The court in the case observed and has set aside the National Company Law Appellate Tribunal, NCLAT wherein the Tribunal allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant, SRA without complete payment in accordance with the resolution plan.
The court in the case observed and has directed the National Company Law Tribunal, NCLT Mumbai Bench to appoint a liquidator forthwith. The amount of Rs 200 crores paid by the SRA stands forfeited.
The bench comprising of Chief Justice of India DY Chandrachud and Justice JB Pardiwala and Justice Manoj Misra was hearing the present matter.
The bench in the case reserved the judgment dated October 16.
The National Company Law Appellate Tribunal, NCLAT order was challenged by SBI-led lenders of the cash-strapped Airlines.
Illegalities in the NCLAT order allowing ownership transfer The bench headed by Justice Pardiwala in the case orally stated before the pronouncement that, 'The said litigation is an eyeopener and it has taught us many lessons about the IBC and the functioning of National Company Law Appellate Tribunal, NCLAT.
The court in the case held that the order of National Company Law Appellate Tribunal, NCLAT to allow the adjustment of the first tranche of payment of Rs 350 crores against the Performance Bank Guarantee, PBG was in flagrant disregard of the order of the Supreme Court dated January 18 and was perverse.
The court in its judgment observed that, 'This court have no doubt that the NCLAT acted contrary to settled legal principles... NCLAT incorrectly interpreted our order.
Observations Made By The Court:
Denne historien er fra November 08, 2024-utgaven av The Business Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 08, 2024-utgaven av The Business Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Karnataka govt orders CID inquiry into BJP MLC Ravi incident
Karnataka Minister G Parameshwara announced on Tuesday that a CID inquiry has been ordered into the recent incident involving BJP MLC CT Ravi.
Stalin urges Jaishankar to ensure release of 17 fishermen held by Sri Lanka
Tamil Nadu Chief Minister MK Stalin urged External Affairs Minister S Jaishankar to intervene and secure the release of 17 Tamil Nadu fishermen who were apprehended by the Sri Lankan Navy.
Two security personnel injured in Naxal firing in Sukma
Two COBRA commandos of the Central Reserve Police Force (CRPF) were injured in the exchange of fire with Naxals on Monday as they were securing a forward base established in the forest area of Sukma district in Chhattisgarh, according to officials.
Allu Arjun grilled by police in Sandhya theatre incident case
Actor Allu Arjun has returned to his residence after appearing at the Chikkadpally police station in Hyderabad in connection with the Sandhya theatre incident.
Maha farmers to lead second green revolution through green energy: CM
Fadnavis launches Solar Agriculture Feeder Project 2.0 to ensure power to farmers during day
Increase in voter turnout normal: EC clears Cong concerns on Maha polls
The Election Commission of India (ECI) has cleared misconceptions on voter turnout amidst concerns raised by the Congress party after the Maharashtra Assembly elections.
NAV SATYAGRAH BAITHAK: CONGRESS NAMES CWC IN BELAGAVI
To decide 2025 action plan, take up Ambedkar 'insult' issue strongly
Centre Notifies Appointment Of Chief Justices Of Himachal Pradesh High Court And Uttarakhand High Court
The Central Government has notified the appointment of Chief Justices of Himachal Pradesh High Court and Uttarakhand High Court.
Centre Notified Appointments Of Four Additional Judges Of Karnataka High Court As Permanent
The Central Government has notified the appointment of four additional judges as permanent judges of the Karnataka High Court.
Centre Notified Appointments Of Four Additional Judges Of Karnataka High Court As Permanent
Tandon and Hiranmay The bench in the case observed and has modified the single judge order to the extent of reducing the total attendance at the protest to 100 doctors from the earlier sanctioned 250, due to the state's appeal that major roads would be blocked, wherein it caused difficulties to commuters during the busy Christmas period. The court while considering the facts and circumstances of the case stated that, 'Every citizen of a country has a right to make a peaceful protest provided a sufficient safeguard is taken in this regard which does not encroach upon the rights of the people at large.
