NCLAT ORDER
Broadcasters move NCLAT against Google fees on apps
The Indian Broadcasting & Digital Foundation (IBDF), representing TV broadcasters and OTT platforms, appealed to the National Company Law Appellate Tribunal (NCLAT) against an interim order from the Competition Commission of India (CCI). The CCI denied interim relief from Google's app payment policies. IBDF’s counsel urged NCLAT to stop Google from charging fees on app transactions and onboarding. Fees, between 11% and 26%, affect paid app downloads, in-app purchases, even with alternate payments.
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
Kapil Wadhawan moves NCLAT to challenge insolvency proceedings against him
Erstwhile Dewan Housing Finance promoter Kapil Wadhawan challenged NCLT order for personal insolvency proceedings, moved NCLAT. NCLT's Mumbai bench had directed the initiation of proceedings over Union Bank plea. NCLAT adjourned the hearing to July 18 and appointed Devendra Mehta as resolution professional. Wadhawan, guarantor of DHFL loans, faced insolvency proceedings in November 2019. DHFL acquired by Piramal Capital for Rs 34,250 crore, creditors recover Rs 38,000 crore.
NCLAT directs NCLT to hear afresh insolvency plea by APL Apollo Tubes
NCLAT directs NCLT to rehear APL Apollo Tubes insolvency plea against Tanisha Scaffolding. Bench criticizes Bengaluru NCLT for rejecting claims on 'hypothetical interpretation' related to Purchase Order and Demand Notice. NCLAT emphasizes adherence to statute in tribunals. NCLAT orders expeditious proceedings.
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.
Jaypee Infratech appoints Devang Pravin Patel as CFO; to delist company shares from bourses
Suraksha Group takes control of Jaypee Infratech Ltd, appoints Devang Pravin Patel as CFO, and plans to delist shares from stock exchanges.
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Jaiprakash Associates Insolvency: NCLAT asks ICICI to consider one-time settlement proposal
NCLAT issues notice to ICICI Bank over Jaiprakash Associates Ltd's one-time settlement proposal, opposed by creditors. JAL aims to pay debt of over Rs 26,000 crore within 18 weeks if OTS is accepted.
Jaypee Infra insolvency: Suraksha group to pay 1st instalment of Rs 133 cr to YEIDA before Aug 24
Suraksha Group, now controlling debt-ridden Jaypee Infratech, will pay ₹133 crore to Yamuna Expressway Industrial Development Authority (YEIDA) within three months as part of a ₹1,334 crore compensation to farmers. This follows the NCLAT's recent ruling, which upheld Suraksha's bid and mandates payments over the next four years to resolve farmer claims and complete stalled housing projects.
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.
NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
Relief for 20,000 homebuyers! Suraksha Group finally takes over Jaypee Infratech via insolvency process
According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.
SC dismisses Adisri Commercial's appeal against insolvency proceedings on SREI Firms
The Supreme Court dismissed Adisri Commercial's appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL), imposing a cost of Rs one lakh for filing a frivolous petition. Upholding the National Company Law Appellate Tribunal's (NCLAT) decision, the court rejected Adisri Commercial's petition seeking to quash the Corporate Insolvency Resolution Process (CIRP) initiated against the two SREI companies
Rare move by govt: IL&FS, two subsidiaries ordered to recoup Rs 150 crore from ex-directors after accounts farce
This comes after IL&FS and the two arms in question had to recently reissue their account statements to show losses of Rs 9,600 crore for financial years 2013 to 2018, instead of a profit of Rs 1,869 crore originally shown. The original account had to be superseded following the unearthing of massive irregularities.
Jet Airways Insolvency: Tribunal junks JKC request to transfer Rs 200 crore
The Jalan Kalrock Consortium (JKC), the successful bidder for grounded Jet Airways, withdrew its plea to move Rs 200 crore paid to lenders to an escrow account after the National Company Law Appellate Tribunal (NCLAT) refused to provide relief. The NCLAT bench, headed by Justice Ashok Bhushan, stated the matter is already before the Supreme Court. The consortium chose to withdraw its plea, citing ongoing disagreements between lenders and consortiums.
NCLAT upholds Adani Goodhomes bid with 93% haircut for Radius Estate
The Insolvency Appellate Tribunal NCLAT upheld its Adani Goodhomes' resolution plan for Radius Estate. NCLAT rejected petitions from two dissenting financial creditors, and approved the plan to provide possession to nearly 700 flat owners without price escalation. The plan was opposed by Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate, who claimed it was unfair, but NCLAT affirmed the Commercial Creditors' Committee's decision.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
NCLAT defers hearing on Google's Play Store billing policy to July 5
Indian Broadcasting and Digital Foundation (IBDF), Indian Digital Media Industry Foundation, People Interactive India which operates Shaadi.com, and Mebigo Labs which operates Kuku FM have filed petitions before the NCLAT against Play Store billing policy.
NCLAT allows Sarda Energy to seek tribunal nod for its SKS Power offer
The National Company Law Appellate Tribunal (NCLAT) has granted permission to Sarda Energy & Minerals (SEML) to pursue a final approval from the bankruptcy court for its bid for SKS Power Generation. This decision overturns the lower court's ruling in October, which instructed the committee of creditors (CoC) to review its selection of SEML as the recipient of the 600 MW power producer.
NCLAT lifts lien on IL&FS Transportation
NCLAT orders lifting of lien on ITNL's account, deeming Maharashtra tax department's attachment contrary to previous decision. PNB seeks interim distribution of Rs 12 crore from ITNL's account towards debt, allowing IL&FS board to consider fund distribution.
NCLAT directs IRP to supervise ATS project
The appellate tribunal's decision follows ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, taking ATS to the National Company Law Tribunal (NCLT) citing a default of ₹285 crore.
KukuFM, Shaadi and IBDF appeal NCLAT against CCI’s interim order in Google Play Store case
Google given a week to respond to appeals against CCI order by KukuFM & IBDF. Startups accuse Google of discriminatory fees. The tribunal will address the matter on May 24.
Bankruptcy court admits insolvency plea against listed firm India Steel Works
The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional. India Steel Works plans to appeal at NCLAT for urgent relief. Tribunal prohibits legal actions against India Steel Works, restraining asset disposal. Stecol International approached NCLT after India Steel Works defaulted on dues of Rs 2.6 crore.
CCI unable to prove market dominance, Google tells NCLAT
Google argued before the National Company Law Appellate Tribunal (NCLAT) that the Competition Commission of India (CCI) order, which imposed a penalty of Rs 936 crore on the company, was vague and excessive. The company contended that the regulator failed to provide evidence that Google's policies had harmed competition.
Google contends its app store doesn't abuse dominance
Google defended its Google Play Store at the National Company Law Appellate Tribunal, asserting it didn't engage in anti-competitive behavior or misuse its dominance. The counsel for Alphabet Inc argued the store provided users and developers with options and played a vital role without qualifying as a gatekeeper under Indian regulations.
SC issues notice to JKC and Jet Airways on SBI-led consortium's petition challenging NCLAT's March order
The Supreme Court issued notices to Jet Airways and the Jalan Kalrock Consortium after a consortium led by State Bank of India challenged the NCLAT's March ruling affirming the transfer of bankrupt Jet Airways to JKC. Almost a year ago, the SC permitted the transfer to JKC. The case was heard by a bench led by Chief Justice of India CJI Chandrachud.
NCLAT reserves order on plea challenging Dream 11 insolvency
NCLAT reserved judgment on Bhavit Sheth's plea against Sporta Technologies. RP argued 10A applies to default, not debt claim ability. Default for Section 9 application is 10 days post demand notice.
NCLAT dismisses Sundaram Brake's plea against CCI cease and desist order on railways tendering
The National Company Law Appellate Tribunal (NCLAT) rejected Sundaram Brake Linings' plea challenging a cease and desist order issued by the Competition Commission of India (CCI). The CCI's order, issued on July 10, 2022, directed 10 companies, including Sundaram Brake Linings, to cease anti-competitive practices related to certain tenders of the Indian Railways.
NCLAT directs PSBs to not take coercive action against IL&FS, its board
The NCLAT direction came on Tuesday over an urgent plea moved by the newly appointed board of debt-ridden IL&FS, seeking direction to the banks restraining them from initiating or pursuing any proceedings for declaration as willful defaulter against its group companies and their officials.
IL&FS moves NCLAT, seeks protection for group companies from wilful defaulter tag
In its petition, IL&FS said it is aggrieved by the "blatant violation and disregard" of previous NCLAT orders by the banks. IL&FS also charged banks of taking procedural action under the garb of the RBI guidelines, and "harassing the Directors of the IL&FS companies".
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