Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Contempt jurisdiction being penal and statutory cannot be assumed by implication or on equitable considerations. Since Section 425 of the Companies Act, 2013 confers on the NCLT/NCLAT the same contempt powers as a HC in respect of contempt of their own orders, such power is plenary and applies to all proceedings before the Tribunal, including those under the IBC; hence parties cannot bypass the statutorily empowered forum by approaching the HC under Section 10 of the Contempt of Courts Act, 1971. Any intervention by the HC, if warranted, lies only under Articles 226/227 and not through a contempt petition. The contempt petition was held not maintainable and dismissed - HC
Contempt jurisdiction being penal and statutory cannot be assumed by implication or on equitable considerations. Since Section 425 of the Companies Act, 2013 confers on the NCLT/NCLAT the same contempt powers as a HC in respect of contempt of their own orders, such power is plenary and applies to all proceedings before the Tribunal, including those under the IBC; hence parties cannot bypass the statutorily empowered forum by approaching the HC under Section 10 of the Contempt of Courts Act, 1971. Any intervention by the HC, if warranted, lies only under Articles 226/227 and not through a contempt petition. The contempt petition was held not maintainable and dismissed - HC
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