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The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

Byju's Founder <keyword id="1702989" type="General" weightage="100" keywordseo="Byju-Raveendran" source="Orion">Byju Raveendran</keyword>'s plea against the insolvency of <keyword id="19901241" type="General" weightage="20" keywordseo="Think-Learn" source="keywords">Think &amp; Learn</keyword> before the NCLAT was adjourned on Monday, as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by <keyword id="19916403" type="General" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal" source="keywords" meta.keywordsubtype="org" meta.entityname="National Company Law Appellate Tribunal" meta.hostid="345" meta.entityid="National Company Law Appellate Tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against Think &amp; Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (<keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="345" meta.entityid="BCCI">BCCI</keyword>) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take this up," said Sharma. The Bengaluru bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think &amp; Learn -- once India's most valuable startup worth an estimated $22 billion. NCLT has suspended the board of Think &amp; Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm. Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court. The high court had, on July 26 deferred Raveendran's plea to July 30. At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

The <keyword id="6354457" type="General" weightage="20" keywordseo="National-Company-Law-Tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="20" keywordseo="NCLT" source="Orion">NCLT</keyword>) on Thursday reserved its order on crisis-hit <keyword id="34984" type="General" weightage="20" keywordseo="airline" source="Orion">airline</keyword> <keyword id="11252024" type="General" weightage="20" keywordseo="Go-First" source="Orion">Go First</keyword>'s plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them. Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (<keyword id="192838" type="General" weightage="20" keywordseo="IBC" source="Orion">IBC</keyword>) is to ensure that a company is a going concern and not ground it. Cash-strapped Go First has cancelled flights till May 9. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-electric-ather-to-refund-charger-cost-to-e-scooter-buyers/articleshow/99988313.cms">Ola Electric, Ather to refund charger cost to e-scooter buyers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-sale-available-on-kindle-echo-speakers-and-fire-tv-sticks/articleshow/99987706.cms">Amazon Summer Sale 2023: Big discounts on Kindle, Echo speakers and Fire TV Stick</a>

NCLT reserves order on Go First's plea for insolvency resolution proceedings

New Delhi, Feb 27 () The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Professional (IRP) appointed by NCLT to handover the records and assets of the company back to its promoter immediately. Earlier, on October 24, 2019, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart. "We set aside the impugned order dated October 24, 2019 passed by the adjudicating authority (NCLT) and the application filed under Section 9 by the operational creditor Cloudwalker Streaming Technologies Pvt Ltd, company petition is rejected," said NCLAT. It further said: "The Flipkart India Pvt Ltd (corporate debtor) is released from the corporate insolvency resolution process." NCLAT order came over a petition filed by Neeraj Jain, Director of Flipkart India Private Ltd. "Interim resolution professional will handover the records and assets of the corporate debtor to the promoter immediately, who will manage the corporate debtor," it added on its order passed on February 24. Flipkart's operational creditor Cloudwalker Streaming Technologies, which used to supply the e-commerce major imported LED TVs, had filed a petition before NCLT contending that Flipkart defaulted for an amount of Rs 26.95 crore. However, it was rejected by NCLAT saying that the demand notice delivered under Section 8(1) of the Insolvency &amp; Bankruptcy Code (IBC) was "not proper and was also incomplete". "The operational creditor failed to submit any documents to prove in existence of the operational debt and the amount in default," the appellate tribunal said observing that Cloudwalker Streaming Technologies also failed to submit the copy of invoices and copies of all the documents referred in the application. Cloudwalker Streaming Technologies had contended that Flipkart contacted it in selling its product of LED TVs and entered into a supply agreement on December 29, 2016. As per the agreement, it would receive the purchase order, after which it will import and procure the required quantities of LED TVs and deliver the same to Flipkart at its desired location. According to the operational creditor, Flipkart received delivery of the first few batches but after that it avoided taking delivery of the LED TVs on the ground of lack of warehouse space. It further submitted that later, Flipkart started delaying the collection of the LED TVs, and in some instances did not collect them at all. In an attempt to gain more profit out of the goods ordered, Flipkart was putting pressure on Cloudwalker Streaming Technologies to offer the already imported and warehoused LED TVs, at a discounted price. Later, the operational creditor demanded payment of the LED TVs procured and imported from October 11, 2017 to December 1, 2017, based on the import and the purchase order issued by Flipkart, which failed to collect more than 70 per cent of the stock as ordered by them till March 2018. It issued a demand notice on June 8, 2019. This was rejected by Flipkart, saying that there was no admitted debt or liability and an amount of Rs 85.57 crore was paid. Challenging the order of NCLT, Flipkart contended that the order was passed without appreciating the fact that Cloudwalker Streaming has not produced any documentary evidence as purchase orders, acceptance letters, invoices and proof of any intimation of sale to the end customers or any post-delivery services with specific reference to the amounts. Moreover, claim for damages cannot amount to an operational debt under IBC and hence it can not be treated to have committed default, contended Flipkart. Consenting to submissions of Flipkart, NCLAT said: "The operational creditor has failed to submit the relevant documents under which the debt has become due." On August 18, 2018 US retail major Walmart had completed acquisition of 77 per cent stake in Flipkart for about USD 16 billion, a deal which gave the US retailer access to the Indian e-commerce market. KRH DRR

NCLAT sets asides insolvency proceedings against Flipkart

The <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> variant of the SARS-CoV-2 virus may have been transmitted from an animal species to humans, according to a study. The research, published recently in the journal Proceedings of the National Academy of Sciences, provides new insights into the evolutionary origins of Omicron. An essential step in coronavirus infection occurs when spike protein, which helps the virus to infect the cells, binds to the host's receptor. After establishing consistent infections in the host, the spike protein becomes adapted to the host's receptor. The researchers carried out a detailed structural biology analysis of the SARS-CoV-2 Omicron variant. They identified several mutations in the Omicron spike protein that were uniquely adapted to the mouse receptor and incompatible with the human receptor. This suggests the Omicron variant might not have originated from humans directly and instead may have been transmitted from other animal species to humans, according to the researchers. "These Omicron mutations are evolutionary traces left by the virus during its transmission from one animal species to another, said study lead author <keyword id="15309468" type="General" weightage="50" keywordseo="fang-li" source="Orion">Fang Li</keyword>, from the <keyword id="199850" type="General" weightage="50" keywordseo="university-of-minnesota" source="Orion">University of Minnesota</keyword> in the US."Our detailed structural biology approach has successfully recovered these subtle yet unique evolutionary traces," Li said. The researchers noted that the COVID-19 virus is capable of infecting many animal species -- which is one of the main reasons why variants keep emerging. These findings also suggest that epidemic surveillance of rodents may be important for stopping new COVID-19 variants from emerging in the future, they said."Animal to human transmission of coronaviruses will likely continue to threaten global health. It has been suggested that all coronaviruses circulating in humans came from animals," said Li. "I am working with my colleagues to address current and potential future coronavirus pandemics by developing therapeutics targeting both human coronaviruses and animal coronaviruses," the scientist added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-stay-safe-from-chinese-scammers-and-hackers/articleshow/94980818.cms">Here’s how to stay safe from Chinese scammers releasing malicious Diwali-themed campaigns targeting Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/only-10-of-sewage-water-is-being-treated-before-being-dumped-in-gomti-river-says-minister-of-state-for-health-mayankeshwar-sharan-singh/articleshow/94978401.cms">Only 10% of sewage water is being treated before being dumped in Gomti river, says Minister of State for health Mayankeshwar Sharan Singh</a>

Omicron variant may have been transmitted from animals to humans: study

The outbreak of <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword> and the suspension of new proceedings under the Insolvency and Bankruptcy Code (<keyword id="192838" type="COMPANY" weightage="20" keywordseo="IBC">IBC</keyword>) is expected to result in significantly lower realisations, by 30-40 per cent for the financial creditors in FY20-21 and pose new challenges. Ratings agency, <keyword id="6354972" type="DOMAIN" weightage="20" keywordseo="icra">ICRA</keyword> expects the resolution of corporate insolvency resolution proceedings (CIRPs) would be impacted during FY2021 due to a decline in the number of CIRPs yielding a resolution plan as well as an increase in haircuts that lenders would have to take. The financial creditors could realise about Rs 600 - 700 billion in FY2021 through successful resolution plans from the IBC as compared to about Rs 1,000 billion realised in FY2020. On the other hand, says ICRA, suspension of fresh insolvency proceedings for a period of one year would ensure relief for the companies that are severely impacted by the Covid-19 pandemic and are unable to meet payments to their creditors. Realisations for financial creditors in FY2022 could be even lower due to the suspension of fresh insolvency proceedings for one-year period, it said. In the current fiscal, successful resolution of a large housing finance company is going to be the key determinant of the extent of amount the financial creditors would realise during the year. The ratings agency further notes that realisations from resolution plans could further suffer in FY2022 as fresh insolvency proceedings have been suspended for one-year period. New insolvency proceedings initiated in FY2022 are unlikely to get resolved in the same fiscal, given the typical average time period seen for CIRPs to conclude with a resolution plan is quite high. Commenting on the lower realisations from IBC, Abhishek Dafria, Vice President, ICRA, says, "The pandemic has thrown up new operational challenges for the various parties involved in a resolution process, this could result in limited cases yielding a resolution plan, especially in Q1 FY2021". "In the current environment, the on-going and even future CIRPs are likely to suffer from lower valuations and possible lesser interest from bidders due to the uncertainty across many sectors. This in turn may result in creditors having to agree on higher haircuts," he added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gvk-group-announces-salary-cuts-up-to-30-from-may-amid-coronavirus-pandemic/articleshow/76188350.cms">GVK Group announces salary cuts up to 30% from May amid coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/zoomcar-ceo-says-people-wont-book-uber-or-ola-and-wont-buy-cars-soon/articleshow/76188254.cms">Zoomcar CEO is betting on people not taking Uber and Ola⁠— and not buying cars in a hurry</a> <a href="https://www.businessinsider.in/defense/news/china-responds-to-prime-minister-narendra-modi-and-us-president-donald-trump-conversation/articleshow/76188158.cms">China responds to Modi-Trump conversation — ‘there is no need for any third party to intervene’</a>

Coronavirus will hit IBC realisations by 30-40% as government suspends new proceedings

Mumbai, Jan 8 () The NCLT on Wednesday warned Jet Airways CoC of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.
"We again reiterate and instruct the Committee of Creditors (CoC) to release the interim amount as required by the RP of the grounded airline, so that the corporate insolvency resolution process (CIRP) is completed and the assets of Jet are not devalued," Mumbai-bench of NCLT in its order said.
Further, the bench comprising Bhaskara Pantula Mohan and Rajesh Sharma directed the CoC to at least pay the amount by January 20, or the tribunal will initiate contempt proceedings against the defaulting members.
The tribunal directed the CoC members, who have not honoured the order of the court, to remain present on February 19 - the next date of hearing.
The National Company Law Tribunal (NCLT) also directed Indian Overseas Bank, which filed applications at the tribunal for exemption from payment as they are under Prompt Corrective Action (PCA) restriction to approach the government authorities concerned in this regard.
This direction came after the resolution professional pointed out that it is under tremendous pressure as many CoC members, in spite of the tribunal's earlier order, have not released funds.
The lenders had in-principle sanctioned Rs 63 crore to the RP. Lead banker SBI and two other banks had reportedly already disbursed their portion of the interim amount.
However, the bench exempted IDBI Bank from releasing these funds as it is under the Reserve Bank of India's PCA framework. The tribunal has also said that Indian Overseas Bank must seek similar exemption.
Meanwhile, the RP submitted its progress report saying that under the fresh expression of interest (EoIs), which was decided on December 17, has received interest from two parties.
The CoC has decided January 15 as the last date of submission of EoIs and February 17 as the last date of submission of resolution plans, he said.
South America's Synergy Group has filed its documents under this fresh EoI, he said, adding the other one is a domestic company, but not in the airline business. SM BAL
BAL

NCLT warns Jet Airways CoC of contempt proceedings

New Delhi, Mar 7 () National Company Law Appellate Tribunal (NCLAT) Chairperson Justice S J Mukhopadhaya on Saturday said members of the tribunal as well as the NCLT need to reduce time taken for insolvency proceedings.He was speaking at a colloquium on 'Judicial Sensitisation on Insolvency Law and Associated Best Practices' here.Members of the NCLAT and the NCLT (National Company Law Tribunal) must cut the time period of insolvency proceedings and focus on quicker disposal of cases, Mukhopadhaya was quoted as saying in a release.Mukhopadhaya emphasised that there are only limited grounds to argue at the stage of admission and that the members of the NCLT should admit or dismiss the cases adhering to the prescribed time limits, as per the release.A case is admitted under the Insolvency and Bankruptcy Code (IBC) only after approval from the NCLT.The release was issued by the corporate affairs ministry. RAM MKJ

Time period for insolvency proceedings need to be reduced: NCLAT chairperson

New Delhi, Mar 19 () Ansal Properties and Infrastructure Ltd on Thursday said it has challenged an NCLT order that allowed insolvency proceedings against the company for default."The company has filed an appeal against the aforesaid order before NCLAT, which has been partly heard today and part of the matter has been adjourned for tomorrow morning, the 20th March, 2020," said Ansal Properties and Infrastructure in a regulatory filing.On March 17, the National Company Law Tribunal (NCLT) has allowed a plea to initiate insolvency proceedings against realty firm Ansal Properties and Infrastructure Ltd and appointed an interim resolution professional replacing the board of the company.A two-member bench of Delhi-based NCLT has allowed the plea of two of its flat buyers claiming default."... the present petition being complete and having established the default in payment of the financial debt for the default amount being Rs one lakh, the petition is admitted," the NCLT said.It has also appointed Amrapal as the interim resolution professional replacing the board of the company.The NCLT order came over a plea by two flatbuyers, who had jointly booked a unit measuring 3,764 sq ft project against a total consideration of Rs 1.62 crore at Sushant Golf City in Lucknow. One of them has also booked a separate unit in the same project.As per the clauses of the two agreements between them in September, 2014, Ansal Properties and Infrastructure undetook to complete it within two years from the date of commencement of construction on receipt of sanction plan from the authority.As per the project summary available on the website of RERA, it was to start from September 2015 and as per the agreements, the flat buyers were supposed to get possession in next two years.However, Ansal Properties and Infrastructure failed to complete the projects and abandoned it in the midway.After this, home buyers, who are now a financial creditor of the company following amendments in the IBC has approached NCLT. KRH KRH MRMR

You Searched For "Proceedings" and got 9 results

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

PTI

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

PTI

NCLT reserves order on Go First's plea for insolvency resolution proceedings

PTI

NCLAT sets asides insolvency proceedings against Flipkart

PTI

Omicron variant may have been transmitted from animals to humans: study

PTI

Coronavirus will hit IBC realisations by 30-40% as government suspends new proceedings

IANS

NCLT warns Jet Airways CoC of contempt proceedings

PTI

Time period for insolvency proceedings need to be reduced: NCLAT chairperson

PTI

Ansal Properties challenges NCLT direction to initiate insolvency proceedings

PTI

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