Caverton Offshore Support Group Plc (CAVERT.ng) 2016 Annual Report

first_imgCaverton Offshore Support Group Plc (CAVERT.ng) listed on the Nigerian Stock Exchange under the Transport sector has released it’s 2016 annual report.For more information about Caverton Offshore Support Group Plc (CAVERT.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Caverton Offshore Support Group Plc (CAVERT.ng) company page on AfricanFinancials.Document: Caverton Offshore Support Group Plc (CAVERT.ng)  2016 annual report.Company ProfileCaverton Offshore Support Group Plc is a fully integrated offshore support company in Nigeria offering marine and aviation logistics services for the oil and gas industry in sub-Sahara Africa. The company provides offshore and onshore logistic support with helicopters and fixed-wing aircraft; private charter services for air tours and aerial photography; maintenance, repair and overhaul services for helicopters; and executive ground handling services for helicopter and private jets. Caverton Offshore Support Group Plc owns and manages marine vessels which includes anchor handling tug supply vessels for positioning, maintaining and moving oil and gas rigs; and platform supply vessels for transporting equipment to offshore platforms. The Caverton Group was formed to acquire Caverton Helicopters Limited and Caverton Marine Limited, both of which were already operating in the Nigerian offshore oil and gas logistics industry. The company’s head office is in Lagos, Nigeria. Caverton Offshore Support Group Plc is listed on the Nigerian Stock Exchangelast_img read more

Dale Capital Group Limited (DCPL.mu) Q32020 Interim Report

first_imgDale Capital Group Limited (DCPL.mu) listed on the Stock Exchange of Mauritius under the Investment sector has released it’s 2020 interim results for the third quarter.For more information about Dale Capital Group Limited (DCPL.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Dale Capital Group Limited (DCPL.mu) company page on AfricanFinancials.Document: Dale Capital Group Limited (DCPL.mu)  2020 interim results for the third quarter.Company ProfileDale Capital Group is a publicly-quoted Private Equity Investment Holding Company, which deals with investment in hotels, leisure and tourism, property, Information Technology, food and security, fine food and beverages, banking and financial services, agriculture, aquaculture, aviation, mining and resources, renewable energy, African infrastructure, secured lending, non-durable goods distribution, lodging, and financial and fiduciary services sectors. The company is particularly interested in investments within the Sub-Saharan Africa Region, though the company is headquartered in Ebene, Mauritius with additional offices in Cape Town, South Africa. Dale Capital Group is listed on the Stock Exchange of Mauritius.last_img read more

957 Pacific Street building / Loadingdock5 Architecture

first_img Text description provided by the architects. Exterior We moved all circulation as stairs, elevators and corridors to the perimeter of the building to create simple rectangular floor-through apartments. Save this picture!Recommended ProductsPorcelain StonewareApariciPorcelain Tiles – BrickworkCoffee tablesBoConceptMadrid Coffee Table AD21WindowsJansenWindows – Jansen-Economy 50The exterior corridors facing south also function as generous sized balconies, almost vertically stacked front porches. Save this picture!Interior The 18 apartments are nearly identical. They are about 800 sqft with the freestanding bathroom / kitchen unit separating the living area from the bedroom. Save this picture!The bedroom can be further divided with a retractable wall into a bedroom / home office. The front and rear windows enable easy cross-ventilation.Save this picture!Project gallerySee allShow lessA New Infrastructure, Los AngelesArticlesAirplane Hotel in Costa RicaArticlesProject locationAddress:Brooklyn, NY, USALocation to be used only as a reference. It could indicate city/country but not exact address. Share “COPY” 957 Pacific Street building / Loadingdock5 ArchitectureSave this projectSave957 Pacific Street building / Loadingdock5 Architecture Year:  Architects: Loadingdock5 Architecture Year Completion year of this architecture project United States 957 Pacific Street building / Loadingdock5 Architecture ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/19684/957-pacific-street-building-loadingdock5-architecture Clipboard 2008 CopyApartments•New York, United States Save this picture!+ 18 Share Apartments ArchDaily “COPY” ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/19684/957-pacific-street-building-loadingdock5-architecture Clipboard Projects CopyAbout this officeLoadingdock5 ArchitectureOfficeFollowProductsSteelConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousingApartmentsDabasHousingNew York3D ModelingUnited StatesPublished on April 17, 2009Cite: “957 Pacific Street building / Loadingdock5 Architecture” 17 Apr 2009. ArchDaily. Accessed 12 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogPartitionsSkyfoldVertically Folding Operable Walls – Classic™ SeriesVinyl Walls3MArchitectural Finishes DI-NOC in Ned Ludd Public HouseShower ColumnshansgroheOverhead ShowersWindowsKalwall®Kalwall® in Featherstone High SchoolLightsLouis PoulsenLamps – LP Slim BoxSealantsEffisusBi-adhesive Tape – 2BondDSConcrete FloorsSikaIndustrial Floor CoatingsPlantersJakobGreen Walls – GreenKitUrban ApplicationsPunto DesignPunto Benches and Litter Bins in Public Space ImprovementsPaintKEIMMineral Paint for Concrete – KEIM Concretal®-WArmchairs / Couches / Futons / PoufsFreifrauArmchair High – MarlaAcousticBASWA acousticThermal-Acoustic System – BASWA CoreMore products »Read commentsSave想阅读文章的中文版本吗?太平洋街957号建筑 / Loadingdock5 Architecture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 streamlast_img read more

Frogs rally against Baylor, but game ends in a draw

first_imgBoschini talks: construction, parking, tuition, enrollment, DEI, a student trustee Garrett Podell Listen: The Podell and Pickell Show with L.J. Collier Garrett is a Journalism and Sports Broadcasting double major. He is the Managing Editor for TCU360, and his passions are God, family, friends, sports, and great food. TCU finished in a draw against Baylor Tuesday night. Men’s basketball scores season-low in NIT semifinals loss to Texas Facebook Twitter Twitter TCU baseball finds their biggest fan just by saying hello Garrett Podellhttps://www.tcu360.com/author/garrett-podell/ ReddIt Facebook ReddIt printFor the second game in a row, TCU women’s soccer finished in a draw, this time in a 1-1 contest against Baylor University.In the first 67 minutes of the contest between the Bears and the Frogs, the scoreboard read 0-0.In the 68th minute, Baylor’s Amanda Holland attempted a pass into the penalty area, but the ball bounced right back to her as it hit a TCU defender, leading to an easy first goal of the game after the deflection.The Frogs were determined not let their arch rival triumph in their last home finale of the year. In the 86th minute, Ryan Williams set up Makenzie Koch with a perfect pass, her team-leading fifth assist of the season, and Koch easily headed the ball in for the equalizer and her second goal of the year.After Koch’s header, neither team could find that elusive, game-winning goal in either of the two overtimes, leading to a 1-1 tie. Baylor managed to fire three shots on goal in the first overtime, but the Frogs’ goalie Courtney Hofer stopped them all.In the second overtime, the Frogs got the offense going, firing two shots on goal, but Baylor goalie Sara Martinson refused to let either of two shots to get past her.TCU head coach Eric Bell said he was pleased with the team’s effort and determination.“To go down and show resiliency and tie the game was awesome,” Bell said. “The team played their hearts out.”Bell also said he appreciated the increasing rivalry between the two schools, indicated by the 2,317 fans who came out to the game.“The rivalry between the two schools in all sports is becoming huge,” Bell said. “That showed with the crowd coming out on a Tuesday night and supporting us, they were fantastic.”Tuesday’s crowd was the seventh-largest crowd in Garvey-Rosenthal Soccer Stadium history.The Frogs wrapped up their home schedule with a 6-1-2 record after going unbeaten in their last five home matches (3-0-2).TCU (8-7-2, 2-3-2) will conclude its regular season Friday night against Kansas in Lawrence at 7 p.m. Garrett Podellhttps://www.tcu360.com/author/garrett-podell/ Boschini: ‘None of the talk matters because Jamie Dixon is staying’ Another series win lands TCU Baseball in the top 5, earns Sikes conference award Garrett Podellhttps://www.tcu360.com/author/garrett-podell/ Linkedin Previous articleAbby Faber is flying in to catch TCU’s game tonightNext articleMike Freeze attends tryout for junior college baseball team Garrett Podell RELATED ARTICLESMORE FROM AUTHOR Linkedin TCU rowing program strengthens after facing COVID-19 setbacks Garrett Podellhttps://www.tcu360.com/author/garrett-podell/ + posts last_img read more

Little progress in investigation into fatal shooting of journalist in northeast

first_img RSF begins research into mechanisms for protecting journalists in Latin America April 27, 2021 Find out more May 13, 2021 Find out more News April 15, 2021 Find out more Reporters Without Borders urges police investigating the 9 April murder of radio and TV broadcaster Luciano Leitão Pedrosa in Vitória de Santo Antão (in the northeastern state of Pernambuco) not to rule out the possibility that it was connected to his work as a journalist. The organization also calls on the police to keep the public informed about their investigation, which appears to have made little progress.Pedrosa was the second journalist to be the victim of a shooting in Brazil this year. The first was the blogger Ricardo Gama, who miraculously survived being shot three times in Rio de Janeiro on 23 March.A reporter for Radio Metropolitana FM and the host of the programme “Ação e Cidadania” (Action and Citizenship) on TV Vitória, Pedrosa was known for being critical of both the municipal authorities and criminal groups in his city. He was shot in the head by a man who followed him into a restaurant. He had often been threatened and had mentioned this on the air but, as he never filed a formal complaint, the police had not investigated the threats. On 13 April, the police arrested a motorcycle taxi driver suspected of driving the motorcycle that the hitman used as his get-away vehicle. However, the arrest has not so far shed any light on the murder motive.The Rio de Janeiro police also seem to have made no progress with their investigation into the shooting attack on Gama, in which Reporters Without Borders had urged them to actively consider possibility that it was a reprisal for his blogging. Gama has said the police did not even ask him to make a statement about the shooting, which shows their lack of interest in cases involving journalists Reports Alarm after two journalists murdered in Brazil Receive email alerts Follow the news on Brazil BrazilAmericas center_img News BrazilAmericas April 22, 2011 – Updated on January 20, 2016 Little progress in investigation into fatal shooting of journalist in northeast RSF_en Help by sharing this information 2011-2020: A study of journalist murders in Latin America confirms the importance of strengthening protection policies News to go further Organisation last_img read more

Milford Care Centre bereavement support

first_img TAGSbereavementcourseMilford Care Centresupport Milford Care CentreMilford Care Centre is offering a bereavement support education programme, starting in September and running one evening a week for twelve weeks and one weekend. It is aimed at anyone interested in learning about the grief experience and how to support bereaved people. An information evening is planned for Wednesday, May 16 at 7pm in the Milford Care Centre, Castletroy. More information from Estelle Mc Ginley at [email protected] or 061 485822 or Geraldine Aherne at [email protected] or 061 485841.Visit the Limerick Post Health section for more local news stories.Sign up for the weekly Limerick Post newsletter Sign Up WhatsApp Email RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter Survey says suicidal are being failed Sarah wants children to be taught bereavement coping skills in school Where there is light there is hope center_img NewsHealthMilford Care Centre bereavement supportBy Staff Reporter – May 14, 2018 1605 Limerick sings from the rooftops to thank frontline workers Free counselling service for carers of Limerick’s estimated 2,500 stroke survivors Linkedin Print Previous articleJust eight IDA visits for LimerickNext articlePaul Tynan – supreme jazz trumpeteer Staff Reporterhttp://www.limerickpost.ie No age barriers to raising charity cash Advertisementlast_img read more

DeMarco Steps Down as Senior Deputy Director of the FHFA

first_img Related Articles  Print This Post DeMarco Steps Down as Senior Deputy Director of the FHFA Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / DeMarco Steps Down as Senior Deputy Director of the FHFA The Best Markets For Residential Property Investors 2 days ago Previous: DS News Webcast: Tuesday 3/25/2014 Next: Regulations Pose “Continued Operational Problems” Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Edward DeMarco Fannie Mae FHFA Freddie Mac Mel Watt 2014-03-25 Tory Barringercenter_img Servicers Navigate the Post-Pandemic World 2 days ago After serving the Federal Housing Finance Agency (FHFA) for nearly six years, former acting director and current senior deputy director Edward DeMarco announced his intent to part ways with the agency at the end of April.DeMarco confirmed his departure plans in a letter directed to current agency director Mel Watt.“I appreciate your invitation to assist you with the recent leadership transition and I have been pleased to do so,” the message reads in part. “With the transition now well along, I believe the time has come for me to seek other opportunities.”He made no announcements about his future plans.DeMarco’s 28-year career as a public servant has spanned multiple agencies, including the Social Security Administration, the Department of the Treasury, the U.S. General Accounting Office, and the Office of Federal Housing Enterprise Oversight (OFHEO), FHFA’s predecessor agency, where he served as COO and deputy director. Starting from FHFA’s inception in 2008, he worked as the agency’s COO and senior deputy director for Housing Mission and Goals.It was in 2009 that President Obama designated DeMarco as acting FHFA director, moving the former deputy into a role that made him a lightning rod in the ongoing debate over how to move housing forward after the crash.Perhaps the biggest point of contention in DeMarco’s tenure leading the agency has been his steadfast refusal to direct Fannie Mae and Freddie Mac to allow principal forgiveness on troubled mortgages. He expressed his own thoughts and that of FHFA on the matter in a statement to lawmakers in 2012:“Given our multiple responsibilities to conserve the assets of Fannie Mae and Freddie Mac, maximize assistance to homeowners to avoid foreclosures, and minimize the expense of such assistance to taxpayers, FHFA concluded that [plans for principal reduction options] did not clearly improve foreclosure avoidance while reducing costs to taxpayers relative to the approaches in place today,” he said.While his stance attracted praise from some—including Tennessee Sen. Bob Corker, who since then has become an active voice in GSE reform—it also made him a target for irate consumers, who started petitions calling for his dismissal. (Also jumping into the fray was noted economist and liberal columnist Paul Krugman, who made his feelings known in a piece titled simply, “Fire Ed DeMarco.”)Nevertheless, DeMarco continued to stick to his policy, even in his resignation letter, noting: “FHFA has existed for less than six years and during that time has faced enormous challenges that required balancing multiple legal and policy requirements and goals.”As a closing thought, he also expressed his “earnest hope” that recent initiatives from policymakers to reform housing finance take hold.“I have publicly stated numerous times that the conservatorships of Fannie Mae and Freddie Mac were never intended to be a long-term solution,” he said. “Congress must act to bring the conservatorships to an end and chart the course for a new structure for housing finance.”For his part, Watt—who separated himself from DeMarco’s style early on by suspending a prior directive to raise guarantee fees—lauded the departing deputy for his work as the agency moved from one director to another.“Ed has been an invaluable asset to FHFA and I appreciate his assistance to me during this transitional period,” Watt said in a statement. “Throughout his 28 year career as a public servant he has made many important public policy contributions grounded in his strong background in housing finance. I wish him the very best in his future endeavors.” in Daily Dose, Featured, Government, Headlines, News March 25, 2014 1,490 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Edward DeMarco Fannie Mae FHFA Freddie Mac Mel Watt Sign up for DS News Daily Share Savelast_img read more

“Undecided Claims” And The Fresh Slate Doctrine Under The Insolvency & Bankruptcy Code, 2016

first_imgColumns”Undecided Claims” And The Fresh Slate Doctrine Under The Insolvency & Bankruptcy Code, 2016 Arkaj Kumar & Ramya Aggarwal1 July 2020 5:19 AMShare This – xAs ArcelorMittal’s payments trickle into the bank accounts of the Creditors of Essar Steel India Limited, a proof of concept emerges for the wonders of the Insolvency Bankruptcy Code for the financial health of the economy at large.[1] As one of the first 12 companies put through the Corporate Insolvency Resolution Process[2] (“CIRP”), Essar Steel represents an arduous success story;…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?LoginAs ArcelorMittal’s payments trickle into the bank accounts of the Creditors of Essar Steel India Limited, a proof of concept emerges for the wonders of the Insolvency Bankruptcy Code for the financial health of the economy at large.[1] As one of the first 12 companies put through the Corporate Insolvency Resolution Process[2] (“CIRP”), Essar Steel represents an arduous success story; but like every other story where the sun sets at the end of the road, this too has a class of individuals left in the dark. While finally approving the enormous resolution plan vide its decision in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta & Others[3], in November 2019, the Hon’ble Supreme Court was also pleased to hold that with the approval of the Resolution Plan, the Successful Resolution Applicant would be entrusted with the reigns of the Corporate Debtor, sans all liabilities. Seemingly innocuous, and affirmatively well-intentioned, the Hon’ble Supreme Court crystalised a principle which had often been taken for granted; that upon the completion of the CIRP, the Successful Resolution Applicant would begin operating the Corporate Debtor on a ‘Fresh Slate’, for the plan would be binding on all stakeholders, and guarantors. The relevant portions of the judgment, laying out the doctrine are as under: 86. Section 31(1) of the Code makes it clear that once a resolution plan is approved by the Committee of Creditors it shall be binding on all stakeholders, including guarantors. This is for the reason that this provision ensures that the successful resolution applicant starts running the business of the corporate debtor on a fresh slate as it were. … 88. For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with “undecided” claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count. (emphasis supplied) This article attempts to explore this fresh slate doctrine in-depth, assess its impact on the future CIRP proceedings, and also explore the possible issues that may arise from the same with respect to certain classes of persons. Specific emphasis will be laid upon persons whose claims were rejected by the IRP due to the pendency of a dispute before a court, tribunal or arbitral tribunal; and whether such an interpretation to the insolvency process can extinguish their right to a remedy, for the sole purpose of providing a “fresh slate” to the successful resolution applicant. At the outset, it is imperative to trace the origins of this understanding of the insolvency process as a ‘fresh slate’. The Insolvency Code was enacted as a beneficial legislation[4], to remedy the history of unsuccessful debt recovery legislation in India. It was noticed that these legislations were heavily favoring corporate debtors which resulted in huge outstanding debts.[5] The objective of the code is inter alia to maximise the value of assets of such persons so that they are efficiently run as going concerns. The Code ensures the revival of the Corporate Debtor and is aimed to put the Corporate Debtor back on its feet.[6] The Hon’ble Supreme in Swiss Ribbons v. Union of India[7] observed that the Code aims to protect the interest of the corporate debtor specifically and not the erstwhile promoters/management of the corporate debtor. It can be inferred that in pursuance of the objective of the Code to protect the Successful Resolution Applicant, the Hon’ble Court in Satish Kumar Gupta (supra) introduced the concept of “fresh slate”. However, it must be noted that the BLRC Report’s recommendations[8] with respect to “fresh starts”, were reserved to individual bankruptcy, and were not extended to corporations. This was premised on the understanding that “individuals cannot be liquidated, only firms can”[9], and consequently, any move towards individual bankruptcy would be infructuous without the offering of a fresh start at the end of the process. Having reached a dead-end in the Indian context, it may be profitable to look outwards towards other jurisdictions. The American jurisprudence on the issue is perhaps the first to break free from the traditional understanding of debtors and creditors’ rights to recovery, and the age-old notion of debt-waiver being the sole prerogative of the creditor. The American law on bankruptcy can undeniably be held to be the germination of the doctrine of fresh starts through bankruptcy. Reference in this regard may be had to the seminal decision of the United States Supreme Court in Local Loan Co. v. Hunt[10], which while placing reliance on another 1915 decision of the U.S. Supreme Court in Williams v. United States Fid. & Guar. Co[11] clearly laid down the ends and the purpose behind the doctrine of Fresh Start. The Court held that the purpose of the same is that it “gives to the honest but unfortunate debtor who surrenders for distribution the property which he owns at the time of bankruptcy, a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.” Notably, in its original construction too, this doctrine was reserved for individuals and not corporations, and was premised on the understanding that the purpose of bankruptcy was to prevent destitution and not to enable it. Having found no guidance for this unprecedented application of the doctrine to corporations who have undergone an insolvency resolution process, we may safely establish that the Hon’ble Court was driven by its understanding of the circumstances unique and germane to the Indian Context, and must be assessed as such. In this respect, an analysis may be undertaken of the application of the fresh slate doctrine. In Satish Kumar Gupta (supra) it is clarified that the Successful Resolution Plan is binding on “all stakeholders”, in step with the statutory mandate under Section 31(1) of the Act. Interestingly, the word stakeholder does not find mention in the definition section of the Code, thus compelling an extrapolation of the same from the existing defined stakeholders in the Code. That being the case, it is safe to assume that the following classes of persons would positively be part of “stakeholders” for the purposes of Section 31(1): Corporate Debtor;Financial Creditors; Operational Creditors; Statutory Authorities; Resolution Applicant;Guarantors;Employees and Members of the Corporate Debtor; andother stakeholders involved in the administration of the CIRP. ​Notably, the given ambit of stakeholders is mum about the status of individuals who have claims pending or undecided against the Corporate Debtor. To streamline understanding for the purposes of this article, a creditor with pending claims is one whose claim is rejected by the IRP at the beginning of the CIRP. Such a person, though maybe a creditor in common parlance, fails to satisfy the criteria for qualifying as a valid creditor under CIRP as their claim qualifies as “disputed claim” under Section 8 and 9 of the Code. This is because, in order for such persons to qualify as stakeholders under Section 31(1), they must satisfy the standard enshrined under Sections 3(10) of the Code. The definition of a creditor is an omnibus definition, which is qualified temporally, to the extent that the debt must be realised at the time the corporation acquires the colour of a Corporate Debtor. This is manifest from a reading of 3(10), which includes within its ambit “decree holder”. Thus, it is clear that Section 3(10) of the Code does not extend the standard of coverage to individuals currently embroiled in a legal dispute with the Corporate Debtor. When read with the scope and applicability of an approved resolution plan, as mandated by Section 31(1) of the Code, we find that there appears a lacuna for such persons, who are embroiled in a legal dispute with the corporate debtor before the initiation of the CIRP; such that they do not qualify as creditors under Section 3(10) of the Code, are simultaneously barred from pursuing a constructive solution to the dispute by the operation of Section 14(1) of the Code, and yet are treated as “stakeholders in the resolution process” per the dictum in Satish Kumar Gupta (supra). Thus, creating a situation whereby not only are their claims extinguished without participation in the CIRP, but they are also left remedy-less against the same. Given the above situation, an analysis of the law and the remedies available, or lack thereof in the light of the judgment of Satish Kumar Gupta (supra) needs to be undertaken. The issue at hand can be best put in the words of HMJ. Arindam Sinha of the Hon’ble High Court of Calcutta, reproduced as under: Whether, when plaintiff is seeking a decree [on mesne profits], not having such decree yet, it will be included in definition of creditor given in clause (10) of section 3? Creditor given meaning is, any person to whom a debt is owed and includes, inter alia, a decree holder. It is not decree-holder in respect of its claim for [mesne profits]. As such, is it then a creditor within the meaning? Only if it is, can meaning of debt and thereafter meaning of claim, given respectively in clauses (11) and (6) of the section be looked at.[12] The lingering dissonance which emerges from the application of the doctrine of fresh slate to the CIRP, can only be rectified if the position adopted in Satish Kumar Gupta (supra) is qualified on the basis of either of the following criterion: Temporality of the Claims; any debts which are not realised by the date of the initiation of the CIRP are not debts in the eyes of the code and are thus extinguished in the eyes of the law, upon the completion of the CIRP Process, or; Nature of the Claims; whereby any claims which are not realisable against the Corporate Debtor without protracted dispute, are not claims in the eyes of the law, upon the CIRP Process. The binary being suggested hereinabove, is predicated on the understanding that if temporality is taken to be the rationale behind the Fresh Slate Doctrine, per Satish Kumar Gupta (supra), then any person who chooses to pursue an alternate and efficacious remedy against a debtor, before moving for Insolvency of the Debtor, will be at a severe disadvantage. In effect, the signalling would be that a creditor, in every instance, ought not to pursue civil remedies against every corporate debtor, and instead ought to proceed on war footing to seek insolvency of such erring parties. On the other hand, if the nature of the claims is taken to be the criterion upon which the fresh slate doctrine is predicated, then the natural corollary to the same is that any claim which is realisable upon the conclusion of legal proceedings, would not be a valid claim for the purposes of the code. This cannot be the case, on account of the fact that S. 3(10) of the code, recognises decree holders to be in the same class as financial creditors and operational creditors, ergo recognising that claims often enough can only be realised once recourse is had to Courts of Law. Reading these two scenarios together, we find that either all claims arising after the cutoff date are non-est for the purposes of the Code, or all claims that arise out of legal disputes are non-est for the eyes of the Code. Trying to marry the two, to the effect of saying that some claims are non-est after the cutoff date, smacks of arbitrariness, because it penalises certain classes of individuals, who proceed towards the object of judicial determination, just via a path that isn’t the one preferred by the Code. Perhaps then, the Hon’ble Supreme Court was driven towards the adoption of the Fresh Slate Doctrine, not based on either of these principles, but on the principles of equity. Reference in this regard may be had to Swiss Ribbons (supra), where the Hon’ble Supreme Court attributed the noblest intentions to the Code, painting it with the brushstrokes of a last resort for mismanaged corporate persons, in a desperate bid to keep them as going concerns, and infusing capital into the economy. The Doctrine of Fresh Slate is perfectly in consonance with the objectives attributed to the code in Swiss Ribbons (supra) and is largely equitable when applied to persons who are part of the insolvency process, and voluntarily accept haircuts to their claims.[13] However, the same principles, when applied to individuals with valid but unrealised claims, yields that by virtue of the current structuring of the code, they are being actively denied the opportunity to realise their claims, and thus participate in the Resolution Process. This, by no yardstick, can be considered equitable for it defeats the first principle of equity, ubi jus ibi remedium. In fact, it even militates against another trite of equity Vigilantibus non dormientibus aequitas subvenit, which translates to mean, he who has been wronged must proceed swiftly to seek justice; an action which in this case is being denied by this interpretation of the Code, which penalises individuals for adopting an alternative efficacious remedy, and thereafter extinguishes their claim before such remedy could be taken to its logical conclusion. Possibly, the Hon’ble Supreme Court introduced the Doctrine of Fresh Slate to ensure that the Code achieves the ends it was enacted for, i.e. the revival of the corporate debtor. An indispensable part of this process is healthy participation by Resolution Applicants. In a bid to attract such participation the Doctrine of Fresh Slate serves as a lucrative incentive. However, this interpretation is at odds with the Legislative structuring of the code. Section 14 of the Code provides for moratorium to help preserve the assets of the corporate debtor during the resolution process.[14] Crucially, the moratorium under Section 14 of the Code does not extinguish proceedings altogether, but simply operates as a bar against continuing proceedings. Viewing it from the lens of Legislative intent, If the drafters of the Code intended to extinguish the pending suits or proceedings of the corporate debtor, they would not have merely imposed a stay on such proceedings; but would have enacted a provision in that respect. Such a provision could have been a direction to the concerned authorities to conduct a summary or expeditious trial/proceeding for such claims and consequently include the creditors of such claims under the scope of Section 31(1) as creditors. Moreover, the moratorium ceases to have effect once the plan is approved by the Adjudicating Authority,[15] the only automatic result of the same could be the restitution of the pending suit/proceedings; or they could be included as a part of contingencies in the Resolution Plan, approved by the Adjudicating Authority. This position is buttressed by a reading of the roles and duties of the Resolution professional under the Code. Section 25(2)(b) of the Code casts a duty upon the IRP to represent the Corporate Debtor’s interests in judicial, quasi-judicial and arbitral proceedings. From a bare reading of the same it becomes manifest that despite there being provisions for a moratorium under Section 14, the Code envisages a scenario where there might be contested claims against the Corporate Debtor. It cannot then suffice to say that at the end of a successful CIRP, all contested claims against the Corporate Debtor which did not stand crystalised as of the cutoff date, stand extinguished. Thus, the Doctrine of Fresh Slate when applied to corporate persons goes against the provisions of the Code itself. The Hon’ble National Company Law Tribunal in Indian Renewable Energy Development Agency Ltd. v. T.S.N. Raja[16], in the light of the decision in Satish Kumar Gupta (supra), observed that the Creditor with a contingent claim has an existing right, and such a claim should be brought to the notice of the Successful Resolution Applicant. Thereby, confirming that once the plan is approved and the moratorium is lifted, the only logical outcome will be the Successful Resolution Applicant facing the contingent or pending claims of the Corporate Debtor; or inclusion of the contingent [or pending] claims in the Resolution Plan, as done in this case. The uncertainty in the wake of the decision is not only limited to the Company Law Tribunals, but has also found its way to the doors of High Courts in their supervisory jurisdiction. Recently, the Hon’ble Jharkhand High Court in Electrosteels Steels Ltd. v. State of Jharkhand[17], mindful of the decision in Satish Kumar Gupta (supra) attempted to reconcile the same with the interests of the State Government by dismissing the Writ Petitions against the State Government on the following terms: “Section 31 of the IB Code clearly lays down that the approved resolution plan shall be binding only on those stakeholders who were involved in the resolution plan.” (emphasis supplied) During the course of arguments in Satish Kumar Gupta (supra), Mr. K.V. Viswananthan, the Amicus Curiae therein took the Hon’ble Court through the objective behind the enactment of the Code. He stated that the Code was enacted to inter alia remedy the earlier position of law heavily favouring corporate debtors. From the above discussion, it is evident that the Doctrine of Fresh Slate is inadvertently serving the same purpose which the makers of the Code intended to remedy. By extinguishing the claims of legitimate creditors with disputed and pending claims, who pursued statutory remedies for recovery of their claims, the Insolvency Law wrongly favours corporate debtors; giving them a clean chit for multiple debts owed by them. Thus, in view of the above discussion, the authors of this article would respectfully differ with the view of the Hon’ble Supreme Court in Satish Kumar Gupta v. Committee of Creditors Essar Steel India Limited insofar as it postulates the Fresh Slate Doctrine for Successful Resolution Applicants. Statutory rights of creditors cannot precociously be stymied for the ease and convenience of Resolution Applicants, and even less so in a case where the Code itself bars the fructification of such rights until the end of the Corporate Insolvency Resolution Process. Views are personal only.(Arkaj Kumar, Associate at Office of the Ld. Additional Solicitor General of India, Mr. Sanjay Jain. Ramya Aggarwal, Student, Amity Law School Delhi, Affiliated to GGSIPU) [1] ‘ArcelorMittal initiates ₹42,000-cr payment for Essar Steel acquisition’, Live Mint, Dec. 14 2019, at https://www.livemint.com/companies/news/arcelormittal-initiates-rs-42-000-cr-payment-for-essar-steel-acquisition-11576320442851.html. [2] ‘Essar Steel resolution saga: The man who led the insolvency process describes its impact, challenges’, Cnbc Tv, Dec. 17 2019, at https://www.cnbctv18.com/views/essar-steel-resolution-saga-the-man-who-led-the-insolvency-process-describes-its-impact-challenges-4885121.html. [3] 2019 SCC OnLine SC 1478. [4] Swiss Ribbons v. Union of India, (2019) 4 SCC 17 ¶ 21. [5] See The report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design, Nov. 2015. [6] Swiss Ribbons v. Union of India, (2019) 4 SCC 17 ¶ 21. [7] (2019) 4 SCC 17 ¶ 21. [8] The Report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design, Nov. 2015. [9] The Report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design, Nov. 2015, Ch. 2. [10] Local Loan Co. v. Hunt, 292 U.S. 234, 244-45 (1934). [11] Williams v. United States Fid. & Guar. Co., 236 U.S. 549. [12] Numzae Dorab Mehta v. The Assam Company India Ltd., GA No. 1711 of 2019 & CS No. 16 of 2007 (decided on 05.02.2020). [13] Swiss Ribbons v. Union of India, (2019) 4 SCC 17 ¶ 20, 21. [14] Swiss Ribbons v. Union of India, (2019) 4 SCC 17 ¶ 21. [15] The Insolvency & Bankruptcy Code, s. 31(3)(a) (2016). [16] CA (AT) (Ins.) 899 of 2019 (decided on 03.02.2020). [17] W.P. (T). Nos. 6324, 6325, 6326 & 6327 of 2019 (decided on 01.05.2020). Next Storylast_img read more

Over half of survey voters in NI want referendum on united Ireland

first_img Facebook DL Debate – 24/05/21 By News Highland – January 24, 2021 Derry draw with Pats: Higgins & Thomson Reaction FT Report: Derry City 2 St Pats 2 Facebook Pinterest WhatsApp News, Sport and Obituaries on Monday May 24th Northern Ireland’s First Minister says she can argue for a United Kingdom “every day of the week”.It’s after a survey found more than half of voters in the North want a referendum on a united Ireland in the next five years.The research, commissioned by the Sunday Times, shows 47 percent want to remain in the UK, with 42 percent in favour of a united Ireland.DUP leader Arlene Foster says the pandemic has shown how strong the United Kingdom is:Audio Playerhttps://www.highlandradio.com/wp-content/uploads/2021/01/ArlenePoll1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.SDLP leader Colum Eastwood says it’s a topic that needs to be discussed:Audio Playerhttps://www.highlandradio.com/wp-content/uploads/2021/01/EastwoodPoll1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Previous articleUncertainty over Ireland’s vaccination targets following AstraZeneca glitchNext articleCall for Council’s Winter Maintenance Programme to be updated News Highland Google+center_img Over half of survey voters in NI want referendum on united Ireland Twitter Twitter AudioHomepage BannerNews WhatsApp Pinterest RELATED ARTICLESMORE FROM AUTHOR Important message for people attending LUH’s INR clinic Harps come back to win in Waterford Google+last_img read more

Funeral takes place of Bishop Seamus Hegarty

first_imgThe funeral has taken place in Derry of Bishop Seamus Hegarty, who died on Friday after a long illness.The Kilcar native became Bishop of Raphoe in 1982 at the age of 42, before becoming Bishop of Derry in 1994, where he served for 17 years, before retiring due to ill health.#In his homily, current Bishop Donal Mc Keown said much of who Bishop Hegarty was had ebbed away over the last 8 years since he was forced to retire as Bishop of Derry because of ill health.Dementia in its various forms is a cruel affliction, he said, much of the person has died long before the heart ceases to beat.He said Bishop Hegarty’s years in both Donegal and Derry very challenging ones, partly connected with the Troubles, and – like many church people – he used all possible channels to stop killing and to build bridges.However, he reflected, those years were also heavily marked by the revelations of child sexual abuse, and grave errors were made in responding to the wave of allegations.That has all left a legacy of pain, alienation and mistrust, Bishop Mc Keown acknoweledged, and the Diocese of Raphoe and Derry were no different from anywhere else.He said the soil and the faith of Kilcar were Bishop Seamus Hegarty’s pride ; Donegal and its traditions were nobody’s poor relation.________________________________Homily in full -Homily of Bishop Donal McKeown at the Funeral Mass for Bishop Seamus Hegarty RIP Facebook Today we gather to celebrate the funeral rites for Bishop Seamus Hegarty, who died on Friday last.  But while his body had kept going until a few days ago, much of who he was had ebbed away over the last 8 years since he was forced to retire as Bishop of Derry because of ill health. Dementia in its various forms is a cruel affliction.  Much of the person has died long before the heart ceases to beat. Pinterest Twitter RELATED ARTICLESMORE FROM AUTHOR From personal experience, he knew how fragile and precious human life is and was very strongly committed to the pro-life movement. Today’s Gospel speaks of Jesus’ disciples, Peter and Andrew, James and John, being called to leave their occupation and security – and become fishers of people.  Bishop Seamus Hegarty was not just a keen angler – but a person who felt that vocation to become a fisher of people at Christ’s call.  He knew that leadership in the Church was to mediate the love and mercy of God to the people and places where it is most needed.  Like Jesus’ disciples, we may often cast out nets and catch little.  But, as the words of the hymn say, ag Críost an mhuir/ag Críost an t-iasc. I liontaibh Dé go gcastar sinn.[2]  We may seem to be bad fishermen – but Ag Críost an síol, ag Críost an fómhar; in iothlainn Dé go dtugtar sinn[3].  Christ is Lord of the harvest and master of the catch.  We can only say ‘We are unworthy servants. We have done only what we were supposed to do.’ Lk 17:10) We do our best and leave the rest of God’s power and timing. He was called to leadership in Raphoe at an early stage.  In all those tasks that he was asked to assume, he carried those out with a deep sense of duty and loyalty.  After some years as a very young school principal in Falcarragh, he was appointed Bishop of Raphoe at the age of 42 and served there for 12 years, followed by 17 years as Bishop in this diocese, being nominated to Derry almost exactly 25 years ago on 1 October 1994.  These were very challenging years North and South, partly connected with the Troubles, where – like many church people – he used all possible channels to stop killing and to build bridges. Facebook He was a cainteoir dúchais (a native Irish speaker) from Donegal with a great love of the county.  When both your parents, your four grandparents and six of your great-grandparents come from Kilcar, you know who you are!  Life was not easy.  His mother died in childbirth when he – the eldest of three children – was only seven.  For him and his two siblings, education provided the opportunity to see broader horizons.  And they all took advantage of the chances that they received.  While Irish was his first language he was blessed with a real grá for other languages and an openness to exploring the centuries-old links between Irish people and Europe.  His fluency in German permitted him to spend the summer working in German parishes, including one spell in the Archdiocese of Munich-Freising where the then bishop was Archbishop Ratzinger, later to become Pope Benedict.  The soil and the faith of Kilcar were his pride.  He believed in the God Emmanuel who walked the roads of Palestine and who still is God-with-us in rugged communities of profound faith and in simple churches where pobal Dé gather i dteach an phobail[1].  Donegal and its traditions were nobody’s poor relation. Pinterest [1] ‘The house of the people’ – the Irish phrase for church[2] Christ’s is the sea, Christ’s the fish. May we be gathered into the nets of Christ[3] Christ’s is the seed, Christ’s the harvest. May we be gathered into the barns of Christ. Loganair’s new Derry – Liverpool air service takes off from CODA His sense of his origins was reflected in his recognition the Columba Community in the Cathedral in 1995.  The Community was subsequently encouraged by him to open White Oaks Rehabilitation Centre in 2001 and the Celtic Saints Prayer Garden in 2006.  In failing health Bishop Hegarty was a frequent visitor to White Oaks and to the Celtic Prayer Garden, reflecting on the charismatic gifts of the Celtic Saints. Previous articleRoad reopens following fatal overnight crashNext articleSpotlight must remain on beef inequalities – Carthy News Highland Twitter Today we celebrate the Feast of Saint Eunan.  Bishop Hegarty came from the land of Eunan as did Columcille.  Both left their native soil and were missionaries in Christ’s name thar sáile (across the waves) as abbots on Iona.  We lay this son of Tír Chonaill in the land where the Lord called him to be Bishop, even though that meant leaving his native Donegal.  And we commend him to the gracious hands of God who is Lord of the whole earth and who loves us wherever we lie.  And in the words of an old Irish prayer to Saint James, we can prayA Naomh Séamuis, a iascaire an áidhA aspail gráigh de thogha ChríostAs ucht d’ainm mo mhuinín atáGo gcasfar mé ar uair mo bháis i d’líon.(Saint James, you blessed fisherman.Beloved apostle of Christ’s choosing.My trust lies in the heart of your name.At the hour of my death may I be gathered into your net.) News, Sport and Obituaries on Monday May 24th Funeral takes place of Bishop Seamus Hegarty He had a deep sense of commitment to Irish emigrants.  Many had to leave this island because of unemployment and other reasons.  Some ended up in dire poverty abroad and he worked tirelessly to support the emigrant chaplaincies around the world. Important message for people attending LUH’s INR clinic WhatsApp Homepage BannerNews Nine til Noon Show – Listen back to Monday’s Programme But those years were also heavily marked by the revelations of child sexual abuse.  Terrible crimes had been inflicted on young people across this country and around the world – and, for a range of reasons, grave errors were made in responding to the wave of allegations.  That has all left a legacy of pain, alienation and mistrust.  The Diocese of Raphoe and Derry were no different from anywhere else.  He knew as well as any that we come before God, never boasting of our achievements nor crushed by our failures but trusting in the Cross of Christ.  Only the often-uncomfortable truth can set any of us free. By News Highland – September 23, 2019 He had a passion for education and many of the excellent schools in Derry diocese were built in his time. Google+ Google+ We come together to commend to the Lord one who bore the many burdens of office with complete dedication.  At heart he was a simple man.  Kindness and generosity were hallmarks of his nature – even though a tougher exterior might sometimes have shown itself.  He had an unflagging loyalty to the Church and to its service, in whatever role he was asked to play.  But he knew that we are all in need of redemption – and he would never presume on the grace of God. In that spirit, we lay him to rest after these last years of growing debility.  For we believe in a Christ whose Resurrection will raise up our mortal bodies in all their frailty – and we believe in a God before whom we are always known us as individuals, both before we know ourselves and after our consciousness fails. Arranmore progress and potential flagged as population grows And in his ministry, his episcopal motto speaks of where he found support.  Maria advocata Nostra – Mary, our advocate.  Mary the mother of the Lord had a deep place in his heart – and I am sure that this was not unconnected with the fact that his own mother, who had died so young, was also called Mary.  The Mother of Jesus plays a large part in Irish spirituality.  In the family of God the Father, she is Christ’s first disciple.  There is a nearness of God to the world in the Celtic tradition.  And the poor woman of Nazareth had her place in simple homes where most of us grew up.  The image of Mary as advocate reflected not a divine royal court but a family gathered round the hearth.  For Bishop Seamus, that played a large part in his uncomplicated faith which trusted in the love and wisdom of God, even when the winds seemed to howl around outside. 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