SC verdict on NuMetal-ArcelorMittal row likely on Thursday
New Delhi, Oct 3 : The Supreme Court will likely pronounce on Thursday its verdict on NuMetal and the steel magnate Lakshmi Niwas Mittal-owned ArcelorMittal's row over the takeover of the ailing Essar Steel facing insolvency proceedings under Insolvency and Bankruptcy Code (IBC).
The ANuMetal has assailed the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) order giving ArcelorMittal time to purge itself of the Rs 7,000-crore liability of Uttam Galva and KSS Petron, to be eligible to bid for the resolution plan for Essar Steel.
ArcelorMittal had challenged the National Company Law Appellate Tribunal order asking it to first clear Rs 7,000-crore dues of Uttam Galva and KSS Petron by September 11 to turn eligible to bid for insolvent Essar Steel.
ArcelorMittal had contended that they are ready to pay but it can't be made a precondition for submitting a resolution plan.
It had contended that as it wanted to have its presence in India's steel sector and also live harmoniously with the banks.
The judgment by the bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra is also likely to address the gray areas of the new Insolvency and Bankruptcy Code (IBC).
Justice Rohinton Fali Nariman will pronounce the judgment.
The top court had on September 13 said NCLT and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional (IRP) and the Committee of Creditors (CoC) of the lender banks of a sick enterprise under the Insolvency and Bankruptcy Code.
Making it clear that the adjudicating authorities don't come into picture when resolution process is before IRP and CoC, the court had said that it was only after the resolution plan is finalised that the "adjudicating authorities can look into the whole thing including if it is in accordance with the law."
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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
