Tata Consultancy Services Limited v Cyrus Investments Pvt. Ltd. and Ors.
Independent director refers to Board of Directors, who do not have any material relationship with the company and are not involved in the day-to-day function. In this particular judgment the Hon’ble Supreme Court analysis two different sections of the Companies Act, and interprets that higher duty/standard does exist for the independent director as compared to non-independent one’s.
Phoenic Are Private Limited v. Spade Financial Services Limited and ors
For the success of the Insolvency regime, it is necessary, that person taking undue advantage of IBC provisions be prevented from introducing sham transactions so that the same doesn’t operate to detriments of rights of legitimate creditors. Such sham transactions are to be regarded as “avoidable transactions”, which can be tested on the test of “The real nature of transaction”.
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