Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
Vice President Dhankar's and Law Minister Rijuju's recent interventions have the danger of destabilising the Constitutional equilibrium, cautions N Sathiya Moorthy.
Religious rights of every person are subject to "public order", the Supreme Court said on Monday while dismissing the plea of a man seeking to exhume the body of his son, who was dubbed a terrorist and killed in an encounter in Kashmir in November 2021, so the family could conduct his last rites in the same graveyard.
A bankruptcy appeals court has scrapped billionaire Anil Agarwal-led Twin Star Technologies' winning bid to take over Videocon Industries Ltd on a plea by some creditors that the money offered imposed a steep Rs 62,000 crore haircut upon banks. The National Company Law Appellate Tribunal (NCLAT) asked creditors to initiate the fresh sale of Videocon, a consumer durables company manufacturing products ranging from air-conditioners to washing machines, for recovery of their unpaid Rs 64,637.6 crore. While a majority of lenders had previously accepted Twin Star Technologies' Rs 2,962.02 crore offer, Bank of Maharashtra (BoM) and IFCI Ltd dissented, saying the amount offered was close to the liquidation value of the bankrupt firm and that they cannot be paid less than the liquidation value.
Bharatiya Janata Party termed the Haryana government's approval to the land deal between Robert Vadra and DLF as its "parting gift" to the Gandhi family and questioned the Bhupinder Singh Hooda dispensation for displaying "haste" in clearing it.
Setting a new bench mark in transparency in politics, the Central Information Commission has held that political parties are answerable under the Right to Information Act.
A bench of Justices Hima Kohli and Subramonium Prasad said the government is expected to remain cognisant of the situation and evaluate it closely and if it is found that the rate of infection is going up, they can always review their decision and impose curbs, depending upon the situation.
The ISRO spy case is dead. And yet, not dead.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
Sources at the Indian mission said that the family was taken to the hospital for medical check up and then presented in a court for hearing.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
The debate on the constitutionality of tribunals has not been set to rest as yet, says Gopal Krishna.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
The bench, headed by Justice Patil, however, allowed a significant leeway for the developers in the judgment by permitting the state-level RERA Authority and the Appellate Tribunal to consider delays on a case-to-case basis, and not to cancel such projects or developers' registration in cases where the delay was caused due to "exceptional and compelling circumstances."
The Chief Justice, while speaking at the farewell reference organised by the high court, said that judges are only interpreters and are not here to make the law or to evolve a policy and a balance has to be maintained between judicial activism and restraint.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
State's move is seen as a pilot for a national rollout of online land title records. Maharashtra plans to start the system in Mumbai.
'There are three pillars of concern: The expansion of Hindu majoritarianism, the concentration of executive power and decay of independent institutions, and curbs on free expression and dissent.'
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
The Supreme Court Thursday ordered that the report of a high-level committee on the role of erring police officials in the 1994 espionage case relating to Indian Space Research Organisation scientist Nambi Narayanan be given to the Central Bureau of Investigation and directed the agency to conduct further investigation on the issue.
Geetanjali Krishna explains why this may slow down India's fight against corruption.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
'We are going to have plane crashes left, right and centre.'
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
Such was the terror created by the ATS, that all their relatives stayed away.
A staff court of inquiry found that Tej Bahadur Yadav guilty of making false charges.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
Recently, an Air India flyer sent a legal notice to the airline seeking damages of Rs 30 lakh for the breach of personal data of 4.5 million passengers, including her husband and herself. Air India had informed the complainant of the data leak a month earlier, after it emerged that its passenger service system provider fell prey to a cyberattack in February. However, in the absence of a data protection law, India lacks a mechanism for compensation or grievance redress of consumers in such cases, say experts. Advocate Virag Gupta, a New Delhi-based cyber law expert, explains that a legal notice is a good beginning in the Air India case, but it raises many questions. These include whether sensitive personal information has been leaked and whether the airline is responsible or not, given that a passenger service system provider was also involved.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
'What is being proposed today is completely draconian.' Payal Singh Mohanka on the I&B ministry's plan to amend the Cinematograph Act.
State real estate regulators are the best option for home-buyers when it comes to seeking relief. The cases are disposed much faster, and the individuals don't need to engage lawyers as the process is simpler, says Tinesh Bhasin.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
The CM also announced compensation of Rs 10 lakh each for those killed during the protest and Rs 3 lakh each for the injured, government jobs for the family members of the deceased also announced.
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