Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
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Section 59 of the Companies Act, 2013 was held to be confined to rectification of the register of members and not a vehicle to obtain a judicial direction for issuance of a valid share certificate. Since the claimant admittedly did not hold a validly executed share certificate and sought to cure defects by compelling issuance of a fresh certificate, the dispute involved seriously contested factual issues and scrutiny of evidence beyond the Tribunal's summary rectificatory jurisdiction, with Rule 70(5) being inapplicable in the absence of a valid certificate. The withdrawal from arbitral proceedings on the identical issue also weighed against maintainability under Section 59. The application was therefore not maintainable and the appeal was dismissed - NCLAT
Section 59 of the Companies Act, 2013 was held to be confined to rectification of the register of members and not a vehicle to obtain a judicial direction for issuance of a valid share certificate. Since the claimant admittedly did not hold a validly executed share certificate and sought to cure defects by compelling issuance of a fresh certificate, the dispute involved seriously contested factual issues and scrutiny of evidence beyond the Tribunal's summary rectificatory jurisdiction, with Rule 70(5) being inapplicable in the absence of a valid certificate. The withdrawal from arbitral proceedings on the identical issue also weighed against maintainability under Section 59. The application was therefore not maintainable and the appeal was dismissed - NCLAT
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