NCLT Chandigarh Allows First Motion for Demerger of FreeCharge Payment Technologies Under Sections 230 to 232 of the Companies Act with RBI Conditions
The NCLT Chandigarh allowed the first motion petition for demerger of FreeCharge Payment Technologies Pvt Ltd (an Axis Bank subsidiary) into FreeCharge Business and Technology Services Ltd, dispensing with meetings of shareholders and creditors and imposing RBI-mandated conditions.
NCLT Chandigarh Approves Cross-Border Merger of Mauritius Companies with Indian Company Under Section 234 of the Companies Act Read with FEMA Regulations
The NCLT Chandigarh approved a cross-border amalgamation scheme between Mauritian companies FIM Holdco I Limited and Ariston Investments Sub A Limited with Indian company One World Center Private Limited. The judgment demonstrates how procedural defects in merger applications can be cured through subsequent motions and the regulatory approvals required for inbound cross-border mergers under Section 234 of the Companies Act.
Withdrawal of Industrial Plot Allotment Advertisement by PSIEC Does Not Create Vested Right in Applicants: Punjab and Haryana High Court
The Punjab and Haryana High Court dismissed a batch of 13 writ petitions challenging PSIEC's withdrawal of an industrial plot allotment advertisement at Phase 8-B, Mohali, holding that mere submission of an application does not create a vested right to allotment.
Contempt Appeal Allowed, Appellant Discharged: Punjab and Haryana High Court Holds Contempt Bench Must Await Outcome of Pending Appeal Against Underlying CLB/NCLT Order
The Punjab and Haryana High Court allowed a contempt appeal and discharged the appellant, holding that contempt proceedings should not be initiated when an appeal against the underlying order is pending. The Court emphasized that the outcome of the appeal may render the contempt proceedings redundant or require fresh consideration.
Impleadment Under Order I Rule 10 CPC in a Section 92 CPC Suit Concerning Charitable Trust Set Aside: Punjab and Haryana High Court
The Punjab and Haryana High Court allowed a civil revision and set aside an order of impleadment under Order I Rule 10 CPC in a suit under Section 92 CPC relating to a charitable trust, holding that the impleadment was improper.
Tribunal Should Not Interfere with Commercial Wisdom of Shareholders in Approving Amalgamation Scheme Under Sections 230 to 232: NCLAT Sanctions Indiabulls Real Estate Merger
The National Company Law Appellate Tribunal upheld an amalgamation scheme between Indiabulls Real Estate Limited and two transferor companies, reversing the NCLT's rejection. The Appellate Tribunal held that it should not interfere with the commercial wisdom of shareholders and creditors who approved the scheme by nearly 100%, provided proper valuation methodologies and regulatory compliance are established.
Section 9 IBC Petition Dismissed Where Principal Debt Paid During Pendency and Operational Creditor Claims Only Interest: PepsiCo India Holdings, NCLT Chandigarh
The NCLT Chandigarh dismissed a Section 9 IBC petition against PepsiCo India Holdings Pvt Ltd, holding that where the principal debt was paid during the pendency of proceedings and the operational creditor claimed only interest on unsigned invoices, the conditions under Section 9(5)(i)(b) were not satisfied.
Terminated PCS Judicial Officers Cannot Seek Reinstatement After Acquittal Where Earlier Writ Petition Dismissal Attained Finality: Punjab and Haryana High Court
The Punjab and Haryana High Court dismissed writ petitions by two PCS (Judicial) officers seeking reinstatement after their acquittal in a criminal case, holding that the Full Bench judgment dismissing their earlier writ petition had attained finality and could not be circumvented.