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Nclat News

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days
Business

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days

In December last year, the Competition Commission of India (CCI) suspended the approval given by it in 2019, for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL)

Antrix-Devas deal: What you need to know about the controversial case, why it is in news
India

Antrix-Devas deal: What you need to know about the controversial case, why it is in news

In February 2011, the Manmohan Singh-led government cancelled the deal for 'security reasons' after allegations of favouritism were made

LLP Amendment Bill 2021 gives a booster shot to ease of doing business in India
Business

LLP Amendment Bill 2021 gives a booster shot to ease of doing business in India

The Amendment Bill seeks to facilitate greater ease of living to law-abiding corporates and to decriminalise certain provisions of the Act

NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal
Business

NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal

Group CEO Ritesh Agarwal in a tweet termed the text message circulating with claims of OYO having filed for bankruptcy as 'absolutely untrue and inaccurate'

Tatas reject Shapoorji Pallonji Group's share-swap separation proposal, call it 'nonsense'
Business

Tatas reject Shapoorji Pallonji Group's share-swap separation proposal, call it 'nonsense'

Advocate Harish Salve made the comments before a Supreme Court bench headed by Chief Justice SA Bobde, which is hearing the final arguments on the cross-appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT's order

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee
Business

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee

In its bid, the NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).

NCLAT sets aside CAIT plea against CCI nod to Walmart's $16-billion acquisition of Flipkart
Business

NCLAT sets aside CAIT plea against CCI nod to Walmart's $16-billion acquisition of Flipkart

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition filed by traders' body CAIT against CCI nod to Walmart's $16-billion acquisition of Flipkart

NCLAT upholds CCI order on Adani Gas for abuse of dominant position in supply of piped natural gas
Business

NCLAT upholds CCI order on Adani Gas for abuse of dominant position in supply of piped natural gas

The NCLAT has upheld the fair trade regulator CCI's order, holding Adani Gas Limited (AGL) "guilty of of abuse of dominant position" while supplying piped natural gas to industrial customers in Faridabad

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks
Business

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks

On 29 July, the NCLAT stayed the order of the Mumbai bench of the NCLT to implead the auditors and the independent directors of IL&FS.

NCLAT asks CCI to probe against Flipkart over allegations of unfair practices; says vendors' body successfully presented case
Business

NCLAT asks CCI to probe against Flipkart over allegations of unfair practices; says vendors' body successfully presented case

The AIOVA alleged abuse of market dominance against Flipkart India, which is into wholesale trading/distribution of books, mobiles, computers and related accessories, and e-commerce marketplace Flipkart Internet.

NBCC gets NCLT nod to acquire debt-laden Jaypee Infratech; state-run firm to complete about 20,000 pending flats
Business

NBCC gets NCLT nod to acquire debt-laden Jaypee Infratech; state-run firm to complete about 20,000 pending flats

NBCC's proposal was approved by the lenders in the third round of bidding process to find a buyer for Jaypee Infratech.

NCLAT sets aside insolvency case against Flipkart; asks IRP to return e-commerce major's records, assets to promoter
Business

NCLAT sets aside insolvency case against Flipkart; asks IRP to return e-commerce major's records, assets to promoter

On 24 October 2019, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart.

NCLAT rejects IFCI plea against ACCIL Hospitality, says can't seek fresh insolvency plea against corporate guarantor
Business

NCLAT rejects IFCI plea against ACCIL Hospitality, says can't seek fresh insolvency plea against corporate guarantor

IFCI had filed petition to initiate insolvency proceedings against ACCIL Hospitality, which had extended a corporate guaranty for Asian Colour Coated Ispat Limited.

Cyrus Mistry files appeal in Supreme Court; says his family deserved more relief from NCLAT
Business

Cyrus Mistry files appeal in Supreme Court; says his family deserved more relief from NCLAT

Less than a month after the Supreme Court stayed an order reinstating him as Tata Sons chairman, Cyrus Mistry has moved the apex court seeking removal of many anomalies in the NCLAT order, saying his family deserved more relief from the tribunal

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED
Business

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED

A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel.

Govt approaches NCLAT; seeks additional 270 days to complete resolution for 105 IL&FS group companies
Business

Govt approaches NCLAT; seeks additional 270 days to complete resolution for 105 IL&FS group companies

Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on 15 October, 2018

Insolvency process to be limited to real estate project concerned, not other group projects of developers: NCLAT
Business

Insolvency process to be limited to real estate project concerned, not other group projects of developers: NCLAT

NCLATsuggested there should be "reverse corporate insolvency resolution process" in such cases, where insolvency process is initiated against a realty company, no home buyer can approach NCLT or NCLAT to seek refunds.

Tata-Mistry: Supreme Court stays NCLAT order dismissing RoC plea seeking modification of verdict
Business

Tata-Mistry: Supreme Court stays NCLAT order dismissing RoC plea seeking modification of verdict

The Supreme Court Friday stayed the order of appellate tribunal NCLAT which had dismissed the plea of Registrar of Companies seeking modification of its verdict in the Tata-Cyrus Mistry case

Setback for Cyrus Mistry: Supreme Court stays NCLAT order restoring Pallonji Group scion as executive chairman of Tata Group
Business

Setback for Cyrus Mistry: Supreme Court stays NCLAT order restoring Pallonji Group scion as executive chairman of Tata Group

Tata Sons counsel Aryaman Sundaram said the group did not Mistry to be reinstated as the chairman of the group.

Supreme Court to hear Tata Sons plea challenging NCLAT decision restoring Cyrus Mistry as chairman today
Business

Supreme Court to hear Tata Sons plea challenging NCLAT decision restoring Cyrus Mistry as chairman today

Tata Sons has challenged the 18 December decision of the National Company Law Appellate Tribunal (NCLAT) that gave a big relief to Cyrus Investment Pvt Ltd and Mistry, restoring him as the executive chairman of Tata Sons