The Enforcement Directorate on Thursday said it has restituted funds worth more than Rs 300 crore towards long-pending dues of the former workers of now defunct Kingfisher Airlines that was promoted by fugitive liquor baron Vijay Mallya.
A bench headed by Chief Justice N V Ramana took note of the submissions of senior advocate Harish Salve that SpiceJet would try to resolve the issue with the Swiss firm. "Senior counsel Harish Salve sought three weeks' time for trying to resolve the matter and Mr K V Vishwanathan (appearing for the Swiss firm) also agreed to the adjournment. "Meanwhile, the high court order is stayed for three weeks," the bench, also comprising justices A S Bopanna and Hima Kohli, ordered.
The Madras high court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the high court to take over its assets, in a plea filed by a Swiss company over unpaid dues. The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which prayed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet's assets, properties, stock in trade and books of accounts. The "respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co v Madhu Woollen Industries (P) Ltd, and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956," Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
The official liquidator said it would be in public interest that these properties are restored to him so that the interest of all creditors, including the applicant banks, can be "safeguarded".
The Madras high court has directed the Tamil Nadu Crime Branch-CID police to probe the case of 'missing' gold, which left the country's premier investigating agency red-faced.
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Officials said the notice was issued by the taxman in January this year after the special audit of AVL's income for the Assessment Year 2012-13.
The liquidator said the properties are being sold under two distinct phases over a period of two days
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
The high court in Kolkata has ordered winding up of the Pawan Ruia group's tyre maker, Dunlop India, directing the official liquidator to take possession of all the company's assets and books of records.
Promised court that it will deposit Rs 10 crore by February 11.
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
It had declared Mallya a proclaimed offender for evading summons in a FERA violation case after noting that he had failed to appear despite repeated summonses.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
The IT department has a designated official to execute these rare powers.
How Chanda Kochhar and her husband Deepak Kochhar find themselves in a huge controversy.
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
Getting the first tyres out from the Sahaganj plant will still require a lot of effort, but with the state government on its side, the hopes are high.
The government has provided a long-term vision.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances