‘Completely hijacked’: Supreme Court rebukes corporate affairs ministry over NCLT autonomy

The Supreme Court on Thursday criticized the ministry of corporate affairs (MCA) over its handling of the National Company Law Tribunal (NCLT), observing that the ministry had “completely hijacked” its administration, undermining the tribunal’s autonomy and affecting its functioning. “We are compelled to observe that this has been completely hijacked by the ministry of corporate…

Supreme Court Refuses To Interfere With IBBI Action Against RP In Anil Ambani-Linked Companies’ CIRPs

The Supreme Court on Thursday refused to interfere with the National Company Law Appellate Tribunal’s (NCLAT) order denying interim relief to resolution professional Ritesh Prakash Adatiya. He had challenged the Insolvency and Bankruptcy Board of India’s (IBBI) decision to cancel his registration over alleged lapses in handling the corporate insolvency resolution processes (CIRPs) of three…