Essar Group director Prashant Ruia has recently moved a new application before the National Company Law Tribunal (NCLT) seeking to set aside ArcelorMittal's bid to take over the debt-crippled company.
The fresh petition was moved on February 1, 2019, by Ruia, along with former Essar Steel managing director Dilip Oommen and project director Rajiv Kumar Bhatnagar, citing the January 31, 2019, Supreme Court judgment in the Ruchi Soya case. The application was filed pursuant to an order passed by the NCLT on January 29, 2019, wherein it had rejected the debt settlement proposal put forth by Essar Steel Asia Holdings, despite it being much higher at Rs 54,389 crore than ArcelorMittal’s offer worth Rs 42,000 crore.
The fresh petition claims that though Oommen and Bhatnagar were removed after the insolvency process began, they still “continue to be part of the day-to-day management of Essar Steel and hold the designations of managing director and director (projects), respectively.” The NCLT Bench comprising
Manorama Kumari and
Harihar Prakash Chaturvedi said it will decide on Tuesday (February 5, 2019) whether the petition will be admitted or not.
National Company Law Tribunal to start second Phase of e-courts mandatorily from 1st Jan 2020 [Read Order]
Legal Insiders
Dec 28, 2020
Dev Kumar Patel
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Editor: Ekta Joshi
)
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In an appreciable move, National Company Law Tribunal, New Delhi on 24th December 2020 has decided to start second phase of e-court which is Automatic Case Number Generation for all the benches wherein e-filing procedure has been implemented. The order was issued after the approval of the Hon’ble Acting President Shri BSV Prakash Kumar.In the order it was informed that the Competent Authority has decided that Automatic Case Number Generation should be mandatorily started from 1st January...
NCLT Has No Jurisdiction to Examine Legality of Action Taken Under MPID Act, 1999: Bombay High Court
Judiciary
Nov 23, 2020
Richa Shah
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Editor: Ekta Joshi
)
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The NCLT has no jurisdiction to examine the legality or validity of action taken under MPID Act, 1999 as per the Bombay High Court. It said that it is only the designated Court constituted under Section 6 if the said act that will have exclusive jurisdiction to deal with the same.Division bench consisted of two judges: Justice SC Gupte and Justice Madhav Jamdar. The order dated January 28, 2019 was quashed and set aside the passed by the Member (Judicial), NCLT, Mumbai Bench and they directed...
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