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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Former ICAR member demands CBI probe into Padma Shri awardee Ayyappan's death
New Delhi, May 11 (PTI): A former member of the Indian Council of Agricultural Research (ICAR) on Sunday demanded a court-monitored CBI investigation into the "untimely and mysterious" death of former ICAR Director General and Padma Shri awardee Subbanna Ayyappan.
Venugopal Badaravada, previously on ICAR's Governing Body, said: "The conditions surrounding his untimely death are deeply troubling. His scooter was found abandoned, and the cause of his death remains unclear. These circumstances demand a court-monitored CBI investigation".
In separate letters to Prime Minister Narendra Modi and Home Minister Amit Shah, Badaravada alleged that the tragic event reveals "deep-rooted corruption, irregular appointments, and abuse of power within ICAR, ASRB (Agricultural Scientists Recruitment Board), and affiliated institutions".
"Ayyappan ji's death might be a consequence of institutional vendetta or administrative collapse, as the scientific and farming communities are now alleging," he added.
Ayyappan (70) was found dead in the Cauvery River near Srirangapatna, Karnataka, on Saturday. His two-wheeler was discovered on the riverbank, with local police suspecting he may have jumped into the river. His body was recovered three days after he went missing under suspicious circumstances.
Badaravada also criticised ICAR for "unlawfully" removing him from the governing body on May 5 through "a one-sided office order without conducting a serious inquiry".
"This unlawful removal reflects a dangerous trend within ICAR, silencing whistleblowers while shielding entrenched corruption," he claimed.
Ayyappan, who resided in Vishweshwara Nagar Industrial Area of Mysuru, was reported missing on May 7 when his family filed a complaint with the Vidyaranyapuram Police Station. Police noted that he often meditated at the Saibaba ashram, located on the Cauvery River banks in Srirangapatna.
The deceased scientist was the first non-crop specialist to head ICAR and was credited with playing a significant role in India's 'Blue Revolution'.
He is survived by his wife and two daughters.
