| Content Provider | Supreme Court of India |
|---|---|
| e-ISSN | 30484839 |
| Language | English |
| Access Restriction | NDLI |
| Subject Keyword | 2016 Insolvency and Bankruptcy Code |
| Content Type | Text |
| Resource Type | Law Judgement |
| Jurisdiction | India |
| Case Type | Arbitration Petition |
| Court | Supreme Court of India |
| Disposal Nature | Others |
| Headnote | Insolvency and Bankruptcy Code, 2016 – s. 7 – Arbitration and Conciliation Act, 1996: s. 8 – Dispute between petitioner and respondents as regards calculation and conversion formula to be applied in converting the preference shares of respondent no. 1 to 4 invested in petitioner company, into equity shares – Respondents sought certain sum, on redemption of Optionally Convertible Redeemable Preference Shares-OCRPS, but the petitioner company failed to redeem the OCRPS – Respondent sought initiation of Corporate Insolvency Resolution Process u/s. 7 of the Code – In the said petition, application u/s. 8 of the 1996 Act filed by the petitioner seeking direction to refer the parties to the arbitration – NCLT allowed the application filed by the appellant u/s. 8 of the 1996 Act – Justification of – Held: Justified – Dispute will be non- arbitrable when a proceeding is in rem and a IB Code proceeding is to be considered in rem only after it is admitted – If there is default and the debt is payable, due to which the Adjudicating Authority proceeds to admit the application u/s. 7, the proceeding is in rem and the arbitrability of the insolvency proceeding would not arise – If the Adjudicating Authority is satisfied that there is no default committed by the company, the petition u/s.7 would stand rejected and the parties can secure appointment of the Arbitral Tribunal in an appropriate proceedings – In the instant case, petition u/s. 7 was yet to be admitted, thus, had not assumed the status of proceedings in rem – Conclusion reached by NCLT cannot be faulted in view of the document produced by the petitioner indicating that the allotment of equity shares against the OCRPS was still a matter of discussion between the parties and no conclusion had been arrived at so as to term it as default – Thus, since the conclusion by the NCLT is that there is no default, the dismissal of the petition u/s 7 of IB Code at this stage is justified – Though application u/s. 8 of the Act, 1996 is allowed, subject to the consideration of the petition filed u/s.11 of the Act, 1996 – Said disputes to be resolved by the Arbitral tribunal consisting of same members but separately constituted in respect of each agreement. |
| Judge | Hon'ble Mr. Justice Ajjikuttira Somaiah Bopanna Honble Mr. Justice Sharad Arvind Bobde Hon'ble Mr. Justice V. Ramasubramanian |
| Neutral Citation | 2021 INSC 216 |
| Petitioner | Indus Biotech Private Limited |
| Respondent | Kotak India Venture (offshore) Fund (earlier Known As Kotak India Venture Limited) & Ors. |
| SCR | [2021] 7 S.C.R. 112 |
| Judgement Date | 2021-03-26 |
| Case Number | 48 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
| Sl. | Authority | Responsibilities | Communication Details |
|---|---|---|---|
| 1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
| 2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
| 3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
| 4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
| 5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
| 6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
| 7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
| 8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
| 9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |