HC denies any relief to Essar Steel in insolvency case
HC denies any relief to Essar Steel in insolvency case
Gujarat High Court dismisses Essar Steel's plea against RBI; insolvency process to continue
17 July, 2017, 17:16
What could be a big boost for the government's drive against corporate bad loans, the Gujarat High Court today dismissed a plea by Essar Steel against the Reserve Bank of India (RBI). At the hearing on Monday, Essar Steel's counsel Mihir Thakore argued that the SBI and other lender banks under the Joint Lenders Forum may not have approached the NCLT for insolvency proceedings, had the RBI not issued the circular.
With the latest order, the interim stay granted on the proceedings against Essar Steel under the NCLT stands vacated and insolvency proceedings under the NCLT can, hence, be resumed by the lenders led by State Bank of India (SBI).
Essar Steel's creditors may now proceed with the insolvency proceedings at the NCLT, provided that this decision isn't appealed against before a Division Bench of the High Court.
Another point made by Essar Steel was that the press release issued by the RBI accounts for the financial position of the companies only until 31 March, 2016. Shares of most of the nine listed companies out of the 12 on the RBI's list are on a downtrend since then.
Martin Landau, character actor, dies at 89 His film roles ranged from the grand to the quirky, from " Cleopatra " to " The Greatest Story Ever Told ". Landau went on to teach a number of next-generation actors the craft as a coach at the Actors Studio .
Essar Steel was referred to the NCLT despite the fact that it was in an advanced stage of finalising a restructuring proposal in accordance with earlier RBI circulars, it argued.
Essar Steel is one of the dirty dozen - the 12 accounts with large unresolved NPAs (non performing assets) which the Reserve Bank of India has identified for speedy action on recovery of dues.
It should not be treated on par with the other 11 accounts because these accounts are now closed while Essar Steel is doing well with annual turnover of Rs 20,000 crore, the company said. They were also aware that lenders will file for insolvency proceedings. According to the RBI, top 12 bad loan accounts make up for Rs 2.5 lakh crore of bad debts, or 25% of the total.
RBI said in its submission to the court that the 13 June press statement was based on the recommendation of a high-level internal committee and that the central bank had no documentary evidence to produce other than the press release itself to support the decision.
Highest total grossing film on the global box office this week is Wonder Woman which has now taken an incredible $764.8 million. This week saw the release of War For The Planet Of The Apes , which stars Andy Serkis , Woody Harrelson and Steve Zahn .
RJD has also accused the BJP of trying to drive a wedge in the RJD-JD (U)-Congress grand alliance in Bihar. Apart from this, 16 bills have been listed for introduction and passage in Lok Sabha and Rajya Sabha.
Once passengers were removed from the flight, an airport spokesman said an investigation quickly ensued on what caused the stench. RDU officials did not identify where the plane was from or its destination or what type of aircraft was involved.
He'll be accompanied by a brand new stage based upon Metro City, which you can see for yourselves in the trailer embedded above. The Final Fight series never really took off in the same way Street Fighter did, but it's not exactly a dead franchise.
Camilla Parker-Bowles has been celebrating her 70th birthday in style all week with one celebration after another. The photograph, taken in May, shows Charles and Camilla in the morning room of their London home, Clarence House.
On Friday, reports from three of the biggest US banks - JPMorgan Chase, Wells Fargo and Citigroup - are expected. The S&P/ASX 200 index, recovering Wednesday's losses, rose 1.1 percent, or 62.97 points, to 5,736.80.
On Monday, Netanyahu is scheduled to become the first Israeli prime minister to visit Hungary since the end of Communist rule. The Jews arrested were confined for four days at the Vel' d'Hiv velodrome, and from there deported to Auschwitz.
The new characters will be showcased in Japanese publication V Jump , which specialises in manga and manga-related video games. DRAGON BALL FighterZ gives fans of all skill levels the opportunity to feel like their favorite DRAGON BALL character.
Caitlyn Jenner Considers Run for Senate
In June, Jenner did a deeper dive into her politics with USA Today. 'I like the political side of it. Caitlyn Jenner said she is considering a run for U.S.
Al Pacino as Coach Joe Paterno: First Peek
Paterno coached the Nittany Lions to 409 victories from 1966 to 2011 - 111 of which were vacated because of the scandal. Shortly after being fired as Penn State football coach in 2012, Paterno died due to complications from lung cancer.
Tour de France 2017: stage 15
It's a shame I got second place but I performed to my maximum. "I think you can do it successfully, but not for GC", White said. Porte fractured a hip and a collarbone, while Martin, though hurt, was able to continue despite losing time on the leaders.
Atari has made a new console and it looks great
Atari isn't yet discussing pricing details or a release date, nor is it sharing specific information about its games. This week however, Atari is making a return, announcing the Ataribox, which was originally teased last month .
Alexa Assistant now available on HTCU11
However, as compared to voice assistants such as Google Assistant and Apple Siri, Alexa's performance is far from being flawless . If there is one major thing that is missing from the control commands, it's the inability to launch streaming apps like Netflix .
Ball has 36 points in Nike sneakers, Lakers win
Poythress had nine points and four rebounds for the Sixers, but his intensity goes a much longer way than his stat line shows. The Lakers are hoping the positive momentum they are building here carries over into the fall.