Page 18 - Nclat

SC dismisses Google's plea to amend Jan 19 order to back NCLAT's view

The Supreme Court on Friday refused to entertain the plea of Google LLC seeking modification of its January 19 order and said the company can raise its grievances during hearing of its appeal before the NCLAT. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said at most it can add "without prejudice" in the January 19 order and nothing more. Senior advocate Maninder Singh, appearing for the US tech giant said some portion in the January 19 order needs to be deleted. The bench said the order was dictated in the open court and therefore there is nothing to clarify or modify. The counsel appearing for Competition Commission of India (CCI) said the appeal of Google LLC is listed for hearing next week before the National Company Law Appellate Tribunal (NCLAT) and they can raise these issues before the tribunal. The bench told Singh, "Sorry, it can't be done. We will not do it. You can raise all these grievances during the hearing of the appeals".

NCLAT rejects bankruptcy board's plea against telecom tower firm GTL Infra

Corporate debtor's business is sustainable and it is a viable going concern, NCLT had ruled

RCap resolution: NCLAT issues notices to Torrent Investments, others

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent .

RCap case: NCLAT issues notices to Torrent Investments on lender's plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 10, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the Mumbai bench of National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent

Reliance Capital lenders approach NCLAT over 2nd round of auction

Reliance Capital lenders have approached the National Company Law Appellate Tribunal (NCLAT) to seek a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the appellate tribunal. The petition has been listed before the bench headed by Chairman Justice Ashok Bhushan for hearing on Tuesday. Earlier on February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments' plea challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investment's application and decla

Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

NCLT rejects second auction of Reliance Capital; creditors likely to appeal

Torrent was the highest bidder in the first auction, offering Rs 8,640 crore

Enforcement Directorate searches Srei subsidiaries undergoing bankruptcy

The Enforcement Directorate (ED) Tuesday conducted simultaneous raids here on properties of of two organisations - Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd, which are undergoing bankruptcy proceedings, in connection with the ongoing probe into alleged illegal financial dealings by them, an ED official said. The central agency's officials raided an office of the promoters at Alipore area of the city, besides at Tangra, Hastings and an upmarket residence at Anandapur allegedly belonging to officers of the organisation, he said. "A total of nine places in the city are currently being searched ... Raids are underway at different places in the city as part of our investigation into the financial irregularities and illegal transactions by the two organisations," the ED official told PTI. The raids by about 50-60 ED officer are involved in the raids, which began at around 8.30 am with a large number of central forces on guard outside each of the nine premises, he ...

SC upholds NCLAT order on payment of dues to ex-employees of Jet Airways

In a setback to the Jalan-Fritsch consortium, the new owners of the cash-strapped Jet Airways, the Supreme Court on Monday upheld an NCLAT order directing the payment of the provident fund and gratuity dues of the airline's former employees. A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala said, "Anyone stepping in would know that there are overriding labour dues. Unpaid labour dues always take precedence. Somewhere, there has to be finality. Sorry, we will not interfere." The top court refused to entertain a plea moved by the consortium and upheld the National Company Law Appellate Tribunal's (NCLAT) order. At the outset, senior advocate Saurabh Kirpal, who appeared in the court on behalf of the consortium, said they will now have to put in an additional amount of more than Rs 200 crore and it would be difficult to revive the airline. He said once approved, the resolution plan cannot be modified or taken back. Senior advocate Siddharth Bhatnagar

Kishore Biyani resigns as executive chairman and director of Future Retail

Biyani's resignation was also received by the resolution professional on January 24

Jet Airways lenders move NCLAT against Jalan-Kalrock consortium

According to the revival plan, the consortium proposed a total infusion of Rs 1,375 crore, including Rs 900 crore towards capex and working capital and Rs 475 crore to settle claims of the creditors

Google Play Store policies: CCI files caveat before Supreme Court

The NCLAT, on January 11, refused to stay the CCI order and asked Google to "cease and desist" from abusive Playstore practices

Google vs CCI: Indian firms see ray of hope as SC affirms NCLAT order

Indian internet firms have expressed optimism about finding clear space for their apps on Android devices as Google failed to find relief in the SC on an NCLAT and CCI order against the internet giant

Android dominance: Supreme Court turns down Google's plea on CCI penalty

Google has been given an additional week's time to comply with the CCI order, which includes paying 10 per cent of the penalty imposed by CCI

Supreme Court refuses to interfere with NCLAT order, asks Google to comply

The apex court, however, directed the NCLAT to dispose of the appeal filed by Google by March 31, 2023

World looking at us: CCI to SC in Google case; next hearing tomorrow

The CCI said that the issue at hand was of "national importance" and that Google be not given "two innings" at the NCLAT

'Will practice same regime as in Europe?', SC on Google plea on CCI penalty

The Chief Justice added, "Please reflect on this and come back"

Supreme Court to hear plea of Google against NCLAT order on January 18

The Supreme Court said it will hear on January 18 a plea of US tech giant Google against an order of the NCLAT refusing an interim stay on the competition regulator imposing a Rs 1,337 crore penalty

New player will always need more dealers: JSW Paints CEO Sundaresan A S

The company also intends to add one more manufacturing in the next three years with an investment of Rs 750-1,000 crore, Sundaresan A S, CEO at JSW Paints told Business Standard

NCLAT refuses to stay CCI's order of Rs 936 crore penalty on Google

The Appellate Tribunal will hear the matter on April 17