Tribunal Rules

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal (NCLT), while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes Bank. The said order passed by the Mumbai bench of NCLT was challenged by Rajiv Munjal, a director from the suspended board of Indrajit Power, before the NCLAT. However, NCLAT upheld the NCLT order observing that it admitted the insolvency plea after finding debt and default which is not even questioned in the appeal filed by the suspended board. "The submission of the appellant (director) that he proposes to enter into settlement, itself makes it clear that debt and default are admitted. In view of the aforesaid, we do not see any good grounds to entertain this appeal," said a two-membe

Bibhav Kumar was dismissed on grounds of 'illegal appointment' by the Vigilance Department

Sebi had also barred 21 others, including ace investor Shankar Sharma, from diluting their stakes in the company

In a letter dated 30 August, the market regulator appointed MM Nissim & Co as an independent chartered accountant to value the shares of Federal-Mogul Goetze for the open offer

Earlier, serving judges of the High Court or the Supreme Court were appointed as chairperson or a member while staying in their existing service, and were entitled to pension and other benefits

Tribunal was comparing latest order with previous one for which it issued directions in Jan; quashes fine imposed by Sebi officer, says same violation cannot suffer two penalties

After a bruising bidding war four years ago, Fortis has moved to pare its debt and expand modestly

Tribunal says Ola is a mere intermediary; its role is limited to managing OLA app, facilitating transport services by the driver to the rider and payment collection via e-wallet on driver's behalf

The Delhi High Court has set aside an arbitration award that asked Antrix to pay $562 mn to Devas

The Supreme Court on Tuesday disapproved of the Centre's practice to conduct additional verification of members chosen for the Income Tax Appellate Tribunal (ITAT), despite recommendation for the appointment by the Search and Selection Committee (SCSC).

A two-member Delhi based bench of NCLT passed the order

The high court set aside the CAT principal bench order related to transfer of a plea being heard in its Nainital bench to Delhi, saying the principal bench cannot be permitted to be usurper of power.

The plea said media, particularly the electronic, has become like an unruly horse which needs to be tamed

Their predicament has worsened after the surprise lockdown

Experts feel ideal solution is having a tribunal commission, with no side reigning supreme

Shift the oversight of tribunals from the government to the judiciary and reclaim the ground that constitutionally belongs to the latter