NCLAT

Out of court settlement during ongoing Insolvency Process?

Vivek Bansal Vs Burda Druck India Pvt. Ltd. & Anr. (NCLAT Delhi)

Vivek Bansal Vs Burda Druck India Pvt. Ltd. & Anr. (NCLAT Delhi) In a recent judgment (Company Appeal (AT) (Insolvency) No. 552 of 2020, dated 14-07-2020), the National Company Law Appellate Tribunal (NCLAT) held that a company could exit an ongoing insolvency process even as an interim resolution professional had been appointed and a...

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Posted Under: Corporate Law | |

Apprehension of bias is valid ground to substitute IRP: NCLAT

State Bank of India Vs Metenere Ltd. (NCLAT)

State Bank of India Vs Metenere Ltd. (NCLAT) The fact that the proposed ‘Resolution Professional’ Mr. Shailesh Verma had a long association of around four decades with the ‘Financial Creditor’ serving under it and currently drawing pension coupled with the fact that the ‘Interim Resolution Professional’ is supposed to collate ...

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Posted Under: Corporate Law | |

Is apprehension of bias a valid ground to substitute IRP

State Bank of India Vs. Metenere Ltd. (NCLAT)

NCLAT concluded that the apprehension of bias expressed by the ‘Corporate Debtor’ qua the appointment of Verma as proposed IRP is valid and cannot be dismissed. Further, it contended that the NCLT order was justified in seeking substitution of Verma to ensure that CIRP is conducted in a fair and impartial manner....

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Posted Under: Corporate Law | |

Admission in Balance Sheet – Mere Statutory Compliance or Admission of Debt?

V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. (NCLAT)

Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section 18 of the Limitation Act, 1963 (Limitati...

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IBC 2016: Jurisdiction of NCLT While Adjudicating Resolution Plan

Shrawan Kumar Agrawal Consortium Vs. Rituraj Steel Private Limited (NCLAT Delhi)

In this article we will be discussing the aforesaid Question, as well as whether NCLT can intervene the commercial wisdom and decision of CoC. We will be discussing various judgments of NCLAT and Supreme Court of India which would be relevant for shedding some light on the aforesaid questions....

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Posted Under: Corporate Law | |

Tax Authorities crying foul in Reliance Jio Demerger Deal

JCIT (OSD) Vs Reliance Jio Infocomm Ltd. & Ors. (NCLAT)

Facts of the Case Reliance Jio Infocom Limited (‘Reliance Jio’) is a Public Limited Company registered under Companies Act 2013. It is an Indian Telecommunication Company and a wholly-owned subsidiary of Reliance Industries, headquartered in Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all 22 tel...

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Posted Under: Corporate Law | |

AMMA violates anti-competitive conduct: NCLAT Delhi

Association of Malayalam Movie Artists Vs Competition Commission of India & Ors. (NCLAT Delhi)

‘Association of Malayalam Movie Artistes’ (AMMA), Film Employees Federation of Kerala’ (FEFKA), ‘FEFKA Director’s Union’ and ‘FEFKA Production Executive’s Union’ and their office bearers were found to be liable under Section 48 for violation of anti-competitive conduct....

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Posted Under: Corporate Law | |

SARFAESI / DRT proceeding not extends limitation period under IBC

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT)

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT) Conclusion: Proceedings initiated or pending in DRT, either initiated under SARFAESI or under debts and due to Banks and Financial Institutions could not be taken into account for the purposes of limitation.  Therefore, the application filed by Bank before the Adjudicating Authority on...

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Posted Under: Corporate Law | |

Sanction of Walmart’s acquisition of Flipkart by CCI was justified

Confederation of All India Traders Vs Competition Commission of India (NCLAT)

: In absence of any prime facie opinion framed, that the combination of Walmart-Flipkart was likely to cause or had caused appreciable adverse effect on the competition within the relevant market in India, the sanction of of Walmart’s acquisition of Flipkart by Competition Commission of India (CCI) was justified....

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Posted Under: Corporate Law | |

Suo Moto NCLAT Delhi order under Insolvency, Competition & Company Law

Suo Moto (NCLAT Delhi)

That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located...

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Posted Under: Corporate Law | |

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