Page 16 - Nclat

NCLAT stays insolvency proceedings against Container Corporation of India

The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against Container Corporation of India. On July 12, the New Delhi-based Principal bench of the National Company Law Tribunal (NCLT) had admitted the petition filed by Roadwings International, an operational creditor of the public sector enterprise, and ordered to initiate Corporate Insolvency Resolution Proceedings (CIRP). The order was challenged by the Container Corporation of India Ltd (CONCOR) before the appellate tribunal, which passed an order on July 14 to stay the NCLT's decision. The appellate tribunal also issued notices to the operational creditor Roadwings International and the interim resolution professional (IRP), which was accepted by their counsel present in the hearing. NCLAT granted one week time to file a reply to the operational creditor and rejoinder by CONCOR, if any, to be filed within two weeks thereafter and directed to list this appeal on September 4, 2023 f

NCLAT dismisses All India Chess Federation's appeal against CCI order

The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal of the All India Chess Federation against an order passed by the fair trade regulator CCI on grounds of non-prosecution by the sports body. Appellate tribunal NCLAT, in its order, said the All India Chess Federation (AICF) has taken several adjournments despite being indicated on May 19, 2022, that no further adjournment shall be granted. The order said that on several occasions hearing has been adjourned on the prayer made by the federation on August 5, 2022, September 23, 2022, and December 12, 2022. "Today again a prayer for adjournment has been sought. It appears that the appellant is not interested to pursue the appeal. The appeal stands dismissed due to non-prosecution," said NCLAT in its order dated July 11, 2023. The Competition Commission of India (CCI) had in July 2018 penalised AICF and directed it to "cease and desist" from anti-competitive practices. The ruling had come on a complaint filed b

NCLAT reserves order asking RIL to get nod for transferring RPPMSL's assets

The National Company Law Appellate Tribunal (NCLAT) on Friday set aside the order of NCLT, which had directed RIL to get stakeholders' consent for the transfer of the Digital EPC Company on a going concern basis from RPPMSL into the company. The NCLAT said the transfer of Digital EPC Undertaking from the wholly-owned subsidiary RPPMSL (of RIL) into the parent/transferee company RIL by way of the demerger is akin to the merger of the wholly-owned subsidiary with the parent company RIL. "We set aside the Impugned Order dated 11.5.2023 and direct that the convening and holding of meetings of Equity Shareholders, Secured and Unsecured Creditors of the Appellant Company RIL is dispensed with and further consent affidavits of 90% of the total value of shareholders and secured creditors and all unsecured creditors will not be necessary at this stage," said NCLAT. It further said: "The appeal is allowed and disposed of accordingly". The Mumbai bench of the National Company Law Tribunal (NC

Jalan-Kalrock's plan for Jet Airways unworkable, lenders tell Supreme Court

The lenders have filed a challenge to the NCLAT order of May 26 which granted the Jalan-Kalrock consortium three-and-a-half months more to make payments

NCLAT sets aside NCLT order rejecting insolvency plea against Uniworth

The National Company Law Appellate Tribunal on Monday set aside the order of the Kolkata bench of NCLT, which had rejected the plea of Asset Reconstruction Company to initiate insolvency proceedings against Uniworth Textiles Ltd (UTL), and remanded the matter back to hear it again. A two-member NCLAT bench comprising justices Rakesh Kumar Jain and Naresh Salecha said the NCLT had erred in rejecting the application filed under Section 7 of the Insolvency & Bankruptcy Code by Asset Reconstruction Company on the ground of limitation. "The appeal therefore succeeds and the impugned order dated March 17, 2020 is set aside. The case is remanded back to the Adjudicating Authority (NCLT) for decision on the merit of the application in accordance with the law," said NCLAT in its 36-page order. It had directed both parties to appear before the NCLT on July 28, 2023. Meanwhile, NCLAT also clarified it is not expressing any opinion regarding the merits of the case and the same needs to be ...

Zee Entertainment-Sony merger: NCLT sets hearing for June 10

The merger was previously approved by all regulatory bodies and was expected to be completed by September

IndusInd Bank says all dues cleared by ZEEL, NCLAT disposes of appeal

The tribunal has asked both parties to pay the cost of the interim resolution professional for the period the case was under the resolution process

As Google moves SC against CCI order, here's how the events unfolded

Competition Commission of India imposed a monetary fine of Rs 1337.76 crore on the tech giant as well as a list of directives it must follow

Parts of NCLAT's Rs 1,338 cr fine order on Google challenged by CCI in SC

NCLAT has upheld the Rs 1,338 crore fine on Google for allegedly abusing its position in the android ecosystem

Future Enterprises invites expression of interest for assets across India

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10

Govt seeks applications for 15 judicial, technical jobs at NCLT, NCLAT

The government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT. As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the NCLT. Besides, applications have been invited for 3 judicial members and 2 technical members at the National Company Law Appellate Tribunal (NCLAT). The last date for submission of the applications online for NCLAT is July 5 and for NCLT is July 19, according to two separate notices issued by the corporate affairs ministry on Tuesday. Among other requirements for the positions at NCLT and NCLAT, the applicants should be at least 50 years old. A person should have been a judge of a high court or a judicial member of the NCLT for five years or has a minimum 10 years of experience to be considered for the post of judicial members at the NCLAT. Those with "proven ability, integrity and standing

NCLT to hear Go First lessors' plea, directs IRP to file reply in one week

Insolvency tribunal NCLT on Monday directed the interim resolution professional of crisis-hit Go First to file a reply within one week over petitions filed by three lessors seeking possession of their aircraft and engines from the Wadia group firm. The three lessors, which approached the National Company Law Tribunal (NCLT), are BOC Aviation (Ireland), Jackson Square Aviation Ireland and Engine Lease Finance BV. A two-member NCLT bench has directed the IRP (interim resolution professional) to file a reply within 2 weeks and a rejoinder, if any, by the lessors. It had directed to list the matter on June 15 for the next date of hearing. Jackson Square Aviation Ireland has leased around 8 aircraft while Engine Lease Finance BV leased four engines to Go First. The lessors had moved to the NCLT after the appellate tribunal NCLAT had last month directed them to approach the insolvency tribunal over issues regarding the moratorium on their planes. Earlier, the NCLT on May 10, 2023, admi

Application to terminate leases of Go First's lessors not rejected: DGCA

The lessors of Go First had moved the high court against the DGCA, seeking to deregister their aircraft leased to Go First. This was shortly after the NCLAT upheld the NCLT order on May 22

Jaypee Infratech defers approval of financial statements for March quarter

Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech. An Implementation and Monitoring Committee (IMC) has been set up for taking all necessary steps for expeditious implementation of the resolution plan. In a regulatory filing, Jaypee Infratech informed that the meeting of the IMC was held on Monday, "wherein the approval of the financial statements of the company was deferred/postponed for seeking an extension by way of making necessary application...". "We would like to submit that, for finalisation of accounts and to capture the effects of the accounting treatment in the books of accounts of the company, few accounting ...

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The appellate tribunal set aside the NCLT order on grounds of "violation of principles of natural justice"

Jet Airways revival: Consortium gets 107-day extension to pay dues to SBI

National Company Law Appellate Tribunal passes order based on consortium's application

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment. It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequate opportunity by the NCLT to present its side and it didn't follow the principles o

NCLAT to hear Zee Entertainment's plea challenging NCLT order today

NCLT had directed Indian bourses to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment, formerly called Sony Pictures India

NCLAT defers Zee Entertainment's plea over merger approval to Friday

The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing to Friday on Zee Entertainment's petition against the NCLT order, directing bourses NSE and BSE to reconsider their approval for its merger with Culver Max Entertainment. A two-member NCLAT bench on Thursday directed the counsel appearing for Zee Entertainment Enterprise Ltd (ZEEL) to remove defects in the petition and directed to list the matter for the next day for hearing. The appellate tribunal was hearing the appeal filed by ZEEL against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment (earlier known as Sony Pictures Networks India). It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequ

NCLAT asks 3 more Go First lessors to approach NCLT for recovery of planes

The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed three aircraft lessors of Go First to approach NCLT over their claims for possession of aircraft, whose leases were terminated by them prior to initiation of insolvency proceedings against the Wadia group entity. The appellate tribunal directed Accipiter Investments Aircraft 2, Eos Aviation 12 (Ireland) and ACG Aircraft Leasing Ireland to go to NCLT over the applicability of the moratorium on their aircraft. "The facts and submissions raised in these appeals are same as has been considered and decided by our judgment and order dated May 22, 2023" hence these "also deserve to be decided in the same terms". On May 22, the NCLAT upheld the order of the Delhi-based Principal bench of the National Company Law Tribunal (NCLT), which had earlier this month admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed an interim resolution professional (IRP) to suspend the company