoice or debit note issued by a supplier registered under this act, or such other tax paying documents as may be prescribed; (aa) the details of the invoice or debit note referred to in clause (a) has been furnished by the supplier in the statement of outward supplies and such details have been communicated ..... that the expression plant and machinery occurs ten times in chapter v and chapter vi and the expression plant or machinery occurs only once ..... miscellaneous ..... miscellaneous .....
Tag this Judgment!Court : Supreme Court of India
..... no third mode of succession that the scheme of the companies act, 1956 (pari materia provisions in companies act, 2013) and depositories act, 1996 aims or intends to provide.47. ..... since these phrases have been retained even under the companies act, 2013, there is no alteration of the position of law on ..... , the nominee would not get an absolute title to the subject matter of nomination, and those would apply to the companies act, 1956 (pari materia provisions in companies act, 2013) and the depositories act, 1996 as well.44. ..... larger context of the companies act, 1956 or the pari materia provisions (section 72, companies act, 2013) in support of their ..... the companies act, 1956 and/or the companies act, 2013 is referable to entry 43 and/or entry 44 of list i, schedule vii of the constitution which provide for incorporation, regulation and winding up of companies. ..... 72 of the companies act, 2013) introduced in the companies act, 1956 by the legislature on 31.08.1988 with the language so used makes it clear page 12 of 43 that a nominee, upon the death of the shareholder/debenture holder, will secure full and exclusive ownership rights ..... incorrect to rely on the ratio of the judgments pertaining to other legislations (such as the insurance act, 1939, banking regulation act, 1949, national savings certificates act, 1959, employees provident fund and miscellaneous provisions act, 1952) to then interpret the provisions of s. ..... in this chapter occur sections 45 to 48 which provide for the vesting of .....
Tag this Judgment!Court : Supreme Court of India
..... a writ petition was filed under article 32 by the madras bar association questioning the amended provisions of chapter xxvii of the companies act, 2013, and more particularly sections 408, 409, 411(3), 412, 413, 425, 431 and 434. ..... the constitutional validity of the provisions in chapter xxvii of the companies act, 2013 was upheld by a judgment in madras bar association v. ..... provisions made for the nclt and nclat in the companies act, 2013 were again the subject matter of challenge before this court in madras bar association v. ..... section 412 (2) of the companies act, 2013 was held to be not valid as it was found to be against the binding precedents 30 | p a ge of this court in union of india v. ..... section 412 of the companies act, 2013 deals with the selection of the members of the nclt and nclat. ..... the companies act, 2013 replaced the earlier act of 1956 in which amendments were made to provisions relating to the establishment of nclt and nclat. ..... madras bar association (2010) (supra) while dealing with a judgment of the madras high court held that parts ib and ic of the companies act can be made operational only after making suitable amendments suggested therein. ..... pursuant to the liberty granted by this court in the judgment of rojer mathew (supra), the union of india filed miscellaneous application no.1152 of 2020 placing the 2020 rules before this court and seeking a direction that the 2020 rules would apply to all persons appointed as members, president, chairperson, etc. .....
Tag this Judgment!Court : Supreme Court of India
..... is time specific; 34 part c (iii) even if the legal position is assessed independent of regulation 2b, the same embargo as contained in section 29a and section 35(1)(f) would apply to a compromise or arrangement proposed under section 230 of the act of 2013 in respect of a company which is undergoing liquidation under chapter iii of the ibc; (iv) regulation 2b is essentially clarificatory; (v) the basis of regulation 2b is the same as sections 29a and 35(1)(f), which is that a person who is the cause of the problem either by a design or default cannot be a part ..... section 12-a does not incorporate any requirement for the revival of the company; (xiii) the ibc provides for three modes of revival: (a) the cirp under chapter ii; (b) sale of a company in liquidation as a going concern (read with regulation 32(e) and (f)); and (c) a scheme of compromise or arrangement under section 230 of the act of 2013, following upon an order for liquidation being passed under chapter iii of the ibc; the prohibition or ineligibility which applies in (a) and (b) must necessarily attach to (c) as well. ..... in the context of the statutory linkage provided by the provisions of section 230 of the act of 2013 with chapter iii of the ibc, where a scheme is proposed of a company which is in liquidation under the ibc, it would be far-fetched to hold that the ineligibilities which attach under section 35(1)(f) read with section 29a would not apply when section 230 is sought to be invoked. .....
Tag this Judgment!Court : Supreme Court of India
..... by the presiding officer under sub section (22) shall be deemed to be decree or order of the court for the purposes of initiation 55 of winding up proceedings against a company registered under the companies act, 2013 (18 of 2013) or limited liability partnership registered under the limited liability partnership act, 2008 (9 of 2008) or insolvency proceedings against any individual or partnership firm under any law for the time being in force, as the case may be.71. ..... he submitted that sub sections (22) and (22a) of section 19 of the debt recovery act were brought on the statute book by the enforcement of security interest and recovery of debts laws and miscellaneous provisions (amendment) act, 2016 (act no.44 of 2 (1977) 2 scc8063 (1965) 2 scr5479 2016), which was enacted on 16th august, 2016 and brought ..... any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself is entitled to initiate cirp in respect of such corporate debtor in the manner as provided under the said chapter. ..... debtor commits a default, 30 a financial creditor, an operational creditor or the corporate debtor itself may initiate cirp in respect of such corporate debtor in the manner as provided under the said chapter.37. ..... default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this chapter. *** *** *** 14. .....
Tag this Judgment!Court : Supreme Court of India
..... this code but defined in the indian contract act, 1872 (9 of 1872), the indian partnership act, 1932 (9 of 1932), the securities contract (regulation) act, 1956 (42 of 1956), the securities exchange board of india act, 1992 (15 of 1992), the recovery of debts due to banks and financial institutions act, 1993 (51 of 1993), the limited liability 15 partnership act, 2008 (6 of 2009) and the companies act, 2013 (18 of 2013), shall have the meanings respectively assigned to them ..... companies act, 2013 ..... the ostensible owner of the land, namely, energy properties, who purchased the property from the authorized officer of uco bank under the securitisation and reconstruction of financial assets and enforcement of security interest act, 20028, under a sale certificate dated 29.01.2008, on the one hand; (ii) the corporate debtor represented by the resolution professional, who actually financed the purchase of the said property by energy properties ..... interests created in favour of the corporate debtor may even tantamount to creation of an implied agency under chapter-x of the indian contract act, 1872 and such agency may not even be amenable to termination in view of section 202 of the said act, since the creation of the same in favour of the corporate debtor was coupled with flow of consideration ..... and bankruptcy for individuals and partnership firms, part-iv dealing with regulation of insolvency professionals, agencies and information utilities and part-v containing miscellaneous provisions.18. .....
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