Anil Ambani Insolvency, One-Time Spectrum Charge Against Telcos & More

“AI can assist mediation but can never replace a human mediator… Mediation requires judgment, empathy and an understanding of human behaviour”

— Chief Justice of India Surya Kant in his address at Indian High Commission in London.

Anil Ambani’s Troubles Show Little Signs of Easing with a Fresh Setback

The National Company Law Tribunal in Mumbai ordered for initiating insolvency proceedings against Anil Ambani in his personal capacity, in what is a fresh jolt for the industrialist already facing multiple investigations. This NCLT order came on a petition by State Bank of India in relation to loans advanced to Anil Ambani’s companies, Reliance Communications and Reliance Infratel, against which he stood as a personal guarantor. 

The development marks a significant point in action against Ambani who is currently facing probes by the federal agencies, both CBI and the ED, over allegations of money laundering. The NCLT order under IBC adds a new layer of legal action shifting the focus on Ambani in his personal capacity.

This action comes at a time when a PIL petitioner before the Supreme Court has questioned why Anil Ambani is not arrested in the money laundering case despite SEBI’s findings against him in relation to the case. Pertinently, following the NCLT order, all legal proceedings against Ambani ought to stand suspended while his assets become open for being dealt with under the IBC for recovery of claims by the lenders.

While Ambani, in a press statement, has said that he will review the order and challenge it under available remedies, troubles refuse to abate for him and his ADAG group of companies.

Key Judgments:

• Bombay High Court quashes one time spectrum charge imposed on Airtel and VodafoneIdea in 2012 retrospectively from 2008

Courts: 

• State tells Bombay High Court it will halt raids on Patanjali in misleading Ayurvedic label case

• No bail for former CFO of Reliance power as Delhi High Court denies bail

• Bombay High Court refuses to gag HDFC Bank in a 10 billion rupees defamation case filed by Lilavati trust

• Kerala High Court allows 3 out of 7 foreign nationals who were in the sunken ship MSC ELSA-3’s crew to return to their home countries

Quasi Courts:

• NCLT’s Mumbai bench admits State Bank of India’s petition seeking personal insolvency proceedings against Anil Ambani is relation to loans given to RComm and Reliance Infratel

• Income Tax Appellate Tribunal deleted 38.85 billion rupees tax addition over share premium for OYO Rooms’ parent company

The Big Listings:

• Supreme Court, Delhi High Court will be on summer break this week

• Jun 23: Securities Appellate Tribunal to hear appeal by Jane Street challenging SEBI’s move to allegedly refuse access to important documents to the firm in the case against it

• Jul 15: Delhi High Court to hear Apple Inc.’s plea against India’s competition law’s provisions on global turnover-based penalties on MNC

• July: Supreme Court to hear PIL petition seeking tighter probe into Anil Ambani’s fraud allegations

• Jul 27: Delhi High Court to hear Anil Ambani’s defamation lawsuit against NDTV

* The dates of hearing can change and a concrete list is prepared just a day before

Legal Moves: 

• Centre clears appointment of 

• Seven judges for the Patna High Court

• Six additional judges as permanent at Bombay High Court

• Pramita Sen joins Nirka Law Advisory as partner 

• Amit Kapur leaves JSA as senior partner to join Cyril Amarchand Mangaldas as Delhi head

• Devanshu Lahiry to head SC&A Legal’s operations in Delhi

• Piusha Bose elevated to partner at Freshfields in London

• Shubneet Panjete joins Kochchar & Co as partner in IP practice

• Manu Verghese made equity partner in VERTICES PARTNERS in annual promotions

• Abhinav Shukla joins Unbound as General Counsel 

• Santrupt Satapathy made associate partner at ZeusIP Advocates

• Naveen Dahiya appointed General Counsel at Edelweiss Financial Services