The Chamber of Tax Consultants September 2021 - MMJC

This covers the following cases:

1. NCLT directs Reliance Home Finance to repay NCDs despite of the arguement that lenders of reliance entered into an Inter creditor agreement (ICA) to arrive at resolution plan as per RBI circular and such order will cause serious prejudice to the company and ICA lenders.. IDBI Trusteeship Services Limited (Petitioner/IDBI) vs. Reliance Home Finance Limited (Respondent/Reliance) NCLT Mumbai, dated 21st June, 2021.
2. A creditor (Statesman) approached the bench objecting the scheme of arrangement stating that the Applicant companies had not included it in the list of creditor and accordingly had not sought its approval to the Scheme. The Company contended that the statesman was not a creditor at the time of submission of documents to the High Court and the claim of statesman on amount due was disputed and the same was pending before the tribunal. Held, (a) the applicant companies had advertised the date of meetings in newspaper, and the same was not attended by statesman (b) The amount claimed payable is matter of dispute pending before arbitral tribunal and as such cannot be determined by the Tribunal (c) Amount claimed due is not substantial and does not affect percentage of approval from required from creditors – Statesman Limited vs. Emaar Mgf Land Ltd and Another, Mgf Developments Limited NCLAT New Delhi, dated 8th August, 2018
3. Consultant having indirect access to upsi held liable for insider trading by SEBI – Name of the Case: Under Sections 11(1), 11(4) 11 (4A), 11B (1) and 11B (2) of the Securities and Exchange Board of India Act, 1992 in the matter of Biocon Ltd re SEBI (Prohibition of Insider Trading) Regulations, 2015 in respect of Kunal Ashok Kashyap and M/s Allergo Capital Pvt ltd.

For a detailed case law summary please click here