NCLAT stays NCLT directive to make MCA party to all insolvency cases
The appellate tribunal's direction came over a petition filed by the government through the Ministry of Corporate Affairs (MCA) challenging the NCLT order. In its petition, the government said the order passed by NCLT was beyond the power and jurisdiction conferred to it.
IBC to be amended to protect new owners of bankrupt companies
The Cabinet is likely to approve relevant changes to the three-year-old Insolve...
NCLAT directs ED to file final affidavit in BPSL assets attachment matter
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopad...
JSW’s plea upheld against order on Vardhman Industries
“The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.
Govt taking all steps to strengthen NCLT, NCLAT
The government has recently appointed 28 more members in NCLT and 4 more members in NCLAT, said Union minister Anurag Singh Thakur in order to quicken the legal proceedings and reduce the pendency of cases. Additional members have been appointed and additional courts are being operationalised from time to time.
NCLAT dismisses abuse of dominance charge against BMW India
Competition Commission of India (CCI) has said that as BMW has a negligible share in the passenger car segment in India, hence the question of abuse of dominant position did not arise. The NCLAT, which is an appellate authority over CCI, said it "find no ground to interfere with the well reasoned order impugned in this appeal" and dismissed it.
NCLAT denies RIL waiver to delist Alok Industries
Reliance Industries didn’t respond till press time Wednesday seeking comment.
NCLAT order may pave the way for delisting Alok Inds
NCLAT, in view of this, directed Reliance in its Wednesday order to comply with Sebi regulations.
Supreme Court upholds NCLAT order against encashing IL&FS’ guarantees
Maharashtra Metro Rail Corp had approached the top court seeking to encash bank guarantees after IL&FS Engineering & Construction Co failed to fulfil its contracts. However, the apex court has upheald the NCLAT order dated October 15, 2018 disallowing any such move. SBI alone has given bank guarantees worth around Rs 700 crore on behalf of IL&FS companies.
NCLAT extends deadline to December 16 for implementation of Patanjali's bid for Ruchi Soya
NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later the Singapore-based DBS Bank became dissenting creditor and approached NCLAT challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
Providing jobs to ex-Jet Airways employees not in our domain: Government
The Naresh Goyal-led Jet Airways, which was the largest private carrier at its time, was grounded on April 17 due to financial troubles.
NCLAT gives 30 days more to Sterling Biotech promoters to settle dues
A three-member bench headed by Chairperson Justice S J Mukhopadhaya also said the Enforcement Directorate will probe and ascertain whether the money paid by the promoters is not from proceeds of crime. The promoters of the company include absconding Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara.
NCLAT's Essar Steel ruling set aside: Everything you need to know
The Supreme Court on Friday set aside the July 4 order of the NCLAT approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden E...
NCLAT rejects PepsiCo plea for release of machinery from Oceanic Tropical
The NCLAT observed that Pepsico India Holding cannot derive advantage of its own agreement with Oceanic Tropical Fruits over the Insolvency & Bankruptcy Code (IBC), which has provision of termination in case of bankruptcy or liquidation or similar situation to get the assets back.
Govt plans to amend IBC to ring-fence buyers of stressed assets from prosecution
The proposed amendment will help make the insolvency process more attractive for the bidders.
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