Jalan Kalrock Consortium, the winning bidder for the grounded Jet Airways, will make a total cash infusion of Rs 1,375 crore in the airline and lenders will take a steep haircut on their admitted claims of over Rs 7,800 crore under the approved resolution plan. The National Company Law Tribunal (NCLT) on June 22, approved the consortium's resolution plan for Jet Airways, which has been undergoing insolvency resolution process since June 2019. The carrier shuttered operations in April 2019.
A bench of the NGT, headed by its chairperson Justice Adarsh Kumar Goel, directed that the order will also apply to all cities and towns in the country where the average of ambient air quality during November (as per available data of last year) falls under 'poor' or worse category.
Jet Airways is looking to lease around 20 Airbus A320 aircraft from lessors by 2024 as it aims to restart operations and fly international routes in the next one-and-a-half years. Jet's A320 aircraft fleet, according to sources, will be a mix of the Ceo and the more fuel-efficient Neo variants. These planes were originally intended for Russian airlines but could not be delivered following western sanctions on Russia over its Ukraine invasion.
The statutory resolution demanded that the Tribunals Reforms Bill be send to the select committee of the House, however, it got negated.
Double Olympic 800 metres champion Caster Semenya offered to show her vagina to athletics officials when she was 18 to prove she was female,
More than five questions and supplementaries, mostly related to agriculture and horticulture, were taken up before the proceedings were first adjourned till noon. The Question Hour went on for nearly 40 minutes.
Zostel could get upwards of $600 million if arbitration goes through.
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
The Centre said that the arbitration under United Nation Convention on the Law of Sea (UNCLOS), which was instituted on a request from the Republic of Italy has delivered its Award on May 21, 2020.
Terming pendency of cases a 'huge challenge', Chief Justice of India N V Ramana on Friday expressed regret for not being able to pay much attention to issues of listing and posting of matters for hearing in the Supreme Court.
However, the tribunal rejected the plea by the Netherlands based vendors for filing an intervention application, saying the Dutch district court had no jurisdiction to order bankruptcy of Jet Airways.
However, the tribunal directed the bourse to deposit Rs 625 crore with Sebi in two weeks.
The Singapore-based arbitrator, SIAC, has rejected Future Retail's plea to lift the interim stay on its Rs 24,713-crore deal with Reliance Retail, giving a major relief to Amazon that is contesting the transaction. The development comes a day after the Singapore International Arbitration Centre (SIAC) held that Future Retail is a party to the ongoing arbitration between Amazon and Future group in the dispute over the sale of its assets to Reliance Retail. Future had contended before the SIAC that it should be excluded from arbitration proceedings because it is not a party to the dispute between its promoter Future Coupons Pvt Ltd (FCPL) and Amazon.
The principal bench of the (CAT) took suo moto cognisance of the behaviour of advocate Mehmood Pracha, while arguing the case of Sanjiv Chaturvedi, an Indian Forest Service officer of Uttarakhand cadre on deputation to All India Institute of Medical Sciences, Delhi, who filed different applications with regard to recording of his Annual Confidential Reports (ACRs), it said.
The Central government on Friday told the Supreme Court that it has deposited with the top court Rs 10 crore paid by the republic of Italy as compensation to the families of the two Kerala fishermen who were shot dead in 2012 by two Italian marines aboard the MV Enrica Lexie ship -- an Italian flagged oil tanker -- in lieu of closure of criminal cases against the two navy personnel in India.
The National Green Tribunal has directed the Ministry of Jal Shakti to hold a meeting within a month to consider the issue of regulating extraction of ground water for maintenance of play grounds.
Appellate tribunal NCLAT on Monday stayed the Rs 200 crore penalty imposed by the Competition Commission on Maruti Suzuki but directed the car maker to deposit 10 per cent of the total amount within three weeks. The amount has to be deposited with the Registrar of the National Company Law Appellate Tribunal (NCLAT). A three-member NCLAT bench stayed the demand notice issued on October 27 to the car maker, subject to the condition of depositing 10 per cent of the penalty amount.
The bankruptcy tribunal had on July 5, prevented the Directorate General of Civil Aviation from deregistering the Boeing 777 plane, which has been under the possession of a Dutch cargo provider since April.
A Siliguri-based hotelier has challenged a National Company Law Appellate Tribunal (NCLAT) ruling that closed insolvency proceedings against OYO and one of its units, in the Supreme Court. The hearing is scheduled for September 13 before a two-judge Bench. Oyo did not immediately respond to a request for comment.
The Supreme Court on Friday said that successful civil services aspirants have no right to be allocated a cadre of their choice or their home state, and also noted that before selection they opt to serve anywhere in the country "with eyes open" but later "scramble" for home cadre.
The tribunal said in a statement on Tuesday that "in terms of dimension and real perception", the chants could not be considered discriminatory under the league's disciplinary code.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
the SC said, "We want that adequate compensation be paid to the victims' family".
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
Future Retail and its promoters have filed appeals before the division bench of the Delhi high court challenging the order passed on Tuesday that dismissed the Group's petitions for termination of the Amazon arbitration. The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.
The Delhi high court on Friday declined Future Group's plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. Justice Suresh Kumar Kait sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC, and listed the appeals by Future Coupons Pvt Ltd (FCPL) and Future Retail Ltd (FRL) for further hearing on January 4. Senior counsel Harish Salve, appearing for FRL, urged the court to pass an interim order clarifying that an earlier order passed by the Supreme Court - which stayed all proceedings in relation to the enforcement of the EA - would remain in force despite the subsequent order passed by the duly constituted arbitration tribunal.
The affidavit came in response to the government moving the Delhi high court seeking to block Reliance selling 20 per cent stake in its oil and chemical business to Saudi Aramco for $15 billion, in view of pending dues of $3.5 billion in Panna-Mukta and Tapti oil and gas fields. Countering the charges, RIL said it was a 'falsehood' and the petition is an abuse of process.
A tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
American Olympic 100 metres hurdles champion Brianna McNeal has been banned for five years for an anti-doping rule violation (ADRV), the Athletics Integrity Unit (AIU) said on Friday.
The Tribunal said the equitable distribution of Mahadayi waters among three states is 'neither necessary nor feasible' at this stage.
Madhubala Mandal, a widow, returned home to her hearing impaired daughter on Wednesday evening, shortly after being freed from a camp for illegal immigrants in Kokrajhar.
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with those from the public sector having significant exposure.
The Supreme Court on Monday restrained the Centre and Navy from releasing from services some officers (both male and female), who were not granted a permanent commission and sought reply from the Centre.
The tribunal, while adjourning the matter for September 16, directed Sebi to file a reply and gave three weeks to the Roys to file a rejoinder.
Ukraine President Volodymyr Zelenskyy told the UN Security Council on Tuesday that the atrocities committed by Russian troops are no different from terrorists like the Islamic State extremists as he demanded immediate action to bring the Kremlin's forces to justice for "war crimes".
The Tamil Nadu government had, on May 28, ordered the state pollution control board to seal and "permanently" close the mining group's copper plant following violent protests over pollution concerns.
The development of the constitution of the tribunal comes at a time when the Delhi high court in December 2020 refused to restrain Amazon from interfering in Future Retail's deal with Reliance Retail by writing to statutory authorities.
Mohammad Sanaullah is serving as assistant sub-inspector (ASI) in border police.
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