financial disclosure - The Legal Chamber

The Supreme Court enhanced permanent alimony from ₹15 to ₹50 lakhs, balancing the husband's capacity to pay against the wife's qualifications and potential to earn. The ruling underscores that alimony is not merely sustenance but must provide financial security commensurate with the marital standard of living. Facts Of The Case: The case involves an appeal by the wife, M.V. Leelavathi, against a Karnataka High Court order that upheld the dissolution of her marriage to Dr. C.R. Swamy on grounds of cruelty and confirmed a permanent alimony award of ₹15,00,000. The couple married in February 2009 and the marriage remained childless. The husband, a doctor, filed for divorce in 2011 alleging mental cruelty. The wife contested the petition and filed a counterclaim for restitution of conjugal r...

The Supreme Court ruled on the applicability of the Limitation Act, 1963, to conciliation and arbitration proceedings under Section 18 of the MSMED Act, 2006. It held that the Limitation Act does not apply to conciliation proceedings, allowing time-barred claims to be referred for settlement. However, the Act applies to arbitration proceedings under Section 18(3), as Section 43 of the Arbitration and Conciliation Act, 1996, incorporates the Limitation Act into such arbitrations. The Court emphasized that the MSMED Act’s provisions override general laws, ensuring a balanced approach to dispute resolution while protecting suppliers' rights. The disclosure of unpaid amounts in financial statements under Section 22 may extend limitation periods, subject to case-specific scrutiny. Facts Of The...

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Divorce Final, But Alimony Increased: Supreme Court Orders Doctor to Pay Engineer-Turned-Lawyer ₹50 Lakhs

Supreme Court Clarifies: Limitation Act Applies to MSMED Arbitration But Not Conciliation