emfizz.com
emfizz.com September 22, 2017


Insolvency proceeding: Gujarat High Court dismisses Essar Steel plea against RBI directive

17 July 2017, 03:58 | Jan Cross

Insolvency proceeding: Gujarat High Court dismisses Essar Steel plea against RBI directive

Insolvency proceeding: Gujarat High Court dismisses Essar Steel plea against RBI directive

The Gujarat High Court on Monday disposed of the petition moved by Essar Steel challenging the insolvency proceeding against it by Reserve Bank of India without granting any relief to the company.

Essar Steel in its petition to the court had challenged a June 13 directive of RBI, in the form of a press release, in which the banking regulator directed banks to refer a dozen cases, including Essar Steel, directly to NCLT. The RBI had identified top 12 NPA accounts, of which Essar Steel was one of them.

On July 14, it had reserved its order for Monday on Essar Steel's plea against the June 13 RBI circular to banks to act on priority under Insolvency and Bankruptcy Code (IBC) against the 12 defaulting companies including the debt laden Essar Steel.

The Gujarat High Court today refused to grant any relief to Essar Steel for the insolvency proceedings initiated against it at the Ahmedabad Bench of NCLT.

Chance The Rapper Dropped A New Young Thug Collaboration On Soundcloud
Chance the Rapper and Young Thug has joined teams to help and save SoundCloud by releasing an exclusive song on their platform. Here are the two tweets that are fueling speculation, as well as, the new track.


Align Technology, Inc. (NASDAQ:ALGN) Receives "Buy" Rating from Stifel Nicolaus
The firm owned 11,135 shares of the medical equipment provider's stock after buying an additional 6,318 shares during the period. Bridgeway Cap Mngmt accumulated 50,900 shares or 0.06% of the stock. $7.25 million worth of Align Technology, Inc.


New loan move agreed for Chelsea's Van Ginkel
PSV announced the deal in a statement which read: "PSV and Chelsea have reached an agreement on a transfer of Marco van Ginkel ". PSV have been desperate to take Van Ginkel back to the club and have now succeeded.


The company has objected to being clubbed with 11 other defaulters. Gujarat's Advocate General Kamal Trivedi appeared for Standard Chartered Bank; He was briefed by Singhi & Co.

The company was challenging the RBI's directive, not the SBI's decision. Meanwhile, bankruptcy proceedings have also been filed on Essar Steel Ltd and Monnet Ispat and Energy Ltd. At the time, lenders were already discussing a restructuring plan approved by the company's board, it said.

An RBI circular last month asked the banks to initiate action against Essar Steel and eleven other firms with over Rs 5,000 crore of outstanding loans each under the IBC. "This court is being misled", he had said during the arguments. Rs 31,671 crore of the total sum had been deemed non-performing on March 31, 2016. It also said that it has repaid nearly Rs 3,467 crore in last one year, adding that it employs 4,500 people and that if action was taken under the provisions of sections 7, 16 and 17 of the Insolvency and Bankruptcy Code (IBC), the administration of the company would go into hands of interim resolution professionals (IRP) and it would result in the closing down of the company. While arguing before the court, the RBI counsel had informed the court that these 12 NPA accounts represent 25 per cent of the total NPA of Rs 7,50,000 crore, which forms 5 per cent of the country's GDP.



Other News

Trending Now

Let's sheath our swords, South Korea to North Korea
Huang said coal imports dropped by three-quarters in the first half, and all those shipments had been made before February 18. Security Council resolutions. "Trade between China and North Korea grew nearly 40 per cent in the first quarter".

Gujarat: Heavy rain causes flood-like situation, 1 dead
South Gujarat region also received heavy rainfall. "A total of 11 NDRF teams have been kept on standby in affected districts". Hundreds of people in these three districts were shifted to safer places from low-lying areas near rivers and dams.

Cara Therapeutics Inc (NASDAQ:CARA), Walgreens Boots Alliance Inc (NASDAQ:WBA)
The stock has actually made sharp losses in the past year, as the company has gathered a -4.56% return in the past twelve months. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link .

Herrera: 'I started to think I'd be playing with Morata'
According to ESPN FC , Manchester United are expecting Real Madrid to lodge another bid for the goalkeeper. The club tried to sell Álvaro Morata as well and United were interested at first.

Girl, 15, Dies After Taking 'Legal High' In Bakers Park, Newton Abbot
Her next of kin were informed and police are continuing supporting the family who reside out of Devon and Cornwall. A PUBLIC park in Newton Abbot remains sealed off this morning following the tragic death of a teenager.

10 killed in Nigeria mosque attack
He added that an Explosive Ordinance Detective (EOD) team was deployed in the area and normalcy had been restored. Three other female suicide bombers were located in Maiduguri at about the same time, said Satomi.

US Senate to delay votes on Republican health-care bill
This comes on the heels of McConnell cutting the Senate's recess in half to focus on the new bill . The five-centimeter blood clot was removed and the surgery went "very well", the hospital said.

VP Election: 75% of electorate to vote are crorepatis, says report
The BJP is confident that a majority of the independent MLAs will support its candidate, Ram Nath Kovind . In total, the voting will take place at 32 different polling stations across the nation.

Chelsea Keen On Sergio Aguero
Chelsea are on the lookout for a new striker after Antonio Conte told Diego Costa he was surplus to requirements. Sky sources say "it will be very hard for Chelsea to sign Aguero" but that their interest is real.

Southwestern Energy Co (NYSE:SWN) Institutional Investors Sentiment Change
KCG Holdings Inc.'s holdings in Southwestern Energy Company were worth $1,390,000 at the end of the most recent reporting period. On average, analysts forecast that Southwestern Energy Company will post $0.67 earnings per share for the current fiscal year.