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Published in news-legal Written by June 18 2018 0
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NCLT Mumbai allows Promoter (‘Resolution Applicant’), also the guarantor of a Corporate Debtor undergoing insolvency, to submit resolution plan, thereby holding the resolution plan to be eligible for due adjudication;
Published in news-legal Written by June 15 2018 0
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MCA appoints June 13, 2018 as the date on which Sections 22, 24 to 26 and Sec. 71 of the Companies (Amendment) Act, 2017 (‘Amendment Act’) shall come into force;
The Amendment Act substitutes Sec. 90 of the Companies Act, 2013 (‘the Principal Act’) which provides for maintenance of register of significant beneficial owners in a company, vide Sec. 22; Sec. 24 of the Amendment Act omits Sec. 93 of the Principal Act, per which every listed Company was required to file a return with the Registrar of Companies (‘ROC’), for intimation of change in Promoters’ stake;

Further, vide Sec. 25 of the Amendment Act, the requirement of submitting special resolution for keeping a Company’s registers, returns and other requisite documents at any place in India other than its registered office, to the ROC in advance as provided u/s 94 of the Principal Act, has been dispensed with; According to Sec. 26 of the Amendment Act, an unlisted Company may hold its Annual General Meeting at any place in India if all members consent through the prescribed modes, also amends Sec. 216 of the Principal Act by inter alia by adding beneficial owners to the list of true persons whose shareholding may be investigated: MCA
Published in news-legal Written by May 23 2018 0
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NCLAT allows interlocutory application filed by Ultra Tech Cement Ltd. (‘UltraTech’), directs Resolution Professional (‘RP’) not to take any comment from one or other Resolution Applicant(s), and to ignore such step if already taken;
Published in news-legal Written by April 25 2018 0
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NCLT Ahmedabad holds second round of bids in Essar Steel India Ltd. (‘Corporate Debtor’) to be invalid, directs Committee of Creditors (‘CoC’) and Resolution Professional (‘RP’) to relook at bids of Numetal Ltd. (‘Numetal’) and ArcelorMittal India Pvt. Ltd. (‘ArcelorMittal’) (collectively - ‘Applicants’);  Notes that the RP had declared Applicants as ‘ineligible’ for filing the resolution plan, as per Sec. 29A(c) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’); Observes that any person who is either a Promoter or in management of, or in control of the business of the Corporate Debtor and in default, is ineligible to submit a resolution plan as per Sec. 29A of the Code;  Thus opines that persons connected to ArcelorMittal (i.e. Promoters or in management of KSS Petron and Uttam Galva Steels Ltd.) are ineligible, and mere sale of shares and declassification as Promoters, after the Companies have gone into default cannot absolve them; States that in order to become eligible to bid, ArcelorMittal ought to repay overdue amounts to lenders (i.e. KSS Petron and Uttam Galva Steels Ltd.) as per Sec. 29A r/w Sec. 30 (4) and its provisos of the Code; On noting that the opportunity of repayment wasn’t granted to ArcelorMittal, holds that “The CoC and RP have not followed administrative rules as per 29 (A) (c) and 30 (4) of IBC Code”; Reprimands CoC for adhering to RP’s views without considering resolution plan submitted by the Applicants; Observes that inviting a second round of bids was “prima facie invalid”, accordingly directs the CoC and RP to revisit their decision to reject the earlier bids u/s 29A of the Code:

Ahmedabad NCLT
Published in news-legal Written by April 17 2018 0
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SEBI releases guidelines for issuance of debt securities by Real Estate Investment Trusts (‘REITs’) and Infrastructure Investment Trusts (‘InvITs’);
Published in news-legal Written by April 17 2018 0
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Following a request for a preliminary ruling from the Brussels Court of First Instance (“CFI”), the Constitutional Court (“CC”) held in a judgment of 16 February 2017 that third parties should be entitled to lodge third-party opposition against arbitral awards, but they should not be able to rely on the limited grounds of annulment against arbitral awards to challenge arbitral awards directly.
A company that was not a party to an arbitration proceeding, but nevertheless felt aggrieved by an arbitral award given in 2012, initiated third-party opposition proceedings before the CFI seeking the annulment of the arbitral award. The CFI stayed the proceedings and referred two questions to the CC for a preliminary ruling.
Published in news-legal Written by March 23 2018 1
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The Supreme Court has held on 19th march 2018 in the matter ITC LIMITED VERSUS BLUE COAST HOTELS LTD. & ORS. that in recovering secured property from Non-Performing Assets (NPAs), a secured creditor is bound to consider representations, if any, made by the debtor under Section 13(3A), after the initiation of proceedings under Section 13 of the SARFAESI Act. However, this mandate can also be constructively satisfied.

Published in news-legal Written by March 23 2018 0
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MCA notifies the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018 (‘the Rules’);
Published in news-legal Written by February 15 2018 0
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NCLT (Principal Bench) admits Regional Director’s petition for consideration of amalgamation of CMI Ltd. (‘Transferor Company’) and CMI Energy India Private Ltd. (‘Transferee Company’) (collectively- ‘Companies’) u/s 232 of the Companies Act, 2013 (‘the Act’) instead of Sec. 233 (5);