“Our Constitution has firmly propelled the country toward progress during these 75 years. When the Constitution was drafted, critics said it was too federal. Baba Saheb responded that it is a Constitution designed to keep India united and strong, both in normal times and emergencies.”
 – Chief Justice of India BR Gavai while speaking at an event in Prayagraj.

Trouble continues to mount for once-blue eyed BluSmart’s parent Gensol
Gensol Engineering has found itself in a pit that keeps getting deeper by the day. In the middle of regulatory and legal action, the company's troubles continue to mount with the government now also suing the company for mismanagement at the back of allegations of fraud and misappropriation of funds.

The company which already faces an insolvency case and regulatory action against it, now also has its assets and lockers and accounts frozen, and a bar on trading any of the securities held by it and its key persons because the ministry of corporate affairs launched a lawsuit against it.

The slew of lawsuits against the once highly-valued company continues to grow. Insolvency and companies court, debt recovery tribunal, high court in Delhi besides the SEBI are some of the fora Gensol needs to now fight its legal battle out at. 

A situation this dire has rarely ever resulted in a success for any embattled company. 

The Week That Was

Courts 

• Mumbai’s infrastructure authority tells Supreme Court that it has decided to scrap the tender process for two projects in Mumbai against which L&T had appealed before the top court. L&T had challenged the bidding process that kept the company out on technical grounds.
• Supreme Court orders status quo to be maintained in Bhushan Power and Steel Ltd liquidation case to allow JSW to file its review petition against the top court’s order.
• Bombay High Court grants interim relief to Celebi and asked the Mumbai Airport to not finalise bids for replacing the Turkish firm until further orders.
• Jaggi Vasudev, founder of Isha Foundation, moves the Delhi High Court appealing to protect his personality rights and alleging misuse of the same by AI.
• In a patent suit filed by Novo Nordisk, India’s Dr. Reddy has given an undertaking to the Delhi High Court that it will only manufacture an Ozempic-like drug as per the licence it has and will not sell the same in India.
• Supreme Court agrees to hear an appeal by BCCI and former promoters of Byju’s against tribunal orders which said that the cricket board could not withdraw its insolvency case against the ed-tech without the approval of its lenders panel.
• Turkish firm Celebi petitions Madras High Court against revocation of its security aftr moving Delhi and Bombay High Courts.
• WhatsApp moves Allahabad High Court challenging a consumer court order which help that the company can be sued in consumer courts.
• Supreme Court asks Assam’s human rights commission to probe alleged extrajudicial killings in encounters.
• Supreme Court refuses to entertain petition challenging the 2.29 billion rupees Jetty project in Mumbai’s Colaba as Bombay High Court is already hearing the matter.

Quasi Courts

• SEBI prohibits Sumant Kathpalia, former IndusInd Bank CEO, from trading securities in the capital market on allegations of insider trading.
• DRT freezes Gensol Engineering’s assets, NCLT in Ahmedabad allowed government and banks to freeze company’s accounts and bar trading of the securities held key management persons.
• Lokpal gives clean chit to former SEBI Chief Madhabi Puri Buch in corruption charges.

The Big Listings
June 3: The Ahmedabad bench of the NCLT to hear IREDA’s insolvency petition against Gensol Engineering
June 3: NCLT bench at Ahmedabad to hear Ministry of Corporate Affairs’ plea against Gensol Engineering alleging oppression and mismanagement
July 2: Delhi local court to hold daily hearings in National Herald Case against Sonia and Rahul Gandhi
August 1: NCLT’s principal bench is scheduled to hear BPSL’s former promoter’s plea for initiating liquidation in line with top court’s order
August 20: Supreme Court to hear Flipkart’s appeal against a high court which affirmed CCI probe into the company

* The dates of hearing can change and a concrete list is prepared just a day before

Legal Moves

• IndusLaw announces partnership with Jurisphere
• Collegium recommended three lawyers for appointment as judges at the Rajasthan High Court
• Centre makes appointments for acting chief justices: Justice Lanusungkum Jamir at Gauhati and Justice V Kameswar at Karnataka High Court
• Justices NV Anjaria, Vijay Bishnoi, and Atul Chandurkar appointed Supreme Court judges
• Collegium recommends transfer of Justice Aparesh Kumar Singh from Tripura to Telangana, and Justice MS Ramachandra Rao from Jharkhand to Tripura High Courts
• Collegium recommends swapping chief justices of Rajasthan and Madras High Courts
• Collegium recommended transfer of 21 high court judges, six to Delhi High Court
• Collegium recommends chief justice appointments: Justice Sanjeev Sachdeva at Madhya Pradesh High Court, Justice Tarlok Singh Chauhan at Jharkhand, Justice Vipul Pancholi at Patna High Court, Justice Ashutosh Kumar at Gauhati, Justice Vibhu Bakhru at Karnataka
• Centre makes judge appointments: Subhash Upadhyay at the Uttarakhand High Court, Shamina Jahan at Gauhati, Rohit Kapoor at Punjab & Haryana, Sachin Shivajirao Deshmukh at Bombay,  three advocates at Madhya Pradesh
• Seven lawyers made partners in Vaish Associates’ annual promotions
• Ekta Sharma made partner in Mason & Associates
• Meghana Mishra leaves Karanjawala  to join Bahuguna Law Associates  
• Seven lawyers made partner at ELP in its annual promotions