East African Breweries Limited (EABL.tz) 2012 Annual Report

first_imgEast African Breweries Limited (EABL.tz) listed on the Dar es Salaam Stock Exchange under the Beverages sector has released it’s 2012 annual report.For more information about East African Breweries Limited (EABL.tz) reports, abridged reports, interim earnings results and earnings presentations, visit the East African Breweries Limited (EABL.tz) company page on AfricanFinancials.Document: East African Breweries Limited (EABL.tz)  2012 annual report.Company ProfileEast African Breweries Limited produces and distributes a range of beer and spirit brands and non-alcoholic beverages. Popular brands include Tusker Malt Lager, Tusker Lite, Guinness, Pilsner, White Cap Lager, Allsopps Lager, Balozi Lager, Senator Lager, Bell Lager, Serengeti Premium Lager, Johnnie Walker, Smirnoff, Kenya Cane, Chrome Vodka and Ciroc. East African Breweries has operations in Kenya, Uganda, Tanzania and South Sudan; and exports alcoholic and non-alcoholic beverages to Rwanda, Burundi and the Great Lakes region. Subsidiary companies include Kenya Breweries Limited, Uganda Breweries Limited, East African Breweries (Mauritius) Limited, International Distillers Uganda Limited and East African Maltings (Kenya) Limited. Established in 1922, the group has its headquarters in Ruaraka, near the capital of Nairobi. East African Breweries Limited is listed on the Dar es Salaam Stock Exchangelast_img read more

Black Rock / Mus Architects

first_imgSave this picture!© Tomasz Zakrzewski+ 24Curated by María Francisca González Share “COPY” CopyAbout this officeMus ArchitectsOfficeFollowProductsWoodPlastic#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesBielsko-BiałaPolandPublished on October 24, 2018Cite: “Black Rock / Mus Architects” 24 Oct 2018. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogLouvers / ShuttersTechnowoodSunshade SystemsGlassMitrexSolar GreenhouseMetal PanelsAurubisPatinated Copper: Nordic Green/Blue/Turquoise/SpecialCoffee tablesFlexformCoffee Table – GipsyCurtain WallsIsland Exterior FabricatorsPace Gallery Envelope SystemWoodSculptformTimber Battens in Double Bay HouseStonesCosentinoSilestone and Dekton in Villa OmniaBricksNelissenInner Wall Bricks – LückingPanels / Prefabricated AssembliesULMA Architectural SolutionsAir Facade PanelsWoodBlumer LehmannData Processing for Wood ProjectsEducational ApplicationsFastmount®Hidden Panel Fastener at Massey UniversitySealants / ProtectorsTOPCRETMicro-Coating – Baxab®More products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream Black Rock / Mus Architects Year:  Black Rock / Mus ArchitectsSave this projectSaveBlack Rock / Mus Architects CopyHouses•Bielsko-Biała, Poland ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/904287/black-rock-mus-architects Clipboard Photographs:  Tomasz Zakrzewski Manufacturers Brands with products used in this architecture project Houses ArchDailycenter_img Projects Poland 2018 “COPY” Area:  260 m² Year Completion year of this architecture project Architects: Mus Architects Area Area of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/904287/black-rock-mus-architects Clipboard Photographs Manufacturers: Geberit, Cembrit, Duravit, Guardian Glass, Wienerberger, iGuzzini, AmkelSave this picture!© Tomasz ZakrzewskiRecommended ProductsWoodGustafsWood Veneered Wall & Ceiling PanelsStonesFranken-SchotterFlooring and Wall Tiles – Dietfurt LimestoneStonesNeolithSintered Stone – Arctic White – Colorfeel CollectionEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornText description provided by the architects. IDEAThe main idea was to create something different and original. Not just a single-family house, but an abstract form. We wanted to create a building that refers to the mountainous area, a house that seems to be a result of tectonics and not design processes. This thought was the starting point of the project and the frame that kept the space composition in check.Save this picture!© Tomasz ZakrzewskiTherefore, we tried to design and implement the concept of a space by escaping the standards associated with single-family houses. We wanted this house to emeryt like an erratic boulder embedded in a mountain slope, not an architectural form with walls, windows and a roof.Save this picture!© Tomasz ZakrzewskiSave this picture!Ground floor planSave this picture!© Tomasz ZakrzewskiFORM”Black Rock” originates from the topography of mountainous terrains. “The Rock” is not a cuboid, a cube or a classic house with a gable roof.  It is an abstract multifaceted solid without obvious division into walls and a roofSave this picture!© Tomasz ZakrzewskiSave this picture!ElevationSave this picture!© Tomasz ZakrzewskiIn the south, the house opens up to the garden, the sun and the view of the Beskids (mountains). The southern wall is high and includes openings such as glazing, terrace and loggia, which provide the panoramic view. The northern facade mostly consists of a roof slope falling to the plot border – the house’s wall is low and closed here.Save this picture!© Tomasz ZakrzewskiSTRUCTURE, FORM, MATERIALThe plot is situated on the slope of the mountain. It has a clear decline both in the south and east. The initial plan of the house was adjusted to the slope so that the entire ground floor sits on the ground surface. Based on the natural terrain, the horizontal floor plan was broken half way through. As a result, the entrance zone with a garage and supplementary rooms is on a different level from the living room, kitchen and dining room. A half-floor has been created so the entire living area is directly connected with the terrace and garden.Save this picture!© Tomasz ZakrzewskiThis design process led to the division of floors in the night part of the house (first floor) and as a consequence we created the multi-pitched roof, whose refractions follow the faults resulting from the house’s functional layout in the actual area.  Thus, the form of the roof and the body result from the functional design objectives being adapted to the landscape. The building’s geometry was built into the topography of the mountain, highly impacting the house’s structure and its final dynamic form.Save this picture!SectionThere is a strong relationship between the building and the surrounding landscape. The external character of the house is formed by its multi-layered form as well as by the material which was used as a packaging of the function. The homogeneous and raw black shell conceals internal spaces and levels.Save this picture!© Tomasz ZakrzewskiSharp, jagged boulder, black slate or basalt lump sticking out of the mountain slope, instead of a classic suburban house.The entire creative process was based on the original idea. It became the genesis of the project and was brought through the entire design and construction process, until the end – the implementation of the “Black Rock”.Project gallerySee allShow less“Re-Habit” Transforms Empty Big Box Stores into Housing for the HomelessArchitecture NewsJávri Lodge / Arkkitehtitoimisto Teemu PirinenSelected Projects Sharelast_img read more

NTT Fundraising is awarded Investors In People status

first_img  24 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 5 September 2004 | News Tagged with: Awards Consulting & Agencies Individual giving NTT Fundraising is awarded Investors In People status About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.center_img Bristol-based telephone fundraising agency NTT Fundraising has received the prestigious Investors in People (IIP) quality benchmark for demonstrating commitment to its employees.NTT Fundraising raises money for charities as such as ActionAid, Save the Children and the WWF.The IIP assessment panel were enthusiastic about NTT’s achievements. Its Assessment Report said that although national media coverage had portrayed call centres in a negative light, “nothing could be further from these descriptions when it comes to the environment and atmosphere that is evident at NTT.” Advertisement It reported that “staff are enthusiastic, dedicated and wholeheartedly passionate about their work and the charities for whom they fundraise. The reason for this is quite clear; people are well trained and developed. Their knowledge and fluency about the charities for which they fundraise is first class and the encouragement and support they receive from their managers and colleagues is unique and especially worthy of note.”NTT has more than 15 years experience of providing telephone fundraising services to charity and not-for-profit organisations. It is part of The Dialog Group, the international group of autonomous companies offering specialist fundraising services to the charity sector. NTT employs 75 members of staff, and each year the company makes more than 200,000 outbound calls.Investors in People is the national standard which sets out a level of good practice for training and development of people to achieve business goals. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

Celebrating 100th anniversary of the Bolshevik Revolution

first_imgTom Michalak speaks at Detroit commemoration of the Bolshevik Revolution, Nov. 11.Workers World Detroit branch commemorated the centenary of the Bolshevik Revolution with a Nov. 11 community dinner, followed by compelling discussion chaired by Sharon Feldman and led by comrades Kris Hamel, Tom Michalak, Deirdre Griswold and Mond Jones.Comrade Hamel opened with a presentation on how and why the Bolsheviks were able to achieve military success as well as the support of the diverse, multinational oppressed classes in Russia. Hamel highlighted the Bolsheviks’ unwavering commitment to dismantling feudal autocracy and the capitalist system and their staunch stance against opportunism in the social democratic movement of the era.A presentation by comrade Tom Michalak explored the many successes of the Bolshevik Revolution and the Soviet project. He covered a breadth of information, from the harrowing sacrifices that led to the defeat of fascism in World War II, to an incredible increase in life expectancy undone by the counterrevolution in the 1980s and 1990s.Founding member and comrade Deirdre Griswold, of the New York City branch of WWP, called in to speak about what led to the dismantling of the USSR. She detailed the conditions experienced by those living in the Soviet bloc as a result of 74 years of unyielding aggression from the United States and its imperialist partners.Comrade Mond Jones, youth member and final speaker, emphasized the importance of celebrating, commemorating and reflecting on the Bolshevik Revolution. He condemned the conditions the global masses face living under capitalism at a dead end. He brought further attention to capitalism’s many contradictions and to the associated struggles facing workers in Detroit and abroad.“These may be obvious problems,” said Jones, “but the Bolshevik Revolution gives us a template for implementing solutions.”As comrade Hamel succinctly put into words, the Bolshevik Revolution warrants a lifetime of study. The discussions that took place on Nov. 11 made one thing perfectly clear: The horrors of capitalism and imperialism can, and will, be defeated through the revolutionary struggle for socialism. Workers and oppressed peoples of the world unite!FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Forest Roads May Close Due to Snow Forecast

first_img Subscribe latest #1 Forest Roads May Close Due to Snow Forecast Published on Wednesday, February 6, 2013 | 11:27 am Herbeauty10 Secrets That Eastern Women Swear By To Stay Young LongerHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeauty10 Of The Most Notorious Female Spies In HistoryHerbeautyHerbeautyHerbeauty10 Ways To Get Into Shape You’ve Never Tried BeforeHerbeautyHerbeautyHerbeautyFinding The Right Type Of Workout For You According AstrologyHerbeautyHerbeautyHerbeautyHere Is What Scientists Say Will Happen When You Eat AvocadosHerbeautyHerbeauty Your email address will not be published. Required fields are marked * More Cool Stuff 0 commentsShareShareTweetSharePin it Community News First Heatwave Expected Next Week The Los Angeles County Public Works Department has advised that based on the forecast of snow and icy road conditions, it will close public access to the following road segments in the Angeles National Forest effective tomorrow night, Thursday, February 7, 2013, at 9 p.m.:• Angeles Forest Highway from SR-2 (Angeles Crest Highway) to Aliso Canyon Road• Upper Big Tujunga Canyon Road from Angeles Forest Highway to SR-2 (Angeles Crest Highway)Local access will not be permitted until the road closures are lifted. The closures will remain in effect until the storm system has passed and the roads have been inspected.Residents and motorists are urged to visit the CARE website at www.dpwcare.org for further updates on road conditions, or sign up to receive instant notifications through Public Works’ eNotify system at www.dpw.lacounty.gov. Residents and motorists can also follow Public Works @dpwCARE for additional information on road conditions.Residents, business owners, and persons with access or functional needs may also call 2-1-1 for LA County information and referral services regarding post disaster resources that are available to those affected by the floods and debris and mudflow. The toll-free 2-1-1 number is available 24-hours a day and 7 days a week. 211 LA County Services can also be accessed by visiting www.211la.org. Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDScenter_img Top of the News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Business News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment Name (required)  Mail (required) (not be published)  Website last_img read more

Insolvency Law in Review – February 2021

first_imgColumnsInsolvency Law in Review – February 2021 Siddharth Sunil, Akshata Singh, Karan Sangani and Soham C24 March 2021 12:15 AMShare This – xThe enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of 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…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?LoginThe enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of 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 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 February 2021 have been summarized. However, this does not negate the possibility of some important decisions being missed on account of human error. Further, since the purpose of this endeavor is to keep practitioners abreast of relevant developments, the decisions summarized have not been comprehensively analyzed. I. Supreme CourtIn Committee of Creditors of AMTEK Auto Limited Through Corporation Bank v. Dinkar T Venkatasubramanian & Others, the Supreme Court held that any assertion that there is any scope for negotiations of the resolution plan after its approval by the committee of creditors (CoC) is against the terms of the Code, and any attempt to renege from the terms of the resolution plan post its approval must be disallowed. The Supreme Court further held that upon approval of a resolution plan by the CoC under S. 30(4) of the Code, the role of the Adjudicating Authority under S. 31(1) of the Code is limited to checking whether the resolution plan meets the requirements as provided in S. 30(2) of the Code and whether the resolution plan has provisions for its effective implementation. There is no scope for the re-negotiation of the resolution plan after the approval of the resolution plan by the CoC.In Ramesh Kymal v. M/s Siemens Gamesa Renewable Power Pvt. Ltd, the Supreme Court held that S. 10A of the Code, which was inserted on June 05, 2020, has retrospective effect from March 25, 2020 and will bar even those applications under Ss. 7, 9 and 10 of the Code that were instituted on or after the cut-off date of March 25, 2020. In coming to this conclusion, the Supreme Court adopted a purposive interpretation of S. 10A of the Code and noted that S. 10A has been inserted in the Code to address the financial repercussions faced by corporate enterprises on account of the COVID-19 pandemic.In Phoenix Arc Private Limited v. Spade Financial Services Limited & Others, the Supreme Court held that the proviso to S. 21(2) of the Code has to be given a purposive interpretation so as to include within its ambit financial creditors, which were related parties to the corporate debtor at time of the transaction incurring the debt, but subsequently became non-related parties in order to be a part of the CoC of the corporate debtor. The Supreme Court further held that because the transactions entered into between the corporate debtor and the parties claiming to be financial creditors were collusive in nature, intending to divert the property from the corporate debtor to the creditors, the parties in question could not be considered as financial creditors to the corporate debtor.In Phoenix ARC Private Ltd v. Ketulbhai Ramubhai Patel, the Supreme Court relied on Anuj Jain, Interim Resolution Professional for Jaypee Infratech Ltd v. Axis Bank Ltd, and held that a person having only security interest over the assets of the corporate debtor, even if falling within the description of ‘secured creditor’ will not qualify as a financial creditor solely on the basis of the security advanced. In this case, the Supreme Court rejected the appellant’s argument that the security by way of pledge provided by the corporate debtor to secure a credit facility was in essence a guarantee for the financial debt advanced by the appellant and therefore, the appellant was a financial creditor. The Supreme Court noted that S. 5(8)(i) of the Code contemplates inclusion of any liability in respect of any guarantee or indemnity provided for the items referred to in S. 5(8)(a) to S. 5(8)(h) of the Code within the definition of ‘financial debt’. The Supreme Court observed that by pledging its shares the corporate debtor had not entered into a contract to perform the promise, or discharge the liability of the borrower in case of default, so as to constitute a guarantee.II. National Company Law Appellate TribunalsIn Sodexo India Services Pvt. Ltd. v. Chemizol Additives Pvt. Ltd, the National Company Law Appellate Tribunal (NCLAT), New Delhi observed that the Adjudicating Authority under S. 9(5) of the Code has only two options to either admit the application if it has fulfilled all the requirements under the Code or to reject it if it has not fulfilled all the requirements under the Code. The availability of other remedies available under the law or the solvency of the corporate debtor is immaterial to the decision of admitting the application by the Adjudicating Authority. The NCLAT further held that the mere presence of an agreement providing for arbitration in case of a dispute will not be a disabling provision for an operational creditor considering that S. 238 of the Code has an overriding effect over existing laws or existing contracts.In Ravinder Kumar Kalra (Director of Suspended Board of Evershine Solvex Pvt. Ltd.) v. Ricela Health Foods Ltd. & Others, the NCLAT, New Delhi observed that the Adjudicating Authority is obligated to issue a limited notice to the corporate debtor before the admission of an application under S. 9 of the Code. The NCLAT, New Delhi further stated that the object behind issuing the limited notice is for the Adjudicating Authority to be satisfied that there is no pre-existing dispute/arbitration/suit pending qua the operational debt before the receipt of the demand notice by the corporate debtor.In Om Prakash Agrawal, Liquidator of S. Kumars Nationwide Ltd v. Chief Commissioner of Income Tax (TDS) & Another, the NCLAT, New Delhi held that the provisions pertaining to the tax deducted at source (TDS) under S. 194 IA of the Income Tax Act, 1961 (IT Act), which enable the Income Tax Department dues to be collected in priority to other creditors in case of distribution of sale proceeds of the liquidation assets of the corporate debtor, are inconsistent with S. 53(1)(e) of the Code, which provides that the government dues (including dues of the Income Tax Department) come fifth in the order of priority in case of distribution of sale proceeds of the liquidation assets of the corporate debtor. The NCLAT, New Delhi held that by virtue of S. 238 of the Code, S. 53(1)(e) of the Code will have an overriding effect on S. 194 IA of the IT Act. The NCLAT, New Delhi, while holding that the successful bidder here could not be required by the Income Tax Department to deduct one percent as the TDS under S. 194 IA of the IT Act from the sale consideration of the liquidation assets, observed that the liquidator of a corporate debtor is not required to file any income tax return.In Adish Jain v. Sumit Bansal and Worldwide Metals Pvt. Ltd., the NCLAT, New Delhi held that the NCLAT does not have the inherent power to review its own orders. The NCLAT, New Delhi further observed that the power to review cannot be exercised under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016, which spell out the inherent powers of the NCLAT, and that the power to review can only be conferred upon the NCLAT by a statute or by necessary implication. The NCLAT, New Delhi, further held that, even otherwise, the error assailed in a review application must be patent, manifest, and self-evident, and a re-appraisal of the evidence and finding of facts in the garb of a review application was not permissible.In Tuf Metallurgical Pvt. Ltd. v. Impex Metal & Ferro Alloys Ltd. & Others, the NCLAT, New Delhi observed that S. 20 of the Code mandates the interim resolution professional (IRP)/resolution professional (RP) to take all steps necessary to keep the corporate debtor as a going concern, after the initiation of the corporate insolvency resolution process (CIRP). The NCLAT, New Delhi further observed that any amount(s) received by the corporate debtor as advance payment(s) in lieu of the supply of goods during the CIRP will have to be treated as insolvency resolution process costs under S. 5(13) of the Code. The NCLAT, New Delhi also observed that Regulation 30 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations) mandates the Liquidator to verify, and subsequently, accept/reject any claim received by her/him within 30 days from the receipt of the claim, and that she/he does not have the right to sit on the claim. The NCLAT, New Delhi finally observed that S. 40 of the Code obligates the liquidator to communicate the decision of acceptance/refusal of the claim within 7 days from the said decision having been made.In Union Bank of India v. Siripuram Developers Private Limited & Others, the NCLAT, New Delhi set aside the order of the National Company Law Tribunal (NCLT), Hyderabad, which directed the applicant bank to not take any coercive steps under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI), such as sale of the properties mortgaged by the subsidiary companies of the corporate debtor in favor of the applicant bank until the completion of the liquidation proceedings of the corporate debtor. The NCLAT noted that as the security provided by the subsidiary companies cannot form a part of the liquidation estate due to the operation of S. 36(4)(d) prohibiting the inclusion of the assets of any Indian or foreign subsidiary of the corporate debtor in the liquidation estate, the applicant bank can initiate proceedings against the subsidiary companies of the corporate debtor under the SARFAESI.In Mr. Avil Menezes, Resolution Professional of AMW Auto Component Limited v. M/s. Shah Coal Private Limited, the NCLAT, New Delhi held that the RP has no locus standi to file an appeal assailing the decision of an Adjudicating Authority on the grounds that a claim admitted by the Adjudicating Authority came within the purview of an operational debt and not an operation debt. The court noted that the RP was not an aggrieved party here, as the RP is only required to collate the claims received against the corporate debtor in terms of S. 21(1) of the Code.In Srinivasa Reddy Velagala v. Sravanthi Infratech Private Limited, the NCLAT, New Delhi, held that in the present case, a perusal of the correspondence between the parties and the clauses/articles specified in the contract in question evinced that the contract had not been terminated by either parties and the contract was still subsisting, and therefore, the application filed by the operational creditor was not barred by limitation. The NCLAT, New Delhi further rejected the argument of the corporate debtor pertaining to the frustration of the contract due to efflux of time, by noting that the contract was still subsisting and that there was no such clause in the contract regarding frustration or termination of the contract due to efflux of time.III. National Company Law TribunalsIn an application by the liquidator of M/s SGP Software Solutions Pvt. Ltd., the NCLT, Bengaluru, upon a reading of Ss. 54 and 60 of the Code, along with Regulation 45 of the Liquidation Process Regulations, observed that the ultimate objective of the Code is either to facilitate a resolution plan, or to dissolve the corporate debtor as expeditiously as possible. Consequently, on a consideration of, inter alia, the fact that the corporate debtor’s assets had completely been liquidated, and all that remained was the closing of its bank accounts and the payment of the liquidator’s fees, the NCLT, Bengaluru directed the dissolution of the corporate debtor.In Sunit Jagdishcandra Shah, RP for Sungracia Tiles Pvt. Ltd. v. Sungracia Tiles Pvt. Ltd., the NCLT, Ahmedabad relied on the decisions of the Supreme Court in K. Sasidhar v. Indian Overseas Bank & Others., and Committee of Essar Steel India Ltd. v. Satish Gupta & Others, to reiterate the settled position of law that the Adjudicating Authority has no power to question the autonomy of the CoC regarding commercial matters and decisions taken by it, and that the Adjudicating Authority’s scope of enquiry is limited to ensuring that the CoC had complied with the objects of the Code, viz. keeping the corporate debtor as a going concern during the CIRP, maximizing the value of its assets, and taking care of all stakeholders’ interests.In Anand Rathi Global Finance Limited v. Doshi Holdings Private Limited, the NCLT, Mumbai relied on the decision of the NCLAT, New Delhi in State Bank of India v. Athena Energy Ventures Private Limited and permitted the initiation of the CIRP against the corporate debtor, who was a co-borrower/pledgor under three different loan cum pledge agreements despite the initiation of the CIRP against the principal borrower, on the grounds that the loan cum pledge agreements confirmed that the liability of the corporate debtor was co-extensive as well as joint and several with the principal borrower. The NCLT, Mumbai, while noting that the principles of promise of payment under a pledge under S. 172 of the Contract Act, 1872 are akin to the principles of a contract of surety under S. 126 of the Contract Act, 1872, rejected the contention of the corporate debtor that the CIRP could not be initiated against it, as no money had been disbursed to it by the creditor and it was merely performing the role of a pledgor to secure the loans of the principal borrower.In Sujata Shekhar Shah v. Mirador Constructions Private Limited, the NCLT, Mumbai, inter alia, held that purely contractual disputes arising between the allottees and the real estate company cannot be decided under S. 7 of the Code in a summary proceeding.In National Aviators Guild & Others v. Ashish Chhawchharia, Resolution Professional for Jet Airways (India) Ltd. & Another, the NCLT, Mumbai held that the employees of the corporate debtor are neither entitled to receive a copy of the resolution plan submitted to the Adjudicating Authority for approval, nor entitled to be heard while the resolution plan is considered by the Adjudicating Authority. In the present case, the applicants, who were workmen and employees of the corporate debtor, filed applications seeking directions to be provided to the RP to furnish a copy of the resolution plan approved by the CoC to the applicants and to be provided with an opportunity to be heard during the consideration of the resolution plan by the Adjudicating Authority, failing which will result in the violation of the principles of natural justice. The NCLT, Mumbai held that applicants, being the workmen and employees of the corporate debtor, are operational creditors under the Code, and that the Code being a complete code in itself, there are no provisions under the Code, which allow for the operational creditors to receive a copy of the resolution plan or be heard before its approval.In Mr. Dinesh Changela v. Berkmann Wine Cellars India Pvt. Ltd., the NCLT, Mumbai held that a debt on which no interest is payable and for which no time has been fixed for the purpose of repayment, does not meet the definition of ‘financial debt’ under S. 5(8) of the Code, as it is not disbursed against the consideration of time value of money. Here, the applicant charged an interest only on the failure of the respondent to repay the interest free debt to the applicant in accordance with the terms of their understanding that the respondent would repay the applicant upon the resignation of the applicant from the board of directors of the respondent and a demand thereafter being made by the applicant. The NCLT, Mumbai noted that the correspondence and the various balance sheets relied upon by the applicant demonstrate that there was no interest payable on the loan and no time was fixed the repayment of the loan for the loan to be considered to be disbursed against the consideration for the time value of money.In K.G. Somani & Co. v. Arvind Garg, Liquidator of Carnation Auto India Private Limited, the NCLT, New Delhi held that the expenses incurred by the applicant on account of forensic audit activity undertaken by it on the instructions of the financial creditor cannot be considered to form a part of the insolvency resolution process cost (IRPC) within the ambit of S. 5(13) of the Code, as the applicant was appointed prior to the initiation of the CIRP even though the forensic audit continued during the CIRP. The NCLT, New Delhi relied on Circular No. IBBI/IP/013/2018, issued by the Insolvency and Bankruptcy Board of India on June 12, 2018, which clarifies the scope of the IRPC and states that the IRPC shall not include any fee or other expense incurred before the commencement of the CIRP or to be incurred after the completion of the CIRP.In Syndicate Bank v. RS Builtwell Private Limited, the NCLT, New Delhi, relied on the decision of the NCLAT, New Delhi in Ishrat Ali v. Cosmos Cooperative Bank Limited & Another, to reiterate that the action taken under the SARFAESI cannot be excluded from the computation of the period of limitation as per S. 14 of the Limitation Act, 1963, which prescribes the exclusion of the time of proceedings pursued bona fide in a court without jurisdiction from the computation of the period of limitation. The NCLT, New Delhi rejected the contention of the applicant bank that the date of default would be construed as August 2, 2019 basis the action initiated by the applicant bank against the corporate debtor under the provisions of the SARFAESI as well as the Recovery of Debts Due to Bank and Financial Institutions, 1993, and the order of the Debt Recovery Tribunal dated July 2, 2019 directing the corporate debtor to pay the amount within thirty days from the date of the order. The NCLT, New Delhi noted that the date of default is the date of the asset being declared as a non-performing asset, which was April 05, 2008 and as such the application was barred by limitation.In State Bank of India v. Shri Lal Mahal Limited, the NCLT, New Delhi held that it is beyond the purview of the Adjudicating Authority to venture into the question of the reason for the default and the intention behind the default. Here, the NCLT, New Delhi rejected the corporate debtor’s contention that the default was not intentional or due to incapacity of the corporate debtor but was due to the actions of a statutory authority resulting in the victimisation of the corporate debtor, which were subsequently determined illegal by a court of law.In Punjab National Bank v. M/s KSK Mahanadi Power Company Limited, the NCLT, Hyderabad held that the consolidation of the CIRP of the corporate debtor with the CIRP of other two companies was not tenable, as the concept of group insolvency is unknown to the Code. The NCLT, Hyderabad distinguished the present case from the decision of the NCLAT in Edelweiss Assets Reconstruction Company Limited v. Sachet Infrastructure Private Limited and the decision of the NCLT, Mumbai in State Bank of India v. M/s Videocon Industries Limited & Others, by noting that a joint hearing of the company petitions against various corporate debtors of the same group and not consolidation of the CIRP of different corporate debtors was sought in those cases. The NCLT, Hyderabad noted that the consolidation of the CIRP of different corporate debtors will create a difficult situation relating to consolidation of assets and liabilities of the corporate debtors, and the inherent jurisdiction of the Adjudicating Authority under Rule 11 of the National Company Law Tribunal Rules, 2016 cannot be used to create such a situation.In Sanker P. Panicker v. M/S Orieon Kuries and Loans Private Ltd, the NCLT, Kochi allowed private sale of land owned by the corporate debtor during the liquidation proceedings after a 25% reduction in the sale price from the reserve price. Regulation 33(2) the Liquidation Process Regulations allows private sale of assets by the corporate debtor provided such sale is done with prior permission of the relevant Adjudicating Authority and is carried out with a non-related party, in accordance with the guidelines laid down under Schedule I of the Code. While noting that the sole bidder, after three rounds of e-auction had only expressed interest in buying a portion of the property, the NCLT, Kochi relied on regulation 33(2) and Clause I(4)(A) of Schedule I of to allow the sale.In M/S Shree Gannayak Minerals and Chemicals v. M/S Clavecon India Private Ltd, the NCLT, Allahabad dismissed an application under S.9 of the Code by an operational creditor on the ground that the debit notes issued by the corporate debtor established a dispute regarding the quality of raw materials supplied by the operational creditor. The applicant had supplied raw material on credit basis upon submission of purchase order by the corporate debtor. The corporate debtor contended that the goods provided were sub-standard and a dispute existed regarding their payment, which was also reflected in issuance of several debit notes by corporate debtor and for which the applicant had allowed discount on the payment for the goods supplied. The applicant, however, argued that as per the purchase order, a 10% deduction on the quoted price was allowed for goods supplied below the applicable international standard and the corporate debtor was still liable to pay the remaining 90% dues. The NCLT, Allahabad noted that in the rejoinder, the applicant had acknowledged giving discounts pursuant to debit notes issued by the corporate debtor in relation to the invoices that had been relied on by the applicant for its demand. On this basis, the NCLT, Allahabad found that a dispute regarding the quality of goods supplied was pre-existing and dismissed the application.In V Con Integrated Solutions Private Ltd v. Acharya Tecno Solutions, the NCLT, Kochi held that the dues payable under Ss. 7A, 7Q and 14B of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (EPF Act) are statutory dues and not claims that can be submitted to the liquidator and that the Employee’s Provident Fund Organisation (EPFO) was entitled to priority in payment out of the assets and over other debts of the corporate debtor as per S. 11 of the EPF Act. In this regard, the NCLT, Kochi held that the EPFO need not file Form G of the Liquidation Process Regulations before the liquidator for claiming the dues, as the outstanding dues under the EPF Act are not claims, and further directed the liquidator to determine the amount of dues for stakeholders in view of the letter submitted by the EPFO.In M/S Al Sadiq Sweets v M/S Krisenter Impex Private Limited the NCLT, Kochi allowed an application under S. 9 of the Code filed on the basis of a default in delivery of goods by the corporate debtor, for which the operational creditor had paid in advance. The underlying contract pertained to the supply of Indian kernels cashew for which payment was made on December 01, 2019 with January 03, 2020 as the agreed upon date of dispatch. Thereafter, due to failure of the delivery of goods, the applicant terminated the contract on April 25, 2020 and issued a demand notice for the refund of payment along with interest. Rejecting the corporate debtor’s contention that the agreed date of delivery was extended to April 25, 2020, and the debt became due and payable after the contract was terminated, the NCLT, Kochi held that the default would be on the date on which the corporate debtor failed to fulfil its obligation to dispatch goods i.e. January 03, 2020. The NCLT, Kochi also found that the Ministry of Corporate Affairs notification dated March 24, 2020 enhancing the minimum amount for default under the Code to INR One Crore, is prospective in effect and an event of default preceding the notification will not be covered. (On the question whether an advance paid for supply of goods is operational debt also see NCLAT decision in Smt Andal Bonumalla v. Tomato Trading LLP & Others.)In George Vinci Thomas & Ors. v. Resolution Professional in the matter of India Techs Limited & Ors., the NCLT, Kochi dismissed an application by the members of the suspended board of directors, for extension of the period of the CIRP. The application was filed to seek time for a prospective resolution applicant to file an expression of interest (EoI). The NCLT relied on the decision of the NCLAT, New Delhi in Quantum Limited v. Indus Finance Corporation Limited, to hold that an application for the extension of time under S. 12 of the Code can only be filed on the basis of a CoC resolution in this regard passed with 75% majority. The NCLT, Kochi further observed that the resolution applicant, on whose behalf the directors had sought the extension, had not shown sufficient cause for the delay in the filing of the EoI, and merely assigning the delay to COVID-19 without specifying how it had caused the delay in this context was insufficient.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

Funds prompt questions by PCC

first_img Published 6:31 am Tuesday, November 15, 2011 “The money is there and we’ve got the money to pave the Pleasant Hill Church Road,” Goodson said. “The church members have been asking for that road to be paved for years. When it rains, they can’t even get to the church cemetery to put away their loved ones. They have to cancel their services. They’ve even had to cancel a Christmas service.”Commissioner Charlie Harris questioned the dollar figures Goodson quoted.“Where’d the money come from?” he asked. “We didn’t have money and all of sudden here it is. This has opened a sack of worms. Something ain’t right.” Plans underway for historic Pike County celebration You Might Like Celebrating ‘Roots’ Pike County honors its own artists A packed house for an art exhibit in Pike County is not the norm… read more By The Penny Hoarder The Penny Hoarder Issues “Urgent” Alert: 6 Companies… Pike County Sheriff’s Office offering community child ID kits Around the WebDoctor: Do This Immediately if You Have Diabetes (Watch)Health VideosIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthMost 10 Rarest Skins for FortniteTCGThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel Troy falls to No. 13 Clemson Latest Stories Skip Book Nook to reopen Email the author Arlisa Johnson, a longtime member of Pleasant Hill Baptist Church, was the spokesman for the church members who attended the meeting.“We have fought and we had struggled to get the road to this 151-year-old church paved,” she said.“It’s a crying shame that we can’t get to this historic gravesite without slipping in the ditch. We are taxpayers, too. But we keep getting passed to the side when other roads with only two or three people living on them are getting paved.”Johnson said the road to Pleasant Hill Baptist Church is used every Sunday.“And, sometimes we can’t even get down the road to worship God,” she said.“And, all that gravel that’s been put on the road is doing is tearing people’s cars.“Get the figures and do the right thing. We are tired of being nice.”Harris told the representatives of Pleasant Hill Church that there’s a law that dictates what the Commission can do.“We’re going to have to wait and see what we can do,” he said.Barron told the church representatives that there is priority to paving roads.“We have to maintain the county’s road to keep them safe for the county as a whole,” he said.“We have to keep the roads safe and that means keeping up the equipment needed to do the job.”Harris said if the money is there, he will vote to do both, pave the Pleasant Hill Road and buy equipment for the road department. If there’s money to do only one thing, he will “vote to pave the road.”Goodson made a motion to pave the Pleasant Hill Church road but the motion died for lack of a second.The Commission elected Homer Wright to serve a second term as chairman and Robin Sullivan was elected vice chairman.The Commission will not make a decision on paving the Pleasant Hill Church road or on County Engineer Russell Oliver’s request for funding for the road department until after the commissioners meet with the county’s CFO.Those issues will be taken up at the Nov. 28 meeting. Sponsored Content Funds prompt questions by PCC Remember America’s heroes on Memorial Day Print Article By Jaine Treadwell Harris said he was on a committee with Commissioners Jimmy Barron and Oren Fannin and they were looking for funds and met with the CFO.“The money wasn’t there,” he said. “Three people couldn’t find the money and one person goes in there and finds $300,000? I don’t like being lied to.  I’m tired of being lied to. If the money was there, we should have known it.  Somebody should lose their job for lying to the Commission.”Barron agreed with Harris that the committee was told there was no money to purchase equipment for the county road department.County Administrator Harry Sanders said the CFO was out of the office due to the death of her father and was, therefore, unavailable to discuss finances with the commissioners. Commission Chairman Homer Wright suggested that a meeting be set up to see how much money is actually available. For many months, the Pike County Commission has been telling the public there’s no money to be found in its coffer.On Monday night, Commissioner Ray Goodson unfolded a piece of paper that revealed that “after expenses” the county has $355,000.Goodson said Chief Financial Officer Deborah Gibson provided him with the information.last_img read more

DAR celebrates Constitution Week

first_img Published 8:24 pm Friday, September 14, 2012 This Video Will Soon Be Banned. Watch Before It’s… Email the author The Oliver Wiley Chapter of the Daughters of the American Revolution will join other DAR members across the nation in celebrating Constitution Week, Sept. 17-23.As part of the week-long celebration, Troy Mayor Jimmy Lunsford signed a proclamation declaring Sept. 17-23 Constitution Week in Troy.The mayor’s proclamation encourages all citizens across the country to take time the week to guard that which is committed to Americans by their forefathers … freedom. “The Constitution by itself cannot guarantee liberty,” Wright said.“A nation’s people can remain free only by being responsible citizens who are willing to learn about the rights of each arm of government and require that each is accountable for its own function.“Therefore, Constitution Week is the perfect opportunity to read and study this great document, which is the safeguard of our American liberties.” Remember America’s heroes on Memorial Day Latest Stories Skip Print Article Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthGet Fortnite SkinsTCGThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel By Jaine Treadwell Sponsored Content Pike County Sheriff’s Office offering community child ID kits The aims of the celebration are to emphasize citizens’ responsibilities for protecting and defending the Constitution, preserving it for posterity, inform the people that the Constitution is the basis for America’s great heritage and the foundation for the American way of life and encourage the study of the historical events which led to the framing of the Constitution in September 1787.“The United States of America functions as a Republic under the Constitution, which is the oldest document still in active use that outlines the self-government of a people,” Skibba said.“This landmark idea that men had the unalienable right as individuals to be free and live their lives under their own governance was the driving force of the American Revolution. Today, the Constitution stands as an icon of freedom for people around the world.”Merry Ann Wright, president general of the DAR, said that Americans must remember and teach that those who wrote the Constitution believed that no government can create freedom but the government must guard freedom rather than encroach upon the freedoms of its people. You Might Like HQ opened Pike County Republican candidates and party supporters gathered for the official opening of the Pike County Republican Party Headquarters on… read more Plans underway for historic Pike County celebration By Secrets Revealed “The tradition of celebrating the Constitution was started many years ago by the Daughters of the American Revolution,” said Rebecca Skibba, regent Oliver Wiley Chapter, DAR.“In 1955, the Daughters petitioned Congress to set aside Sept. 17-23 annually to be dedicated for the observance of Constitution Week.“The resolution was later adopted by the U.S. Congress and signed into public law on Aug. 2, 1956, by President Dwight D. Eisenhower.” DAR celebrates Constitution Week Book Nook to reopen Troy falls to No. 13 Clemsonlast_img read more

Loew’s Theatre in Jersey City set for $72M rehab

first_img Share via Shortlink Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Jersey CityJournal Squarecenter_img Loew’s Theatre in Jersey City (Google Maps)Developers building apartment towers in Journal Square are betting that millennials will move to Jersey City as an alternative to Manhattan or Brooklyn.Now they have a new pitch beyond cheaper rent and cushy amenities.The historic Loew’s Theatre will get a major renovation to attract high-profile entertainers, officials said Monday. Jersey City and the Devils Arena Entertainment, the operator of the Prudential Center, reached a $72 million deal to turn the century-old theater into a 3,300-seat venue.The theater was referred to as “the most lavish temple of entertainment in New Jersey” when it opened in the first part of the 20th century. The Baroque/Rococo style venue attracted such performers as Duke Ellington and Bing Crosby.But the theater started falling apart and it closed in 1986. The site was pegged for demolition, but was ultimately saved by community activists. The city purchased the site in 1993 for $325,000, according to the New York Times.The nonprofit Friends of the Loew’s ended up running the venue and hosting performances. In 2013, the city looked to bring in a new operator, which resulted in lawsuits between the city and the Friends group.Last summer the city announced that once again it was looking for a new commercial operator for the project.Under the new plans, the city and Devils Arena Entertainment will modernize the technology at the theater and provide visual and acoustic upgrades. They will also make major infrastructure improvements and preserve the historic stage lighting control board, pop-up microphone, and orchestra and organ lifts, and remake the ingress and egress at the back and front of the building.“This one-of-a-kind partnership signifies our long-term planning for a post-pandemic future where we’re confident arts and culture will be a staple of life,” Jersey City Mayor Steven Fulop said in a statement.Construction is expected to begin in 2022. The venue is supposed to open in 2025.Journal Square is perhaps best known for being the headquarters of the Port Authority Trans-Hudson, better known as the PATH. The neighborhood, which sits near the intersection of Kennedy Boulevard and Bergen Avenue, also served as the home to the Jersey Journal.The Kushner Companies, led by its founder Charles Kushner, plans to build two massive, 64-story, mixed-use towers in Journal Square. Nearby, New York-based HAP Investments will build a 42-story apartment building nearby at 500 Summit Avenue.Contact Keith Larsen Message* Tagslast_img read more

O.C. Firefighters Donate $12,000 to Operation First Response

first_imgMembers of the Ocean City Firefighters Foundation present Steve Brady and Tricia Ciliberto of Ocean City Home Bank with a check for $12,000 to benefit Operation First Response. When Ocean City Fire Department Captain Steve Costantino and his team of firefighters learned about Walk for the Wounded in 2010, they arrived in force (and in full gear) to take part in the event.After hearing the moving stories of the injured soldiers helped by Operation First Response, they immediately formed a plan to sell stickers and T-shirts to raise funds for the next Walk.The Fire Department’s tradition of supporting the Walk has continued over the past five years, and on November 18, these local heroes presented a check for $12,000 to Operation First Response.  The sum was raised through raffle ticket sales, a glow-ball golf tournament, and a charity mailer, as well as sticker and T-shirt sales.“We’re so grateful for the hard work and generosity of the Ocean City Firefighters Foundation,” said Steven Brady, President and Chief Executive Officer of Ocean City Home Bank, who accepted the donation on behalf of Operation First Response.  “Their tireless commitment has done a great deal to raise not just funds, but also awareness, for the event.  Their efforts are the epitome of the outstanding community support that has made this event so successful.”The Ocean City Firefighters Foundation’s $12,000 donation brings the total raised at Ocean City’s seventh annual Walk for the Wounded to more than $112,000.  Since the first Walk for the Wounded in 2009, the event has raised more than $512,000 to help injured soldiers and their families.— News release from Ocean City Home Banklast_img read more