NCLAT

Suspended Board of Directors has no power to replace RP Under IBC: NCLAT, Chennai (March 02, 2022)

The NCLAT, Chennai in a Bench consisting of Justice M. Venugopal, Judicial Member and Kanthi Narahari, Technical Member in the case of Anil Kumar Ojha v. Chandramouli Ramasubramaniam Resolution Professional of SLO Industrial Ltd. & Anr. held that the suspended Board of Directors has no power under the IBC to appoint a Resolution Professional. The power to do so has only been vested in the Committee of Creditors (CoC) and then the Adjudicating Authority (AA). The NCLAT dismissed the appeal filed by the Appellant filed u/s 60(5) of the IBC, challenging the order of the Adjudicating Authority which refused to admit the Application of the Appellant u/s 60(5) and held that the suspended Board of Directors has no right to change the RP and imposed a cost of Rs. 1 Lakh on the Appellant.



Business

Ilker Ayci turns down Tata Group's offer to be new Air India CEO (March 2, 2022)

Two weeks after he was appointed Air India chief executive officer, Ilker Ayci has declined the offer to join the Tata Group-owned airline. Ayci’s departure, even before taking charge, comes in the backdrop of a controversy around his security clearance prospects. Ayci, former chairman of Turkish Airlines, had earlier served as advisor to Turkey president Recep Tayyip Erdogan. His closeness to Erdogan drew criticism on social media given the frosty relations between India and Turkey. More recently, Rashtriya Swayam Sevak-backed Swadeshi Jagaran Manch opposed the appointment on grounds of national security.


Supreme Court

Customs Department Files Review Petition Against Supreme Court's Judgment In Canon India ( March 2 , 2022 )

The Customs Department has filedReview Petition against a 2021 Supreme Court Judgment in Canon India Private Limited vs. commissioner of customs , which had held that officers of the Directorate of Revenue Intelligence do not have powers under the Customs Act ,1962. The Review Petition against the judgment in Canon India was listed before a Supreme Court Bench consisting of Chief Justice N.V. Ramana, and Justices A.S. Bopanna and V. Ramasubramanian. The court has listed the Review Petition for 9th March, 2022.



Ministry of Commerce & Industry

India’s merchandise export in February 2022 increases by 22.36% to USD 33.81 billion over USD 27.63 billion in February 2021 ( March 2 , 2022 )

  • India’s merchandise export in February 2022 was USD 33.81 billion, an increase of 22.36% over USD 27.63 billion in February 2021 and an increase of 21.88% over USD 27.74 billion in February 2020.
  • India’s merchandise export in April 2021-February 2022 was USD 374.05 billion, an increase of 45.80% over USD 256.55 billion in April 2020-February 2021 and an increase of 28.16% over USD 291.87 billion in April 2019-February 2020.
  • India’s merchandise import in February 2022 was USD 55.01 billion, an increase of 34.99% over USD 40.75 billion in February 2021 and an increase of 45.12% over USD 37.90 billion in February 2020.
  • India’s merchandise import in April 2021-February 2022 was USD 550.12 billion, an increase of 59.21% over USD 345.54 billion in April 2020-February 2021 and an increase of 24.11% over USD 443.24 billion in April 2019-February 2020.



Market Today

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