In the judgment of Union of India and Another vs. Deloitte Haskins and Sells LLP & Another, the Supreme Court has enunciated and cleared the law pertaining to the removal and resignation of a statutory auditor vis-à-vis the proceedings initiated under Section 140(5) of the Companies Act, 2013 (“Act”). The Supreme Court upheld the constitutional validity of Section 140(5) of the Act and interpreted it as “neither discriminatory, arbitrary and/or violative of Articles 14, 19(1)(g) of the Constitution of India”. The Supreme Court clarified that the resignation of an auditor after filing an application under Section 140(5) of the Act does not automatically terminate the proceedings initiated under this Section.Continue Reading Supreme Court Sets the Bar Too High for the Statutory Auditors
Ritu Anand Vishwakarma is a Senior Associate in the Dispute Resolution Practice at the Delhi NCR Office of Cyril Amarchand Mangaldas. Ritu focuses on dispute resolution and advisory, including arbitration (domestic and international), insolvency, criminal and environmental matters as well as other corporate and commercial litigation. She can be reached at firstname.lastname@example.org
Recently, the Supreme Court, in the case of Gaurav Agarwal vs CA Devang P. Sampat, has issued notice to the parties for adjudicating the crucial question of law pertaining to the ‘Period of Limitation’ for preferring an appeal under Section 61 of Insolvency and Bankruptcy Code, 2016 (“the Code”).Continue Reading Limitation under Section 61 of Insolvency and Bankruptcy Code: Too Strict Interpretation of the Law?