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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NATO, others turn down US call for help in Hormuz: Trump
Washington (PTI): President Donald Trump on Tuesday said NATO and most of US' other allies have rejected his calls to help secure the Strait of Hormuz as the war with Iran entered the third week.
In a social media post, Trump asserted that Iran’s military has been “decimated” and he no longer felt the need for assistance from NATO countries or anyone else.
Last week, Trump had sought help from European nations and others who depend on oil supplies transiting from the Hormuz Strait to safeguard the critical waterway.
“The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost every Country strongly agreed with what we are doing, and that Iran cannot, in any way, shape, or form, be allowed to have a Nuclear Weapon,” the US President said in a post on Truth Social.
Iran's attacks on Gulf nations and its grip on the Strait of Hormuz, through which a fifth of the world's oil is transported, have sparked increasing concerns of a global energy crisis and are unnerving the world economy.
“I am not surprised by their action, however, because I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one-way street — We will protect them, but they will do nothing for us, in particular, in a time of need,” Trump said.
He said Australia, Japan and South Korea too have turned down his call for help.
“Fortunately, we have decimated Iran’s Military – Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again,” Trump said.
He said that given the scale of recent military successes, the US no longer "need" or desires assistance from NATO countries, adding that it never relied on such support in the first place.
Speaking as President of the United States, the "most powerful" country in the world, "we do not need" help from anyone, Trump said.
The West Asia conflict began on February 28 when the US-Israeli combine conducted airstrikes on Iran.
The Strait of Hormuz, the narrow waterway that connects the Persian Gulf to the open ocean, has effectively been shut following the US and Israel attack on Iran and Tehran's sweeping retaliation.
However, Iranian Foreign Minister Abbas Araghchi had said that from Tehran's "perspective", the strait is "open". "It is only closed to Iran's enemies, to those who carried out unjust aggression against our country and to their allies.”
Earlier in the day, a second Indian-flagged LPG tanker, Nanda Devi, reached the country after safely sailing from the war-hit Strait of Hormuz. On Monday, the first ship, Shivalik, reached Mundra port in Gujarat.
As of now, 22 Indian vessels remain on the west side and two on the east side of the strait.
Indian authorities are in constant touch with all the relevant stakeholders in the region to secure the safe passage of the remaining ships, officials said.
