Arbitration Law – Stay of Arbitral Award – The Supreme Court held that once an application under Section 36(2) of the Arbitration and Conciliation Act, 1996, is filed for stay of the operation of the arbitral award, the court is empowered to impose conditions as it deems fit. This may include furnishing security covering the entire amount of the award, including interest. The court is ...
Insolvency Law – Limitation – The Supreme Court held that for the purpose of limitation, the relevant date is the date on which the right to sue accrues, which is the date when a default occurs. The Court emphasized that the condition precedent for condonation of delay in filing an application or appeal is the existence of sufficient cause. The existence of sufficient cause for delay w...
Admissions – Merit-Based Allocation – The Supreme Court reiterated the principle that merit must be the primary consideration for admissions to medical colleges. It underscored the importance of following a fair procedure and adhering to the prospectus for counseling to ensure no meritorious student is denied admission due to administrative errors or misinterpretations [Paras 15-16, 18...
Taxation – Additional Duties of Excise – The Supreme Court examined whether 'Pan Masala' containing tobacco and gutka, which are covered by an entry in the First Schedule to the ADE Act, can be subjected to sales tax by the States under their respective sales tax laws. The court observed that once goods are chargeable under the ADE Act, they are exempt from State sales tax unde...
Service Law – Pension – The Supreme Court upheld the High Court’s decision that the respondent’s past service with the Rajasthan Agriculture Engineering Board and the Rajasthan State Agro Industry Corporation should be counted for pension calculation. The Court emphasized that denial of pension is a continuing wrong, and financial rules capable of multiple interpretations s...
Insider Trading – Price Sensitive Information – The decision by the Board of Directors of GIPL to terminate contracts was held to be price sensitive information under Section 2(ha) of the SEBI Regulations – The termination had the potential to place existing shareholders in an advantageous position – The sale of shares by the respondent before the information was made publi...
Arbitration – Interim Measures – Section 9 confers wide powers on courts to secure the disputed amount before, during, or after arbitration but before enforcement under Section 36 – Court must assess if the applicant has a prima facie case, balance of convenience, and promptness in seeking relief [Paras 1-2].
Stay of Arbitral Award – Section 36(2) allows for st...
Tax Law – Transfer to Defraud Revenue – Section 34 of the U.P. Trade Tax Act applies only if the transfer of immovable property occurs during the pendency of proceedings under the Act with the intent to defraud tax dues – The transfer in this case was made before the reassessment proceedings began – Consequently, Section 34 does not apply, and the transfer is valid – ...
Employees' Compensation – Permanent Disability – Compensation – The appellant, who suffered a 60% permanent disability due to a fall while working, was initially awarded compensation by the Commissioner based on a medical certificate – The High Court set aside this award based on a subsequent medical examination conducted after nine years, which found no permanent disab...
Excise Duty – Modvat Credit – The appellant claimed Modvat credit on 'Guide Cars' under Rule 57Q, asserting they were 'components' of Coke Oven Battery – The classification of 'Guide Car' by the supplier under Chapter sub-heading 8603.00 was upheld – 'Guide Car' found not to be an integral part of Coke Oven Battery but distinct equipment used...