Page 15 - Nclat

After settlement between parties NCLAT set aside case against McLeod Russel

The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against leading bulk tea producer McLeod Russel following a settlement between the promoter and IL&FS Infrastructure Debt Fund. A supplementary affidavit was filed before NCLAT by the appellant (Aditya Khaitan), whereby an agreement between the parties dated May 5, 2023 was brought on record, The financial creditors also informed the appellate tribunal they already settled the matter with the promoter Khaitans and there are no issues between the parties. Following this, a two-member NCLAT bench closed the Corporate Insolvency Resolution Process (CIRP) initiated by the Kolkata bench of the National Company Law Tribunal (NCLT) on February 10, 2023. "In view the aforesaid, settlement agreement is taken on record, we close CIRP initiated by order dated 10.02.2023. Order dated 10.02.2023 is set aside," said NCLAT order, which was uploaded on the website on Tuesday evening. During the ...

Engine Leasing Finance moves to NCLAT against Go First's insolvency

After three aircraft lessors, Engine Leasing Finance BV has moved the National Company Law Appellate Tribunal (NCLAT), opposing the insolvency resolution proceedings initiated against Go First. Ireland-based Engine Leasing Finance is a leading engine financing and leasing company. It is a group entity of Japan-based Mitsubishi HC Capital Inc. A two-member NCLAT bench on Tuesday heard the plea of Engine Leasing Finance and reserved its order. The appellate tribunal said it will pass the order on May 22 along with the other three petitions. "Orders on 22.05.2023. Short written notes may be filed within two days by both the parties," it said. Three aircraft lessors -- SMBC Aviation Capital Ltd, GY Aviation and SFV Aircraft Holdings -- have moved the NCLAT against Go First's insolvency resolution proceedings. These lessors have leased out around 21 aircraft to Go First. On May 10, the National Company Law Tribunal (NCLT) allowed the voluntary insolvency resolution plea by Go First.

NCLAT closes Insolvency case against Marvel Realtors & Developers

The National Company Law Appellate Tribunal (NCLAT) has closed the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd after taking on record settlement with its financial creditor. A two-member bench of NCLAT headed by Chairperson Ashok Bhushan said that the realtor has submitted a settlement letter dated 08th May 2023 with its financial creditor IDFC First Bank. "We take the settlement letter dated 8th May 2023 on record, close the CIRP against the Corporate Debtor setting aside the Order dated December 23, 2022," said NCLAT order. Moreover, it also rejected the plea of Catalyst Trusteeship, which had filed an intervention application opposing the withdrawal of CIRP against Marvel Realtors & Developers. "Intervener is at liberty to take its own proceeding in accordance with the law to protect it," it said. The appellate tribunal observed that in the present case, a Committee of Creditors (CoC) has not yet been constituted and rejected the

NCLAT allows withdrawal of CIRP for McLeod Russel India, says IRP

Sources close to the development indicated that the settlement between McLeod promoters and IL&FS included a combination of payment of an amount and land

With Go First gone, rivals Air India, IndiGo, others ramp up flights

The government of India has also allotted cash-strapped Go First slots after representations that airports will lose money if they are not utilised

Go First insolvency: NCLAT to pass order on lessors' petitions on May 22

A two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on the the three petitions

AWG's warning to India is to influence NCLAT ahead of hearing: Wadia Group

The recent action of issuing a "watch list notice" by AWG (Aviation Working Group) is laced with double standards, a spokesperson with the Wadia Group which owns the struggling airline Go First, said on Sunday.AWG should focus on ensuring that its own members abide by international arbitration awards rather than issuing threatening watch list notices to India and quoting the Cape Town Convention (CTC) to influence the proceedings currently being heard in the National Company Law Appellate Tribunal (NCLAT), the Wadia Group spokesperson said further.The Wadia Group spokesperson also advised the AWG to first address the root cause by advising Pratt & Whitney to comply with the law and abide by the award issued by the emergency arbitrator appointed in accordance with the 2016 Arbitration Rules of the Singapore International Arbitration Centre (SIAC) to which, Pratt and Whitney voluntarily submitted themselves.The membership of AWG constitutes companies like Airbus, Boeing, Pratt ...

Zee Media board approves submission of bid to pave way for RBNL takeover

In its company filing, Zee Media said that a resolution had been passed on May 5, 2023, that granted approval to the company to submit its EOI with the CIRP of RBNL

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