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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" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> agreed to hear on Friday a plea seeking <keyword id="20286748" type="General" weightage="20" keywordseo="postponement" source="keywords">postponement</keyword> of the <keyword id="22147879" type="General" weightage="20" keywordseo="NEET-PG" source="keywords">NEET-PG</keyword> examination, scheduled for August 11, which claimed that candidates have been allocated cities that are highly inconvenient for them to reach. A bench comprising Chief Justice of India (CJI) D Y Chandrachud and Justices J B Pardiwala and Manoj Misra on Thursday took note of the submissions of lawyer Anas Tanwir on the issue. The bench said the matter will be listed on Friday. The plea said many candidates have been allocated cities which are highly inconvenient for them to reach. It said the test cities were allotted on July 31 and the specific centres will be declared on August 8. While the allocation of the centres was done to curb malpractices, the plea said due to the paucity of time, it is difficult for the candidates to make arrangements for travel to specific cities. "Issue a writ in the nature of Mandamus ...the Respondents (<keyword id="19904021" type="General" weightage="20" keywordseo="National-Testing-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="National Testing Agency" meta.hostid="261" meta.entityid="National Testing Agency">National Testing Agency</keyword>) to reschedule the NEET-PG 2024 examination," stated the plea filed by Vishal Soren. The National Eligibility-cum-Entrance Test (NEET)-Postgraduate exam was initially supposed to be held on June 23. It was postponed by the Union Health Ministry as a "precautionary measure" in the wake of alleged irregularities in certain competitive exams. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Supreme Court to hear plea seeking postponement of NEET-PG on Friday

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

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday sentenced former Ranbaxy promoters Malvinder Singh and Shivinder Singh to 6 months imprisonment in a case connected with the sale of shares of <keyword id="89365" type="General" weightage="100" keywordseo="fortis" source="Orion">Fortis</keyword> to Malaysia-based IHH Healthcare. A bench, headed by Chief Justice U.U. Lalit, declined to lift its stay on the open offer by IHH Healthcare Berhad for a 26 percent stake in <keyword id="46994" type="General" weightage="80" keywordseo="fortis-healthcare" source="Orion">Fortis Healthcare</keyword>. It asked the Delhi High Court to issue remand in the case and also ordered a forensic audit of the Fortis-IIH deal. "Everything goes back to the executing court," it said. The former promoters of Fortis Healthcare Ltd were embroiled in a court battle after <keyword id="85190" type="General" weightage="80" keywordseo="daiichi-sankyo" source="Orion">Daiichi Sankyo</keyword>, a Japanese firm, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers. Due to a legal fight between Daiichi Sankyo and the former promoters of Fortis Healthcare, the IHH-Fortis deal is stuck. The top court also slapped the Singh brothers with a fine in the contempt case filed against them by the Japanese firm. Daiichi Sankyo moved the court to enforce the arbitral award passed by a Singapore tribunal in 2016. The Delhi High Court, in January 2018, ruled that the arbitration award won by Daiichi Sankyo against the Singh brothers for concealing information about the erstwhile Ranbaxy Laboratories, was enforceable in India. In 2018, IHH Healthcare had acquired a 31 percent controlling stake in Fortis, which triggered a mandatory open offer to acquire another 26 percent of Fortis shares from the market. However, the open offer could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-cancels-licence-of-laxmi-co-operative-bank-solapur/articleshow/94387667.cms">RBI cancels licence of Laxmi Co-operative Bank, Solapur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-billionaires-debut-on-rich-list-after-ipos/articleshow/94384190.cms">Four billionaires debut on rich list after IPOs</a>

SC sends former promoters of Fortis Healthcare to six months jail

<ul class="summary-list"><li>The <keyword id="11893011" type="UNKNOWN" weightage="60" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> has struck down Biden's moratorium on tenant evictions. </li><li>The court ruled 6-3 that the CDC had no jurisdiction over eviction moratoriums. </li><li>Conservative justices argued that "if a federally imposed <keyword id="11957476" type="UNKNOWN" weightage="60" keywordseo="eviction-moratorium" source="Orion">eviction moratorium</keyword> is to continue, Congress must specifically authorize it."</li></ul>In a stunning 6-3 vote, the Supreme Court has struck down Biden's moratorium on tenant evictions. The moratorium was issued earlier this month by the Centers for Disease Control and Prevention, which said it aimed to address areas with "heightened levels of community transmission in order to respond to recent, unexpected developments in the trajectory of the COVID-19 pandemic, including the rise of the Delta variant."It was intended "to target specific areas of the country where cases are rapidly increasing, which likely would be exacerbated by mass evictions," the CDC said.But the court said that the CDC had no authority to issue such a moratorium. In its opinion issued Thursday, the conservative majority said it "strains credulity to believe" that the statute under which the moratorium was imposed - which allows the CDC to take extreme measures to staunch the spread of COVID-19 - "grants the CDC the sweeping authority that it asserts."Further, they argued, "If a federally imposed eviction moratorium is to continue, Congress must specifically authorize it."Justice Stephen Breyer wrote the dissenting opinion, which was supported by Justices Sonia Sotomayer and Elena Kagan. In their dissent, the justices argued that an eviction moratorium was actually a more mild measure than imposing a quarantine, which "arguably impose greater restrictions on individuals' rights and state police powers than do limits on evictions."According to a report from nonprofit research group the <a href="https://www.aspeninstitute.org/wp-content/uploads/2021/07/AI-017-FSP-Report_Eviction-Report_r4.pdf">Aspen Institute</a>, around 15 million people live in some 6.5 million households that are currently behind in rent. Biden had acknowledged that it was likely his eviction moratorium would be struck down, but said he was hoping to buy time to allow for the distribution of $46.5 billion in rent assistance money. So far, however, only around $5 billion of those funds has been disbursed, <a href="https://apnews.com/article/health-courts-pandemics-coronavirus-pandemic-daa34fb48a04dc9f3ddad94fb6b4cbb2?utm_campaign=SocialFlow&amp;utm_source=Twitter&amp;utm_medium=APedium=AP">AP</a> reported.The moratorium was an extension of an earlier moratorium put in place during the Trump administration and was set to expire October 3.The White House called the Supreme Court decision "disappointing" and called on state and local agencies to "urgently act" to prevent evictions.Several states and cities have already said they will keep the current eviction moratorium in place. "California renters will NOT be impacted by this <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword>, the state's eviction moratorium remains in effect. We're focused on ensuring tenants and small landlords get the rent relief they need under California's renter assistance program, the largest in the country," a <a href="https://twitter.com/CAgovernor/status/1431080302596681729">tweet</a> from the Office of the Governor of California said.Mayor Bill de Blasio called the Supreme Court "a group of right-wing extremists" and said that New York "won't stand for this vile, unjust decision."Several members of Congress, including Rhode Island Rep. David Cicilline and <a href="https://twitter.com/CoriBush">Missouri Rep. Cori Bush</a> voiced disappointment with the ruling. Cicilline said in a <a href="https://twitter.com/davidcicilline/status/1431075291116589058">tweet</a> that Congress should return to session to vote to extend the moratorium.

Supreme Court shoots down Biden's moratorium on tenant evictions in 6-3 vote

<ul class="summary-list"><li>One of the two laws the <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> Legislature passed regulating pandemic evictions was struck down.</li><li>The majority of the court found that one of the laws violated <keyword id="6374217" type="UNKNOWN" weightage="60" keywordseo="Landlords">landlords</keyword>' right to due process.</li><li>Because the landlords did not challenge the <keyword id="84208" type="PERSON" weightage="60" keywordseo="Tenant">Tenant</keyword> Safe Harbor Act, it remains in place.</li></ul>In a <a href="https://www.supremecourt.gov/opinions/20pdf/21a8_3fb4.pdf">6-3 decision on August 12</a>, the <keyword id="6354977" type="ORGANIZATION" weightage="60" keywordseo="Supreme-Court">Supreme Court</keyword> ruled that the rights of five New York landlords and one landlords' association were violated by the state's <keyword id="9865732" type="UNKNOWN" weightage="60" keywordseo="eviction-moratorium">eviction moratorium</keyword>, which resulted in one of the laws provisions being struck down.During the pandemic, the New York Legislature passed two laws regulating evictions: the <a href="https://www.nysenate.gov/legislation/bills/2019/s8192/amendment/b">Tenant Safe Harbor Act (THSA)</a> and the <a href="https://www.nysenate.gov/legislation/bills/2019/s9114">COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020</a> (CEEFPA). The court blocked the latter, which barred the <keyword id="6356416" type="UNKNOWN" weightage="60" keywordseo="eviction">eviction</keyword> of any tenant who filed a financial <a href="https://www.nycourts.gov/courts/nyc/SSI/images/corona/HardshipDeclaration.pdf">hardship declaration</a> with their <keyword id="6371484" type="UNKNOWN" weightage="60" keywordseo="landlord">landlord</keyword>, because it violated the landlords' right to due process, <a href="https://www.supremecourt.gov/opinions/20pdf/21a8_3fb4.pdf">according to the order</a>."While I respect the US Supreme Court as a separate judicial entity, I am deeply disappointed in the injunction issued yesterday that invalidates eviction protections for hundreds of thousands of <keyword id="6371483" type="UNKNOWN" weightage="60" keywordseo="tenants">tenants</keyword> and denies New Yorkers this still necessary public health measure," state Sen. Brian Kavanagh, who authored CEEFPA, said in a <a href="https://www.nysenate.gov/newsroom/press-releases/brian-kavanagh/sen-kavanagh-statement-us-supreme-court-invalidating-part-ny">press release</a>.Supreme Court Justices Sonia Sotomayor, Elena Kagan, and Stephen Breyer, who authored the dissenting opinion, cited several reasons they wished to keep CEEFPA in place, including the fact that the state is still distributing federal aid to landlords that would alleviate the need for evictions. Although the order left TSHA intact, all protections under the New York eviction moratorium are set to expire on August 31. Only 55 New York households received financial assistance by the end of July and the state still has $2.35 billion in federal funds and $100 million in state funds left to distribute, according to a <a href="https://www.nysenate.gov/newsroom/press-releases/alessandra-biaggi/senator-biaggi-and-assemblymember-niou-introduce">press release from state Sen. Alessandra Biaggi</a>.

You Searched For "RBI supreme court moratorium" and got 6 results

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

PTI

Supreme Court to hear plea seeking postponement of NEET-PG on Friday

PTI

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

PTI

SC sends former promoters of Fortis Healthcare to six months jail

IANS

Supreme Court shoots down Biden's moratorium on tenant evictions in 6-3 vote

Julie Gerstein

Supreme Court sides with landlords, striking down part of New York's eviction ban

Morgan Keith

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