Latest news with #Arbitration&ConciliationAct
New Indian Express
09-07-2025
- Business
- New Indian Express
Finding prudence in abstention
Insolvency is an inevitable part of the collective human experience in all organised communities. In the event that a company is unable to fulfil its obligations and multiple creditors are owed money, there would be a race for diligence by these creditors to pursue their own interests and recover as much of the owed money as possible. The Insolvency & Bankruptcy Code, 2016, provides for a structured mechanism to distribute the proceeds from a company's insolvency and, thereby, seeks to prevent such a race. Under the code, the insolvency resolution process of a company concludes with the approval of the resolution plan by the National Company Law Tribunal. If the resolution plan is not approved, the corporate debtor will proceed to liquidation and eventually be dissolved. As part of this process, prospective applicants are invited to submit what are called as 'resolution plans' for taking over the company in distress. This is intended to facilitate proposals from persons interested in commercially viable but insolvent businesses to rescue such entities, creating value for all stakeholders in the process. Such a resolution plan must conform to the criterions in the code and meet such other conditions specified by the Insolvency and Bankruptcy Board of India. Once the resolution plan is approved by a committee of creditors, it is presented to the adjudicating authority for approval. Similar to the review of an arbitral award by a court under the Arbitration & Conciliation Act, 1996, the code includes a process in which the jurisdiction of the NCLT to review a resolution plan is limited. After approval from the NCLT, the plan is binding on the company and its employees, members, creditors, guarantors and other stakeholders. As such, the approval of a resolution grants the company a new beginning and resolves, once and for all, the financial position of the company as it stood on the day of the plan's approval, in order to allow it to have a 'clean slate' for the future. The successful resolution applicant then starts running the business of the debtor without pre-insolvency liabilities hanging over its head. The concept of 'clean slate' is not unique to India and is accepted in jurisdictions such as Australia as well.
Time of India
27-05-2025
- Business
- Time of India
Chennai Airport terminates agreement with Celebi's Indian subsidiary
The Chennai Airport on Tuesday terminated its agreement with Indian subsidiary of Turkish aviation firm Celebi, reported Reuters. The decision comes after the Centre had revoked security clearance of the firm. The clearance is a prerequisite under Indian law for companies providing critical services at airports, including passenger and baggage handling. The government's decision follows reports that the Pakistani army had used Turkish drones against India in the recent conflict. Nonetheless, Turkey has also expressed its support to Pakistan in 'good and bad' times after India's Operation Sindoor targeted terrorist infrastructure in the neighbouring nation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dukung Orang Terkasih Menghadapi Limfoma: Mulai Di Sini Limfoma Klik Di Sini Undo Celebi vs MIAL The decision comes after the Bombay High Court on Monday directed Mumbai International Airport Limited (MIAL) to hold off on awarding new contracts for ground and bridge handling services at the city's international airport. The local subsidiary of a Turkish firm has approached the court under Section 9 of the Arbitration & Conciliation Act after the Adani Group-owned airport operating company decided to appoint IndoThai as the interim ground handling provider at CSMIA (Chatrapati Shivaji Maharaj International Airport) for the next three months. Live Events Currently, Turkish handling service provider Celebi has filed two separate suits in the Bombay High Court. In another case, the company has filed a writ petition where it has made the Director General of Civil Aviation, the Bureau of Civil Aviation Security and the Airport Authority of India respondents. Also, the company has filed a separate petition against the central government in the Delhi High Court. Celebi Aviation has been operating in India for over a decade, providing ground handling services at several airports including Delhi, Mumbai, Bengaluru, and Hyderabad. Several reports suggest that the company handles around 70% of the ground operations at Mumbai airport, including passenger services, load control, flight operations, cargo and postal services, warehouses and bridge operations.
Time of India
26-05-2025
- Business
- Time of India
Celebi Aviation gets reprieve from Bombay HC amid contract termination row with MIAL
In a temporary reprieve for Turkish aviation firm Celebi , the Bombay High Court on Monday directed Mumbai International Airport Limited ( MIAL ) to hold off on awarding new contracts for ground and bridge handling services at the city's international airport. The local subsidiary of a Turkish firm has approached the court under Section 9 of the Arbitration & Conciliation Act after the Adani Group-owned airport operating company decided to appoint IndoThai as the interim ground handling provider at CSMIA (Chatrapati Shivaji Maharaj International Airport) for the next three months. Justice Somasekhar Sundaresan, in an oral order, restrained the MIAL from taking any final decision on the tenders till the pleas filed by Celebi are heard post-reopening of the court in June. The detailed order was not uploaded till the time of filing the story. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cara Membantu Orang Terkasih Menghadapi Limfoma Limfoma Pelajari Undo Before the court's order, Senior Counsel Advocate Chetan Kapadia and counsel Rohan Agarwal, appearing for Celebi NAS Airport Services India Pvt Ltd, argued that the decision taken by MIAL to terminate the concession agreement was not in accordance with the contract and was unilateral. While senior counsel Vikram Nankani, appearing for the MIAL, argued that the contract was terminated Bureau of Civil Aviation Security (BCAS) had revoked Celebi's security clearance, which compelled the company to terminate the agreement. Live Events In mid-May, the government revoked the security clearance required for Celebi to operate in India, citing national security concerns. The clearance is a prerequisite under Indian law for companies providing critical services at airports, including passenger and baggage handling. The government's decision follows reports that the Pakistani army had used Turkish drones against India in the recent conflict. Nonetheless, Turkey has also expressed its support to Pakistan in 'good and bad' times after India's Operation Sindoor targeted terrorist infrastructure in the neighbouring nation. Currently, Turkish handling service provider Celebi has filed two separate suits in the Bombay High Court. In another case, the company has filed a writ petition where it has made the Director General of Civil Aviation, the Bureau of Civil Aviation Security and the Airport Authority of India respondents. Also, the company has filed a separate petition against the central government in the Delhi High Court. The local arm of Celebi has filed a writ petition through advocate Mayank Samuel under Article 226 of the Indian Constitution. Typically, an individual or a company can approach the High Court under Article 226 of the Indian Constitution for judicial intervention in ensuring fundamental rights. Celebi Aviation has been operating in India for over a decade, providing ground handling services at several airports including Delhi, Mumbai, Bengaluru, and Hyderabad. Several reports suggest that the company handles around 70% of the ground operations at Mumbai airport, including passenger services, load control, flight operations, cargo and postal services, warehouses and bridge operations.
