NCLAT overturns NCLT decision on Indiabulls Real Estate merger, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribunal (NCLT), Chandigarh Bench Order interfering in the Scheme of arrangement between Indiabulls Real Estate Limited and NAM Estates Private Limited and Embassy One Commercial Property Private Ltd., ignoring the commercial wisdom of shareholders, creditors, and Board of Directors of the appellant […]
Supreme Court overturns Bombay HC ruling, allows BMC to reclaim Century Mill land in Worli, ET LegalWorld
The Supreme Court on Tuesday overturned a March 2022 judgment by the Bombay High Court, which had directed the Brihanmumbai Municipal Corporation (BMC) to transfer the title of five acres of Century Cotton Textile Mill land in a prime location in Worli to Century Textiles and Industries Ltd, a company controlled by the Aditya Birla […]
SC overturns HC’s intervention in IBC case, Cites delay and laches, ET LegalWorld
The Supreme Court has held that the High Court committed an error in entertaining the writ petition, which set aside the resolution plan after the proceedings were initiated under the Insolvency and Bankruptcy Code, 2016. The court highlighted that the notice was not given before the 19th Committee of Creditors meeting, which occurred way back […]
ITAT overturns ₹84.69 lakh demand for Xchanging Solutions, ET LegalWorld
The Income Tax Appellate Tribunal has quashed the final assessment order which has stated the demand of ₹ 84,69,990/-. Xchanging Solutions Limited, a DXC Technology Company received Deputy Commissioner’s order regarding an Order Giving Effect (OGE) to the order of ITAT. By this OGE, the Transfer Pricing adjustment of ₹ 8,67,23,600 has been deleted and […]
Allahabad High Court Overturns Uttar Pradesh’s Discriminatory Teacher Transfer Policy, ET LegalWorld
In a major relief to thousands of junior primary school teachers in Uttar Pradesh, the Allahabad High Court on Thursday invalidated the state’s transfer policy introduced in June this year, aimed at maintaining the teacher-student ratio in schools. The Lucknow bench of the court annulled the pertinent provisions of the government order issued on June […]
Supreme Court overturns NCLAT ruling; orders liquidation of Jet Airways, ET LegalWorld
Supreme Court sets aside the National Company Law Appellate Tribunal (NCLAT) ruling that upheld the transfer of Jet Airways ownership to the Jalan-Kalrock Consortium (JKC) without complete payment in accordance with the resolution plan under an approved resolution plan. Allowing the appeal filed by State Bank of India (SBI) and other creditors, The Supreme Court […]
SC overturns NCLAT Judgment on Byju’s ₹158.9 Crore Settlement with BCCI, ET LegalWorld
The Supreme Court has overturned the National Company Law Appellate Tribunal’s judgment that approved Byju’s settlement of Rs 158.9 Crore dues with the Board of Control for Cricket in India highlighting the constitution of the Committee of Creditors during the proceedings. The court has directed the amount of ₹ 158 crore, along with accrued interest […]
Bombay HC overturns Bank of India’s fraud declaration against Pune Buildtech, ET LegalWorld
File photo The Bombay High Court has declared ank of India’s decision to declare Pune Buildtech Pvt Ltd ‘fraud’ as null and void and also the inclusion of the realty firm’s name in any such list/communication blacklisting the company from availing of institutionalised credit as null and void. In another separate order, the court has […]
U.S. Court overturns $25 million arbitration award against former SEBI chairperson Meleveetil Damodaran, ET LegalWorld
A U.S. Court has overturned an arbitration award against Meleveetil Damodaran, former Chairperson of SEBI, which had previously found him liable for $25 million in damages to UpHealth Holdings Inc., a U.S.-based healthcare entity. The award was connected to a Share Purchase Agreement (SPA) involving UpHealth, Glocal Healthcare Systems Private Limited (India), and its shareholders, […]