Nclat

CCI rejects petition against Shopee; CAIT likely to move NCLAT next

Shopee, launched at the end of last year, also took the e-commerce market by storm by becoming the second most downloaded app after Meesho

Non-payment of TDS not a ground for initiation of insolvency process: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS can not be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the appellate tribunal said "the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised" for recovery of TDS dues by an operational creditor of the company. "The consequences of non-payment of TDS are provided under Income Tax Act, 1961, and income tax authorities have ample powers to take appropriate action," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan. The bench said the National Company Law Tribunal (NCLT) has committed a "serious error" while directing to initiate insolvency proceedings over a section 9 application filed by an operational creditor under the IBC after admitting that non-payment of the TDS (Tax Deducted at Source) amounts as default "Regarding non-payment of TDS, we are of the view that it is not for us

NCLAT dismisses Hinduja Leyland Finance plea for insolvency proceedings

The NCLAT has dismissed the plea of Hinduja Leyland Finance to initiate insolvency proceedings against its creditor Fly Express Logistics

Bank settlement proposal in NCLAT: Supertech management tells SC

The erstwhile management of realty firm Supertech on Wednesday informed the Supreme Court that it has submitted a settlement proposal with Union Bank of India

Mere act of invoking pledged shares does not discharge debt, rules SC

Top court says debt is not discharged till there has been an actual sale of the pledged items

Petition for insolvency gets time-barred if filed after 3 years: NCLAT

A former managing director of a Dutch company had moved tribunal seeking payment of salary arrears from its Indian arm.

Lenders can invoke personal guarantees in IBC cases, says Supreme Court

IBC provision requires initiation of CIRP to proceed against personal guarantors

NCLAT asks Jet Airways to vacate office from Mack Star Marketing's premises

Bogged down by financial woes, Jet Airways shuttered operations in April 2019 and the insolvency resolution process was initiated in June the same year

Recoveries by financial creditors under IBC shrink to 33%, shows data

It was 39.3 per cent as of March 2021, and as high as 46 per cent till March 2020, according to the Insolvency and Bankruptcy Board of India (IBBI) data

NCLAT reserves its order on Amazon's plea challenging CCI ruling

NCLAT has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons.

Amazon-Future case: CCI filing may hinge on power to revoke order

Amazon during the argument questioned the CCI order, arguing it did not have power to suspend or place its own order in abeyance

Supertech insolvency: NCLAT stays formation of committee of creditors

During the proceedings before the appellate tribunal, Supertech Ltd's counsel requested for adjourning the matter for a week to enable it to approach the bank for negotiations.

SC stays NCLAT order in DHFL case on Piramal's appeal

NCLAT in January this year had directed the lenders of Dewan Housing Finance Corporation to reconsider their decision regarding the valuation of the financial firm's avoidable transactions

DHFL case: SC stays NCLAT order; to hear appeals of Piramal, banks in May

It may be pointed out that in its resolution plan, Piramal had ascribed Re 1 value against Rs 40,000 crore assets that have been fraudulently diverted by erstwhile promoters of DHFL

DHFL Case: CoC members nix recovery of Rs 40k cr, want Re 1 ascribed value

Some secured creditors of DHFL have filed a petition in SC against NCLAT order, which gives them more money than what they had bargained for.

CCI cannot question pleadings of a party before a court: Amazon tells NCLAT

The US e-commerce giant made this argument related to CCI's show-cause notice issued to it in June last year

SC to hear Mistry's plea to delete remarks against him in case vs Tata Sons

Supreme Court on Monday said it would hear after 10 days the plea of CIPL for expunction of certain remarks made against Cyrus Mistry in the 2021 verdict setting aside the NCLAT's order

SC directs Amazon, Future to NCLAT for speedy disposal of CCI case

Amazon has challenged Competition Commission's order cancelling its 2019 deal with Future Coupons

SC asks Amazon, Future to urge NCLAT to decide on plea against CCI order

The bench deferred the hearing after brief arguments on being told that the NCLAT is hearing another appeal of Amazon related to the merger deal

NCLAT allows RARCL plea to initiate insolvency against Narendra Plastics

The National Company Law Appellate Tribunal on Tuesday set aside an NCLT order that rejected an appeal by Reliance Asset Reconstruction Company Ltd (RARCL) to initiate insolvency proceeding against Narendra Plastics. The NCLAT also directed the NCLT to initiate the insolvency proceedings against the company. A three-member NCLAT bench headed by Chairperson Justice Ashok Bhushan set aside the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which on August 13, 2021, rejected RARCL's plea to initiate insolvency proceedings. The NCLT had said the RARCL's plea was barred under limitations as it was filed beyond the prescribed limit of three years after default. The tribunal had said the RARCL had filed a petition under section 7 of the Insolvency & Bankruptcy Code on May 8, 2019, while Narendra Plastics' account was declared as NPA on June 30, 2014, which was prima facie filed after more than five years. This was challenged by RARCL, which is registered as