NCLT Jurisdiction - The Legal Chamber

This Supreme Court judgment clarifies that validly terminated contracts do not constitute "assets" of a corporate debtor under the IBC, and its moratorium does not revive extinguished rights. It reaffirms that NCLT cannot interfere with terminations based on pre-existing, non-insolvency-related defaults. Furthermore, High Courts retain constitutional jurisdiction to direct statutory authorities, even during moratorium. Facts Of The Case: The dispute originated from a 2005 Development Agreement between Kher Nagar Sukhsadan Co-operative Housing Society and developer AA Estates for redevelopment of a dilapidated Mumbai building declared dangerous under municipal laws. The agreement required completion within 24 months, but the developer failed to meet this timeline. A Supple...

The Supreme Court held that proceedings under Section 340 CrPC are criminal in nature and thus governed by the CrPC. Consequently, a review petition filed under Order XLVII of the CPC is not maintainable. The Court reiterated that Section 362 CrPC bars criminal courts from altering or reviewing their own judgments, except for correcting clerical errors, and the High Court's recall order constituted an impermissible substantive review. Facts Of The Case: The dispute originated between two groups, the Khosla Group and the Bakshi Group, regarding a joint venture to develop a resort in Kasauli. A key point of contention was the validity of the Annual General Meeting (AGM) of their joint venture company, Montreaux Resorts Private Limited (MRPL), held on 30.09.2006. The Bakshi Group relied on ...