Ship Sinking : After A 23 Year-Old Long Battle Over Insurance Claim, Vessel Owner Gets Relief From NCDRC

After a rather long struggle over an insurance claim, the NCDRC has directed the National Insurance Co. Ltd. (Insurer) to pay the principal insured amount of Rs. 1.2 cr. plus interest, to the owner of an insured ship vessel. The vessel sank in Oman in 1996 after meeting with an accident, but the crew members on it survived. The order came on a complaint filed by Smt. Kesharben,...

SC Stays Liquidation Of Amtek Auto Passed By NCLAT

The Supreme Court has issued notice in a civil appeal filed by the 'Committee Of Creditors' (CoC) of 'Amtek Auto Limited' and stayed the liquidation order passed by the NCLAT. Since the liquidation of Amtek was approved by NCLAT, the CoC of Amtek approached SC by way of an appeal. Solicitor General Tushar Mehta appeared on behalf of the CoC, before the SC Bench comprising of Justices...

IRDAI Imposes Penalty Of 1.11 Crore On Policy Bazaar For Non-Compliance Of Regulations

The Insurance Regulatory Development Authority of India (IRDAI) has fined Policy Bazaar Insurance Web Aggregator (Policy Bazaar) with a penalty of 1.11 crore for violating regulations of the IRDA (Insurance Web Aggregators) Regulations, 2013 (IRDA Regulations). Out of the eight charges levelled against it, Policy Bazaar was found guilty of...

NCLAT Approves Resolution Plan Of Shell Company Despite SEBI's Objections

In the absence of any material irregularity in exercising the powers by the RP during the CIRP, or regarding provision for payment of insolvency resolution costs in the resolution plan, the appeal was found to be not maintainable by the NCLAT, and was dismissed.

MCA Issues Circular Clarifying The Issue Of 'Appointed Date' In Amalgamation Or Merger Schemes

The Ministry of Corporate Affairs (MCA) has issued a clarification with regard to the interpretation of the provision of section 232(6) of the Companies Act, 2013. The MCA said that it had received several queries on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. After examining the matter in detail...

SAT Sets Aside Penalty Imposed By SEBI On Directors Of P G Electroplast As "Grossly Disproportionate"

The SAT was of the view that the AO had exceeded its power in imposing the maximum penalty under section 15J of the SEBI Act. Finding the penalty as “grossly disproportionate to the violation”, the impugned order imposing the penalty of 1 cr. each on the directors was set aside.

NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.

Basic Idea Behind Disgorgement Is Restitution: SAT Allows Investors' Plea For Compensation

The Securities Appellate Tribunal (SAT) has directed SEBI in a case to compensate victims of an investor fraud scheme by utilising funds either from the disgorgement money received from the wrongdoer, or from its 'Investor Protection and Education Fund'. The SAT is a tribunal that hears appeals against SEBI rulings. The direction...

NCLAT Allows Appeal Filed By ICICI Against RP Of Ruchi Soya Industries; Dismisses Claim Of Preferential Transactions

The NCLAT has allowed an appeal filed by ICICI Bank against the Resolution Professional of Ruchi Soya Industries, setting aside the NCLT order that had upheld the RP's claim of preferential treatment of its claims being done by the Corporate Debtor.The Resolution Professional (RP) of Ruchi Soya Industries had moved an application at NCLT Mumbai under section 43(1) of the Insolvency and...

NCLT Initiates Insolvency Proceedings On Homebuyer's Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

The Tribunal held that the plea cannot be regarded as one for recovery of debt.

Delay Or Insufficiency Of Services Are Not Issues Under The Competition Act: CCI

The Competition Commission of India has held that elements of anti-competitive agreement and abuse of dominant position stand on a higher platform than deficiency in services, thus such inefficiency in services will not form a competition issue. The observation was made by the Commission on a complaint by the National Consumers Co-operative Federation of India...

NCLT Initiates Insolvency Proceedings Against Builder On Homebuyers' Plea

The NCLT Delhi has admitted an insolvency petition filed by a group of 'homebuyers' against the builder Today Homes Noida India Ltd. The allottees of the flat (homebuyers) had entered into a Flat Buyers Agreement for allotment of flats in a residential project at Noida, with Today Homes during 2011-13, and had paid almost 90% of the purchase value. As per the agreement,...