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...

CIRP Against Real Estate Company Limited To Project Concerned And Will Not Affect Other Projects : NCLAT [Read Judgment]

The National Company Law Appellate Tribunal has held that an insolvency process against a real estate company will impact only the project concerned and not the other projects of the builder-developer."In CIRP against a real estate, if allottees or financial institutions, banks or operational creditors of one project initiated CIRP against the corporate debtor, it is confined to the...

Dispute Raised To Application U/S 9 IBC Over Telephone Inadmissible: NCLT, Allahabad [Read Order]

In its recent order the Allahabad bench of the NCLT has decided that 'notice of dispute' to a claim under Section 9 of the Insolvency and Bankruptcy Code, 2016 is not admissible if made over a telephonic communication, not supported by phone records. The observations have been made in a company petition filed under Section 9 of the Code for initiation of Corporate Insolvency...

Time Spent For SARFAESI Proceedings Can Be Excluded For Computing Limitation Under IBC : NCLAT

Since the proceedings initiated under the SARFEASI Act were within limitation period, NCLAT held that the Financial Creditor was entitled for the exclusion of time period under the Limitation Act.

Satyam Scam : SC Issues Notice On SEBI's Challenge Against SAT Quashing Price Waterhouse Ban

The Supreme Court has issued notice on appeal filed by SEBI against the SAT's order) quashing the SEBI order imposing a two year ban on the accounting firm Price Waterhouse(PW) for its alleged involvement in the Satyam scam. Further, the apex court has also stayed the part of decision, insofar as it held that SEBI did not have the jurisdiction to debar auditors and auditing firms...

Registrar Of Companies Cannot Strike Off Company When Insolvency Process Is Pending : NCLT [Read Order]

The Registrar of Companies (ROC) cannot strike off the name of a company during Corporate Interim Resolution Process, which is reported to have pending litigation, the Ahmadabad Bench of National Company Law Tribunal has held. A bench of Harihar Prakash Chaturvedi (Member Judicial) and Prasanta Kumar Mohanty (Member Technical) said so while deciding the appeal moved by the liquidator of...