Corporate LawBeat
Your Daily Corporate Law Newsletter highlighting Corporate Law Cases of eminence and daily news bulletins of important Notifications & Circulars.
Corporate Law Cases
State Bank of India, Stressed Assets Management Branch v. Vibha Agro Tech Ltd, Hyderabad (Company Appeal (AT) (Insolvency) No. 636 of 2020)- March 05,2021
NCLAT Principal Bench, Delhi held that the appeal filed beyond the period of 3 years is hit by Article 137 of Limitation Act when before expiration of limitation period the Corporate Debtor submitted an acknowledgement of debt in writing and promised to clear the dues at the earliest possible.
Gujarat Urja Vikas Nigam Ltd v. Mr Amit Gupta and Ors ( Civil Appeal No 9241 of 2019)- March 08, 2021
The Supreme Court held that the NCLT or NCLAT can exercise jurisdiction u/s 60(5)(c) of IBC to stay termination of an agreement, where such agreement was sought to be terminated only on account of the CIRP being initiated against the Corporate Debtor.
Experion Developers Pvt Ltd & Amp; Ors v. State of Haryana and Others (CWP No 38144 of 2018)- October 16,2020
Punjab & Haryana HC (Chandigarh Bench) held that proviso to sec 43(5) of Real Estate (Regulation and Development) Act, 2016 that makes pre-deposit mandatory is not ultra vires of Constitution of India. Further, Haryana Real Estate (Regulation and Development) Rules, 2017 are not ultra vires of Constitution of India. HC also held that retrospective applicability of provisions of Real Estate (Regulation and Development) Act, 2016 and Haryana Real Estate (Regulation and Development) Rules, 2017 to ongoing projects does not make them ultra vires of Constitution of India.
News Bulletin
MCA notifies March 5 2021 as date for enactment of Sec 23(1) of Companies Amendment Act,2017 - [F.No 1/1/2018-CL.I] Dated March 05,2021
S.O. 1066(E) – In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2017 (1 of 2018), the Central Government hereby appoints the day of 05 March, 2021 as the date on which the provisions of clause (i) of section 23 of the said Act shall come into force.
[http://www.mca.gov.in/Ministry/pdf/CommencementNotification_11032021.pdf ]
MCA notifies Securities and Exchange Board of India ( Annual Report) Rules,2021- [F.No. 2/8/2019-RE] Dated: March 12,2021
G.S.R. 176(E) – In exercise of powers conferred by clause (e) of sub-section (2) of section 29 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) and in supersession of the Securities and Exchange Board of India (Annual Report) Rules, 1994, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely:
1. Short title and commencement –
(1) These rules may be called the Securities and Exchange Board of India (Annual Report) Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions –
(1) In these rules, unless the context otherwise requires –
(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(b) "Board" means the Securities and Exchange Board of India established under section 3 of the Act.
(2) All other words and expressions used in these rules but not defined, and defined in the Act shall have the same meanings respectively assigned to them in the Act.
3. Form of Annual Report –
(1) The Board shall submit a report to the Central Government giving a true and full account of its activities, policies and programmes during the previous financial year in the Annexure appended to these rules.
(2) The report shall be submitted within ninety days after the end of each financial year.
Access the copy of the notification here.