Page 16 - Nclat

Google gets relief on four key CCI directives, but Rs 1,338-cr fine stays

NCLAT upholds competition watchdog's observation that Google misused dominant position in Android ecosystem

ZEEL, IndusInd Bank settle dispute paving way for Sony-Zee merger

On February 22, the Mumbai bench of the NCLT had admitted the bank's insolvency plea against ZEEL

NCLAT upholds Competition Commission's Rs 1,337 crore penalty on Google

The NCLAT bench comprising chairperson Justice Ashok Bhushan and member Alok Srivastava said that the CCI investigation was not in violation of the principles of natural justice

NCLAT to pronounce verdict in Google Android case on Wednesday

After the apex court refused to grant interim relief to Google on January 19, the matter was sent back to NCLAT for the final order by March 31

NCLAT concludes hearing, reserves judgement over Google's plea against CCI

The NCLAT on Monday concluded its hearing over the petition filed by Google, in which the tech giant challenged the Competition Commission's order imposing a Rs 1,337.76 crore penalty for anti-competitive practices in relation to Android mobile devices. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) was conducting the hearing on a day-to-day basis for over a month. "Heard Learned Counsel for the parties. Hearing is completed. Judgment Reserved," said the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Alok Srivastava. On October 20 last year, the Competition Commission of India (CCI) slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. The regulator had also ordered the internet major to cease and desist from various unfair business practices. This ruling was challenged before the National Company Law Appellate Tribunal (NCLAT), which is an appellate authority over the .

SC refuses to stay NCLAT's order on second round of RCap auction

COC to meet today, second auction likely to be held on March 29, say lawyers privy to the matter

Zee Entertainment calls report of $10 million repayment 'speculative'

In a report on Thursday, Bloomberg said that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it

Google's 'castle and moat' strategy is data hegemony: CCI tells NCLAT

Fair trade regulator CCI on Thursday alleged that Google has created a digital data hegemony and called for a market space with "free, fair and open competition". Concluding the arguments of the Competition Commission of India (CCI) before the appellate tribunal NCLAT in the Google matter, Additional Solicitor General N Venkataraman said a market with greater freedom for all players would be in total sync with principles of free competition rather than the 'walled garden' approach of the internet major. On October 20 last year, the CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. The regulator had also ordered the internet major to cease and desist from various unfair business practices. This ruling has been challenged before the National Company Law Appellate Tribunal (NCLAT). On Thursday, Venkataraman submitted that Google had used its money-spinning search engine as the 'castle' and the rest of the other a

Google is not just dominant but 'super dominant', CCI tells NCLAT

Argues that competition law puts onus on Google not to abuse its dominant position and not allow its conduct to impair genuine undistorted competition

JAL approaches NCLAT against NCLT order on Jaypee Infratech matter

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order relating to the distribution of Rs 750 crore in the Jaypee Infrastructure matter. The amount was deposited with the Supreme Court registry by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is going through insolvency proceedings since August 2017. JAL had challenged the NCLT order over the distribution of money, sources said. As per the NCLAT cause list, the matter between JAL and JIL is scheduled for hearing on Tuesday before a two-member bench of the National Company Law Appellate Tribunal (NCLAT). In an order on March 7, the National Company Law Tribunal (NCLT) approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd (JIL), a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. In its 491-page order, the NCLT had directe

NCLAT set aside Nike India's plea to initiate insolvency against its dealer

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed a petition filed by Nike India to initiate insolvency proceedings against one of its dealers. A two-member NCLAT bench upheld the orders of the National Company Law Tribunal (NCLT), which on December 22, 2022, rejected the footwear and apparel maker's plea to initiate the insolvency proceedings against its distributor on the ground of pre-existing dispute. The appellate tribunal further said it was "not satisfied with the submission of the Appellant (Nike India) that dispute is a moonshine dispute." However, the NCLAT said Nike India is free to take recourse to the mechanism as provided in the Distributorship Agreement for realisation of its dues. Nike India, an operational creditor had issued a notice under section 8 of the Insolvency & Bankruptcy Code (IBC) claiming an amount of Rs 3.15 crore. In its reply, Nike India's claim was disputed by Enkay Brand Distribution. On this, Nike India said it was a ...

IBC provisions cannot be turned into debt recovery proceeding: NCLAT

The National Company Law Appellate Tribunal on Monday said the provisions of the Insolvency & Bankruptcy Code (IBC) cannot be turned into a debt recovery proceeding as the idea of this special code is to bring a debtor company back on its feet. Setting aside an order of the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Coppertun Brewing, the appellate tribunal observed it "clearly fell in error" in admitting the plea "while turning a blind eye" on the evidence of pre-existing disputes between parties. When an operational creditor seeks to initiate an insolvency process against a Corporate Debtor, it can only be done in clear cases where no real dispute exists between the two, said the National Company Law Appellate Tribunal (NCLAT) bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. "What also heavily weighs on our mind is that both in terms of the objectives of the IBC and settled proposition of law as expressed and ...

SC to hear Torrent plea against NCLAT allowing 2nd RCap auction on March 20

The second-round auction, scheduled for March 20, will not take place now, further delaying the resolution process of RCAP

Torrent Group to appeal against NCLAT order in Reliance Cap matter in SC

The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore

Top headlines: FMCG demand up in Feb, Torrent moves SC against NCLAT order

Business Standard brings you the top headlines at this hour

Torrent moves SC against NCLAT order on auction of Reliance Capital assets

The lenders' of RCap have decided to hold the second round of e-auction, following the NCLAT order, on March 20

ZEE settles dispute with IPRS, insolvency petition withdraw by artist body

Leading broadcaster ZEE Entertainment Enterprises Ltd (ZEEL) on Monday said it has "mutually" settled disputes with the Indian Performing Rights Society (IPRS) and the insolvency petition filed against by the latter has been withdrawn before NCLAT. "The Company and IPRS have mutually entered into the settlement agreement today on such agreed terms by which all disputes and claims have been settled between the Company and IPRS and accordingly IPRS has agreed to withdraw the aforesaid insolvency petition filed by them," a regulatory filing by ZEEL said. Though ZEEL has not shared the terms and conditions of settlement but said it is "as per the settlement agreement entered into by the Company and IPRS. "There is no penalty paid and no material impact on the financial position of the Company," it said. Earlier this January, IPRS moved the insolvency tribunal NCLT against ZEEL claiming a default of Rs 211.41 crore. IPRS, which is a non-profit society comprising authors, composers and

Jalan-Kalrock in discussions to order 200 aircraft for Jet Airways

The airline wants to maintain a fleet that allows them to tap the market opportunity in India

NCLAT rejects plea against McDowell Holdings' insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) has rejected a plea by the shareholders of McDowell Holdings Ltd, challenging the initiation of the corporate insolvency resolution process (CIRP) against the firm. A two-member bench of the appellate tribunal upheld the order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which on April 8, 2022, directed to initiate CIRP over the plea filed by its financial creditor Sunstar Hotels and Estates. Nine shareholders, who together hold more than 15 per cent of the stake in McDowell Holdings Ltd (MHL), had moved the NCLAT against the order. While rejecting the plea, the NCLAT observed that the shareholders "do not have any 'Locus', and therefore the present appeals are not maintainable." The appellate tribunal stated that in its earlier rulings, the NCLAT had "held that an investor in a Corporate Debtor cannot claim to be an 'aggrieved person' for preferring an appeal against an order against insolvency petition."

NCLAT dismisses ex-Sintex Industries CMD Rahul Patel's plea on insolvency

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Rahul Arunprasad Patel, former chairman and managing director of Sintex Industries, challenging the insolvency case initiated against the debt-ridden textiles maker. A two-member NCLAT bench upheld the earlier order passed by the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had on April 6, 2021, directed to initiate a Corporate Insolvency Resolution Process (CIRP) against Sintex Industries over the plea filed by Invesco Asset Management (India). "We do not find any merit in the appeal to interfere with the order impugned passed by the adjudicating authority. The impugned order dated April 6, 2021, passed by the adjudicating authority is hereby affirmed. The instant appeal is hereby dismissed," said NCLAT. CIRP of Sintex Industries is almost near completion, where a joint bid by Reliance Industries Ltd and Assets Care and Reconstruction Enterprise has been voted with a 98.88 per cent .