Jet Airways Staff Send Legal Notice To Tribunal, Legal News, ET LegalWorld – Legal Firms

Seeking compliance of last month’s National Company Law Appellate Tribunal (NCLAT) order, a Jet Airways staff union has sent a legal notice to the erstwhile resolution professional stating that no sale of airline assets should be carried out before the employees’ statutory dues are cleared. The NCLAT in its October...

Jalan-Kalrock Consortium not ruling out Supreme Court appeal, Legal News, ET LegalWorld – Legal Firms

A board member of the Jalan-Kalrock Consortium said it disagrees with Jet Airways' lenders over certain aspects of settlement of dues in the first public admission from the consortium of the tussle between the two parties.Ankit Jalan did not rule out legal options like approaching the Supreme Court to resolve...

No flight plan in sight, lenders may sell 11 aircrafts, Legal News, ET LegalWorld – Legal Firms

Lenders to Jet Airways are keeping open the option of selling 11 planes of the defunct carrier, effectively pushing the airline into liquidation, as they are increasingly frustrated with the delay in executing the resolution plan.Bankers say the Jalan-Kalrock consortium's failure to pay the required amount even one-and-a-half years after...

NCLAT stays CCI’s Rs 169 cr penalty on Oyo, Legal News, ET LegalWorld – Legal Firms

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed a Rs 169 crore penalty imposed on Oravel Stays Ltd by the competition commission of India (CCI). Oravel Stays Ltd operates under the brand name Oyo. However, a two-member NCLAT bench while admitting the appeal filed by Oravel Stays Ltd...

NCLAT stays insolvency proceedings against Bilcare, Legal News, ET LegalWorld – Legal Firms

In a relief to listed pharmaceutical firm Bilcare, the National Company Law Appellate Tribunal (NCLAT) has stayed the bankruptcy court's order of admitting the company under the corporate insolvency resolution process (CIRP). The company was admitted under the resolution process on a plea filed by Assets Reconstruction Company (India) after...

NCLAT allows Jindal Stainless to bid for Rathi Super Steel, Legal News, ET LegalWorld – Legal Firms

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the...

NCLAT stays insolvency proceedings against BPTP as realty firm settles dispute with operational creditor, Legal News, ET LegalWorld – Legal Firms

New Delhi, Nov 19 (PTI) The National Company Law Appellate Tribunal has stayed insolvency proceedings against BPTP after the real estate firm informed NCLAT that it has settled the dispute with its operational creditor. On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against...

NCLAT allows Jindal Stainless to bid for Rathi Super Steel, Legal News, ET LegalWorld – Legal Firms

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the...

NCLAT rejects plea against approval of Alpha Corp’s bid for Earth Infrastructure, Legal News, ET LegalWorld – Legal Firms

New Delhi, The National Company Law Appellate Tribunal (NCLAT) has declined the plea of a batch of homebuyers who challenged the NCLT's approval of Alpha Corp Development's bid to acquire debt-ridden realty firm Earth Infrastructure. National Company Law Tribunal (NCLT) had on June 8, 2021, approved the resolution plan from...

Jalan-Kalrock, Legal News, ET LegalWorld – Legal Firms

The Jalan-Kalrock consortium, winning bidder of Jet Airways, has moved the National Company Law Appellate Tribunal (NCLAT), saying provident fund and gratuity dues of Jet employees should be paid from the airline's existing cash balance and the rest from the lenders' share.On October 21, the appellate tribunal had directed the...