NCLT proceedings broadcast live on pilot basis
As a pilot, the proceedings of the principal Bench of the NCLT, presided by Justice Sudhakar Ramalingam and Member Avinash Srivastava, were broadcast live on YouTube. The initiative is expected to be scaled up in due course. Key Points
Economic TimesDelhi High Court stays IT reassessment proceedings against NGO Oxfam India
The NGO has filed a petition challenging the notices and orders issued against it after a survey was conducted in September 2022. The reassessment proceedings for the year 2016-17 had led to the notice. The court has sought a response from the I-T Department and issued a notice. Key Points
Economic TimesUpper House ‘works’ for 3 mins in 2 halves, adjourned
With both sides continuing to disrupt the proceedings, at 11.02 am, Chairman Jagdeep Dhankhar adjourned the proceedings until 2 pm. Key Points
The Indian ExpressAircraft lessors approach DGCA to deregister 45 Go First Airways planes
Aircraft lessors on Tuesday approached aviation regulator DGCA to deregister 45 Go First Airways planes. The airlines have a total strength of 55 planes, reported ANI. Key Points
Economic TimesWhere does Go First’s insolvency resolution process stand?
A revival plan is reportedly in the works. But airfares are as of now through the roof, and the IBC process has been slower and less productive than expected. Bottom line: the longer this process is delayed, the more will be the value lost, and the more difficult it will be to restart operations Key Points
The Indian Express
NCLT junks insolvency plea against Simplex, cites co's stuck receivables
The National Company Law Tribunal (NCLT) in Kolkata has blocked a petition from Central Bank of India that would have allowed insolvency proceedings against Simplex Infrastructures. The engineering company remains in debt to government agencies and contractors, with some payments mired in arbitration. The debt could potentially allow Simplex to pay back creditors, according to the judgment. Key Points
Economic TimesZee Entertainment likely to repay IndusInd $10 million to wrap Sony deal
Zee Entertainment Enterprises Ltd. has agreed to repay dues owed to IndusInd Bank Ltd. as it seeks to resolve insolvency proceedings initiated against it. The settling of dues of about Rs 837 million ($10 million) to the lender could happen as early as Friday. The Mumbai-based bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made. IndusInd Bank had approached the bankruptcy court in February, seeking to start insolvency Key Points
Economic TimesHow 3 Bengalureans helped Supreme Court script history with their Artificial Intelligence -based tool
The Supreme Court scripted history this week by deploying an Artificial Intelligence (AI)-based tool to start live transcription of proceedings. The move, which is said to modernise the legal landscape using technology, has a Bengaluru connection. Key Points
Economic TimesHow 3 Bengalureans helped the Supreme Court script history with their Artificial Intelligence -based tool
The Supreme Court scripted history this week by deploying an Artificial Intelligence (AI)-based tool to start live transcription of proceedings. The move, which is said to modernise the legal landscape using technology, has a Bengaluru connection. Key Points
Economic TimesNo tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty. Key Points
Economic Times
Assessment proceedings against Congress were set to get time-barred: Sources
Assessments against the Congress party were reopened for 7 years (assessment years 2014-15 to 2020-21), based on incriminating material seized, the sources added. During search operations, specifically in April 2019, extensive use of cash in the electoral process was found, sources added. Key Points
Economic TimesSania went for khula divorce, but it’s easier said than done
India News: Parting ways with her husband, Pakistan cricketer Shoaib Malik, tennis star Sania Mirza opted for ‘khula’, sparking in the process a fresh conversation around this mode of dissolving marriages in the Islamic canon. Khula denotes divorce proceedings initiated by a Muslim woman and is based on her agreeing to forgo her mehr (money paid by the groom to the bride at the time of marriage) and subsequent maintenance in the form of financial aid. Read more on []. Key Points
Times Of India49 Lok Sabha MPs suspended for allegedly disrupting House proceedings
On Tuesday, an additional 49 Members of Parliament (MPs) in Lok Sabha, including Farooq Abdullah, Shashi Tharoor, and Manish Tewari, were suspended for 'disrupting proceedings'. The suspension followed Monday's action against 33 MPs. Opposition members persisted in their protests, leading to the adjournment of proceedings despite warnings from Speaker Om Birla. Key Points
Economic TimesBusinesses can revoke cancelled GST registration by June 30
Businesses whose GST registrations were cancelled for non-filing of returns before December 31 can apply for revocation by June 30 by paying due taxes, interest and penalty. The time limit for making an application for revocation of cancellation of registration has been increased from 30 to 90 days. If taxpayers file the pending GST returns GSTR-10 and GSTR-3B, assessment proceedings initiated by the tax authorities under the GST Act will be deemed to have been withdrawn. Key Points
Economic TimesBusinesses can revoke cancelled GST registration by Jun 30
Businesses whose GST registrations were cancelled for non-filing of returns before December 31 can apply for revocation by June 30 by paying due taxes, interest and penalty. The time limit for making an application for revocation of cancellation of registration has been increased from 30 to 90 days. If taxpayers file the pending GST returns GSTR-10 and GSTR-3B, assessment proceedings initiated by the tax authorities under the GST Act will be deemed to have been withdrawn. Key Points
Economic Times
Byju's crisis: BDO resigns as auditor after Deloitte citing financial concerns
The resignation letter from BDO subsidiary MSKA pointed out several key issues with Byju’s. These included significant delays in financial reporting, insufficient management support, and doubts about the company’s capacity to recover substantial outstanding payments from a Dubai-based entity. Key Points
Business TodayRajya Sabha chairman suspends TMC MP Derek O'Brien over 'unruly behaviour'
Rajya Sabha Chairman Jagdeep Dhankar suspended TMC MP Derek O'Brien from the house for 'disorderly conduct' during the uproar by opposition MPs demanding a discussion on the Parliament security breach. The proceedings were adjourned after opposition MPs entered the Well of the House, seeking a discussion on the December 13 security breach. Key Points
Economic TimesNCLT rejects CIRP plea against Dilip Buildcon
The NCLT only adjudicates based on admitted dues and cannot be made to conduct the proceedings by way of a detailed trial to ascertain the amount of debt claimed, said Yogendra Aldak, partner at law firm Lakshmikumaran & Sridharan Attorneys. Hence, in cases of pre-existing disputes between an operational creditor and a corporate debtor, instead of approaching the NCLT, the operational creditor should choose other avenues including but not limited to civil suits or arbitration as the case may be. Key Points
Economic TimesNCLT Hyderabad initiates insolvency proceedings against GVK Gautami Power
New Delhi, Oct 20 (PTI) The Hyderabad bench of National Company Law Tribunal (NCLT) has initiated insolvency proceedings against GVK Gautami Power Ltd, according to a regulatory filing. In the filing, GVK Power & lnfrastructure Ltd (GVKPIL) said GVK Gautami Power Ltd is its step-down subsidiary. “NCLT, Hyderabad bench, during its hearing on October 20 […] Key Points
ThePrintIndia to double manpower to process IP applications: Piyush Goyal
India's Commerce and Industry Minister, Piyush Goyal, has announced plans to double manpower for processing Intellectual Property (IP) applications in order to streamline the process and increase transparency. He also suggested initiating criminal proceedings against those who file frivolous pre-grant opposition. The Indian Patent Office will hire an additional 900 people to handle the growing number of IP applications. Goyal also proposed the digitization of the Office of the Controller General of Patents, Designs, and Trade Marks to improve efficiency. Key Points
Economic Times
‘Theatrics’: Rajya Sabha adjourned for the day after spat between chair, Derek O'Brien
Rajya Sabha adjourned after Chairman Jagdeep Dhankar had a spat with TMC leader Derek O'Brien over non-admission of notices by opposition members. Opposition parties allege the government is ‘subverting’ Parliamentary traditions. Key Points
mintSpiceJet'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 TimesGo First asks tribunal to urgently pass order on insolvency plea
Go First on Monday asked the country's company law tribunal to urgently pass an order on its insolvency plea, citing lessors' efforts to take back planes. Another plea is that the DGCA, Airports Authority of India (AAI), and private airport operators should not cancel any departure and parking slots allotted to the company. However, aircraft lessors opposed the airline's request, saying that insolvency proceedings cannot be initiated without hearing them. Key Points
Economic TimesRs 3,300-cr SBI loan fraud: SC stays Bombay HC order permitting private firm chairperson to travel to UAE
The Supreme Court has stayed a Bombay HC order permitting Suman Vijay Gupta, chairperson of Ushdev International Limited, to travel to the UAE after taking note of a case in which she is accused of defrauding SBI of Rs 3,300 cr. She is the chairperson of a company which took a loan of Rs 3,300 cr. The CBI is investigating (the case). After the loan was declared an NPA, she renounced the citizenship of India and got the citizenship of Dominica, a top law officer said. Key Points
Economic TimesUndue favour given to Vedanta: SC upholds quashing of land acquisition for university in Odisha
The Supreme Court has upheld the 2010 decision of the Orissa High Court's quashing of the state government's proceedings to acquire 6,000 acres of land to establish a university. The top court accused the state government of giving undue favour to Vedanta and that the entire acquisition process was vitiated by favouritism. The court imposed a cost of INR 5 lakh on Anil Agarwal Foundation. Key Points
Economic Times
Grounded airline Go First's CEO Kaushik Khona resigns
Go First's CEO, Kaushik Khona, has resigned nearly seven months after the airline filed for insolvency. In an email to employees, Khona mentioned November 30 as his last day with the company. Go First, formerly known as GoAir, stopped flying in early May and filed for voluntary bankruptcy proceedings Key Points
Economic TimesApology will not be enough to avoid criminal proceedings for social media posts: Supreme Court
The Supreme Court has said an apology will not be enough to avoid criminal proceedings for abusive social media posts. In a hearing relating to a Facebook post by actor S Ve Shekher, the court dismissed an appeal and said it is essential to be careful while using social media. The actor, who shared a post containing slanderous comments about women journalists, later deleted it and apologised, saying he had shared it inadvertently. Key Points
Economic TimesSingapore court tells Pratt & Whitney to supply engines to Go First
Go First stopped flying and appealed for insolvency proceedings in the National Company Law Tribunal (NCLT) on May 2 due to cash problems and after it had to ground more than half of its 54 planes because of supply issues from the American engine maker. Supply of engines will give it some hope to resume its grounded operations. Key Points
Economic TimesBanks want cover for one-time settlement option under ECLGS
At present, lenders need to initiate legal proceedings to avail of the full credit guarantee coverage provided by the NCGTC under the scheme. One-time settlement schemes are not considered legal recourse and are not covered by the guarantee. Key Points
Economic TimesRPL case: SAT quashes Sebi's order against Mukesh Ambani, Reliance
Securities Appellate Tribunal (SAT) has overturned the decision made by the Securities and Exchange Board of India (Sebi) against Mukesh Ambani and his company Reliance Industries (RIL). The order accused them of engaging in trades that influenced the prices of Reliance Petroleum (RPL) stock back in 2007. SAT has revoked the penalties imposed on RIL, Ambani, Navi Mumbai SEZ, and Mumbai SEZ, which amounted to a total of Rs 70 crore. Key Points
Economic Times
Byju’s strikes a deal: will insolvency relief by NCLAT hold against billions debt claims?
Byju Raveendran may be breathing a sigh of relief after the National Company Law Appellate Tribunal (NCLAT) halted insolvency proceedings and approved a settlement between the BCCI and Byju's. However, the decision has raised serious questions about the state of insolvency proceedings in India. Key Points
Business TodayCongress served Rs 1,700 cr notice by I-T Dept, a fresh setback ahead of Lok Sabha elections
The Congress party has been issued a notice of around Rs 1,700 crore by the Income Tax department, adding to its financial worries before the crucial 2024 Lok Sabha elections, as per a report from TOI on Friday. This action follows the rejection of the party's appeal against reassessment proceedings for four assessment years by the Delhi High Court. The newly imposed demand relates to assessment years 2017-18 to 2020-21, encompassing penalties and interest. Key Points
Economic TimesSuspension of Opposition MPs to be revoked, says Union Minister Pralhad Joshi
Union Minister Pralhad Joshi has said that the suspension of Opposition MPs from Parliament will be revoked. The Opposition leaders were suspended during the Winter Session of Parliament for disrupting House proceedings. Key Points
India TodayOscars 2024 nominations: Nolan's 'Oppenheimer' leads with 13 nods; check complete list of nominees
The 2024 Oscar nominations are out, featuring 321 films and top contenders like 'Oppenheimer,' 'Poor Things,' and 'Barbie.' Hosted by Jimmy Kimmel on March 10, the 96th Academy Awards promise excitement. Notable snubs have stirred discussions, adding anticipation to the star-studded event. Key Points
Economic TimesWoman swears during virtual HC hearing, faces action for contempt
An Indian citizen living in Australia faces contempt proceedings after using abusive language during a video-conferencing hearing in the Delhi high court. She will have to travel to India and surrender her passport. Instances of inappropriate behavior during online court proceedings have become more common. | Latest News India Key Points
Hindustan Times
Realtors unlikely to get greater shelter under insolvency
The rethink was warranted by fears that unscrupulous promoters may use any such relief to dump certain housing projects midway after grabbing profits and focus on those that, they think, will fetch greater returns. Worse, the developers can potentially siphon off funds from certain projects in some way or the other. Key Points
Economic TimesSC denies IBC relief to personal guarantors
IBC cannot be held to be operating in a retroactive manner in order to hold it violative of the constitution, it said. Thus, we hold that the statute does not suffer from the vices of manifest arbitrariness. Key Points
Economic TimesArbitral rules in favour of Tata Motors in Singur plant case, to get compensation of Rs 766 cr plus intere
Tata Motors made an announcement on Monday, revealing that they have successfully obtained an arbitral award totaling Rs 766 crore. This award serves as compensation for their investments in the now-defunct Singur plant, which was originally designated for the production of Tata Nano cars. Key Points
Economic TimesVerdict on 8 Indian Navy veterans jailed in Qatar expected this month, says MEA
The ministry did not specify the charges. However, ThePrint reported in April that the men have allegedly been accused of spying. Key Points
ThePrintWith hearing of Maharashtra MLAs’ disqualification pleas today, a look at Sena vs Sena saga so far
Disqualification petitions are pending against 34 MLAs — 20 from CM Eknath Shinde-led Shiv & all 14 from Thackeray-led Shiv Sena (UBT). Any delay in proceedings will benefit Shinde. Key Points
ThePrint
Backing Rahul Yadav's 4B Networks was a mistake, says Info Edge's Sanjeev Bikhchandani
The consumer internet group has initiated arbitration proceedings against its portfolio company 4B Networks, founded by Housing.com cofounder Rahul Yadav, after the startup failed to provide crucial information about its operations and management for a forensic audit. Key Points
Economic Times‘Protect democracy’: Kharge urges Jagdeep Dhankhar over Adhir Ranjan suspension
“Adhir Ranjan only said Nirav Modi. Nirav means ’shaant’ (quiet), silent,” Mallikarjun Kharge told Jagdeep Dhankhar. | Latest News India Key Points
Hindustan TimesPancard Clubs gets three firm offers for ₹5,034-cr debt
The company, which develops and operates hotels and resorts, is undergoing an in-court resolution process and more than 1.5 million financial creditors (timeshare subscribers) will be voting on these plans in the next couple of days to decide the successful resolution applicant. Key Points
Economic TimesZee Entertainment, IndusInd settle payments issue, NCLAT disposes of appeal
Zee Entertainment and IndusInd Bank on Monday announced that all the due payments have been settled between the two entities, as per media reports. Therefore, the National Company Law Appellate Tribunal (NCLAT) has disposed of the appeal. The two companies had informed NCLAT that they have reached a settlement in relation to their payment dispute, paving way for the Sony deal, in March 2023. Key Points
Economic TimesAustralia's Medibank faces fourth class-action lawsuit over cyberattack
Australia's Medibank Private Ltd said on Thursday it was facing a fourth shareholder class-action lawsuit over a cyberattack incident last year that exposed the personal data of 9.7 million current and former customers. Key Points
Reuters