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SC to hear ArcelorMittal plea against NCLAT order on Wednesday
New Delhi, Sep 11 (IANS) The Supreme Court will hear on Wednesday a plea by ArcelorMittal challenging the National Company Law Appellate Tribunal order asking it to first clear Rs 7,000-crore dues of Uttam Galva and KSS Petron by September 11 to turn eligible to bid for insolvent Essar Steel.
The bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud agreed to hear the matter on Wednesday after lawyer Raghav Shankar mentioned the matter for urgent hearing. However, court agreed to hear the matter on Wednesday.
Seeking extension of deadline for making the payment, lawyer Raghav Shakhar told the bench that NCLAT deadline is ending today.
On September 7 while holding that Numetal’s second bid for insolvent Essar Steel was eligible, the NCLAT had asked ArcelorMittal to first clear the dues of Uttam Galva and KSS Petron by September 11 to turn eligible.
ArcelorMittal was asked to clear its dues related to Uttam Galva and KSS Petron, of which it was a promoter when these turned non-performing assets (NPA).
NCLAT had ordered the Lakshmi Mittal company to pay about Rs 7,000 crore in three working days by September 11 to become eligible to bid for Essar Steel facing liquidation proceedings under Insolvency and Bankruptcy Code (IBC).
The world’s largest steelmaker had made a conditional deposit of Rs 7,000 crore in its own current account saying it was ready to deposit the amount in the non-performing accounts of Uttam Galva and KSS Petron if its bid was successful.
However, the tribunal ruled that conditional offer to pay the overdues was not acceptable and that actual transfer of money had to be done before its resolution plan is considered.
Section 29A of the Insolvency and Bankruptcy Code (IBC) disqualifies a promoter of NPA from submitting a resolution plan.
ArcelorMittal had on Monday (September 10) hiked its bid for Essar Steel to Rs 42,000 crore and also said that it was willing to settle Rs 7,000 crore liabilities of Uttam Galva and KSS Petron, with which he was previously associated.
With fresh offer of Rs 42,000 crore, ArcelorMitta would get ahead of Numetal’s second bid of Rs 37,000 crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.