SPECIALISED TRIBUNALS
Why it's high time to review the review architecture of RBI's quasi-judicial functions
For RBI-regulated entities, though - and, in this instance, for banks subject to orders under Section 35A of the BR Act - legal options are limited to the reconsideration framework set out in the Act. The affected party goes back to RBI seeking a review of its decision. But this is neither bound by set processes nor timelines. The only alternate remedy is filing a writ petition before a high court or Supreme Court.
Legally binding: Lawyers start courting cases on their own
Specialised tribunals such as the National Green Tribunal, Debt Recovery Tribunal, Income Tax Appellate Tribunal, Telecom Disputes Settlement and Appellate Tribunal and the Appellate Tribunal for Electricity are some of the niche litigation areas for lawyers.
Sterlite Power Transmission to demerge its transmission infra business
Pratik Agrawal, Managing Director, SPTL, said in the statement, "The demerger will enable both entities to create independent capital structures, unlock value and attract investors suitable for the distinct growth profiles for each entity. We are confident that this will bring substantial value for our shareholders and help us in creating two world class business entities."
GSTATs appointments: Supreme Court seeks Finance Ministry's response
The Supreme Court has asked the finance ministry to respond to a Public Interest Litigation (PIL) challenging the constitutional validity of certain provisions of the Finance Act 2023. The PIL argues that these provisions, related to the appointment and service conditions of members of Goods and Services Tax Appellate Tribunals (GSTATs), violate fundamental rights and contravene principles of independence of the judiciary, rule of law, and separation of powers.
Centre notifies setting up of 31 state benches of GST Appellate Tribunal
The Central government has established a 31 state bench of the GST Appellate Tribunal announced for 28 states and eight union territories. The move is part of efforts to expand the taxpayer base and improve data triangulation with corporate taxpayers. Currently, only 40% of corporate income taxpayers are registered under the Goods and Services Tax (GST).
Jet Airways appoints two directors, CFO
Grounded Jet Airways on Thursday announced the appointment of two whole time directors and a non-executive director. Sundaram Ramesh has been appointed as a Whole Time Director and Chief Financial Officer, Gautam Acharya as a Whole Time Director and Rajesh Prasad as a Non-Executive Director, according to a regulatory filing.
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Delhi HC dismisses PIL filed by 'premature' army retirees seeking pension
The Delhi High Court has rejected a plea from early retirees of the Indian armed forces seeking pro-rata service pension, which they claimed was being denied because they hadn't completed the stipulated 20 years of service. The court said the "petitioners are squarely covered" by the Armed Forces Tribunal act and have the Armed Forces Tribunal to complain to.
Customised IBC resolutions for realty on the cards
India's government is planning to amend the Insolvency and Bankruptcy Code to enable bespoke resolutions for bankrupt residential real estate projects. Changes to the code would come into force depending on the nature of different schemes, thereby enabling speedy delivery of homes to buyers in a sector that has proved problematic.
Why it's time to reform the appellate institutions
Of late, there have been developments in the discourse around tribunal reforms, especially with the enactment of the Finance Act 2017. In a spate of judicial rationalisations, the dedicated forum for antitrust appeals, the Competition Appellate Tribunal (Compat) was wound up, along with few other tribunals, in 2017. Its powers were subsumed with the National Company Law Appellate Tribunal (NCLAT), substantially increasing the latter's workload.
SC refuses to entertain plea on cleaning of rivers Ganga, Yamuna
The Supreme Court on Monday refused to entertain a plea seeking directions to clean rivers Ganga and Yamuna and monitor the action plan for their rejuvenation, saying there is a specialised tribunal for this. A bench of Chief Justice DY Chandrachud and Justices P S Narasimha and J B Pardiwala asked the petitioner to approach the National Green Tribunal (NGT) with his grievances.
SC trashes appeal of former ISRO scientist against dismissal from service
The Supreme Court has junked a scientist's plea challenging his dismissal from service by ISRO, saying the space agency was justified in suspecting his honesty and integrity on account of his unauthorised association with a South Korean institution involved in rocketry research, a strategic subject of his employer.
A four-member GST appellate tribunal likely in each state to streamline dispute resolution
A four-member appellate tribunal is likely to be set up in each state in order to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), reported PTI citing official. Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members.
SC, Centre quibble over tribunals' direct appeals
Justice KM Joseph-led bench said this has ensured that every case eventually lands up in the top court. He seemed to imply that the legislature had not been too wise in doing so. The bench also said this was against another top court ruling which had laid down clearly that the writ jurisdiction of the High Courts cannot be excluded either implicitly or explicitly.
RIL-ACRE's offer for Sintex Industries gets over 90% support from lenders
The other three resolution applicants in the fray were Himatsingka Ventures, a Welspun Group entity and GHCL. Earlier this month, resolution professional Pinakin Shah asked the committee of creditors to vote on the four resolution plans by March 10, a deadline that was extended twice.
View: Tribunals must be integrated into the legal and administrative apparatus
Against this backdrop, Parliament inserted Articles 323A and 323B in the Constitution in 1976. These provisions gave wide powers to Parliament and state legislatures to set up administrative and other subject-specific tribunals. The jurisdiction of all courts was excluded, except that of the Supreme Court under Article 136.
Standing committee recommendations key to IBC success: Crisil
Implementation of key recommendations of a parliamentary standing committee is crucial for the success of IBC which has been hit by delays and declining recovery rates just five years after its inception, rating agency Crisil said.
Govt lets NCLAT ex-chair return under SC pressure
Cheema’s sudden replacement, just days ahead of his retirement, had caused much outrage, with the Madras High Court Bar Association objecting in court to the trend of the government replacing tribunal heads as and when it liked.
You can’t pick and choose: Apex court to centre on tribunal members’ selection
“The selection panel recommended 9 judicial members and 10 technical members. Some were appointed and others kept waiting. We cannot ignore selected candidates and go to wait-list. What type of selection and appointment is this,” Chief Justice of India NV Ramana asked attorney general KK Venugopal".
Welcome Move to Nudge on Tribunals
The Tribunal Reforms Act 2021 contains provisions of the Ordinance that had been struck down by the court. The government has, in many instances, strengthened tribunals or set them up in critical sectors. Yet, in failing to staff them adequately, the government is undermining these bodies and hurting the goal of creating a $5 trillion economy.
Fill up vacancies in tribunals by Monday or face action: SC to govt
The Supreme Court on Monday observed that the central government had no respect for its orders, referring to its move to recently enact a law reviving certain provisions governing the terms and conditions of service in tribunals which were struck down as unconstitutional by the
Please show us the debates: SC to govt on tribunal bill
The bench also tore into the government for failing to make regular and timely appointments to tribunals which were created in specialised areas to take the load of overburdened high courts but have only added another additional layer to the litigation process.
View: The enactment of Tribunals Reforms Act, 2021, marks the beginning of a new era of judicial reforms in India
The story with FCAT has been slightly different. Tasked with reviewing the decisions of the Central Board of Film Certification (CBFC), FCAT has always been subject to the oversight of high courts.
Govt should implement capacity building measures at NCLT: Former NCLT President
"NCLT is a specialised tribunal, it has Companies Act and IBC (Insolvency and Bankruptcy Code), it is not like High Court, a High Court judge has to deal with constitutional matters and has to decide a variety of cases," Kumar said while addressing an event.
Tata Motors completes sale of defence business to Tata Advanced Systems
TML has been in the defence sector for several decades and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and state police forces.
Tata Motors completes transfer of defence biz to TASL for consideration of Rs 227.7 cr
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.
Piramal may sell developer loans of DHFL after deal
The fair value of the builder loans could be about one-fifth of the total size, according to the quarterly financial statements on the DHFL website.
NCLAT rejects Interups' plea in ACCIL insolvency matter; says appellant not an aggrieved party
The National Company Law Tribunal (NCLT) had approved the bid of the Sajjan Jindal-led JSW Steel group firm JSW Steel Coated Products for ACCIL in October last year.
SEFL debt repayment: After banks, regulators to appeal against NCLT order
Banking sources told TOI that the RBI too will file a petition in the coming days as the NCLT had stopped all government or regulatory authorities from taking any coercive steps against the non-bank finance company, “including reporting in any form and/or changing the account status of the company from being a standard asset”.
Potential owners of Jet Airways are looking at a 90% plus stake, offer remnants to lenders
Neither public shareholders nor Jet’s employees, except those retained by the new owners, stand to gain anything out of the deal, experts said.
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