nclat

Group's resolution plan for the takeover of insolvent Jaiprakash Associates Limited.

The insolvency resolution of Jaiprakash Associates Ltd. is embroiled in a dispute over the approval of Adani Enterprises' bid over Vedanta's higher offer. Vedanta alleges procedural unfairness and a "commercial conspiracy," challenging the Committee of Creditors' reliance on "commercial wisdom" over value maximisation.

A Bench of Justice J.B. Pardiwala and Justice R. Mahadevan delivered the judgment while deciding appeals arising from insolvency proceedings initiated against Takshashila Heights India Private Limited, the developer of the real estate project Takshashila Elegna in Ahmedabad.

Mumbai EOW filed a chargesheet against three Sunshine Developers partners for allegedly diverting Rs 18.22 crore from a Rs 90 crore LIC Housing Finance loan. The funds were misused, halting construction and leading to bankruptcy, causing losses to the lender and complainant Pratik Vira, who alleged a larger fraud.

Social media giants Meta and WhatsApp assured the Supreme Court they will comply with tribunal orders on user data sharing for non-core services and transparent opt-out options by March 16. While the court disposed of their stay applications, the CCI highlighted the ongoing dispute over a five-year ban on data sharing for advertising, with further hearings scheduled.

The National Company Law Appellate Tribunal has admitted an appeal challenging the approval of Oberoi Realty's Rs 919 crore resolution plan for Hotel Horizon. The tribunal has ordered that no equity be created for the successful applicants pending further hearings. Former promoters allege the plan was based on inflated financial claims.

Businessman Saurabh Agarwal alleged harassment in the Supreme Court concerning a case against KLSR Infratech, citing the arrest of his elderly mother. He seeks a CBI and ED probe into claims of judicial interference in the nclat case. The Supreme Court adjourned the matter, awaiting the nclat's decision on the appeal.

The Supreme Court has overturned the nclat's decision approving Byju's Rs 158.9 crore settlement with BCCI. It instructed BCCI to deposit the funds with the creditors' committee and ruled that nclat's halt on insolvency proceedings was improperly issued without sufficient deliberation.

The National Company Law Appellate Tribunal (nclat) on Monday dismissed Registrar of Companies' (RoC) petition to modify its judgement passed in the Tata-Mistry matter. nclat, on December 18, had directed to reinstate Cyrus Mistry as the executive chairman of the $110-billion Tata group. nclat further said that its judgement has no aspersions cast against it.

nclat upheld CCI's finding that Google abused its dominant position regarding Play Store policies but reduced the penalty from Rs 936.44 crore to Rs 216 crore. Google is required to pay the remaining amount within 30 days, given they have already deposited 10% of the penalty.

The nclat has set aside a petition and upheld a 2017 CCI order that dismissed a complaint of predatory pricing against instant messaging platform WhatsApp. The National Company Law Appellate Tribunal (nclat) said no doubt WhatsApp has a 'dominant position' but it has not 'abused its dominant position' based on inputs provided by the appellant, an NGO Fight for Transparency Society.