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New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

Byju's Founder <keyword id="1702989" type="General" weightage="100" keywordseo="Byju-Raveendran" source="Orion">Byju Raveendran</keyword>'s plea against the insolvency of <keyword id="19901241" type="General" weightage="20" keywordseo="Think-Learn" source="keywords">Think &amp; Learn</keyword> before the NCLAT was adjourned on Monday, as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by <keyword id="19916403" type="General" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal" source="keywords" meta.keywordsubtype="org" meta.entityname="National Company Law Appellate Tribunal" meta.hostid="345" meta.entityid="National Company Law Appellate Tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against Think &amp; Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (<keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="345" meta.entityid="BCCI">BCCI</keyword>) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take this up," said Sharma. The Bengaluru bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think &amp; Learn -- once India's most valuable startup worth an estimated $22 billion. NCLT has suspended the board of Think &amp; Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm. Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court. The high court had, on July 26 deferred Raveendran's plea to July 30. At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

New Delhi, The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="General" weightage="20" keywordseo="nclat" source="Orion">NCLAT</keyword>) has stayed a <keyword id="47183" type="General" weightage="20" keywordseo="cci" source="Orion">CCI</keyword> order that imposed a penalty on state-owned power producer <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> for not disclosing the acquisition of 35.47 per cent equity share capital in Ratnagiri Gas &amp; Power Private Ltd. The Competition Commission of India on August 22, 2023, imposed a penalty of Rs 40 lakh on NTPC for non-disclosure of its acquisition of 35.47 per cent of the equity share capital in Ratnagiri Gas &amp; Power Private Ltd (RGPPL). This was challenged by NTPC before the NCLAT, which is an appellate authority over the orders passed by the Competition Commission of India (CCI). A two-member bench directed to list the matter on February 27, 2024, for the next hearing on NTPC's appeal and stayed the operation of order passed by the Competition Commission of India (CCI). "Till next date of hearing the operation of the impugned order dated 22.08.2023 passed by the CCI shall remained stayed," said NCLAT passed earlier this week. NCLAT directed CCI to file a reply over NTPC appeal within four weeks and rejoinder, if any by the power producer, to be filed within four weeks thereafter. NTPC had acquired 35.47 per cent of the equity share capital of RGPPL without notification to the CCI, increasing its stake from 25.51 per cent to 60.98 per cent. Later, CCI on October 27, 2022, issued a notice or failure to notify the transaction under combination regulation. CCI was of the opinion that the transaction in question was a notifiable transaction. However, NTPC had submitted that the acquisition of an additional 35.47 per cent stake in RGPPL was a part of the resolution plan for the settlement of the outstanding debt of RGPPL. Moreover, the final goal of the said transaction was not to acquire equity shares or control, but to settle RGPPL's debt. NTPC also did not acquire any additional rights and enjoys joint control in RGPPL along with GAIL and Maharashtra State Electricity Distribution Company Ltd even on consummation of the transaction, said PSU. However, rejecting this, CCI held that by failure to notify the transaction before its consummation has resulted in violation of provisions of Section 6(2) of the Competition Act and therefore, is liable to a penalty under Section 43A of the Competition Act and imposed a fine of Rs 40 lakh. This was subsequently challenged by NTPC before NCLAT.

NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue

The National Company Law Appellate Tribunal will pass its order on May 22 on petitions filed by three aircraft lessors against <keyword id="11252024" type="General" weightage="20" keywordseo="Go-First" source="Orion">Go First</keyword>'s voluntary insolvency resolution proceedings. A two-member bench headed by Chairperson Justice Ashok Bhushan on Monday reserved its order after completing the hearing on the the three petitions. The bench also asked the parties to submit additional documents, if any, in the next 48 hours. The appellate tribunal was hearing a batch of petitions filed by SMBC Aviation Capital Ltd, GY Aviation and <keyword id="17413255" type="General" weightage="80" keywordseo="sfv-aircraft-holdings" source="Orion">SFV Aircraft Holdings</keyword>. All three lessors have leased out around 21 aircraft to Go First. So far this month, several lessors have approached aviation regulator DGCA for deregistration and repossession of Go First's 45 planes. Go First stopped flying from May 3. Last week the Delhi-based principal bench of the NCLT appointed an interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

Go First insolvency: NCLAT to pass order on aircraft lessors' petitions on May 22

The <keyword id="6396354" type="General" weightage="100" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="General" weightage="20" keywordseo="nclat" source="Orion">NCLAT</keyword>) on Monday will hear the appeal filed by three <keyword id="11252024" type="General" weightage="20" keywordseo="go-first" source="Orion">Go first</keyword> lessors -- SMBC Aviation Capital Ltd, SFV Aircraft Holdings and GY Aviation Lease Court Ltd -- challenging the order passed by the National Company Law Tribunal (NCLT) of interim moratorium and insolvency resolution proceedings. NCLAT on Friday deferred the matter pertaining to Go First lessors' petition seeking a stay on a bankruptcy court order allowing voluntary insolvency of the low-cost airline to Monday. On May 10, the NCLT admitted Go First's plea for voluntary insolvency and admitted for the initiation of Corporate Insolvency Resolution Process (CIRP) proceedings. NCLT has granted Go First protection under a moratorium from recovery by lessors and lenders. NCLT, in its order, said, "We admit the plea of Go Airlines for insolvency proceedings. It said that we appoint Abhilash Lal as IRP (insolvency resolution professional)." "The suspended board of directors will cooperate with the IRP. Suspended directors are also ordered to deposit Rs 5 crore to make the immediate expenses," the order stated. The budget airline had also cancelled all the flights' operations till May 19 due to operational reasons, "Go First flights until 19th May 2023 are cancelled. We apologise for the inconvenience caused and request customers." US-based jet manufacturers Pratt and Whitney (P-W) has defended itself against the budget airline's claim that P-W is responsible for the financial condition and bankruptcy. "Go First's allegations that Pratt and Whitney is responsible for its financial condition are without merit. Pratt and Whitney will vigorously defend itself against Go's claims, and is pursuing its own legal recourse," Pratt and Whitney spokesperson told ANI. The airline, owned by the troubled Wadia Group, had earlier blamed P-W for the faulty engines that led to its ongoing financial crisis and it was later forced to file an involuntary bankruptcy petition. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-is-cracking-down-on-international-scam-calls-after-indias-it-ministry-takes-notice/articleshow/100177253.cms">WhatsApp is cracking down on international scam calls after India’s IT ministry takes notice</a>

National Company Law Appellate Tribunal to hear Go First lessors' plea today

Aircraft lessor <keyword id="17375452" type="General" weightage="50" keywordseo="smbc-aviation-capital-ltd" source="Orion">SMBC Aviation Capital Ltd</keyword> on Wednesday moved the appellate tribunal <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against the order passed by the <keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword> earlier in the day allowing Go First's voluntary plea to initiate insolvency proceedings. <keyword id="2420268" type="General" weightage="80" keywordseo="smbc-aviation-capital" source="Orion">SMBC Aviation Capital</keyword>, formerly <keyword id="383650" type="General" weightage="50" keywordseo="rbs-aviation-capital" source="Orion">RBS Aviation Capital</keyword>, is one of the world's largest aircraft leasing companies. Earlier in the day, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline. The tribunal appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company's financial obligations. During the hearing at NCLT last week, several aircraft lessors had opposed Go First's voluntary insolvency plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mg-motor-india-plans-to-dilute-majority-stakes-to-local-partners/articleshow/100127874.cms">MG Motor India plans to dilute majority stakes to local partners</a>

SMBC Aviation Capital moves NCLAT challenging NCLT order allowing insolvency Go First

The <keyword id="6396355" type="General" weightage="100" keywordseo="NCLAT" source="Orion">NCLAT</keyword> on Wednesday upheld the order of the fair trade regulator <keyword id="47183" type="General" weightage="20" keywordseo="CCI" source="Orion">CCI</keyword> imposing a penalty of Rs 1,337.76 crore on <keyword id="6357247" type="General" weightage="20" keywordseo="internet" source="Orion">Internet</keyword> giant <keyword id="6355629" type="General" weightage="100" keywordseo="Google" source="Orion">Google</keyword>. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) directed Google to implement the direction and deposit the amount in 30 days. The NCLAT bench comprising Chairperson Justice <keyword id="247734" type="General" weightage="20" keywordseo="Ashok-Bhushan" source="Orion">Ashok Bhushan</keyword> and Member Alok Shrivastava also made some modifications to the CCI order. It also rejected Google's plea that there was a violation of natural justice by the <keyword id="97393" type="General" weightage="20" keywordseo="Competition-Commission-of-India" source="Orion">Competition Commission of India</keyword> (CCI) in the probe. On October 20 last year, the CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. The regulator also ordered the Internet major to cease and desist from various unfair business practices. This ruling was challenged before the National Company Law Appellate Tribunal (NCLAT), which is an appellate authority over the orders passed by the CCI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/google-burger-king-coca-cola-and-other-companies-pulled-off-creative-april-fools-day-pranks/slidelist/99087162.cms">Smell search, bhaang-flavour milkshakes: a look at popular April Fool’s Day pranks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/here-are-the-jobs-chatgpt-says-ai-can-take-from-humans/slidelist/99087522.cms">We asked ChatGPT about jobs that AI can take over from humans – This was its answer</a>

NCLAT upholds ₹1,337.76 cr fine imposed on Google by competition watchdog

<ul><li>The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.</li><li>Vistra ITCL (India) Ltd, one of the members of the <keyword id="16392825" type="General" weightage="50" keywordseo="committee-of-creditors-of-reliance-capital" source="Orion">Committee of Creditors of Reliance Capital</keyword>, has moved <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against an <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> order.</li><li>It upheld the plea by <keyword id="14855943" type="General" weightage="100" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. </li></ul>The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance capital" meta.entityname="Reliance Capital Ltd." meta.entityid="13189" meta.seoname="reliance-capital-ltd">Reliance Capital</keyword> seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice <keyword id="247734" type="General" weightage="50" keywordseo="ashok-bhushan" source="Orion">Ashok Bhushan</keyword> issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> bench of <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT) had ruled against holding a fresh round of auction for the takeover of <keyword id="218661" type="General" weightage="20" keywordseo="anil-ambani-promoted" source="Orion">Anil Ambani-promoted</keyword> Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap. Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'. Reliance Capital has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-is-officially-confirmed-to-be-working-on-a-chatgpt-competitor-called-bard/articleshow/97681673.cms">Google is officially confirmed to be working on a ChatGPT competitor called Bard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/drinking-water-in-israel-becomes-turbid-after-turkey-syria-quake/articleshow/97675030.cms">Drinking water in Israel becomes turbid after Turkey-Syria quake</a>

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

The Supreme Court on Monday said it could consider sending the application filed by <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> back to the National Company Law Appellate Tribunal (<keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword>). The tech giant has moved the apex court seeking stay on a Competition Commission of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (<keyword id="47183" type="General" weightage="80" keywordseo="cci" source="Orion">CCI</keyword>) order imposing a Rs 1,337 crore penalty on it. During the hearing, a bench headed by Chief Justice D.Y. Chandrachud asked senior advocate Abhishek Manu <keyword id="79465" type="General" weightage="80" keywordseo="singhvi" source="Orion">Singhvi</keyword>, Google's counsel, "will Google practice the same regime in place in India as you have in Europe?" The Chief Justice added, "Please reflect on this and come back." Singhvi said when the matter came before the judge he recorded that since there is a hearing in April, there is no need for an interim order. He added that <keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword> is the world's best ecosystem and these directions are extraordinary. He said that the directions were that my proprietary software which makes everything is to be shared and the second is side loading. Singhvi added that the matter was filed in December and on January 3, it was mentioned before the NCLAT and the date of compliance is January 19. The Chief Justice queried, "are the directions consistent with steps taken by you?" Singhvi said no. The Chief Justice further queried, "are you then willing to put in place the regime that the EU has? You reflect on it." The top court has scheduled the matter for further hearing on January 18. The bench also added that it would send it back to NCLAT and ask them to deal with the application for stay. On January 11, the Supreme Court agreed to examine an appeal by Google against a decision by the National Company Law Appellate Tribunal (NCLAT), declining to stay a Rs 1,337.76 crore penalty imposed on it by the Competition Commission of India (CCI) for alleged anti-competitive practices. Google moved the apex court after the setback at NCLAT, which did not stay the CCI order on abuse of dominant position in multiple markets in the Android mobile device ecosystem case. Earlier this month, the NCLAT did not find any urgency to pass an interim order, after noting that Google filed the appeal in December last year, though the CCI passed the order in October. It directed Google to deposit 10 per cent of the fine amount. The tribunal had said that there was no urgency shown in the filing of the appeal, therefore Google could not be allowed to press for interim relief. In October last year, the CCI had imposed a penalty of Rs 1,337.76 crore on the company for abusing its dominant position in multiple markets in relation to Android mobile devices. The CCI also imposed a penalty of Rs 936.44 crore on the company for abusing its dominant position with respect to its Play Store policies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bank-of-maharashtra-q3-profit-more-than-doubles-to-775-crore/articleshow/97025500.cms">Bank of Maharashtra Q3 profit more than doubles to ₹775 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/realty-developers-positive-on-demand-keen-on-branded-homes-plotted-developments-credai-survey/articleshow/97025103.cms">Realty developers positive on demand, keen on branded homes &amp; plotted developments: Credai survey</a>

Google-CCI penalty case: 'Will you put in same regime as in Europe', SC asks Google

The <keyword id="6354977" type="General" weightage="80" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday came down heavily on two members of <keyword id="6396355" type="General" weightage="100" keywordseo="nclat" source="Orion">NCLAT</keyword> who were issued contempt notice for defying an order of the apex court. After going through the relevant CCTV footage of the NCLAT proceedings from October 13, a bench headed by <keyword id="6363345" type="General" weightage="20" keywordseo="cji" source="Orion">CJI</keyword> D.Y. Chandrachud and comprising Justices J.B. Pardiwala and Manoj Misra said that there exists a "clear intention" to breach the directions passed by the Supreme Court. In view of the unconditional apology tendered by Member (Technical) Dr Alok Srivastava, the bench decided to put an end to contempt proceedings. During the hearing, the top court was apprised by senior advocate P.S. Patwalia that Member (Judicial) Rakesh Kumar -- who was part of the contentious bench of NCLAT -- has tendered his resignation to the Chairman of the appellate tribunal. Senior advocate Patwalia, who represented Member (Judicial) Rakesh Kumar, said that members of the bench had no intention to defy the orders passed by the apex court and there is no affront or ego involved. At this, CJI D.Y. Chandrachud said: "There is no denial of the fact that the lawyers did point out (before NCLAT bench) that an order was passed by the Supreme Court." In its order, the apex court directed <keyword id="227293" type="General" weightage="50" keywordseo="deepak-chhabria" source="Orion">Deepak Chhabria</keyword> and the scrutiniser to deposit costs of Rs 1 crore and Rs 10 lakh, respectively, in the Prime Minister Relief Fund for misusing the process of law. Earlier on October 18, the Supreme Court had issued contempt notice to two members for "wilfully" defying directions passed by it. The top court had also set aside the judgment passed by the two-member bench of the NCLAT saying that parties cannot take recourse to "devious" means to obviate compliance with the orders passed by the Supreme Court. On October 13, the top court ordered the Chairperson of the NCLAT to conduct an inquiry into the working of a bench of the appellate tribunal which allegedly defied an order of the Supreme Court. It had said that it is passing the order in "extraordinary circumstances" where the two-member bench of the NCLAT proceeded to pronounce the judgment despite the clear mandate of the order passed by the Supreme Court asking the appellate tribunal to declare "its judgment in the pending appeal after it is duly apprised of the fact that the result of the Annual General Meeting has been declared". Senior advocates <keyword id="106922" type="General" weightage="50" keywordseo="abhishek-manu-singhvi" source="Orion">Abhishek Manu Singhvi</keyword> and N.K. Kaul had apprised the top court that the bench consisting of Rakesh Kumar and Dr Alok Srivastava of the NCLAT proceeded to deliver the order despite request made by the petitioner before the appellate tribunal to not deliver the judgment until the report of the scrutiniser is made available. "If what is stated is correct, this will clearly constitute the defiance of the order of this court by the NCLAT," the Supreme Court had said, noting that its order was uploaded at 1.55 p.m. while the scrutiniser's report was stated to be uploaded at 2.40 p.m.

SC closes contempt proceedings against NCLAT bench after one member apologises, other resigns

In probably the first case of a Big Tech giant paying a penalty to the Indian regulators as the government aims to bring a new Digital India Act, <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword> has paid the entire penalty amount of Rs 1,337.76 crore imposed by the Competition Commission of India (<keyword id="47183" type="General" weightage="20" keywordseo="cci" source="Orion">CCI</keyword>) in the <keyword id="16080839" type="General" weightage="20" keywordseo="android-case" source="Orion">Android case</keyword>. Reliable sources told IANS on Tuesday that the entire penalty amount has been deposited in the Consolidated Fund of India, within the 30-day deadline given by the National Company Law Appellate Tribunal (<keyword id="6396355" type="General" weightage="20" keywordseo="nclat" source="Orion">NCLAT</keyword>) in its order. The Indian market regulator imposed a penalty on Google in October 2022 for allegedly exploiting its dominant position in the <keyword id="6355645" type="General" weightage="20" keywordseo="android" source="Orion">Android</keyword> market. Earlier this year, Google announced to comply with the CCI's directives for Android. "The CCI's recent directives for Android and Play require us to make significant changes for India, and we've informed the CCI of how we will be complying with their directives," Google said in a statement. "We're updating the Android compatibility requirements to introduce changes for partners to build non-compatible or forked variants," said Google. Through user choice billing, developers can offer users the option to choose an alternative billing system alongside Google Play's billing system when purchasing in-app digital content. The changes came as a Supreme Court bench said that the findings by the CCI cannot be said to be "without jurisdiction or with manifest error" and affirmed the NCLAT order, declining to grant interim relief to Google. The bench directed the NCLAT to dispose of Google's appeal by March 31 and granted Google seven days to deposit 10 per cent of the Rs 1,337.76 crore penalty imposed by the CCI. Google had alleged that the CCI copy-pasted parts of a European court order without examining associated evidence in India. The CCI has also imposed a penalty of Rs 936.44 crore on Google in a separate case for abusing its dominant position with respect to its Play Store policies. In response to Google's announcement of implementing its new Google Play payments policy, the Alliance of Digital India Foundation (ADIF) had expressed deep concern over the policy change and has demanded that the new policies must be put on hold, since Google charging a nearly 30 per cent service fee on app developers will prove to be a significant blow to the Indian startup ecosystem. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/hugh-grant-says-playing-the-bad-guy-is-more-fun-delicious/articleshow/99931571.cms">Hugh Grant says playing the bad guy is 'more fun &amp; delicious'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sharad-pawar-quits-as-ncp-chief-forms-panel-to-name-his-successor/articleshow/99931187.cms">Sharad Pawar quits as NCP chief, forms panel to name his successor</a>

You Searched For "NCLAT" and got 12 results

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

PTI

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

PTI

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

PTI

NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue

PTI

Go First insolvency: NCLAT to pass order on aircraft lessors' petitions on May 22

PTI

National Company Law Appellate Tribunal to hear Go First lessors' plea today

ANI

SMBC Aviation Capital moves NCLAT challenging NCLT order allowing insolvency Go First

PTI

NCLAT upholds ₹1,337.76 cr fine imposed on Google by competition watchdog

PTI

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

PTI

Google-CCI penalty case: 'Will you put in same regime as in Europe', SC asks Google

IANS

SC closes contempt proceedings against NCLAT bench after one member apologises, other resigns

IANS

Google pays entire ₹1,338 crore penalty to CCI in Android case

IANS

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