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...
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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