The National Company Law Tribunal (NCLT) in Mumbai has rendered its verdict, affirming the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (formerly known as Sony Pictures Networks India). The judicial member Justice HV Subba Rao and technical member Madhu Sinha pronounced the decision after the tribunal had reserved its judgment on July 11, addressing concerns raised
The National Company Law Appellate Tribunal (NCLAT) of New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), rendered a significant ruling in the case of Chandrashekhar Exports Pvt. Ltd. v Babanraoji Shinde Sugar & Allied Industries Ltd. This decision addresses the maintainability of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC) in relation
The National Company Law Tribunal (NCLT) has released a Circular on 4th August 2023, highlighting the pending petitions and applications within the E-Filing system, which were submitted prior to 30th June 2023. These cases lack subsequent actions or follow-ups. In this regard, the NCLT urges concerned parties and their legal representatives to proactively engage in follow-up actions and prosecution of
The National Company Law Tribunal (NCLT), Allahabad bench, Prayagraj, has recently issued a notice in a company petition filed by Mahender Mohan Gupta, a director of Jagran Media Network Investment Private Limited, and his son Shailesh Gupta. The petition alleges oppression by the majority shareholders within the company, which is a subsidiary of Jagran Prakashan Limited, the publisher of the
In 2018, ICICI Bank initiated insolvency proceedings against Punj Lloyd after the company defaulted on a ₹854 crore loan. On Monday, the National Company Law Tribunal (NCLT) provided the liquidator additional time until July 23 to complete the company’s liquidation. The NCLT specified that, if necessary, the liquidator could submit a fresh application after July 23 to request further extension
The National Company Law Tribunal (NCLT) has decided to adjourn the hearing regarding the Zee-Sony merger case. As per media reports, the new hearing date has been set for July 10. This development follows the submission made by Zee Entertainment Enterprises Limited (ZEEL) in court, stating that the scheme of arrangement between ZEEL and Culver Max Entertainment (Sony) has garnered
The National Company Law Tribunal (NCLT) in Hyderabad, presided over by Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), has granted its approval to the Resolution Plan submitted by a consortium led by B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. This development stems from the proceedings of the petition filed by Bank of
IL&FS, the board of directors of the company, has submitted an application to the National Company Law Appellate Tribunal (NCLAT) against several lenders, including IFCI, IIFCL, BoB, SBI, PNB, Indian Bank, and the government of Jharkhand, citing “undue delays” in obtaining consent for the transfer of road assets worth Rs 5,500 crore to an Infrastructure Investment Trust (InvIT) operated by
Tech giant Google has taken its appeal to the Supreme Court, requesting the annulment of antitrust directives levied against it for alleged abuse of the Android market. According to a report, the Competition Commission of India (CCI) previously declared in October that Google, whose Android mobile operating system dominates 97% of the Indian smartphone market with 600 million users, had
Reliance Innoventures, an enterprise owned by Anil Ambani, has been admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) following a claim made by JC Flowers Asset Reconstruction Company. JC Flowers, which took over Yes Bank’s bad loan portfolio of ₹48,000 crore, alleged that Reliance Innoventures had defaulted on its debts, specifically defaulting on interest payments amounting to
