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Tuesday, August 29, 2017

Good Progress In 100% DA Case In Supreme Court

    Ref:2017/92                                                                       Date:23.08.2017

The Office Bearers/ Central Committee Members/ State Body Chiefs, A.I.B.R.F.

     Dear Comrades,

                    Re: Proceedings in Supreme Court on 23.08.2017
                          In the matter of  100 per cent DA

Further to our circular no 2017/90 dated 18.08. 2017 in the matter,  it  may be advised to our members that SLPs of retirees against order of Madras High Court judgment  restored by the Supreme Court order dated 14.08.2017 came for hearing today.

2. Though AIBRF/ United Bank of India Retired Employees Welfare Association, Kolkata was not direct party in these SLPs, but considering the fact that they were restored by the court in view of new facts brought out by our advocate during the proceedings on 01.08.2017 in the matter of Kolkata High Court judgement  and outcome of the above SLPs will have direct bearing on the judgement reserved, we made request to our advocate Shri V.K.Bali to appear and seek court permission to intervene in the matter  to place record in straight  if required.  

3. We are happy to inform that our advocate Shri V.K.Bali was asked by the bench to assist the court in placing  the relevant facts of 1st August 2017 proceedings once again.  

4. Bank Managements/ IBA advocates during the arguments mainly harped on cost factor and pointed out that cost arrear may be quite large say Rs. 4000 crores. On hearing this the honourable  court has asked IBA/ Retirees to submit cost details within one week for the consideration of the court. The entire proceedings lasted for about 70 minutes. Thereafter the judgements on the SLPs were reserved.   

5.  We find that during the proceedings the bank management/IBA advocates hardly touched any point on the provisions of the settlement etc. because of that DA benefit was denied to the pre-2002 retirees  for last 15 years.

6. As per the details given above and our earlier communications, AIBRF  in coordination with UIBRWA have made all efforts to place all legal points/ facts effectively before the honourable Court to protect interest of retirees.

7. We shall advise the details of the Judgment which is now expected soon.            
                       With Warm Regards,      
                   Yours Sincerely,

                                                                      ( S.C.JAIN)
                                                               GENERAL SECRETARY

RBI readies fresh list of defaulters-Hindu Business Line 30th August 2017

The Reserve Bank of India is ready with a second list of defaulters which will be referred to the the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. The list is understood to have named of 35-40 companies which may have defaulted in loan repayments.
In June, the central bank had identified 12 large stressed accounts which collectively owed about ₹2 lakh crore, accounting for 25 per cent of the bad loans in the Indian banking system. This included Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, Monnet Ispat, and ABG Shipyard.

he Reserve Bank of India  (RBI) has sent to the banks a fresh list of defaulters to be taken to the National Company Law Tribunal (NCLT) to initiate insolvency proceedings, according to a report by CNBC-TV18 citing sources. The move is part of the central bank's steps to tackle the huge non-performing asset problem in the Indian banking sector under the bankruptcy law.
According to the report, the companies in the list include East Coast Energy, SEL Manufacturing, Shakti Bhog, Nagarjuna Oil, Jai Balaji Industries, Uttam Galva, Monnet Power, Orchid Chemicals, Ruchi Soya, Unity Infra, Videocon, JP Associates, IVRCL, Castex, Jayaswal Neco and Visa Steel.
The sources have told the TV channel that as much as 60 percent of the loans to these companies had turned NPA by June 2016.

Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs).
It has come to notice of Ministry that Writ Petitions are being filed before some High Courts stating that ‘The Presidency Towns Insolvency Act, 1909’ and ‘The Provincial Insolvency Act, 1920’ (enactments) have been repealed in view of enactment of the Insolvency and Bankruptcy Code, 2016 (Code). On this basis, the litigants are claiming that matters related to individual insolvency and bankruptcy should now be dealt under provisions of the Code.
In this regard, it is hereby clarified that Section 243 of the Code which provides for repeal of said enactments has not been notified till date and further, provisions related to insolvency resolution and bankruptcy for individuals and partnerships as contained in Part III of the Code are yet to be notified. Hence, it is advised that stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals.                                                 

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