Page 3 - Nclat

Android case: CCI's Rs 1,337 crore fine unreasonable, Google tells NCLAT

The tech giant also said CCI itself had recognised that Google's Mobile Application Distribution Agreement (MADA) was beneficial to Original Equipment Manufacturers (OEMs)

Zee's Goenka moves NCLAT to challenge admission of bankruptcy proceedings

Zee Enterprises' managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The appeal seeking relief against the National Company Law Tribunal's Mumbai bench order was filed by Goenka in the National Company Law Appellate Tribunal (NCLAT) on Thursday, as per an official statement from the company. "Goenka is taking all the necessary steps as per law to protect the interests of all stakeholders of Zee Entertainment Enterprises (ZEEL) and to achieve a timely completion of the proposed merger with Culver Max Entertainment," the statement said. A division bench of judicial member H V Subba Rao and technical member Madhu Sinha had on Wednesday admitted the plea by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a defa

Some relief for Khaitans as McLeod Russel gets interim stay in CIRP

Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement

RCap Resolution: NCLAT concludes hearing, reserves order on lenders' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday concluded its hearing and reserved its order over the petition filed by lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Senior advocate Mukul Rohatgi, representing Torrent Investments concluded his arguments and submitted that the Insolvency & Bankruptcy Code (IBC) intends for maximisation of the value, but the focus should be on the revival of the assets. Rohatgi contended that IBC is not a debt recovery platform and the Committee of Creditors should look beyond their individual recovery. "Focus should be on viability and feasibility," he said. On Monday, senior advocate Kapil Sibal representing for lenders had submitted that the intent of IBC is to maximise the value of the assets and the Committee of Creditors are free to negotiate the terms NCLAT was hearing a petition filed by Vistra ITCL (India), one of the .

Free to negotiate for maximising asset value: RCap lenders to NCLAT

Lenders of Reliance Capital on Monday told appellate tribunal NCLAT that there are no fetters on the power of creditors for negotiating over resolution plans in pursuit of higher valuation for the stressed asset. The intent of the Insolvency & Bankruptcy Code (IBC) is to maximise the value of the assets and the Committee of Creditors are free to negotiate with the terms for that, advocate Kapil Sibal said concluding arguments on behalf of lenders. Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm. The Mumbai bench of the NCLT (National Company Law Tribunal), on February 2, had said the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of Torrent Investments at Rs 8,640 crore being the highest. Sub-clause (1-A) to Regulation 39 of IBC allows the lenders power for negotiations on the resolution .

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

SC stays over Rs 800 cr penalty imposed on beer companies for cartelisation

The Supreme Court stayed the order of the NCLAT, which upheld the penalty of Rs 751.83 cr and recovery proceeding imposed on Heineken's Indian subsidiary by the Competition Commission of India (CCI)

CCI order unfair imposition, rival apps not restricted: Google tells NCLAT

Tech giant Google on Friday submitted before the NCLAT that there was "unfair imposition" by the competition watchdog CCI over its mobile app distribution agreement with device makers as it does not restrict from installing other apps, including that of rivals. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan on Friday said it will start day-to-day hearing of the matter from February 23, the next date of hearing. Google while arguing its matter before the National Company Law Appellate Tribunal (NCLAT) said that the placement of its apps on devices through pre-installation under MADA (Mobile Application Distribution Agreement) is not "unfair" as there is no restriction from installing other apps and enough space is available for them. The appellate tribunal was hearing a plea filed by Google against Rs 1,337 crore penalty imposed by the fair trade regulator CCI for abusing its dominant position in relation to Android mobile devices. Under MADA, OEMs (original ..

NCLAT halts NCLT's order allowing insolvency proceedings against Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order. Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it. This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which "allow this Appeal and set aside the order dated February 10, 2022". The appellate tribunal has said the corporate debtor (Zee Learn) had also moved an interim application before NCLT requesting to dismiss the Section 7 Application against it. This was entertained by NCLT and notices to YBL and others were issued on January 19, and the date of February 21 was fixed for a hearing. "We are of the view that the Adjudicating Authority (NCLT), it having already issued notice on t

No deviation in inviting 'challenge mechanism', RCap lender to NCLAT

Lenders of Reliance Capital on Friday submitted before the insolvency appellate tribunal NCLAT that there was no deviation from procedures in the 'challenge mechanism' adopted by them for the resolution of Reliance Capital case. The efforts were towards maximisation of assets and it is for the lenders to decide the value, submitted senior advocate Kapil Sibal representing Vistra ITCL (India) Ltd, one of the lenders of Reliance Capital. The adjudicating authority (NCLT) can not restrain the Committee of Creditors (CoC) from exercising their commercial wisdom, he said. "Ultimately we (CoC) have to decide the value," Sibal said, adding in this case, lenders decided not to cancel the bid after finding it suboptimal but to go for the "challenge mechanism". Sibal further submitted that the National Company Law Tribunal (NCLT) can not decide the value. Hinduja group firm Indusind International Holdings Ltd (IIHL) has also approached the National Company Law Appellate Tribunal (NCLAT), ..

SC dismisses Google's plea to amend Jan 19 order to back NCLAT's view

The Supreme Court on Friday refused to entertain the plea of Google LLC seeking modification of its January 19 order and said the company can raise its grievances during hearing of its appeal before the NCLAT. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said at most it can add "without prejudice" in the January 19 order and nothing more. Senior advocate Maninder Singh, appearing for the US tech giant said some portion in the January 19 order needs to be deleted. The bench said the order was dictated in the open court and therefore there is nothing to clarify or modify. The counsel appearing for Competition Commission of India (CCI) said the appeal of Google LLC is listed for hearing next week before the National Company Law Appellate Tribunal (NCLAT) and they can raise these issues before the tribunal. The bench told Singh, "Sorry, it can't be done. We will not do it. You can raise all these grievances during the hearing of the appeals".

NCLAT rejects bankruptcy board's plea against telecom tower firm GTL Infra

Corporate debtor's business is sustainable and it is a viable going concern, NCLT had ruled

RCap resolution: NCLAT issues notices to Torrent Investments, others

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent .

RCap case: NCLAT issues notices to Torrent Investments on lender's plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 10, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent

Reliance Capital lenders approach NCLAT over 2nd round of auction

Reliance Capital lenders have approached the National Company Law Appellate Tribunal (NCLAT) to seek a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the appellate tribunal. The petition has been listed before the bench headed by Chairman Justice Ashok Bhushan for hearing on Tuesday. Earlier on February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments' plea challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investment's application and decla

Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

NCLT rejects second auction of Reliance Capital; creditors likely to appeal

Torrent was the highest bidder in the first auction, offering Rs 8,640 crore

Enforcement Directorate searches Srei subsidiaries undergoing bankruptcy

The Enforcement Directorate (ED) Tuesday conducted simultaneous raids here on properties of of two organisations - Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd, which are undergoing bankruptcy proceedings, in connection with the ongoing probe into alleged illegal financial dealings by them, an ED official said. The central agency's officials raided an office of the promoters at Alipore area of the city, besides at Tangra, Hastings and an upmarket residence at Anandapur allegedly belonging to officers of the organisation, he said. "A total of nine places in the city are currently being searched ... Raids are underway at different places in the city as part of our investigation into the financial irregularities and illegal transactions by the two organisations," the ED official told PTI. The raids by about 50-60 ED officer are involved in the raids, which began at around 8.30 am with a large number of central forces on guard outside each of the nine premises, he ...

SC upholds NCLAT order on payment of dues to ex-employees of Jet Airways

In a setback to the Jalan-Fritsch consortium, the new owners of the cash-strapped Jet Airways, the Supreme Court on Monday upheld an NCLAT order directing the payment of the provident fund and gratuity dues of the airline's former employees. A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala said, "Anyone stepping in would know that there are overriding labour dues. Unpaid labour dues always take precedence. Somewhere, there has to be finality. Sorry, we will not interfere." The top court refused to entertain a plea moved by the consortium and upheld the National Company Law Appellate Tribunal's (NCLAT) order. At the outset, senior advocate Saurabh Kirpal, who appeared in the court on behalf of the consortium, said they will now have to put in an additional amount of more than Rs 200 crore and it would be difficult to revive the airline. He said once approved, the resolution plan cannot be modified or taken back. Senior advocate Siddharth Bhatnagar

Kishore Biyani resigns as executive chairman and director of Future Retail

Biyani's resignation was also received by the resolution professional on January 24