Judgements

• RPFC v. Vivekananda Vidyamandir (Surya Roshni Case) - Relying upon the principle laid down in Bridge & Roof case, the Supreme Court held that variable earnings/incentives, linked to production or performance would be excluded from 'basic wages'.

• Pioneer Urban Land and Infrastructure Limited v. Union of India - In this case, the Supreme Court upheld the validity of Section 5(8)(f) of the IBC, 2016, thereby enabling the homebuyers to be treated as 'Financial Creditor' under IBC, 2016.

• Swiss Ribbons Pvt. Ltd v. Union of India - In this case, the Supreme Court held that once the CIRP is triggered, the proceeding becomes a proceeding in rem, that is, collective proceeding, which cannot be terminated by an individual creditor. However, the Supreme Court clarified that in cases where the committee of creditors is not constituted at the time of settlement, a party can approach the NCLT directly under Rule 11 of the NCLT Rules, 2016, with an application for withdrawal or settlement.

• ArcelorMittal India Pvt Ltd v. Satish Kumar Gupta - An important ruling, wherein the Supreme Court, while clarifying its view on Section 29A of the IBC, 2016, interestingly, also held that the time spent by parties in litigation could be excluded from the (earlier) mandatory timeline of 270 days to complete the resolution proceedings.

• Surinder Singh Deswal v. Virender Gandhi - In this case, the Supreme Court held that the amendment in Section 148 of Negotiable Instruments Act, 1881, shall have retrospective effect. Post the recent amendment, under Section 148, the appellate court may direct the drawer in an appeal against conviction under section 138 to deposit before the appellate court a part of the fine or compensation as award by the trial court, which shall be a minimum of 20% of the fine or compensation.