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Time of India
an hour ago
- Time of India
Setback to lenders: NCLT replaces RP in Anil Ambani's loan guarantee case
NEW DELHI: In a setback to lenders, the National Company Law Tribunal has removed Jitender Kothari as the resolution professional (RP) in an insolvency case related to Anil Ambani 's personal guarantee to SBI for a loan to Reliance Communications . NCLT appointed Prashant Jain as the new RP. In Sept 2016, Ambani had given a personal guarantee for a Rs 1,385-crore loan, which was retrospectively classified as an NPA effective late Aug 2016. Kothari was appointed RP in Aug 2020. A few days after his appointment, the RP sought multiple details from Ambani, including details of a case in a British court. The insolvency action had been challenged in Delhi HC and the SC. In May 2021, the RP filed his report in NCLT, recommending admission of company petition for insolvency resolution despite Ambani's lawyer seeking more time, citing restricted mobility due to Covid. A few days later, Ambani's lawyer wrote that the RP can only seek information from SBI. Meanwhile, the businessman's writ petition in SC was tagged along with one Surendra Jiwarajka, which was finally decided in Nov 2023. Ambani has accused the RP of "acting in undue haste and denying him fair and proper opportunity" to provide information. Besides, the RP is accused of exceeding the mandate under IBC in seeking "unrelated information". The RP denied the charges and SBI supported it, while arguing that the matter had been pending with NCLT for a long time and the case was being delayed. In its order on July 15, the benchsaid that in light of Covid-related disruptions, Ambani should have been given "a fair opportunity" to provide information to the resolution professional. "Instead, we note that the RP didn't even wait for adjudication of his application pending before this Tribunal seeking relaxation of 10 days' timeline and a cross application of the applicant before this Tribunal requiring more time in view of Covid restrictions. " "Though, we do not find any negligence or explicit bias on part of the RP in this case, however, we are of considered view since the insolvency resolution process after commencement has to be run in close coordination of debtor and RP," it said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 hours ago
- Time of India
Opposition to land pooling increases as support remains limited to AAP leadership
Jalandhar: If voices from Punjab's rural areas, especially among farmers and their organisations, are getting louder against land acquisition policy, voices in support of the policy are confined only to a section of Aam Aadmi Party (AAP) leadership. There are no organic voices yet from urban areas supporting the policy. Unlike the farm protest at Shambhu border, which led to the blockade of the vital National Highway 44 for close to a year, and where there were voices from trade, industry, and urban areas for lifting the blockade, there are no such voices from urban areas speaking in support of the land pooling scheme. The crackdown on the protest at the Shambhu border helped the ruling party get support from trade and industry sectors, and this became evident during the Ludhiana West byelection. Even when it comes to community, caste, social and economic levels, no section has yet started speaking out in support of the policy. There are quite a few videos that have been widely shared on Punjabi social media space, in which farmers have issued warnings to AAP supporters to face serious physical consequences if they come to their villages to explain the policy. BKU (Doaba) president Manjit Singh Rai, whose land is coming under the land pooling policy in Hoshiarpur district, publicly said he would not let anybody entering his land escape unscathed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo A similar warning has been given by farmers from villages near Jalandhar. With opposition to the policy now becoming 'political correctness' among farmers, AAP may face an uphill task in getting farmers who can publicly speak in support of the scheme. From the govt side, along with chief minister Bhagwant Mann, ministers Aman Arora, Harpal Cheema, Hardeep Singh Mundian, Sanjeev Arora, and MP Gurmeet Singh Meet Hayer have defended the policy. A few office bearers have also given interviews to a few YouTube channels to defend the policy. However, most of the MLAs or constituency in-charges, whose constituencies have areas coming under the land pooling policy, have confined themselves to sharing the party's pro-policy statements or videos, instead of giving their own statements or going to the villages whose land is covered under the scheme. These were mainly the rural areas of Punjab which provided the greatest push to the urban-centric AAP in the 2014 parliamentart election, due to the peculiar political situation in the state. In the 2022 assembly elections, the party swept equally in rural and urban areas. Now, with farm groups, opposition parties, Punjabi activists, and netizens pushing the counter-narrative across rural Punjab, much beyond the villages whose land is coming under it, the task for AAP is getting tougher.
Time of India
7 hours ago
- Time of India
Foreign policy expert delivers lecture at IIT-ISM
Dhanbad: Acclaimed expert in conservative political thought, economics, and foreign Policy, Suvrokamal Dutta, addressed newly admitted students of IIT (ISM) Dhanbad on Sunday as part of the institute's orientation programme. His talk, titled "India's Foreign Policy and the Rise of the Indian Economy ", highlighted India's growing stature as a global economic and strategic power. In his address, Dutta, who was also a member of the Atal Bihari Vajpayee govt's policy team, emphasized India's emergence as a dominant force in the Indo-Pacific and its assertive diplomacy. Referring to Operation Sindoor, he underlined India's military strength and global recognition, including appreciation from the United States. "India is poised to lead the global economy by 2040 and pointed to China's relative decline post Covid-19," he said, urging students to take pride in India's civilizational roots. Sukumar Mishra, director, IIT (ISM), welcomed and felicitated Dutta.
