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Clues by NC Team • 15 Feb 2019, Friday

The Chief Justice of India Ranjan Gogoi has dismissed two court masters — Manav Sharma and Tapan Kumar Chakraborty — for tampering with a court order. The Supreme Court bench in its order clearly stated that RCom’s chairman Anil Ambani’s “personal appearance was not dispensed with” in a contempt case filed by Ericsson. However, the order uploaded on the website (by the two court masters) read “personal appearance of the alleged contemnor(s) dispensed with”. Enquiry revealed the word “not” was deliberately omitted to suggest that Ambani was not required to appear in person.

Read More at The Financial Express
Clues by NC Team • 8 Feb 2019, Friday

The Supreme Court on Friday tentatively held that BSP supremo Mayawati will have to pay back to the public exchequer, the money she spent on erecting statues of herself and her party symbol 'elephant' in public parks across Lucknow and Noida. Supreme Court advocate Ravi Kant in 2009 had alleged about Rs 2,000 crores of public money was spent from State treasury by then Uttar Pradesh CM Mayawati to falsely glorify herself. He said the UP state government should be directed to remove the statues of Mayawati and her party symbol ‘elephant’ from public land.

Read More at The Hindu
Clues by NC Team • 7 Feb 2019, Thursday

The Supreme Court has ruled that National Company Law Tribunal (NCLT) has no authority to evaluate the commercial decision of the committee of creditors (CoC) in insolvency cases. The CoC reserves the sole right with complete autonomy to approve or reject a proposed resolution plan. The court further said that there is no provision in the IBC that empowers the resolution professional, the adjudicating authorities (NCLT & NCLAT), to reverse the “commercial decision” of the CoC. Upon rejection of a resolution plan, the NCLT is obligated to initiate liquidation process under Section 33(1) of the IBC, it said.

Read More at The Financial Express
Clues by NC Team • 25 Jan 2019, Friday

The Supreme Court today upheld the Insolvency and Bankruptcy code (IBC) law in its entirety. Under the law, promoters of bankrupt firms have been barred from bidding for insolvent companies. The apex court has rejected pleas seeking changes in IBC.  The IBC Amendment Act 2018, which replaced an earlier ordinance on Section 29A, debars loan defaulters from bidding for stressed assets. 

Read More at The Economic Times
Clues by NC Team • 18 Jan 2019, Friday

The Supreme Court on Friday agreed to hear Vodafone's plea seeking income tax refund of Rs 4,800 crore. The top court has issued a notice to the taxman and has sought its reply within four weeks. Vodafone had challenged the Delhi High Court's December order which struck down the group's demand for I-T refund. Vodafone had filed a plea before the high court seeking directions to the I-T Department to expeditiously process its refund claim of over Rs 4,800 crore for the assessment years (AYs) 2014-15 to 2017-18.

Read More at CNBC TV18

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