NCLAT has upheld an order of the CCI which imposed a ₹202 crore penalty on Amazon for failing to reveal crucial details of its acquisition of a 49 per cent stake in Future Coupons.
The NCLAT has held that an amount invested by a promoter in a real estate project would not fall within the ambit of 'financial debt' under Section 5(8) of the Insolvency and Bankruptcy Code.
NCLAT held that if the voting procedure followed was not in consonance with the Insolvency and Bankruptcy Code, 2016, the approval of a Resolution Plan would have to be set aside.
This monthly column seeks to cover the landmark judgments delivered by the NCLAT and to offer a brief summary of the same in a capsule-form for the benefit of the reader.