Petitions filed in SC seeking extension of NCLT judges
SECTIONS
Share
Synopsis
The dedicated insolvency courts are already witnessing an acute shortage of judges. The Supreme Court Monday listed the matter for hearing on May 31 as the apex court accorded two weeks to the Centre to complete the process of selection of judges to NC
Getty Images
Half a dozen members will be completing their tenure of five years in May and June this year.
At least three petitions have been filed at the Supreme Court and the Madras High Court seeking extensions for the National Company Law Tribunal judges retiring in the next few weeks. The proposed extensions are aimed at preventing bankruptcy cases from piling up.
NCLT admits Antrix Corporation s winding up plea for Devas Multimedia, appoints liquidator
SECTIONS
Last Updated: Jan 24, 2021, 02:58 PM IST
Share
Synopsis
The tribunal has also directed the existing management of Devas Multimedia to extend full cooperation to the provisional liquidator appointed by it.
The NCLT has posted the matter on February 8 for further hearing into the matter.
New Delhi: The National Company Law Tribunal (NCLT) has admitted the petition filed by Antrix Corporation, the commercial arm of Indian Space Research Organisation, for winding up Devas Multimedia and has appointed a provisional liquidator for the company. A two-member NCLT Bengaluru bench of the NCLT has directed the provisional liquidator to take control of the management, properties and actionable claims of Devas Multimedia.
The National Company Law Tribunal, Bengaluru, on Tuesday admitted the petition filed by Indian Space Research Organization s commercial arm Antrix Corporation Ltd to wind up Devas Multimedia under Sections 271 and 272 of the Companies Act 2013.
Antrix Corporation sought the winding up of Devas Multimedia on the grounds that the Bengaluru-based company s affairs were being have been conducted in a fraudulent manner , the company was formed for fraudulent and unlawful purpose , the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct .
Antrix and Devas are in the middle of multiple legal proceedings over the former terminating the 2005 contract with the latter in 2011. In November 2020, SC had stayed the execution of a US award which asked Antrix to pay 1.2 Billion $ compensation to Devas.