Refusing To Grant Interim Relief, NCLAT Admits The Amazon's Appeal Against CCI's Order

The NCLAT Bench comprising of Justice M. Venugopal and Mr. V.P. Singh in Amazon.com NV Holdings LLC v. Competition Commission of India & Ors. refused to grant interim relief to Amazon against its plea challenging the order of the Competition Commission of India which suspended its deal with Future Coupons Pvt. Ltd. The order was passed by the Competition Commission on 17th...

Since SC Extended Limitation, No Need To File Application For Condonation Of Delay; NCLAT Delhi

The Principal Bench of the NCLAT comprising of Justice Ashok Bhushan, Justice Jarat Kumar Jain and Dr. Alok Srivastava, in M/s. Essjay Ericsson Private Limited v. M/s. Frontline (NCR) Business Solutions Pvt. Ltd., has held that in order to seek the benefit of the judgment of the Hon'ble Supreme Court passed in Suo Motu Writ Petition No. 3 of 2020, extending the period of limitation due...

FICCI & IBBI: Virtual Conference On 5 Years Of Insolvency And Bankruptcy Code

FICCI in association with IBBI is organizing a Virtual Conference on '5 Years of Insolvency and Bankruptcy Code- Looking Forward and Beyond' on Thursday, 20th January, 2022. The Conference has been organized to mark 5 years of the implementation of the IBC with the objective to ensure the success of IBC and chart the way forward. The target group for the Conference is Bankers,...

Amazon-Group Files Appeal At The NCLAT Against CCI Order And Also Appeal In The Supreme Court Against Delhi High Court Order

The Amazon-Group has challenged the Competition Commission of India's order dated 17.12.2021 at the NCLAT, which suspended its deal to acquire 49% stake in FCPL, on the ground that Amazon failed to disclose the true and complete details for the purpose of the Combination. It was held by the Commission that Amazon had misrepresented that its decision to pursue the Combination was based...

NCLT Must Pass Reasonable Order For Fees & Expenses Of Resolution Professional : Supreme Court

The Supreme Court has held that the NCLT/NCLAT must make a reasonable assessment of the fees and expenses payable to the Interim Resolution Profession and cannot pass an order in an ad-hoc manner.The Court held that an order assigning reasons must be passed in respect of fees of resolution professional; otherwise, it will amount to abdication.A judgement delivered by a Bench of...

The Progressive Decline Of An Equitable Jurisdiction

Shareholder Disputes Are Often 'Family' Disputes Family run companies continue to dominate the corporate landscape in India. Ownership and governance of such companies are often dictated by pre-existing family arrangements /settlements which reflect the wishes and vision of the founders of such companies. Shareholding in such companies is acquired by way of inheritance or by way of gratuitous share transfers. The articles of association of such companies ensure that shareholding and...

Appointment Of Resolution Professional: Rajasthan HC Issues Notice On Plea Challenging Constitutionality Of Sections 95, 97 & 99 Of IBC

The Rajasthan High Court has issued notice on a plea challenging the constitutionality of Sections 95, 97 and 99 of the Insolvency Bankruptcy Code, 2016. The division bench of Chief Justice Akil Kureshi and Justice Rameshwar Vyas observed, "Since the provisions of the law framed by the Parliament are under challenge, we therefore issue notice to the learned Additional...

IBC & Admiralty Act Interplay - Insolvency Proceedings Against Shipping Company Won't Bar Suit Against Vessel : Bombay High Court

In a significant judgment, the Bombay High Court has held that a Shipping Company slipping into liquidation under the Insolvency and Bankruptcy Code will not impact an ongoing Admiralty Suit against its Vessel as the two are separate entities. The judgement authored by Justice BP Colabawalla explains the interplay between the bar against further suits and proceedings under S.33 (5) of...

NUJS And IBBI: Three Day Certificate Course On "Changing Paradigms Of Insolvency And Bankruptcy Code, 2016"

Centre for Insolvency and Bankruptcy Studies, NLU, Jodhpur in collaboration with the Insolvency and Bankruptcy Board of India is organizing a three-day online certificate course programme on "Changing Paradigms of Insolvency and Bankruptcy Code, 2016" The course is intended to further the primary object of the IBBI to create awareness among various stakeholders- Legal Practitioners, Academicians, Professionals and students about the continually and rapidly evolving legal Insolvency...

The Adjudicating Authority Need Not Record Any Finding Regarding 'Default' At The Time Of Application Under Section 95 Of The I&B Code: NCLAT

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan (Chairperson), Justice Jarat Kumar Jain (Judicial Member) and Dr. Alok Srivastava (Technical Member) held in the case of Kanchan Nanubhai Desai Personal Guarantor (Anoushka Medicare & Diagnostics Pvt. Ltd.) v. Finequest Financial Solutions Pvt. Ltd, that when an application is filed under Section 95, which is...

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

NCLAT, Chennai Bench comprising Justice M. Venugopal and Kanthi Narahari in the case of Drip Capital Inc. v. Concord Creations (India) P. Ltd. set aside the order passed by the Adjudicating Authority (NCLT), Bengaluru Bench, holding that the 'Adjudicating Authority' is not a 'Court of Law' and 'CIRP' is not synonymous to litigation. The Appellant/ Financial Creditor granted an...

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the...