Nils Grunicke

#Lawyer of the Year goes to ✨… VINDELICI LEGAL’s Prof. Dr. Peter Chrocziel has been named "Lawyer of the Year" for IP Law in Bavaria by Handelsblatt and Best Lawyers! 🎉 Only one lawyer per practice area and region receives this honor, and it’s well-deserved. Additionally, he has once again been recognized in the following categories: 🏆 Antitrust and Competition Law 🏆 Information Technology Law 🏆 Intellectual Property Law 🏆 Dispute Resolution 🏆 Pharmaceutical Law These accolades highlight his outstanding contributions and expertise across these fields. Congratulations, Peter! 🚀 Learn more about his significant achievement here https://lnkd.in/eeMjmu2a #LegalExcellence #TopLawyer #BusinessLaw #IPLaw #LegalAwards

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NCLAT Upholds Forfeiture of Successful Resolution Applicant's Deposit This case revolves around the tumultuous corporate insolvency resolution process (CIRP) of Sharon Bio Medicine Limited, where the Successful Resolution Applicant (SRA), Peter Beck und Partner Vermoegensverwaltung GMBH, failed to implement the approved Resolution Plan. The primary issues were the SRA's failure to furnish valid bank guarantees and make necessary financial commitments as per the plan, leading to inordinate delays. The SRA contended that the Committee of Creditors (CoC) obstructed the plan's implementation and sought refund of the INR 10 Crore deposited as Performance Security. However, the CoC argued that the forfeiture was lawful due to the SRA's defaults. The National Company Law Appellate Tribunal (NCLAT) observed that the SRA was granted multiple opportunities by the Adjudicating Authority and the Appellate Tribunal, but it failed to comply with the directives. The NCLAT noted, "It is quite apparent that the bank guarantee submitted by Respondent No. 1 was not enforced properly because it was not submitted in SWIFT mode." Dismissing the appeals, the NCLAT held: "The Appellant's failure to provide valid bank guarantees in the internationally acceptable SWIFT format and the inability to meet the financial commitments as stipulated in the Resolution Plan constitute a clear violation of the terms agreed upon. Despite multiple extensions and opportunities provided by the CoC, NCLT and the NCLAT, the Appellant did not fulfil its obligations. This non-compliance justifies the forfeiture of the deposited amount under the provisions of the Resolution Plan and the CIRP Regulations." Case Name: Peter Beck und Partner Vs. Sharon Bio Medicine Limited & Ors. Case No: Company Appeal (AT) (Insolvency) No. 371 of 2024 Tribunal: NCLAT Principal Bench Judge: [Justice Ashok Bhushan] Chairperson [Arun Baroka] Member (Technical) Citation: [2024] IBCInsights [158] NCLAT (PB) Date: 29.05.2024 #IBC2016 #Insolvency #CorporateLaw #LegalUpdates #IBCUpdates #IBCNews #InsolvencyJudgments #NCLATJudgments #IBCLawyer #CIRP #487

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Our partner Jens Peter Schmidt is quoted today in the media (Frankfurter Allgemeine Zeitung, Börsen-Zeitung, Table.Briefings, Global Competition Review) on the European Court of Justice (ECJ) Illumina/Grail merger control judgement. Jens Peter comments: "The ECJ has set clear limits on the Commission's jurisdiction to scrutinize transactions under EU merger control law. The legally well-founded decision presents the (new) Commission with difficult practical and political challenges. This is because the Commission can no longer review and prohibit strategic takeovers of small but particularly innovative companies and start-ups by large competitors. It is therefore to be expected that the Commission will find new ways to continue scrutinising such potentially critical transactions.” Background: The ECJ had to rule on the Commission's merger control review of the takeover of the cancer test provider Grail by the medical technology company Illumina. However, neither the Commission nor a Member State had initial jurisdiction to review the transaction. Nevertheless, the Commission reviewed the USD 7 billion takeover, prohibited it in 2022 and imposed a fine of EUR 430 million on Illumina last year because the transaction was completed. Frankfurter Allgemeine Zeitung: https://lnkd.in/gUy6c6MX Börsen-Zeitung: https://lnkd.in/g2cZhuuU Table Briefings: https://lnkd.in/gsQTFX6K GCR: https://lnkd.in/gj4ieV69 #TeamNoerr #NoerrDigital

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