Page 21 - Nclat

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

NCLAT declines stay on CCI's Rs 936 cr Google penalty, asks firm to pay 10%

The NCLAT, on January 4, had refused an interim stay on an order of the competition regulator imposing a Rs 1,337 crore penalty on Google

Big Tech's new reality in India: Stricter regulation, face-off with telcos

All of a sudden, global tech giants are grappling with the prospect of more stringent regulation and domestic telco's demands for a level playing field

CCI order puts Android users' privacy at risk: Google to Supreme Court

The tech giant -- in its 739-page appeal challenging the National Company Law Appellate Tribunal's (NCLAT's) refusal to grant an interim stay

NCLAT upholds removal of resolution professional of Shree Ram Urban Infra

The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the order of NCLT, directing removal of the resolution professional (RP)of Shree Ram Urban Infrastructure Ltd. The appellate tribunal also directed the Insolvency and Bankruptcy Board of India to conduct an enquiry against the RP and take appropriate steps in accordance with the law. A two-member NCLAT bench comprising Justices Rakesh Kumar and Shreesha Merla said the NCLT was "well within its jurisdiction" to pass an order for the removal of the RP, particularly in a situation where he had not taken any steps to convene a meeting of the Committee of Creditors (CoC). The NCLAT observed that the Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Ram Urban Infrastructure Ltd (SRUIL) on November 06, 2019, and the first CoC meeting was conducted after more than one-and-a-half years on April 19, 2021. NCLT "has categorically observed that the RP has 'miserably failed to adhere to the timelines

Explained: Google-CCI saga and Competition Commission's shortcomings

With Google alleging that CCI copy-pasted an order passed by European Union's General Court, gaps in manpower and capacity at CCI have surfaced

NCLAT dismisses Wave Group's appeal for insolvency proceedings

The NCLAT upheld the old order, along with the fine of Rs 1 crore

Major setback for Google as NCLAT refuses interim stay on CCI order

Tribunal asks Google to deposit 10% of Rs 1,330 cr penalty levied by CCI; next hearing on April 3