Page 15 - Nclat

Voluntary insolvency by Go First a fraudulent exercise: SMBC to NCLAT

Initiation of insolvency by Go First was a "fraudulent exercise", alleged one of the aircraft lessors of the Wadia group firm SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT). SMBC Aviation Capital through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency. "Go First has no rights over the planes, which it does not own," he said. Moreover, he also questioned the proceedings at the National Company Law Tribunal (NCLT), which completed its hearing over Go First's plea to voluntarily initiate insolvency proceedings against itself in one day only. Lessors opposing Go First's plea wanted to file a reply under Section 65 of IBC, which deals with fraudulent or malicious initiation of proceedings. However "Instead of giving an opportunity, we were denied," Kathpalia added. He further said prior to insolvency, the lease with Go

Two more aircraft lessors move NCLAT against Go First's insolvency

Two more aircraft lessors -- GY Aviation and SFV Aircraft Holding -- on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First's voluntary plea to initiate insolvency proceedings. SMBC Aviation Capital, which is one of the world's largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First's plea to initiate the insolvency resolution process against the airline. Ireland-based GY Aviation is the largest lessor of Go First with 9 aircraft, while SFV Aircraft Holdings has leased out one aircraft to the Wadia group-owned company. SMBC Aviation Capital has 5 aircraft on lease with Go First. Now the total number of lessors before the National Company Law Appellate Tribunal (NCLAT) against Go First's insolvency has become three. The NCLAT on Thursday heard the petition of SMBC Aviation Capital. The matter was partly heard and a two-m

NCLAT to hear SMBC Aviation's plea against NCLT order on Go First today

Soon after the NCLT allowed Go First's plea on Wednesday, SMBC Aviation Capital's counsel moved the NCLAT

What happens when a company files for insolvency?

On May 2, Go First Airways filed for voluntary insolvency with the National Company Law Tribunal. What's next? Watch the video to find out

NCLAT sets aside CCI penalty on ITC for not furnishing info on Savlon deal

The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed on multi-conglomerate ITC by fair trade regulator CCI for not notifying for the acquisition of brands 'Savlon' and 'Shower to Shower' in 2017. ITC had 2017 acquired the antiseptic brand Savlon and the personal care product brand Shower To Shower from Johnson & Johnson Private. The Competition Commission of India (CCI) had on December 11, 2017, imposed a fine of Rs 5 lakh on ITC for alleged failure to give notice under sub-section 2 of Section 6 of the Competition Act. The section mandates the enterprise, which proposes to enter into a combination, to give notice to the CCI disclosing the details of the proposed combination, within 30 days. However, the CCI's order was challenged by ITC before the NCLAT, which is an appellate authority contending that the value of the deal was Rs 68.37 crore, hence, as per the rules and regulations, there was no need for any such notification. They were exempted .

Keeping an eye on digital space: CCI chairperson Sangeeta Verma

In August 2019, the commission introduced a 'green channel' route of approval for transactions

NCLAT to hear Yamuna e-way authority's plea on compensation for farmers

Insolvency appellate tribunal NCLAT on Tuesday said it will hear the plea of Yamuna Expressway Industrial Development Authority (YEIDA), which challenged the NCLT's order to approve Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. However, the National Company Law Applette Tribunal (NCLAT) declined to stay the order passed by the National Company Law Tribunal on March 7 and said the matter requires an early decision. Finding "substantial merit" in the YEIDA's appeal for higher compensation to farmers, the NCLAT issued notices to the Suraksha Group as well as the monitoring panel constituted to implement the resolution plan on YEIDA's petition. A two-member bench, headed by Chairman Justice Ashok Bhushan, said the appeal filed by YEIDA on NCLT judgment "requires an early decision". The appellate tribunal further noted that the NCLT in its order dated March 7, 2023 "has virtually extinguished the claim of the appellant (YEIDA) of additional farmers compensation by ...

NCLAT member recuses himself from hearing Google's Play Store case

A Judicial member of the appellate tribunal NCLAT has recused himself from hearing a petition filed by tech giant Google, appealing against Rs 936.44 crore penalty imposed by competition watchdog CCI for abusing its dominant position with respect to Play Store policies. On Monday, NCLAT bench Justice Rakesh Kumar and Alok Srivastava ordered Google's appeal to be listed before another bench of which Justice Rakesh Kumar is not a party. It has asked the registry of the National Company Law Appellate Tribunal (NCLAT) to place it before the Chairman of the appellate tribunal for this. "List this appeal before a Bench of which one of the Members [Mr Justice Rakesh Kumar, Member (Judicial)] may not be a party. The Registry is directed to place this appeal before the Chairperson, for his approval," the NCLAT bench said. Earlier, the NCLAT bench comprising Justice Kumar and Srivastava had on January 11 declined to grant interim relief to Google, seeking a stay on the Rs 936.44-crore penalt

Tata Coffee Q4 result: A look at how it performed in previous quarters

Tata Group in March 2022 announced a merger between Tata Coffee and Tata Consumer Products, NCLT's nod is expected soon

NCLAT dismisses NCLT order, directs Ansal Housing to pay money to creditor

Appellate tribunal NCLAT has set aside an NCLT order that rejected an operational creditor's plea seeking insolvency proceedings against Ansal Housing, terming it as a "fit case for the admission of CIRP". A two-member National Company Law Appellate Tribunal (NCLAT) bench said realty firm Ansal Housing has an operational debt due and payable, and dismissal of the Section 9 petition by the NCLT is "perverse and illegal and liable" to be set aside. Moreover, it has also directed Ansal Housing to pay Rs 12.72 lakh to Clicbrics Technologies within a month of the passing of this order. "The above payment shall be released within 30 days from the date of uploading of this order failing which the Corporate Debtor would come under the rigours of CIRP (corporate insolvency resolution process) on the expiry of said 30 days period," said an NCLAT order passed on April 5. It also added that in case, the operational creditor refuses to accept the above sum as payment towards operational debt,

I-T dept challenges NCLT order approving Suraksha's Jaypee Infratech bid

The Income Tax Department has filed an appeal against the National Company Law Tribunal approving Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL) under the insolvency resolution process. Sources said the I-T Department has filed the petition before the National Company Law Appellate Tribunal (NCLAT) against the NCLT order regarding certain claims. The department did not make any plea when the case was being heard by the NCLT's Delhi bench and the latest move is surprising, the sources added. According to the sources, the plea is expected to come up for hearing before the appellate tribunal next week. The department's petition is the fourth plea filed by an entity against the NCLT order passed on March 7. Last month, Jaiprakash Associates Ltd and its promoter Manoj Gaur approached NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infratech matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JA

Defining dominance

Google case can guide future investigations

TMS Ep402: NCLAT relief to Google, T20 WPL, markets, Trump indictment

How will NCLAT relief to Google affect you? What next for the Women's Premier League? Which factors will guide markets in FY24? Why has Donald Trump been indicted? All answers here

NCLAT order in Android matter will resonate globally on abuse of dominance

Appellate tribunal NCLAT's ruling in the Google matter will open the market for "free innovation" and will resonate as part of the global theme on abuse of dominance, Additional Solicitor General N Venkataraman has said. Venkataraman, who led the legal battle on behalf of the Competition Commission of India (CCI) against Google in the Android matter, also asserted that the six directions of the regulator that were upheld by the NCLAT cover almost 99 per cent of the remedies recommended to address the unfair business ways. "When abuse of dominance goes, it allows for free and fair market play for scientific development and innovation. There is more choice for startups, OEMs (Original Equipment Manufacturers) and consumers. The status quo bias will go. "The National Company Law Appellate Tribunal (NCLAT) order has set the foundation for the twin vision of Make In India and startup growth," Venkataraman told PTI in an interview here. Ruling on Google's appeal against the CCI's order i

'India's legal framework should be ready for eco development challenges'

National Company Law Appellate Tribunal Chairman Ashok Bhushan on Saturday said the country's legal framework must be robust enough to handle the challenges that come with economic development. The Insolvency and Bankruptcy Code, 2016 (IBC) unveiled by the Centre is a significant step in that direction, Bhushan said at the inauguration of the renovated court premises of NCLAT Chennai Bench by Union Finance Minister Nirmala Sitharaman here. The IBC is a comprehensive legislation that seeks to address the issue of insolvency and bankruptcy holistically. It is aimed at protecting all the stakeholders and also seeks to promote entrepreneurship by providing a more streamlined and efficient process for resolving insolvency, he said. "Former Union Minister of Finance the late Arun Jaitley pioneered the enactment of Insolvency and Bankruptcy Code in 2016. India's economy is the fastest growing in the world and as it grows it must ensure that its legal framework is robust enough to handle th

Adani Ports and SEZ Ltd completes acquisition of Karaikkal Port

The National Company Law Tribunal approved the plan for the Adani Group subsidiary to pay 14.85 billion rupees ($181 million) to financial creditors, the company said in a statement Saturday

NCLAT's 'effects analysis' order on Google may hinder other big tech probes

Present competition law does not provide for effects analysis. Conducting one would mean letting anti-competitive practices continue and taking action once adverse effects have already been created

Weekend Bites: Google, Sebi, fraud accounts, and a new Space Odyssey

In which we munch over the week's platter of news and views

Indian start-ups see apex tribunal's order against Google as a win

But fees charged by Google for app purchases remain a concern

NCLAT drops Jindal Stainless plea over Mittal Corp, asks to approach NCLT

Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed the lenders of Mittal Corp were "empowered to issue fresh RFRP" when none of the resolution plans had been approved by the committee of creditors (CoC). The lenders have already approved the bids of rival Shyam Sel and Power Ltd (SSPL) and an application has already been moved by the Resolution Professional (RP) before the Mumbai bench of the National Company Law Tribunal (NCLT) seeking its approval. NCLAT said issues raised by Jindal Stainless subsequent to February 10, 2023, when RFRP was issued, need no consideration. The tribunal further added it is open for Jindal Stainless to file an objection over the application filed by the RP before NCLT for approval of SSPL bid. The appellate tribunal said that its previous order of Janua