Page 4 - Nclat

RCap lenders withdraw petition against IndusInd International at NCLAT

Lenders of debt-ridden Reliance Capital have withdrawn petition filed against IndusInd International Holdings Ltd (IIHL) before appellate tribunal NCLAT. The Committee of Creditors (CoC) of Reliance Capital has informed NCLAT that the resolution plan was completely implemented by IIHL with the transfer of complete payment amounts in terms of the resolution plan. The CoC sought permission of the National Company Law Appellate Tribunal to withdraw its appeal filed against the NCLT order, in consideration of the completion of the implementation of the resolution plan by IIHL. While allowing CoC's application for withdrawal, NCLAT noted counsel appearing for the administrator as well as IIHL had no objection towards this. "In the circumstances, the said application stands allowed. Accordingly, the appeal is disposed of as withdrawn. Pending applications, if any, are also disposed of," said a two-member bench comprising Justice Yogesh Khanna and Ajai Das Mehrotra in its order passed on

NCLAT upholds CCI ruling against Google, cuts penalty to Rs 216 crore

The penalty imposed on Google was cut down from Rs 936.44 crore to Rs 216 crore

NCLAT reduces penalty on Google to Rs 216 crore in Play Store case

Appellate tribunal NCLAT on Friday upheld the order passed by fair trade regulator CCI against Google for abusing its dominant position with respect to Play Store policies, however, reduced the penalty on the tech giant to Rs 216 crore from Rs 936.44 crore. A two-member bench comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra said Google "has abused its dominant position and has violated Section", however in some sections, violation was "not proved, but penalty was still leviable on proof of violation". "The penalty imposed on the Google is modified as per computation contained in paragraph 105 of this order. Thus, the penalty imposed on the Google for relevant turnover of last three preceding year of Rs 936.44 crores, is modified to the amount of Rs 216.69 crore (USD 2,98,89,312.39)," said the NCLAT order. As Google has already "deposited 10 per cent of the penalty in the present Appeal, rest of the amount of penalty shall be deposited by the Appellant ..

Would have emerged from insolvency if IRP acted on time: Byju's tells NCLAT

"There was a settlement (with BCCI), that settlement was before the Committee of Creditors (CoC) was being constituted," said Arun Kathpalia, the senior advocate appearing for Raveendran

Religare Enterprises withdraws NCLAT petition against CCI order

Religare Enterprises has withdrawn its appeal at the NCLAT against a competition watchdog CCI order that allowed four Burman group entities to acquire a 5.27 per cent stake in the financial services firm. The move comes after the Burman Family, through its investment firms, gained a controlling stake in Religare Enterprises Limited (REL) after acquiring 25.16 per cent of equity shares through an open offer. The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50 per cent, consolidating their position as the largest shareholders in the company. During the proceedings, the "authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant is not interested in pursuing the matter and intends to withdraw this appeal", the NCLAT order said. "In view of this, the appeal stands dismissed as withdrawn. All the pending applications are also disposed of," a two-member bench ordered last week.

NCLAT condones delay in PepsiCo insolvency plea, to list for hearing

The National Company Law Appellate Tribunal (NCLAT) on Monday condoned the delay over a plea to initiate an insolvency petition filed against food & beverage major PepsiCo India Holdings by one of its operational creditors and directed to list for hearings before a bench. The Registrar of the appellate tribunal has condoned the delay of six days in re-filing the Memo of Appeal against the orders of the Chandigarh bench of the National Company Law Tribunal, which had rejected SNJ Synthetics's plea. Under the Insolvency and Bankruptcy Code (IBC), a person aggrieved by an NCLT order can challenge it before the appellate tribunal NCLAT by filing an appeal within 30 days from the date of receiving the NCLT order. "Considering the submissions made on behalf of the appellant and for the reasons mentioned in the IA, which are sufficient, the delay of 06 days in re-filing the Memo of Appeal is hereby condoned. As prayed, list the case before the Bench under the heading for admission (fresh

NCLAT dismisses Deloitte Haskins' plea on admissibility of SFIO's report

Appellate tribunal NCLAT has dismissed petitions by Deloitte Haskins and Sells and its two associates, challenging the admissibility of the second interim investigation report by the Serious Fraud Investigation Office (SFIO) on Infrastructure Leasing and Financial Services (IFIN). The petitions also contested the compilation submitted by the government (MCA) to the tribunal. The compilation included documents related to the IFIN investigation report and the amended request regarding the proceedings against them to freeze their assets based on the second interim report by SFIO. A two-member bench of the NCLAT upheld an earlier order issued by the Mumbai Bench of the National Company Law Tribunal. On July 22, 2024, the tribunal ruled that the second interim SFIO report, along with the accompanying documents, could be considered for both interim relief and the final declaration. "We, thus, are of the view that the second SFIO Report as well as the compilation of documents filed by th

NCLAT sets aside insolvency proceedings against Coffee Day Enterprises

The NCLAT was hearing an appeal filed by a director of CDEL's suspended board

SC stays NCLAT order asking NBCC to complete Supertech housing projects

The Supreme Court on Friday stayed an order appointing state-owned NBCC as the project management consultant to complete debt-ridden realty firm Supertech Ltd's 16 housing projects at nearly Rs 9,500 crore cost. A bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan heard two appeals against the NCLAT order and expressed concern for home buyers. The bench issued notices to the parties on the appeals and stayed the NCLAT order that appointed NBCC to take over the Supertech projects. The bench said it would examine whether the NCLAT followed the procedure under the Insolvency and Bankruptcy Code while appointing the NBCC as a project management consultant to complete the housing projects. The National Company Law Appellate Tribunal (NCLAT) on December 12, 2024 asked the National Buildings Construction Corporation (NBCC), a PSU under the union Ministry of Housing and Urban Affairs, to complete 16 housing projects, comprising 49,748 homes in Uttar

Coffee Day Enterprises negotiates settlement with IDBI Trusteeship

Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain, is trying to negotiate a settlement with its creditor IDBI Trusteeship Services in parallel to the ongoing proceeding before insolvency appellate tribunal NCLAT. On August 14, 2024, the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceedings initiated against CDEL by NCLT over the plea of DBI Trusteeship Services Ltd (IDBITSL). However, this was challenged by IDBITSL before the Supreme Court, which had on January 31, 2025, directed the Chennai bench of NCLAT to dispose of the pending appeal before February 21, 2025. The apex court had also directed that if the appeal filed by CDEL is not disposed of by NCLAT, then the order passed by the appellate tribunal staying the Corporate Insolvency Resolution Process (CIRP) shall stand vacated automatically. Updating the status, CDEL in a regulatory filing on Sunday informed: "The arguments in NCLAT are ongoing and in parallel the parties are .

In talks with Go First lenders to rescue airline: Busy Bee Airways to NCLAT

Busy Bee told the appellate tribunal that it has met with the lenders and plans to meet them again this week. It also said that it has shared an updated proposal with the lenders

Decide on BCCI-Byju's settlement in a week, NCLAT directs tribunal

The apex court had then asked BCCI to transfer the money in an escrow account, sending the case back to NCLT

Not given a fair hearing by NCLT: Former Byju's resolution professional

Srivastava told the NCLAT that the NCLT, Bengaluru, did not hear him in the absence of his lawyers and that the disciplinary action initiated against him was unfair

Riju Raveendran moves NCLAT against decision to reinstate 2 Byju's lenders

Riju, who is the brother of founder Byju Raveendran, has challenged a January 29 order of the National Company Law Tribunal (NCLT)

Approach lenders for acquisition of Go First: NCLAT to Busy Bee Airways

Busy Bee Airways, backed by travel portal EaseMyTrip's co-founder and CEO Nishant Pitti, challenged the liquidation of the airline last week

Will try to reach out to Go First lenders: Busy Bee Airways tells NCLAT

Busy Bee Airways, which has challenged the liquidation of grounded carrier Go First, on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders concerned. It also told the National Company Law Appellate Tribunal that it is ready to acquire Go First as a going concern as it still has valuable assets and a license from the Directorate General of Civil Aviation (DGCA) to operate. Travel portal EaseMyTrip's co-founder Nishant Pitti is the majority shareholder in Busy Bee Airways. Meanwhile, counsel appearing from the liquidator of Go First has agreed to file the minutes of the 37th meeting of the Committee of Creditors (CoC) of Go First before the National Company Law Appellate Tribunal (NCLAT), along with the additional affidavit. The appellate tribunal was hearing two petitions filed by Busy Bee Airways and Bhartiya Kamgar Sena Mumbai, challenging the order of the Delhi bench of the NCLT, which, on January 20, ordered the liquidation of t

NCLAT dismisses insolvency plea against HUL, cites pre-existing dispute

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea against HUL, filed by an operational creditor seeking initiation of insolvency proceedings against the FMCG major. The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of Lalithambica Enterprises, alleging default. The NCLT had found that the sum of the invoices, which was within the three-year limitation period, was less than the threshold limit of Rs 1 crore. Besides, the appellate tribunal noted that HUL's submission relates to a pre-existing dispute, for which a legal notice was issued on January 17, 2019. The decision was challenged before NCLAT, where a two-member bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Arun Baroka, dismissed it observing the existence of a dispute on claims. "... according to

NCLAT sets aside penalty on lenders for delay in Mudra Denim insolvency

The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors' plea seeking extension of deadline to complete the insolvency process, imposed a cost of Rs 55,000 on the Committee of Creditors (COC). This was challenged before NCLAT by COC through IDBI Bank, contending that there was not any laxity on the part of COC which decided to take Mudra Denim for liquidation on December 13, 2023, prior to the expiry of the CIRP (Corporate Insolvency Resolution Process) period. All facts could not be brought to the notice since the COC was not appearing before the NCLT, hence the imposition of cost was uncalled for, the lenders submitted. Also, the company's resolution professional said that e-voting on the appointment of the liquidator was ...

Some relief for WhatsApp as NCLAT grants partial stay on CCI order

NCLAT further stayed the penalty of Rs 213.14 crore, subject to WhatsApp/Meta depositing 50 per cent of the amount

Relief for WhatsApp as Indian tribunal suspends CCI's 5-yr data-sharing ban

The National Company Law Appellate Tribunal has temporarily suspended the antitrust panel CCI's five-year ban on WhatsApp sharing data with Meta entities, pending a challenge by Meta