Author: strong

The Delhi High Court Thursday dismissed National Herald publisher AJL’s plea challenging a single judge order to vacate its premises at ITO here.A bench of Chief Justice Rajendra Menon and Justice V K Rao rejected the appeal of Associated Journals Ltd (AJL) in which it had challenged the Centre’s decision asking it to vacate the ITO premises.”We have dismissed the appeal,” the bench said.It also rejected the oral request of AJL’s counsel that they be granted two week’s time to vacate the premises.AJL had appealed against the single judge’s December…

The Calcutta High Court Tuesday set aside the directions of a magistrate court, which asked a CBI officer investigating the Rose Valley ponzi scam to appear before it and produce certain documents related to the investigation. Justice Shivakant Prasad, while hearing a petition by the CBI challenging the Alipore magistrate court’s order, said the officer would not have to appear before the lower court or produce documents pertaining to the scam.  The high court had on February 13 stayed the order of the Alipore court.  A case filed was filed…

Bankruptcy proceedings usually involve protecting a firm’s assets from creditors. An Indian tribunal has turned the concept on its head by offering protection to the lenders. The National Company Law Appellate Tribunal ordered that no lender can declare its exposure to embattled IL&FS Group as nonperforming without its permission – even if there is a default. The ruling by the bankruptcy court, which is overseeing the government-sponsored $12.8 billion insolvency of the infrastructuRE financier-operator, undermines the Reserve Bank of India’s powers to make banks and nonbank finance firms present a…