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Supreme Court to hear insolvency plea against Zee promoters, issues notices

Livemint

Livemint · 1y ago

Supreme Court to hear insolvency plea against Zee promoters, issues notices

The Supreme Court has issued notices to two promoter companies of Zee Entertainment Enterprises Ltd upon the plea filed by IDBI Trusteeship Services for insolvency proceedings. IDBI had challenged a previous order rejecting their plea to initiate insolvency proceedings against Cyquator Media Services and Direct Media Distribution Ventures. The apex court has granted the two promoter companies four weeks to respond. This case originates from 2015 when Essel Infraprojects proposed the sale of 425 non-convertible debentures, with IDBI acting as the debenture trustee.

Related News

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

Economic Times

Economic Times · 10m ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

The Supreme Court reserved its verdict on a US firm's plea against the National Company Law Appellate Tribunal (NCLAT) order that halted insolvency proceedings against Byju's. The court asked the insolvency resolution professional to maintain status quo until the judgment is delivered. The NCLAT had earlier set aside the insolvency proceedings against Byju's and approved its dues settlement with the BCCI. The Supreme Court questioned the NCLAT's decision and hinted at sending the dispute for fresh adjudication. The court stayed the NCLAT verdict and issued notices to Byju's and others.

SC agrees to list plea related to insolvency proceedings against Byju's

Economic Times

Economic Times · 11m ago

SC agrees to list plea related to insolvency proceedings against Byju's

The Supreme Court has agreed to an early hearing of the appeal from US-based creditor Glas Trust Company LLC against the NCLAT's judgment. The NCLAT had stayed insolvency proceedings against BYJU's and approved its settlement of Rs 158.9 crore with the BCCI. Senior advocates urged the court to hear the case as soon as possible. The Supreme Court had previously refused to pass an interim order to halt the insolvency proceedings and listed the plea for a final hearing on August 27.

SC to hear Glas Trust's plea over insolvency proceedings against Byju's on September 17

Economic Times

Economic Times · 11m ago

SC to hear Glas Trust's plea over insolvency proceedings against Byju's on September 17

The Supreme Court is set to hear the appeal of US-based creditor Glas Trust against ed-tech firm BYJU's on September 17. The appeal challenges a judgment by the National Company Law Appellate Tribunal (NCLAT) that stayed insolvency proceedings against BYJU's and approved a settlement of its dues with the Board of Control for Cricket in India (BCCI). Several lawyers urged the court to expedite the case. The court stated that both the appeal and an additional plea will be heard on September 17.

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

Livemint

Livemint · 11m ago

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.

Byju files caveat in SC expecting challenge to NCLAT order

Inshorts · 1y ago

Byju files caveat in SC expecting challenge to NCLAT order

BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.

Supreme Court dismisses Amit Goenka’s plea against Bombay High Court order in Shirpur Gold case

Livemint

Livemint · 10m ago

Supreme Court dismisses Amit Goenka’s plea against Bombay High Court order in Shirpur Gold case

The Supreme Court has rejected Amit Goenka's plea against the Bombay High Court's order to investigate alleged fund misappropriation at Shirpur Gold Refinery. Goenka, who is currently the president of Zee Entertainment Enterprises Ltd, was the non-executive chairman of Shirpur Gold Refinery. The Securities and Exchange Board of India had appointed KPMG as a forensic auditor in response to complaints of fund diversion. The Supreme Court upheld the High Court's decision to appoint KPMG and dismissed Goenka's petition. The investigation is related to loans allegedly siphoned off to companies controlled by Subhash Chandra and his family, who are associated with Essel Group, the owner of Zee Entertainment.

'India's Got Latent' row: SC to hear Ranveer Allahbadia's plea against multiple FIRs today

Business Today

Business Today · 5m ago

'India's Got Latent' row: SC to hear Ranveer Allahbadia's plea against multiple FIRs today

The Supreme Court is set to hear YouTuber-podcaster Ranveer Allahbadia's plea against multiple FIRs filed over comments made on his YouTube show. The case will be reviewed by a bench consisting of Justices Surya Kant and N. Kotiswar Singh. Allahbadia, also known as BeerBiceps, has sought urgent consideration of the matter through his lawyer, Abhinav Chandrachud.

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

Livemint

Livemint · 11m ago

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

Aditya Birla Finance has accused Byju's interim resolution professional of fraud in the ongoing insolvency resolution process. Aditya Birla Finance has filed a plea in the National Company Law Tribunal, claiming that it was classified as an 'operational creditor' instead of a 'financial creditor'. The court has given the resolution professional a week to respond. US-based Glas Trust, another creditor of Byju's, has also filed a plea against the resolution professional, seeking their removal. The plea is yet to be decided on merits by the Supreme Court.

Byju’s investors file caveats in SC

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s investors file caveats in SC

Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

Inc42 · 1y ago

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

The National Company Law Tribunal (NCLT) has admitted an insolvency plea filed by creditors against edtech giant BYJU'S. The case was filed by Glas Trust Company, representing the majority of BYJU'S $1.2 billion Term Loan B lenders. This marks the fourth insolvency petition against BYJU'S in the past six months. The plea was admitted a month after it was filed, and the NCLT has issued notices for all insolvency petitions filed against the company. BYJU'S has been facing various challenges, including layoffs, debt crisis, and growing losses.

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