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New Delhi, Jan 1 () Whos who of the corporate world - from Reliance to Tatas to ArcelorMittal - were in corporate law court but what took the cake was the NCLAT order reinstating the ousted Tata Sons head Cyrus Mistry as it shocked as well as shook the entire business world.
 Though the National Company Law Appellate Tribunal (NCLAT) passed several orders/judgments in the insolvency and corporate matters in 2019 which include Tata-Mistry feud, Essar Steel, Jet Airways, IL&amp;FS, Jaypee Infratech, and Reliance Communications, several of them failed to pass the scrutiny of the Supreme Court and were either set aside or modified.
 While for 2020, NCLAT's calendar is marked with several important matters and would start the year with the government-controlled Registrar of Companies (RoC) plea to modify the order passed by it in the Tata-Mistry case, in which it had directed to change the status of Tata Sons from a private company to a public company, the holding firm of USD 110 billion empire.
 Besides, judgments are also expected from the appellate tribunal on other important matters which include the insolvency of Bhushan Power &amp; Steel Ltd in which JSW has challenged attachment of assets by the ED; resolution of IL&amp;FS group which has an outstanding debt of over Rs 90,000 crore; and McDonald's-Bakshi matter, where state-run HUDCO is opposing settlement offer by US-based QSR major.
 In the Essar Steel insolvency matter, the NCLAT in July this year while giving a final go ahead to the global steel giant ArcelorMittal for Rs 42,000 crore takeover of Ruia's firm had put all the operational creditors of the company almost at par with the secured financial creditors over the disbursement of funds.
 It had shaken the banking world as the appellate tribunal had altered the plan voted by Essar Steel's lenders and approved by NCLT Ahmedabad and was challenged before the Supreme Court.
 The apex court on November 15, not only upheld the primacy of financial creditors in the distribution of funds received under the corporate insolvency scheme but also ruled that the CoC would have a final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC).
 In August, the NCLAT ordered for liquidation of auto component maker Amtek Auto declining its lenders plea for extension of the insolvency resolution process deadline.
 This was challenged by the lenders before the Supreme Court, which last month directed the resolution professional to invite fresh bids for the auto component maker within 30 days.
 In another case, the NCLAT in November rejected the bid of Dhanuka Laboratories for Orchid Pharma and set aside the approval granted by the Chennai-bench of the NCLT.
 The NCLAT observed that the approved resolution value, which stood at Rs 1,146.04 crore, proposed by Dhanuka Laboratories was lower than the liquidation value of Rs 1,309 crore of the company. This was challenged by the CoC before the Supreme Court which granted a stay on the order last month.
 In July, the NCLAT permitted fresh bidding for the debt-laden Jaypee Infratech and extended the resolution period for another 90 days. However, in November the apex court annulled the order and allowed only two revised resolution plans from NBCC (India) Ltd and Suraksha Realty for voting.
 The apex court had directed to complete the resolution process of Jaypee Infratech, which is developing about 32,000 flats, in which it has delivered 9,500 units, in 90 days.
 The NCLAT order of January last directing initiation of insolvency proceedings against investment firm La-Fin Financial Services over the plea of IL&amp;FS Financial Services had similar outcome at the apex court. The order was set aside by the Supreme Court which held that IL&amp;FS Financial Services plea was beyond the period of three-years mentioned in Article 137 of the Limitation Act, and thus is time-barred and cannot be proceeded further.
 In 2019, some of the NCLAT orders also raised eyebrows. The order in case of Sterling Biotech was such a case. The appellate tribunal not only stayed the liquidation of the company but also directed to hand over the management to its promoters, including absconding Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara.
 The NCLAT also said that the Enforcement Directorate will probe and ascertain whether the money paid by the absconding promoters is not from the proceeds of crime.
 NCLAT Chairman Justice S J Mukhopadhaya, who is going to hang his boots in March 2020 is also expected to pass the final judgment on fair trade regulator CCI's nod to Walmart's USD 16-billion acquisition of Flipkart.
 The appellate tribunal had reserved its order in January last over the plea filed by trade association CAIT challenging approval by the Competition Commission of India (CCI).
 In October, the NCLAT gave its go-ahead to NCLT Mumbai to decide on Adani Ports and SEZ Ltd's bid for Dighi Port, however, it said that the outcome would be subject to its final order.
 In the same month, the appellate tribunal also rejected the oil ministry's plea seeking USD 314 million (around Rs 2,245 crore) from insolvency-bound Videocon Industries in unpaid profit petroleum from the Ravva oil and gas fields in the eastern offshore. KRH ANZ 
MR

2019: NCLAT passed several judgements but many of them failed Supreme Court perusal

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Natalie Behring</div></div></div>Goldman Sachs has promoted 425 people to managing director."Our new Managing Directors represent the best of our firm's dedication to excellence, leadership and client service, and we wish them continued success in their careers," Goldman CEO Lloyd Blankfein said in a statement.It's a big deal to be named a managing director. The title is just one step below "partner," which is one of the most highly-coveted titles in investment banking. The next class of MDs won't be selected until 2017. In 2013, <a href="http://www.businessinsider.com/goldman-managing-director-selection-2013-3">Goldman changed its managing director selection process</a> from every year to every two years. That year, <a href="http://www.businessinsider.com/goldman-managing-director-class-2013-11">280 people</a> made the cut.The following individuals have been promoted:Catherine Addona-Peña Alokik Advani Sam Agnew Daniel Ahern Murtaza Ahmed Fusae Akamatsu Phil Almond Ana Alonso Roy Appelman Juliano Arruda Alex Ashwal Daniel Avery Misty Bailey Tom Barkes Jose Barreto Sushil Bathija Gregoire Baudot Olivier Belaich Sharon Bell Allison Beller Christine Benson Schwartzstein Sam Berberian Todd Berger Sandy Bernhardt Greg Berube Shashi Bhushan (Bengaluru) Lyla Bibi Julie Billings Alexander Blanchard Tristan Blood Katherine Bloom Alexander Blostein John Blythe Andrea Bonini Vijay Borkar Jean-Pierre Boudrias Dyson Bowditch Rhett Brewer Sean Brewer Cameron Brien Tyler Brooke Marios Broustas Melissa Brown Jacob Buitelaar Jason Burgess Manuel Camacho Tim Campbell Eliot Camplisson Susana Cao Miranda Nicholas Chan Sorubh Chandani Amy Chang Dennis Chang Scott Chastain Scott Chen (IBD) Yu Chikami Vikram Chima Sung Cho Caroline Chu Simon Clarke Ray Clifford Jorge Combe William Connolly Ron Cortina Daniela Costa Yasmine Coupal Patricia Creedon Brian Culang Michelle Daly Ranga Dattatreya Christopher Daur Brian DeCenzo Alexis Deladerriere Robert Devens Devanshu Dhyani Scott Dias Johanna Diaz Simon Dickinson Andrew DiMaria Darren Dixon Terence Donnelly Christopher Droege Lindsay Drucker Mann Frank Drury Caroline Dunne Steven Edwards (Internal Audit) Jeffrey Egee Naoko Ehara Inna Elyashkevich Jason English Andrew Erekson Joris Esch Ana Estrada Cristina Estrada Owain Evans Julia Feldman Jing Feng Albert Ferng Val Feygin Dan Fishman Dennis Fleck Terence Flynn Ian Foster (IBD) Kelly Galanis Ilya Gaysinskiy Libardo Gerardino Said Ghusayni Michael Gillott Arvind Giridhar Mark Glotfelty Chloe Goddard Lakshya Goel Peter Goertzen Andres Gonzalez Clara Gonzalez-Martin Claire Goodeve Anton Gorshkov Simon Gosling Jessica Binder Graham Michael Graham (Securities) Glenn Greilsamer Fabrizio Grena Alain Griveau Pierre-Yves Guerber Renaud Guidée Renu Gupta Christoph Haenschel Simon Hale Jay Handfield Deirdre Harding Nada Hassan Frances Hawkins Tobias Heilmaier Christoph Heuer Kenneth Ho Luke Hodges Jennie Holloway Matthew Hostasa Henry Howell Soomin Hu Victor Hu Andrew Huang Lee Hughes Michael Hui Shinichiro Ichiki George Ingram Francesca Innocenti Karen Ip Yuichiro Isayama Shubha Iyer Kristy Jago Matt Jahansouz Lear Janiv Jessica Janowitz Franklin Jarman Jabe Jerram Lei Jin Moritz Jobke Charles Johnston Ganesh Jois Katherine Jollon Colsher John Jonke Shrut Kalra Emiko Kamoda Markus Kant Yugandhar Karna Lotfi Karoui Vanya Kasanof Ting Ke Kyle Kendall Richard Kendrick Corey Kenyon Anthony Kim Seong Eun Kim Sean Kingston Teresa Kingswood David Kirschner Michael Klym Jared Klyman Andrew Knight Timur Kocaoglu Kevin Kochar Christina Kopec David Korpi Caroline Kraus Jennifer Krevitt Ajay Kumar Raj Kumar Kosuke Kurosawa Marc Kurz Takashi Kuwano Loredana La Pace Phil Labbe Marco Laicini Vidya Lakshmi Lia Larson Kinger Lau Max Layton Jerome Lebuchoux Andrew Lee (GIR) David Lee (IMD) Jay Hyun Lee (MBD) Jerry Lee Shane Lee Valerie Leeder Panayiotis Lemonidis Joe Lenehan Daniel Levy Yael Levy Olga Lewis Christina Sun Li Chuan Li James Li Edmund Lim Stephen Little David Liu Daniel Lochner Michael Loetzsch Donald Lu Rochelle Lucas Matthias Ludemann Christopher Lvoff Andrew Lyons Kristen Macleod Manju Madhavan Lynn Magnus Thomas Malafronte Sajith Maliakel Rakesh Manani Elizabeth Mann Jim Mannoia John Manzi Jia Mao Guillaume Marinacce Jeremie Marrache Matthew Mason Gaurav Mathur Yuji Matsumoto Tom McAndrew Scott McHugh Andrew McIlroy Jenny Meng Shahmil Merchant Joann Mercurio Maryline Mertz Marco Messeri Hideo Michiba Jared Miller Stacey Miller Elizabeth Milonopoulos Pascal Mischler Pooja Mishra Prahlad Doretta Mistras Matthew Mizrahi Hillel Moerman Soren Moller-Rasmussen Fausto Monacelli Q Montazeri Leonie Morel Owen Morris Daniel Motta Ricardo Mourao Christian Mueller-Glissmann Niladri Mukhopadhyay Mathieu Munuera Francis Murphy Thomas Murray Charles Myers Harsh Nanda Asad Naqvi Ryan Nash David Naulty Toh Ne Win Shapour Neshatfar Billy Newport Anya Newton Katrina Niehaus Christos Nifadopoulos Ryan Nolan Brian Nordahl Steven Nowak Matthew O'Callaghan John Olivo Oscar Ostlund Marco Paesotto Kanak Palanisamy Sundaram Pandiarajan Mrudang Pandya Francesco Paolicelli Dhaval Parekh Keyur Parekh Akash Patel Himin Patel Jatin Patel Cristina Patron Nicholas Peach Agostina Pechi Xi Pei Shlomit Perry Joseph Persky Carlos Prieto Ricardo Puggina Tim Quandt Stephanie Rader Emilie Railhac Amit Raje Sudarshan Ramakrishnan Akila Raman Vishaal Rana Robert Rancitelli Zeeshan Razzaqui Paolo Re David Reis Kevin Relihan Ben Reuter Matt Rhodes Clare Richards Brian Richardson Richard Rivero Duane Robinson Fabiano Romeiro Agustin Romo Calvo Karen Rossi Matias Rotella Anne Russ C. Kyle Russ Jamie Russell Isidoor Rutten Timothy Ryan Craig Sabal Carolyn Sabat Michael Sachs Hassan Salamony Nicholas Saunders Carly Scales Marc Schaffer Tom Schouwenaars Jameson Schriber Leonard Seevers Masataka Sera Arpan Shah (Internal Audit) Dhruv Shah Nitin Shah Ashoke Sharma Nik Sharma Salil Sheth Jonathan Shugar Aaron Siegel Eric Siegel Julie Silverman Jim Sinclair Balaji Sivasubramanian Neil Slee Martin Smith (IMD) Scott Smith Lin Smyth Douglas Spell David Sprake Jack Springate Sujatha Srinivasan Ricardo Stabile John Startin John Stecher Alexander Stiles Peter Stone Miruna Stratan Matthew Straughen Hiroyuki Sugiura Joseph Sumberg Philip Sun Lawrence Tankel Richard Tarling Ian Taylor Mike Taylor (Services) Sophie Taylor Latifa Tefridj-Gaillard Kurt Tenenbaum Prasanna Thati Radha Tilton Vincent Tiseo Jandirk tom Dieck Margo Topman Shinsaku Toriyama Dom Totino Joseph Traina Matthew Traina Alexis Tsang Tetsuya Ukai Silvia Valente Laura van Alkemade Carol Van der Vorst Alexis Vassilakas Kerone Vatel Thomas Vaughan Meriel Vessey Alexandra Vincenzi David Wade Dennis Walsh Alex Wang Jun Wang Moon Wang Katherine Ward Amy Watson Peter Watson Whitney Watson Gregory Watts Jie Wei Michael Weiss Miriam Wheeler Pete Williams Wes Williams Jiahong Wu Tony Xu Michael Yaeger Satoshi Yamagata Huan Yang Jonathan Yarrow Sylvia Yeh Vincent Yeung Derek Yi Jon Yoder Jaewon Yu Brendan Zeigon Daniel Zimmerman Martin Zoll <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/seaworld-end-killer-whale-show-san-diego-blackfish-2015-11">SeaWorld is ending its killer whale show after being criticized for how it treats them</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VjdnBxeDr7ABHNOUF_pwCshHV8m9AMwX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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2019: NCLAT passed several judgements but many of them failed Supreme Court perusal

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The Goldman Sachs new managing director list is out!

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