Page 5 - Nclat

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

NCLAT restores IFIN's claim in Attivo with 39% vote share in lenders' panel

The National Company Law Appellate Tribunal (NCLAT) has restored claims worth Rs 593 crore of IL&FS Financial Service (IFIN) along with its voting rights in the committee of creditors in the ongoing insolvency resolution process of Attivo Economic Zones. Earlier the interim resolution professional of Attivo Economic Zones, a part of Kolkata-based Srei Infrastructure Finance (SIFL) and in the business of developing managing and marketing industrial parks, had on September 12, 2023, rejected the claims of the IL&FS group entity. IL&FS challenged this before the NCLAT which said it had already passed an earlier order "not permitting collapse of the Agreement with regard to Attivo Economic Zone (Mumbai)". Hence, "the very basis of issuing of letter dated 12.09.2023, rejecting the claim of IFIN is knocked out", said a two-member bench of the NCLAT which also consisted of Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra. "The letter dated 12.09.2023, issued ..

NCLAT admits Meta, WhatsApp's plea against CCI's Rs 213 cr penalty

After hearing the preliminary submissions from Meta and the CCI on the issue, a two-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, said the issue requires consideration

NCLAT admits Meta, WhatsApp appeals against Rs 213 crore CCI penalty

The CCI imposed a penalty of Rs 213.14 crore on Meta on November 18 last year, accusing the company of anti-competitive practices related to WhatsApp's 2021 privacy policy update

NCLAT gives go-ahead for Indiabulls Real Estate-Embassy Group merger

In a major relief to Indiabulls Real Estate (IBREL) and Embassy Group, the appellate tribunal NCLAT has sanctioned the scheme of amalgamation to merge both the real estate firms after setting aside the NCLT order stalling the process. "We set aside the impugned order of NCLT, Chandigarh and allow the prayer to sanction the scheme of amalgamation between the appellants (Indiabulls Real Estate, Embassy one & NAM Estates)," said a two-member NCLAT bench. The merger was on hold for the last 18 months, as the Chandigarh bench of the NCLT had withheld its permission in May 2023, despite all regulatory clearances from the CCI, bourses, RoC and approval from respective shareholders and creditors. The appellate tribunal said the National Company Law Tribunal (NCLT) should not have interfered in the valuation done by the experts using one of the standard prescribed valuation methods. "After going through the facts and circumstances and the relevant judicial precedences, we hold that NCLT, .

NCLAT rejects plea to stay insolvency proceedings against Indrajit Power

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal (NCLT), while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes Bank. The said order passed by the Mumbai bench of NCLT was challenged by Rajiv Munjal, a director from the suspended board of Indrajit Power, before the NCLAT. However, NCLAT upheld the NCLT order observing that it admitted the insolvency plea after finding debt and default which is not even questioned in the appeal filed by the suspended board. "The submission of the appellant (director) that he proposes to enter into settlement, itself makes it clear that debt and default are admitted. In view of the aforesaid, we do not see any good grounds to entertain this appeal," said a two-membe

Supertech lender rejects settlement proposal; NCLAT to decide on insolvency

Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the rejection of the settlement proposal. "Counsel for the appellant (Arora) submits that they have received the communication from Punjab & Sind Bank that the proposal submitted by the appellant is not acceptable," noted an NCLAT order recording the submissions. A three-member bench of the National Company Law Appellate Tribunal (NCLAT) said it will have to take a "final decision" in the matter as the appeal has been pending for the last several months. "As a last opportunity, one-week time is allowed to the appellant," said NCLAT directing to list the matter on January 23 for the next hearing. Supertech Township Projects is developing a Group Housing Project - Golf ...

Company law tribunal appoints 24 new members to tackle member shortages

The newly appointed members will serve for five years or until they reach the age of 65

Meta moves NCLAT over CCI's Rs 213 cr penalty in WhatsApp privacy case

Meta asked the NCLAT to hear the case urgently, noting its implications and the stakes involved and the NCLAT bench led by Chairperson Justice (Retd) Ashok Bhushan is likely to hear it

NCLAT to hear Meta Platform's plea against CCI's penalty on January 16

Meta Platforms Inc on Monday moved corporate appellate tribunal NCLAT against the order passed by fair trade regulator CCI, which imposed a penalty of Rs 213.14 crore for abuse of its dominant position. The petition was mentioned before a National Company Law Appellate Tribunal (NCLAT) bench which also comprised its Chairperson Justice Ashok Bhushan. Senior advocates Kapil Sibal and Mukul Rohatgi appearing for Meta requested for an urgent hearing in the matter considering the importance and nature of the matter. A three-member bench, which also consisted of technical members Barun Mitra and Arun Baroka, directed listing the petition on January 16 for hearing. On November 18, the Competition Commission of India (CCI) had imposed a penalty of Rs 213.14 crore on social media major Meta for unfair business ways with respect to WhatsApp privacy policy update done in 2021. Besides, the competition watchdog has directed Meta to cease and desist from anti-competitive practices. Meta and

SC calls for govt 'introspection' over excessive delays in filing pleas

The Supreme Court on Friday called for an introspection by government authorities, including the National Highways Authority of India, over excessive delays in filing of appeals. Chief Justice of India Sanjiv Khanna while hearing a plea by the NHAI said, "I think everyone is adhering to the time schedule in almost 95 per cent of the cases. Why should the government of India not be able to adhere to it? There is something wrong somewhere... Introspection is necessary." The NHAI challenged an order by the National Company Law Appellate Tribunal (NCLAT) in an insolvency case which was listed before the bench, also comprising Justice Sanjay Kumar. The NCLAT had dismissed the NHAI's appeal on account of the delay. Expressing disapproval over the 295-day delay, the CJI emphasised on the importance of adhering to procedural timelines and observed solicitor general Tushar Mehta, representing the NHAI, had agreed with the court and assured addressing the issue. "I undertake to speak to the