The Supreme Court conducted final arguments in the Bhushan Power case, focusing on delays in implementing a resolution plan under the Insolvency and Bankruptcy Code. JSW Steel defended the delays as caused by external factors, while promoters disputed this, claiming JSW failed to meet funding arrangements. The court reserved its verdict after intense discussions.
The Supreme Court of India has accepted the appeal by BYJU’S promoters against the NCLAT’s refusal to withdraw insolvency proceedings linked to a Rs. 158 crore settlement with BCCI. Notices have been issued to relevant parties, with the next hearing scheduled for July 21, where interim relief may be considered.
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
The Indian Supreme Court expressed significant concerns over Flipkart’s market dominance, questioning its impact on competition and smaller businesses. The Court appointed an amicus curiae and highlighted issues regarding Flipkart’s discounts harming small traders. AIOVA, the complainant, was absent from the hearing, leading to a discussion about fair representation in the case.
The Supreme Court of India annulled JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel, declaring it illegal due to violation of Insolvency and Bankruptcy Code norms. The court ordered BPSL’s liquidation, emphasizing that delays and non-compliance undermine the IBC’s objectives, despite previous approvals by NCLT and NCLAT.
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).
The National Company Law Appellate Tribunal (NCLAT) said Today (Jan 16) it will decide on January 23 whether to pause a Rs 213.14 crore penalty imposed on Meta by the Competition Commission of India (CCI). The case revolves around WhatsApp’s 2021 privacy policy, which mandated expanded data sharing with Meta, sparking concerns over user autonomy and data privacy. Meta’s lawyers argue that the CCI overstepped its authority, while the CCI insists on the policy’s unfair impact on users.