A shocking allegation by an NCLAT judicial member, claiming he was approached through a “higher judiciary” figure, prompted the Supreme Court to transfer the case to Delhi. The Court said all related issues will be examined by the CJI administratively.
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.