Page 14 - Nclat

Plea challenges appointment of NCLAT chairperson; Delhi HC seeks govt stand

Advocate Fozia Rahman, in her plea, has sought setting aside of the March 12 notification of the Ministry of Corporate Affairs (MCA) appointing Justice Bhat as the officiating chairperson of NCLAT

Hail the verdict and appeal against it!

Cyrus Mistry's reinstatement as chairman and director of the Tata companies for the rest of his tenure was symbolic at best as he hardly had any significant tenure left

Tata-Mistry dispute will test the rights of minority shareholders: Lawyers

The SC on Friday agreed to hear a plea filed by the SP Group challenging the National Company Law Appellate Tribunal's (NCLAT's) December order

NCLAT quashes NCLT order making MCA a party to all IBC proceedings

Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy

Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas

The NCLAT has approved the entire proposal of the government, which is in the "final stages of resolution"

NCLAT dismisses Gayatri Devi's grandchildren claim on Jai Mahal Hotels

The grandchildren had earlier won the battle for transmission of their father's shares in their names

Flaws in Today Homes IBC process, UVARC demands offer to be reconsidered

The CoC in this case comprise over 1,757 residential flat owners spread across 18 towers and 21 commercial units in Noida. No banks are creditors

Govt ramps up capacity of the NCLT Benches to boost decision-making

Since inception, close to 62,000 cases came to the NCLT. These include the ones which transferred from board of industrial and financial reconstruction and high courts

Justice S J Mukhopadhaya: 'Argumentative' outgoing NCLAT chairman

Mukhopadhaya's recent ruling restoring Cyrus Mistry as Tata Sons chairman came as a rude shock to the salt-to-software giant

Govt appoints Justice B L Bhat as officiating chairman of NCLAT

NCLAT Chairperson Justice Sudhansu Jyoti Mukhopadhaya retired on Friday

IL&FS case: Appellate tribunal accepts revised distribution framework

NCLAT has directed the company to place the matter thereafter before the tribunal for its approval

NCLAT accepts fresh 'pro-rata' distribution framework for IL&FS creditors

The National Company Law Appellate Tribunal (NCLAT) on Thursday accepted a fresh distribution framework based on "pro-rata distribution" among creditors of debt-ridden IL&FS group from the proceeds of the sale, as suggested by the government. A two-member bench headed by Chairman Justice S J Mukhopadhaya said that the resolution framework should be "fair and equitable" and should ensure that interests of all stakeholders are considered and balanced. The appellate tribunal rejected the objections raised by the creditors, which wanted the NCLAT to follow Section 53 of IBC for distribution of funds, the appellate tribunal said that it would be against the public interest as the money invested by these public funds, in fact belonged to share and unit holders. "We reject the objections raised by some of the Creditors, as noticed above, we accept the suggestion of pro-rata distribution as suggested by Union of India and the procedure as suggested by it for the purpose of completing ...

NCLAT sets aside CAIT plea against CCI nod to Walmart's Flipkart buy

A two-member bench of the appellate tribunal headed by Justice S J Mukhopadhaya said CAIT failed to establish its allegations against CCI granting approval for Walmart-Flipkart deal

'Delay in appeal': NCLAT dismisses DoT's plea in Aircel moratorium issue

The National Company Law Appellate Tribunal (NCLAT) has dismissed the telecom department's plea citing delay in appeal against the NCLT order which held that the spectrum and licence of debt-ridden Aircel cannot be taken away during the insolvency resolution period. The Department of Telecommunications (DoT) had appealed against an order of the Mumbai bench of the National Company Law Tribunal (NCLT). In its plea, the DoT raised the issue as whether licence/spectrum to run a telecom company could be subject to moratorium during the insolvency proceedings or not. However, a three-member bench of the NCLAT held that the petition filed by the DoT was time barred under the provisions of Section 61 of the Insolvency & Bankruptcy Code, 2016. Under the IBC, any appeal against order passed by the NCLT could be filed before the appellate tribunal within 30 days and the delay which can be condoned for reasonable cause in the NCLAT is only 15 days. "This appeal was presented on February 20,

NCLAT asks NCLT to decide on liquidation of Lakshmi Cotsyn within 10 days

The National Company Law Appellate Tribunal (NCLAT) has asked the Allahabad bench of the NCLT to decide within 10 days on the liquidation of Kanpur-based textile manufacturer Lakshmi Cotsyn. A two-member bench comprising Justice Bansi Lal Bhat and Shreesha Merla observed that plea for liquidation of Lakshmi Cotsyn is pending before the National Company Law Tribunal (NCLT) on the pretext of one or the other miscellaneous application being filed in the matter. "Such conduct on the part of different characters cannot be permitted to thwart the course of insolvency resolution proceedings under I&B Code," it said. "Having regard to the object of the statute and to protect the interests of all stakeholders, we request the Learned Adjudicating Authority (NCLT) to take up the liquidation application for disposal at the earliest and make all possible endeavours to pass appropriate orders thereon within 10 days," said the NCLAT order dated March 3. The NCLAT direction came on a plea filed ..

SC admits plea challenging NCLAT order allowing sale of Bhushan Power

The Supreme Court Friday admitted a plea challenging appellate tribunal NCLAT's order allowing JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A bench comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant refused however to put the sale on hold. "The appeals are admitted. Senior Advocate Dr A M Singhvi, appearing for the Committee of Creditors, states that in case he receives money, he will return the said amount within two months, if the appeal succeeds," the bench said. The apex court has put up the matter for hearing on April 15. A two-member bench of the National Company Law Appellate Tribunal (NCLAT), headed by Chairman Justice S J Mukhopadhaya, had said that JSW Steel will be immune from the acts done by the former promoters of Bhushan Power & Steel Ltd (BPSL). However, it had also said that prosecution against the former promoters under the money laundering ...

Allcargo Logistics gets Sebi nod for open offer to buy 26% in Gati

Multi-modal logistics firm initiates final phase of stake buy in Gati

IL&FS case: NCLAT rejects Deloitte, KPMG auditors plea against impleadment

The NCLAT on Wednesday dismissed the pleas of auditors of debt-ridden IL&FS -- Deloitte Haskins & Sells and KPMG arm BSR & Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the National Company Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J ...

NCLAT asks CCI to probe against Flipkart over alleged unfair practices

Earlier, the CCI had absolved e-commerce major Flipkart of unfair practices using its dominant position