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:
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CHHATH SPARKS WAR FOR PURVANCHALI VOTES BETWEEN AAP AND BJP
AAPaccused the BJP of preventing devotees from Hauz Khas village from celebrating the festival ata park where it used to be observed for many years.
MCD unveils digital initiatives to streamline property tax collection for residents
The Municipal Corporation of Delhi (MCD) has introduced a comprehensive suite of digital tools to make property tax collection more efficient and transparent, providing Delhi residents with easier and more accessible management of property tax matters.
Air pollution in spike during Chhath Puja
Sixteen weather stations recorded an AQI abooe 400 with seoen more stations seeing the air quality deteriorate to a \"severe\" leoel by evening.
Govt to hire mist spray drones
The Delhi government is going to hire three mist spray drones to combat dust pollution in hotspot areas as well as gather real-time data on major pollutants, officials said on Thursday.
AAP MLA Jai Bhagwan Upkar booked for assaulting MCD officials
The Delhi Police on Wednesday registered an FIR against Aam Aadmi Party MLA Jai Bhagwan Upkar for allegedly assaulting an official of the Municipal Corporation of Delhi (MCD) during an inspection at a meat house in Shahbad Dairy.
15-20% rise in respiratory issues: AIIMS
Dr Madan also advised patients with respiratory problems to stay indoors and avoid exposure to outdoor activity.
Supreme Court Explains: When Can A Judgement Be Held Per Incurium?
The Supreme Court in the case National Federation of Indian Women v. Union of India & Ors was hearing the Public Interest Litigation, PIL filed by National Federation of Indian Women, NFIW raising alarm over the alleged increase in cases of lynching and mob violence, particularly by 'cow vigilantes'.
HC jails lawyer for 4 months over contemptuous remarks
The Delhi High Court has held a lawyer guilty of criminal contempt, sentencing him to four months' imprisonment for \"scandalising and lowering the dignity\" of courts through his remarks against judges.
Supreme Court Explains: When Can A Judgement Be Held Per Incurium?
The Supreme Court in the case M/S Bajaj Alliance General Insurance Co Ltd. versus Rambha Devi And Ors delivered the judgment wherein explaining when a judgment can be held as per incurium.
Punjab And Haryana High Court Warns Of Rs50K Cost On Officer If Direction To Initiate Punjab Municipal Polls Is Not Compiled In 10 Days
The Punjab and Haryana High Court in the case Beant Kumar Alias Beant Kinger Verus Raj Kamal Chaudhuri And Others observed and has imposed the cost for an amount of Rs.50,000 if direction to initiate the process of holding elections by notifying election programmes in all the Municipalities and Municipal Corporations in Punjab is not complied.
