Today,22nd April, The Supreme Court issued notice to Jet Airways and the Jalan Kalrock Consortium following a petition by the State Bank of India challenging the NCLAT’s decision regarding the airline’s ownership transfer. The case reflects complex legal and financial dilemmas in India’s aviation sector. The SBI cited outstanding payments and non-compliance with NCLAT’s orders, emphasizing the intricate nature of the proceedings.
New Delhi: Recently, The Supreme Court upheld the National Company Law Appellate Tribunal’s order on disciplinary action against auditors, strengthening the National Financial Reporting Authority’s (NFRA) authority. The case involved a penalty and practice bar against an auditor due to lapses in DHFL’s audit. This decision sets a precedent for NFRA’s disciplinary measures in similar cases.
The Supreme Court of India rebuked Advocate Prashant Bhushan for presenting a personal interest case as a public interest litigation. The case, filed by K.M. Cherian regarding loan repayment for medical research organizations, highlighted the need to distinguish personal and public interests in legal proceedings. The court’s stance reinforces the integrity of public interest litigations.
In a significant development, Justice Rakesh Kumar, a judicial member of the National Company Law Appellate Tribunal (NCLAT), tendered his resignation following the Supreme Court’s issuance of a contempt notice against him. The notice was issued due to Kumar’s judgment that seemingly defied an interim order passed by the Apex Court. During the hearing of […]