National Company Law Appellate Tribunal – Artifex.News https://artifexnews.net Stay Connected. Stay Informed. Fri, 06 Sep 2024 08:01:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://artifexnews.net/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png National Company Law Appellate Tribunal – Artifex.News https://artifexnews.net 32 32 NCLAT orders status quo on Coastal Energen insolvency resolution process https://artifexnews.net/article68612805-ece/ Fri, 06 Sep 2024 08:01:19 +0000 https://artifexnews.net/article68612805-ece/ Read More “NCLAT orders status quo on Coastal Energen insolvency resolution process” »

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The National Company Law Appellate Tribunal (NCLAT), Chennai on Friday (September 6, 2024) ordered status quo to be maintained as on date in the matter of Corporate Insolvency Resolution Process of Coastal Energen Private Limited, based on an appeal filed against the approval of a ₹3,335.52 crore (excluding resolution process cost) resolution plan submitted by Dickey Alternative Investment Trust and Adani Power Limited consortium for the company.

NCLAT Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain directed the resolution professional Radhakrishnan Dharmarajan to run the Coastal Energen plant and maintain the resolution amount in a separate account until the case is decided on merits.

The NCLAT has posted the case for further hearing on September 18, 2024.

Interestingly, the development comes even as the Dickey Alternative Investment Trust (DAIT) and Adani Power consortium have already implemented the resolution plan and taken over Coastal Energen.

Last month, the National Company Law Tribunal (NCLT) Chennai gave the nod for Dickey Alternative Investment Trust and Adani Power resolution plan for Coastal Energen, which owns and operates an imported coal-based thermal power plant at Tuticorin, Tamil Nadu. As per the approved resolution plan, secured lenders of Coastal Energen will get about ₹3,330 crore, which is 28.52% of the admitted claims of about ₹11,677 crore.

Against the NCLT nod, Ahmed Buhari, erstwhile director of Coastal Energen, moved an appeal before the NCLAT, alleging that the due process was not followed in picking the DAIT and Adani Power consortium as the successful bidder under the insolvency and bankruptcy process.

NCLT admitted Coastal Energen for the corporate insolvency resolution process via an order dated February 4, 2022, following a case filed by the State Bank of India, and had appointed Radhakrishnan Dharmarajan as the resolution professional.



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Byju’s insolvency proceedings order: NCLAT Chennai judge recuses himself from hearing appeal https://artifexnews.net/article68459401-ece/ Mon, 29 Jul 2024 06:55:44 +0000 https://artifexnews.net/article68459401-ece/ Read More “Byju’s insolvency proceedings order: NCLAT Chennai judge recuses himself from hearing appeal” »

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National Company Law Appellate Tribunal (NCLAT) Chennai Judicial Member Justice Sharad Kumar Sharma on July 29 recused himself from hearing an appeal by Byju Raveendran against the insolvency proceedings ordered against Think & Learn Private Limited, which runs Byju’s, citing that he has appeared for Board of Control for Cricket in India (BCCI) as senior counsel in number of cases.

He directed for the matter to be placed before NCLAT chairperson for nomination of appropriate Bench for hearing the case.

Also read: Byju’s woes: A timeline of the Indian edutech giant’s troubles at home and abroad

The National Company Law Tribunal (NCLT), Bengaluru, had ordered insolvency proceedings against Think & Learn Private Limited. The development came after the Board of Control for Cricket in India (BCCI) filed a petition claiming a default of ₹159 crore.

The NCLT had appointed Pankaj Srivastava as an interim resolution professional, who will oversee the management of Byju’s and power of board of directors was suspended for now.

Byju Raveendran, suspended director, promoter, & shareholder of Think & Learn Private Limited had moved NCLAT against the insolvency proceedings order. At the hearing on July 29, Justice Sharad Kumar Sharma said he is not proposing to take up the matter, as he has been appearing as senior counsel for BCCI. “So, I can’t hear the matter,” he said.

“I will not venture into this. I have been regular counsel for the BCCI in a number of cases”, Justice Sharad Kumar Sharma said and directed the case to be placed before NCLAT Chairperson for nomination of an appropriate Bench.



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NCLAT chairperson calls for developing robust mechanism to regulate digital markets https://artifexnews.net/article67411054-ece/ Thu, 12 Oct 2023 07:53:46 +0000 https://artifexnews.net/article67411054-ece/ Read More “NCLAT chairperson calls for developing robust mechanism to regulate digital markets” »

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Ashok Bhushan. File
| Photo Credit: PTI

Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, National Company Law Appellate Tribunal (NCLAT) chairperson Ashok Bhushan said on October 12.

Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets.

He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital. “Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies,” he said.

Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges.

More than 600 delegates are expected to participate in the conference that concludes on October 13. Last time, this conference happened in India in 2013. According to the Chairperson of the National Company Law Appellate Tribunal (NCLAT), free and fair competition is a key pillar for the market economy.

“Incorporation of sustainability into competition law had the potential to stimulate innovation, development of cleaner technologies, renewable energy sources and sustainable solutions across various industries,” he noted.



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