The Reserve Bank of India (RBI) moved Mumbai bench of National Company Law Tribunal (NCLT) forthe insolvency and bankruptcy proceeding of Reliance Capital. The RBI appointed former executive director of Bank of Maharashtra Y Nageswar Rao as theadministrator and gave him an advisory board to discharge his duty. In a statement on its website, the RBI said there would be
The National Company Law Tribunal (NCLT) has given its decision to liquidate Mumbai-based Sterling International Enterprises Ltd. This comes after the committee of creditors had recently passed a resolution for liquidating the company. “The Reasons assigned in the petition with regards to taking the decision of liquidation of Corporate Debtor by Committees of Creditors (CoC) appear to be convincing. On
The Supreme Court issued notices to the Central government and 23 IITs on a petition seeking directions to implement reservation policy in admission to research degree programmes and recruitment of faculty. A bench comprising Justices L Nageswara Rao, B R Gavai and BV Nagarathna was hearing a petition filed by academic-cum-researcher Sachchidanand Pandey, who has sought directions for the Centre
The National Company Law Tribunal (NCLT) Delhi directed to initiate insolvency proceedings against MGF Developments and appointed an interim resolution professional after suspending the board of the realty firm. A two-member Delhi based bench of NCLT passed the order by allowing a plea filed by the residents association of ‘The Vilas Condominium’, a project at sector 25 of Gurgaon, for
The Supreme Court (SC) has cleared the divestment in Hindustan Zinc Limited (HZL). HZL has ceased to be a government company as the government, an ordinary shareholder, has a 29.5 percentage residuary stake, SC added. The court added that the government was entitled to make a decision on divestment shareholding, as long as the process is transparent and realizes the
National Company Law Tribunal (NCLT), Mumbai court restrained Future Group from calling shareholders meetings to seek approval for its proposed ₹24,713 crore asset sale to Reliance Industries Ltd, in a legal setback for the cash-strapped group. Following a hearing on Monday, the National Company Law Tribunal (NCLT) changed its earlier stance by stopping Future Group companies from holding the meetings.
“If the Court is satisfied that the underlying objective of the Act would not be contravened or diminished even if the felony in question goes unpunished, the mere fact that the offence is covered under a ‘special statute’ would not refrain this Court or the High Court, from exercising their respective powers under Article 142 of the Constitution or Section
The National Company Law Tribunal (NCLT) allowed Reliance Retail Ventures Ltd (RRVL) and Reliance Retail & Fashion Lifestyles Ltd (RRFLL) to hold extraordinary general meetings (EGMs) of their shareholders and creditors to acquire Future Group’s businesses. The NCLT said the objections raised by American retail giant Amazon were premature and could be dealt with later. On September 28, the NCLT
The Supreme Court held on Friday that Preliminary Enquiry (PE) is not mandatory before FIR registration by the CBI under the Code of Criminal Procedure or Prevention of Corruption Act or the investigative agency’s manual and the accused cannot insist on it as a right. The court said that in case the information received by the CBI, through a complaint
The National Company Law Appellate Tribunal (NCLAT), Chennai Bench ruled that the Resolution Professional (RP) is not empowered to undertake Revision of GST assessment. The appellant, Bijoy Prabhakaran Pulipra is a Resolution Professional who has assailed the NCLT’s order under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) holding that there is no error in the Order. The
