Page 5 - Nclat

Competition Commission starts recovery proceedings against Google: Report

CCI had imposed a penalty of Rs 1,336.7 crore on Google on October 20 for indulging in anti-competitive conduct

Govt invites applications for judicial, technical positions at NCLAT

The government has sought applications for a total of three positions of judicial and technical members at the National Company Law Appellate Tribunal (NCLAT). The applications have been invited for the position of one judicial member and two technical members at the NCLAT. The last date for submission of the applications online is January 23, 2023, according to a public notice issued by the corporate affairs ministry on Friday. As per the requirements for the positions at NCLAT, the applicants should be at least 50 years old. He/she should have been a judge of a high court or a judicial member of the National Company Law Tribunal (NCLT) for five years or has been an advocate with 10 years of experience in litigation in matters relating to company affairs before NCLT, NCLAT, High Court or Supreme Court to be considered for the post of judicial member at the NCLAT. For the position of a technical member, NCLAT called for persons with "proven ability, integrity and standing having .

NCLAT sets aside CCI order on DLF, remanded back directing to examine

The NCLAT has set aside an order passed by fair trade regulator Competition Commission of India (CCI) with respect to DLF and directed it to examine the matter. The case pertains to CCI rejecting a complaint against DLF and its subsidiary for alleged abuse of the dominant position on the basis of a second/supplementary report from DG. The appellate tribunal said CCI was "not authorised to pass an order for further investigation" if once its probe unit - the DG (Director General) has already "noticed the violation" in its first report and "the same cannot be justified". Based on the second/supplementary DG report, CCI passed the order concluding that the contravention of the provisions" of the Competition Act was not established against DLF and its wholly-owned subsidiary DLF Home Developers. A two-member NCLAT bench said it was "of the opinion that without going into further detail or delving into the merit of the case the order impugned is liable to be set aside since the order

Google dials NCLAT against CCI's Android order, Rs 1,337-crore fine

Says CCI order presents a major setback for its Indian users and businesses who trust Android's security features

NCLAT sets aside pleas against CCI's Rs 873-cr penalty on UBL, beer makers

The National Company Law Appellate Tribunal (NCLAT) on Friday upheld the Rs 873-crore penalty imposed by fair trade regulator CCI on UBL and other beer makers. A two-member bench said after examining the materials and considering the arguments, it was of opinion that the "appellants had already admitted in the leniency application regarding their involvement in the cartelisation". Referring to the batch of petitions moved by the beer makers before the CCI seeking reduction in penalty, the NCLAT said: "Lesser penalty application is like an admission of guilt in a cartel." "Once they have admitted their involvement in an application filed under Section 46 read with Regulation 5, they were only entitled to question the imposition of penalty," said the two-member bench comprising Justices Rakesh Kumar and Ashok Kumar Mishra. The Competition Commission of India (CCI) on September 24, 2021, imposed penalties totalling over Rs 873 crore on UBL, Carlsberg India, All India Brewers' Associat

CCI likely to appeal against NCLAT order in DLF matter: Sources

The Commission in 2018 had found DLF in contravention of the Competition Act for abusing its dominant position and discriminatory practices

NCLAT upholds CCI's Rs 870 cr fine on Kingfisher, Carlsberg manufacturers

Throws out the appeals of the beer makers, who were accused of cartelisation in the sale and supply of the beverage in various states and UTs

Google moves NCLAT against CCI's fine over abusing Android market

Google said it has approached NCLAT to appeal the CCI decision to penalise the tech giant Rs 1,338 crore for abusing its dominant position in multiple markets in the Android mobile device ecosystem

Four issues between lenders and Jalan-Kalrock delay Jet Airways take-off

In this complex game of claims and counter-claims, Jet Airways, which was supposed to take to the skies again by October this year, remains firmly on the ground

IL&FS resolves Rs 56,943 cr debt as of Sept, addresses 93% of target

Infra lending firm's affidavit says it has reduced the number of entities under it from 302 to 101

Sensex, Nifty end flat after volatile day; Metal index up 2%, RIL down 1.5%

CLOSING BELL: RIL (down 1.45 per cent), Tech M, Dr Reddy's Labs, Bharti Airtel, Axis Bank, and TCS were the top laggards

CEAT, Apollo, JK Tyre: NCLAT relief may drive tyre stocks up to 16% higher

Most tyre stocks including JK Tyre, Apollo Tyres, CEAT, MRF and TVS Srichakra look strong on technical charts, looking to rally up to 16 per cent

Pass fresh order; review fines to save domestic tyre industry: NCLAT to CCI

Appellate tribunal NCLAT has directed the Competition Commission to pass a fresh order in the matter of alleged cartelisation by tyre companies, citing the need to re-examine arithmetical and inadvertent errors as well as to review the penalty to save the domestic tyre industry. The National Company Law Appellate Tribunal's (NCLAT) order dated December 1 has come on a batch of appeals filed by the tyre makers against the ruling by the Competition Commission of India (CCI) back in August 2018. The CCI had imposed penalties totalling more than Rs 1,788 crore on the tyre companies. In its 166-page order, the tribunal has remanded back all cases for review to CCI and also directed the regulator to pass a fresh order "after hearing the parties". The regulator should also "consider reviewing the penalty to save domestic industry" in view of the fact that it is under a lot of pressure from global tyre manufacturing companies where a lot of unutilised capacity is available, as per the ...

NCLAT stays CCI's Rs 169 cr penalty on Oyo, orders deposit of amount's 10%

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed a Rs 169 crore penalty imposed on Oravel Stays Ltd by the competition commission of India (CCI). Oravel Stays Ltd operates under the brand name Oyo. However, a two-member NCLAT bench while admitting the appeal filed by Oravel Stays Ltd (OSL) directed to deposit of 10 per cent of the penalty amount within six weeks. "The appeal is admitted subject to a deposit of 10 per cent of the penalty amount which must be deposited within a period of six weeks. Deposit should be in the form of FDR in favour of Registrar, NCLAT," the order said. The appellate tribunal has directed to list the matter on April 11, 2023, for the next hearing. "In the meanwhile, Counsel for the parties are granted liberty to complete pleadings, which must be completed before the first week of February 2023," the NCLAT said. Besides the fair trade regulator CCI, OSL has also made the Federation of Hotel and Restaurant Associations of India (FHRAI

NCLAT allows Jindal Stainless to bid for debt-ridden Rathi Super Steel

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the object was to obtain the maximisation of the assets, hence it "sees no reason to take a different view". "The Adjudicating Authority (NCLT) did not commit any error in taking note of the offer made by Respondent No 1 (JSL) who made an offer of initial Rs 190 crore and revised offer was Rs 201 crore i.e. much higher than the one on which Appellant was declared successful bidder," the NCLAT said. Jindal Stainless Ltd (JSL) submitted its Rs 190 crore bid for Rathi Super Steel after the liquidator forwarded the application before the National Company Law Tribunal (NCLT), seeking closure of the liquidation process and approval of terms and conditions of sale to Rimjhim Ispat and Synergy ...

NCLAT stays proceedings against BPTP as firm settles dispute with creditor

The National Company Law Appellate Tribunal has stayed insolvency proceedings against BPTP after the real estate firm informed NCLAT that it has settled the dispute with its operational creditor. On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against BPTP Ltd, a leading real estate player in Delhi-NCR, on a petition filed by an operational creditor, RBCL Projects. During the proceedings of NCALT on Friday, the counsel appearing for BPTP informed the appellate tribunal that there was a settlement between the parties on November 15, 2022. The counsel sought time to file joint application along with their operational creditor. The counsel for BPTP's operational creditor also made a statement before NCLAT, saying it has already received the amount under the settlement. Admitting it, NCLAT directed to list the matter on November 23 for the next hearing. "In the meantime, we stay the order dated November 14, 2022," it said. Earl

Jet Airways asks 60% staff to go on leave without pay for 3 months

This news comes after Jet Airways's revival plan hit another roadblock on November 18, after the new owner Jalan-Kalrock told the NCLAT of its inability to pay additional money

Jet Airways consortium may take difficult decisions to manage cashflows

Amid the continuing uncertainty over the fate of grounded Jet Airways, the Jalan Kalrock Consortium on Friday said it has not breached any terms of the insolvency resolution plan and might take difficult near-term decisions to manage cashflows. The consortium's resolution plan was approved by the National Company Law Tribunal (NCLT) in June last year but the airline, which also got its air operator certificate revalidated by aviation regulator DGCA in May this year, is yet to start operations. "... while we await the handover of the company as per the NCLT process, the longer-than-expected time being taken for the same may result in some difficult but necessary near-term decisions to manage our cashflows to secure the future while the airline is still not in our possession," the Jalan Kalrock Consortium (JKC) said in a statement. It did not elaborate on the decisions that could be taken to manage the cashflows. "We have not breached any term of the resolution plan, and we remain ..

Deadlock over carrier's revival: Banks not keen on sharing Jet's liability

Deadlock over carrier's revival after NCLAT order

NCLAT directs Jet Airways' new owner to clear unpaid provident fund, dues

Insolvency appellate tribunal NCLAT on Friday directed Jet Airways' new owner - Jalan-Kalrock consortium - to pay the unpaid provident fund and gratuity dues of employees of the carrier, which is going to restart its operation. It has directed the former resolution professional to "compute the payments to be made to workmen and employees within one month from today" and communicate the same to the Jalan-Kalrock consortium to take steps for the payment. Allowing a batch of petitions filed by the associations of workmen, Aircraft Maintenance Engineers, Officers and Staff Association and others, a two-member NCLAT bench had asked the new owner to make payment of provident fund dues as admitted by the resolution professional. "Successful Resolution Applicant is directed to make payment of unpaid provident fund to the workmen till the date of insolvency commencement, after deducting the amount already paid towards the provident fund in the Resolution Plan to the workmen," said the ...