first_imgColumnsImpact of Covid-19 Outbreak On The Resolution Plans Submitted By The Successful Bidders Preeti Ahluwalia & Ashutosh K. Sharma25 May 2020 4:51 AMShare This – xNationwide lockdown announced by several governments including the Indian Government has adversely affected the business resulting in an extensive market interruptions and relapse of consumption. Lately, the Fitch Ratings has condensed India’s GDP growth forecast from 5.1% to 2%, making it the dimmest growth rate over the past 30 years. Subsequently, businesses are facing Spartan…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginNationwide lockdown announced by several governments including the Indian Government has adversely affected the business resulting in an extensive market interruptions and relapse of consumption. Lately, the Fitch Ratings has condensed India’s GDP growth forecast from 5.1% to 2%, making it the dimmest growth rate over the past 30 years. Subsequently, businesses are facing Spartan monetary distress. Although at present it is very difficult to anticipate the full impact on the economy, it is clear that no business, large or small will remain unaffected. At the regulatory level, the Indian Government has brought some amendments in the form of a relief to Covid-19 affected industries. The Government has issued several notifications under the Insolvency & Bankruptcy Code, 2016. The threshold limit to invoke the provisions of the Code provided under Section 4 of the Code has been increased to Rupees One Crore as against the earlier limit of Rupees One Lakh. Further, the lockdown period will not be counted for in the 330 days to complete the resolution process in all ongoing cases. The Government has also announced the suspension of insolvency proceedings under Section 7, 9 & 10 for a period of one year. However, there are still few grey areas discussed herein which should be addressed to serve its intended purpose post this pandemic. DISRUPTIVE IMPACT OF COVID-19 ON THE RESOLUTION PLANS As per the data provided by National Company Law Tribunal (NCLT), total 19,771 cases were pending with NCLT benches on 30.09.2019, which include 10,860 cases under Insolvency and Bankruptcy Code (IBC), 2016,” Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to the Rajya Sabha. The results achieved under the Code in respect of about 3,312 admitted as on 31.12.2019 cases are appalling. Out of 3,312 admitted cases, 1,961cases are ongoing under different stages of the resolution process, 780 cases have been approved for the Liquidation process, 135 cases have been withdrawn under Section 12A, 246 cases closed on Appeal/Review and in 190 cases the Resolution Plan is approved. In current prevailing situations, revival of the corporate debtors is a challenging task. The assessment of the valuation of the Corporate Debtor is going to be very challenging. has been a general slowdown in all kinds of deals in 2019 as compared to 2018. According to the Report by Grant Thornton, deal values were down by 74% in 2019 whereas by volume they were down 11% as compared to 2018. This down fall will be increased this year also because of the economic slowdown.Further, the provisions of the Code require that the Resolution Plan shall identify the specific sources of funds that will be used to pay the CIRP cost and other dues as provided under Regulation 38 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.In view of the present situation amid Covid-19, it is going to be very difficult to revive the entity by infusing the funds for all those involved in the process. There will be a considerable fall in the value of the assets which will significantly impact the pending insolvency cases. Further, the Plan compulsorily needs to provide its term and implementation schedule, which is very uncertain in the present situation. Due to the global economic slowdown and all these difficulties, the bidders will look after to re-negotiate its offer. However, the situation is not the same for all the bidders as it depends on the stage of the CIRP. BIDDERS JITTERY OVER COVID-19 SITUATION There are as many as 1,961 cases ongoing in the CIRP. In these 1,961 cases, there exist cases where the Resolution Plans have not been approved by the CoC and the same is pending before CoC. There are cases where the Resolution Plans have been approved by the CoC and the same pending approval before the Adjudicating Authority. Further, there are cases where the Resolution Plans have been approved by CoC as well as AA and the same are undergoing implementation. All these plans will be affected by COVID-19 as the bidders will definitely try to re-examine the commercial viability of the resolution plan and its implementation by considering the ongoing pandemic situation. The Bidders may be permitted to withdraw or modify their application in the first stage where the Plans have not been approved or examined by the CoC and the bidders can easily re-examine their proposals and make necessary changes by providing reasonable grounds. However, it is very difficult in the other two situations where the Resolution Plans have been approved by the CoC and the same is pending approval before the Adjudicating Authority or where the Resolution Plans have been approved by CoC as well as Adjudicating Authority. In Maharashtra Seamless Ltd. v. Padmanabhan Venkatesh[ii], the Supreme Court held that a resolution plan approved by the AA cannot be withdrawn by the resolution applicant. However, if the plan is in the second stage, i.e. it has been examined and approved by the CoC but not the AA, a question arises whether re-negotiations or withdrawal of the resolution plan should to be permitted. However, such a practice may be dejected, as it adversely affects the rights of the other resolution applicants, hereby frustrating the entire CIRP process. Although recently, in case of Deccan Value Investors L.P. and DVI PE (Mauritius) Limited v. Desutsche Bank AG & Ors.[iii], the AA, Mumbai Bench permitted the withdrawal of resolution plan at the second stage after approval by the CoC because the information supplied to the bidder was found to be incorrect and misleading. It can be concluded from the aforementioned case that withdrawal should be allowed only in reasonable circumstances when the bidder is not at fault. CHALLENGESTO BE ADDRESSED SOON Amid this challenging situation, there are several aspects that need to be addressed by the legislation or some judicial mechanism. As the Resolution Plan is the plan to resolve the Debtor and keep it is a going concern, the challenges that occurred for the Resolution Applicants need some remedy. The Resolution Applicants whose Plans are pending approval before the CoC may file an application before the AA for revision of the Resolution Plan and on the ground of non-consideration of the ongoing situation, the AA may allow the said applications. The Resolution Plans which have been approved by CoC and the same is pending approval before the AA, in such cases some protection is required to be given to the Applicants because in case the Applicant resile, there are penal provisions given under Section 74 of the Code which deals with the Punishment for contravention of moratorium or resolution plan. In the past, the AA had come heavily on the bidders in case they tried to resile. The very recent example could be of the Resolution Plan submitted by Reliance Communication Ltd. (RCOM) which was approved by CoC and the same has been filed before the AA for approval on 06.03.2020. The situation is a lot more difficult for the Applicants whose Resolution Plan has been approved by the CoC as well as the AA. They also need some protection as the situation is not favourable and it is very difficult to follow the implementation schedule provided by these Applicants. Very recently the Resolution Plan submitted by NBCC in the case of Jaypee Infratech has been approved by the AA wherein the NBCC had proposed to complete over 20,000 pending flats in the next three and a half years. However, post this pandemic, it is very challenging to meet the timelines as almost each and every sector will be adversely affected because of this deadly virus. Large cases like IL&FS, Dewan Housing Finance, Jaypee Infra, Bhushan Power & Steel, Alok Industries and Reliance Communication may now take longer to execute resolution plans. The Resolution Applicants may try for interpretation of the clauses of their Plans and may also take the assistance of the doctrine of Force Majure or Frustration of contract based on the facts and circumstances of their case. On the basis of the above discussion, it comes out very clearly that the resolution applicants are finding it increasingly challenging to abide by the resolution plans submitted by them owing to the uncertainty in feasibility and valuation of businesses. Pondering the drastic change of situation, they may seek to either reduce the size of their investment or withdraw themselves from the insolvency resolution process, further knocking the doors of AA to consider their issues. If the legislature does not come up with some interim protection to these Applicants, there would be thousands of cases seeking revision of their plans or some protection from the penal provisions arguing the impossibility of implementation of their Resolution Plan due to COVID-19. All these litigations will also affect the timelines provided in the existing legal framework. Therefore, some amendments or regulations or a judicial mechanism is required to cover this grey area to serve the intended purpose of the Code post this pandemic.Views Are Personal Only.(Authors are practising Lawyers at Delhi High Court) The Quarterly Newsletter of the Insolvency and Bankruptcy Code of India| October – December, 2019|Vol.13 2020 SCC OnLine SC 67 M.A. No.1271/2018 & M.A. No.956/2018 IN CP 1555 (IB)/MB/2017 Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

first_imgA second-half offensive explosion and stingy defense led the University of Wisconsin men’s basketball team to a 71-60 win over No. 23 Maryland Sunday afternoon at the Kohl Center.The No. 11 Badgers trailed by 6 points heading into halftime, but used a 19-5 run to start the second half. That, combined with the return of senior guard Bronson Koenig, helped UW (22-5, 11-3 Big Ten) remain tied with Purdue atop the Big Ten standings and pushed Maryland (22-5, 10-4) one game back.Redshirt sophomore forward Ethan Happ and senior forward Nigel Hayes led the Badgers in scoring while redshirt freshman guard Brevin Pritzl’s play energized Wisconsin.Men’s basketball: Big Ten out of answers in 2017The Big Ten has become the laughing stock of NCAA men’s basketball world this season. That has been a commonly Read…Melo Trimble led the Terrapins with 27 points.Here’s a breakdown of the Badger victory.Wisconsin player of the game: Nigel HayesThis could easily be Ethan Happ (20 points, seven rebounds, five steals, three assists, two blocks), but Hayes was the engine driving the Badgers offense. Not the most efficient outing for Hayes — he shot 6-for-15 — but he managed to lead UW with 21 points, mostly because of his 9-for-14 performance from the free throw line.Hayes was also one of the only Badgers not to suffer from foul trouble, and played 38 minutes. He also grabbed 10 rebounds for a double-double and added two assists and steals apiece.Maryland player of the game: Melo TrimbleTrimble was essentially Maryland’s lone offensive threat, but he was effective. His 27 points came on 9-for-17 shooting, including 4-for-7 from 3-point range. He also added five rebounds and three assists, but turned it over four times.Trimble scored 8 points in a row to make it a 4-point game with 7:21 remaining. Then fatigue kicked in, Maryland coach Mark Turgeon said, causing him to sit Trimble the final 4:32 of the game.Unsung hero: Brevin PritzlPritzl has seen his role increase from a seldomly used bench player to a cult hero. He scored 7 points and hit the boards hard, snatching five offensive rebounds.The impact of his hustle was palpable, as Pritzl provided a spark that ignited the rest of the team and helped catalyze the 19-5 run in the second half.Men’s basketball: Brevin Pritzl’s newfound ‘swagger’ earns him more minutesBrevin Pritzl has his swagger back. At least, that’s what University of Wisconsin men’s basketball head coach Greg Gard says. Read…Turning point: The 19-5 run out of halftimeHapp started the second half with an easy layup, then Hayes and Zak Showalter added layups. With 16:29 remaining, Koenig hit his only 3-pointer of the afternoon to tie the game. He proceeded to nail a step-back for a 38-36 lead. Two Happ layups and another Koenig jumper led to the stretch’s exclamation point: a Happ one-handed dunk off an assist from Hayes.The Badgers did not look back.When you knew it was over: 8-0 run to make it 64-52 with 4:41 leftTrimble’s scoring outburst brought the Terrapins back, but Hayes answered with a jumper and freshman D’Mitrik Trice followed suit. A Pritzl tip-in and a Koenig jumper iced the cake.Men’s basketball: Badgers’ eight-game win streak comes to an end against NorthwesternIt was bound to happen. After surviving against inferior teams and escaping with victories, the University of Wisconsin men’s basketball Read…Quotable“We didn’t have an answer. First play of the second half, they get a layup on basically a post move. Then we tried to double, and they get another layup.”– Maryland head coach Mark Turgeon on stopping both Happ and Hayes“Pretty soon we’re gonna end up looking like the locker room from Major League. We’re gonna have the candles, garlic around our neck … Two guys that get there the most have a hard time of being consistent. They know it. I don’t beat them about it. They work on it. They spend more time than anybody else on it.”– Head coach Greg Gard on team’s free throw shooting struggles, particularly that of Happ and Hayes“He’s got the ability where he can get in there and mix it up … his body’s in a great spot right now, which might sound a little bit weird. He’s really put on a lot of weight, uh, a lot of muscle in the weight room. Yeah, I’m done.”– Showalter awkwardly describing Pritzl’s developmentlast_img read more

first_imgAn impressive collection of paintings by Donegal artist Sean Fingleton will be launched this Thursday at Letterkenny Institute of Technology.LYIT are delighted to present the Sean Fingleton Collection – Work on Loan.The loan to LYIT consists of eight oil paintings executed between 1986-2000 that feature scenes from Letterkenny, dramatic landscapes and seascapes and expressionist portrayals of life within nature. These paintings have been installed in the college to be enjoyed by staff, students and visitors; a thoroughly welcome addition. The collection will be launched on Thursday 3rd October at 6pm and all are welcome to attend.Sean Fingleton, from Malin, is one of Ireland’s leading landscape painters. He studied art at the Letterkenny RTC, now the LYIT.Fingleton said it was important that his work has a presence at his former college. He said: “It is meaningful that these works are in Letterkenny. I have a fondness for the college, the town, and the county. I also have a following in Donegal that I felt could be served by this loan.”Fingleton remembers the relaxed atmosphere of the college with affection: “It was a friendly place. It laid the ground work for my art career and all my later work. I had a strong mentor in Eddie O’Kane. He taught analytic drawing and working from the model. We could work from long poses and really work extensively. I was also inspired by Declan McGonigle and he was encouraging.”Exhibition Curator Marianne O’Kane Boal said: “Sean Fingleton has long been one of Ireland’s leading landscapists. He has forged a path within the Irish art tradition that is uniquely his own and inspired by his natural surroundings. He has a sculptural approach to the application of paint, investing physical vigour in building surfaces with a palette knife.”Fingleton commented: “A landscape is a scene to inhabit. My thoughts, experiences, senses, emotions and philosophy are poured into the given space I am painting.”He articulates: “Visual statements in paint, moments in being that cannot be expressed in words.” The presence of the Sean Fingleton Collection – Work on Loan is of great importance to LYIT. It highlights the work of a leading Irish artist and key exponent in the landscape tradition. It also highlights the importance of the institute as a memorable foundation in the career of Sean Fingleton and its legacy potential for all its students.The collection will be launched on Thursday 3rd October at 6pm and all are welcome to attend.LYIT to welcome art exhibition by former student Sean Fingleton was last modified: September 27th, 2019 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:artLYITsean fingletonlast_img read more

first_imgRoberto Di Matteo paid tribute to his players – and Didier Drogba in particular – after Chelsea’s incredible triumph in Munich.And the Italian refused to discuss his future amid calls for him to be installed as manager after leading the Blues to Champions League glory.Di Matteo told Sky: “We have a group of players that have a big heart, passion and desire and that was the only way to achieve this trophy.“It was an immense effort from everyone and we are very happy. Bayern is a good team and when they scored there wasn’t much time left and in a game like this you need players to rise to the occasion.“He’s [Drogba] been incredible for this club. He scored a fantastic goal to keep us in the game and then the penalty to win it.”More reaction to follow later.Who was your Chelsea man of the match? Click here to voteFollow West London Sport on TwitterFind us on Facebooklast_img read more

first_imgJose Mourinho has called for Manchester United’s transfer chiefs to up their game in the final days of the market, claiming the Red Devils will face a ‘difficult season’ if they do not make more signings.Premier League champions Man City – who finished 19 points ahead of United last season – have added Riyad Mahrez to their ranks and hope to add an additional holding midfielder, while Liverpool’s signings of Fabinho, Naby Keita, Xherdan Shaqiri and Alisson have added huge amount of depth to a side that reached the Champions League final.For Mourinho’s part, Brazilian midfielder Fred has come in alongside Portuguese youngster Diogo Dalot, while Lee Grant arrived to take up a position as the Old Trafford side’s third-choice keeper.  Article continues below Editors’ Picks Man Utd ready to spend big on Sancho and Haaland in January Who is Marcus Thuram? Lilian’s son who is top of the Bundesliga with Borussia Monchengladbach Brazil, beware! Messi and Argentina out for revenge after Copa controversy Best player in MLS? Zlatan wasn’t even the best player in LA! Still, United’s inability to sign a new centre-back – Leicester City’s Harry Maguire and Tottenham’s Toby Alderweireld seemingly topping the wishlist after a move for Yerry Mina failed – has left the Portuguese boss worried about the season ahead.Speaking to MUTV, Mourinho said: “My CEO [Ed Woodward] has known what I want for quite a long time. He knows what I want.“I know that he tries his best for me. I still have a few days to wait to see what is going to happen.”When asked if he was indeed unhappy with the squad at his disposal the manager did not issue a denial, though he could not help having a dig at fierce rivals Liverpool’s transfer activity.“The other clubs that compete with us, they are really strong, or they already have fantastic teams and squads like Chelsea, Tottenham, Manchester City… or they are investing massively, like, for example, Liverpool, who are buying everything and everybody.“So if we don’t make our team better it will be a difficult season for us.”Manchester United’s Premier League campaign kicks off against Leicester City on August 10 at Old Trafford.last_img read more

first_imgAirports Authority of India’s Women Welfare Association, Kalyanmayee, added another feather to its cap by hosting yet another astounding artist’s camp ‘Prerna-3’. The three-day camp was organised at Airports Authority of India Officers Institute premises in association with AAIAF (AAI Artist Forum) and FIPA (Forum of Indian Photographers and Artists). A total of 20 artists participated in this art camp. The theme for this year’s camp was ‘Freedom’ and it was an enchanting experience for the artists to paint in breath-taking lush green ambience of the AAI Officers Institute. This is the third art camp organised by Kalyanmayee and two Art Camps organized last year was very well appreciated by all. Also Read – An income drop can harm brainThe camp was inaugurated in the august presence of Anuj Aggarwal, Member (HR) AAI, I N Murthy, Member (Operations) AAI, Sanjay Jain, Executive Director (Human Resource), Vice Presidents and other Senior Members of Kalyanmayee. The Art Camp aims at providing a robust platform for both the eminent and the new upcoming artists for exhibiting their creativity and talent. The artistic works of these artists will be put up on display for art enthusiasts and general visitors in the near future.last_img read more