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NCLAT News

23 Oct 2024

SC Sets Aside NCLAT Order Halting Insolvency Proceedings Against Ed-Tech Byju

A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju's Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.

23 Oct 2024

SC Sets Aside NCLAT Nod To Byju's Settlement With BCCI

Byju’s Insolvency Case: The NCLAT order came with a rider that in case of failure of timely payment of the dues on the specific dates submitted in the undertaking, the insolvency proceedings would be revived automatically.

21 Aug 2024

Byju’s Employees Haven’t Received July Salaries Yet, CEO Explains Why

In an email to employees, Byju Raveendran expressed that each legal hurdle has prolonged the company’s journey toward recovery.

02 Aug 2024

NCLAT Gives Nod To Byju's Settlement With BCCI, Sets Aside Insolvency Plea

The appellate court maintained that the lenders failed to provide any evidence to substantiate their claims.

01 Sep 2023

Go First Lessor Receives NCLAT Permission To Inspect Leased Aircraft

Disagreeing with a portion of the NCLT's ruling that restricted the lessor from inspecting the engines, the NCLAT had issued its own directive to schedule an inspection within 10 days.

19 Aug 2023

Jet Airways: Jalan Kalrock Consortium Seek Time To Pay Rs 350 Crore To Lenders

During the proceedings, the Committee of Creditors (CoC) asked the Jalan-Kalrock consortium to pay Rs 350 crore by August 31, as per the schedule. However, the consortium sought an extension in the schedule.

22 May 2023

Go First Insolvency: Lessors Cannot Take Possession of Aircraft

NCLAT directed aircraft lessors to approach NCLT for any remedy in the Go First insolvency proceedings matters.

29 Mar 2023

NCLAT Upholds Rs 1,337.76 Cr Fine On Tech Giant For Anti-Competitive Practice

Challenging the CCI order, Google said the findings are "patently erroneous and ignore" the reality of competition in India, Google's pro-competitive business model, and the benefits created for all stakeholders.

05 Mar 2023

Google Plans Going SC After NCLAT Refuses To Stay CCI's Rs 1,338-Cr Penalty

On October 20 last year, CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. In the October ruling, CCI had also ordered the internet major to cease and desist from various unfair business practices.

04 Jan 2023

NCLAT directs Google to pay 10% of Rs 1,337.76 cr penalty; admits appeal

A two-member bench, however, declined to grant any immediate stay the operations of Competition Commission of India (CCI) penalty and said it would pass any order after hearing out other parties.

10 Sep 2022

Yes Bank faces BIG action over unfair loan transactions, details here

The NCLAT found that more than 99 percent of the sanctioned amount – Rs 147.6 crore by Yes Bank in Mack Star's name. It also overturned the orders of the NCLT's Mumbai bench. The appellate tribunal decision followed a petition filed by Ocean Deity Investment Holdings, which owns 82.17 percent of Mack Star, challenging the NCLT order.

National Company Law Appellate Tribunal

13 Jun 2022

NCLAT rejects Amazon's plea to stay CCI order suspending Future Coupons deal

NCLAT bench in its judgement today upheld the CCI's order of suspension of Amazon Future Coupons deal agreeing with CCI's order that Amazon had not made full disclosures of the information to the Commission.

26 Mar 2022

Noida-based builder Supertech faces second major setback in the last one year

Apart from this, Supertech is also barred from transferring, encumbering, alienating, or disposing of any assets. This is the second major setback for Noida-based developers in the last one year. Supertech Group said it would challenge the order before the National Company Law Appellate Tribunal (NCLAT).

25 Feb 2022

CCI does not have powers to keep own order in abeyance: Amazon tells NCLAT

Senior counsel Gopal Subramaniam, representing Amazon, submitted before the appellate tribunal that the jurisdiction and statutory authority of CCI are in question in the appeal filed by the company. Form II pertains to submission of summary of a proposed combination. While listing the matter for Monday, NCLAT also said that it would try to commence day-to-day hearing in the matter.

HCL Technologies

21 Jan 2022

NCLAT stays insolvency proceedings against HCL Tech

A two-member NCLAT bench, while admitting the petition filed by HCL Tech MD and CEO C Vijayakumar stayed the National Company Law Tribunal (NCLT) order of January 17, 2022, to initiate insolvency against the IT major.

25 Dec 2021

NCLAT stays CCI order imposing Rs 873 crore penalty on beer makers

Kingfisher maker United Breweries is faced with a fine of Rs 751.8 crore. NCLAT bench has directed United Breweries to deposit 10 per cent of the penalty amount withing three weeks. The NCLAT has also directed the CCI and the All India Brewers Association to file replies over the notices issued by it.

01 Dec 2021

NCLAT rejects Kotak's plea to set aside insolvency proceedings against MSEL

The NCLT order was challenged by Kotak Mahindra Bank. Kotak Mahindra Bank had contended that four other banks -- ICICI Bank, DBS, IDBI and SBI -- had also advanced loans to MSEL. However, ICICI Bank opposed both the petitions.

08 Oct 2021

ZEEL gets time till October 22 to respond to Invesco’s plea

The NCLT order has come a day after the NCLAT directed it to provide a reasonable time for ZEEL to respond. NCLAT had noted that NCLT hadn’t provided adequate to ZEEL. The NCLT has now asked ZEEL to file its response by October 22.

07 Oct 2021

NCLAT directs NCLT to give reasonable time to ZEEL to respond

NCLAT has directed the NCLT to provide "reasonable and sufficient opportunity" to ZEEL. Invesco's plea seeks convening a meeting of the company's shareholders. The appellate tribunal, however, did not mention how much time should be given to ZEEL to submit its reply.

03 Sep 2021

PNB urges NCLAT to quash Jet Airways rescue plan, here’s why

Last month, a consortium of London-based Kalrock Capital and a UAE-based businessman had agreed to invest about Rs 1000 crore in Jet Airways. PNB argued in front of the NCLAT that the reduction in the amount was arbitrary and illegal. Additional Solicitor General of India Aman Lekhi said that the tribunal has agreed to hear the case.

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