SC directs Amazon, Future to NCLAT for speedy disposal of CCI case

 

The Supreme Court (SC) has guided Amazon and Future Group to move toward National Company Law Appellate Tribunal (NCLAT) for fast removal of the US internet business company's case testing Competition Commission of India's (Cci's) request which dropped its 2019 arrangement with Future Coupons. The SC has recorded the case to be heard next on March 9.

Amazon moved toward SC after Delhi High Court (HC) requested a stay on the Amazon-Future intervention happening before a three-part arbitral council.

"The present SLP (unique leave request) is in one way associated with the result of the request tested before the NCLAT. We direct gatherings to demand the NCLAT to choose the case," SC said in its structure.

The SC case was heard by a seat involved Chief Justice of India, NV Ramana, Justice A S Bopana and Justice Hima Kohli.

The NCLAT on February 25 will hear Amazon's request looking for a between time stay on the request passed by the CCI, which suspended the over two-year-old endorsement of its arrangement with Future Coupons (FCPL).

On February 9, the SC had given notification to Future Group to react to Amazon's SLP which tested Delhi High Court's divisional seat request last month remaining the Singapore International Arbitration Center (SIAC) mediation procedures in the Amazon-Future case.

Tatas plan to move SC vacation bench for early stay against NCLAT order

Election News
Tata Sons, the holding organization of the salt-to-programming combination, is taking a gander at moving toward the excursion Bench of the Supreme Court for a stay against the National Company Law Appellate Tribunal (NCLAT) request to invert the status of the organization from private to open restricted and reestablishing Cyrus Mistry as an executive on its board and on three gathering firms, an individual near the issue disclosed to Business Standard.
The NCLAT request on transformation of the organization back to open constrained and Mistry's restoration as executive on certain sheets was with quick impact. Quick to get an early remain, the $110-billion Tata gathering dislike to hold up till January 6, 2020, when the nation's top court revives after the winter break. Councils, for example, the NCLAT have capacity to rebuff for scorn under Section 425 of the Companies Act 2013. Notwithstanding, for reestablishing Mistry as official administrator of Tata Sons, the Tribunal has allowed a four-week window.
The administration excessively is getting dynamic on the most recent advancement in Corporate India. The Ministry of Corporate Affairs (MCA) will look at whether the techniques were trailed by Tata Sons and the Mumbai Registrar of Companies (RoC) before the transformation of the organization's status from open to private constrained under the authority of N Chandrasekaran, a senior government official said.

"Usage must be after assessment. The RoC is basically a vault with no basic leadership powers… We are experiencing the request and in the event that we discover any realities have been passed up a great opportunity in the request, we will put them before the Tribunal," another authority called attention to. In principle, the RoC can roll out the improvement, in the wake of following certain systems. In any case, legal advisors contended that an inversion in the status of the organization would be intense....Read More

Bajaj Auto unveils new version of Avenger Street 160 model at Rs 82,253

Company News

Bajaj Auto Friday said it has launched a new version of its Avenger Street 160 model equipped with anti-lock braking system (ABS) priced at Rs 82,253 (ex-Showroom Delhi).

The new Avenger Street 160 has a single channel ABS along with a roadster design headlamp with LED DRLs, new graphics with larger insignia, black alloy wheels and rubberised rear grab, Bajaj Auto said in a statement.

Commenting on the launch, Bajaj Auto Vice-President (Marketing) Motorcycles Narayan Sundararaman said, "Avenger Street 160 with ABS provides contemporary styling whilst retaining its classical roadster design."

The discerning customer gets a definite step-up into the world of classic biking. This will open up choices to the entry-level sports customers, he added


 The new Avenger Street 160 will bring a sporty cruiser experience to the large set of emerging 150-160cc users, the company said.

NCLAT rules against Ingen for delaying Orchid Pharma resolution plan

Company News
The National Company Law Appellate Tribunal has directed the Centre to take action against US-based investor Ingen Capital Group LLC, its managing director and other directors for not implementing a resolution plan for Chennai-based Orchid Pharma after its proposal was selected by the Committee of Creditors (CoC) and National Company Law Tribunal (NCLT) for implementation. The order comes on a plea filed by Ingen Capital against the Resolution Professional (RP) with the appellate tribunal.

An NCLAT bench comprising Justice S J Mukhopadhaya and Justice Bansi Lal Bhat directed the Centre through the Ministry of Corporate Affairs to take appropriate steps.

"If the appellant (Ingen Capital) has no office in India then the Central Government through Ministry of Corporate Affairs may take up the matter with USA, where the appellant company is situated," said the order.

The appelate tribunal ordered Ingen Capital to be deposit Rs 10 lakh in favour of the CoC within 30 days. The bench observed that Ingen failed to deposit the amount at an earlier date.

The tribunal in an order on February 1, 2019 issued a show cause notice to Ingen Capital directors Umesh Bhatia and Harish Bhatia "as to why appropriate action be not taken against them and the NCLT, Central government and its agancies be not asked to take appropriate steps against the company and its directors and why cost not be imposed on them."


 With the directors not submitting a proper reply, the NCLAT in an order dated March 1, 2019, sought the investor to file show cause reply within three weeks, failing which the Appellate Tribunal may initiate a contempt proceeding against them and may issue bailable warrant of arrest.

RP takes over RCom board; corporate insolvency resolution process to resume

Company News

Following the National Company Law Tribunal (NCLT) directive, Reliance Communications (RCom) on Wednesday informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume.

“The powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional,” the company said in the filing.

The NCLT has also directed the interim RP to file a progress report of the CIRP. The next hearing is on May 30.

Operational creditor Ericsson, in September 2017, had originally filed for insolvency proceedings against RCom. This was accepted by the NCLT over RCom's failure to pay dues to the tune of Rs 1,500 crore. However, it was later stayed by the National Company Law Appellate Tribunal (NCLAT) as both parties reached a settlement, with RCom agreeing to pay Rs 550 crore to Ericsson by September 30, 2018.

Meanwhile, RCom moved the Supreme Court, seeking an extension of the deadline to pay the amount to Ericsson because of a delay in completion of spectrum sale and other assets, to which the apex court granted it time till December 15, 2018.

After RCom had failed to pay the agreed amount, Ericsson moved the apex court wherein the court ordered Anil Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks (March 18, 2019) or face a jail term of three months.

Ambani had paid by the deadline.

 Ericsson was opposed to RCom’s move of undergoing insolvency proceedings as it would then have to let go of the money it received.