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...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
In proceedings under ss. 241-242 of the Companies Act, 2013, the dominant issue was whether an interim stay order was vitiated for want of reasons. It was held that an interim order under Rules 11 and 32 of the NCLT Rules, 2016 is discretionary, requires only prima facie satisfaction, and is not a merits adjudication warranting elaborate reasoning; moreover, the order was passed after hearing and was not ex parte, and the cited sentencing jurisprudence was inapplicable. The appellant was relegated to seek relief by filing a stay-vacation application before the tribunal, and the appeals were dismissed for lack of merit. - NCLAT
In proceedings under ss. 241-242 of the Companies Act, 2013, the dominant issue was whether an interim stay order was vitiated for want of reasons. It was held that an interim order under Rules 11 and 32 of the NCLT Rules, 2016 is discretionary, requires only prima facie satisfaction, and is not a merits adjudication warranting elaborate reasoning; moreover, the order was passed after hearing and was not ex parte, and the cited sentencing jurisprudence was inapplicable. The appellant was relegated to seek relief by filing a stay-vacation application before the tribunal, and the appeals were dismissed for lack of merit. - NCLAT
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