SpiceJet closer to settlement with aircraft lessor Celestial, says formalities remain
SpiceJet informed the National Company Law Tribunal (NCLT) that it has settled the matter with aircraft lessor Celestial Aviation, seeking a week for final formalities. Celestial Aviation had filed an insolvency petition against SpiceJet for a default of $29.9 million. SpiceJet has been in settlement talks with the lessor since October 2023. Key Points
Economic TimesFM tables CGST Second Amendment Bill in Lok Sabha
The amendment was proposed after the approval of the GST council in its 52nd meeting on October 7. In October the centre had notified the detailed rules for the appointment and service of president and member of the Goods and Services tax (GST) Appellate Tribunal. Key Points
Economic TimesAmshipora 'encounter': Tribunal bench suspends Army officer's life sentence, casts doubt on verdict
Captain Bhoopendra Singh was given life sentence for allegedly killing 3 men in J&K’s Shopian in 2020. Principal bench of AFT calls findings of court martial proceedings 'perverse'. Key Points
ThePrintCentre notifies rules for selection, service for members, president for GST Tribunals
The Indian government has issued detailed rules regarding the appointment and service of the president and members of the Goods and Services Tax (GST) Appellate Tribunal. The new rules state that the selection committee must provide at least two recommendations for each vacancy, after a thorough assessment of eligible candidate. According to the notification, the president and members of the GST Appellate Tribunal will receive a monthly salary of Rs 2.25 lakh. Key Points
Economic TimesNGT forms panel, seeks report on construction of highway in Himachal floodplains
The National Green Tribunal has formed a panel to investigate the construction of a highway by the National Highways Authority of India (NHAI) allegedly in the floodplains of the Beas river in Himachal Pradesh. A petition had alleged that the NHAI is building a four-lane highway in a flood-prone area near the river. Key Points
Economic Times
NCLT directs Go First RP to file additional affidavit, include progress on maintenance
Go Firsts resolution professional was directed by the National Company Law Tribunal on Friday to file an additional affidavit within the next 10 days, which shall also include a report on the maintenance of assets. The Tribunal said that noted that as this was a serious matter, a report on maintenance could be included in the additional affidavit to be filed by RP of Go First. Key Points
Economic TimesBullied Indian-origin employee wins £2.3 million Royal Mail compensation in UK
In what is believed to be one of the largest compensation settlements for the UK's Royal Mail, an Indian-origin employee has been awarded more than 2.3 million pounds after her bullying claim was upheld. Key Points
The Tribune IndiaCentre asks state governments to approve changes in GST laws by October
The Tribunal will have benches across states by December. Parliament had given its nod to changes in the GST law in March. Key Points
Financialexpress'Promoters of Essel firm Shirpur Gold diverted assets'
The NSE and BSE have alerted the National Company Law Tribunal (NCLT) that the promoters of Essel Group's Shirpur Gold Refinery may have redirected company assets to benefit themselves. The notification followed instructions from the Securities & Exchange Board of India, which had passed down an interim order and show cause notice against the refiner and mentioned violations of other regulatory provisions. Key Points
Economic TimesLudhiana gas leak: NGT orders Rs 20L compensation for kin of 11 deceased
In order to investigate the claims of hydrogen sulphide leakage, a bench of chairperson Adarsh Kumar Goel constituted an eight-person fact-finding joint committee to be led by the chairman of the Punjab State Pollution Control Board. On April 30, 2023, a gas leak in the Giaspura area of the Ludhiana claimed the lives of 11 people, including three minors, and the Tribunal had taken up the case on its own will. Key Points
Economic Times
NCLAT stays NCLT order in Dream 11 case, directs IRP not to take any step till Feb 23
The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT Mumbai bench's order to initiate a Corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, the operator of the fantasy sports platform Dream11. The stay will remain in effect until the next hearing on February 23. Key Points
Economic TimesInsolvency resolution proceedings: Missed timelines, manpower crunch pose challenges
Stressed asset resolutions under the Insolvency and Bankruptcy Code faced delays due to staff shortages at the National Company Law Tribunal (NCLT) and appellate tribunal. Aviation players, including Go First, sought insolvency protection with limited success. By September, creditors had realized Rs 3.16 lakh crore through IBC resolutions since 2016. Key Points
Economic TimesZee-Sony merger remains on hold as NCLT defers hearing to June 26
The National Company Law Tribunal has deferred the hearing on the proposed Zee-Sony merger to June 26. The merger is aimed at creating a $10 billion media giant with the financial muscle to challenge online streaming platforms such as Netflix and Amazon in India. Key Points
mintGoFirst will end if aircraft are returned: IRP to HC
The matter is now listed for arguments by other respondents on May 31. GoFirst filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) resulting in a moratorium on the airline's financial obligations. Key Points
The Indian ExpressSpiceJet's offer to settle unpaid dues not good enough, lessor tells India tribunal
The Ireland-based lessor earlier this month sought to initiate bankruptcy proceedings against SpiceJet over non payment of lease rentals and other dues. The airline owes Aircastle around 500 million rupees ($6 million), a lawyer present at the hearing told Reuters. Key Points
Economic Times
NCLT tells Go First Airlines there is no scope for interim moratorium
The Delhi National Company Law Tribunal has stated that there is no provision for an interim moratorium under the Insolvency and Bankruptcy Code (IBC) while hearing a petition by Go First Airlines for seeking an interim moratorium. The Tribunal bench mentioned that there is only a provision for absolute moratorium under IBC. Go First Airlines is seeking a comprehensive debt restructuring, and it is not a malicious petition to avoid payments of dues. Key Points
Economic TimesEnd of Zee-Sony deal may trigger a spate of legal wranglings
The Sony Group's decision to call off its deal with Zee Entertainment Enterprises and seek a termination fee of $90 million is likely to trigger a messy legal war. Both companies can approach an arbitration Tribunal or a high court for interim relief. Disputes relating to changes in the merger scheme can be challenged before the arbitral tribunal. Zee Entertainment can also invoke arbitration and seek interim measures as per the agreement. Key Points
Economic TimesTribunal cuts victim's compensation by 30 per cent for not wearing helmet at the time of accident
A Motor Accident Claims Tribunal reduced compensation by 30% for a man's fatal motorcycle accident after he wasn't wearing a helmet at the time of the incident. The reduced payout to the family of the 38-year-old Singh in Mumbai will now be Rs 1.02 crore, down from Rs 1.46 crore, with acknowledgement paid to negligent driving on the truck driver's part. Key Points
Economic TimesNCLT admits insolvency plea against Mumbai's Four Care Hospital
Mumbai's NCLT admits Four Care Hospital for Corporate Insolvency Resolution Process under application by Standard Chartered Bank while the Tribunal has appointed Rajan Garg as resolution professional. Promoter availed loan from DHFL, later acquired by Standard Chartered Bank. Key Points
Economic TimesJet Airways resolution: SC asks Jalan Kalrock Consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides. Key Points
Economic Times
Air India begins non-stop Bengaluru-Singapore flight
Air India on Tuesday said it has launched a non-stop service between Bengaluru and Singapore. Launched from October 22. PTI Key Points
The Tribune IndiaZee-Sony merger: NCLAT sets aside NCLT order directing bourses to reconsider approval
The National Company Law Appellate Tribunal (NCLAT) on Friday set aside an NCLT order which had directed bourses NSE and BSE to review the grant of NOC to the merger between Zee Entertainment and Culver Max Entertainment (earlier known as Sony Pictures Networks India), reports said. Earlier this month, Japanese conglomerate Sony Group Corporation Chairman and CEO Kenichiro Yoshida said he expects the merger to be complete within the first half of this fiscal. Key Points
Economic TimesSimona Halep says ITIA trying to delay her doping hearing further
The 31-year-old former Wimbledon and French Open champion has been provisionally suspended since October 2022 after testing positive for banned blood-booster roxadustat at the U.S. Open last year. Key Points
The Indian ExpressNCLAT upholds Jet Airways' ownership transfer to Jalan Kalrock Consortium
The NCLAT has directed the monitoring committee of Jet Airways to complete the transfer of the airline's ownership to Jalan Kalrock Consortium (JKC) within 90 days. The Tribunal also directed JKC to obtain an air operator's certificate within the same period. Additionally, the NCLAT allowed the adjustment of the Performance Bank Guarantee of Rs 150 crore towards the first tranche payment of Rs 350 crore. Key Points
Economic TimesNCLT directs Go First resolution professional to ensure protection of engine lessors' assets
The National Company Law Tribunal has directed the resolution professional of Go First airline to ensure the maintenance of nine engines leased from SMBC Afro Engine Lease BV and Engine Lease Finance BV. The Tribunal cleared the appointment of Shailendra Ajmera of EY as the resolution professional, replacing interim RP Abhilash Lal. The engine lessors have requested the return of their assets following the cancellation of their leases before the initiation of the corporate insolvency resolution process (CIRP). Key Points
Economic Times
NCLAT allows Reliance Capital lenders' plea for another round of bidding
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. Key Points
Economic TimesHyderbad NCLT rejects Viceroy Hotels plan, directs RP to restart sale process
In an order dated June 9. the division bench of the National Company Law Tribunal (NCLT) directed the resolution professional Viceroy Hotels to restart the sale process and complete is within 60 days of the order. Key Points
Economic TimesLessors seek deregistration of 36 Go First planes
Go First, the cash-strapped Wadia Group-owned airline, has seen lessors apply to the Directorate General of Civil Aviation (DGCA) for the deregistration of a total of 36 planes, while requests came in for a further 13 on Monday. The airline has requested an early decision from the National Company Law Tribunal (NCLT) into its petition for voluntary insolvency resolution proceedings, as lessors continued to deregister aircraft. Go First suspended all flights on 3 May, due to the ongoing Pratt & Whitney engine issues. The DGCA has issued the airline with a show-cause notice and suspended all bookings and ticket sales. Key Points
Economic TimesA four-member GST appellate Tribunal likely in each state to streamline dispute resolution
A four-member appellate Tribunal is likely to be set up in each state in order to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), reported PTI citing official. Each state appellate Tribunal would have two technical members (one officer each from the centre and states) and two judicial members. Key Points
Economic TimesKarnataka HC rejects NCLT stay on Byju's second rights issue, sends case back to tribunal
On June 12, NCLT instructed Byju's to maintain the status quo regarding existing shareholders and their shareholding. Byju’s had appealed against the order in the High Court. Key Points
Business Today
Will continue to ‘arbitrate’ despite SIAC rejection: Sony
India Business News: Sony expresses disappointment with the Singapore arbitral tribunal's decision on the Zee merger, but vows to continue arbitration. Get the latest updates on the case. Key Points
Times Of IndiaTDSAT directs DoT to adjust excess Rs 755.52 cr collected from Voda Idea towards statutory dues
“…we hereby direct the respondent (read: Government of India) to adjust Rs 755.52 crore towards liability of this petitioner (read: Vi) for licence fee and towards spectrum usage charges (SUC) within 15 days from today,” the Telecom Disputes Settlement & Appellate Tribunal (TDSAT) said in an order, dated December 15, 2023. Key Points
Economic TimesCentre notifies creation of principal bench of GST Appellate Tribunal
On the recommendation of GST council, Centre on Monday notified the creation of the principal bench of Goods and Services Tax Appellate Tribunal (GSTAT). Last month the Parliament passed the CGST Bill, 2023 which seeks to raise age limits for the president and members of the Goods and Services tax Tribunal (GSTAT) from 67 and 65 years, respectively, to 70 years, against 67 years and 65 years specified earlier. Key Points
Economic TimesTDSAT asks DoT not to take coercive action against Tata Comms over past LF dues
The Telecom Disputes Settlement & Appellate Tribunal (TDSAT) has instructed the Department of Telecommunications (DoT) not to take any coercive action against Tata Communications regarding a demand for a licence fee of Rs 6,159 crore ($830 million) for past years. The demands have been challenged by Tata Communications and the TDSAT has directed the DoT to refrain from action until the next hearing. Key Points
Economic TimesNCLAT to hear IDBI Bank’s plea against Zee Ent in payment dispute case on Aug 31
The National Company Law Appellate Tribunal (NCLAT) on Thursday agreed to hear IDBI Banks plea against Zee Entertainment in payment dispute case on August 31, 2023. Earlier, on August 2, the hearing on bank's plea was deferred by the NCLAT till August 17. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major. Key Points
Economic Times
NCLAT defers hearing on IDBI Bank's plea against Zee Entertainment to Aug 17
The National Company Law Appellate Tribunal (NCLAT) on Wednesday deferred the hearing of IDBI bank's plea against Zee Entertainment till August 17. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major. Key Points
Economic TimesIndian court dismisses appeal by Zee chairman, CEO over market regulator ban
An Indian Tribunal on Monday dismissed an appeal from former Zee Group Chairman Subhash Chandra and Zee Entertainment (ZEE.NS) Chief Executive Punit Goenka over a ban on the duo by India markets regulator from holding board positions in publicly listed companies. Key Points
Reuters