Important judgements of the Supreme Court and High Courts

Alankar Sahkari Griha Rachana Sanstha Maryadit vs. Atul Mahadev Bhagat (Bombay High Court)

When the persons come together with common object of housing, after formation of a Cooperative Society, they are governed under rules and bye-laws of Maharashtra Cooperative Societies Act. So far as the members are concerned, the Cooperative Housing Society can collect or increase its funds only by legally permissible charges or fees. The Society is not expected to indulge into profiteering business from the members and if such amount is earned, then it is taxable under the law. There is no bar for any member to pay donation to the Society, however, it should be voluntary without any compulsion and coercion. No manner the transfer fees can be charged under the pretext of donation

Court:   Posted on: September 9, 2022

R. K. INDUSTRIES (UNIT-II) LLP Versus H.R. COMMERCIALS PRIVATE LIMITED (Supreme Court)

The commercial or business decision taken by the Liquidator for conducting the sale of the movable/ immovable assets of the Corporate Debtor in liquidation cannot be challenged. The Appellate Authority cannot don the mantle of a supervisory authority for overseeing the validity of the approach of the Liquidator in opting for a particular mode of sale of the assets of the Corporate Debtor.

Court:   Posted on: August 26, 2022

SUNDARESH BHATT, LIQUIDATOR OF ABG SHIPYARD vs. CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS (Supreme Court)

The IBC would prevail over The Customs Act, to the extent that once moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, as the case may be, the respondent authority has a limited jurisdiction to assess/determine the quantum of custom duty and other levies. The respondent authority does not have the power to initiate recovery of the dues by means of sale/confiscation, as provided under Custom Act.

Court:   Posted on: August 26, 2022