Nclat

NCLAT sets aside BCCI and Riju Raveendran's plea on Byju's settlement

The National Company Law Appellate Tribunal (NCLAT) has set aside the appeals filed by BCCI and Riju Raveendran seeking withdrawal of insolvency proceedings against Byju's and consider the settlement between the debt-ridden edtech firm and the apex cricket body. They had challenged the order passed by the Bengaluru bench of the National Company Law Tribunal, which had on February 10, 2025 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes USD 1.2 billion, is a member. A two-member Chennai bench of the NCLAT comprising Justice Rakesh Kumar Jain and Jatindranath Swain upheld the directions passed by the NCLT and said the settlement proposal was filed after the formation of CoC, hence as the provisions of section 12 A of the Insolvency & Bankruptcy Code, it requires the approval of the lender's body. Both BCCI and Riju have contended that since the application under Section .

NCLAT directs redaction of secret input by Google from Play Store judgment

The National Company Law Appellate Tribunal (NCLAT) has directed removal of the extracts from a confidential letter having revenue information of Google, from its last month's judgement against the internet giant on the Play Store policy. On March 28, the appellate tribunal had upheld fair trade regulator CCI's finding that the company's app store billing policy was unfair and restrictive for developers. However, it had slashed the penalty to almost a fourth to Rs 216 crore from Rs 936.44 crore. Alphabet Inc and Google Inc. have moved NCLAT to remove Paragraphs 97 to 100 from the 104-page order, submitting a letter dated October 6, 2022, which was a confidential document. This confidential document was in response to revenue information given by them. This had confidential revenue data. Even the Competition Commission of India (CCI) had maintained confidentiality. However, NCLAT, in the judgment on March 28, had quoted extracts from the confidential document in paragraphs 97 to ...

NCLAT rejects Supertech promoter's appeal against personal insolvency case

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by debt-ridden realty firm Supertech former promoter Ram Kishor Arora against personal insolvency proceedings initiated against him. He had challenged an order by the Delhi bench of the National Company Law Tribunal, which, in February 2025, directed to initiate personal insolvency proceedings against Arora on the plea filed by IFCI and appointed an IRP. A two-member bench of the appellate insolvency tribunal NCLAT said personal insolvency proceedings could not be defended based on another insolvency proceeding going against Supertech under section 7 of the IBC. It is on the lenders to proceed against both simultaneously or separately. Section 95 (1) of the Insolvency & Bankruptcy Code allows the creditors to file insolvency proceedings against the personal guarantors. Arora's counsel submitted the insolvency proceedings initiated against Supertech Ltd under Section 7 is currently sub-judice before ...

NCLAT allows banks to proceed against ex-IL&FS directors not on new board

The National Company Law Appellate Tribunal (NCLAT) has allowed state-owned Canara Bank and Indian Bank to pursue proceedings against former IL&FS directors, who are not part of the new board, to declare them as wilful defaulter. However, the appellate tribunal said those directors who are part of the new board of Infrastructure Leasing & Financial Services (IL&FS) and its various subsidiaries after October 1, 2018, would remain protected. "We are of the view that this protection shall extend to Professional Directors who have been reappointed in IL&FS and its subsidiaries who are the part of the present board. With respect to IL&FS and IL&FS Group...we grant leave to the bank to make an application for proceeding against them," said a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. The government had appointed a new board of IL&FS on October 1, 2018, after a Rs 90,000 crore debt surfaced, which had then sent ...

NCLAT rejects IDBI Bank's insolvency plea against Zee over Rs 150 cr dues

Section 10A of the IBC temporarily suspended the initiation of the insolvency process for defaults from March 25, 2020 to March 25, 2021 (a year) to provide relief to borrowers during COVID-19

NCLAT dismisses IDBI Bank's plea for insolvency against Zee Entertainment

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender's plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code. Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year. This special provision was inserted in the IBC by the government to help companies after economic activities had resumed post-lockdown

NCLAT rejects Busy Bee Airways plea challenging Go First liquidation

Busy Bee is backed by EaseMyTrip co-founder Nishant Pitti

RCap lenders withdraw petition against IndusInd International at NCLAT

Lenders of debt-ridden Reliance Capital have withdrawn petition filed against IndusInd International Holdings Ltd (IIHL) before appellate tribunal NCLAT. The Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the NCLT order, in consideration of the completion of the implementation of the resolution plan by IIHL. While allowing CoC's application for withdrawal, NCLAT noted counsel appearing for the administrator as well as IIHL had no objection towards this. "In the circumstances, the said application stands allowed. Accordingly, the appeal is disposed of as withdrawn. Pending applications, if any, are also disposed of," said a two-member bench comprising Justice Yogesh Khanna and Ajai Das Mehrotra in its order passed on

NCLAT upholds CCI ruling against Google, cuts penalty to Rs 216 crore

The penalty imposed on Google was cut down from Rs 936.44 crore to Rs 216 crore

NCLAT reduces penalty on Google to Rs 216 crore in Play Store case

Appellate tribunal NCLAT on Friday upheld the order passed by fair trade regulator CCI against Google for abusing its dominant position with respect to Play Store policies, however, reduced the penalty on the tech giant to Rs 216 crore from Rs 936.44 crore. A two-member bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said Google "has abused its dominant position and has violated Section", however in some sections, violation was "not proved, but penalty was still leviable on proof of violation". "The penalty imposed on the Google is modified as per computation contained in paragraph 105 of this order. Thus, the penalty imposed on the Google for relevant turnover of last three preceding year of Rs 936.44 crores, is modified to the amount of Rs 216.69 crore (USD 2,98,89,312.39)," said the NCLAT order. As Google has already "deposited 10 per cent of the penalty in the present Appeal, rest of the amount of penalty shall be deposited by the Appellant ..

Would have emerged from insolvency if IRP acted on time: Byju's tells NCLAT

"There was a settlement (with BCCI), that settlement was before the Committee of Creditors (CoC) was being constituted," said Arun Kathpalia, the senior advocate appearing for Raveendran

Religare Enterprises withdraws NCLAT petition against CCI order

Religare Enterprises has withdrawn its appeal at the NCLAT against a competition watchdog CCI order that allowed four Burman group entities to acquire a 5.27 per cent stake in the financial services firm. The move comes after the Burman Family, through its investment firms, gained a controlling stake in Religare Enterprises Limited (REL) after acquiring 25.16 per cent of equity shares through an open offer. The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50 per cent, consolidating their position as the largest shareholders in the company. During the proceedings, the "authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant is not interested in pursuing the matter and intends to withdraw this appeal", the NCLAT order said. "In view of this, the appeal stands dismissed as withdrawn. All the pending applications are also disposed of," a two-member bench ordered last week.

NCLAT condones delay in PepsiCo insolvency plea, to list for hearing

The National Company Law Appellate Tribunal (NCLAT) on Monday condoned the delay over a plea to initiate an insolvency petition filed against food & beverage major PepsiCo India Holdings by one of its operational creditors and directed to list for hearings before a bench. The Registrar of the appellate tribunal has condoned the delay of six days in re-filing the Memo of Appeal against the orders of the Chandigarh bench of the National Company Law Tribunal, which had rejected SNJ Synthetics's plea. Under the Insolvency and Bankruptcy Code (IBC), a person aggrieved by an NCLT order can challenge it before the appellate tribunal NCLAT by filing an appeal within 30 days from the date of receiving the NCLT order. "Considering the submissions made on behalf of the appellant and for the reasons mentioned in the IA, which are sufficient, the delay of 06 days in re-filing the Memo of Appeal is hereby condoned. As prayed, list the case before the Bench under the heading for admission (fresh

NCLAT dismisses Deloitte Haskins' plea on admissibility of SFIO's report

Appellate tribunal NCLAT has dismissed petitions by Deloitte Haskins and Sells and its two associates, challenging the admissibility of the second interim investigation report by the Serious Fraud Investigation Office (SFIO) on Infrastructure Leasing and Financial Services (IFIN). The petitions also contested the compilation submitted by the government (MCA) to the tribunal. The compilation included documents related to the IFIN investigation report and the amended request regarding the proceedings against them to freeze their assets based on the second interim report by SFIO. A two-member bench of the NCLAT upheld an earlier order issued by the Mumbai Bench of the National Company Law Tribunal. On July 22, 2024, the tribunal ruled that the second interim SFIO report, along with the accompanying documents, could be considered for both interim relief and the final declaration. "We, thus, are of the view that the second SFIO Report as well as the compilation of documents filed by th

NCLAT sets aside insolvency proceedings against Coffee Day Enterprises

The NCLAT was hearing an appeal filed by a director of CDEL's suspended board

SC stays NCLAT order asking NBCC to complete Supertech housing projects

The Supreme Court on Friday stayed an order appointing state-owned NBCC as the project management consultant to complete debt-ridden realty firm Supertech Ltd's 16 housing projects at nearly Rs 9,500 crore cost. A bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan heard two appeals against the NCLAT order and expressed concern for home buyers. The bench issued notices to the parties on the appeals and stayed the NCLAT order that appointed NBCC to take over the Supertech projects. The bench said it would examine whether the NCLAT followed the procedure under the Insolvency and Bankruptcy Code while appointing the NBCC as a project management consultant to complete the housing projects. The National Company Law Appellate Tribunal (NCLAT) on December 12, 2024 asked the National Buildings Construction Corporation (NBCC), a PSU under the union Ministry of Housing and Urban Affairs, to complete 16 housing projects, comprising 49,748 homes in Uttar

Coffee Day Enterprises negotiates settlement with IDBI Trusteeship

Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain, is trying to negotiate a settlement with its creditor IDBI Trusteeship Services in parallel to the ongoing proceeding before insolvency appellate tribunal NCLAT. On August 14, 2024, the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceedings initiated against CDEL by NCLT over the plea of DBI Trusteeship Services Ltd (IDBITSL). However, this was challenged by IDBITSL before the Supreme Court, which had on January 31, 2025, directed the Chennai bench of NCLAT to dispose of the pending appeal before February 21, 2025. The apex court had also directed that if the appeal filed by CDEL is not disposed of by NCLAT, then the order passed by the appellate tribunal staying the Corporate Insolvency Resolution Process (CIRP) shall stand vacated automatically. Updating the status, CDEL in a regulatory filing on Sunday informed: "The arguments in NCLAT are ongoing and in parallel the parties are .

In talks with Go First lenders to rescue airline: Busy Bee Airways to NCLAT

Busy Bee told the appellate tribunal that it has met with the lenders and plans to meet them again this week. It also said that it has shared an updated proposal with the lenders

Decide on BCCI-Byju's settlement in a week, NCLAT directs tribunal

The apex court had then asked BCCI to transfer the money in an escrow account, sending the case back to NCLT

Not given a fair hearing by NCLT: Former Byju's resolution professional

Srivastava told the NCLAT that the NCLT, Bengaluru, did not hear him in the absence of his lawyers and that the disciplinary action initiated against him was unfair