NCLT cancels summer vacation to hear cases.

National Company Law Tribunal (NCLT) has cancelled the scheduled summer vacation for all its benches across the country this year. In a notification, issued by the registrar on May 5, NCLT said it has cancelled summer vacation for this year and all benches of NCLT will function during the said period. The Delhi-based principal bench […]

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SC restrains directors of JAL from alienating properties

The Supreme Court today directed 13 directors, including five promoters of embattled Jaiprakash Associate Limited (JAL) not to alienate their personal properties and asked the firm to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31 respectively. The bench accepted a demand draft of Rs 275 crore by the real […]

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Gujarat HC raps RBI for giving directions to NCLT

The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. It also questioned the functioning of the central bank. The bench of Justice S G Shah came down heavily on […]

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Karna HC directs NCLT to hear afresh bankruptcy proceedings of Falcon Tyres

Disposing of a plea of a tyre manufacturer, the Karnataka High Court has directed the National Company Law Tribunal (NCLT) to hear afresh bankruptcy proceeding of Falcon Tyres, filed by Edelweiss Asset Reconstruction Company (ARC). Falcon Tyres’ promoter Pawan Ruia had approached the high court seeking a fair trial, stating that principle of natural justice […]

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NCLT dismisses Mistry firms’ petition against Tata Sons

The National Company Law Tribunal (NCLT) here today dismissed a petition by two firms belonging to Cyrus Mistry’s family, seeking waiver of an eligibility condition for moving the forum against Tata Sons. An NCLT bench of B S V Prakash Kumar and V Nallasenapathy said, “The waiver is dismissed, the company petition dismissed.” The two […]

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NCLT clears way for Tata Sons to hold EGM on Feb 6

The National Company Law Tribunal (NCLT) today refused to grant a stay on the extraordinary general meeting (EGM) called by Tata Sons on February 6 to consider removal of Cyrus Mistry from the Board of Tata Group’s holding company. A Sundaram, counsel for Cyrus Mistry family companies, pressed for interim relief in contempt petition (against […]

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