National company law tribunal

NEW DELHI: JSW Infrastructure on Thursday said it has reached an understanding with Suraksha Realty to provide financial and technical support to the Mumbai-based company which has submitted the final offer to acquire debt-ridden Jaypee Infratech. JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe. Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process. Media reports had suggested that Suraksha Realty was in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech. "We see Suraksha Realty's plan as best placed in ensuring rightful resolution for the homebuyers. We will step in with necessary financial, strategic support and technical expertise to assist Suraksha Realty in delivering … [Read more...] about JSW Infra lends support to Suraksha Realty in turnaround of Jaypee Infratech

The government moved the National Company Law Appellate Tribunal (NCLAT) against an order passed by National Company Law Tribunal (NCLT) to make the Ministry of Corporate Affairs (MCA) a party in all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act.In a petition moved through the MCA, the government said the order passed by the Delhi-based Principal Bench of the NCLT was beyond the power and jurisdiction conferred on it.Passing an order on November 22 in the Oriental Bank of Commerce versus Sikka Papers case, the NCLT bench headed by its President Justice M.M. Kumar had directed that MCA should be a party in all insolvency and company cases filed before it.On December 5, the petition filed by MCA against the order was mentioned before an NCLAT bench headed by its Chairperson Justice S.J. Mukhopadhaya.The appellate tribunal is expected to hear the case on December 6.In its order, the NCLT had said, “We further direct that in all cases of … [Read more...] about Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases

The Australian Competition and Consumer Commission has instituted proceedings in the Federal Court against Unique International College Pty Ltd following a joint investigation with NSW Fair Trading. It comes just weeks after the business was deregistered by the industry regulator. The ACCC alleges Unique offered prospective students a free laptop, and in doing so, represented that the courses were free or would be free if the consumer did not earn more than around $50,000 per annum. The watchdog will also allege that Unique’s conduct, including its marketing and enrolment system and its dealings with some consumers, was “in all the circumstances, unconscionable, in contravention of the Australian Consumer Law”. DREAM HOME Until July this year, Unique International College was the owner of a $5.8 million “palatial estate” in Sydney’s Kenthurst, replete with 12-car garage, tiered 14-seat home cinema, marble bathrooms, an inground pool, a … [Read more...] about Training college could be forced to repay millions in government loans