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Supreme Court Directs NCLT To Dispose Pending Proceedings Within 4 Months

Posted under IBC, Legal, by Kuldeep Singh / 3 days ago

While declining to interfere in the civil appeal(s) filed challenging NCLAT's order directing the suspension of Delhi Gymkhana Club's General Committee and appointment of an Administrator nominated by the Union of India the Supreme Court directed NCLT, Delhi to dispose of the proceedings pending before it within 4 months. Noting that the appeal was against an interlocutory order bench said.

Read more at Live Law

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After NCLT And High Court, Zee Vs Invesco Fight Reaches NCLAT

Posted under IBC, Business, Trending, Top Stories, Legal, by Angad Mehta / 10 days ago

The NCLAT will have to decide whether Zee Entertainment Enterprises Ltd. was given enough time by the National Company Tribunal to file a reply on Invesco Developing Markets Fund’s petition seeking an EGM. Zee complained that the time granted by the tribunal is inadequate. The company also sought a stay on the proceedings before the tribunal until the NCLAT decides on the appeal.

Read more at Bloomberg

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Zee Moves NCLAT Challenging NCLT Order On Invesco's Plea For EGM

Posted under IBC, Trending, Legal, Top Stories, by Nimisha Jaiswal / 10 days ago

Zee Entertainment Enterprises moved the appellate tribunal -- National Company Law Appellate Tribunal (NCLAT) -- against the NCLT order, which asked for a reply to Invesco’s application. NCLT asked Zee to file replies before it in a case filed by Invesco Developing Markets Fund and OFI Global China Fund LLC, which want the company to call a meeting of shareholders.

Read more at Times Now

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Zee-Invesco Case: Rejection Of Requisition For EGM Malafide, NCLT Told

Posted under IBC, Legal, by Sakshi Agarwal / 12 days ago

The decision of the Board of Directors of Zee Entertainment to reject the requisition by Invesco Developing Markets Fund to hold an Extraordinary General Meeting (EGM) was malafide and done to toe the line of Managing Director, Punit Goenka, the National Company Law Tribunal (NCLT) Mumbai. Arguments for Invesco, the largest shareholder in Zee Entertainment, were made by Senior Advocates before a Bench headed by Acting President Bhaskar Pantula.

Read more at Bar and Bench

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Power Of Attorney Having Authorisation Of Financial Creditor Can File U/s 7 IBC

Posted under Legal, Regulatory, IBC, by Kuldeep Singh / 16 days ago

SC observed that the power of attorney holder of a financial creditor who has been given authorisation can file an application u/s 7 of IBC on behalf of it. The court approved the above view taken by the NCLAT and observed that, the authorisation, was granted by way of a power of attorney pursuant to a resolution passed by the Bank's board of director.

Read more at Live Law