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The appellate tribunal NCLAT has dismissed petitions filed by two Dhoot brothers - Rajkumar Nandlal Dhoot and Pradeep Nandlal Dhoot, challenging the initiation of personal insolvency against them over a default committed by debt-ridden Videocon Industries. Personal Insolvency against the Dhoot brothers was initiated after SBI had issued a demand notice of Rs 5,353.78 crore over defaults by Videocon Industries, the principal borrower, for which they were the personal guarantors. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) has upheld the two orders passed by the Mumbai bench of NCLT in June last year, in which it had directed the initiation of insolvency against the duo, brothers of Videocon founder Venugopal Dhoot. The appellate tribunal also rejected their plea that petitions filed by leading public sector SBI, on which the National Company Law Tribunal has directed to initiate insolvency proceedings in their personal capacity, were barred under ...
Global tech giants Meta Platforms Inc. and WhatsApp told the Supreme Court on Monday that they will comply with the NCLAT's directions for extending the Competition Commission of India's (CCI) privacy and consent guidelines to advertising-related data. A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi was hearing appeals filed by the tech giants against the National Company Law Appellate Tribunal's (NCLAT) directions of December last year. The court is also seized of a cross-appeal filed by the CCI, assailing the NCLAT ruling to the extent that it allowed WhatsApp and Meta to continue sharing users' data for advertising purposes. "These applications essentially seek a direction for a stay of the impugned judgment of the NCLAT to the extent it approves the direction issued by the CCI directing Meta to comply with the impugned directions contained in the NCLAT order dated December 15, 2025, containing certain directions issued to Meta," the CJI ...
The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress of construction of projects of Suraksha Group-controlled Jaypee Infratech and submit a comprehensive status report before it. The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) was initiated on August 9, 2017. On March 7, 2023, Suraksha Group's bid was approved by the insolvency tribunal. However, buyers are now complaining of inordinate delays in completion of the project. A two-member Delhi-based principal bench of the NCLT has also taken note of the "anguish of homebuyers" and directed the committee to look into their grievances. The NCLT direction came over the application and affidavits filed by the flatbuyers of Jaypee Infratech. "Without prejudice to the contentions raised in this application and various reports, replies affidavit filed which in order to enable anguish of homebuyers' before us, in the interregnum, we are inclined to appoint
In a relief to Culver Max Entertainment (formerly known as Sony Pictures Network India), appellate Tribunal NCLAT has set aside an NCLT order rejecting the insolvency plea filed by the broadcaster against an Odisha-based fintech firm. The NCLAT has remanded the matter back to the Cuttack bench of the National Company Law Tribunal (NCLT) to hear it afresh. The National Company Law Appellate Tribunal (NCLAT) observed that NCLT should at least give an opportunity to Culver Max to rectify the defect in the application, and said the opportunity was not given in the present case. Hence, the NCLT order, which was passed on April 30, 2024, suffers from illegality and needs to be set aside, said a two-member NCLAT bench comprising Justice Yogesh Khanna (Member, Judicial) and Ajai Das Mehrotra (Member, Technical). "In the circumstances, without expressing any opinion on the merit of the appeal, we set aside the impugned order and remand the matter to the NCLT to provide an opportunity to th
Appellate tribunal NCLAT has rejected Equitas Small Finance Bank's appeal to initiate insolvency proceedings against Jumbo Finvest, upholding a National Company Law Tribunal order in the matter. Earlier, the Jaipur Bench of NCLT had rejected an insolvency plea against Jumbo Finvest, observing that it is a Financial Service Provider within the meaning of 3(17) of the Insolvency & Bankruptcy Code and is not a corporate person against whom a Section 7 application can be initiated. This was challenged by Equitas Small Finance Bank before the National Company Law Appellate Tribunal, contending that Jumbo Finvest was registered as a financial service provider by the RBI. The banking sector regulator on January 16, 2020, barred it from increasing the size of its balance sheet and was prohibited from accessing public funds in any form until further notice, as well as lending. It was submitted that in view of the order of the RBI, Jumbo Finvest actually is not in the business of a ...
The NCLAT has set aside an appeal by SEBI, where the markets regulator had asked the tribunal to recover the penalty imposed by it against an entity related to the diversion of funds in the Religare Finvest matter, saying such claims cannot be filed once the liquidation process begins under IBC. There was no infirmity in the decision of the liquidator in not admitting the claim of SEBI arising out of the order passed by the Adjudicating Officer (AO) and filed after a delay of 797 days after the liquidation commencement date, it said. The appellate tribunal upheld the order by NCLT and the liquidator of Annies Apparel, observing that the Insolvency & Bankruptcy Code (IBC) clearly freezes all claims as on the liquidation commencement date. The statutory provisions of the IBC read with attendant Liquidation Process Regulations, we are clear that the statutory intent of the IBC clearly freezes all claims as on the liquidation commencement date, said NCLAT. This accords inviolable ...