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Dec 15, 2019, 11.36 AM IST

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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.

Assets of companies under insolvency can’t be attached by agencies

The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was appro...

NCLAT directs ED to file final affidavit in BPSL assets attachment matter

A two-member NCLAT bench headed by Chairperson Justice S J Mukhopad...

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  • The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.

    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.

    “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.

    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.

    Reliance Industries didn’t respond till press time Wednesday seeking comment.

    NCLAT, in view of this, directed Reliance in its Wednesday order to comply with Sebi regulations.

    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.

    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.

    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.

    The Naresh Goyal-led Jet Airways, which was the largest private carrier at its time, was grounded on April 17 due to financial troubles.

    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...

    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.

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