Paytm has filed an insolvency plea against online gaming platform WinZO before the NCLT, alleging non-payment of Rs 3.6 crore for ad services. WinZO claims the invoices were “not validated,” while Paytm calls it a “sham defence.”
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 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.
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 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).