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09 April, 2020, 02:28 AM IST

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NCLAT to have a Chennai bench

As per the Centre's notification on Friday, the NCLAT, Chennai will hear appeals from the National Company Law Tribunals (NCLTs) having jurisdiction over Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lakshadweep and Puducherry.

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  • A three-member bench of the NCLAT has directed the interim resolution professional (IRP) appointed by the Bengaluru bench of the National Company Law Tribunal (NCLT) to hand over the records as well as the assets of the company back to its promoter immediately.

    Urgent matters will be heard only on two days during this period, March 25 and April 1, by specially constituted benches.

    ources said NBCC has made an appeal for modifying certain conditions mentioned in the NCLT order related to farmers' compensation for land acquisition in Noida and Greater Noida in Uttar Pradesh. It has also sought relief on payments to be made to some dissenting financial creditors like ICICI Bank.

    A two-member NCLAT bench observed that Rajkumar Dev Raj and Rajkumari Lalitya "can not claim title on the basis of succession certificate dated February 19, 2009". Earlier on August 1, 2018 NCLT had restored the ownership of Jai Mahal hotel in favour of grandchildren of late Maharani Gayatri Devi.

    A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the IRP appointed by NCLT to handover the records and assets of the company back to its promoter immediately. Earlier, on October 24, 2019, the Bengaluru Bench of NCLT had admitted the insolvency plea filed by Cloudwalker Streaming Technologies.

    Chennai-based bench would hear the appeals against the orders of the benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lakshadweep and Puducherry, the notification said.

    "Consequent on the completion of the term of Office of Justice (Retd.) Shri S.J. Mukhopadhaya, as Chairperson NCLAT on March 14, 2020, Central Government hereby appoints, Justice (Retd.) Shri Bansi Lal Bhat, Member (Judicial), NCLAT, as officiating Chairperson," an official notification said.

    In its final judgement on the insolvency proceedings against Infrastructure Leasing & Financial Services (ILFS), the National Company Law Appellate Tribunal (NCLAT) approved the resolution framework proposed by the government.

    Earlier, the Committee of Creditor (CoC) had approved Sterlite Power Transmission Ltd's (SPTL) bid by 95.15 per cent of voting share, which was subsequently also passed by the NCLT on January 30, 2020.

    An NCLAT bench headed by Chairperson Justice S J Mukhopadhaya, however, upheld the directions of the Chennai bench of the National Company Law Tribunal (NCLT) to appoint three government nominees on the board of 63 Moons. "The directors (including govt nominees) would remain on the board," the NCLAT said.

    Competition Commission of India (CCI) had on July 3, 2014 imposed a penalty of Rs 25.67 crore on AGL after finding its Gas Supply Agreement (GSA) imposing unfair conditions upon the complaints of Faridabad Industries Association. CCI had also directed AGL to cease and desist from indulging in conduct found to be in contravention of the provisions of the Competition Act.

    The National Company Law Appellate Tribunal has referred the ongoing dispute between General Electric and Triveni Turbines over their joint venture back to the Bengaluru bench of the National Company Law Tribunal (NCLT).

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