The High Court of Bombay (“Court”) in a recent judgment[1] has upheld the NCLT’s powers to direct the Directorate of Enforcement (“ED”) to release attached properties of a corporate debtor, once a resolution plan in respect of the corporate
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Supreme Court overrules ‘Asian Resurfacing’ judgment: No automatic vacation of stay orders passed by High Courts
Introduction:
A five-judge Constitution Bench of the Hon’ble Supreme Court, vide its recent judgment in High Court Bar Association Allahabad v. State Of Uttar Pradesh & Ors.,[1]adjudicated inter alia upon whether the court, in exercise of its jurisdiction…
Private Client Year Book 2024: Q&A India
The following Q&A was first published in the Legal 500 and Legal Business Magazine on 8th March, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas. The online version of the Q&A can be found…
GST on canteen facilities and it’s applicability on non-permanent employees
In the bustling landscape of Indian factories and corporate setup, providing canteen facilities and other perquisites to employees, deputed persons from sister concerns and third-party contractors have become a common phenomena. The Factories Act, 1948, statutorily mandates employers to provide…
Decoding Section 17A of the PC Act: A Substantive Safeguard or a Tool for Procedural Hindrance?
Introduction
On January 16, 2024, the Division Bench of the Supreme Court delivered a split verdict in the case of Nara Chandrababu Naidu vs. State of Andhra Pradesh and Anr.,[1] (“Chandrababu Naidu Case”) wherein the pertinent question of law…
Does unregistered codicil alter the terms of a registered will?
The following article was first published in the Mint newspaper on 5th March, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version…
Interplay between Foreign Extortion Prevention Act (“FEPA”) & Prevention of Corruption Act, 1988 (“PC Act”)
US President Joe Biden signed the Foreign Extortion Prevention Act in December 2023 (“FEPA”), a federal criminal offense creating criminal liability on foreign officials who demand or accept bribes thus acting as a concomitant legislation to the Foreign Corrupt Practices Act…
How to ensure fair distribution of assets in an estate plan?
The following article was first published in the Mint newspaper on 28th February, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version…
Obviating Hurdles for Swifter Execution of Arbitral Awards
Context
In India, execution of decrees is governed by the Code of Civil Procedure, 1908 (‘CPC’), and execution of arbitration awards is governed by the Arbitration and Conciliation Act, 1996 (‘1996 Act’), and the CPC. For the purposes of enforcement,…
Big win for PSBs: SC upholds arbitral award awarding damages for breach of substitution agreement, asks state agency to compensate lenders in full
The Hon’ble Supreme Court vide an order dated December 01, 2023, dismissed Special Leave Petition (Civil) No. 19675 of 2023 (“SLP”), filed by Haryana State Industrial and Infrastructure Development Corporation (“HSIIDC”), a state government agency, against concurrent judgments of the…