NCLAT sets aside plea against CarVal's resolution plan for Uttam Value Steel
The National Company Law Appellate Tribunal (NCLAT) has given its go ahead for the resolution plan of New York-based CarVal Investors' to acquire the debt-ridden Uttam Value Steels Ltd.
 
The appellate tribunal in a judgment on Wednesday set aside a plea challenging the order by National Company Law Tribunal's (NCLT) Principle Bench approving the resolution plan.
 
The company has a total admitted debt of Rs 3,003 crore.
 
The appellate tribunal noted that the appellants are aggrieved with the allocation of a "tiny" amount of 0.18 per cent of the outstanding dues.
 
The collective admitted operational debt of the appellant was Rs 423.82 crore which was 80.88 per cent of the total operational debt of the corporate debtor total being Rs 524 crore. The appellant was also representative of the operational creditor in the meeting of CoC, being holder of more than 10 per cent of the total admitted debt of Rs 3,003 crore.
 
Five operational creditors moved the NCLAT post the NCLT's approval to the plan alleging that the adjudicating authority has approved the resolution plan, where the appellant is getting hardly 0.18 per cent or 0.19 per cent of its claims. The appellant is logically upset that they are paid 0.19 per cent whereas the Financial Creditors (CoC decision takers) are getting 41.75 per cent of their claims.
 
The figure cited by the Operational Creditor, that the Financial Creditor have got Rs 1,035 crore from an admitted debt of Rs 2,479 crore (41.75 per cent)
 
The three-judge bench said that the issue of prior approval from the Competition Commission of India (CCI) under the Insolvency and Bankruptcy Code, 2016 is incorrect and CCI approval is not a condition precedent for the approval of the resolution plan.
 
"The CCI approval has been procured on June 4, 2019 in compliance with the provisions of the Code. It is submitted that condition requiring CCI Approval is 'directory' and having obtained the same, the provisions Section 31(4) have been complied with," the order said.
 
After several observations, the NCLAT bench said: "We find that there is no merit in this Appeal and the Appeal is hereby dismissed. Pending IA, if any, are disposed of in terms of above observations and directions. Interim orders, if any, stand vacated. There shall be no order as to costs"
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    saharaaj

    2 weeks ago

    WHy can't appellate impose deterrent fine on such litigants filibusters obstructionists or they love to show out put based on work done such interlopers

    shailendra.dukane

    2 weeks ago

    Finally, What share holder will get who are since years. Over 25 years of investment is dead. Will this recover at any point.

    Veterans Seek Investigation into Posts about Non-Existent 'Muslim Regiment' on Social Media
    As many as 120 veterans, including Admiral L Ramdas, have requested immediate intervention by the President, who is also the supreme commander of the Indian armed forces, to investigate and take action against all those who are posting false messages on social media about Muslim regiment, claiming that this regiment was disbanded after the 1965 war.
     
    The veterans have requested the President to investigate the antecedents of individuals who have made the 'Muslim Regiment' posts, to identify and charge those individuals with anti-national activities, to issue warning to the social media providers (Facebook & Twitter) who have enabled these posts and issue immediate instructions to all state governments that the generation of false and seditious messages in social media should be acted upon with alacrity, to not jeopardise national security. 
     
    “Saying that Muslim soldiers of this so-called ‘Muslim Regiment’ refused to fight the war against Pakistan in 1965 and hence the ‘Muslim Regiment’ was disbanded, denigrates and questions the loyalty of all serving and retired Muslim soldiers. Further, it helps the enemy by striking at the morale of India’s soldiers to degrade their operational capability.” 
     
    “Our soldiers fight shoulder-to-shoulder as a team at every level of all military functioning and operations from the section and platoon level up to the highest level, based upon mutual trust, respect, comradeship and fraternity, regardless of the religion, language, caste, etc. of other members of the team. Social media posts like the ‘Muslim Regiment’ posts put in the public domain are an insidious attack on the morale of our armed forces. It generates doubts in the public mind that if Muslim soldiers cannot be trusted, then other Muslims too are no different. It exacerbates mistrust and hate between communities,” the veterans point out.
     
    Maj Gen SG Vombatkere, one of the veterans, says that there are a number of social media posts propagating the falsehood that the soldiers of a 'Muslim Regiment' of Indian army had refused to fight against the Pakistani army during the 1965 India-Pakistan war, and that the 'Muslim Regiment' was thereafter disbanded (the word used in the tweets is 'dismantled').
     
    He says, "We are all aware of the security problems that our country is facing all along the Chinese and Pakistan borders. In a near war scenario, these social media posts are probably part of the 'psy ops' of Pakistan's ISPR, other organisations inimical to India's national security and indeed of the many groups named in the various social media posts referred to in the text of our open letter. Whatever be the source, these malicious allegations are clearly designed to generate ill will and raise suspicions against Muslims in general and lower the morale of our armed forces." 
     
    "Senior and decorated veterans have viewed these developments with utter dismay and have decided to write to the supreme commander of the armed forces, the President of India, requesting immediate enquiry and punitive actions against the propagators of these posts and the platforms over which these posts are hosted," Maj Gen Vombatkere added.
    Here is the letter sent by the veterans to the President.
     
     
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    2009anandsingh

    2 weeks ago

    It is targeted outside international borders and targetted to spread the hate. It really brings morale down for those who are "Unknown Heroes Of India" and "known heros of India". Vande Matram and Jai Hind.

    Maharashtra to stop stamping of air, train passengers; Metro to resume
    The Maharashtra government on Wednesday announced that metro railways in Mumbai and Nagpur will resume operations from October 15 while stamping of air and train passengers arriving in the state will be discontinued.
     
    As per the latest Unlock Rules, all domestic passengers landing at Mumbai, Pune, Nagpur, and Aurangabad airports shall undergo the mandatory Covid-19 checks, but they will no longer be stamped on the hand with indelible ink.
     
    Railway passengers shall not be subjected to Covid checkups or stamping on the hands though they will be required to maintain all Covid protocols.
     
    Metro rails, currently serving in Mumbai and Nagpur, shall be permitted operations in a graded manner, proving a relief to commuters.
     
    Welcoming the announcement, a spokesperson for Mumbai Metro One said that it has initiated safety inspection and trial runs, and will resume normal passenger operations from Monday, October 19.
     
    The raging controversy notwithstanding, there is no mention of reopening any place of worship for the present, though public libraries have been cleared for opening again.
     
    The government has also allowed B2B exhibitions only outside the containment zones and all types of local weekly markets across the state.
     
    In order to reduce congestion, all shops and markets will be permitted two hours extra and can operate from 9 a.m. to 9 p.m. from Thursday.
     
    While all educational institutions will remain closed, doctorate or research scholars and post-graduates in science/technology streams requiring laboratory/experiments shall be allowed.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    umeshs62

    2 weeks ago

    No religious place should be opened until corona virus is dead and buried.

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