JUDGMENTS 1. Collusive Commercial Transactions With Corporate Debtor Will Not Constitute Financial Debt Under IBC: Supreme Court [Case: Phoenix Arc Private Limited v. Spade Financial.
The Supreme Court has observed that there is no reason to continue the sealing of premises by the Municipal Corporation of Delhi if they were actually sold as shops. If it is a fact that the premises which have been sealed on the ground of unauthorised change of user from residential to commercial, was actually sold as a shop, we see no reason why the sealing should continue , said a bench headed by the
Chief Justice of India SA Bobde.
The bench made this observation while considering an application filed by Defence Colony Market Welfare Association. Senior Advocate P S Narasimha, appearing for the association, submitted that many shops were sealed by the authorities alleging unauthorized conversion of residential use to commercial use. The senior counsel submitted that the premises were originally purchased as shops and hence there was no question of unauthorized conversion of user.
SC questions monitoring committee decision to seal Defence Colony shops
By IANS |
Published on
Wed, Feb 3 2021 19:03 IST |
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New Delhi, Feb 3 : The Supreme Court on Wednesday questioned the decision of monitoring committee to seal shops in the Defence Colony area of south Delhi.
A bench, headed by Chief Justice S.A. Bobde, said: If it is a fact that the premises which have been sealed on the ground of unauthorised change of user from residential to commercial, was actually sold as a shop, we see no reason why the sealing should continue.