Top StoriesNCLT/NCLAT Can’t Interfere With Commercial Wisdom Of CoC Except Within Limited Scope Under Sections 30 & 31 IBC : Supreme Court LIVELAW NEWS NETWORK11 March 2021 1:44 AMShare This – xThe Supreme Court has reiterated that the National Company Law Tribunal(NCLT) or the National Company Law Appellate Tribunal(NCLAT) cannot interfere with the ‘commercial wisdom’ of the Committee of Creditors(CoC), except within the limited scope under Sections 30 and 31 of the Insolvency and Bankruptcy Code(IBC).Based on this well settled principle, a 3-judge bench comprising Justices…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court has reiterated that the National Company Law Tribunal(NCLT) or the National Company Law Appellate Tribunal(NCLAT) cannot interfere with the ‘commercial wisdom’ of the Committee of Creditors(CoC), except within the limited scope under Sections 30 and 31 of the Insolvency and Bankruptcy Code(IBC).Based on this well settled principle, a 3-judge bench comprising Justices AM Khanwilkar, BR Gavai and Krishna Murari set aside an order of the NCLAT which had annulled the decision of CoC to accept a resolution plan(Kalparaj Dharamshi and another vs Kotak Investment Advisors Ltd and Others and connected cases).”It would thus be clear, that the legislative scheme, as interpreted by various decisions of this Court, is unambiguous. The commercial wisdom of CoC is not to be interfered with, excepting the limited scope as provided under Sections 30 and 31 of the I&B Code”, the Supreme Court observed referring to precedents such as Committee of Creditors of Essar Steel India Ltd vs Satish Kumar Gupta and others, Maharashtra Seamless Ltd v Padmanabhan Venkatesh and others, K. Sashidhar vs. Indian Overseas Bank etc.”It will therefore be clear, that this Court, in unequivocal terms, held, that the appeal is a creature of statute and that the statute has not invested jurisdiction and authority either with NCLT or NCLAT, to review the commercial decision exercised by CoC of approving the resolution plan or rejecting the same”, the judgment authored by Justice BR Gavai stated.”We are of the considered view, that in view of the paramount importance given to the decision of CoC, which is to be taken on the basis of ‘commercial wisdom’, NCLAT was not correct in law in interfering with the commercial decision taken by CoC by a thumping majority of 84.36%”, the Court observed.Factual backgroundThe appellants in Supreme Court, Kalparaj Dharamshi and Rekha Jhunjhunwala, were successful resolution applicants in a corporate insolvency resolution process. The respondent, Kotak Investment Advisories Ltd(KIAL), another resolution applicant, challenged the acceptance of the resolution plan of appellants contending that it was accepted beyond the time-period.The NCLT dismissed the challenge. However, in further appeal by KIAL, the NCLAT interfered with the CoC decision.Being aggrieved with the NCLAT order, Kalparaj and certain other financial creditors appealed to the Supreme Court.Issues before the Supreme CourtThe Supreme Court considered three issues :(i)Whether the appeals filed by KIAL before NCLAT were within limitation?(ii)Whether there was waiver and acquiescence by KIAL, so as to estop it from challenging the participation of Kalpraj?(iii)Whether NCLAT was right in law in interfering with the decision of CoC of accepting the resolution plan of Kalpraj?First issueThe first issue was relating to the fact that KIAL had first approached the High Court challenging the NCLT decision. The High Court however refused to entertain the matter saying that the alternate remedy of appeal before NCLAT was available to KIAL. The issue was that whether the time spent pursuing the case in High Court could be regarded as bona fide prosecution for the purposes of exclusion of time for limitation under Section 14 of the Limitation Act.Answering the issue in favour of KIAL, the Supreme Court noted that the writ petition filed in High Court was not just pertaining to the CoC decision; there were allegations with regard to the manner of functioning of NCLT.The SC observed that KIAL was prosecuting the proceedings before the High Court with due diligence.”The matter before the High Court was hotly contested and ultimately, the petition was dismissed by an elaborate judgment relegating KIAL to the alternate remedy available to it in law. As such, the conditions which enable a party to invoke the provisions of Section 14 of the Limitation Act are very much available to KIAL”Second issueThe second issue was also answered in favour of KIAL by holding that its participation in the CoC process did not estop it from challenging the decision to accept the resolution plan of the appellants.The Court held that KIAL’s conduct cannot be regarded as “acquiescence” or “waiver”.”Taking into consideration the fact, that KIAL had objected to participation of any other applicant submitting plan after the due date as per the last Form ‘G’ and also reiterated its objection, we are of the considered view, that it cannot be held, that having participated by submitting the revised plans, KIAL is estopped from challenging the process on the ground of acquiescence and waiver. Merely because,the revised plans are not submitted with the words “without prejudice”, in our view, would not make any difference. As already discussed hereinabove, KIAL had no other option than to submit its revised plans in view of clause 11.2 of the Process Memorandum. Inasmuch as, had it not responded,it had to run the risk of being out of fray. As already discussed herein above, the conduct of the party is relevant for considering, whether it can be held, that a case is made out of waiver or acquiescence”, the bench observed.Third issueThe third issue was however answered against KIAL by holding that the NCLAT overstepped its jurisdiction by interfering with the CoC decision.As regards the argument that the NCLAT was justified in interfering with the CoC decision on the ground of material irregularity, the bench observed :”No doubt, it is sought to be urged, that since there has been a material irregularity in exercise of the powers by RP, NCLAT was justified in view of the provisions of clause (ii) of subsection (3) of Section 61 of the I&B Code to interfere with the exercise of power by RP. However, it could be seen, that all actions of RP have the seal of approval of CoC. No doubt, it was possible for RP to have issued another Form ‘G’, in the event he found, that the proposals received by it prior to the date specified in last Form ‘G’ could not be accepted. However, it has been the consistent stand of RP as well as CoC, that all actions of RP, including acceptance of resolution plans of Kalpraj after the due date, albeit before the expiry of timeline specified by theI&B Code for completion of the process, have been consciously approved by CoC. It is to be noted, that the decision of CoC is taken by a thumping majority of 84.36%.The only creditor voted in favour of KIAL is Kotak Bank,which is a holding company of KIAL, having voting rights of0.97%. We are of the considered view, that in view of the paramount importance given to the decision of CoC, which is to be taken on the basis of ‘commercial wisdom’, NCLAT was not correct in law in interfering with the commercial decision taken by CoC by a thumping majority of 84.36%””Mr. Kalpraj Dharamshi and Ms. Rekha Jhunjhunwala were represented by Senior Advocates, Mr. Mukul Rohatgi, Dr. A.M. Singhvi and Mr. Pinaki Mishra, instructed by Karanjawala & Co., through Ms. Ruby Singh Ahuja, Ms. Tahira Karanjawala, Mr. Anupm Prakash, Mr. Anmol Jassal and Mr. Utkarsh Maria and Khaitan & Co., through Ms. Kalpana Unadkat, Mr. Prateek Kumar and Ms. Raveena Rai.”Case DetailsCase Title : Kalparaj Dharamshi and another vs Kotak Investment Advisors Ltd and Others and connected casesBench : Justices AM Khanwilkar, BR Gavai and Krishna MurariAppearances : Senior Advocates Mukul Rohatgi, Dr. Abhishek Manu Singhvi and Pinaki Mishra for Kalparaj; K.V. Viswanathan, appearing for Deutsche Bank A.G.and CoC, C.A. Sundaram, Gopal Sankaranarayanan and P.P. Chaudary, for Fourth Dimension Solutions Limited, Shyam Divan for RP and Neeraj Kishan Kaul for KIAL.Citation : LL 2021 SC 155Click here to read/download the judgmentNext Story
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Industrial employment in Vermont has fallen 5.6 percent since the beginning of the recession, according to Manufacturers’ News, Inc. MNI reports Vermont lost 2,894 manufacturing jobs since December 2007, with 1,197 jobs lost between December 2007and December 2008 and 1,697 industrial jobs from 2008 to December of 2009. Over the same period of time, Vermont lost 154 manufacturers, or nearly ten percent of its industrial companies. Looking back even further, over an eight-year period Vermont lost 9,921 industrial jobs or 17% of its industrial employment.Manufacturers’ News reports Vermont is now home to 1,516 manufacturers employing 48,360 workers. Vermont’s losses are smaller compared to those seen in other New England states with Maine’s industrial sector down 7.7 percent, New Hampshire’s down 7.5 percent and Massachusetts’ down 6.4 percent, according to earlier MNI reports.”As with the entire nation, the recession continues to hit Vermont’s core sectors, while the faltering housing market has affected industries such as wood products and building products,” says Tom Dubin, President of the Evanston, IL-based publishing company, which has been surveying industry since 1912.Employment in the furniture/fixtures sector experienced the sharpest decline, down 33.4 percent over the past twenty-four months, due mostly to layoffs at Ethan Allen.MNI reports electronics remains Vermont’s largest manufacturing sector by employment with 8,259 jobs, with no significant change reported over the two years. Second-ranked food manufacturing accounts for 5,234 jobs, down 8.6% over the survey period, while third-ranked industrial machinery and equipment accounts for 4,508 jobs, down 3.8% over the past twenty-four months.Most other sectors in Vermont lost jobs within the past two years and include transportation equipment, down 15.4%, following the closure of auto supplier Lydall Inc., and layoffs at NSK Steering, among others. Stone/clay/glass fell 14.7%; textiles/apparel were down 11.3%; lumber/wood down 10%; printing/publishing down 7.9% and chemicals/allied products down 7.1%. Slight gains were seen in paper products, up 2.8%; rubber/plastics up 2% and fabricated metals up 1.8%Despite the losses, some bright spots have emerged recently including the openings of Vermont Wood Pellet Co.; rubber protective gear maker AirBoss in Milton; and BEMAG Transformers, which opened a factory in St. Albans Industrial Park in early 2009.MNI’s city data shows Essex Junction is the state’s top city for manufacturing employment, accounting for 6,905 industrial jobs, up 4.5% over the past twenty-four months. Second-ranked Burlington accounts for 3,790 industrial jobs, down 8.7% over the past two years. Industrial jobs in Rutland declined 2.2%, with the city home to 2,120 jobs. Milton is home to 1,929 jobs, up 1.5%, while jobs increased another 1.5% in South Burlington, with the fifth-ranked city representing 1,710 of Vermont’s industrial jobs.Detailed profiles of Vermont’s 1,516 manufacturers and 274 industrial distributors can be found in the 2010 Vermont Manufacturers Register, available in print for $77 and on CD-ROM from $95. Each profile provides up to 30 facts, including vital contact information (phone, web, e-mail), 4,755 executives by name and title, product(s) manufactured, annual sales, number of employees, and more. Visitors to mnileads.com may generate custom profiles of manufacturers using thirteen different criteria, including area or zip code, county, SIC, sales volume, number of employees, and more.Manufacturers’ News, Inc., publisher of manufacturers’ directories since 1912, compiles and produces manufacturing guides, statistics and databases for all 50 states. MNI also maintains IndustryNet.com, an industrial search engine designed specifically for locating manufacturers and suppliers nationwide. For more information, contact Manufacturers’ News, Inc., 1633 Central St., Evanston, IL, 60201, 847-864-7000, FAX 847-332-1100. Information also available on facebook and twitter.SOURCE Manufacturers’ News, Inc. 1.25.2010. EVANSTON, Ill,/PRNewswire/ —
On 3 February, the Brazilian government condemned the arrest of two Brazilian journalists in Egypt and called for the political crisis in that country to be overcome through “institutional and democratic reform,” according to an official note distributed by the foreign ministry. Brazil protested the arrest of the reporters Corban Costa, from Radio Nacional, and Gilvan Rocha, from TV Brasil, and expressed its confidence that the authorities “will take measures to guarantee the civil liberties and physical integrity of the population and of foreigners present in the country.” In the note, the Brazilian government said that it hopes that “this moment of instability will be overcome as quickly as possible, in a context of institutional and democratic reform in Egypt.” The official news agency Agencia Brasil reported on 3 February that the Brazilian journalists, Costa and Rocha, had been detained and blindfolded, their passports and equipment had been taken from them, and they had spent Wednesday night in a windowless room in a Cairo police station. “It’s a horrible feeling. You don’t know what’s going to happen,” Costa told Agencia Brasil, adding that he even came to fear for his life, because at one point they were put up against a wall. The radio reporter also explained that he and his colleague were both forced to sign a document in Arabic that they did not understand, and that according to the police, requires them to return to Brazil. After being released, the journalists headed to the airport. Journalists covering the clashes between supporters and opponents of Egyptian President Hosni Mubarak in Cairo have reported being the victims of persecution and intimidation. By Dialogo February 07, 2011
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I often feel like there’s not enough time in the day to accomplish what I set out to do. I’ll go out on a limb and say many of you reading this feel the same. Part of this predicament can be attributed to meetings – they take up a tremendous portion of our time, but how productive are they really?As a leader, it’s our job to create an office culture that sets clear expectations for meetings. Too often they devolve to a safe space for venting frustrations. To ensure our employees are having meaningful conversations, take a look at these four tips from leadership coach Melody Wilding:Unify the room. Clearly state the purpose of the meeting and ensure all who are participating have a reason to be there. Sticking to an agenda will keep the conversation focused, and be sure to stay within the timeframe set. Meetings that go too long disrupt the rest of the day. continue reading »
One of the best tourist stories in the world according to the UNWTO, Istra Inspirit has the great honor to present Istria and Croatia at Scottish International Storytelling festival in Edinburgh.Thus, Istra Inspirit, as the only cultural and innovative tourism project from Croatia, was invited to present itself to the audience of the Scottish International Storytelling Festival in Edinburgh, which is being held for the 28th year in a row from October 20 to 31, 2017. those eager for creative presentations of stories from all over the world and thus connecting cultures, languages, generations and places, and this interesting concept that encourages cultural diversity will include Istra Inspirit, which will present Istria and Croatia on Tuesday, 24.10.During its performance in Edinburgh, Istra Inspirit will present Istrian stories, myths and legends from its rich creative palette of experiences, and in addition to stories characteristic of Istria, it will also present the most interesting legends from Croatia. Petra B. Blašković and Frano Novljan, academic actors with many years of experience in performing Istra Inspirit experiences, will perform on behalf of Istra Inspirit. “The promotion of Istra Inspirit on the foreign market is extremely important for the project which for the sixth year in a row successfully revives the history, myths and legends of the Istrian peninsula in authentic locations and behind which is an extremely fruitful season with over 100 performances realized in cooperation with public and private sector. stand out from Istra Inspirita.This trip will provide Istra Inspirit with connections with experts who also apply storytelling as a concept in their business and will provide them with education based on examples of good practice from abroad as well as connections with foreign stakeholders in culture and creative tourism.And don’t forget, tourism is made up of emotions, experiences and stories. Tell stories, our authentic stories.Related news:UNWTO MAKES ISTRIA INSPIRIT AMONG THE BEST TOURIST STORIES IN THE WORLD STORYTELLING IN THE TRUE SENSE – ISTRIA INSPIRIT
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The government must also ensure the availability of staple foods and prices, especially ahead of Ramadan and Idul Fitri.Read also: Agus Yudhoyono elected as Democratic Party chairman”Don’t let the inflation rate get out of hand,” he said.Agus added that the government should impose a short-term lockdown in areas considered to be hotspots of the disease, despite the impact it could cause on the people and economy. The Democratic Party has demanded that President Joko “Jokowi” Widodo’s administration enforce a lockdown on urban areas as well as provide financial assistance to low-income households who might lose their income as a result of the COVID-19 pandemic.“They need financial assistance through cash transfers, Bantuan Langsung Tunai [cash assistance program] or other social safety net programs. We need to maintain the people’s purchasing power, especially the bottom 40 percent,” Dems chairman Agus Harimurti Yudhoyono said in a written statement on Friday. “Public health and safety should be prioritized above all else,” he said.The government, he went on to say, should focus on urban areas considering the population density, saying he was worried that the number of detected COVID-19 cases in Indonesia would increase when it declined in other countries.”Don’t be surprised and late in responding to the virus.”Read also: Indonesian government prepares for worst, including zero percent growth, as COVID-19 hitsThe government announced on Wednesday that it was finalizing a third stimulus package as it reallocated Rp 27 trillion (US$1.8 billion) to fund the healthcare system in fighting the pandemic.It would reallocate up to Rp 10 trillion from the portion of the state budget that was set for ministries and institutions, as well as Rp 17.2 trillion in funds earmarked for regional administrations.These resources, according to Finance Minister Sri Mulyani Indrawati, would be useful for them in handling COVID-19-related issues immediately as part of the government’s plan to mitigate its effects.She said low-income households and individuals working in the informal sector would be given financial assistance, although she did not provide further details.Topics :
Dragon Endeavour has completed the first half of her round trip mission to the space station. Spacecraft Commander Doug Hurley and Joint Operations Commander Bob Behnken have “Captured the Flag” as the first crew to reach the ISS from the United States since the last Space Shuttle mission in 2011.Endeavour lifted off on a Falcon 9 rocket Saturday, leaving LC-39A at the Kennedy Space Center in Florida at 3:22 PM EDT (19:22 UTC). After a flawless ride uphill, Endeavour separated from Falcon 9’s second stage and opened its nosecone. This exposed the spacecraft’s docking port as well as an array of Draco maneuvering thrusters, and began the nineteen hours of tests and maneuvers to rendezvous with the ISS.
Image Courtesy: Hindustan TimesAdvertisement ecNBA Finals | Brooklyn Vsuy7hlWingsuit rodeo📽Sindre E6sw2( IG: @_aubreyfisher @imraino ) 6hoviWould you ever consider trying this?😱9kxi9goiCan your students do this? 🌚yesjnRoller skating! Powered by Firework After batting for almost two days straight, India showed their lethal touch with the ball as well on Day 3 in Pune. Virat Kohli has a decision to make with the option of follow-on available as well heading into the penultimate day of the clash.Advertisement Image Courtesy: Hindustan TimesHaving cleaned up the top order on the second day itself, the Indian seamers took things right from where they had left. Two quick wickets left the Proteas reeling at 53-5 before captain Faf Du Plessis and Quinton de Kock joined forces to do some damage control.The 75-run stand for the sixth wicket was broken by Ravichandran Ashwin after managing to bamboozle Quinton de Kock all over. The spinners took things over to pick up the remaining wickets despite heavy resistance from the tail order.Advertisement Keshav Maharaj and Vernon Philander were involved in a massive 99-run stand for the ninth wicket. The spinner managed to get his maiden fifty in the process as well.Maharaj was eventually dismissed for 72 while Philander stayed unbeaten for 44 for which he faced 192 deliveries.Advertisement At Stumps on Day 3, South Africa’s first innings ended with the wicket of Kagiso Rabada. The Proteas managed to score 275, handing India a lead of 325 runs.Read Also:Indian batsmen pile on the misery as they milk South African spinners for over 900 runs in this test series so farAnil Kumble takes KXIP reins as head coach for IPL 2020 Advertisement