In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the penalty of INR 1,337 crore imposed on Google by the Competition Commission of India (CCI) for its anti-competitive conduct in the Android ecosystem. However, the appellate tribunal has set aside four critical directions of the ten non-monetary directives issued by CCI in its Android ruling of October
The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
Zee Entertainment Enterprises Ltd (ZEEL) has announced that it has reached an agreement with IndusInd Bank Ltd to settle all disputes and claims between the two parties. The settlement puts an end to the insolvency proceedings that were initiated against ZEEL by IndusInd Bank before the National Company Law Tribunal (NCLT). In February last year, IndusInd Bank had filed a
The National Company Law Tribunal (NCLT) has approved the Mumbai-based Suraksha Group’s resolution plan to acquire Jaypee Infratech Ltd, a debt-ridden company that has been undergoing insolvency proceedings for almost six years. This decision is a relief for over 20,000 homebuyers who have been stuck with stalled projects in Noida and Greater Noida. The resolution plan had been approved by
The resolution professional of Future Retail, Deloitte India-backed Vijaykumar V Iyer, has invited expressions of interest (EoIs) from prospective resolution applicants for one or more of its assets by April 7, 2023. Interested bidders can choose to bid for the entire company or specific clusters. The resolution professional has announced two options for submitting EoIs: option I covers the entire
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
The bankruptcy court admitted an insolvency case against Asian Hotels (West), which operates the Hyatt Regency hotel near the Mumbai airport, on a petition filed by JM Financial Asset Reconstruction Company (ARC). The Delhi bench of the National Company Law Tribunal admitted the company on September 16 and appointed Sapan Mohan Garg as an interim resolution professional Yes Bank, the
The National Company Law Tribunal (NCLT) Kolkata Bench has allowed the application filed by the Committee of Creditors (CoC) of McNally Bharat Engineering Company Ltd to appoint Ravi Sethia as the Resolution Professional for the company which is undergoing an insolvency process. The company was admitted under the corporate insolvency resolution process (CIRP) by the NCLT Kolkata Bench in April
The National Company Law Tribunal (NCLT) held the executive committee meeting of hotel andrestaurant body FHRAI on October 30, 2018 as “null and void” and ordered the election of its newpresident after conducting the annual general meeting. The bench has directed all four regions of the Federation of Hotel & Restaurant Associations of India(FHRAI) to nominate their members for the
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
