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A special court here on Thursday rejected <keyword id="6354248" type="General" weightage="50" keywordseo="videocon" source="Orion">Videocon</keyword> founder <keyword id="7025" type="General" weightage="100" keywordseo="Venugopal-Dhoot" source="Orion">Venugopal Dhoot</keyword>'s plea which claimed that his arrest by the Central Bureau of Investigation in the alleged <keyword id="15318655" type="TOPIC" weightage="60" keywordseo="Loan" source="TOPIC" sourcekeytype="real-estate,investopedia" meta.keywordsubtype="null" meta.msid="92702487" meta.seopath="l/loan" meta.entityname="Loan" meta.hostid="153" meta.entityid="loan">loan</keyword> <keyword id="15316801" type="TOPIC" weightage="60" keywordseo="Fraud" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92976258" meta.seopath="f/fraud" meta.entityname="Fraud" meta.hostid="153" meta.entityid="fraud">fraud</keyword> involving former <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="icici-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="icici bank" meta.entityname="ICICI Bank Ltd." meta.entityid="9194" meta.seoname="icici-bank-ltd">ICICI Bank</keyword> CEO and MD Chanda Kochhar was illegal. The CBI court also rejected applications of Chanda Kochhar and her husband Deepak Kochhar for home food, beds, mattresses and chairs. The court directed jail authorities to provide them diet food in consultation with the medical officer. The Kochhars were arrested by the CBI on December 23, while <keyword id="18489" type="General" weightage="70" keywordseo="dhoot" source="Orion">Dhoot</keyword> was arrested three days later. All three are currently in judicial custody. Dhoot had challenged his arrest claiming it was illegal and sought immediate release from the case. His lawyer S S Ladda, along with advocate Viral Babar, argued that Dhoot was arrested only because the investigating officer came under pressure after the Kochhar couple's arrest. During the first remand hearing of the Kochhars their lawyer questioned why Dhoot had not been arrested yet, the <keyword id="6379256" type="General" weightage="50" keywordseo="videocon-group" source="Orion">Videocon group</keyword> founder's lawyer pointed out. The Kochhars were afraid that Dhoot might become an approver, advocate Ladda said. The Kocchars' lawyer made sure it was recorded in the remand order that Dhoot had not been arrested, which put pressure on the investigating officer leading to Dhoot's arrest, he claimed. Special Judge M R Purwar, however, didn't find merit in the arguments and rejected Dhoot's plea. The CBI had named Chanda Kochhar, Deepak Kochhar as well as Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and <keyword id="744747" type="General" weightage="50" keywordseo="videocon-industries-limited" source="Orion">Videocon Industries Limited</keyword> as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the <keyword id="6364753" type="General" weightage="50" keywordseo="prevention-of-corruption-act" source="Orion">Prevention of Corruption Act</keyword>. The CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank. It further alleged that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/angel-network-we-founder-circle-provides-7-partial-exits-within-two-years-of-operations/articleshow/96762418.cms">Angel network We Founder Circle provides 7 partial exits within two years of operations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recode-studios-free-lunch-with-make-up-classes-wins-over-shark-tank-judges-but-gets-no-money/articleshow/96759968.cms">Recode Studio's free lunch with make-up classes wins over Shark Tank judges, but gets no money</a>

ICICI fraud: Special court rejects Dhoot's plea against arrest, Kochhars' demand for home food, bed

<ul><li>Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022</li><li>His lawyer, Sandeep Ladda, had filed this petition in the court days after Chanda and <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> were granted bail.</li><li>The Kochhars were granted bail on the grounds of "illegal arrest by CBI".</li></ul> <keyword id="6379256" type="General" weightage="80" keywordseo="videocon-group" source="Orion">Videocon Group</keyword> Chairman <keyword id="7025" type="General" weightage="80" keywordseo="venugopal-dhoot" source="Orion">Venugopal Dhoot</keyword> was granted bail by the Bombay High Court on Friday in the alleged loan fraud case related to <keyword id="42456" type="General" weightage="100" keywordseo="icici" source="Orion">ICICI</keyword> Bank. Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022. Venugopal Dhoot's lawyer Sandeep Ladda had filed this petition in the court days after the prime accused, former ICICI CEO <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword> and her husband Deepak Kochhar, were granted bail on the grounds of "illegal arrest by CBI". CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money. CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group. The agency had registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited. During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe. The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indian-internet-firms-see-ray-of-hope-as-sc-endorses-nclat-order-against-google/articleshow/97157917.cms">Indian internet firms see ray of hope as SC endorses NCLAT order against Google</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/peegate-scandal-disagree-with-findings-say-shankar-mishras-lawyers-after-air-india-ban/articleshow/97160398.cms">Peegate scandal: Disagree with findings say Shankar Mishra's lawyers after Air India ban</a>

Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

<ul><li>A special <keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword> court on Thursday sent former ICICI Bank CEO and MD <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword>, her husband <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> and <keyword id="6354248" type="General" weightage="80" keywordseo="videocon" source="Orion">Videocon</keyword> group founder Venugopal <keyword id="18489" type="General" weightage="100" keywordseo="dhoot" source="Orion">Dhoot</keyword> to 14-day judicial custody. </li><li>The CBI had named the Kochhars and Dhoot, along with companies NRL, SEPL, VIEL and Videocon Industries Limited, as accused. </li><li>The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot, violating the Banking Regulation Act.</li></ul>A special CBI court in Mumbai on Thursday sent former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot to 14-day judicial custody in connection with a loan fraud case. The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday. The CBI, represented by special public prosecutor A Limosin, did not seek their custody further. The court then sent all the three accused to judicial custody till January 10, 2023. The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Private Limited (SEPL), Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited, as accused in its FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and the Prevention of Corruption Act. The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank. According to the CBI, a sanctioning committee headed by Chanda Kochhar in 2009 approved a term loan of Rs 300 crore to VIEL in contravention of the rules and policies of the bank by abusing her official position as a public servant. The day after the loan was disbursed, Dhoot transferred Rs 64 crore to NRL from VIEL through SEPL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recession-will-be-an-opportunity-for-it-services-firms-focused-on-transformation-as-per-mphasis-ceo/articleshow/96544373.cms">“Recession will be an opportunity for IT services firms focused on transformation” - Mphasis CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/years-will-roll-decades-will-pass-and-ril-will-grow-like-a-banyan-tree-mukesh-ambani/articleshow/96591146.cms">Years will roll, decades will pass and RIL will grow like a banyan tree: Mukesh Ambani</a>

Loan fraud case: Chanda Kochhar, Deepak Kochhar and Dhoot sent to judicial custody till Jan 10

New Delhi, Jan 10 () Assets worth over Rs 78 crore of former ICICI Bank Chairman Chanda Kochhar, including her Rs 3.5 crore flat in Mumbai, and her family have been attached by the ED in connection with a money laundering probe against them, the agency said on Friday.
 A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of properties like flat, land, and plant and machinery of a windfarm project based in Tamil Nadu and Maharashtra.
 These assets, the Enforcement Directorate (ED) said in a statement, are "in possession" of Kochhar, her husband Deepak Kochhar and the companies owned and controlled by him.
 While the book value of these assets is Rs 78.15 crore, officials said their market value is about Rs 600 crore.
 The ED had slapped money laundering charges against the Kochhars and their business entities in January last year for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies."
 This was after the ED studied a CBI FIR against the Kochhar's and carried out raids.
 Probe found, the ED said, that an amount of Rs 64 crore, out of the loan amount of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries Limited on September 8, 2009, just a day after disbursement of loan by ICICI Bank.
 NRPL was was earlier known as NuPower Renewables Limited (NRL) and is a company of Deepak Kochhar. 
 Moreover, it alleged, "net revenue of Rs 10.65 crore was generated by NRL from these tainted funds." 
 "Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to or to say generated in NRPL," the ED said.
The federal investigation agency charged that Chanda Kochhar and her family "acquired" an apartment at Mumbai (in which they live) owned by one of the Videocon Group companies by way of "acquiring that company through her family trust at a nominal price and by creating book entries."
 The Kochhar couple have been grilled by the ED multiple times in the past.
 Probe in the case is ongoing, it said. NES RCJ

ED attaches Rs 78-cr assets of ex-ICICI Bank Chairman Chanda Kochhar, family

<ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, <keyword id="6354287" type="UNKNOWN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword> and Vodafone-Idea owe the government ₹3.2 crore for call drop between September 2019 to June 2019. </li><li>The Department of Telecommunication (DoT) is reportedly looking into additional AGR dues network operators may owe for companies that they acquired — like Videocon Telecommunications and Aircel. </li><li>Banks are also backing away from lending telecom players any additional funds to counter their debt. </li></ul>What started out as <a href="https://www.businessinsider.in/business/news/the-telecom-sectors-roller-coaster-over-the-past-four-years/articleshow/71755349.cms">Reliance Jio's tariff war against Airtel</a> and Vodafone-Idea has now turned into a full-blown crisis. The revision of adjusted gross revenue (<a href="https://www.businessinsider.in/business/news/agr-woes-vodafone-idea-airtel-suffer-quarterly-loss-totalling-rs-74000-cr/articleshow/72059951.cms">AGR</a>) in October already sent the <a href="https://www.businessinsider.in/business/news/supreme-courts-agr-ruling-will-lead-to-telecom-sectors-collapse-ficci-to-fm/articleshow/72295713.cms">sector reeling</a>. Now, an additional penalty of ₹3.2 crore is being levied against them for call drops between September 2019 to June 2019. What's more, the Department of Telecommunication (DoT) is looking into additional AGR dues that network operators they owe on behalf of the companies they acquired. Airtel, for instance, might have to pay its own AGR dues as well what is owed by Aircel and Videocon Telecommunication, both of which declared bankruptcy. Bharti Airtel Chairman, <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Sunil Mittal</a>, has asked the government to lend a 'sympathetic' view in light of recent events. According to him, it's essential that at least three players remain in the segment. "It's a matter of survival," he said after a meeting with the Telecom Regulatory Authority of India (TRAI). Despite the industry's many appeals, no help seems to be on the horizon. Even banks don't want to lend network operators more money fearing that it will never be paid back. Call drop charges Sanjay Dhotre, the Minister of State for Communication, <a href="https://telecom.economictimes.indiatimes.com/news/telcos-penalised-rs-3-2-crore-for-call-drop-in-12-months-maximum-on-vodafone-idea/72492898">told</a> the Parliament that network operators in India owe the government ₹3.2 crore for call drops over a span of 12 months — more than half of which is from Vodafone-Idea amounting to ₹1.76 crore. Reliance Jio hit a big of good luck and was the lowest offender with fines of ₹6.5 lakh, while Bharti Airtel owes ₹43 lakh. Charges of ₹47.5 lakh were also imposed against government-owned Bharat Sanchar Nigam Limited (BSNL). AGR dues might blow up even further The telecom industry's AGR dues currently stand at ₹1.47 crore after the Supreme Court order widened the definition of AGR to include non-core items. But that number might set to increase if acquired companies are taken into account. "DoT is looking into the spectrum trading deal between Bharti Airtel and Videocon Telecommunications and dues that need to be paid," a government official told <a href="https://telecom.economictimes.indiatimes.com/news/airtels-agr-burden-likely-to-get-heavier/72500239">ET.</a> Videocon Telecommunications shut down in 2017 after which it was picked on the cheap by Airtel. According to estimates, it owes the government around ₹1,300 crore in licencing fees, SUC, interest and penalties. DoT is also looking into Airtel's acquisition of Aircel, which owes a massive ₹10,230 crore in dues. But the Mittal-owned enterprise might not have to pay for all of it since most of the debt comes from Aircel's 2G and 3G airwaves — and Airtel only picked up the 4G spectrum. The government though has said it can't provide AGR relief unless directed by the court And since Airtel has been using their spectrum for 2G and 3G services, it is liable to pay the impending AGR dues as well. Help doesn't seem to be on its way The rating company, ICRA, maintain a 'negative' outlook for the Indian telecom industry. According to it, the recent increase in tariffs won't be enough to offset the blow of AGR dues. Banks are also <a href="https://telecom.economictimes.indiatimes.com/news/banks-may-not-fund-more-debt-to-telcos-for-agr-dues/72500447">backing away</a> from extending any more loans to network operators to help them pay off their debt. There is no respite on the horizon either, the government has <a href="https://telecom.economictimes.indiatimes.com/news/no-waiver-or-lowering-of-interest-on-agr-dues-centre/72500499">ruled out</a> any possibility of lowering the fines which are owed — despite the 7% <a href="https://telecom.economictimes.indiatimes.com/news/no-waiver-or-lowering-of-interest-on-agr-dues-centre/72500499">drop in revenue</a> for operators over the past year. Reliance Jio, Airtel and Vodafone-Idea have till December 13 to clear any doubts — and have been <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/dont-delay-agr-dues-clear-doubts-by-december-13-government/articleshow/72449670.cms">warned</a> against any delay in the payment of dues. "Any issues should be pointed out in the comprehensive representation to be submitted, but in no case, the self-assessment and payment of dues are to be delayed," said the letter issued to telecom operators by the DoT. See also: <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Mukesh Ambani's Reliance Jio has 'unlimited' access to finance, says Airtel top boss Sunil Mittal in his clarion call for government support</a> <a href="https://www.businessinsider.in/business/news/the-telecom-sectors-roller-coaster-over-the-past-four-years/articleshow/71755349.cms">The telecom sector's roller coaster over the past four years</a> <a href="https://www.businessinsider.in/business/corporates/article/airtel-and-voda-idea-could-pay-up-dot-but-what-about-13-telcos-that-died/articleshow/71750379.cms">Airtel and Voda-Idea could pay DoT, but what about ₹38,000 crore from defunct telcos?</a>

Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours

<ul><li>The Telecom Regulatory of India will not eliminate interconnect usage charges (IUC) on 1 January 2020. </li><li>Reliance Jio, Bharti Airtel and Vodafone Idea will continue to pay 6 paise per minute for calls to other networks. </li><li>While this may be good news for Bharti Airtel and Vodafone Idea, Reliance Jio is likely to bear the brunt/ </li></ul>Reliance Jio is going to continue being the ‘<a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jio-faces-backlash-for-tariff-increase/articleshow/71573757.cms">second SIM of choice</a>’ as the Telecom Regulatory Authority of India (TRAI) decides to defer the elimination of interconnect usage charges (IUC) for another year. One of the ways that telecom operators generate revenue is by collecting IUC. It basically means that the network where the call originates has to pay the network of the call destination a small toll of using the latter’s bandwidth. In an ideal situation, especially since there are only three players in the market — Reliance Jio, Vodafone-Idea and Bharti Airtel — these charges would even out. But, that isn’t the case. Reliance Jio gets the short end of the stick with more than half the calls on its network — 64% — going off-network, according to an <a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jio-faces-backlash-for-tariff-increase/articleshow/71573757.cms">India Ratings</a> report. Whereas Vodafone-Idea and Airtel subscribers only call off-network 41% and 45% of the time. Why calls are no longer unlimited on Reliance Jio The disbalance ends up making Jio the net payer of expenses, while its competitors end up being the net receivers. It’s also why Airtel and Vodafone-Idea can afford to offer free unlimited calling. <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-charges-for-outgoing-calls-to-other-networks/articleshow/72440347.cms">Reliance Jio</a>, on the other hand, has to limit the number of free IUC minutes it can offer its customers. Good news for Airtel and Vodafone-Idea The decision to let the telecom industry collect IUC means that Airtel and Vodafone-Idea will continue to earn 6 paise per minute for calls on their network until 1 January 2021. The influx of revenue will provide some relief for the operators who first had to face Jio’s tariff war on data and then the S<a href="https://www.businessinsider.in/stock-market/news/reliance-industries-jio-stock-prices-shoots-up-after-supreme-court-verdict/articleshow/71737746.cms">upreme Court judgement</a> on adjusted gross revenue (AGR). The Department of Telecommunication (DoT) is reportedly also looking into <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">pending license fees</a> under the expanded of AGR that Airtel may owe for the telecom companies it acquired — Videocon Communications and Aircel. Meanwhile, the company is heading up a <a href="https://telecom.economictimes.indiatimes.com/news/good-response-for-airtels-3-billion-fundraising-plan/72808998">$3 billion fundraising programme</a> across Singapore, Hong Kong, the US and Europe to meet its global investors and get more resources. Looking to the government to help Airtel and Vodafone-Idea <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">appealed to the government</a> to set a floor price for calling charges — a move that TRAI has been hesitant to initiate. It feels that since the telecom industry recently <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-may-still-have-the-cheapest-plan-on-offer-as-airtel-and-vodafone-idea-have-a-lead-on-telecom-tariffs/articleshow/72335722.cms">hiked its tariffs</a>, and free to do so again in the future, that is there no need to set a minimum price. Minister of Commerce and Industry, <a href="https://telecom.economictimes.indiatimes.com/news/government-cant-take-suo-motu-action-to-revive-telecom-sector-piyush-goyal/72773793">Piyush Goyal</a>, also stated that the department can’t act out of step against the government to save the telecom industry. “Government proactively or suo motu cannot take an action on this (AGR) but I assure you that we are in continuous dialogue,” he said. It hasn’t helped that Vodafone CEO Nick Read’s remarks were misinterpreted and reported as the company wanting to ‘exit’ India due to the AGR dues — invoking disapproval from the government. Telecom Minister <a href="https://www.businessinsider.in/business/news/prasad-hits-out-at-vodafone-for-dictating-terms-to-india/articleshow/72773962.cms">Ravi Shankar Prasad</a> said that didn’t ‘appreciate’ such statement and that ‘no one should dictate terms’ on India. While things may look grime for Reliance Jio, experts feel that it will continue to be a market leader for the next two years. “Jio’s dominant position in terms of market share growth and data usage will sustain comfortably for the next 18-24 months, given its superior data speeds and 4G network coverage, even post change in tariffs,” according to <a href="https://telecom.economictimes.indiatimes.com/news/jio-likely-to-remain-market-leader-for-next-2-years-despite-tariff-hike/72809829">Centrum Institutional Research</a>. See also: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours</a> <a href="https://www.businessinsider.in/business/telecom/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Mukesh Ambani’s Reliance Jio has ‘unlimited’ access to finance, says Airtel top boss Sunil Mittal in his clarion call for government support</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-jio-stock-prices-shoots-up-after-supreme-court-verdict/articleshow/71737746.cms">It’s advantage Reliance Jio after Supreme Court verdict drains Airtel and Vodafone</a>

Disadvantage Jio — Airtel and Vodafone Idea will continue to charge for calls on their network

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

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