SARFAESI & DRT Proceedings Will Not Extend Limitation Period Under IBC : NCLAT [Read Order]

The National Company Law Appellate Tribunal reversed the order of the National Company Law Tribunal, Ahemdabad bench, holding that the order of admission of application filed by Bank of India (BOI) as the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) was time barred. Justices Venugopal M, (Judicial), Kanthi Narahari (Technical) and V P...

NCLAT Dismisses Appeals Of IL&FS Auditors Deloitte, KPMG Against Impleadment

The National Company Law Appellate Tribunal (NCLAT) rejected the appeals filed by various Appellants including partners, employees, Directors of 'Deloitte Haskins & Sells LLP' and the KPMG arm of BSR & Associates, where they had contended that they were not related to the case involving the alleged fraud in of IL&FS Financial Services Limited' (IFIN), a subsidiary of...

NCLAT Rejects Centre's Plea To Supersede 63 Moons Technologies Board [Read Order]

The NCLAT dismissed the appeal filed by the directors of 63 Moons Technologies involving a default of Rs. 5600 crores on the platform of its subsidiary, National Spot Exchange Limited (NSEL). The Appellate body however gave a clean chit to some of the directors of the board as they were appointed as 'Directors' much after the date of mismanagement i.e. 31st July, 2013. Upholding...

NCLAT Dismisses Appeal Against CCI Nod For Walmart Acquisition Of Flipkart [Read Order]

The NCLAT dismissed an appeal filed by Confederation of All India Traders (CAIT) against an August 2018 order of the Competition Commission of India (CCI) approving Walmart's acquistion of Flipkart under Section 31 of the Competition Act, 2002 A two-member NCLAT bench headed by Chairperson Justices SJ Mukhopadhyay and Bansi Lal stated that CAIT had failed to establish...

NCLT Chennai approves Cochin Shipyard's Resolution Plan To Acquire TSL [Read Order]

The Chennai Bench of NCLT has accepted the Resolution Plan (RP) filed by public sector company Cochin Shipyard Limited (CSL) to acquire Chennai based shipbuilding firm Tebma Shipyards Limited (TSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code, 2016 (IBC).CSL's RP had proposed a paltry sum of Rs 65 crores which amounts to only 9.74% of pay out...

NCLAT Upholds Penalty Imposed By CCI On Adani Gas

The National Company Law Appellate Tribunal dismissed an appeal filed by Adani Gas Limited (AGL) challenging an order of the Competition Commission of India (CCI) where it had imposed a penalty of around 26 crores or 4% of the average annual turnover of the relevant three years. The court further upheld that AGL had abused its dominant market position by imposing unfair conditions...

NCLAT Sets Aside CCI Order Closing Case Under Competition Act Against Flipkart; Directs Re-Probe

The NCLAT has set aside an order of the Competition Commission of India (CCI) which had given a clean chit to Flipkart for unfair trade practice and has directed CCI to probe the matter again. The Principal bench held that prima facie Flipkart had contravened Section 4 of the Competition Act, 2002 which related to the abuse of dominant position and predatory pricing.The NCLAT,...

Creditors Belonging To Different Classes Can Be Given Different Treatment : NCLAT [Read Judgment]

The National Company Law Appellate Tribunal has reconfirmed the principle that the touchstone for judging the benevolence of a resolution plan does not depend upon the manner wherein differently placed creditors are treated therein. Resonating with the judgment passed recently by Supreme Court in the case titled, "Committee of Essar Steel v. Satish Kumar Gupta" passed on 15.11.2019, the NCLAT,...

NCLAT Sets Aside Insolvency Proceedings Against Flipkart

The NCLAT has set aside an order passed by NCLT Bengaluru bench, for initiation of Corporate Insolvency Resolution Process (CIRP) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) against Flipkart.While allowing the appeal of the e - commerce giant, the court held that the choice of issuance of demand notice under Section 8(1) of Code does not provide for any discretion...

NCLAT Hauls Unitech Ltd For Defaulting Payment To Deposit Holders [Read Order]

The National Company Law Appellate Tribunal has directed Unitech Limited, once India's second largest real estate investment company to repay the amount(s) to its deposit holders pendent lite along with future interest @ 12.5% p.a. from the date of maturity of the respective FDRs. It has also imposed cost of Rs.50,000/- to each of the deposit holders, setting aside the order of NCLT,...

Auditor Cannot Be Debarred For 5 Years Under Section 140 (5) Of The Companies Act 2013 In Absence Of Evidence : NCLAT

The NCLAT has set aside an order passed by NCLT in a matter relating to debarring of an auditor for a period of 5 years. The court while allowing the appeal held that though he was negligent, there was no material on record to infer that the auditor had acted fraudulently or misused his position as a statutory auditor,The Appellant was appointed as the statutory auditor in 2014 of Zen Shaving...

PNB Scam - Powers Under Sec 339 Companies Act Can Be Invoked Only Against Officers Of Company In Which Mismanagement Is Alleged : SC [Read Order]

In the PNB-Nirav Modi scam, the Supreme Court has granted relief to Usha Ananthasubramanian, former MD & CEO of Punjab National Bank, by setting aside the order passed by NCLT by which her assets were frozen.In the case regarding mismanagement of Gitanjali Gems Ltd run by Nirav Modi, the National Company Law Tribunal had passed an order restraining several individuals, including...