The bench of Mohd Sharief Tariq ruled that the resolution professional, the adjudicating authority or appellate authority, were not empowered to reverse the commercial decision of committee of creditors (CoC).

Citing the legal position laid down by the Supreme Court recently, the Chennai bench of the National Company Law Tribunal (NCLT) has dismissed an application by UK-based industrial and metals company Liberty House group, challenging the rejection of its resolution plan for Chennai-based beleaguered renewable power infrastructure solution provider, Infinitas Energy Solutions.

The bench of Mohd Sharief Tariq ruled that the resolution professional, the adjudicating authority or appellate authority, were not empowered to reverse the commercial decision of committee of creditors (CoC).

In view of the reasons recorded by the CoC for rejection of the resolution plan by Liberty House and the legal proposition laid down by the apex court, the resolution applicant has no vested right to challenge the rejection of its resolution plan, he said.

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The SC had ruled that the NCLT has no authority to evaluate the commercial decision of the CoC to approve or reject a proposed resolution plan in K Sashidhar vs Indian Overseas Bank case. The SC said that there was no provision in the Insolvency and Bankruptcy Code (IBC) that empowers the resolution professional or the adjudicating authorities (NCLT & NCLAT) to reverse the commercial decision of the CoC.

According to Liberty House, which filed the plea against the rejection, the main issue it wanted to get an answer was as to whether the liquidation of the corporate debtor (Infinitas Energy) can be permitted if a resolution plan is rejected for reasons extraneous to the scheme of the IBC.

Liberty House had proposed to infuse money in excess of Rs 100 crore to run Infinitas Energy and thereby increasing the possibility of the contingent payments being realised. However, CoC rejected the proposal and filed for the liquidation of the company, it added.

Infinitas Energy Solutions, formerly known as Trishe Renewable Energy Solutions, was dragged to NCLT by one of its lenders, Indian Bank, alleging a default of over Rs 41-crore loan and subsequently corporate insolvency resolution process was ordered on September 18, 2017. The financially-troubled company also had loan defaults towards a slew of other banks, including Punjab National Bank.

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The main contention of the CoC was that creditors would be subject to significant haircut if the resolution plan is accepted and offer materially lower than the one time settlement offer made by the company in 2016. The CoC pointed out that the financial creditors are possessed with better recovery options than that proposed by the resolution applicant.

The NCLT bench observed that the CoC, while rejecting or accepting the resolution plan, is under obligation to strike a balance between the interests of the creditors and corporate debtor.

The element of realisibility under the resolution plan or liquidation is an important aspect which the CoC has to keep in mind at the time of making decisions. The resolution applicant or the promoters cannot thrust their will on the creditors who have already been pushed to odd position with regard to the recovery of their legitimate dues.

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Read more: NCLT dismisses Liberty plea against rejection of...

hinduja, hinduja brothers, Asian Rich List 2019

hinduja, hinduja brothers, Asian Rich List 2019

Asian Rich List 2019 released at the Asian Business Awards in London on Friday night.

Leading London-based NRI industrial tycoons, the Hinduja family top the Asian Rich List 2019 for the sixth successive year with an estimated net worth of 25.2 billion pounds, an increase of over 3 billion pounds over the previous year.

According to the Asian Rich List 2019 released at the Asian Business Awards here on Friday night, Steel magnates Lakshmi Mittal and his son Aditya Mittal remained in second place, with 11.2 billion pounds- down 2.8 billion pounds.

India’s High Commissioner to the UK Ruchi Ghanashyam released the list which is a compilation of the 101 wealthiest Asians in Britain, highlighting exceptional entrepreneurial achievement over the last 12 months.

S P Lohia (Petrochemicals) took the third place with 5.8 billion pounds.

The entries of the Asian Rich List 2019 have a combined wealth of more than 85.2 billion pounds.

The figure is increasing year on year and this year’s overall wealth increases by over 5 billion pounds.

The list features seven new entries, including Hotelier Joginder Sanger and his son Girish Sanger who enter at number 40 on the list with an estimated value of 300 million pounds.

Leading NRI entrepreneur Lord Swraj Paul and family are 17th in the list with a net worth 900 million pounds- an increase of 100 million pounds over the previous year.

Shailesh Solanki, executive editor of Asian Marketing Group (AMG) publisher of the Rich List said, “The Asian Rich List is carefully compiled by a team of experts and it is the definitive guide to Asian wealth in Britain.”

Gopi Chand Hinduja, Co-Chairman of the Hinduja Group said “our existing portfolio of companies is all in the sunrise sectors. Our focus is on banking and financial services, healthcare and of course, philanthropy.”

In London, the Hindujas are continuing with the conversion of the Old War Office, on which they have a 250-year lease, into a luxury residential and 125-room Raffles Hotel complex.

He said in India, there has been investment worth Rupees 1,000 crore (108 million pounds) in car and bus manufacturers Ashok Leyland, where Gopi’s younger son, Dheeraj Hinduja, is chairman.

It recently inaugurated a cutting edge electric vehicle facility in its Ennore plant at Chennai. Ashok Leyland is introducing battery-operated technology in its buses.

Gopi said “All our businesses are going through a digital transformation journey.”

For example, “Hinduja Global Solutions (HGS) is ramping up its headcount in the US, with plans to add 600 more people by June 2019 by setting up a new centre in Florida.”

HGS, rebranded from HTMT Global, has a presence in 12 countries including the Philippines, the US, the UK, Canada, France, Germany, Italy, the Netherlands, Mauritius, the UAE and Jamaica. In India, it has 68 “delivery centres” in Bengaluru, Chennai, Hyderabad and Mumbai as well as in growing cities such as Mysore, Nagercoil, Durgapur, Siliguri and Guntur.

The Hinduja National Power Corp recently acquired Kiran Energy Solar Power for Rs 1,000 crore (108 million) to “augment our presence in the renewable and alternative energy space,” Gopi explained.

In healthcare, special attention is being devoted to spreading “cancer awareness”. In Mumbai, the PD Hinduja Hospital was involved in organising “the cancer is curable ride” on World Cancer Day on February 4.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Read more: Hinduja family top Asian Rich List 2019 with net...

LONDON: Leading London-based NRI industrial tycoons, the Hinduja family has topped the 'Asian Rich List' for the sixth successive year in 2019 with an estimated net worth of 25.2 billion pounds, an increase of over 3 billion pounds over the previous year.

According to the 'Asian Rich List 2019' released at the Asian Business Awards here on Friday night, steel magnates Lakshmi Mittal and his son Aditya Mittal remained in second place, with a total wealth of 11.2 billion pounds, down 2.8 billion pounds from last year.

India's High Commissioner to the UK Ruchi Ghanashyam released the list which is a compilation of the 101 wealthiest Asians in Britain, highlighting exceptional entrepreneurial achievement over the last 12 months.

S P Lohia (Petrochemicals) took the third place with 5.8 billion pounds.

The entries of the 'Asian Rich List 2019' have a combined wealth of more than 85.2 billion pounds.

The figure is increasing year on year and this year's overall wealth increases by over 5 billion pounds.

The list features seven new entries, including hotelier Joginder Sanger and his son Girish Sanger who enter at number 40 on the list with an estimated value of 300 million pounds.

Leading NRI entrepreneur Lord Swraj Paul and family are 17th in the list with a net worth 900 million pounds- an increase of 100 million pounds over the previous year.

Shailesh Solanki, executive editor of Asian Marketing Group (AMG) publisher of the Rich List said, "The Asian Rich List is carefully compiled by a team of experts and it is the definitive guide to Asian wealth in Britain."

Gopichand Hinduja, co-chairman of the Hinduja Group said "our existing portfolio of companies is all in the sunrise sectors. Our focus is on banking and financial services, healthcare and of course, philanthropy."

In London, the Hindujas are continuing with the conversion of the Old War Office, on which they have a 250-year lease, into a luxury residential and 125-room Raffles Hotel complex.

He said in India, there has been investment worth Rs 1,000 crore (108 million pounds) in car and bus manufacturers Ashok Leyland, where Gopi's younger son, Dheeraj Hinduja, is chairman.

It recently inaugurated a cutting edge electric vehicle facility in its Ennore plant at Chennai. Ashok Leyland is introducing battery-operated technology in its buses.

Gopi said "All our businesses are going through a digital transformation journey."


For example, "Hinduja Global Solutions (HGS) is ramping up its headcount in the US, with plans to add 600 more people by June 2019 by setting up a new centre in Florida."
HGS, rebranded from HTMT Global, has a presence in 12 countries including the Philippines, the US, the UK, Canada, France, Germany, Italy, the Netherlands, Mauritius, the UAE and Jamaica. In India, it has 68 "delivery centres" in Bengaluru, Chennai, Hyderabad and Mumbai as well as in growing cities such as Mysore, Nagercoil, Durgapur, Siliguri and Guntur.
The Hinduja National Power Corp recently acquired Kiran Energy Solar Power for Rs 1,000 crore (108 million) to "augment our presence in the renewable and alternative energy space," Gopi explained.
In healthcare, special attention is being devoted to spreading "cancer awareness". In Mumbai, the PD Hinduja Hospital was involved in organising "the cancer is curable ride" on World Cancer Day on February 4.
Read more: Hinduja family tops UK's richest Asian list
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