Karnataka HC sets aside NCLT order on rights issue, sends the matter back to tribunal
8 months, 3 weeks ago

Karnataka HC sets aside NCLT order on rights issue, sends the matter back to tribunal

New Indian Express  

BENGALURU: The Karnataka High Court on Tuesday set aside the National Company Law Tribunal order that had restrained Byju’s from launching a second rights issue. The high court also declined the request of the investors’ counsel to suspend the present order by the high court which sets NCLT’S order. Earlier, four investors including Peak XV Partners and General Atlantic Singapore accused the parent company of Byju’s, Think & Learn for oppression and mismanagement. But investors had requested the NCLT to stop the edtech firm’s second rights issue as they expressed concerns that this would lead to dilution of their ownership in the company.

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History of this topic

Twist in Byju’s tale: resolution professional change pushed to March amid objections
1 month ago

Twist in Byju’s tale: resolution professional change pushed to March amid objections

Live Mint  

The Bengaluru insolvency court on Monday deferred until 19 March its decision to approve the appointment of Shailendra Ajmera as the new resolution professional to take charge of the embattled ed-tech firm Byju’s, replacing the current RP, Pankaj Shrivastava. Byju’s Committee of Creditors, which consists of dissenting lenders such as GLAS Trust LLC and Aditya Birla Finance, had on 17 …

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 2 weeks ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of …

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's
1 month, 3 weeks ago

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's

Live Law  

Justice Sharad Kumar Sharma, Judicial Member of of the National Company Law Appellate Tribunal Chennai bench, has recused from hearing ed-tech start-up, Byjus' founder, Riju Raveendran's appeal against the order of the National Company Law Tribunal Bengaluru, which allowed Glas Trust and Aditya Birla Finance to be included in the Committee of Creditors as Financial Creditors of Think & Learn. …

Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice
1 month, 3 weeks ago

Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice

Live Mint  

Suspended directors of the bankrupt edtech firm Byju’s have approached the National Company Law Appellate Tribunal, challenging a Bengaluru insolvency court’s decision to reinstate its lenders as financial creditors while failing to rule on its ₹158 crore settlement with the Board of Control for Cricket in India. Why the settlement matters Had the NCLT approved Byju’s settlement with BCCI, the …

NCLAT sends Aakash-Byju’s dispute back to NCLT amid minority shareholder tensions
3 months, 3 weeks ago

NCLAT sends Aakash-Byju’s dispute back to NCLT amid minority shareholder tensions

Live Mint  

The National Company Law Appellate Tribunal on Friday declined to stay an order from the National Company Law Tribunal barring Aakash Educational Services, a subsidiary of the embattled edtech giant Byju’s, from amending its Articles of Association. The appellate tribunal’s decision follows a 29 November directive from the Supreme Court, which instructed Aakash to approach the NCLAT for resolution while …

Supreme Court prevents Byju’s-owned Aakash from diluting minority investors
4 months ago

Supreme Court prevents Byju’s-owned Aakash from diluting minority investors

Live Mint  

The Supreme Court on Friday directed Aakash Educational Services, a subsidiary of struggling edtech firm Byju’s, not to implement a resolution to amend its Articles of Association that was passed at its extraordinary general meeting. The order follows Blackstone’s appeal against a Karnataka High Court ruling on 25 November that allowed Aakash to proceed with the amendments despite opposition from …

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order
6 months ago

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order

The Hindu  

The Supreme Court on Thursday reserved its judgment on an appeal filed by of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal allowing the ed-tech firm Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India. During back-to-back hearing in the case, the apex …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
6 months ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
7 months, 1 week ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore
7 months, 2 weeks ago

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore

ABP News  

Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal order that allowed Board of Control for Cricket in India to settle its dues with Byju on latter paying Rs 158 crore. On August 2, the NCLAT Chennai Bench allowed settlement between BCCI and Byju which involves the repayment of Rs 158 crores to the BCCI. Folllowing this order …

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement
7 months, 2 weeks ago

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement

India Today  

The Supreme Court on Wednesday put a hold on the National Company Law Appellate Tribunal's decision to approve the Rs 158.9 crore settlement between edtech giant Byju's and the Board of Control for Cricket in India. Solicitor General Tushar Mehta, representing the BCCI, expressed concerns that the stay would impact the BCCI's settlement with Byju's. Despite this, the court directed …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
7 months, 4 weeks ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
8 months ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest
8 months ago

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest

Live Law  

Justice Sharad Kumar Sharma, a Judicial Member of the National Company Law Appellate Tribunal Chennai, has recused himself from hearing Byju Raveendran's appeal against the insolvency proceedings initiated against Think & Learn Private Limited, which operates Byju's. The insolvency proceedings were initiated against Think & Learn Private Limited by the National Company Law Tribunal in Bengaluru. Justice Sharma stated that …

NCLT admits insolvency proceedings against Byju’s
8 months, 1 week ago

NCLT admits insolvency proceedings against Byju’s

New Indian Express  

BENGALURU: The National Company Law Tribunal, Bengaluru bench, on Tuesday admitted an insolvency petition filed by the Board of Control for Cricket in India against edtech firm Byju’s over a Rs 158 crore debt. Byju’s, reached its peak valuation of $22 billion in 2022, has to face insolvency proceedings. According to sources, Byju’s is planning to challenge the order at …

NCLT starts insolvency proceedings against Byju's
8 months, 2 weeks ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

Grace marks for Byju’s: Karnataka High Court sets aside NCLT order halting second rights issue
8 months, 3 weeks ago

Grace marks for Byju’s: Karnataka High Court sets aside NCLT order halting second rights issue

Live Mint  

The Karnataka High Court on Tuesday set aside a National Company Law Tribunal ruling of 12 June restraining Byju’s from using the funds raised from its second rights issue, but the money is still out of immediate reach for the troubled edtech company. Byju’s launched a second rights issue on 13 May after it failed to raise the capital it …

NCLT issues notices to Byju’s; US court imposes penalty on director
10 months, 1 week ago

NCLT issues notices to Byju’s; US court imposes penalty on director

New Indian Express  

BENGALURU: The National Company Law Tribunal has issued notices to Byju’s parent Think and Learn in three cases of unpaid due claims. Earlier in April, the Bengaluru bench of NCLT deferred hearing of the ongoing case between Byju’s and the four investors to June 6. Meanwhile, Byju Raveendran’s brother Riju Ravindran is facing penalties for not disclosing the location of …

NCLT defers Byju’s case hearing to Jun 6
11 months ago

NCLT defers Byju’s case hearing to Jun 6

New Indian Express  

BENGALURU: The Bengaluru bench of the National Company Law Tribunal has deferred the hearing of the ongoing case between edtech firm Byju’s and the four investors to June 6. Byju’s four investors including Peak XV Partners and General Atlantic had filed the oppression and mismanagement plea against the firm and they accused the edtech company of using some of the …

Byju’s faces allegations of violating NCLT orders on rights issue; company denies
11 months, 1 week ago

Byju’s faces allegations of violating NCLT orders on rights issue; company denies

Hindustan Times  

Four investors in beleaguered edtech company Byju’s, namely, Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus, have alleged that the company has ended up using the proceeds from its most recent rights issue and that this was against an order of the National Company Law Tribunal. Byju’s is facing a string of accusations from its investors over a rights …

Byju’s seeks arbitration over NCLT trial in dispute with investors
11 months, 3 weeks ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Live Mint  

Embattled edtech firm Byju's on Thursday filed a plea with the National Company Law Tribunal seeking arbitration in its dispute with some of its key investors. A clutch of investors including General Atlantic, Prosus and Peak XV have alleged that the edtech firm violated the tribunal’s 27 February order, which had directed debt-laden Byju's to not allot shares to investors …

For Byju’s, $200 million is so near yet so far
1 year, 1 month ago

For Byju’s, $200 million is so near yet so far

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday asked edtech company Byju’s to consider extending the closing date of its contentious rights issue beyond 28 February, and directed it to keep the funds untouched. Separately on Wednesday, the court also issued a notice to Byju’s on its lenders’ petition to invoke insolvency to repay around $1.2 billion worth of loans …

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
1 year, 1 month ago

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

Live Mint  

Byju’s woes: The National Company Law Tribunal has registered a new plea filed by four investors against Byju’s, the Indian Edtech major. The plea, listed for hearing before a bench of judicial member K Biswal and technical member Manoj Kumar Dubey, was filed by a group of investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV & V, …

Byju Raveendran gets temporary protection from ouster
1 year, 1 month ago

Byju Raveendran gets temporary protection from ouster

New Indian Express  

Byju Raveendran, the embattled founder of Byju's education app, has won a temporary reprieve in his tussle with a section of shareholders for control of the company he founded in 2011. Raveendran got interim relief from Karnataka High Court on Wednesday as the Court stayed the effect of decisions that could be taken during the upcoming extraordinary general meeting of …

Bar Of Limitation Can't Be Avoided By Resorting To Article 136 When Statutory Appeal Available: Supreme Court
1 year, 2 months ago

Bar Of Limitation Can't Be Avoided By Resorting To Article 136 When Statutory Appeal Available: Supreme Court

Live Law  

A Special Leave Petition filed against an order passed by National Company Law Appellate Tribunal, Chennai was dismissed yesterday by a three-Judge Bench of the Supreme Court comprising Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra. Pertinently, the Bench made an observation that a bar of limitation cannot be obviated or circumvented by taking recourse of proceedings …

Monthly Digest Of IBC Cases: November 2023
1 year, 3 months ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

NCLAT Chennai: Threshold To Maintain Oppression Proceedings Not Limited To Holding Of Shares Alone But Extends To Manner Of Acquiring Of Shares
1 year, 5 months ago

NCLAT Chennai: Threshold To Maintain Oppression Proceedings Not Limited To Holding Of Shares Alone But Extends To Manner Of Acquiring Of Shares

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal and held that the threshold to maintain oppression proceedings is not only limited to the holding of shares alone but also extends to the manner in which the shares were acquired. Further apart from there being a threshold of shareholding …

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 5 months 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 Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
1 year, 5 months ago

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed by Jitendra Virmani against the National Company Law Tribunal Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction before the NCLT, cannot be contested afresh on appeal as the parties have exercised acquiescence and …

Registry cannot decide maintainability of writ: Telangana HC
1 year, 6 months ago

Registry cannot decide maintainability of writ: Telangana HC

Deccan Chronicle  

HYDERABAD: A two-judge bench of the Telangana High Court on Thursday overruled objections of the registry on the maintainability of a writ plea. The judge was hearing an interim application in a writ petition filed by Rayudu Vision Media seeking to permit the petitioner to use the RTV logo or the alternative RXM TV logo with immediate effect. The petitioner …

SAT postpones Punit Goenka’s plea against SEBI order; next hearing on...
1 year, 6 months ago

SAT postpones Punit Goenka’s plea against SEBI order; next hearing on...

Live Mint  

The Securities Appellate Tribunal adjourned the final hearing on a plea challenging a Sebi confirmatory order against Zee Entertainment Enterprises' chiefs. Sebi order barred ZEEL's Punit Goenka and Shubhash Chandra from holding any key positions in the company and other organisations. In its confirmatory order, Sebi restricted Goenka and Chandra from holding any directorship or other key managerial positions in …

Zee Promoters Approach Securities Appellate Tribunal Against SEBI Order: Report
1 year, 9 months ago

Zee Promoters Approach Securities Appellate Tribunal Against SEBI Order: Report

ABP News  

The promoters of Zee Entertainment Enterprises Ltd have approached the Securities Appellate Tribunal to seek relief against the SEBI's order on Tuesday. Shares of Zee Entertainment Enterprises fell over 6.50 per cent in morning trade on Tuesday after SEBI banned Essel Group chairman Subhash Chandra and ZEEL's Punit Goenka from holding any directorial or key managerial position in any listed …

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings
1 year, 10 months ago

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

Firstpost  

The National Company Law Appellate Tribunal on Monday upheld an NCLT order allowing crisis-hit Go First’s voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency,to approach National Company Law Tribunal for any remedy. The lessors had opposed the decision of Delhi-based principal bench of NCLT, which had earlier this month allowed a …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
2 years, 2 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

NCLT division bench to hear Reliance Capital case on January 16
2 years, 2 months ago

NCLT division bench to hear Reliance Capital case on January 16

The Hindu  

The division bench of National Company Law Tribunal on January 16 is set to decide Reliance Capital’s proposed reauction challenged by Ahmedabad-based Torrent Investments, which was the highest bidder in the first round of bidding conducted on December 21st. In its next meeting on January 6, the CoC appears to have belatedly found that the outcome of the challenge mechanism …

Supreme Court Dismisses Review Plea Of SP Group Against Tata Sons Judgment; Agrees To Expunge Few Remarks Against Cyrus Mistry
2 years, 10 months ago

Supreme Court Dismisses Review Plea Of SP Group Against Tata Sons Judgment; Agrees To Expunge Few Remarks Against Cyrus Mistry

Live Law  

The Supreme Court on Wednesday dismissed the review petition filed by Shapoorji Pallonji Group challenging the order dated 26.03.2021 wherein the Apex Court allowed Tata Son's appeal against the NCLAT order to reinstate the ousted Chairman Cyrus Mistry. The present legal battle has its genesis in the company petitions filed by Shapoorji Pallonji Group under Sections 241 and 242 of …

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited
2 years, 10 months ago

NCLAT Sets Aside The Liquidation Order Of Ballarpur Industries Limited

Live Law  

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Finquest Financial Solutions Pvt. Ltd. v Anuj Jain & Ors., has set aside the order dated 25.01.2022 passed by NCLT Mumbai Bench whereby Ballarpur Industries Ltd. was sent to liquidation. Now the NCLAT Bench has extended the …

Ram Charan Company Private Limited appeals against NCLT order
2 years, 10 months ago

Ram Charan Company Private Limited appeals against NCLT order

New Indian Express  

CHENNAI: Chennai-based firm Ram Charan Company Private Limited, which is facing Corporate Insolvency Resolution Proceedings after it failed to pay a loan of Rs 3.5 crore to Classic Exports, has appealed against the order passed by the Chennai Bench of National Company Law Tribunal. This comes after a Division Bench of R Sucharitha, member, and Sameer Kakar, member, of NCLT …

Madras HC Dismisses For Non-Prosecution Plea Against NGT Order Mandating Suo Moto 'Pan-India' Matters To Be Heard Only By Principal Bench
3 years ago

Madras HC Dismisses For Non-Prosecution Plea Against NGT Order Mandating Suo Moto 'Pan-India' Matters To Be Heard Only By Principal Bench

Live Law  

Madras High Court has recently dismissed a plea challenging the NGT Office Order which mandated that Pan India matters should be heard by the Principal Bench at New Delhi. The plea was filed by one Meenava Thanthai K.R Selvaraj to quash the Office Order dated 12.06.2021 bearing No.NGT/PB/Judl./18/2020/221 issued by the Registrar General of the Principal Bench of the National …

Tata Sons v Cyrus Mistry : Supreme Court Agrees To Hear SP Group's Review In Open Court; Justice Ramasubramanian Dissents
3 years, 1 month ago

Tata Sons v Cyrus Mistry : Supreme Court Agrees To Hear SP Group's Review In Open Court; Justice Ramasubramanian Dissents

Live Law  

On Tuesday, the Supreme Court had agreed to hear the review plea filed by Shapoorji Pallonji Group challenging the order dated 26.03.2021 wherein the Apex Court allowed Tata Son's appeal against the NCLAT order to reinstate the ousted Chairman Cyrus Mistry. The present legal battle has its genesis in the company petitions filed by Shapoorji Pallonji Group under Sections 241 …

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
4 years, 2 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

Standing Counsel Appears For Private Parties Against Govt: Calcutta HC Seeks Reply From Bar Council Of India, State Bar Council [Read Order]
4 years, 6 months ago

Standing Counsel Appears For Private Parties Against Govt: Calcutta HC Seeks Reply From Bar Council Of India, State Bar Council [Read Order]

Live Law  

The Calcutta High Court on Monday issued notices on a writ petition, seeking cancellation of registration of a Standing Counsel for the Central Government, allegedly for appearing for private parties in cases against the Union of India. The Bench of Justice Bibek Chadhuri has asked the Central Government, Bar Council of India, Bar Council of West Bengal, Standing Counsel Sayantan …

NCLAT Sets Aside NCLT Order Dismissing Initiation Of CIRP Against Mittal Corp
4 years, 6 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 Sets Aside Order Against Former PNB Official in Nirav Modi Case
4 years, 7 months ago

NCLAT Sets Aside Order Against Former PNB Official in Nirav Modi Case

News 18  

The National Company Law Appellate Tribunal has set aside an order to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14,000 crore scam involving diamond merchant Nirav Modi. In January 2019, the National Company Law Tribunal directed impleading 19 people, including the bank's former Executive Director K V Brahmaji Rao, in the …

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]
4 years, 9 months ago

Notification Raising IBC Threshold For CIRP Prospective In Nature : NCLT [Read Order]

Live Law  

The Chennai Bench of National Company Law Tribunal has held that the Central Government's decision to enhance the minimum threshold for the initiation of insolvency proceedings is prospective in nature. In a plea filed by Rockwell Industries Ltd., the Operational Creditor, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Arrowline Organic Products, NCLT passed an Order of Admission …

NCLT Extends Limitation Period From March 15 Till Further Orders [Read Notice]
5 years ago

NCLT Extends Limitation Period From March 15 Till Further Orders [Read Notice]

Live Law  

The National Company Law Tribunal has issued a notice intimating all the litigants that the extension of limitation period granted by the Supreme Court on Monday will be applicable to the cases falling within the NCLT's jurisdiction. With the objective of reducing physical filings in courts and tribunals across the countries during the COVID-19 pandemic, the Supreme Court had on …

SC Dismisses Rajeev Chandrasekhar's Challenge Against Karnataka HC Order Directing Him To Pay Rs 50 Crore To IFCI Ltd [Read Order]
5 years, 1 month ago

SC Dismisses Rajeev Chandrasekhar's Challenge Against Karnataka HC Order Directing Him To Pay Rs 50 Crore To IFCI Ltd [Read Order]

Live Law  

The Supreme Court has dismissed the Special Leave Petition filed by Member of Parliament Rajeev Chandrasekhar challenging the order of the Karnataka High Court directing him to pay Rs 50 crore to IFCI Limited. The Karnataka High Court had, while upholding the order passed by the Debt Recovery Appellate Tribunal, noted that "There is no error or illegality in the …

Karnataka High Court stays NCLT proceedings against Flipkart
5 years, 4 months ago

Karnataka High Court stays NCLT proceedings against Flipkart

Live Mint  

Bengaluru: Flipkart India Pvt Ltd on Wednesday said the Karnataka High Court has stayed insolvency proceedings against Walmart-owned Flipkart in the National Company Law Tribunal that was initiated by a supplier. CloudWalker Streaming Technologies Pvt Ltd, a Mumbai-based supplier of LED televisions, had filed the insolvency plea to recover ₹27 crore from Flipkart. A Flipkart spokesperson, in an email response, …

NDTV to file appeal against SEBI order imposing a penalty of Rs 12 lakh for delayed disclosures
5 years, 9 months ago

NDTV to file appeal against SEBI order imposing a penalty of Rs 12 lakh for delayed disclosures

Op India  

Media house New Delhi Television Ltd has decided to file an appeal against the Securities and Exchange Board of India order imposing a penalty of Rs 12 lakh on the media group for failing to make timely disclosures to the stock exchanges. The order imposing the penalty was issued by the SEBI after it noticed multiple disclosure lapses by NDTV …

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