NCLAT

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 | |

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 |

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 | |

NCLAT releases Flipkart India from Corporate Insolvency Resolution Process (CIRP)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) we have found that demand notice delivered under Section 8(1) of the Code was not proper and was also incomplete. The Operational Creditor failed to submit any documents to prove in existence of the Operational debt and the amount in The Operational Creditor also failed t...

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Posted Under: Corporate Law | |

NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Deloitte Haskins & Sells LLP. Vs Union of India (NCLAT)

Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing any appropriate order in public interest ...

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Posted Under: Corporate Law | |

Adani Gas was liable for penalty for abusing dominant position

Adani Gas Limited Vs Competition Commission of India (NCLAT)

Penalty was leviable on assessee for contravention of provisions of section 4(2)(a)(i) of the Competition Act, 2002 (Act) by imposing unfair conditions upon the buyers under Gas Supply Agreement (GSA) and for abusing dominant position....

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Posted Under: Corporate Law | |

Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT)

Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointing an inspector and obtain his report th...

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NCLAT cannot enter into commercial wisdom of COC & disturb business decision

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT)

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied on Regulation 37 of […]...

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Posted Under: Corporate Law | |

IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT)

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Code, 2016? For an amount to be classified...

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Posted Under: Corporate Law | |

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