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ARTICLE · 27 APRIL 2022

Between The Lines...April 2022

Vaish Associates Advocates
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The Bombay High Court ("BHC") has in the judgement dated February 28, 2022 ("Judgement"), in the matter of Pigments and Allieds v. Carboline

IndiaInsolvency/Bankruptcy/Re-Structuring
Vijay Pal Dalmia
Vijay Pal Dalmia
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Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and Delhi High Court, Partner & Head of Intellectual Property Laws Division, Vaish Associates Advocates, India
Email id: [email protected]
Mobile No.: +91 9810081079

Key Highlights

  1. BHC: Once parties acknowledge existence of arbitration clause, court can appoint arbitrator even if stamp duty is insufficiently paid.
  2. NCLT: Resolution Plan cannot be rejected on a perceived grievance by a suspended director who failed to take steps.
  3. NCLAT: There is no conflict between Section 17B of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and the Insolvency and Bankruptcy Code, 2016.
  4. NCLT: No insolvency proceedings can be initiated under the Insolvency and Bankruptcy Code, 2016, against personal guarantors of Non-Banking Financial Companies unless threshold of asset size of INR 500 Crores is satisfied.

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