NCLAT Directs Modification Of Resolution Plan On Ground Of Discrimination Between Similarly Situated Financial Creditors

Although the Appellate Tribunal found the resolution plan to be in contravention of provisions of the IBC, it did not set aside the plan. An opportunity was given to the resolution applicant to remove the discrimination by providing similar treatment, as was provided to other similarly situated financial creditors.

Imposition Of Pre CIRP Moratorium: Icing On The Cake

Pre CIRP moratorium will prevent corporate debtors from taking advantage of delay in admitting insolvency applications.

SAT Quashes SEBI Ban On Price Waterhouse For Alleged Conspiracy In Satyam Scam [Read Judgment]

The Securities Appellate Tribunal has quashed the SEBI order imposing a two year ban on the accounting firm Price Waterhouse(PW) for its alleged involvement in the Sathyam scam.The ban was imposed by the Whole Time Member(WTM) of the Securities and Exchange Board of India (SEBI) in January 2018 under Sections 11, 11B of the SEBI Act barring PW from directly or indirectly issuing any...

'Homebuyers Cannot Be Made To Wait Indefinitely For Possession' : NCDRC Directs Developer To Refund Money [Read Judgment]

NCDRC has held that purchasers cannot be made to wait indefinitely for possession of building unit, and has directed real estate developer Golden Peacock Residency Pvt. Ltd. to refund Rs. 4.12 cr. with interest to the homebuyer. The order came on a complaint filed by one Alok Kumar under Section 21 (a) (i) of the Consumer Protection Act, 1986 ('the Act') against the developer...

IBC Proceedings Maintainable Even If Company's Name Struck Off From The Register Of Companies: NCLAT

The NCLAT has reiterated that an application under Sections 7 and 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for the initiation of 'Corporate Insolvency Resolution Process' (CIRP) is maintainable even if the name of the Company has been struck-off by the Registrar of Companies. The Appellate Bench was hearing an appeal filed by Elektrans Shipping Pvt....

Ship Sinking : After A 23 Year-Old Long Battle Over Insurance Claim, Vessel Owner Gets Relief From NCDRC

After a rather long struggle over an insurance claim, the NCDRC has directed the National Insurance Co. Ltd. (Insurer) to pay the principal insured amount of Rs. 1.2 cr. plus interest, to the owner of an insured ship vessel. The vessel sank in Oman in 1996 after meeting with an accident, but the crew members on it survived. The order came on a complaint filed by Smt. Kesharben,...

SC Stays Liquidation Of Amtek Auto Passed By NCLAT

The Supreme Court has issued notice in a civil appeal filed by the 'Committee Of Creditors' (CoC) of 'Amtek Auto Limited' and stayed the liquidation order passed by the NCLAT. Since the liquidation of Amtek was approved by NCLAT, the CoC of Amtek approached SC by way of an appeal. Solicitor General Tushar Mehta appeared on behalf of the CoC, before the SC Bench comprising of Justices...

IRDAI Imposes Penalty Of 1.11 Crore On Policy Bazaar For Non-Compliance Of Regulations

The Insurance Regulatory Development Authority of India (IRDAI) has fined Policy Bazaar Insurance Web Aggregator (Policy Bazaar) with a penalty of 1.11 crore for violating regulations of the IRDA (Insurance Web Aggregators) Regulations, 2013 (IRDA Regulations). Out of the eight charges levelled against it, Policy Bazaar was found guilty of...

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

In the absence of any material irregularity in exercising the powers by the RP during the CIRP, or regarding provision for payment of insolvency resolution costs in the resolution plan, the appeal was found to be not maintainable by the NCLAT, and was dismissed.

MCA Issues Circular Clarifying The Issue Of 'Appointed Date' In Amalgamation Or Merger Schemes

The Ministry of Corporate Affairs (MCA) has issued a clarification with regard to the interpretation of the provision of section 232(6) of the Companies Act, 2013. The MCA said that it had received several queries on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. After examining the matter in detail...

SAT Sets Aside Penalty Imposed By SEBI On Directors Of P G Electroplast As "Grossly Disproportionate"

The SAT was of the view that the AO had exceeded its power in imposing the maximum penalty under section 15J of the SEBI Act. Finding the penalty as “grossly disproportionate to the violation”, the impugned order imposing the penalty of 1 cr. each on the directors was set aside.

NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.