Page 12 - Nclat

Zee-Sony case: NCLAT defers hearing over IDBI, Axis Finance plea to Oct 31

The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed. Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger. Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax ...

Striking right balance for sustainability, competition crucial: NCLAT chair

He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in Delhi

Zee-Sony merger: NCLAT adjourns hearing over Axis Finance plea to Friday

The National Company Law Appellate Tribunal (NCLAT) on Thursday adjourned the hearing to October 13 on a plea filed by Axis Finance against the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The appellate tribunal on Friday will hear another plea filed by private lender IDBI Bank, which has also challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) approving the merger. Counsel appearing for Axis Finance requested the tribunal to adjourn the matter to Friday when it will hear the same petition filed by IDBI Bank. During the proceedings, senior advocates Mukul Rohatgi and Arun Kathpalia - both representing ZEEL questioned the locus standi of Axis Finance to file such a petition and opposed passing any order. They also objected to the adjournment as IDBI's case arose out of a different set of facts, however, the appellate tribunal deferred the hearing of the case .

NCLAT adjourns Jet Airways hearing to Nov 1 as creditors seek more time

The insolvency appellate tribunal NCLAT on Thursday adjourned its hearing on Jet Airways matter to November 1, as the creditors sought more time to file a reply over the compliance affidavit filed by the Jalan-Kalrock Consortium -- the successful bidder of the grounded carrier. Counsel appearing for the creditors sought more time to complete their pleadings during the proceedings of the National Company Law Appellate Tribunal (INCLAT), which was accepted by a three-member bench. The creditors, which suspect the source of Rs 200 crore paid by the Jalan-Kalrock Consortium, have to file a reply over the compliance affidavit filed by the successful bidder. Last week, Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told NCLAT that there are apprehensions about the source of funds, which deposited the money for Jalan-Kalrock Consortium's (JKC). "The payment is not compliant with the resolution plan as it mandates that the money is to be pa

NCLAT chairman calls for developing mechanism to regulate digital markets

Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, NCLAT Chairperson Ashok Bhushan said on Thursday. Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets. He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital. Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies, he said. Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges. More than 600 delegates are expected to participate in the conference that concludes on Friday. Last time, this conference happened in India in 2013. Accor

NCLAT set aside CCI order imposing penalty of Rs 38 cr on 18 sugar mills

The NCLAT on Tuesday set aside a CCI order, imposing a penalty of Rs 38.05 crore on 18 sugar mills and two trade associations in 2018 in a case related to a joint tender floated by oil marketing companies for procurement of ethanol for blending with petrol. The appellate tribunal said the order passed by the fair trade regulator Competition Commission of India "suffers from illegality" and "does not comply with the requirement of adherence to the principle of natural justice". The quorum of CCI that heard the final arguments did not pass the necessary orders within a reasonable period of time, and by the time, the orders were pronounced in the case, one member was not present in at least four later hearings, and two members had demitted office, and therefore they did not participate in the decision making nor sign and authenticate the final order, said the National Company Law Appellate Tribunal (NCLAT). A two-member NCLAT bench also said that CCI passed the order on September 18, .

Supreme Court likely to hear Jet Airways lenders plea on October 12

JKC is the successful bidder for Jet Airways

SC to hear Google's appeal against CCI penalty of Rs 1,338 crore in Jan

The hearing was initially scheduled for 11 October but was postponed to January due to Constitution bench hearings

Lenders of Jet Airways question source of revival infusion by JKC

Say payment not in compliance with resolution plan; consortium questions lenders' intent to transfer airline's ownership

JKC infuses Rs 100 crore for revival of Jet, eyes resuming ops in 2024

JKC has thus infused Rs 100 crore by 31 August and another Rs 100 crore by 30 September

Supreme Court allows Orbit Electricals to vote in Finolex Cables' AGM

The dispute is related to the executive control of Finolex Cables involving the cousins Prakash and Deepak Chhabria

NCLAT to start hearing Google plea against CCI penalty from Nov 28

The National Company Law Appellate Tribunal (NCLAT) will on November 28 begin hearing Google's plea against CCI imposing Rs 936.44 crore penalty on the tech giant for abusing its dominant position with respect to Play Store policies. This comes after one of its judicial members, Justice Rakesh Kumar, recused himself from hearing the plea on April 17. The matter was listed on Monday before an NCLAT bench comprising Chairman Justice Ashok Bhushan and Alok Srivastava, which directed the parties, including the contesting startups and Competition Commission of India to file their replies within four weeks. It also gave two weeks time to Google for filing rejoinder, if any. The appellate tribunal has directed to list the matter on November 28 for hearing. On April 17 this year, an NCLAT bench comprising Justice Rakesh Kumar and Alok Srivastava had ordered Google's appeal to be listed before another bench of which Justice Kumar was not a party. On October 25, 2022, CCI slapped a penalty

NCLAT to hear Google's appeal against Rs 936 crore penalty from Nov 28

The appellate tribunal has asked the parties in the case to submit their responses within four weeks

IBC not recovery mechanism; dismisses plea against United Telecoms: NCLAT

The Insolvency & Bankruptcy Code is "not a recovery mechanism", observed the National Company Law Appellate Tribunal, while dismissing a plea against United Telecoms Ltd filed by one of its operational creditors. This is the second such observation from the Chennai bench of the insolvency appellate tribunal this month, after declining to entertain the petition from operational creditors. Earlier, it had refused to entertain an insolvency petition against Wipro Ltd after observing that the bankruptcy law cannot be used as a means to recover debt against solvent companies. Again, while rejecting a plea against United Telecoms last week, a two-member bench comprising justices M Venugopal and Shreesha Merla said: "Time and again, the apex court in a catena of judgments held that the IBC is not a 'recovery mechanism'. The appellate tribunal upheld the order by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had dismissed the plea moved by an operational creditor .

NCLAT dismisses IDBI plea for insolvency against Cyquator Media Services

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed the petition of IDBI Trusteeship Services challenging the order of NCLT which had denied starting insolvency proceedings against Essel group firm Cyquator Media Services. A two-member bench of the appellate tribunal observed that the default, claimed by IDBI Trusteeship, had happened during June 2020, which is covered under the period excluded under Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10A bars absolutely and forever, the filing of any application under Sections 7, 9 and 10 of the Code, for defaults committed on or after March 25, 2020 up to March 25, 2021. No application for initiation of the corporate insolvency resolution process can be filed in respect of any default that has occurred on or after March 25, 2020 till September 24, 2020, which was subsequently extended till March 25, 2021 by the government through a notification dated December 22, 2022. In June this year, the Mum

Coffee Day Global settles with creditor; NCLAT sets aside insolvency order

On July 20, the Bengaluru bench of NCLT had directed the initiation of insolvency proceedings against CDGL

NCLAT dismisses operational creditor's insolvency plea against Wipro

The National Company Law Appellate Tribunal has dismissed an operational creditor's petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for being a "mere recovery legislation for creditors". The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the NCLT. Earlier, the Bengaluru Bench of the National Company Law Tribunal (NCLT), on January 16, 2020, dismissed the plea by Tricolite Electrical Industries in the capacity of operational creditor. The order was challenged by the Delhi-based operational creditor, a manufacturer of 'LT/ HT Electric Panels' before the appellate body NCLAT. However, the NCLAT also dismissed it after observing, "We are satisfied that a dispute' truly existed for the Respondent Company (Wipro) to have withheld

NCLAT issues notice seeking Zee Entertainment's reply over IDBI Bank's plea

The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notice to Zee Entertainment Enterprises Ltd (ZEEL) over a petition filed by private sector lender IDBI Bank, directing it to file a reply within two weeks. The private lender has challenged an NCLT order, which on May 19 rejected a plea to initiate insolvency proceedings against the media major. An NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra also granted two weeks to IDBI Bank to file rejoinder and directed to list the matter on October 11 for the next hearing. The Mumbai bench of the National Company Law Tribunal (NCLT) on May 19, 2023, set aside the bank's plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench said that Zee Entertainment Enterprises Ltd (ZEEL), which was the corporate guarantor for the loan availed by Siti Networks -- the ...

JKC gets time till Sept-end to pay Jet Airways lenders Rs 350 crore dues

The date for the payment was earlier set for 31 August, but JKC had sought an extension

Jet Airways case: NCLAT extends time till Sep 30 for JKC to pay Rs 350 cr

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways. A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore. The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The NCLAT order is yet to be uploaded on NCLAT website. Earlier, the consortium was to pay Rs 350 crore to the lenders b