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Whether Non-payment Of Rent Would Qualify As An Operational Debt Under IBC? Supreme Court Issues Notice

first_imgTop StoriesWhether Non-payment Of Rent Would Qualify As An Operational Debt Under IBC? Supreme Court Issues Notice LIVELAW NEWS NETWORK29 Jan 2021 6:55 AMShare This – xWhether the non-payment of rent would qualify as an operational debt within the meaning of Section 5(21) of the Insolvency and Bankruptcy Code 2016? The Supreme Court issued notice in an appeal filed against an order passed by National Company Law Appellate Tribunal.In this case, the landlord filed the Application under Section 9 of Insolvency and Bankruptcy Code, 2016, which…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?LoginWhether the non-payment of rent would qualify as an operational debt within the meaning of Section 5(21) of the Insolvency and Bankruptcy Code 2016?  The Supreme Court issued notice in an appeal filed against an order passed by National Company Law Appellate Tribunal.In this case, the landlord filed the Application under Section 9 of Insolvency and Bankruptcy Code, 2016, which was dismissed by the Adjudicating Authority on ground that dues in the nature of rent of immovable property do not fall under the head of Operational Debt as defined under Section 5 (21) of IBC. The NCLAT upheld this order of the Adjudicating Authority referring to its earlier judgment in M. Ravindranath Reddy Versus G. Kishan & Ors.In appeal, the appellant contended that there are two conflicting decisions of NCLAT on the issue and that, in the present case, the demand was both in respect of the arrears of rent as well as on account of damages for breach of the lock-in period. The decision in Anup Sushil Dubey v National Agriculture Co-operative Marketing Federation of India Limited & Ors, was referred to.Taking note of this, the bench comprising Justices DY Chandrachud, Indira Banerjee and Sanjiv Khanna issued notice.In Ravindranath Reddy, the Tribunal (three member bench headed by Justice A.I.S. Cheema) considered this issue:  Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20 )read with Section 5(21) of the ‘Insolvency and Bankruptcy Code, 2016? “An operational debt is essentially a claim in respect of the following: (a) provision of goods; (b) provision of services, including employment; or (c) a debt arising under any statute and payable to Government/local authority. If the claim by way of debt does not fall under any of the three categories as mentioned above, the claim cannot be categorized as an operational debt, even though there may be a liability or obligation due from the corporate debtor to the creditor, and hence, such a creditor disentitled from maintaining an application for initiation of corporate insolvency resolution process (CIRP) of the corporate debtor”, it was held in that judgment. In Anup Sushil Dubey, the NCLAT bench (two member) headed by Justice Venugopal M., held that lease rentals arising out of use and occupation of a cold storage unit which is for Commercial Purpose is an ‘Operational Debt’ as envisaged under Section 5 (21) of the Code. To hold thus, the bench had relied on ‘Para 5.2.1’ of the Supreme Court judgment in Mobilox Innovations Private Limited V/s. Kirusa Software Private Limited (2018) 1 SCC 353. [Note: The said ‘Para 5.2.1’ are not Supreme Court’s own observations but from a report by Bankruptcy Law Reforms Committee (quoted in the judgment)] In the impugned judgment, this aspect has been noticed by the bench (headed by Justice AIS Cheema) which observed as follows: “We have gone through the original Judgment in the matter of Mobilox Innovations Private Limited V/s. Kirusa Software Private Limited as reported in (2018) 1 SCC 353, in Paragraph 22 of the Judgment, the Hon’ble Supreme Court was reproducing portions from the final report dated November, 15 of Insolvency Law Reforms Committee and Paragraph 5.2.1 which was part of the report of the Committee was reproduced. Such paragraph 5.2.1 of report of Insolvency Law Reforms Committee has been recorded in Paragraph 17 of the Judgment as if it is observation of the Hon’ble Supreme Court in the matter of Anup Shushil Dubey Vs. National Agriculture Co-operative Marketing Federation of India Limited & Ors. This is apparently not correct.”CASE: PROMILA TANEJA vs. SURENDRI DESIGN PVT LTD. [Civil Appeal No(s).4237/2020]Click here to Read/Download OrderRead OrderNext Storylast_img read more

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UK DB funding ticks higher in September but still near historic lows

first_imgDeficits in UK defined benefit (DB) pension schemes shrank slightly in September, but funding levels were still hovering near historic lows and well below levels seen this time last year, according to data from the Pension Protection Fund (PPF).The UK’s pension fund rescue vehicle reported that the average funding ratio for the DB schemes potentially eligible for entry to the PPF had risen to 77.5% by the end of September from 76.1% at the end of August.However, this is still well below the 82.8% level reported at the end of September 2015, on a section 179 (s179) basis.A scheme’s s179 liabilities broadly represent the premium it would have to pay an insurance company to take on the payment of PPF levels of compensation. The aggregate deficit of the 5,945 schemes in the PPF 7800 Index was estimated to have fallen to £419.7bn at the end of September 2016 from £459.4bn at the end of the previous month, but it was still down from the £260bn reported for September 2015, according to the PPF.Aggregate assets grew by about £10bn from August to September, and liabilities shrank by around £50bn, according to the data.Andy Tunningley, head of UK strategic clients at asset manager BlackRock, said: “UK pension funds remain in urgent need of life support.”The aggregate funding ratio has allowed “a faint pulse” to be found as it halted its downward spiral in September, he said.He added that contracting liability values had compensated for weak returns from growth assets, resulting in an overall positive impact on funding levels.“A sell-off in UK government bonds, causing yields to rise and liability values to fall, was linked to an announcement at the end of the month that a UK parliamentary committee is to investigate proposals allowing UK private sector pension schemes to temporarily amend or suspend inflation-linked pension increases,” Tunningley said.Even though no details have been confirmed, it is assumed this so-called “conditional indexation” will help challenge DB schemes by decreasing the value of liabilities, strengthening funding status and reducing insolvency risk, he said. However, he said the firm would warn clients not to change portfolio allocation just because of these developments. “Not only would this consultation likely be advisory only – i.e. with no requirement for the government to follow its recommendations – it is likely to be highly political, with strong voices on either side of the debate, and it is not clear what changes, if any, will result,” he said.last_img read more

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Striker May tipped to end Sheffield Wednesday drought

first_imgSheffield Wednesday manager Stuart Gray backed striker Stevie May to end his goalscoring drought after the striker missed chances against Brentford.The 21-year-old, who has not found the net in six games, hit the post in the first half of a goalless draw at Griffin Park and boss Gray insisted he was pleased to come away with a point.“I’m sure Stevie will get a run of goals soon. He’s hit the post tonight and how it’s ended up goalless I don’t know,” Gray said.“We’ve dominated periods in both halves and their keeper’s made a number of fine saves. But collectively it was a great team effort.“I’ve got to give the forwards credit for the way they defended from the front and attacked. I’m sure they’ll start scoring soon but I need goals from all around the team too.“We’ve also got to start scoring from set-pieces with our defenders, which we’re not doing. We had a lot of chances from those today.”Follow West London Sport on TwitterFind us on Facebooklast_img read more

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Irma Stern portrait fetches auction record of R17,6-million

first_imgStill Life with African Woman, a work by South African ​expressionist Irma Stern, fetched R17,6-million at an art auction in London on Wednesday.The Bonhams London’s biannual South African sale was dominated by Stern once again, with nine of her paintings on sale. African Woman, in a replica Zanzibari frame, fetched the top price of £962 500.The lot comprising 128 South African artworks fetched a total of £2.4-millon (about R44-million)​, including ​two paintings by Alexis Preller​.​ ​​Both works were inspired by ​Preller’s​ international travels: The Creation of Adam II sold for £326 500 (R6-million), was motivated by the artist’s visit to Greece, while Pirogues, Beau Vallon, which sold for £122 000 (R2,2- million), depicts a scene from the Seychelles, which he visited in 1948.The Kitchen Table, a work by Gerard Sekoto, South Africa’s leading black artist, sold for £158 500 (R2,9-million). ​​”This painting reveals more than a simple kitchen interior; it expresses the deep familial bond that exists between the sitters,” said Hannah O’Leary, head of South African Art at Bonham’s.”By emphasising their humanity, Sekoto encourages us to empathise with these figures and recognise the injustice of their situation.”​Record-breaking​ ​​ In March 2011, Bonhams achieved a record auction price for any South African work of art when Stern’s Arab Priest (1945) fetched R17,2-million. Her Two Arabs sold for R21,1-million at a South African auction held by Strauss&Co in 2011, making it the highest price ever fetched by a South African painting.Born in 1894 in South Africa to German-Jewish emigres, Stern studied art in Germany and settled in Cape Town in the 1920s. Though her early work was dismissed, by the time of her death in 1966, Stern was the country’s most acclaimed artist, though interest had tapered off internationally.Stern’s portraiture is characterised by its diversity,​ O’Leary ​explains on Bonhams’ website​​ . “Her oeuvre includes representations of Africans, Arabs, Europeans, Malays and Indians. A constant traveller, Stern was motivated by her interest in different cultures. Her attention to her sitters’ dress and jewellery highlight their distinct ethnic identities.“Although widely acclaimed for their sensual quality, Stern’s portraits have been criticised for reinforcing racial and gender stereotypes, reducing her sitters to exotic curiosities. However, one can argue that Stern’s differentiation between her Zulu, Xhosa and Swazi subjects (among others), reveals her interest in them as individuals.”Still Life with African Woman is, ​O’Leary says, “a telling example of Stern’s concerted transition into modernity, not only within her art, but also within herself”. The subject is culturally demonstrative and traditional, but Stern has also imbued her with “an undeniable modernity and a sexuality rarely seen in her pre-War works”.SAinfo reporterlast_img read more

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Ohio Cattlemen’s Association celebrates Best of the Buckeye breeders

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The Best of the Buckeye Program, hosted by the Ohio Cattlemen’s Association (OCA) in conjunction with the Ohio Beef Expo and the Ohio State Fair, successfully concluded its fifth season. The program rounded out the year with 269 head of cattle nominated by 146 breeders.The Best of the Buckeye program recognizes top-placing Ohio bred, born and registered calves, along with the breeder and exhibitor, in each breed division at the two shows. This year a new event was created for breeder recognition sponsored by Sullivan Supply and Stock Show University. Thanks to these generous sponsors, over $10,000 was awarded in prizes to breeders in late August at the first annual Breeder Reception. Nominating breeders gathered in late August for an ice cream social, program and prize drawing. All attending breeders at the reception received a coupon for half off the price of a purchase of an e-blast to OCA’s membership to market their Best of the Buckeye cattle for the 2019 season.New this year, OCA offered a People’s Choice division for breeders and exhibitors to promote their Best of the Buckeye cattle from the Ohio Beef Expo and Ohio State Fair for friends and family to vote for their favorites. The social media campaign reached over 40,000 people and the winners were named at the breeder reception. Earning the people’s choice for the heifer division was Jacob LeBrun with his Angus heifer bred by Hall Cattle Company and topping the steer division was Hudson Drake with his Chianina steer bred by Grauer Show Cattle. Both the exhibitor and breeder of the People’s Choice award winners received a banner commemorating their win.The program provides Ohio seedstock breeders an additional marketing opportunity, creates a source for moderately priced show steers and heifers by providing a program with awards and prestige and attracts new participants interested in showing at the Ohio Beef Expo and/or the Ohio State Fair with the benefit of added premiums. Breeders are encouraged to use the Best of the Buckeye logo for use in printed and digital promotion of Best of the Buckeye eligible cattle. The logo may be downloaded from the website at www.ohiocattle.org or requested by email at [email protected] Best of the Buckeye show results and additional program details are available at https://www.ohiocattle.org/best-of-the-buckeye or by contacting the OCA office. For more information, contact the Ohio Cattlemen’s Association at 614-873-6736 or email [email protected]last_img read more

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Madhya Pradesh Assembly elections: Shivraj Singh Chouhan banks on welfare schemes to win a fourth term for BJP

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Movie on Dhoni to be tax free in Jharkhand

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Oppn parties attack Shah on Hindi pitch

first_imgNEW DELHI: Union home minister and BJP national president Amit Shah’s assertion that Hindi can “unite the country” on Saturday received severe criticism from Opposition parties, who asked him to reconsider his appeal of Hindi becoming a “common language” of the country and “India’s identity globally.”Trinamool Congress supremo and Bengal chief minister Mamata Banerjee described Shah’s comments as an attempt to divert public attention from the failure of their government at the Centre. Also Read – India gets first tranche of Swiss bank a/c detailsKerala Chief Minister Pinarayi Vijayan on Sunday said it was a “planned attempt” to stir up controversy and divert attention from pressing problems in the country He termed it as a ‘war cry’ against the mother tongue of non-Hindi speaking people. The DMK president M K Stalin on Sunday accused the Centre of “autocratic imposition of Hindi” and underscored the need for unity in opposition ranks to take forward protest against the government on such issues. Also Read – Tourists to be allowed in J&K from ThursdayPuducherry Chief Minister V Narayanasamy on Sunday registered a strong protest and claimed it was a “clear exposure of the hidden agenda” of the Centre to impose the language on non-Hindi speaking states. Amid a raging debate over Hindi as a common language for the country, Congress leader Jairam Ramesh on Sunday said it would never be a reality. Any attempt to impose one language will lead to disruption of the country’s unity, the CPI(M) said on Sunday criticising Union Home Minister Amit Shah’s comments on Hindi.last_img read more

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Trinkets Treasures National Fair Online Auction Extended

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppNassau, 07 Feb 2016 – The board of directors of the Historic Bahamas Foundation today announced the extension of the online auction, in connection with the Trinkets & Treasures National Fair held over the weekend, with part proceeds to benefit repairs to The Hermitage on Cat Island. “We had such a great response to the online auction we thought it necessary to extend the time to allow persons to bid on a few remaining prizes not scooped up during the fair on Saturday,” said Owen Bethel, Foundation Chairman.Thousands of dollars-worth of items including weekend trips for two at chic resorts, romantic dinners, luxury timepieces, electronics, access to a number of attractions and excursions, two Harl Taylor bags, paintings, jewelry and other items will be on display in a virtual arena for bid. Participating organizations donating items towards the auction were comprised of the Bahamas Red Cross, Sickle Cell Association, Historic Charles Towne, Blairwood Academy, PMH Foundation, Price of Peace Lodge, the Bahamas National Feeding Network, The Links Inc., Anthony Howorth as well as other corporate partners. “There are some great deals and we’re encouraging persons to take advantage of this second opportunity to outbid and be the lucky winner,” said Bethel. The fair held on Saturday on the grounds of Collins House, Shirley Street & Collins Avenue was compared to a national patio sale with booths displaying fine art, books, antiques, furniture and collectibles.The auction can be accessed at auction.bahamaslocal.com until Friday, February 12. Hundreds Expected to Fill Collins House Grounds for Trinkets & Treasures Fair and Auction to benefit 10 charities Related Items:historic bahamas foundation, Trinkets & Treasures National Fair Facebook Twitter Google+LinkedInPinterestWhatsApp Recommended for youlast_img read more

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Public Outdoor Ice Skating Rink Coming To Rotary Park This December

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