tezcang has no position in any of the shares mentioned. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline. The Motley Fool UK has recommended Lloyds Banking Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. “This Stock Could Be Like Buying Amazon in 1997” On 22 February, legendary investor Warren Buffett released his annual letter to shareholders of Berkshire Hathaway, his firm that has the most expensive share price of any company in history. Each Class A share costs upwards of $320,000. Many regard his letter as one of most important documents published each year for investors.Although we don’t need to become copycat investors, I believe most of us can benefit from Buffett’s wisdom. Therefore, today I’d like to discuss some of the highlights of this latest letter, especially as they may relate to the recent volatility in broader markets globally.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Key takeawaysBuffett firmly believes that stocks outperform all other asset classes over the long term, especially if interest rates and corporate tax rates remain low. However, he’s not one to buy shares in a company at any price. Indeed, the Oracle of Omaha is regarded as the king of value investing.He proposes that people should only invest in companies that they both understand and believe will offer long-term value.Although Buffett is bullish on stocks long term, he said “that rosy prediction comes with a warning: Anything can happen to stock prices tomorrow”.Within days of this warning, markets globally have sure become volatile and so many darlings of the stock market have started falling like knives.But he doesn’t think there’s any need for worry for the individual who doesn’t use borrowed money and who can control his or her emotions. To him, if you’re not thinking of owning the stock you’ve just bought for at least 10 years, don’t even think of owning it for 10 minutes. As he takes a long-term approach, falling prices don’t make him nervous because he has seen equity markets recover time after time. Instead he sits tight and patiently waits.According to Berkshire Hathaway’s most recent quarterly filing, the groups holds a record $128bn in cash and US Treasury bills. In other words, management wants to be in a liquid position to buy into a company if the chance arises. Similarly, retail investors would benefit from having some cash saved to buy into quality shares, especially when prices take a hit.Preferred industriesWhen we look at Buffett’s investments over time, we note that he prefersBig or even mega-cap stocksFinancials, including banks and insurance companies, followed by large consumer brandsStocks that pay dividendsAlthough his main holdings are US-based stocks, the FTSE 100 offers plenty of choices in industries in which he’d have possibly considered investing had he been UK-focused. And if I were to take Buffett’s approach, I would do further due diligence on the following large-cap shares. I’d be willing to invest in them in March, especially if there’s any further dip in their share prices. Aviva – dividend yield 7.9%BHP Group – dividend yield 7.1%GlaxoSmithKline – dividend yield 4.9%Legal & General Group – dividend yield 5.8%Lloyds Banking Group – dividend yield 6.5%Standard Life Aberdeen – dividend yield 7.2%WPP – dividend yield 6.6%Finally, Buffett sees value in buying into S&P 500 exchange-traded funds (ETFs). By definition, such an ETF matches the market’s performance. Similarly, a low-cost FTSE 100 or FTSE 250 tracker fund might be appropriate for many UK-based investors.Average dividend yields for the FTSE 100 and the FTSE 250 are about 4.5% and 2.8% respectively. And this would be on top of any potential return from the indices themselves. Image source: Getty Images. FTSE Investors! Here’s what Warren Buffett does when markets crash I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Tezcan Gecgil, PhD | Sunday, 1st March, 2020 Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! 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“His experience of building successful teams and bringing through young talent will stand us in very good stead as we seek to continue to build the club. He is a proven leader, with pedigree in both the international and European arenas.”Scottish Rugby chief executive Gordon McKie confirmed: “I’m delighted to be welcoming Michael Bradley to Edinburgh. This appointment marks the culmination of an extensive recruitment process which saw an extremely pleasing level of interest in the post from a number of excellent candidates.“Michael impressed everyone involved in the interview process with his passion for the sport and for taking Edinburgh forward. He has a track record of inspiring players to achieve, and offers vast experience gained in a number of different environments.“I’d like to thank interim head coach Nick Scrivener for his efforts since Rob Moffat’s departure, and wish Nick every success in his next role when he returns to Australia.”Bradley said he was “thrilled” to have been given a “massive opportunity”, continuing: “I’m honoured and delighted to have been offered the chance to become the head coach at Edinburgh Rugby.“I’m excited by the challenge of helping the club fulfil its potential, and I can’t wait to start working with what is a talented squad. I know a lot of the players from my years in the Magners League with Connacht, and I’m well aware of their capabilities. “I’m looking forward to spending the summer getting to know the club and the job, so that we’re in a position to hit the ground running when the new campaign rolls round.”Commenting on the news, Andy Robinson, Scotland head coach, said: “This is a great appointment for Edinburgh and Scottish Rugby. I am certain Michael will bring great drive and determination to the role of head coach of Edinburgh. I very much look forward to working with him and wish him every success.” LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Mike Bradley will leave Connacht to join EdinburghEdinburgh will be led into a new season of Magners League and Heineken Cup action by a man with considerable experience in the upper echelons of the game after it was today confirmed that Michael Bradley has been appointed as the club’s head coach.The 48-year-old will take the reins following Edinburgh’s final Magners League match of the season away to Benetton Treviso on Friday night, and brings with him a record of success in both a playing and coaching capacity.As an international scrum-half, Bradley helped Ireland win the Triple Crown in 1985, and went on to feature in the 1987 and 1995 Rugby World Cups. In all, he won 40 caps for his country, captaining them 13 times. At club level Bradley won three leagues, three cups, and one All-Ireland title with Cork Constitution, his home-town club.His first coaching role was with the Temple Hill outfit, from where he progressed to the role of head coach of the Ireland under-21 team, contributing to the progress of players such as Tommy Bowe.Bradley then spent seven years as director of rugby at Galway-based Connacht, and helped establish the province as one of the best developers of young talent in European rugby as well as guiding the team to three Amlin Challenge Cup semi-finals.His achievements at Connacht saw him receive the inaugural Magners League Chairman’s Award for excellence in coaching in August 2010, where his outstanding contribution to the development of the Magners League brand and profile were honoured.Bradley subsequently took on the role of technical adviser to the Georgia national team, working alongside former Scotland head coach Richie Dixon to see the side remain unbeaten in their 2010/11 European Nations Cup fixtures ahead of a Rugby World Cup meeting with Scotland in September.Bradley previously spent five years as head coach of the Ireland A team, led the full side to New Zealand and Australia as head coach in 2008, and was an assistant coach on their 2006 trip to Japan.Edinburgh chief executive Craig Docherty today welcomed him to the club, saying: “Securing Michael’s services as head coach is great news and a real boost ahead of the new campaign. LONDON, ENGLAND – APRIL 11: Michael Bradley the Connacht Coach talks to his team prior to the Parker Pen Challenge Cup semi final between Harlequins and Connacht at The Stoop on April 11, 2004 in London, England. (Photo by Jo Caird/Getty Images)
WW photo: Gerry ScoppettuoloSupporters of the Bolivarian Revolution in Venezuela turned out for a rally in Boston on March 22. The event was organized by the Boston Bolivarians and supported by many groups and individuals, including the International Action Center; Antonie Castro, Polo Democratica Colombia; Sergio Reyes, Sacco-Vanzetti Commemoration Committee; Green-Rainbow Party; Answer Coalition; Vets for Peace; and Peace Action. The Boston School Bus Union Four, recently fired for union activity in United Steelworkers Local 8751, were represented by Gary Murchison, past union president and one of those fired.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
Fort Worth’s first community fridge program helps serve vulnerable neighborhoods printBRUSSELS (AP) — Bombs exploded at the Brussels airport and one of the city’s metro stations Tuesday, killing at least 34 people and wounding 270 others, as a European capital was again locked down amid heightened security threats. The Islamic State group claimed responsibility for the attacks.TCU spokeswoman Holly Ellman said there are no TCU students studying in Belgium this semester.The two airport blasts, at least one of them blamed on a suicide bomber, left behind a chaotic scene of splattered blood in the departure lounge as windows were blown out, ceilings collapsed and travelers streamed out of the smoky building.About an hour later, another bomb exploded on a rush-hour subway train near the European Union headquarters. Terrified passengers had to evacuate through darkened tunnels to safety.“What we feared has happened,” Belgian Prime Minister Charles Michel told reporters. “In this time of tragedy, this black moment for our country, I appeal to everyone to remain calm but also to show solidarity.”Belgium raised its terror alert to the highest level, diverting planes and trains and ordering people to stay where they were. Airports across Europe immediately tightened security.“We are at war,” French Prime Minister Manuel Valls said after a crisis meeting in Paris. “We have been subjected for the last few months in Europe to acts of war.”Added French President Francois Hollande: “Terrorists struck Brussels, but it was Europe that was targeted, and it is all the world which is concerned by this.”European security officials have been bracing for a major attack for weeks, and warned that the Islamic State group was actively preparing to strike. The arrest Friday of Salah Abdeslam, a key suspect in the November attacks in Paris, heightened those fears, as investigators said many more people were involved than originally thought and that some are still on the loose.The Islamic State group claimed responsibility for the Brussels attacks, saying in a posting on the group’s Amaq news agency that its extremists opened fire in the airport and “several of them” detonated suicide belts. It said another suicide attacker struck in the subway.The posting claimed the attack was in response to Belgium’s support of the international coalition arrayed against the group.Michel said there was no immediate evidence linking the attacks with Abdeslam. After his arrest, Abdeslam told authorities he had created a new network and was planning new attacks.U.S. President Barack Obama pledged to “do whatever is necessary” to help Belgian authorities seek justice.“We stand in solidarity with them in condemning these outrageous attacks against innocent people,” Obama said in Havana, where he was closing a three-day visit.Western Europe has lived for decades under the threat of violence from homegrown nationalist and revolutionary movements. Muslim extremists from North Africa and the Middle East have attacked civilian targets without warning, ranging from France’s 1960s war in Algeria through Libya’s 1988 downing of an airline over Scotland to the 2004-05 attacks on the public transportation systems of London and Madrid.Certain neighborhoods in Brussels, like the Molenbeek quarter, have bred extremists and supplied foreign fighters. Plotters linked to the Paris attacks and others have either moved through or lived in parts of the city.Tuesday’s explosions at the airport in the Brussels suburb of Zaventem came shortly after 8 a.m., one of its busiest periods. Belgian Health Minister Maggie de Block said 11 people were killed and 81 wounded. Eleven people had serious injuries, Marc Decramer of the Gasthuisberg hospital in Leuven told broadcaster VTM. The nails apparently came from one of the bombs.Zach Mouzoun, who arrived on a flight from Geneva about 10 minutes before the first blast, told BFM television that the second, louder explosion brought down ceilings and ruptured pipes, mixing water with victims’ blood.“It was atrocious. The ceilings collapsed,” he said. “There was blood everywhere, injured people, bags everywhere.”“We were walking in the debris. It was a war scene,” he said.Video taken moments after the explosions showed travelers huddled next to airport check-in counters and lying near luggage and trolleys as dust and the cries of the wounded filled the air. Dazed people stumbled from the scene, some with clothes and shoes blown off.Anthony Deloos, an airport worker for Swissport, which handles check-in and baggage services, said the first explosion took place near the Swissport counters where customers pay for overweight baggage. He and a colleague said the second blast hit near a Starbucks cafe.“I jumped into a luggage chute to be safe,” Deloos said.The bomb on the subway train came after 9 a.m., killing 20 people and wounding more than 100, Mayor Yvan Majeur said.“The metro was leaving Maelbeek station for Schuman when there was a really loud explosion,” said Alexandre Brans, 32, wiping blood from his face. “It was panic everywhere. There were a lot of people in the metro.”Near the entrance to the station, rescue workers set up a makeshift medical treatment center in a pub. Dazed and shocked morning commuters streamed from the metro entrances as police tried to set up a security cordon.The metro shut down after the attacks, as did the airport. More than 200 flights to Brussels were diverted or canceled, according to flight tracking service Flightradar24.By the end of the workday, city officials said residents could begin moving around on the streets of the capital and train stations were reopening. But Peter Mertens of the Belgian crisis center said the threat of more attacks “is still real and serious.”At least one and possibly two Kalashnikovs were found in the departure lounge at the airport, according to a European security official in contact with a Belgian police official who spoke on condition of anonymity because he was not authorized to talk about the ongoing investigation. It was not immediately clear whether the firearms were used in the attacks.Travelers fled the airport as quickly as they could. In video shown on France’s i-Tele television, men, women and children dashed from the terminal in different directions. Security officers patrolled a hall with blown-out paneling and ceiling panels covering the floor.Marc Noel, 63, was about to board a Delta flight to Atlanta, to return to his home in Raleigh, North Carolina. A Belgian native, Noel said he was in an airport shop buying automotive magazines when the first blast struck about 50 yards away.“People were crying, shouting — children. It was a horrible experience,” he said, adding that his decision to shop might have saved his life. “I would probably have been in that place when the bomb went off.”Copyright 2016 The Associated Press. All rights reserved. Material may not be published, broadcast, rewritten or redistributed. Music professor says Placido Domingo harassed her, grabbed her breast ReddIt A look at the NCAA Tournament, ending with shot for the ages Associated Presshttps://www.tcu360.com/author/associated-press/ Twitter + posts Twitter Previous articlePaschal Baseball sets high hopes for the season, conference playNext articleFort Worth’s art scene gets a little bigger with the opening of the Art Room Associated Press RELATED ARTICLESMORE FROM AUTHOR A truck carrying soldiers of the Belgian Army arrives after a explosion in a main metro station in Brussels on Tuesday, March 22, 2016. Explosions rocked the Brussels airport and the subway system Tuesday, killing at least 13 people and injuring many others just days after the main suspect in the November Paris attacks was arrested in the city, police said. (AP Photo/Virginia Mayo) ReddIt Heisman winner, former TCU coach Pat Sullivan dies at 69 Pop superstar Prince dies at his Minnesota home Associated Presshttps://www.tcu360.com/author/associated-press/ Associated Presshttps://www.tcu360.com/author/associated-press/ Facebook Associated Press Linkedin Associated Presshttps://www.tcu360.com/author/associated-press/ TCU social work majors go into the field to help support Fort Worth’s homeless Linkedin ‘Liters for Life’ student campaign raises funds for global water crisis Facebook
Facebook Twitter Don’t have a ride to the polls? No problem. Cruz holds off O’Rourke to keep Senate seat What we’re reading: The results are in What we’re reading: Chauvin found guilty in Floyd case, Xi to attend Biden’s climate change summit President Donald Trump boards Air Force One at Indianapolis International Airport in Indianapolis, Saturday, Oct. 27, 2018, to travel to Murphysboro, Ill. for a rally. (AP Photo/Andrew Harnik) Twitter Linkedin Katie Carterhttps://www.tcu360.com/author/katie-carter/ ReddIt Previous articleHoroscope: November 16, 2018Next articleListen: Frogflix: Episode 9 Katie Carter RELATED ARTICLESMORE FROM AUTHOR What we’re reading: The rules don’t apply to some Katie is a senior journalism major with a political science minor from Lake Oswego, Oregon. When she is not in class or reporting you can find her watching college football, coaching Special Olympics or giving a campus tour. printWe’re back and we’re reading – everything from the “New York Times” to the “Washington Post.” We’re trying to help you keep up with the rapid pace of politics and policy. Today, we’ve got an update on the Florida Senate race, a trip to California for Trump, and a victory for CNN.The Florida Senate recount continuesFlorida concluded the first phase of the midterm election recount on Thursday, but the results are still unclear.According to the New York Times, state officials are ordering a manual recount in the Senate race between Republican governor Rick Scott and Democratic incumbent Bill Nelson.Scott maintained a slim margin of 0.15 percentage points over his opponent. But under state law, a manual recount is ordered when the margin is less than 0.25 percentage points.The race will not be called until results are certified by election authorities, according to the Associated Press. This is scheduled to happen on Nov. 20.U.S. imposes sanctionsThe Trump administration imposed sanctions on 17 Saudis accused of involvement in the killing of journalist Jamal Khashoggi, according to the New York Times.This announcement came just hours after Saudi Arabia’s public prosecutor announced they would seek the death penalty for five of the people accused of killing Khasoggi in the Saudi Consulate in October.When announcing the sanctions, Treasury Secretary Steven Mnuchin suggested there might be more details to uncover about the killing.As of Friday, there is no evidence to suggest that Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman was involved.Those North Koreans againNorth Korea deported a U.S. citizen who was detained last month, according to CNN.Bruce Byron Lowrance was detained after illegally entering North Korea on Oct. 16. During his testimony Lowrance claimed he entered North Korea under “the control of the U.S. Central Intelligence Agency.”Lowrance’s deportation coincides with reports that North Korea tested a “newly developed ultramodern” weapon in an event supervised by leader Kim Jong Un.Since President Donald Trump met with Kim and South Korean President Moon Jae-in early this year, denuclearization talks have stopped.According to CNN, Satellite images released Monday showed over a dozen undeclared North Korean missile operating bases.Victory for CNNA federal judge ruled that CNN correspondent Jim Acosta can keep his White House press pass, according to CBS News.Trump-appointed judge, Judge Timothy J. Kelly, granted CNN’s request for a temporary restraining order, forcing the White House to return Acosta’s credential.White House press secretary Sarah Sanders announced last week that Acosta’s press pass was revoked after a heated exchange between him and the president during a press conference.The White House argued that Acosta placed his hands on an intern during the televised news conference and that is why his credential was revoked. When they submitted their arguments; however, the White House did not mention that as a reason for revoking the pass.Kelly said that he had not determined a violation of the First Amendment.The plaintiffs are expected to return to court next week.The fires continuePresident Trump plans to visit California over the weekend to tour the damages of the wildfires and meet those affected.This visit will come a week after he blamed state officials for the fire via Twitter. In his tweet president Trump said, “There is no reason for these massive, deadly and costly forest fires in California except that forest management is so poor.”According to the New York Times, this statement received backlash from firefighters, experts and residents affected by the fires.It is unclear how the president will be received during his visit. President Trump has only visited California once since he was elected and tends to clash with government officials in the state.The Russia investigation continuesPresident Donald Trump has personally prepared – and finished writing answers to questions from special counsel Robert Mueller regarding the Russia investigation.“I’ve answered them very easily. I’m working on them,” Trump told reporters at the White House.The president stressed that he was the one writing the responses, not his lawyers, according to NBC News.According to a source familiar with the matter, the questions only pertain to matter relating to Russian interference in the 2016 presidential election, not obstruction of justice.That’s all we have for today. Check back Monday for more. Enjoy your weekend. Abortion access threatened as restrictive bills make their way through Texas Legislature Katie Carterhttps://www.tcu360.com/author/katie-carter/ Facebook Linkedin Katie Carterhttps://www.tcu360.com/author/katie-carter/ + posts ReddIt Katie Carterhttps://www.tcu360.com/author/katie-carter/ Katie Carter What we’re reading: Former Vice President dies at 93, Chad President killed on frontlines
ColumnsInsolvency Law In Review – September 2020 Rahul Sibal, Siddharth Sunil, Akshata Singh & Pranav Narsari11 Oct 2020 9:23 PMShare This – xThe enactment of the Insolvency and Bankruptcy Code 2016 (‘the Code’) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequent decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose of this column is to fill this gap by providing brief summaries of the latest decisions, from the various fora dealing with Insolvency Law. These case summaries are not an exhaustive review of the cases under the Code; only significant rulings on the Code in the month of September have been summarized. However, this does not negate the possibility of some important decisions being missed on account of human error. Since the purpose behind this endeavor is to keep practitioners abreast of relevant developments, the decisions summarized have not been comprehensively analyzed.Supreme Court In Sagufa Ahmed & Ors. v. Upper Plywood Products Pvt. Ltd & Ors, the Supreme Court held that the limitation period of 45 days prescribed under S.421(3) of the Companies Act, 2013, for appealing an order of the NCLT before the NCLAT, starts only from the date on which a copy of the order is made available to the aggrieved person. In SREI Equipment Finance Limited v. Rajeev Anand & Ors , the Supreme Court held that an admission made in a counter affidavit of the Corporate Debtor, in a prior S.7 application, can be relied upon by the creditor in future S.7 applications for the purpose of establishing that a default has occurred. In this case, an application under S.7 was filed. The Corporate Debtor in its counter affidavit stated that instalment payments that were agreed upon had not yet matured. For this reason, S.7 application was withdrawn. However, the counter affidavit made an admission with respect to another loan that been taken by the corporate debtor from the financial creditor. Subsequently, the creditor filed another S.7 application, relying, inter alia, on the admission in the counter affidavit. The NCLT admitted the application. However, on appeal, the NCLAT set aside the order on the premise that a ‘document’ filed in the earlier petition that was dismissed as withdrawn could not have been relied upon by the adjudicating authority. In Karad Urban Cooperative Bank Ltd v. Swwapnil Bhingardevay & Ors, the Supreme Court followed its prior decisions in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta and K. Sashidhar vs. Indian Overseas Bank, to hold that where all the factors that need to be taken into account for determining whether or not the Corporate Debtors can be kept running as a going concern have been placed before the Committee of Creditors (‘CoC’), and where the CoC approves the resolution plan, then the Adjudicating Authority cannot set aside such decision on the ground of ‘viability’ and ‘feasibility’.High Court In Sandip Kumar Bajaj & Anr. v. State Bank of India, the Calcutta High Court ruled that the prohibition on institution or continuation of suits and other proceedings during the moratorium period under S. 14 (3) (b) of the Code would not extend to the surety of the corporate debtor. In Sundaresh Bhatt v. Associate Commissioner of Income Tax & Anr, the tribunal held that S.238 read with S.14(1)(a) of the Code would override S.44 of the Gujarat Value Added Tax Act (GVAT Act), barring recovery of pre-CIRP tax dues during the resolution process. The NCLT allowed the application of the resolution professional of Sterling Biotech Ltd. seeking a refund of tax dues from the Assistant Commissioner of Income Tax, which had been deducted directly from the Corporate Debtor’s bank account during the resolution process. In Vachaspati and Ors. v. Insolvency and Bankruptcy Board of India and Ors, the Delhi High Court held that compliance with Regulation 7 of the IBBI (Grievance and Complaint Handling Procedures) Regulations, 2017 requires the Complainant to be informed as to whether IBBI has formed a prima facie opinion in favour of the complainant or against it. Mere communication to the Complainant that appropriate action is being initiated on the basis of the complaint does not satisfy the requirements of Regulation 7.National Company Law Appellate Tribunal In Phoenix ARC Private Limited Trustee FY 16 v. Kotak Mahindra Prime Limited & Anr, the NCLAT, in its majority opinion, held that a ‘direction’ by NCLT , to the resolution professional, to ‘reconsider’ the claim of the Applicant creditor did not constitute an ‘order’ and is therefore not appealable. Further, the NCLAT affirmed another direction of the NCLT, in which it held that the Applicant Bank is entitled to adjust the EMI dues against the corporate debtor’s Electronic Clearing Service’s account during the subsistence of the moratorium. It was further held, that if subsequently, it is realized that the Applicant has received ‘preferential payments’, then the resolution professional may file an application under S.43 of the Code, which concerns avoidance of preferential transactions. However, in the minority opinion, it was held that such an order permitting the applicant to adjust its claims against the corporate debtor’s deposit would be in contravention of S.14 of the Code, which imposes a Moratorium on the transfer of the debtor’s assets. In Yogeshkumar Jashwantlal Thakkar v. Indian Overseas Bank and Another, the Appellant, a suspended Director of the Corporate Debtor, had assailed the NCLT Ahmedabad’s order allowing the application filed by the Respondent 1 Bank u/s 7 of the Code for being beyond the limitation period. The NCLAT, while dismissing the appeal, noted that the limitation period stood renewed by numerous letters of revival and debit confirmation letters executed after the date of default by the Appellant/the guarantor. In support of this contention, S. 18 of the Limitation Act was relied on. S. 18 provides for the computation of a fresh period of limitation from the date of a signed acknowledgement of liability in respect of a property or right. The NCLAT noted that S. 18 employs the phrase “where, before the expiration of the prescribed period for a suit or application in respect of any property or right…”. Thus, the NCLAT found that the ingredients of S. 18 were applicable for both a ‘suit’ and an ‘application’, and treated the debit confirmation letters as the Appellant’s acknowledgement of his liability, consequently renewing the period of limitation with effect from the date of the last debit confirmation letter. In coming to this conclusion, the NCLAT also referred to S. 5 of the Limitation Act, which allows the extension of the limitation period upon showing sufficient cause. In Deepakk Kumar v. M/s Phoenix ARC Pvt. Ltd. and Another, a review application assailed the NCLAT’s order dated 05.03.2020 (impugned order). The NCLAT dismissed the review application, by holding that the power to ‘review’ was not an inherent power, and must be sourced to a law, either explicitly or by necessary implication. The NCLAT studied Rule 11 of the NCLAT Rules, 2016 (inherent power of the NCLAT to pass such orders as to meet ends of justice/prevent abuse of process), and S. 420(2) of the Companies Act, 2013 (NCLAT’s power to rectify mistakes apparent from the record). It then came to the conclusion that the NCLAT Rules, 2016 do not contain an explicit provision for ‘review’, and that the power to review cannot be sourced to the NCLAT’s inherent powers under Rule 11. Further, the NCLAT held that the Code does not contain any provision for ‘review’, and also that a provision similar to S. 420 of the Companies Act is absent in the Code. The NCLAT concluded its opinion by opining that it would be appropriate for the Review Applicant to approach the Supreme Court against the impugned order. Naresh Kumar Sharma and Others v. Shekhar Resorts Ltd. and Another was an appeal against an order of the NCLT, Delhi that approved the Resolution Plan submitted by the 2nd Respondent (M/s NCJ Infrastructure Pvt. Ltd.), which had been approved by the Committee of Creditors, with 100% of the Committee having voted in favour of the Plan. The Appellants assailed the NCLT’s order primarily on the ground of valuation, viz. that the corporate debtor’s assets, comprising of three properties, had a circle rate value of Rs. 410 crores, while the Resolution Plan made an approval for only Rs. 143 crores. It was contended that the fair value was Rs. 157 crores, while the liquidation value was assessed only at Rs. 125 crores. The NCLAT, while dismissing the appeal as not being maintainable, accepted the submission of the Respondents and held that the approval of the Resolution Plan by the Committee of Creditors was a business decision, on the basis of the commercial wisdom of its members, and is consequently not amenable to judicial review. In so holding, the NCLAT relied on K. Sashidhar v. Indian Overseas Bank and Others, wherein the Supreme Court had emphasised the need to defer to the commercial wisdom of the Committee in these matters. The NCLAT observed that the only grounds of challenge to a Resolution Plan are enumerated u/s 61(3) (i) to (v) of the Code, and that none of these grounds were made out in the present case so as to amount to any irregularity in the Resolution Plan. Indian Overseas Bank v. Arvind Kumar was an appeal against an order of the NCLT, Chandigarh. The NCLAT, while partially allowing the appeal, set aside the NCLT’s order directing the Appellant to release the margin money. In holding so, the NCLAT noted that the moratorium mandated by S. 14 of the Code, which covers, inter alia, actions to foreclose, recover or enforce any security interests, is inapplicable to the invocation of bank guarantees. In support of this, the NCLAT relied on its judgment in Company Appeal (AT) (Insolvency) No. 319 of 2018, wherein it was observed that, according to the proviso to S. 3(31) of the Code, a ‘security interest’ does not include a performance guarantee. Further, the NCLAT, in the present case, observed that ‘margin money’ is not a security, and any charge on it does not need to be registered u/s 77 of the Companies Act. In concluding, the NCLAT noted that once the bank guarantee had been invoked by the beneficiary in the present case, the margin money couldn’t have been demanded by the Respondent (Resolution Professional), since the same had been used to honour the bank guarantee; consequently, the Respondent was not entitled to the margin money, since even the Corporate Debtor would not have been entitled to claim it, had the moratorium period not been in effect. It may be noted that the NCLAT had held in February 2020 that the appropriation of margin money by a bank after the initiation of the CIRP was impermissible u/s 14 of the Code. In E.C John v. Jitendra Kumar Jain & Ors, the NCLAT held that that even if S.33(5) of the Code bars the institution of suits against the corporate debtor, once a liquidation order has been passed; the adjudicating authority does not have the power to quash the civil proceedings. In addition, the Tribunal clarified that the liquidator would need to move to the concerned civil court and seek quashing of proceedings by quoting the relevant provisions of the Code. In Rita Kapur v. Invest Care Real Estate LLP & Ors the NCLAT held that once debt is converted into capital, it cannot be termed as ‘Financial Debt’ and an equity holder cannot be termed as a ‘Financial Creditor’. On this basis the application filed under S.7 was rejected. However, it was also held that the an application could not be rejected for the mere fact that it was filed by the advocate as the holder of the power of attorney. In Makalu Trading Ltd v. Rajiv Chakraborty RP Uttam Value Steel Ltd & Anr, the NCLAT held that the mere fact that approval of the Competition Commission of India (‘CCI’), as prescribed under the proviso to S.31(4) of the Code, was not taken at the time of the approval of the resolution plan, would not result in the resolution plan being set aside, if CCI’s approval is taken subsequently. The Tribunal followed its prior decision in Arcelor Mittal India Pvt. Ltd. v. Abjijit Guhathakurta, 2019 SCC Online NCLAT 92, in which it had held that the approval under proviso to S.31(4) is ‘directory’ and not ‘mandatory’. In Prakash Kalash v. Apeejay Surrendra Park Hotels, the NCLAT held that proceeding ex parte against the corporate debtor based on substituted service through newspaper is permissible only when it is shown that the corporate debtor is purposefully avoiding service. In this case, the court notice was not served on account of incorrect address, after which the NCLT ordered publication of notice in the newspaper and proceeded ex parte against the corporate debtor based on the notice in the newspaper. The NCLAT observed that since the notice had been returned due to insufficient address and there was no service attempted via email or any other means, the substituted service could not be said to be proper. In Bishal Jaiswal v. Asset Reconstruction Company & ors., the NCLAT referred the five (5) judge bench decision of the NCLAT in V. Padamakumar Vs. Stressed Assets Stabilization Fund (SASF) & Anr. to another five-judge bench for review. In Padamakumar, the NCLAT held that an entry in the balance sheet of the Corporate Debtor cannot be treated as an acknowledgement of debt for the purpose of allowing a fresh period of limitation under S.18 of the Limitation Act, 1963. A three-judge bench of the NCLAT in Bishal Jaiswal held that the majority view in Padamakumar is against settled Supreme Court and High Court Judgements and thus requires reconsideration.National Company Law Tribunals In Novex Communications Private Limited v. Four Pillars Event Management Services Private Limited, NCLT Mumbai held that dues payable in lieu of licensing of non-exclusive public performance rights did not constitute ‘operational debt’. Here, the Petitioner was the assignee of copyrights over certain songs. The Petitioner, in turn, licensed the non-exclusive public performance rights to the corporate debtor for a single event. It was alleged that the corporate debtor failed to pay dues under the agreement. Accordingly, the petitioner filed an application, in the capacity of an operational creditor under S.9. The petition was rejected by the NCLT, Mumbai on the ground that the claim under the agreement did not constitute ‘operational debt’ as defined under S.5(12) of the Code. It was held that amount payable with respect to licensing of public performance rights did not constitute a “claim with respect to provision of goods and services” and therefore did not constitute ‘operational debt’. In Hiten Mukundbhai Parikh RP for Tiger v. COC of Tiger Surgical Disposable Pvt Ltd, NCLT Ahmedabad, held that the approval of a resolution plan under S.30 does not result in the automatic waiver or dismissal of legal proceedings that are pending by or against the corporate debtor, and that they are to be decided by the concerned Court. In State Bank of India v. CLS Industries, NCLT Ahmedabad admitted an application for initiation of resolution process after the Debt Recovery Tribunal (‘DRT’) had quashed SARFAESI proceedings, on the ground that the date of classification of Corporate Debtor’s loan as a non-performing asset (NPA) on 28 June 2017 was wrong. The NCLT admitted the S.7 Application notwithstanding the fact that the date of default mentioned in the application was the same as the date of classification of corporate debtor’s loan as an NPA. While caveating that it was not expressing any contrary opinion to the DRT order, the NCLT held that proceedings under the Code were not for loan recovery, and the only relevant factor for admitting the application was whether the corporate debtor had committed a default on its loan payment before 24 March 2020. The NCLT relied on the default established by the Information Utilities default record of the corporate debtor, to hold the application was maintainable. Ex-Excel Glasses Association v. Ravindra Chaturvedi was an application filed u/s 33 r/w S. 53 of the Code, r/w Rules 11 and 32 of the National Company Law Tribunal Rules, 2016. The NCLT, Kochi, while dismissing the present application, noted that, according to Regulation19(4) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, it is open to the Liquidator to admit the claims of employees on the basis of the corporate debtor’s books of account, even if such employees/workmen did not make claims. Consequently, the NCLT noted that the Applicant could approach the NCLT by way of an appeal, since a decision taken by the Liquidator by way of an order u/s 40(2) of the Code is appealable u/s 42. In support of this, the NCLT relied on the decision of the High Court of Kerala in OP (C) 484 of 2020. Shri Babu Phutane Sakamani and Others v. Bhagyalakshmi Homes LLP was an application u/s 7 of the Code, r/w Rule 4 of the I & B (Application to Adjudicating Authority) Rules, 2016, seeking, inter alia, the initiation of the CIRP qua the Respondent. The NCLT, Bengaluru dismissed the application, observing that the Applicants had failed to make out a prima facie case for the initiation of the CIRP. The Tribunal noted that there were irregularities in the execution of the agreements as well as the subsequent letters of cancellation, casting doubts over their legal validity and enforceability. It was noted that, even otherwise, the Applicants had failed to take recourse according to the dispute resolution clause in the agreements to sale, and had directly approached the NCLT, without succeeding in even prima facie proving that the Respondent was insolvent. Thus, the application was not maintainable u/s 7 of the Code, as ifailed to show that the applicant was a financial creditor, and that the Respondent had committed a default giving rise to an unpaid, legally payable, debt. Finally, the NCLT observed that the procedure under the Code is summary in nature, and that the NCLT was not permitted to make roving enquiries in disputed questions of fact. In M/S Jai Balaji Industries v. Orissa Minerals Development Company Ltd., NCLT Kolkata adjudicated the question whether S.9 proceedings under the Code could be initiated if no challenge under Ss.34 and 37 of the Arbitration and Conciliation Act 1996 (A&C Act) is pending as on the date the amount became due and payable. The facts involved an application under S.9 of the Code based on an arbitral award issued against the corporate debtor. Challenge to the award under S.34 of the A&C Act was dismissed, and appeal under S.37 of the A&C Act was dismissed in default by the High Court. The applicant filed S.9 three months after the dismissal of the S.37 appeal which was disputed by the corporate debtor. Thereafter, the High Court restored the S.37 appeal. NCLT admitted the S.9 application while ruling that no ‘dispute’ was pending by way of arbitral proceedings or otherwise on the date of default or on the date of filing the S.9 application. Since the application for restoration of the S.37 appeal was pressed by the corporate debtor after the operational creditor had initiated proceedings under the Code, NCLT observed that this indicated abuse of legal process to evade liability. The Supreme Court in K. Kishan v. Vijay Nirman Company Private Limited had held that proceedings under S.9 of the Code cannot be initiated if proceedings under Ss.34 or 37 of the A&C Act are pending. In this regard, the NCLT distinguished the case at hand as no proceedings were pending under Ss.34 & 37 on the date of filing, hence remedy under S.9 of the Code was available. In M/s. SC Jain Construction Pvt. Ltd. v. Vandana Garg, the NCLT held that a creditor could claim interest on the operational debt amount from the corporate debtor, even in the absence of a separate clause in the agreement authorizing the same. In Bank of India v. V. Mahesh & Ors., the NCLT Chennai held that the liquidator does not need to afford a personal hearing to each and every creditor of the corporate debtor before admitting or rejecting their claims under S.40 of the Code, and as long as the liquidator records his reasons in writing for such admission or rejection, the principles of natural justice will be satisfied. In National Polyplast Pvt. Ltd. v. M/s. Manpasand Beverages Ltd., the NCLT Ahmedabad held that a demand notice issued by a lawyer on behalf of the Creditor without a letter of authority or a board resolution is void, and a Petition under S.9 based on such a demand notice is not maintainable. In Edelweiss Asset Reconstruction Co. Ltd. v. M/S K.K. Kadri Paper Mills Pvt. Ltd. , the NCLT Ahmedabad held that even though the CoC is empowered under S.33 of the Code to authorize liquidation of the corporate debtor, they need to show relevant material to throw light on the need for liquidation, and in the absence of such supporting material the CoC’s decision for liquidation cannot be accepted by the NCLT.(Rahul is a law clerk at the Supreme Court of India, Siddharth is an advocate based in New Delhi, Akshata is a 2017 law graduate and lawyer based out of New Delhi, and Pranav is an advocate based in Mumbai)TagsInsolvency Law IBC NCLT NCLAT Supreme Court High Courts Insolvency Law Review Next Story
The Government is to adopt European law that will ban employers from sackingstaff by text message. Trade and industry secretary, Patricia Hewitt, said the Government welcomeda European directive on information and consultation, which requires companiesto share information with their workforce. “As we implement the directive, we will stop the scandal of workershearing they have been sacked on the radio – or by text message,” Hewittsaid. The Accident Group, which was the UK’s largest personal injury claims firm,sacked 2,400 staff by text message in May after the firm’s parent company wasplaced in administration. The directive gives staff the right to be informed about the business’seconomic situation, and consulted about employment decisions that are likely tolead to substantial changes in work organisation or contractual relations –including redundancies and transfers. www.dti.gov.uk Sacking by text message to be outlawedOn 7 Oct 2003 in Personnel Today Previous Article Next Article Comments are closed. Related posts:No related photos.
This French loaf of enriched, buttery bread is sometimes said to be the “cake” that Marie Antoinette was referring to when she said of the starving French peasants “Let them eat cake”. This may well be apocryphal, but it does illustrate the texture of brioche, which is half way between being bread and cake.In many recipes, the dough is made first and then the softened butter is kneaded in until the dough becomes a golden, non-stick dough. It is delicious served with jam for breakfast or toasted and served with pâté particularly foie gras.It can be shaped into small buns with a top knot like a cottage loaf and then cooked in special fluted moulds or cooked in loaf tins.This variety of brioche has been made into a Christmas Bread. It is suitable for any time of the year, but is particularly good toasted once it has staled a little.Be careful to make a soft dough and only add enough flour to stop it sticking to the work surface. Give the dough plenty of time to rise, as it can take longer because the high fat content slows down the yeast.Christmas BreadIngredientsFresh yeast15gSugar15gWater 30mlPlain flour300gSalt3gMixed spice3gGround cinnamon3gEggs, beaten2Unsalted butter, melted but cool105gDried cranberries60gDried apricots, chopped60gPecan nuts, chopped60gTo glaze:Beaten egg with a pinch of sugarMethod1. Put the yeast in a small bowl and add 1 teaspoon of the sugar and the water.2. Sift the flour into a bowl and add the rest of the sugar, salt and spices. Make a well in the centre and add the beaten egg, yeast mixture and melted butter. Bring together. At first it will seem very sticky, but keep working it together and it will soon leave the sides of the bowl. Put on to a lightly floured surface and knead for 10 minutes, adding extra flour if necessary, but try to keep a very soft dough.3. Put into a clean greased bowl, cover with greased polythene and put in a warm place to rise for 1 hour or until it has doubled in bulk.4. Remove it from the bowl, scatter over the fruit and nuts. Carefully knock back or re-knead, removing all the large air bubbles and distributing the fruit and nuts. Shape into a loaf and put into a greased 450g/1lb loaf tin. Cover with the polythene and put to prove for 15 minutes or until it is 1½ times its original size.5. When the loaf is ready to put in the oven, carefully glaze it with the egg and sugar glaze. Put in a 190C oven for approximately 25 minutes. It is ready when it sounds hollow when tapped on the underside. Remove from the tin and leave to cool.
FARMINGTON – Franklin Memorial Hospital welcomed the first Franklin County baby of 2020, Henry Nickolas, late Wednesday evening. Dr. Susan Kearing and nurse midwife JennieLea Hanna of Franklin Health Women’s Care attended the birth of Henry, an 8 pound, 1.5-ounce baby boy who was born at 11:44 p.m. on Jan. 1.Henry is the second child for parents Carina and Eugene of Rangeley.As Franklin Memorial Hospital’s first baby of 2020, Henry’s family was presented with a quilt and infant spoon, as well as a baby frame, a 4-piece clothing set, Zutano pants, and animal print and alphabet prints provided by the Calico Patch.In addition to the distinction of being one of the first babies born in 2020 in Maine, Henry will be awarded a $500 Alfond Grant that my go toward the child’s future higher educational expenses. For additional details go to NextGenforME.com.Franklin Memorial Hospital is part of the MaineHealth family, a not-for-profit integrated health system. With more than 19,000 employees, MaineHealth is the largest health system in northern New England and provides preventive care, diagnosis and treatment to 1.1 million residents in Maine and New Hampshire.
Just when you thought it was safe to go outside, here comes a classic mid-Atlantic March storm to put the brakes on spring once again. It feels like every time winter appears to be over, it rears its wet, heavy head in the form of an epic snow dump, and this week is no exception. The good news is it bought regional ski resorts a couple more weekends of open slopes; something the industry desperately needed following a slow start to the winter season. With enough snow, March can be the perfect time to hit the slopes. It’s one last hurrah; a salute to Jack Frost in the form of skiing corn in shorts and t-shirts. Nothing is cooler than a warm breeze on your face as you shred melting snow beneath your skis.Sunday marks St. Patrick’s Day, an excuse to party if there ever was one and there is no party as rowdy as a ski resort party weekend. We could be looking at the perfect party storm – which happened to be my nickname in high school – at Timberline Resort this weekend. They are hosting their annual Snowy Luau Festival and when you combine Hawaii attitude with St. Patrick’s Day aggressiveness, literally anything can happen.Head up to the resort on Saturday for a Rail Jam, Pig Roast, and late night dance party. Stay for Sunday’s Slopestyle competition, costume parade, and basic St. Patrick’s day revelry like pinching strangers and eating potatoes. Wait…not sure about that last one.View Larger Map