NCLAT Halts Insolvency Proceedings Against Reliance Infrastructure After ₹92.68 Crore Payment, ETInfra
New Delhi: Reliance Infrastructure Ltd on Friday said appellate tribunal NCLAT has stayed the insolvency proceedings against the company following a repayment of ₹92.68 crore towards tariff as per an energy purchase agreement.Reliance Infrastructure in its latest regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) has stayed an NCLT order over an appeal filed by it.The Mumbai bench of the the National Company Law Tribunal (NCLT) on May 30 this year directed initiation the corporate insolvency resolution process and appointment of an interim resolution professional against Reliance Infrastructure.The NCLT order came after IDBI Trusteeship in April 2022 had filed a petition alleging a default of ₹88.68 crore plus interest as of August 28, 2018.In a regulatory filing on June 2 this year, Reliance Infrastructure said the NCLT order has become infructuous "upon full payment having already been made".On June 4, NCLAT had suspended the NCLT order while hearing the company's appeal which said it has made the full payment of ₹92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL)."The company has made full payment of ₹92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra had said in its June 2 statement.IDBI Trusteeship in its petition had alleged payment defaults on 10 invoices raised between 2017 and 2018 by DSPPL for supplying solar energy to Reliance Infrastructure.The payments were sought by IDBI Trusteeship, the security trustee of DSPPL. PTI
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
3 days ago
- Business Standard
PlayStore billing policy: Google appeals NCLAT order in Supreme Court
Google approached the Supreme Court on July 21 Almost three years after the Competition Commission of India (CCI) held that Google leveraged its dominance in the Android ecosystem, and the National Company Law Appellate Tribunal (NCLAT) partially upheld the order later, the matter has now reached the Supreme Court with the US technology giant challenging the appellate tribunal's ruling. Google approached the Supreme Court on July 21. On March 28 this year, NCLAT partially upheld the CCI ruling against Google for misuse of its dominant position by imposing unfair Play Store policies and promoting its own payments app. The appellate tribunal had said that Google shall allow, and not restrict app developers from using any third party billing services; shall not impose any anti-steering provisions on app developers or restrict them from communicating with their users to promote their apps; and shall not discriminate against other apps facilitating payment through Unified Payments Interface (UPI) in India vis-à-vis its own UPI app, in any manner. The NCLAT, however, overruled several of the more stringent behavioural remedies imposed on Google by the CCI. The CCI had, in its ruling, asked Google to allow third-party app stores within the Play Store, uninstallation of pre-installed apps, and side-loading of apps. In May this year, NCLAT reinstated two CCI directions that obligated Google to disclose data policies and remove advantages for Google Play Billing System (GPBS). In the petition moved now in the apex court, Google has challenged the changes approved by the NCLAT in May.
Time of India
3 days ago
- Time of India
Google moves SC against NCLAT order on Play Store billing practices
Academy Empower your mind, elevate your skills Google and its related companies have moved the Supreme Court against the National Company Law Appellate Tribunal's March order that partly upheld some of the Competition Commission of India 's (CCI) findings of unfair practices and abuse of dominant position by them in their Play Store billing and its related companies – Alphabet Inc, Google Ireland, Google India, Google India Digital Services - have challenged the March 28 judgment by the National Company Law Appellate Tribunal ( NCLAT ) which largely affirmed the CCI's core findings that Google abused its dominant position in multiple markets in the Android mobile device ecosystem through its Play Store policies and engaged in unfair promotion of Google Pay, thereby violating Section 4(2)(e) of the Competition tech companies have also challenged the NCLAT's May 1 order that corrected its "inadvertent error" in its original judgment, reinstating CCI's two key data-related directives, which require tech gaint to disclose its data policies and refrain from leveraging billing data for competitive appeal that was filed on Monday is expected to be listed soon for spokesperson confirmed that 'we have filed an appeal against the NCLAT's recent decision regarding the CCI's order. We remain committed to supporting the growth of the Indian app ecosystem for both developers and users.'CCI's October 20 order had penalised Google for allegedly exploiting its dominant position in markets such as online search and the Android app store. The competition watchdog had imposed a penalty of Rs 936 crore against the tech giant and its companies for engaging in anti-competitive behaviour by mandating the use of its Google Play Billing System for app purchases, while exempting its own applications like YouTube from similar commission structures. The antitrust body had also directed Google to cease these practices, including allowing third-party billing and ensuring data the appellate tribunal affirmed the CCI's s order that Google imposed unfair and discriminatory conditions on app developers through mandatory use of Google Play billing system for paid apps and in-app purchases, it set aside the competition watchdog's findings regarding denial of market access and restriction of innovation on the grounds that Google's billing services constituted less than 1% of total UPI transactions and that there was insufficient evidence of market foreclosure or hindrance to technical original penalty of Rs 936.44 crore was also reduced by the NCLAT to Rs 216.69 crore by limiting it to Play Store-specific revenues rather than the Google's global startups including People Interactive India (operator of Mebigo Labs (owner of Kuku FM), the Indian Broadcasting and Digital Foundation and the Indian Digital Media Industry Foundation had moved the CCI seeking probe into the Google's functioning.
India Today
3 days ago
- India Today
Court transfers Mehul Choksi's firm's winding-up case to tribunal for revival
The Bombay High Court on Tuesday allowed a consortium of banks led by the Punjab National Bank to transfer a pending winding-up petition against diamantaire Mehul Choksi's company Gili India Limited to the National Company Law Tribunal (NCLT).While issuing the order, the court noted that the revival of the company is required in the interest of the stakeholders."The facts of the case demand the revival of the company, in the better interest of the Company and the stakeholders," the court The court also observed that the move aligns with the objectives of the Insolvency and Bankruptcy Code (IBC) and could lead to the company's revival.A company named Anchal Collections Ltd had filed a petition for the winding-up of Gili India Limited in 2014 and in 2018, the winding-up order was passed by the High Court, following which an official liquidator was the bank moved the interim application under the provision to Section 434(1)(c) of the Companies Act, 2013, for the transfer of the Company Petition to banks had extended working capital facilities worth nearly Rs 400 crore to the now-defunct jewellery firm and alleged that Gili India Limited, part of the Gitanjali Group, committed large-scale fraud, which had been reported to the CBI and was the subject of proceedings before the Debts Recovery Tribunal and the Payal Upadhyay and Anant Upadhyay, appearing for PNB, argued that since they are secured creditors, transferring the case to NCLT would be more beneficial for claim recovery under the IBC framework. They also pointed out that no irreversible steps had been taken after the winding-up order was passed in September official liquidator did not oppose the Sharmila U Deshmukh accepted the plea, stating, 'The winding-up of the Company would only result in the civil death of the Company whereas the provisions of the IBC are beneficial [and] result in the revival of the Company.'The bench directed the court registry to transfer all related documents to the NCLT, Mumbai, expeditiously.- EndsMust Watch
