Companies Act 1956

2nd Jan, 2016

Proceedings by a secured creditor under SARFAESI Act cannot be interfered with by a Company Judge under the Companies Act #indianlaws

The required provisions of the Companies Act are incorporated in the SARFAESI Act for harmonizing the SARFAESI Act with the Companies Act in respect of dues of workmen and their protection under Section 529 A […]
12th Aug, 2015

Official Liquidator cannot adjudicate claim of a Statutory Corporation# indianlaws

 The Supreme Court has held that the Official Liquidator has no jurisdiction to ascertain or adjudicate the claim of a secured creditor who has been permitted by the Company Judge to stand outside the liquidation […]
19th Jan, 2015

Official Liquidator steps into the shoes of Director of the Company in liquidation to performing statutory functions

The Official Liquidator was held to be an officer of the Court and that for the purpose of discharging statutory obligations imposed under the Act, 1956, the Official Liquidator merely steps into the shoes of […]
1st Dec, 2014

Winding up Petition not a legitimate mean to seek payment of dues when there exist a bonafide dispute

The creditor in order to seek winding up of a company must prove that the debt is clear and unimpeachable in law and the debt must have crystallized and if the accounts are not settled, […]
30th May, 2014

Company Court is not a debt collecting agency #indianlaws

The proceedings before a Company Court are not recovery proceedings and the Company Court cannot be used as a debt collecting agency
16th Feb, 2014

Scope of Sections 397 and 398 read with Sections 402 and 403 of the Companies Act, 1956

Section 397 of the Act empowers the Company Law Board to make such orders as it thinks fit with a view to bring an end to the matters complained of.
10th Feb, 2014

Whether filing of Form No. 32 or acceptance of resignation submitted by a Director is necessary for the same to be effective?

A Director is placed in a fiduciary position to that of a company and, therefore, it is the duty of a Director to ensure that the assets of the company are preserved and protected.
11th Dec, 2013

Scope of Section 446 Companies Act, 1956

Principles governing staying of suit in pursuance of winding up proceedings
11th Sep, 2013

Right or Interest to occupy is a Species of Property and is not barred from transferability

A question arose before the Apex Court as to whether the property mortgaged to a Bank by shareholder of a Company can be attached and sold in execution of a decree obtained by Bank
8th May, 2013

CLB can compound certain offences under Companies Act, 1956, without permission from Court

Company Law Board if so approached can compound offences and in such case no prior permission of the Court is necessary