The Punjab and Haryana High Court has directed the Chandigarh administration to arrange an alternative location for the National Company Law Tribunal (NCLT) as the current premises remain closed due to severe water seepage, affecting its operations.
The Delhi High Court has issued a contempt notice to BluSmart, Gensol, and others for allegedly violating a court order regarding 10 Tata Tigor EVs. Shefasteq claims the companies obstructed efforts to locate the vehicles and failed to provide required information. Legal proceedings involving Gensol have escalated amid serious allegations from SEBI.
The Karnataka High Court has directed the preservation of all emails and communications related to Byju’s insolvency case, stating, “Preserve all emails.” The interim order came in response to a petition by Byju Raveendran, aiming to secure crucial digital evidence amid ongoing proceedings under the Insolvency and Bankruptcy Code (IBC).
![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
Former Solicitor General Ranjit Kumar recommends that the Modi government prioritize appointing new judges to address vacancies in the judiciary, rather than assigning retired judges to tribunals. He highlights the criticism faced by tribunals for backlogs and delays, emphasizing the need to expand the judiciary. Kumar also discusses potential delays in implementing criminal laws and reforms due to the structure of the coalition government.
Glas Trust LLC, a foreign creditor, seeks to prevent Byju’s from transferring shares due to loan default. NCLT grants time for response, schedules June 10 hearing. Byju’s founder’s loan raises concerns. Byju’s seeks extension to settle debts with lenders and service providers, NCLT grants time until June 26, with insolvency hearing if unsuccessful.
Today,26th April, The Delhi High Court ruled in favor of aircraft lessors, mandating the de-registration of leased planes and prohibiting Go First Airlines from operating them. The court also imposed restrictions on the airline’s Resolution Professional and directed them to maintain transparency. This decision addresses the complexities of insolvency proceedings in the aviation industry amidst contractual disputes.
Today, a lending company based in the US alleged that Byju’s had failed to make payments totaling more than Rs 8,000 crore. National Company Law Tribunal (NCLT) in Bengaluru issued a notice regarding a petition filed by international lender Glas Trust LLC. The petition seeks the commencement of insolvency proceedings against Think & Learn Pvt Ltd, the parent entity of the educational technology startup Byju’s.
