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According to section 60(5) of the code, the NCLT has the authority to decide any matter pertaining to priorities, laws, or facts that arise from or are connected to the settlement of the corporate debtor’s insolvency
The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) is empowered to decide an issue whether Successful Resolution Applicant (SRA) is liable to pay Pre-Corporate Insolvency Resolution Process (CIRP) electricity dues after the approval of the resolution plan and taking over of the corporate debtor under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (Code).
By an order dated August 23, 2018, Akums Lifesciences (Corporate Debtor) was subject to the Corporate…
The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the National Company Law Tribunal (NCLT) that had admitted Coffee Day Enterprises Ltd (CDEL), the parent company of Café Coffee Day, into the corporate insolvency resolution process (CIRP).
A bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain quashed the NCLT’s order on Thursday. A copy of the judgment is awaited, Bar & Bench reported.
The case originated from a petition filed by IDBI Trusteeship Limited (ITSL), which alleged that CDEL had defaulted on payments amounting to over ₹228 crore.
Italian energy group Eni ENI said on Thursday its fourth-quarter adjusted net profit fell 46% from the previous year, hit by lower energy prices and continued weakness at its refining and chemicals divisions.
The adjusted net profit came in at 892 million euros ($934 million) between October and December, below an analyst consensus of 960 million euros compiled by the company and down from 1.66 billion euros in the fourth quarter of 2023.
Eni said its pro-forma leverage, which measures total debt in relation to equity taking into account also agreed disposals yet to be completed, fell to 15% at the end of last year.
“Our portfolio actions mean our pro-forma leverage is now an historically low 15%, enabling us to continue to invest in the…
PUTRAJAYA: A businessman from Sarawak won his appeal at the Federal Court to set aside a tour agent’s counterclaim against him, which sought to recover gambling debts.
In a unanimous decision delivered yesterday, the three-judge panel led by Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli ruled that gaming and wagering contracts are deemed unlawful and gambling debts are not enforceable under Malaysian law.
Fellow Federal Court judge Datuk Nordin Hassan who read out the court’s judgment, said tour agent Ting Siu Hua’s counterclaim was to claim recovery of gambling debts from businessman Datuk Ting Ching Lee.
“It is undisputed that the credit lines and the rolling rebate were for the appellant (Ching Lee) to purchase…
Kuala Lumpur: The Federal Court has ruled that gambling debts are not legally enforceable in Malaysia as betting is a vice.
According to Free Malaysia Today, a panel at the apex court unanimously noted that the government has consistently opposed gambling in Parliament, citing its lack of public benefit.
Justice Datuk Nordin Hassan, who chaired the panel, said this was patent from laws such as Sections 24 and 31(1) of the Contracts Act 1950 and Section 26 of the Civil Law Act 1956.
“Public perception of gambling is also without doubt that such activities are something bad and should be discouraged. Thus, gambling activities and their transactions are against public policy,” he was quoted as saying.
PUTRAJAYA: A businessman from Sarawak has won his appeal at the Federal Court to set aside a tour agent’s counterclaim against him, which sought to recover gambling debts.
In a unanimous decision delivered on Wednesday (Feb 26), the three-judge panel, led by the Chief Judge of Sabah and Sarawak Abdul Rahman Sebli, ruled that gaming and wagering contracts are deemed unlawful and gambling debts are not enforceable under Malaysian law.
Fellow Federal Court Judge Nordin Hassan, who read out the judgment, said that tour agent Ting Siu Hua’s counterclaim was to recover gambling debts from businessman Datuk Ting Ching Lee.
