The State government of Kerala intends to contest the National Company Law Tribunal (NCLT) order transferring SAIL-SCL Kerala Limited to Chattisgarh Outsourcing Services, citing violations of lease agreements and procedural irregularities. According to Industries Minister P. Rajeeve, the tribunal’s decision lacked the State government’s input and disregarded established lease terms. The NCLT’s ruling on May 2 stemmed from a complaint
The National Company Law Tribunal (NCLT) has granted approval for the demerger of Thermax’s subsidiaries, Thermax Cooling Solutions Ltd (TCSL) and Thermax Instrumentation Ltd (TIL), as per a regulatory filing on December 25, 2023. This move aims to streamline operations and enhance management focus on Thermax Instrumentation’s business post-demerger, bringing complementary businesses under a consolidated entity for increased scalability and
The National Company Law Appellate Tribunal (NCLAT) has granted approval to the settlement proposal submitted by the promoter of Appu Hotels Limited, the owner of the renowned Tamil Nadu-based luxury hotel brand, Le Royal Meridien. This decision marks a pivotal moment as it not only allows the settlement but also terminates the resolution process of the company. The NCLAT order
The National Company Law Tribunal (NCLT) has affirmed that liquidation proceedings under the Companies Act do not prohibit the filing of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench, comprising Judicial Member VG Bisht and Technical Member Prabhat Kumar, addressed a petition by an operational creditor seeking recovery of Rs. 2,36,21,491. The operational creditor
In a significant endeavor to enhance the efficiency of the National Company Law Tribunal (NCLT), the government is contemplating a substantial expansion by potentially adding up to 100 new members. This strategic move aims not only to expedite the insolvency resolution process, which has experienced notable slowdowns in recent years but also to facilitate the prompt disposal of company law
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
The National Company Law Tribunal (NCLT) has recently issued a notice in response to a plea filed by Jackson Aviation, one of the lessors of Go First. Jackson Aviation sought information regarding the status of aircraft whose leases were terminated before the imposition of the moratorium. Acknowledging the urgency of the matter, the tribunal has instructed the insolvency resolution professional
A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
The Supreme Court stayed all the proceedings before the Delhi High Court for four weeks related to the implementation of an award by Singapore’s Emergency Arbitrator (EA) restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,731 crore merger deal with Reliance Retail. A bench headed by Chief Justice N V Ramana, in a consent order, also directed
