NCLAT Refuses To Entertain Devas Shareholder's Appeal Against NCLT Order Appointing Provisional Liquidator On Antrix's Plea
3 years, 10 months ago

NCLAT Refuses To Entertain Devas Shareholder's Appeal Against NCLT Order Appointing Provisional Liquidator On Antrix's Plea

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, has refused to entertain an appeal filed by Devas Mauritius Employees Private Ltd - a shareholder of Devas Multimedia Private Ltd - challenging the order passed by the National Company Law Tribunal, Bengaluru bench, which appointed a Provisional Liquidator for Devas while admitting a winding up petition filed by. The National Company Law Appellate Tribunal, Chennai Bench, has refused to entertain an appeal filed by Devas Mauritius Employees Private Ltd - a shareholder of Devas Multimedia Private Ltd - challenging the order passed by the National Company Law Tribunal, Bengaluru bench, which appointed a Provisional Liquidator for Devas while admitting a winding up petition filed by ISRO-arm Antrix Corporation Ltd. It was on January 19 that the National Company Law Tribunal, Bengaluru, admitted the petition filed by Indian Space Research Organization's commercial arm Antrix Corporation Ltd to wind up Devas Multimedia under Sections 271 and 272 of the Companies Act 2013. The NCLT also appointed a provisional liquidator for Devas Multimedia after making a prima facie observation that its incorporation was done in a "fraudulent manner" and that it had "resorted to various frauds, misfeasance, connivance with officials in obtaining contract dated 28.01.2005 from Antrix".

Bengaluru Order Company Tribunal Nclt Filed Nclat Petition Devas Multimedia Multimedia Antrix Entertain Devas Provisional Liquidator  company  plea  nclat  shareholders  multimedia  provisional  liquidator  entertain  devas  refuses  antrix  petition  nclt  tribunal  order  filed

History of this topic

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT
2 days, 18 hours ago

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

Weekly Digest Of IBC Cases: 25th To 31st March 2024
8 months, 3 weeks ago

Weekly Digest Of IBC Cases: 25th To 31st March 2024

Live Law  

Supreme Court Case Title: Deccan Value Investors L.P. & Anr. The Bench Comprising Justices Sanjiv Khanna and Dipankar Datta referred to the Judgment of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another, where the Supreme Court elaborated and set out several reasons why the resolution applicant cannot be permitted to withdraw or modify the …

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai
8 months, 3 weeks ago

Tribunal Not Empowered To Hear Case Afresh Under Recall Jurisdiction: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Justice Sharad Kumar Sharma and Shri Jatindranath Swain, has held that the Tribunal cannot hear a case de-novo while adjudicating an application filed for recall of an order. In addition, the Power to Recall an Order / Judgment, earlier passed by this Tribunal, is not the …

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 1 month ago

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 2 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

Live Law  

The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited
1 year, 7 months ago

NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited

Live Law  

The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar has dismissed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 against Direct Media Distribution Ventures Limited and refused to initiate Corporate Insolvency Resolution Process against it. 1 Crore each issued by Essel Infraprojects Limited Essel and the Financial Creditor entered into a Debenture Trust …

Antrix-Devas case: Delhi HC to pronounce verdict on arbitral award
1 year, 9 months ago

Antrix-Devas case: Delhi HC to pronounce verdict on arbitral award

Hindustan Times  

The Delhi high court will on Friday pronounce its judgment on satellite-based multimedia services provider Devas Multimedia Private Limited’s plea against a single-bench judge’s order in August that set aside the ₹15000 crore arbitral award granted to it over a sudden termination of its agreement with Indian Space Research Organisation’s commercial and marketing arm Antrix Corporation Limited. The Supreme Court …

AA Empowered To Remove The Liquidator: NCLAT Chennai
1 year, 11 months ago

AA Empowered To Remove The Liquidator: NCLAT Chennai

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Mr. Barun Mitra, while adjudicating an appeal filed in CA V. Venkata Sivakumar v IDBI Bank Limited & Ors., has held that the Adjudicating Authority has the power to remove the Liquidator. On 29.05.2020 the Adjudicating Authority ordered for liquidation of the Corporate Debtor and appointed …

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD
2 years ago

Compromise Doubtful, Only To Benefit Related Parties, NCLAT Delhi Upholds Liquidation Of CD

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr., has upheld the Adjudicating Authority's decision to proceed with liquidation of Corporate Debtor as the Scheme of Compromise & Arrangement submitted by …

Antrix-Devas deal: What you need to know about the controversial case, why it is in news
2 years, 11 months ago

Antrix-Devas deal: What you need to know about the controversial case, why it is in news

Firstpost  

In February 2011, the Manmohan Singh-led government cancelled the deal for ‘security reasons’ after allegations of favouritism were made On Tuesday, finance minister Nirmala Sitharaman said that the Antrix-Devas deal signed during the UPA rule was a fraud against India. Sitharaman made the remarks at a press conference a day after the Supreme Court upheld the NCLAT, NCLT order to …

FM Nirmala Sitharaman Says Antrix-Devas Deal is a Fraud by Congress, of Congress, for Congress
2 years, 11 months ago

FM Nirmala Sitharaman Says Antrix-Devas Deal is a Fraud by Congress, of Congress, for Congress

News 18  

Finance minister Nirmala Sitharaman on Tuesday challenged the Congress party to come clear on Antrix-Devas dispute. Sitharaman addressed a press conference after the Supreme Court on January 17 dismissed an appeal by Devas Multimedia Pvt. “This kind of selling of primary endowments like wavelengths, satellites or spectrum band, giving it away to private parties and making money from private parties …

Supreme Court Affirms Winding Up Of Devas Multimedia On Plea Of ISRO Arm Antrix
2 years, 11 months ago

Supreme Court Affirms Winding Up Of Devas Multimedia On Plea Of ISRO Arm Antrix

Live Law  

The Supreme Court on Monday dismissed an appeal filed by Devas Multimedia challenging the orders passed by the NCLT and NCLAT allowing the winding up of the company on a petition filed by ISRO's commercial arm Antrix Corporation Ltd.A bench comprising Justice Hemant Gupta and Justice V Ramasubramanian dismissed the appeals filed by Devas Multimedia and its shareholder Devas Employees. …

Supreme Court Dismisses Devas Multimedia's Plea To Restrain Liquidator In Matter Against ISRO-Arm Antrix
3 years, 6 months ago

Supreme Court Dismisses Devas Multimedia's Plea To Restrain Liquidator In Matter Against ISRO-Arm Antrix

Live Law  

The Supreme Court on Tuesday dismissed the plea filed by Devas Multimedia seeking directions to restrain the liquidator from taking any steps with regard to the pending arbitration proceedings before the Delhi High Court.The plea before the Delhi High Court had been filed by Devas Multimedia for the enforcement of an award for $562.5 million, plus interest. The Supreme Court …

NCLT Orders Winding Up Of Devas Multimedia On ISRO-Arm Antrix Plea
3 years, 6 months ago

NCLT Orders Winding Up Of Devas Multimedia On ISRO-Arm Antrix Plea

Live Law  

The National Company Law Tribunal, Bengaluru bench, has ordered the forcible liquidation and winding up of Devas Multimedia by allowing a petition filed Indian Space Research Organization's commercial arm Antrix Corporation Limited.The Tribunal held that Devas was incorporated in a "fraudulent manner to carry out unlawful purposes" and its management resorted to "fraudulent activities". The National Company Law Tribunal, Bengaluru …

Karnataka High Court Dismisses Plea Challenging Antrix's Winding Up Proceedings Against Devas With Rs Rs 5 Lakh Cost
3 years, 7 months ago

Karnataka High Court Dismisses Plea Challenging Antrix's Winding Up Proceedings Against Devas With Rs Rs 5 Lakh Cost

Live Law  

The Karnataka High Court has dismissed a petition which sought to quash proceedings initiated by ISRO-arm Antrix Corporation before NCLT Bengaluru to the wind up Devas Multimedia Private Ltd.The High Court dismissed the petition filed by Devas Employees Mauritius Private Ltd, a share holder in Devas Multimedia Private Ltd, with a cost of Rs 5 lakhs, after terming it an …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 3 months ago

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp

Live Law  

The National Company Law Appellate Tribunal has set aside an order passed by the National Company Law Tribunal, Mumbai bench which had dismissed an application for the initiation of corporate insolvency resolution process against Mittal Corp Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Member, Ms. Shreesha Merla Member directed the NCLT to reconsider the application and …

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]
4 years, 4 months ago

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]

Live Law  

The National Company Law Appellate Tribunal dismissed an appeal filed by Allied Silica Limited challenging the NCLT, Mumbai bench's order that had rejected the insolvency application for initiating Corporate Insolvency Resolution Process against Tata Chemicals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. In 2018, Tata Chemicals had entered into a Business Transfer Agreement for the transfer …

NCLAT dismisses plea to initiate insolvency proceedings against Tata Chemicals
4 years, 4 months ago

NCLAT dismisses plea to initiate insolvency proceedings against Tata Chemicals

Live Mint  

The National Company Law Appellate Tribunal has set aside a plea challenging an NCLT order that rejected the petition to initiate insolvency proceedings against Tata Chemicals for claimed operational debt of ₹68.44 crore. A three-member NCLAT bench upheld the order of the Mumbai bench of the National Company Law Tribunal that dismissed the plea of Allied Silica to initiate insolvency …

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