Judicial Member Bhaskara Pantula Mohan shall take over as Acting President of the National Company Law Tribunal (NCLT) on Thursday June 10, 2021, for a period of three months or till joining of New President or till further orders whichever is earliest.
On the previous date of hearing, Balbir Singh, Additional Solicitor General, had submitted that the process for appointment of candidates who have been selected pursuant to the procedure which was initiated in 2019 shall be expedited and orders of appointment shall be issued soon.
The petition was filed by Supreme Court Advocate Amrendra Kumar Singh through Advocate-On-Record Anand Mishra and drawn by Mukul Kumar Shrawat. Today Senior Advocate Pradeep Rai appeared for the petitioner.
A petition has been filed in the Supreme Court seeking directions to the Ministry of Corporate Affairs to extend tenure of those members of NCLT whose term of 5 years is expiring in May & June 2021, but have not reached the age of 65 years or 67 years, as the case may be.
In earlier proceedings, it was submitted that the Insolvent property sold to around 2000 allottees, around 300 were handed over shops and commercial spaces.
The Court while considering the facts of the matter ordered that the petitioner is entitled for a status quo on shareholding of the Nayati Healthcare and Research NCR Pvt Ltd and granted 4 (four) weeks’ time to all 16 Respondents to file their Replies.
A bankers’ panel is working on faster resolution of stressed assets in public sector banks. The new concept will, they claim, help resolve the problem of large bad loans.
The Delhi High Court today held that that Banks/Financial Institutions can initiate and continue the proceedings against the guarantor for recovering their dues under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 .