ARBITRATION PROCEEDINGS
Canadian airline WestJet cancels at least 150 flights following a surprise strike by mechanics union
The strike came after the federal government issued a ministerial order for binding arbitration on Thursday. That followed two weeks of turbulent discussions with the union on a new deal. On Thursday, WestJet said the union "confirmed they will abide by the direction. Given this, a strike or lockout will not occur, and the airline will no longer proceed in cancelling flights".
SC stays NCLAT's order initiating insolvency proceedings against Purvanchal Vidyut Vitran Nigam
A vacation Bench of Justice Sanjay Kumar and Justice Augustine George Masish also issued a notice to its operational creditor S.R.V. Techno Engineering and posted the matter for further hearing on July 26.
Suspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings
Jaiprakash Associates' suspended board challenged NCLT's order for insolvency proceedings, with the matter listed before NCLAT. NCLT admitted ICICI Bank's plea on June 3, appointing Bhuvan Madan as Interim Resolution Professional. Despite JAL's claims of liquidity crunch and asset-rich status, NCLT upheld the insolvency decision. The tribunal also dismissed JAL's objections regarding debt restructuring and asset transfers.
Need to ensure arbitration institutions are not controlled by "self-perpetrating clique": CJI
Speaking at the Supreme Court of the United Kingdom, Chandrachud said now is the time for countries such as India to step up to the occasion to create and promote a culture of commercial arbitration and the robust institutionalisation of arbitration will further the culture of arbitration in the Global South.
NCLT rejects JAL's claim of liquidity crunch due to delay in govt approvals, litigations
JAL has submitted that it is an "asset rich company", even after sale of cement plants to resolve the loans under Bucket 1 and Bucket 2A, assets like Real Estate Business - Noida and Greater Noida (about 11,000 flats) will remain with the company. Besides, it had other assets such as two 5 Five Star Hotels/Resort in Delhi, and one in Agra, two Golf Courses in Noida and Greater Noida, a Formula One Sports Complex and Cricket Stadium with Real Estate.
Kalanithi Maran to seek Rs 1,323 crore in damages from SpiceJet
According to the Sun group, as part of a share transfer agreement signed in 2015 when Ajay Singh took over SpiceJet, Maran and KAL Airways had paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran alleged that the warrants and preference shares were not allotted, and initiated arbitration proceedings against SpiceJet and Singh.
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SpiceJet and Sun Group in fresh war of words over shareholders dispute
The Delhi High Court had set aside its earlier order upholding the arbitral award in favour of Kalanithi Maran and against low-cost airline SpiceJet, bringing in relief for the cash-strapped carrier.
ICC rights may bleed Disney's streaming entertainment business
Disney's streaming profit faces loss due to ICC rights on Disney+ Hotstar. Iger expects weaker Q3 tied to Indian sports. Zee Entertainment disputes ICC TV rights in arbitration.
Very little left to sell in Go First with planes gone
On Friday, the high court asked the Directorate General of Civil Aviation (DGCA) to deregister and hand over all the 54 planes to lessors. It also directed the resolution professional (RP) to provide all information regarding the airline to the lessors while restraining the airline from taking away any documents or spare parts from the planes.
Calcutta HC dismisses appeal by ex-Sebi chief M Damodaran in Glocal case
Calcutta High Court's rulings on M Damodaran's affidavit, UpHealth's stake acquisition dispute with Glocal, and the arbitration proceedings, including damages awarded, showcase legal complexities and jurisdictional disputes in the case.
Good Glamm initiates arbitration against portfolio company investor IAN: sources
Legal issues have intensified for Good Glamm group as disputes over payments and investments have emerged. The company has initiated arbitration against Indian Angel Network, which served Good Glamm with a default notice. The company has also been facing senior executive exits and cost-cutting measures that led to laying off 150 employees.
Ranjan Pai initiates arbitration against Byju's for not repaying loans worth $42 million
In the latest dispute, MEMG Family Office, led by Ranjan Pai, in March initiated arbitration proceedings against Byju for allegedly not repaying its loans amounting to $42 million through a pre-agreed transfer of certain shares of a Byju's group company, Aakash Education.
Byju's seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23
During Thursday's proceedings, the NCLT noted that it would be a “blatant violation” of its interim order dated February 27 if Byju’s has issued shares to investors for the rights issue before completion of the increase in authorised share capital.
Sachin Bansal’s Navi eyes $2B valuation; Byju’s seeks arbitration in investor battle
Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today’s ETtech Top 5.
Delhi HC mulls contempt proceedings against SpiceJet & chairman Ajay Singh over arbitration award payment dispute
The Delhi High Court has issued a notice to SpiceJet Ltd and its chairman Ajay Singh, questioning why contempt proceedings should not be initiated against them for violating and willfully not complying with court orders to pay an arbitration award to former promoter Kalanithi Maran and KAL Airways.
Arbitration preferred over litigation: Survey
Conducted by law firm Khaitan & Co, the survey, which focused on the experience of parties rather than advocates and experts involved in domestic arbitration in the country, asserted that most arbitrations take 24 to 36 months to complete while a majority wanted the exercise to be over within 12 months.
Star India initiates arbitration against Zee for non-compliance with ICC TV rights deal
Star India has initiated arbitration proceedings against Zee Entertainment, alleging non-compliance with their August 2022 deal involving sub-licensing ICC TV rights until 2027. The proceedings, filed under the London Court of International Arbitration Rules, seek specific performance of the Alliance Agreement terms. Zee, however, disputes Star's claims and vows to respond accordingly.
SC suggests the Parliament bring amendment to the Arbitration and Conciliation Act, 1996
The Supreme Court suggests amending the Arbitration and Conciliation Act, 1996 to include a specific time limit for appointing an arbitrator. It ruled in favor of the Afghanistan-based company and appointed Justice Sanjay Kishan Kaul as the sole arbitrator.
Sepco moves SC against quashing of arbitral award in GMR co case
While the arbitral tribunal had asked GMR Kamalanga Energy in 2020 to pay ₹1,100 crore to Sepco Electric, the Orissa High Court in September last year set aside the arbitration award on the grounds that the tribunal had created a new contract for the parties "by not only re-writing large portions of the same but also disregarding certain explicit embargoes therein, which goes against the basic notions of justice".
Byju’s US lenders invoke parent company's guarantee in insolvency proceedings
NCLT gives Byju’s three weeks to respond to US lenders’ petition; seeks response to BCCI plea as well
BharatPe gets fresh notice from MCA
BharatPe confirmed receipt of the notice and in a reply to ET’s questions, said it is related to an inquiry that started in 2022. The Registrar or Companies, an arm of the ministry, has sought additional information in a letter to the company, a spokesperson said.
Sony Pictures to continue to arbitrate against Zee Entertainment
On February 4, SIAC denied emergency interim relief to SPE's Culver Max Entertainment, previously known as Sony Pictures Networks India (SPNI) and Bangla Entertainment against Zee, stating it has no jurisdiction to prevent Zee from approaching NCLT and that the tribunal is the appropriate forum to handle the dispute.
Reliance Industries fights back govt's $5 billion recovery claim
Salve further argued that it is only after all these issues, including RIL's and BG's contractual Cost Recovery Limit (CRL) increase claim, are finally decided that the arbitration will proceed to the final quantification stage where the contractor's entitlement to Cost Petroleum and the parties' respective shares of Profit Petroleum will be recomputed based on the tribunal's declaratory findings on all issues across various FPAs. However, the RIL's claim for a CRL increase is yet to be resolved.
Zee-Sony Tussle: The test of arbitration law
Zee-Sony Deal: The broken Zee Entertainment - Sony Group merger plan has led to intriguing developments on the legal front. Japan's Sony invoked the arbitration clause and sought $90 million from Zee for breach of the merger agreement. Zee, on the other hand, approached the National Company Law Tribunal seeking an order for Sony to merge as approved by the Tribunal. These actions are creating more complexities in the deal, but they can lay the grounds for a solid legal framework for dispute settlement.
SIAC to begin hearing in Sony-Zee arbitration matter on January 31
The Singapore International Arbitration Centre will hold online hearings for the arbitration case filed by Culver Max Entertainment and Bangla Entertainment against Zee Entertainment Enterprises over alleged merger agreement breaches. Sony terminated the merger agreement on January 22 and demanded a $90 million termination fee. Zee disputes the allegations and urges withdrawal of the termination notice.
IRB Infrastructure Trust wins Rs 1,720 crore arbitration award
Yedeshi Aurangabad Tollway Ltd (YATL), a special purpose vehicle of IRB Infrastructure Trust, has won an arbitration award of Rs 1,720 crore for the Yedeshi Aurangabad NH211 BOT highway project. The Arbitration Tribunal directed the National Highways Authority of India (NHAI) to pay compensation of Rs 1,720 crore, including interest, and grant an extension of 689 days to the concession period.
New plot: Zee, Sony launch legal war
Sony Group companies Culver Max Entertainment and Bangla Entertainment (BEPL) initiated arbitration proceedings against Zee Entertainment Enterprises before Singapore International Arbitration Centre (SIAC), while Zee, denying charges, approached National Company Law Tribunal (NCLT) in Mumbai, seeking directions that the merger scheme, previously approved by the forum, be implemented.
ETtech Explainer: Why Byju’s pushed for arbitration in BCCI dispute
Troubled edtech firm Byju’s told the National Company Law Tribunal on Wednesday that it had referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator.
Unstamped arbitration agreements enforceable, rules 7-judge Supreme Court bench
Setting aside the April verdict, the larger seven-judge bench led by Chief Justice DY Chandrachud ruled that agreements that are not stamped or insufficiently stamped are not rendered void or void ab initio or unenforceable if arbitration agreement prima facie exists between parties.
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