Simon set to sign £3bn loan to fund Capital Shopping Centres takeover

first_imgTuesday 4 January 2011 12:13 am Simon set to sign £3bn loan to fund Capital Shopping Centres takeover Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof whatsapp Show Comments ▼ Tags: NULLcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com ALL EYES will be on US real estate firm Simon Property this week as it signs loan agreements to fund a formal bid for UK mall owner Capital Shopping Centres worth around £3bn. Simon has until 12 January to formalise its 425p per share offer for the FTSE 100-listed firm after the City”s Takeover Panel issued a “put up or shut up” notice last month. America’s biggest retail property group Simon said last week it had agreed terms for a loan of around £3bn with Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley. The loan facility announced would more than cover a bid at 425p per share, excluding Simon’s existing 5.1 per cent stake, though the exact terms of the loan are not finalised.Analysts have previously voiced concerns that a bid at the current price would not be enough to persuade CSC investors to sell their stakes. Simon first approached Capital in November, in an attempt to frustrate the firm’s £1.6bn deal to buy the Trafford Centre near Manchester.Simon has said it will not make a deal unless the Trafford purchase from Peel Holdings is scrapped, and it has access to CSC’s books to undertake due diligence. Capital has so far rejected Simon’s requests. Capital is due to hold a shareholder meeting on 26 January to approve the takeover of the Trafford Centre, after delaying the vote in the wake of Simon’s advances. whatsapp KCS-content Sharelast_img read more

House in Futrono / Cristián Izquierdo Lehmann

first_img Chile Houses 2013 Photographs:  Alberto Browne, Roland Halbe Manufacturers Brands with products used in this architecture project House in Futrono / Cristián Izquierdo Lehmann ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/556730/house-in-futrono-cristian-izquierdo-lehmann Clipboard CopyAbout this officeCristián Izquierdo LehmannOfficeFollowProductsWoodGlassSteel#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesWoodLago RancoChilePublished on October 15, 2014Cite: “House in Futrono / Cristián Izquierdo Lehmann” [Casa en Futrono / Cristián Izquierdo Lehmann] 15 Oct 2014. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogFaucetshansgroheKitchen Mixers – Aquno Select M81Vinyl Walls3MVinyl Finishes in HealthPartners Regions HospitalPartitionsSkyfoldWhere to Increase Flexibility in SchoolsCoffee tablesBoConceptMadrid Coffee Table AD19SkylightsLAMILUXFlat Roof Exit Comfort DuoMetallicsTrimoMetal Panels for Roofs – Trimoterm SNVSkylightsVELUX CommercialModular Skylights in Atelier Zimmerlistrasse OfficeStonesNeolithSintered Stone – Iron Moss – Iron CollectionCeramicsTerrealTerracotta Facade in Manchester HospitalWoodBlumer LehmannConsulting and Engineering in Wood ProjectsGlassBendheimLuminous Mirrored GlassWire MeshTwentinoxMetal Mesh – Golf Romeo 7More products »Read commentsSave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 CopyHouses•Lago Ranco, Chile Year:  ArchDaily House in Futrono / Cristián Izquierdo LehmannSave this projectSaveHouse in Futrono / Cristián Izquierdo Lehmanncenter_img Photographs Architects: Cristián Izquierdo Lehmann Year Completion year of this architecture project Manufacturers: KEIM, Microfloor, Osmo, Cintac®, Hunter Douglas, Nuprotec, Renner Coatings Products translation missing: en-US.post.svg.material_description Projects “COPY” Products used in this ProjectMineral / Organic PaintsKEIMMineral Concrete Stain – Concretal®-LasurConstruction:Luis IzquierdoCity:Lago RancoCountry:ChileMore SpecsLess SpecsSave this picture!© Roland HalbeText description provided by the architects. Located on the western shore of Lake Ranco, in the south of Chile, this vacation house has the capacity to host up to 18 people. The main challenge of the project was to make a compact villa composed by relatively independent parts.Save this picture!EmplazamientoA villa implies a unitary figure made of adjoining rooms with short paths as circulation –gathering people together by reducing the external perimeter. A composition of separate parts entails an addition of rooms with a self-centered shape in plan as well as in section—reducing the internal links while allowing multiple contacts with the outside. The project tries to juxtapose these two compositional approaches within an external structure common to both.Save this picture!Floor Plan+ 18The main rooms are located in a piano nobile and the children’s area in a basement facing the lake. The main floor’s internal configuration is defined by an “H” shape within a nine square grid, in order to gradually enter from the outside to the center, and from there to each room. All these parts are covered by a symmetrical four-pitched structure made of metal beams, directly supported on metal columns with different heights, following the levels of the ground. Save this picture!© Roland Halbe+ 18Each room is, to a certain extent, dependent on the overall system while simultaneously preserving its own independency—its own center. The structure is autonomous and relates only the crucial parts of the project, aiming to balance the attributes of the building as a whole with the specific requirements of its parts.Save this picture!© Alberto BrowneProject gallerySee allShow lessBL783 Building / Walter ArquitectosSelected ProjectsMarc Mimram Reveals Design for New TGV Station in MontpellierUnbuilt Project Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/556730/house-in-futrono-cristian-izquierdo-lehmann Clipboard “COPY” Save this picture!© Alberto Browne+ 18 Sharelast_img read more

Protest vs. anti-woman conference

first_img‘Church Militant’ hate group picketed in Michigan.Sterling Heights, Mich. — The so-called Church Militant held a men-only “Strength and Honor” conference Aug. 5 at the Wyndham Garden Hotel in Sterling Heights, Mich. The group could not hide its right-wing agenda from the community.Detroit Workers World Party and the Michigan People’s Defense Network held a press conference July 28 in Ferndale, Mich., outside CM’s headquarters, to make the hate group’s presence known in the metro Detroit area and to announce a protest against the reactionary, sexist conference.Church Militant is a radical, theocratic online radio station. Originally called “Real-­­ Catholic.TV,” they were forced to remove “Catholic” from their name by the Archdiocese of Detroit in 2011. (goo.gl/vyupca)Church Militant broadcasts daily on web shows primarily promoting Donald Trump, anti-abortion rhetoric, Catholic theocracy, strict traditionalist social ideas, hatred of women and LGBTQ people, anti-Semitism and other dangerous ideas.Although Church Militant had been planning and promoting their men-only conference for several months, it only managed to attract about 50 attendees. Dozens of protesters, however, gathered on a week’s notice to counter CM’s hate and lies.Church Militant attempted to pretend that this was a matter of free speech and religious love. But their atrocious ideas have nothing to do with love. Their supporters sent hate mail and threats of violence to the MPDN when it announced the press conference. The “Three Percenters,” a known neo-Nazi group, threatened that they would show up to protect the conference, which they never did.It is important to continue to actively resist these types of hate groups in our local communities. They should not be ignored.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Call for well-known Yemeni blogger’s release

first_img Organisation Less press freedom than ever in Egypt, 10 years after revolution EgyptMiddle East – North Africa EgyptMiddle East – North Africa January 22, 2021 Find out more Detained woman journalist pressured by interrogator, harassed by prison staff February 6, 2021 Find out more February 1, 2021 Find out more Reporters Without Borders condemns well-known Yemeni human rights activist and blogger Feras Shamsan’s detention since 1 February, when he was arrested while covering Cairo’s International Book Fair.According to the information obtained by Reporters Without Borders, Shamsan was interviewing someone attending the book fair when a passer-by objected to the interviewee’s comments on the political situation. Police intervened in the ensuing argument, arresting Shamsan.After he was charged with “broadcasting false news and rumours that disturb public peace and security,” a prosecutor ordered him held for another 15 days on 4 February “for further investigation.” Shamsan appealed against this decision but, on 6 February, a court in the Cairo district of Nasr City confirmed that he should remain in detention until 19 February. February 14, 2014 – Updated on January 20, 2016 Call for well-known Yemeni blogger’s release Follow the news on Egypt Newscenter_img RSF_en Egypt is ranked 159th out of 180 countries in the 2014 Reporters Without Borders press freedom index. News Help by sharing this information Al Jazeera journalist Mahmoud Hussein back home after four years in prison to go further Receive email alerts News Shamsan made a name for himself when he began documenting human rights violations during the 2011 uprising in Yemen.“Egypt’s current authorities must stop detaining news providers on trumped-up charges and instead respect the principles enshrined in the new constitution, including article 71, which forbids prison sentences for media offences,” Reporters Without Borders said. “As freedom of information is the cornerstone of any democratic state, we urge the authorities to release all detained news providers and to drop all proceedings against them.”Every since President Mohamed Morsi’s ouster on 3 July, the authorities have been persecuting news media and journalists regarded as hostile to the new regime. Arrests, prolonged detention and trumped up charges have all been used to gag news providers perceived as critical. Newslast_img read more

United Health Pledges $1M to Support L.A. County’s Vulnerable

first_imgThe United Health Foundation has pledged $1 million to provide urgent assistance to Los Angeles County residents experiencing homelessness during the COVID-19 pandemic, it was announced Friday.The partnership with the California Community Foundation’s COVID-19 LA County Response Fund is part of UnitedHealth Group’s previously announced initial $50 million commitment to fight COVID-19 and support those most directly impacted, including healthcare workers, hard-hit communities, seniors and people experiencing homelessness and food insecurity, the foundation said.The donation will support Los Angeles County clinics and hospitals that serve unsheltered residents and low-income individuals, triaging those who are sick or who have been exposed to the virus, and will assist housing providers and shelter operators who are responding to the increased demand for emergency services for the county’s homeless population, according to UnitedHealth.“The COVID-19 public health emergency has compounded the many challenges faced by Los Angeles County’s most vulnerable residents,” said Dr. Amar Desai, president and chief executive officer for Optum California, an integrated health system made up of medical groups and physician networks serving more than 1.4 million patients across Southern California.“This assistance will help support some of the hardest-hit members of our community, including those without reliable access to housing,” he said.UnitedHealth Group, including UnitedHealthcare, Optum and the United Health Foundation, has a history of addressing homelessness, a key determinant of health among vulnerable populations in California and across the country. Community News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Community News United Health Pledges $1M to Support L.A. County’s Vulnerable CITY NEWS SERVICE Published on Friday, April 10, 2020 | 11:42 am faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Donald CommunityPCC- COMMUNITYVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Your email address will not be published. Required fields are marked * Name (required)  Mail (required) (not be published)  Website  STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy 24 recommended0 commentsShareShareTweetSharePin it STAFF REPORT First Heatwave Expected Next Week center_img More Cool Stuff Business News Herbeauty10 Of The Most Notorious Female Spies In HistoryHerbeautyHerbeautyHerbeautyThis Is What Happens To Your Face After DermaplaningHerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeauty15 Beauty Secrets Only Indian Women KnowHerbeautyHerbeautyHerbeautyCostume That Makes Actresses Beneath Practically UnrecognizableHerbeautyHerbeautyHerbeautyAncient Beauty Remedies From India To Swear By For Healthy SkinHerbeautyHerbeauty Community News 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. CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Subscribe Make a comment Top of the News last_img read more

2 New COVID-19 Deaths Reported in Pasadena as New Infections Continue Decline

first_img Community News 14 recommended0 commentsShareShareTweetSharePin it Your email address will not be published. Required fields are marked * Community News Subscribe Business News STAFF REPORT First Heatwave Expected Next Week Herbeauty15 things only girls who live life to the maximum understandHerbeautyHerbeautyHerbeauty’First Daughters’: From Cute Little Kids To Beautiful Young WomenHerbeautyHerbeautyHerbeauty6 Trends To Look Like A Bombshell And 6 To Forget AboutHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeautyHerbeautyYou’ll Want To Get Married Twice Or Even More Just To Put Them OnHerbeautyHerbeauty <span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”>?</span>Pasadena health officials on Tuesday reported the lowest number of new COVID-19 infections since mid-November at 23 but added two additional fatalities to the local death toll.Both of the recent fatalities were residents of long-term care facilities, city spokeswoman Lisa Derderian said. Their ages were not available.Newly reported infections reached the lowest level reported since Nov. 16, according to city data. Pasadena has witnessed an overall trend of steadily decreasing numbers of new infections since the figures peaked in early- and mid-January.Since the onset of the pandemic in March, the city has recorded a total of 10,531 cases of COVID-19 and 280 associated deaths.Huntington Hospital officials reported a continued slow but steady decline in new COVID-19 admissions, with 111 COVID-19 patients being treated on Tuesday. Twenty-two of them were being treated in intensive care units.Over the prior week, an average of 12.6 COVID-19 patients had been admitted to the facility daily.At the regional level, Los Angeles County public health officials reported 3,353 new infections and 227 additional fatalities on Tuesday, bringing the countywide totals to 1,152,239 cases of the virus and 18,360 deaths.Just under 4,080 patients were hospitalized with COVID-19 throughout the county, according to the L.A. County Department of Public Health. Twenty-nine percent of them were being cared for in ICUs.Among the new infections were five cases of the UK variant of the SARS-Cov-2 virus, known as variant B.1.1.7, the agency said in a written statement. In all, eight such infections have been detected.“The B.1.1.7 variant is more easily transmissible, and verification of the variant in L.A. County means residents and businesses must be extremely diligent adhering to all public health safety measures, including wearing face coverings, distancing from others, and handwashing; these measures protect against transmission of the virus and known variants,” the statement said.L.A. County Director of Public Health Barbara Ferrer said the county appeared to be on the brink of a major breakthrough, so long as numbers continued trending down.“We are only weeks away from reducing transmission in L.A. County to a level where elementary schools will be allowed by the state to offer in-class instruction, provided they adhere to all state and county directives,” Ferrer said. “Schools that decide to open will need to require masking, distancing and routine testing. Please do your part to continue to slow the spread so that our recovery journey does not suffer a setback.”The California Department of Public Health announced 8,251 newly detected infections and 327 fatalities on Tuesday.The state’s average positivity rate over the prior week had dropped to 4.8%, according to the CDPH. The 14-day average was 5.6%.As of Tuesday, L.A. County accounted for 34% of California’s COVID-19 infections and 41% of the state’s deaths. Make a comment faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Donald CommunityPCC- COMMUNITYVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimescenter_img Community News 2 New COVID-19 Deaths Reported in Pasadena as New Infections Continue Decline 5 new cases of UK variant detected in L.A. County By BRIAN DAY Published on Tuesday, February 9, 2021 | 3:56 pm Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena 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. CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday More Cool Stuff STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Top of the News Name (required)  Mail (required) (not be published)  Website  EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDSlast_img read more

Kioxia inicia construção de nova instalação de fabricação na planta de Yokkaichi para dar…

first_img Facebook Previous articleN.C. State holds off Pitt 74-73 for 11th straight in seriesNext articleThe Latest: Start of ski worlds pushed back to Thursday Digital AIM Web Support Twitter WhatsApp Facebook Artist’s impression of Fab 7, Yokkaichi Plant By Digital AIM Web Support – March 19, 2021 TAGS  center_img Local News Kioxia inicia construção de nova instalação de fabricação na planta de Yokkaichi para dar suporte à produção de memória Flash 3D de sexta geração Twitter Pinterest WhatsApp Pinterestlast_img read more

Five men arrested in connection with Ronan Kerr murder

first_img Pinterest By News Highland – July 26, 2011 Facebook Twitter Five men have been arrested and a major search operation is under way across Northern Ireland over the murder of police officer Ronan Kerr.The 25-year-old Catholic policeman was killed when a bomb exploded under his car in Omagh on 2 April.About 200 officers are currently involved in seven searches in Coalisland, Toomebridge, Bellaghy and Ballyronan.The five men, aged from 22 to 46, were arrested under the Terrorism Act.Before todays operation, a total of 33 searches had been conducted in connection with the murder in Northern Ireland, the Republic of Ireland and Scotland.The latest police investigation is being led by detectives from the Serious Crime Branch.All five men have been taken to Antrim police station for questioning.Police said clothing, mobile phones, computers and cars had all been seized for forensic analysis.Police said a £50,000 reward remains on offer for information leading to the arrest and conviction of those responsible for Constable Kerr’s murder. Google+ Main Evening News, Sport and Obituaries Tuesday May 25th Gardai continue to investigate Kilmacrennan fire News Further drop in people receiving PUP in Donegal Twitter Google+center_img WhatsApp 75 positive cases of Covid confirmed in North Facebook WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Previous articleCouncil executive going over elected member’s headsNext articleDate for council co-option challenge to be set on Thursday News Highland RELATED ARTICLESMORE FROM AUTHOR Five men arrested in connection with Ronan Kerr murder Pinterestlast_img read more

NCLT Has No Jurisdiction To Examine Legality Of Action Taken Under MPID Act: Bombay High Court

first_imgNews UpdatesNCLT Has No Jurisdiction To Examine Legality Of Action Taken Under MPID Act: Bombay High Court Nitish Kashyap20 Nov 2020 7:00 AMShare This – xThe Bombay High Court has held that the National Company Law Tribunal has no jurisdiction to examine the legality or validity of action taken under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act and it is only the designated Court constituted under Section 6 of the said act that will have exclusive jurisdiction to deal with the same.Division bench…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 Bombay High Court has held that the National Company Law Tribunal has no jurisdiction to examine the legality or validity of action taken under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act and it is only the designated Court constituted under Section 6 of the said act that will have exclusive jurisdiction to deal with the same.Division bench of Justice SC Gupte and Justice Madhav Jamdar quashed and set aside the order dated January 28, 2019 passed by the Member (Judicial), National Company Law Tribunal, Mumbai Bench directing de-freezing of bank account in the name of Dunar Foods Ltd, which was freezed in relation to the National Spot Exchange Limited (NSEL) payment default crisis.Case BackgroundThe NSEL provided an electronic platform for spot trading in commodities, and used to operate from 16 States across the country. It was promoted by FTIL, now known as “63 Moons Technologies Pvt. Ltd.”, which holds 99.99% of the share capital of NSEL. The balance 0.01% of the share capital of the NSEL is held by the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED).An FIR was registered against 63 Moons Technologies Ltd, NSEL, the Directors and key management persons of FTIL and NSEL, borrowers/trading members of NSEL, some brokers of NSEL, and others, under sections 120B, 409, 465, 467, 468, 471, 474, 477(A) of IPC by the MRA Marg police station on September 30, 2013. In the said FIR, it is alleged that NSEL had caused wrongful loss of approximately Rs.5600 crores to more than 13000 investors. On the same day, the investigation into the said case was transferred to Economic Offence Wing, Mumbai.As per the FIR, members of the NSEL fraudulently obtained huge funds from the NSEL against non-existent stocks of commodities. There was a semblance of trading, which was actually being done in non-existent goods, by issuing forged warehouse receipts. Further, the warehouses, which were an integral part of the NSEL as the commodities were required to be deposited in the exchange designated and certified warehouses as part of the pay-in obligations, lacked capacity and some of them had no stocks.Although, NSEL announced a settlement schedule in August 2013, spread over 30 weeks for pay-out on a pro-rata basis to 148 members. The NSEL subsequently defaulted in all the payouts since the announcement of the settlement plan.When the said investigation by EOW was going on and when the authorities were taking action under MPID Act, simultaneously on June 27, 2017, the State Bank of India, a Financial Creditor of M/s. Dunar Foods Ltd., invoked the jurisdiction under Section 7 of the Insolvency and Bankruptcy Code for the defaulted financial debt of over Rs.758 crore outstanding against M/s.Dunar Foods Ltd. The said petition was admitted by the NCLT and Anil Kohli was appointed as Insolvency Resolution Professional and directed to comply with provisions of Sections 13 and 15 onwards of IBC.More significantly, on February 20, 2018, application was filed by Dunar Foods Ltd. through IRP under Section 9 of MPID Act before the Designated Court under MPID Act, seeking direction to defreeze their bank accounts.By order dated December 28, 2018, passed by the Special Judge (MPID Act) City Civil and Sessions Court for Greater Bombay, the said application was rejected, however, it was clarified that IRP was at liberty to raise objections before the Court under section 7 of the MPID Act.Meanwhile, on November 12, 2018, a miscellaneous application was filed by IRP for Dunar Foods Ltd. under section 60(5), 14(1a) and 74(2) of IBC before the NCLT, seeking direction to de-freeze the said account of the corporate debtor By the impugned order dated January 28, 2019, passed by the NCLT, Mumbai Bench, defreezing of the said account was allowed. The said order is challenged by the State of Maharashtra through Deputy Collector and Competent Authority, (NSEL) in the present writ petition.SubmissionsAdditional Government Pleaders AP Vanarase and YD Patil appeared on behalf of the State. AGP Patil submitted that the NCLT has no jurisdiction and no authority under law to pass the impugned order. He submitted that MPID Act is a special statute, which has as its object the protection of interest of depositors of Financial Establishments and matters relating thereto. There is an elaborate procedure for attachment and for hearing and making the order of attachment absolute and for hearing objections to the same by the designated court, he added. Provisions of the MPID Act are very clear and, therefore, it is obvious that NCLT has no jurisdiction to interfere with the attachment order issued by the Government of Maharashtra by exercising power under section 4 of the MPID Act, AGP Patil argued.On the other hand, Advocate Abhishek Anand appeared on behalf of IRP Anil Kohli and pointed out various provisions of IBC including Sections 5(12), 7, 14(a), 14(c), 15, 17(i)(d), 20, 32A and 60(5)(a)(b) thereof. He submitted that Section 60 of IBC specifically provides that the adjudicating authority in relation to insolvency resolution and liquidation for corporate persons, including the corporate debtor, and personal guarantors thereof, shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located. Moreover, he argued that it is the exclusive jurisdiction of the NCLT to entertain and dispose of proceedings which are contemplated under IBC. He submitted that by Section 63, jurisdiction of the Civil Court or any authority is specifically barred in respect of any matter on which NCLT or NCLAT have jurisdiction under this Code. Therefore, the impugned order passed by NCLT is within the jurisdiction of NCLT and only NCLT will have exclusive jurisdiction, Adv Anand said.JudgmentThe bench examined the Insolvency and Bankruptcy Code as well as the MPID Act. Court also examined various judgments cited by both parties. Most importantly, the Court cited the decision of the Supreme Court in Embassy Property Developments Pvt. Ltd. vs. State of Karnataka and observed-“It is clear that the appropriate forum to challenge the attachment of the account of the Respondent is the Designated Court under MPID Act where the Respondent can raise all contentions on merits and also can point out the provisions of IB Code and the effect of the same on the steps taken under the MPID Act. It will be for the MPID Court to consider the interplay of the provisions of the MPID Act and the IB Code and rule on the matter.”Finally, the Court said-“Thus, in view of the above discussion, we hold that the NCLT has no jurisdiction to examine legality or validity of action taken under MPID Act and it is only the Designated Court constituted under Section 6 of the MPID Act that will have exclusive jurisdiction to deal with the same. Therefore, the impugned order passed by the NCLT is without jurisdiction and therefore, amenable to a challenge in our writ jurisdiction.”Noting that the only remedy for the IRP now is to approach the designated court under Section 7 of the MPID Act, the NCLT’s order was set aside.Click Here To Download Judgment[Read Judgment]Next Storylast_img read more

Chatwins buys up four P&A Davies stores

first_imgCraft baker Chatwins has taken over four shops previously run by fellow Cheshire firm P&A Davies, which went into administration earlier this month.Chatwins has rebranded the stores in Chester the city centre, Hoole and Blacon along with one in Ellesmere Port, and employed 28 of the staff who were made redundant. However, it decided not to take on the two other shops in Chester because sales were too low.Chairman Edward Chatwin said it was an opportunity to further the chain’s presence in the Chester area. “This is an exciting development for Chatwins,” he said. “Like ourselves, Davies of Chester is a well-known family bakery business dating back a century or more. Their custo-mers expect high-quality confectionery and savoury products and I’m sure they will welcome the Chatwins brand.”He said Chatwins planned to focus on bake-off and the lunchtime trade in the newly acquired stores. The deal fits with Chatwins’ growth across Cheshire and Staffordshire; it now boasts 23 retail outlets and three coffee lounges, supplied by its Nantwich bakery. “We are blessed with loyal and dedicated staff,” said Chatwin. “I’m sure with their support and by utilising the spare capacity in our bakery we can make a success of this expansion.”Earlier this month, Frank Roberts and Sons announced that it had bought P&A Davies’ central bakery.Administrator Baker Tilly Tax and Accounting said the two remaining stores were not being marketed and that it was up to the landlords who own the lease to decide what to do with them.>>Roberts snaps up central bakery of P & A Davieslast_img read more

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