Page 15 - Nclat

Top headlines: NCLAT calls for probe against Flipkart, services PMI, & more

From govt allowing telcos to defer payments to 28 coronavirus cases in India, here are the top stories for the day

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS case

The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of debt-ridden IL&FS auditors -- Deloitte Haskins & Sells and KPMG arm BSR & Associates -- challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and the independent directors of IL&FS. Earlier on July 23, the NCLT had allowed the plea of the Ministry of Corporate Affairs (MCA) to implead the auditors and independent directors of IFIN. "On the request of the counsel, we allow (that) interim order .

SC sets aside NCLAT order on Dhanuka's resolution plan for Orchid Pharma

The apex court's ruling effectively gives the green signal to Dhanuka's plan for Orchid Pharma

Top headlines: Note-ban ghost visits jewellers, Analysts on Q3FY20 GDP

NCLAT relief for Flipkart, FM on credit scores, flurry of dividend payouts by companies and more

Bhushan Power ex-MD Sanjay Singal challenges JSW resolution plan in SC

Petition says, JSW disqualified under Section 29A, has no claim on Rs 3,000 crore EBITDA during CIRP

Top 10 biz headlines: Vodafone Idea on the brink, Mistry moves SC, and more

In a day of twists and turns, the government received Rs 14,697 crore from three companies out of the telecom sector's total dues linked to adjusted gross revenue estimated at Rs 1.47 trillion

Bhushan Power takeover: NCLAT gives JSW Steel immunity from criminal probes

The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power & Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power & Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after ..

Pass order on plea within 2 months: NCLAT to NCLT on GE Triveni issues

The National Compamy Law Appellate Tribunal (NCLAT) on Monday asked the Bengaluru bench of NCLT to make a decision on the arbitration plea, preferably within two months, in the ongoing dispute between the JV partners of GE Triveni Ltd. A two member NCLAT bench headed by NCLAT Chairman Justice S J Mukhopadhaya also declined to interfere over the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT) at this stage. The Bengaluru bench of the National Company Law Tribunal (NCLT) had on September 27, 2019 issued notices over the petition filed under Section 45 of the Arbitration & Conciliation Act, 1996 by two service providers seeking arbitration in the issue. This was challenged before the NCLAT by Triveni Turbine, which is in dispute with its JV partner General Electric. "We are not inclined to interfere with the impugned order dated September 27, 2019," said the NCLAT. It further said that the tribunal is required to decide the interlocutory Applications .

Mistry files appeal in SC; says his family deserved more relief from NCLAT

Mistry, whose family owns 18.37 per cent stake in Tata Sons, has filed a cross appeal in the court

DEA had red flagged possible 'risks' over IL&FS collapse in 2018

The Department of Economic Affairs had earlier raised red signals over the likely collapse of IL&FS in a confidential note on September 30, 2018 and expressed concerns over its impact on the Indian economy, according to a latest affidavit filed by the corporate affairs ministry. The Ministry of Corporate Affairs (MCA) in the affidavit said the DEA had opined that if IL&FS group collapses, the Indian economy may have to face repercussions as redemption pressure would continue, debt market sell-off expected, may create liquidity crunch and NBFC licenses could be cancelled. "DEA had raised red signals of the likely collapse of IL&FS and had expressed its deep concern of such a collapse on the Indian economy," said MCA in the affidavit filed before the National Company Law Appellate Tribunal (NCLAT). Immediately after that, the MCA had moved the National Company Law Tribunal to take over the management of IL&FS, which had a debt exposure of over Rs 91,000 crore. According .

Realty firm under insolvency can continue to complete other projects: NCLAT

The NCLAT has also said that if insolvency is initiated against a project, it will not extend to the entire company or any of its other projects

Govt seeks 270 days more to complete resolution for 105 IL&FS group firms

The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services and Infrastructure Development Corporation of Assam are the nine companies. "For the remaining .

Insolvency limited to concerned realty project, won't impact others: NCLAT

The appellate tribunal has also suggested that there should also be a reverse corporate insolvency process in such cases

I-T dept reverses stance on NCLAT's proposed demerger order of Reliance Jio

Seeks law min opinion on course of action

Dalmia Cement to move NCLAT against NCLT over subsidiary insolvency case

The cement company is guided by RBI norms and directions, and there stands a strong legal ground for quashing of the NCLT order

In a breather to Raheja Developers, NCLAT sets aside insolvency proceedings

The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".

Market Wrap, Jan 24: Sensex up 227 pts, BSE mid-cap index hits 52-wk high

Banking counters were leading the charge from the front with ICICI Bank becoming the biggest contributor toward's today's gain, ahead of its December quarter results tomorrow

ED opposes dropping ongoing investigation against Bhushan Power and Steel

This is because the immunity provided by the new provision in the insolvency law is not applicable to the new promoter (JSW Steel)

NCLAT stays NCLT ban on ex-bankers' appointment as resolution professionals

The NCLT order had cast doubt on debt resolutions of several companies including Videocon Industries and Essar Projects, where former bank officials are working as IRPs

NCLAT asks DLF to transfer 60,000 shares to deceased investor's legal heirs

Proof of depositing the same will be submitted to the Registrar of NCLAT within a week thereafter, the order passed on January 13 said.