Latest news with #AbhishekManuSinghvi
Time of India
9 hours ago
- Politics
- Time of India
Please quit, Justice Varma
Abhishek Manu Singhvi is a member of parliament, jurist, former additional solicitor general of India and national spokesperson of the Congress party. He is also a senior advocate of the Supreme Court; former chairperson, parliamentary committee on law & justice; former chairperson, Ficci Indo-USA parliamentary forum; writer, speaker and media commentator. LESS ... MORE His fate is in Parliament's hands now, and the odds are stacked against him. The first-ever sacking of an HC judge would be degrading for the judiciary's position I was deeply saddened and shocked by the extraordinary discovery at Justice Yashwant Varma's residence in March. A man of enviable legal competence, great judicial efficiency, equable temperament and balance on the Bench, his visage had come to embody calm, reasoned authority. When the first firefighters arrived on the scene, they found several bags of unaccounted cash among the burnt remains. This appears not only to be the finding of the in-house inquiry but also the admitted position, since the judge's defence is that the outhouse was not in his exclusive control. Read the full story on TOI+. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
01-06-2025
- Business
- Time of India
Hindusthan National Glass lenders to recover more as INSCO to match AGI Greenpac bid
The Supreme Court 's latest ruling in the Hindusthan National Glass (HNG) insolvency case has increased the recovery for creditors as the payout by Independent Sugar Corporation (INSCO), the successful resolution applicant, has gone up. While dismissing AGI Greenpac 's review petition in the insolvency matter, SC recorded the assurance of Abhishek Manu Singhvi, counsel for INSCO, that the company remains committed to its earlier proposal to the Committee of Creditors (CoC). As per this commitment, INSCO will match AGI's cash offer to financial creditors, which pushes total payout to ₹2,752 crore, that is ₹357 crore higher than its original offer. INSCO's original resolution plan proposed a payout of ₹1,850 crore to financial creditors (FCs), ₹50 crore to operational creditors (OCs), and a 5% equity stake in the company, valued at ₹495 crore, to the FCs. This brought the total consideration under the plan to ₹2,395 crore. INSCO's offer of ₹1,850 crore had envisaged 49% recovery for creditors on total admitted claims of ₹3,786 crore, where now the recovery will go up to 58%. However, following the Supreme Court's directive, INSCO will now match the higher upfront cash offered by AGI Greenpac to the financial creditors. The revised structure requires INSCO to pay ₹2,207 crore to FCs, while maintaining the ₹50 crore outlay to OCs. The 5% equity component to lenders remains unchanged, with a value of ₹495 crore. This pushes INSCO's total payout to ₹2,752 crore, which is significantly higher than its original offer. The Supreme Court on Friday dismissed a review petition filed by AGI and recorded senior advocate Abhishek Manu Singhvi's statement that INSCO will pay as per the February 24 proposal to the Committee of Creditors (CoC). The court directed the CoC to reconsider the resolution plan on three parameters-matching AGI's cash component, maintaining the ₹ 50 crore payout to operational creditors and workmen, and preserving the equity offer. "We propose to place on record the statement of Dr. Abhishek Manu Singhvi... that INSCO is bound by the commitment made to the CoC vide letter dated 24.02.2024," the court said. The ruling provided clarity in a prolonged legal battle between the two bidders and affirms INSCO's enhanced commitment to resolving the HNGIL insolvency. On January 29, 2025, the Supreme Court rejected AGI Greenpac 's resolution plan for HNG, stating it violated Insolvency and Bankruptcy Code (IBC) rules. The Court noted that the plan lacked prior approval from the Competition Commission of India (CCI) before being voted on. AGI later filed a review petition, arguing that the verdict had clear errors and major procedural lapses.
New Indian Express
28-04-2025
- Politics
- New Indian Express
Singhvi defends SC verdict on TN governor case; stresses Constitution's supremacy
CHENNAI: Congress leader and Rajya Sabha MP Abhishek Manu Singhvi refuted criticisms being made against the recent landmark judgment of the Supreme Court in Tamil Nadu's case against its governor and said it is the Constitution that is supreme and not the other three pillars of legislature, executive and the judiciary. Addressing the function where Chief Minister MK Stalin felicitated four senior advocates, including Singhvi, who successfully represented the state in the case, the MP said the framers of the Constitution gave powers to the SC through Article 145 to be its custodian and final interpreter and therefore everyone should respect the verdict. In what appeared as a veiled reference to the criticism of Vice-President Jagdeep Dhankhar against the verdict, Singhvi said before anyone 'shoot their mouth off', they should understand the meticulous approach of the SC bench that delivered the verdict. He said, at least on two occasions, the bench prepared a list of ancillary questions arising out of the case and made both parties to present detailed submissions on them. Though the Constitution is largely unitary in conception and design, it is an 'amazing and beautiful paradox' that federalism has now become its basic structure over the last 75 years. Stalin lauded the efforts of the four advocates and their team for the 'historic' verdict that is a victory for democracy, states' legislatures and their rights. Rajya Sabha member and one of the four senior advocates P Wilson condemned Dhankar's criticism of the judgment, especially the remarks that Article 142 is a 'nuclear missile' available to the judiciary against democratic forces. Wilson said while one criticises a judgment, the institution should not be belittled. Senior advocate Rakesh Dwivedi said those accusing the verdict for being a 'judicial overreach' should look at the 'overreach' of the governor. He said the SC only corrected the overreach of the latter. Senior advocate Mukul Rohatgi did not not attend the function due to personal reasons. Veteran journalist N Ram said if Governor Ravi had any self-respect left, he should resign from his post in the aftermath of the SC verdict.
The Hindu
22-04-2025
- Politics
- The Hindu
Bill on simultaneous polls unconstitutional: A.M. Singhvi
Senior Congress leader and Rajya Sabha member Abhishek Manu Singhvi on Tuesday (April 22, 2025) told the Parliament's joint committee on reviewing legislation on simultaneous elections that any law seeking to subordinate the State election cycle to the Centre's and artificially truncating the Parliament's tenure violated the basic structure of the Constitution, according to informed sources. He was addressing the Joint Committee on the Constitution (One Hundred and Twenty–Ninth Amendment) Bill, 2024 and the Union Territories Laws (Amendment) Bill, 2024, headed by BJP leader and Lok Sabha member P.P. Chaudhary. Rarely is a sitting parliamentarian called to depose before the committee. According to the sources, Mr. Singhvi's presentation that lasted for an hour, was followed by over 90-minute discussion. Three accounts His criticism of the Bills was broadly centred on three accounts. One, Mr. Singhvi argued, seeks to subordinate the State election cycle to the Parliamentary elections, which is a violation of the federal principle and thereby the basic structure of the Constitution. Under the model recommended by the Ramnath Kovind-chaired high-level committee, Mr. Singhvi said several States would suffer drastic curtailment of their tenures. Second, by seeking to reset the parliamentary election cycle by artificially truncating its tenure, the Bill violates the will of the people, which is the building block of any democracy. He also pointed out a key infirmity in the Bill. The sources said, Mr. Singhvi pointed out that such legislation could not be passed without ratification from more than half of State legislatures. Additionally, he said interference with the State Assembly election cycle would also indirectly impact the shape of the Rajya Sabha. Instead of the proposed legislation, Mr. Singhvi, as per sources, contended that the government should consider reducing the duration of elections which would also directly reduce the term of the Model Code of Conduct. Prime Minister Narendra Modi and other BJP leaders have argued that governance is impacted because of extended periods of imposition of model code of conduct for the elections. In 2024, the elections were conducted in seven phases over six weeks, while in 2019 the elections were conducted in 7 phases over 7 weeks. To a specific question raised by Congress leader and Lok Sabha member Priyanka Gandhi Vadra on how will simultaneous elections impact the regional parties, the sources said, Mr. Singhvi quoted the Ramnath Kovind committee report, which had conceded that in majority of cases, the political party that wins at the Centre would also be better placed to win in the States.
