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Dream 11 co-founder Bhavit Sheth filed an application claiming that the application seeking initiation of insolvency against Dream 11 was barred under Section 10A of IBC.
The National Company Appellate Law Tribunal (NCLAT) at Delhi on Friday ruled that the National Financial Reporting Authority (NFRA) has retrospective powers to investigate allegations of misconduct by financial auditors.
A bench of Chief Justice of India DY Chandrachud, Justices JB Pardiwala and Manoj Misra pointed out that there may be a larger problem within the NCLAT as well NCLT, suggesting that they had deteriorated significantly.
The NCLAT also criticised the CCI for taking almost 13 months to pass the order, by which time two of the five-member coram had retired and, therefore, could not sign the order.
The Chennai bench of the NCLAT has dismissed an appeal by Hewlett Packard Enterprise India Private Limited (HPE India) challenging a ₹10 lakh compounding fee imposed for non-compliance with Section 185, Companies Act.