Latest news with #NationalCompanyLawTribunal
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Business Standard
3 hours ago
- Business
- Business Standard
NCLT asks SpiceJet lessors to submit valid Power of Attorney by July 3
The National Company Law Tribunal (NCLT) has directed three aircraft lessors of low-cost airline SpiceJet to provide a valid Power of Attorney that is currently in effect. The direction came during a hearing on petitions filed by AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland—the three leasing firms that moved the tribunal seeking insolvency proceedings against SpiceJet over a default of ₹77 crore in April 2024. The tribunal began hearing the case on June 2. During the proceedings, it was highlighted that the person representing the lessors had a Power of Attorney valid only until February 11, 2025. 'The counsel appearing for SpiceJet drew its attention to the Power of Attorney given to the persons who have filed this petition was valid only up to February 11, 2025,' NCLT noted. SpiceJet's legal team argued that no updated or renewed Power of Attorney had been submitted since then. In response, the lessors' counsel requested additional time to submit the updated authorisation documents. 'In view of this, list the matter on July 3, 2025,' the NCLT said, allowing time for compliance. SpiceJet, which has been in operation for 19 years, is dealing with several financial and legal issues. The airline has already faced multiple insolvency petitions filed by various creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington, and Celestial Aviation, at both the NCLT and the appellate tribunal NCLAT.
Indian Express
a day ago
- Business
- Indian Express
NCLT deputy registrar arrest: CBI seeks to interrogate accused again, he files for bail claiming no truth in allegations of seeking bribe
The CBI has again sought the custody of a deputy registrar of the National Company Law Tribunal (NCLT) arrested last month on allegations of accepting a bribe of Rs 3 lakh, even as he has filed for bail. Charan Pratap Singh was arrested along with an aide Karsan Ahir on May 29 by the CBI and the special court sent them to judicial custody on the same day. The CBI has again sought custody of Singh and Ahir stating that their custodial interrogation is needed to ascertain about the staff or other senior officials of the NCLT, who were helping him in the case of the complainant, an hotel owner, from whom the bribe was allegedly sought to settle the matter in his favour. The CBI has said that its officials did not get sufficient time to interrogate the arrested accused. Singh has, meanwhile, sought bail claiming that the allegations are 'vague' and 'without any concrete evidence'. The case relates to a dispute between the complainant and his brothers regarding the ownership of the hotel. The matter is pending before the NCLT in Mumbai for over five years. The complainant had alleged that he came in contact with Singh in connection with the pending matter. It is alleged that Singh contacted the complainant and informed him that one of his staff members wanted to stay at his hotel in Lonavala. Accordingly, the staffer with her family stayed at the hotel in April but payment for the same was not done with a bill of Rs 30,000 pending. The complainant alleged that when he asked Singh about the dues, he got irritated and reminded him about the pending matter in NCLT. The complainant further alleged that Singh told him that he will help him with the case and sought the files of the case, which he then handed over at a restaurant on April 26. The complainant had alleged that Singh sought a bribe from him, and he approached the anti-corruption bureau of the agency, following which a trap was laid. On May 28, Ahir, an aide of Singh, accepted the bribe amount on his behalf, the CBI has claimed. The CBI had then sought custody of Singh claiming that he is involved in a 'corruption racket' 'which may lead to a bigger conspiracy of corrupt practices taking place at NCLT' but he was sent to judicial custody by the court. The CBI has now sought to probe into the movement of the file related to the complainant's case, claiming that the two accused have 'exclusive knowledge' of it. Singh through his lawyer Shalabh Saxena said that searches have already been conducted at his residence and no 'tainted' money or incriminating recovery has been made, with mere cash of Rs 22,000 found at his home. 'There is no documented or corroborated evidence to establish the demand of illegal gratification by the accused,' the bail plea states. It is also claimed that Singh owns no property in Mumbai and is living in a shared accommodation in a '8×10 chawl'. He has further submitted that he does not have any sanctioning authority or financial decision-making power in the NCLT. The court has scheduled the pleas for hearing on June 9.
Time of India
a day ago
- Business
- Time of India
NCLAT halts insolvency proceedings against Reliance Infrastructure
In a significant relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings initiated against the company. In a regulatory filing, Reliance Infrastructure confirmed that the appellate tribunal has suspended the earlier order passed by the National Company Law Tribunal (NCLT), Mumbai, reported PTI. "In the appeal filed, the NCLAT, today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the company into Corporate Insolvency Resolution Process," the company stated. On May 30, the Mumbai bench of the NCLT had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd against Reliance Infrastructure. The plea was contested by Reliance Infra, which argued that the entire amount of Rs 92.68 crore had already been paid to Dhursar Solar Power Pvt Ltd against tariff claims, rendering the insolvency petition infructuous. "The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra said in a stock exchange filing dated June 2. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The dispute traces back to April 2022, when IDBI Trusteeship filed a petition seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Reliance Infrastructure, alleging a default of Rs 88.68 crore as of August 28, 2018, along with interest. The default related to ten invoices issued between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for the supply of solar energy to Reliance Infrastructure. IDBI Trusteeship, as the security trustee for DSPPL, was seeking repayment of those dues. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Anil Ambani's Reliance Infra says NCLAT suspends NCLT order admitting co into insolvency; shares edge up over 10%
In a major relief to Reliance Infrastructure , the National Company Law Appellate Tribunal ( NCLAT ) on Wednesday suspended the National Company Law Tribunal's ( NCLT ) order that had admitted the company into the Corporate Insolvency Resolution Process (CIRP). Shares of the Anil Ambani-owned company skyrocketed, trading at Rs 378.35 apiece on the BSE up 10.64 per cent as 3.10 PM on Wednesday. In a regulatory filing to the stock exchanges, the company said, 'In the appeal filed, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the Company into Corporate Insolvency Resolution Process.' Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo (More to come)
Mint
4 days ago
- Business
- Mint
Corporate affairs ministry's warning—related-party violations attract penalties
New Delhi: The ministry of corporate affairs has reminded business promoters of the penalties for not following an arms-length approach in transactions involving company directors, executives, relatives and firms linked to such persons. Emphasising the importance of adhering to guidelines covering related-party transactions to ensure transparency, fairness, and long-term sustainability of businesses, the ministry said such deals are prone to conflicts of interest. The ministry's reminder comes amid ongoing proceedings against executives of Gensol Engineering Ltd for alleged diversion of funds to various related parties in violation of rules under the Companies Act. The National Company Law Tribunal (NCLT) last week allowed the Central government to attach the bank accounts and lockers of Gensol Engineering, its 10 subsidiaries, and several individuals after investigations by multiple agencies and regulators revealed systemic fraud, Mint reported on 28 May. The ministry stated in its newsletter for April released over the weekend that the company law prescribes penalties for directors or employees who violate provisions regarding related-party transactions. 'In a listed company, they could face a penalty of ₹ 25 lakh. For other companies, penalty is of ₹ 5 lakh,' the ministry said. As per the Companies Act, the consent of a company's board of directors is required for any contract or arrangement with a related party for any sale or purchase of goods and property, leasing of property, availing of services, or appointing agents for such transactions. Also, subscribing to the shares of a related-party entity requires board approval. However, related-party transactions that happen in the ordinary course of business and are on an arms-length basis do not need board approval, as per law. Related-party transactions remain in the focus of regulatory authorities because erring businesses and promoters tend to use this route to divert funds raised for specific purposes to privately held entities linked to or controlled by them. Such illicit fund transfers short-circuit the normal functioning of a company. Given the role of related-party transactions in corporate scandals, audit watchdog National Financial Reporting Authority (NFRA) keeps special focus on how religiously statutory auditors of a company check such transactions before giving an opinion on the affairs of the company. The ministry's newsletter stated that the legal provisions in the Companies Act on related-party transactions seek to ensure such deals do not undermine investor confidence or the integrity of the financial system. 'Ultimately, these provisions reflect the growing importance of robust governance practices that align with global best practices, contributing to the long-term sustainability and growth of companies in India,' the ministry said in its newsletter.
