Court : Delhi
Reported in : [1983]53CompCas409(Delhi); (1983)36CTR(Del)153; ILR1983Delhi856; [1983]141ITR174(Delhi)
..... the record shows that the aforementioned note on the concept of financial non-viability was placed before the specified authority and the central govt. ..... the statement is thus torn out of the context for the purpose of considering the financial non-viability immediately before the date of amalgamation, i.e. ..... the aforesaid note on 'the concept of financial non-viability' then mentioned that the ncaer identified four stages in the sickness process : (i) 'financial viability sound', i.e. ..... market value of the assets of itci could not be considered as a relevant material to the determination of the question of the financial non-viability of itci within the meaning of s. ..... the other condition regarding financial non-viability of the amalgamating company was established by the facts before the specified authority and the central ..... value of the assets of the amalgamating company, thereforee, cannot be considered as a relevant material to the determination of the question of financial non-viability of itci within the meaning of s. ..... the standard and criterion of financial non-viability as understood by the central ..... of the act discloses the following position with regard to the financial non-viability of itci as on 31st october, 1977 (i.e. ..... view may be held about the exchange ratio, but they cannot be suggestive of financial non-viability of the amalgamating company. ..... of the companies act, was specifically asked by the screening committee to submit an expert note on itci's financial non-viability'. .....
Tag this Judgment!Court : Delhi
Reported in : [1992]195ITR232(Delhi)
..... this being the true concept of financial non-viability as understood, by men of business and commerce and by financial institutions it is by reference to these several tests or criteria adopted by them that the question has to be decided whether a particular undertaking is financially non-viable at a given point of ..... an undertaking which is basically or potentially non- viable will ordinarily be incapable of revival and would face a closure; in other words, the financial non-viability spoken of by the section must refer to sickness brought about by temporary adverse financial circumstances that disabies' the unit to stand and work on ..... after referring to the same the court observed : '.....thatthe financial non-viability of an undertaking had been equated with the sickness of such undertaking and obviously in the context of its revival by a sound undertaking the sickness must be of a temporary character and not any basic or ..... (l) which states that the financial non-viability of the amalgamating company has to be judged by reference to 'its liabilities, losses and other ..... observed by the supreme court as follows: 'ncaer has further observed that where all the three parameters - profitability, liquidity and solvency - show positive figures the unit's financial viability will be sound; where one of the three parameters shows negative figure the unit could be regarded as 'tending towards sickness', when two of the three parameters show negative figures, it would be case of 'incipient .....
Tag this Judgment!Court : Delhi
Reported in : (1992)103CTR(Del)63; 46(1992)DLT463; 1992(22)DRJ270
..... also made clear by the provision contained in clause (a) of sub-section (1), which states that the financial non-viability of the amalgamating company has to be judged by reference to 'its liabilities, losses and other relevant ..... being the true concept of financial non-viability as understood by men of business and commerce and by financial institutions it is by reference to these several tests or criteria adopted by them that the question has to be decided whether a particular undertaking is financially non-viable at a given point ..... an undertaking which is basically or potentially non-viable will ordinarily be incapable of revival and would face a closure; in other words, the financial non-viability spoken of by the section must refer to sickness brought about by temporary adverse financial circumstances that disables the unit to stand and ..... that the financial non-viability of an undertaking has been equated with the 'sickness' of such undertaking and obviously in the context of its revival by a sound undertaking the sickness must be of a temporary character and not any ..... 241) : 'national council of applied economic research has further observed that where all the three parameters-profitability, liquidity and solvency - show positive figures, the unit's financial viability will be sound; where one of the three parameters shows a negative figure, the unit could be regarded as 'tending towards sickness'; when two of the three parameters show negative figures, it would be a case of .....
Tag this Judgment!Court : Delhi
Reported in : [1983]141ITR168(Delhi)
..... this is not suggestive of financial non-viability of the amalgamating company. ..... or a ship with another company and the central government, on the recommendation of the specified authority, is satisfied that the following conditions are fulfillled, namely :- (a) the amalgamating company was not, immediately before such amalgamation, financially viable by reason of its liabilities, losses and other relevant factors; (b) the amalgamation was in public interest; and (c) such other conditions as the central government may, by notification in the official gazette, specify, to ensure that the ..... the financial viability of a company or an undertaking has to be judged having regard to its profitability, its profit and loss account, balance-sheet and other relevant factors. ..... the financial viability had to be by reason of its liabilities, losses or other relevant factors. ..... with the amalgamation of the two units the managerial expertise as well as the financial resources of the amalgamated company would be utilised for making the unit viable. 11. ..... in other words, the contention of the petitioner that the amalgamating company was not financially viable has not in express words been controverter. ..... it has no doubt been mentioned that the issuing of shares of the amalgamated company in the ratio of 1 : 1 is suggestive of the fact that the amalgamating company was financially viable. ..... the first condition is that the amalgamating company was not immediately before the amalgamation financially viable. .....
Tag this Judgment!Court : Delhi
..... 275/2016&281/2016 page 10 of 30 guarantee for timely execution of contract and to ensure that developer does not abandon the contract or work on the pretext of financial non-viability. ..... by the arbitrators, who had authored the majority award, that the object and purpose of the mission was to promote ecologically sustainable growth model for india s future energy estimate and to reduce india s dependence of non-renewable sources of energy, it would follow that the ppa entered into had a social and larger objective and purpose. ..... since section 74 awards reasonable compensation for damage or loss caused by a breach of contract, damage or loss caused is a sine qua non for the applicability of the section. 43.4. ..... terms has rightly held, after quoting from the pleadings filed by nvvn before the arbitral tribunal, that they had pleaded having suffered tangible and intangible loss as nodal agency for delay and non-performance on the part of sel. ..... the mission was promoted to create and establish an ecologically sustainable growth model for india s future energy requirements and to reduce india s dependence on non-renewable resources of energy. ..... in view of language of section 74, breach of contract, damage or loss caused as a consequence of the breach is a sine qua non. .....
Tag this Judgment!Court : Delhi
..... 275/2016&281/2016 page 10 of 30 guarantee for timely execution of contract and to ensure that developer does not abandon the contract or work on the pretext of financial non-viability. ..... by the arbitrators, who had authored the majority award, that the object and purpose of the mission was to promote ecologically sustainable growth model for india s future energy estimate and to reduce india s dependence of non-renewable sources of energy, it would follow that the ppa entered into had a social and larger objective and purpose. ..... since section 74 awards reasonable compensation for damage or loss caused by a breach of contract, damage or loss caused is a sine qua non for the applicability of the section. 43.4. ..... terms has rightly held, after quoting from the pleadings filed by nvvn before the arbitral tribunal, that they had pleaded having suffered tangible and intangible loss as nodal agency for delay and non-performance on the part of sel. ..... the mission was promoted to create and establish an ecologically sustainable growth model for india s future energy requirements and to reduce india s dependence on non-renewable resources of energy. ..... in view of language of section 74, breach of contract, damage or loss caused as a consequence of the breach is a sine qua non. .....
Tag this Judgment!Court : Delhi
Reported in : 2002VIAD(Delhi)109
..... when a conscious decision has been taken by the respondent society to close the school, on the ground of non-viability of the school on financial reasons the same is a decision concerning policy matter involving financial implications. ..... maintainable nor any direction could be issued to the respondents not to release the petitioners from their services as the same would necessarily mean and would amount to a direction to continue to make the school functional inspire of financial constraint and non-viability of the school. ..... the petitioners in the writ petitions were/are working as teaching and non-teaching staff of delhi area primary school (daps in short) at noida. ..... such a direction also cannot be issued as the same would also amount to interfering with the policy matter of the respondent involving financial burden. ..... in view of the aforesaid position, could this court direct the respondents to continue to run the school, which would necessarily involve financial burden? ..... held that the administrative tribunal could not have issued a direction to compel the central government to assess the need of the school and create necessary posts in the school as the same is a policy matter involving financial burden. .....
Tag this Judgment!Court : Delhi
..... the plea of forum non conveniens being claimed on account of financial burden and legal non viability is not a question that can be entertained while deciding the application under section ..... even the icca's guide to the interpretation of the 1958 new york convention also provides for such situation, stating that when the question arises as to whether binding a non-signatory to an arbitration agreement could be read as being in conflict with the requirement of written agreement under article i of the convention, the most compelling answer is no and the same is supported by a ..... learned counsel on behalf of the defendant no.2, who is not a signatory to the agreement, without prejudice to his rights and contentions submitted that disputes with a non- signatory to the arbitration agreement can also be referred to arbitration, if the cause of action is arising out of the same agreement. ..... completed and the court answers the same in the affirmative, the reference of even non-signatory parties would fall within the exception afore-discussed. ..... the plaintiff no.1 were delayed and ignored and there was a non responsive approach on production planning, purchase order and other aspects. ..... the plaintiffs have alleged that the defendants were non responsive and there was procedural delay on their part in supply ..... the supreme court has held that even a non signatory to the arbitration agreement can be referred to arbitration if the cause of action is arising out of one agreement and the disputes arise .....
Tag this Judgment!Court : Delhi
Reported in : 2007(2)ARBLR133(Delhi); 141(2007)DLT822
..... would hardly have been the case, if either mrl was wound up, defunct or if there was doubt as to the revival being undertaken or indeed as to its financial viability on account of its asset base. ..... , and which the promise did not know to be impossible or unlawful, such promisor must make compensation to such promise for any loss which such promise sustains through the non-performance of the promise.in the agreement between the parties, admittedly they have agreed that adjudication would be governed by laws in india.99. ..... all bindings of the parties thereby ceased to exist or bind the parties.consequently, the negative covenant in the contract or the non-compete clause cannot be enforced against the respondent inasmuch as the contract between the parties stands determined and ceases to exist.53. mr. ..... for the respondent has pointed out that the prayers made in the present petition are all based on implementation of only the non-compete clause contained in clause 14 of the sha without any challenge to the termination of the agreement effected by the respondent. ..... modi to deposit into an escrow account of the financial institutions, a non-refundable amount of 20% of the purchase consideration on 1,10,79,061 equity shares on ..... is mrl shall suffer an irreparable loss and damage if the respondent proceeds to implement its proposal to set up a wholly owned subsidiary in violation of the non compete clause which shall irreversibly and irreparably impact the business of ggl, the joint venture. .....
Tag this Judgment!Court : Delhi
Reported in : [2006]129CompCas778(Delhi); 123(2005)DLT333
..... it was in this background the present rehabilitation proposal was considered and after evaluation of the proposal, financial institutions, bankers and other parties came to the conclusion that the proposal of jsl was more acceptable and in the best interest of the ..... it not only affects the workers, the cane growers, financial institutions, banks but also does not help in revival ..... of the learned counsel for the petitioner that non-fixation of reserved price vitiates the scheme has to be judged keeping in view the larger interest of cane-growers, workers and financial institutions. ..... february, 1993 bifr had appointed ifci as the operating agency under section 17(3) of the act to examine the viability of the company and submit the report. ..... (jsl);ii) one time settlement (ots) of dues of financial institutions (payment of only 50% of principal outstanding towards full and final settlement of fi's dues within 6 months from sanction of the scheme by bifr);iii) scrapping the existing sugar and distillery unit at marhowrah and setting ..... all financial institutions were agreeable to the terms of the draft rehabilitation scheme, in the meantime jsl had ..... the sanctioned scheme could not be implemented due to non-infusion of the required fund by m/s gangotri enterprises ..... for the revival of the padrauna and marhowrah units when in actuality on the bare perusal of the terms of the sanctioned scheme, it is evident that the scheme entails the settlement of the dues of banks/financial institutions at rs. .....
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