Page 23 - Nclat

Appoint new CFO for RattanIndia Finance within 60 days, says NCLAT

Appellate tribunal NCLAT on Wednesday set aside an NCLT order and directed to appoint a CFO for non-banking finance company RattanIndia Finance within 60 days. A three-member NCLAT bench said any suggested candidate by the JV partner LSF 10 Rose Investments, under section 140 of the articles of association (AoA) of the company, should be eligible under the provision of section 203 of the Companies Act, which provides for the appointment of Key Managerial Personnel (KMP). The National Company Law Appellate Tribunal (NCLAT) also held that NCLT had "committed error" in inferring that provision in article 140 of the AoA does not contemplate that a person's nomination can be considered to be valid or invalid. "The Impugned Order (of NCLT) is, therefore, set aside and the parties are directed to take necessary action for appointment of CFO of the R-2 company (Rattan India Finance) as per article 140 of the AoA, after making valid nominations, keeping in view section 203 of the Companies .

Amazon-Future Group row: Supreme Court to hear matter on September 19

"Amazon had misrepresented the scope and purpose of the proposed combination," CCI had said before the NCLAT

Centre may drop CEL sale amid ongoing money laundering case against bidder

A case is pending against Nandal Finance at NCLAT; RoC has also filed a winding-up petition against the firm

Centre set to wait for NCLAT ruling for Pawan Hans sale, hearing on Sept 1

The government's decision is based on the recommendation of its transaction adviser

WhatsApp has not abused its dominant position in India, rules NCLAT

The NGO had alleged that WhatsApp has made many changes to its privacy policy from the time Facebook acquired it, which was an abuse of its dominant position.

NCLAT stays NCLT order terming allotment of shares in Peerless 'void'

About 30,000 shares of Peerless had been issued to friends, relatives and nominees of the Roys, promoters of Peerless, in 1988 following an annual general meeting

Panel led by cabinet secy seeks more info on Central Electronics sale

Privatisation of state-owned firm held up after money laundering case against top bidder

Defaulting firm's debt includes both principal and interest: NCLAT

Case related to a company that challenged insolvency proceeding against it for delaying payments to borrower

Some gaps in ILC recommendations on resolution process, say experts

Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code

Realty firm Supertech plans Rs 300-crore fundraise for ongoing projects

On June 10, the NCLAT ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech and not the entire company

Will Amazon be able to overcome challenges to its expansion plans in India?

A tougher global e-commerce environment and repeated policy and regulation problems are raising questions about the company's India expansion plans

5 years of IBC: Loans taken for telecom, oil assets sank Videocon

VIL's problems began after it entered the telecommunications (telecom) business and its second generation (2G)-based telecom licences were cancelled by the Supreme Court (SC) in 2012

NCLAT upholds CCI order, asks Amazon to pay Rs 200 cr penalty in 45 days

The National Company Law Appellate Tribunal rejected Amazon's plea challenging the decision of CCI to suspend the approval for the e-commerce major's deal with Future Coupons

NCLAT begins insolvency proceedings in just one project of Supertech

NCLAT on April 12 stayed the formation of CoC as the promoters have sought some time to settle the matter with their financial creditor

NCLAT stays insolvency proceedings against RHC Holding initiated by NCLT

The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by former promoters of erstwhile Ranbaxy and Fortis Healthcare

NCLAT allows withdrawal of insolvency proceedings against Kanoria Sugar

The NCLAT has permitted withdrawal of corporate insolvency resolution process (CIRP) against Kanoria Sugar and General Manufacturing Company.

Appellate authority can't sit in appeal over 'commercial wisdom' of CoC: SC

The top court observed that interference would be warranted only when the National Company Law Tribunal or the National Company Law Appellate Tribunal finds the decision of CoC to be wholly capricious

NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis

The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units

IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule

The directive comes after observing gaps in the current IBC regime that deals with statutory claims

Implementation of Jet resolution plan subject to outcome of order: NCLAT

Insolvency appellate tribunal NCLAT said the implementation of Jalan-Kalrock consortium resolution plan for Jet Airways would be subject to the outcome of its order over the appeals filed before it.