News Muncher - searching for supreme

1 month, 2 weeks ago

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

The 1.43 lakh retail shareholders of Jet Airways are now staring at a complete wipeout of their investments after the Supreme Court ordered the troubled airline's liquidation on Thursday, November 8, rejecting the Jalan Kalrock consortium’s takeover bid. Naresh Goyal, chairman of Jet Airways According to exchange data, retail investors currently own 19.29% of Jet Airways Ltd shares. This amounts …

Shareholders Naresh Goyal Airways Jet Jet Airways Court Liquidation

1 month, 2 weeks ago

Grounded, by process

Times of India

Times of India’s Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. As Supreme Court calls it curtains on Jet Airways, it’s another tragic tale of another short-lived star business and the challenges of sustaining airline ops in a competitive, high-cost environment. But the real concern is a …

India Case Process Nclt Jet Sbi Ibc

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Firstpost

Setting aside an order of the NCLAT, the Supreme Court has ordered the liquidation of Jet Airways Supreme Court has ordered the liquidation of Jet Airways. The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways’ assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala …

Supreme Court Order Resolution Plan Nclat Airways Jet Jkc

1 month, 2 weeks ago

Supreme Court orders liquidation of debt-ridden Jet Airways

Hindustan Times

The Supreme Court on Thursday ordered the liquidation of Jet Airways while setting aside the National Company Law Appellate Tribunal ruling that upheld the transfer of the defunct airline’s ownership to the Jalan-Kalrock Consortium under an approved resolution plan. Represented by advocates Debmalya Banerjee, Kartik Bhatnagar and Karanjawala & Co, JKC said it incurred significant losses, exceeding ₹600 crore, due …

Resolution Nclat Airways Jet Jkc Jet Airways

1 month, 2 weeks ago

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

The Hindu

A three-judge Bench headed by Chief Justice of India D.Y. Justice J.B. Pardiwala, who authored the judgment, ordered the amount of ₹200 crore paid by Jalan Kalrock Consortium towards the initial tranche payment of ₹350 crore to the creditors to be forfeited. The court set aside the NCLAT direction to the lenders of Jet Airways to adjust the ₹150 crore …

Supreme Court Court Crore Nclat Jkc Liquidation Jet Airways

1 month, 2 weeks ago

Jet Airways liquidation: A wake-up call for India’s insolvency code

Live Mint

New Delhi: The Supreme Court’s decision ordering the liquidation of Jet Airways, once India’s leading airline, has provided sufficient fodder for bankruptcy experts urging for an overhaul of India’s insolvency framework. JKC’s repeated non-compliance with the terms of the resolution plan caused the value of the plan to diminish significantly," said Devesh Dubey, senior associate at Sanjay RPK Law, a …

India Supreme Court Court Insolvency Resolution Crore Airline

1 month, 2 weeks ago

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know

Live Mint

The Supreme Court ordered the liquidation of Jet Airways on Thursday, November 7, after it found that the successful bidder for the airline, Jalan-Kalrock Consortium, failed to comply with the revival plan. Top 10 things to know from the verdict Supreme Court Orders Jet Airways’ Liquidation The Supreme Court court found that the Jalan-Kalrock Consortium failed to meet key obligations …

India Supreme Court Court Plan Crore Airline Supreme

1 month, 2 weeks ago

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Live Law

The Supreme Court invoked its extraordinary powers under Article 142 of the Constitution to order the liquidation of Jet Airways in view of the "peculiar and alarming" circumstance that the resolution plan has not been implemented for five years.The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant. The Court …

Court Resolution Resolution Plan Plan Crores Supreme Airways

1 month, 2 weeks ago

Jet Airways grounded for good as Supreme Court orders liquidation

India Today

The Supreme Court's ruling on November 7 to liquidate Jet Airways effectively closed the chapter on attempts to revive the once-prominent Indian airline. With Jet Airways grounded since 2019 due to financial distress, the court's decision highlights the challenges surrounding corporate recoveries within India’s aviation sector. The court also set aside the National Company Law Appellate Tribunal order, which allowed …

India Supreme Court Court Supreme Nclat Airways Jet

8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

Law India Justice Delhi Mumbai Kolkata Supreme Court

9 months, 3 weeks ago

Apex Homes Australia collapses: Victoria-based construction company is ordered into liquidation

Daily Mail

A Victorian construction company has collapsed placing the fate of a slew of projects up in the air. After a drawn out process, Apex Homes Australia, based in North Melbourne, was ordered to go into liquidation on the grounds of insolvency by the Supreme Court on Wednesday. Creditors include concreting business, Aerolink Property Group, which lodged a winding up application …

Construction Company

11 months, 3 weeks ago

Yearly Digest Of IBC Cases: 2023

Live Law

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1125 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has directed the liquidation of the Corporate Debtor, M/s Ajanta …

India Justice Supreme Court Court Resolution Gratuity Chief Justice

1 year ago

UFC Gym Australia collapses into liquidation owing millions

Daily Mail

UFC Gym Australia and New Zealand, once boasting over 10 fitness centres in Sydney, Melbourne, Perth, and the Gold Coast, has been ordered into liquidation by the NSW Supreme Court. UFC Gym Australia is a mixed martial arts gym franchise founded in 2009 A spokesperson for UFC Gym insisted the setback would only affect the main headquarters and would not …

Australia Director Ufc Gym Ufc Gym Ufc Gym Australia Mr Husseini

1 year, 1 month ago

IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court

Live Law

The Supreme Court Bench comprising Justice Sanjiv Khanna and Justice S.V.N. The insolvency resolution process costs have to be paid first in priority, followed by dues of Secured Creditors and workmen dues upto 24 months preceding Liquidation Commencement Date. The Bench disposed of the appeal with the clarification that the dues of the Central Board of Indirect Taxes & Customs, …

Supreme Court Appeal Customs Nclt Dues Bench Nclat

1 year, 2 months ago

Top 10 Insolvency Law Judgements [April To September 2023]

Live Law

In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016. M. Suresh Kumar Reddy v. Canara Bank Supreme Court of India Citation: 2023 LiveLaw 428 The Adjudicating Authority has no option but to admit a petition filed under Section 7 of the Insolvency and Bankruptcy …

Law Appeal Court Insolvency Resolution Corporate Debtor Indian

1 year, 5 months ago

IBC Overrides Electricity Act; Dues To Secured Creditors At Higher Footing Than Electricity Dues : Supreme Court

Live Law

The Supreme Court observed that Section 238 of the Insolvency and Bankruptcy Code overrides the provisions of the Electricity Act, 2003.The provisions of the IBC treat the dues payable to secured creditors are at a higher footing than dues payable to Central or State Government, the bench of Justices S. Ravindra Bhat and Dipankar Datta said.In this case, National Company …

Supreme Court Court State Dues Debts Provisions Owed

1 year, 11 months ago

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Live Law

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

India Justice Supreme Court High Court Appeal Corporate Court

2 years, 6 months ago

Insolvency Law in Review – February & March 2022

Live Law

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Jet Aircraft Maintenance Engineers Welfare Association v. Shri Ashish Chhawchharia Resolution Professional for Jet Airways Ltd. & Others, the NCLAT, New Delhi held that the provision of moratorium under Section 14 of the Code and the provision of Regulation 29 of …

Law India Delhi Mumbai Hyderabad Corporate Chennai

2 years, 7 months ago

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Live Law

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. NCLAT held that even in the absence of any pending Corporate Insolvency Resolution Process or Liquidation proceedings, the application under Section 95 of the Insolvency Bankruptcy Code, …

Supreme Court Corporate Corporate Debtor Application Order Nclt Filed

2 years, 7 months ago

Monthly Digest Of IBC Cases: April 2022

Live Law

Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. The National Company Law Appellate Tribunal, Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has upheld the order dated 06.04.2022 …

India Supreme Court High Court Insolvency Resolution Corporate Debtor Title

2 years, 11 months ago

Antrix-Devas deal is fraud of Congress, by Congress, for Congress, says finance minister Sitharaman

India Today

Addressing a press conference on Tuesday, Union Minister of Finance Nirmala Sitharaman launched a scathing attack on the Congress over the Antrix-Devas deal. This comes a day after the Supreme Court upheld the liquidation order of Devas Multimedia by National Company Law Tribunal and National Company Law Appellate Tribunal and called the 2005 Antrix-Devas deal a fraud. While upholding liquidation …

India Court Congress Indian Order Company Sitharaman

3 years, 3 months ago

IBC- Every Attempt Has To Be First Made To Revive The Concern And Make It A Going Concern, Liquidation Being The Last Resort: Supreme Court

Live Law

Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort, the Supreme Court observed while upholding NCLT order permitting withdrawal of Corporate Insolvency Resolution Process.The bench of Justices L Nageswara Rao, BR Gavai and BV Nagarathna observed that an adjudicating authority under Insolvency and Bankruptcy Code can. Every …

Supreme Court Corporate Court Nageswara Rao Nclt Going Withdrawal

4 years, 1 month ago

Any Creditor Of A Company In Liquidation Can Seek Transfer Of Winding Up Proceedings In HC To NCLT: Supreme Court

Live Law

The Supreme Court has held that any creditor of a company can seek transfer of winding up proceeding pending before a High court to a National Company Law Tribunal.The words "party or parties" appearing in the 5th proviso to Clause of Subsection of Section 434 of the Companies would take within its fold any creditor of the company in liquidation, …

Supreme Court Court Transfer Party Company Nclt Proceedings

4 years, 3 months ago

Concept Of Commercial Wisdom And Its Legal Implications

Live Law

The jurisprudential essence of the supremacy of commercial wisdom of Committee of Creditors has been reaffirmed time and again by the Supreme Court and the Adjudicating Authorities. The Hon'ble National Company Law Appellate Tribunal, New Delhi in Sunil S. Kakkad v. Atrium Infocom Private Limited has provided deep insights into the concept of Commercial Wisdom as the Appellate Authority has …

Resolution Commercial Resolution Professional Wisdom Resolution Plan Plan Code

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Articles for Liquidation, search results for supreme

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

Grounded, by process

Supreme Court orders liquidation of Jet Airways, sets aside NCLAT order

Supreme Court orders liquidation of debt-ridden Jet Airways

Jet Airways liquidation ordered by Supreme Court amid unresolved financial issues

Jet Airways liquidation: A wake-up call for India’s insolvency code

Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling; rejects JKC transfer – 10 things to know

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Jet Airways grounded for good as Supreme Court orders liquidation

IBC Cases Quarterly Digest : January To March 2024

Apex Homes Australia collapses: Victoria-based construction company is ordered into liquidation

Yearly Digest Of IBC Cases: 2023

UFC Gym Australia collapses into liquidation owing millions

IBC | Tax & Customs Dues To Be Paid As Per Waterfall Mechanism Under Section 53 : Supreme Court

Top 10 Insolvency Law Judgements [April To September 2023]

IBC Overrides Electricity Act; Dues To Secured Creditors At Higher Footing Than Electricity Dues : Supreme Court

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Insolvency Law in Review – February & March 2022

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Monthly Digest Of IBC Cases: April 2022

Antrix-Devas deal is fraud of Congress, by Congress, for Congress, says finance minister Sitharaman

IBC- Every Attempt Has To Be First Made To Revive The Concern And Make It A Going Concern, Liquidation Being The Last Resort: Supreme Court

Any Creditor Of A Company In Liquidation Can Seek Transfer Of Winding Up Proceedings In HC To NCLT: Supreme Court

Concept Of Commercial Wisdom And Its Legal Implications