Latest news with #Section7
Time of India
6 days ago
- Business
- Time of India
NCLAT upholds insolvency proceedings against Jaypee Cement Corp
The insolvency appellate tribunal has approved the insolvency proceedings against the debt-ridden Jaypee Cement, upholding an earlier order passed by the National Company Law Tribunal (NCLT). A two-member bench of the NCLAT rejected the appeal filed by Alok Gaur against the NCLT order, saying the debt and default matter is proved, and it did not find any error in the order directing the initiation of insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) rejected Gaur's submission that its parent firm Jaiprakash Associates Ltd (JAL) has signed an MRA (Master Restructuring Agreement) with lenders, undertaken to discharge its liabilities. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Les banques sont jalouses du livret or à 8,63% Top Finance Lire la suite Undo As all debt stood transferred to JAL, now facing CIRP ( Corporate Insolvency Resolution Process ) for failure to implement MRA, and the debt of both JAL and JCCL can be considered, an appropriate resolution can be done. However, rejecting it, the NCLAT said the debt, which was owned by JCCL, to the lenders "shall not be evaporated" merely by the fact that JAL has taken the liability to discharge its debts of JCCL and it does not prohibit the lenders to file insolvency proceedings against it under Section 7 of the IBC, due to the failure of the restructuring proposal. Live Events "The submission of the appellant that JAL having undertaken the liability to clear the debts and defaults of JCCL, hence, JCCL has no liability and no application was maintainable against JCCL, also does not commend us," said the NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. The appellate tribunal further said initiation of CIRP proceedings against JAL cannot be a ground to contend that no proceedings can be initiated against JCCL. "JCCL has also given its securities for obtaining the various facilities from the SBI between 2012 and 2015. The Financial Creditor can always invoke the securities given by JCCL to realise the debt," it said. The Financial Creditor has never shown the debt of JCCL to be transferred to the JAL in its Financial Statements, and the fact that JAL and JCCL in their financial statements have treated the debt to be discharged is not binding on the Financial Creditors. Moreover, the NCLAT in its 26-page-long order pointed out that JCCL was not even the party of MRA, which was not even fulfilled. "The Adjudicating Authority (NCLT), after considering all the relevant facts and circumstances, has come to the conclusion that debt and default on the part of the CD - JCCL is proved. When the debt and default are proved, the admission of the Section 7 Application against JCCL cannot be faulted. "We, thus, do not find any error in the order of the Adjudicating Authority admitting Section 7 Application," the NCLAT said, dismissing Gaur's petition. On July 22, the Allahabad bench of NCLT admitted a petition filed by India's leading public sector lender State Bank of India (SBI), which had provided credit facilities to Jaypee Cement Corporation Ltd (JCCL) between 2012-15. Both JAL and JCCL had defaulted in payment of loans and lenders, including SBI. Later, a composite Scheme of Debt Realignment Plan for the debt of JAL and JCCL was proposed. As per the MRA executed on October 31, 2017, it was divided into three different buckets. Under Bucket 1, the divestment of a substantial part of its cement business along with debt of Rs 11,689 crore to UltraTech Cements was approved. The residual debt of JAL and JCCL was bifurcated into two different buckets. Bucket 2A has a sustainable debt of Rs 5,072 crore, which was to be retained under the residual business of JAL to be serviced from the cash flow from the operations of the residual business of JAL. It also envisaged the shifting of JCCL's Shahabad Cement Plant exposure of Rs 778.10 crore to JAL. While Bucket 2B has an unsustainable debt of Rs 13,590 crore, and it was proposed to be transferred to a separate Real Estate SPV for 20 years, backed by land of 1039 acres (already mortgaged to lenders) of the company, having the value of Rs 14,156 crore. The debt of Bucket 2B has not been resolved and remains outstanding.
Yahoo
18-05-2025
- Sport
- Yahoo
Saranac Flag Catches Playoff Win
SARANAC, NY – The Saranac flag football team would host and beat Keene in the opening round of the Section 7 playoffs. The host school Spartans would jump out to an early lead, with touchdowns from Paige Ubl, Desiree Jean Pierre and Brenna Ducatte to build an 18-0 lead at the half. They would pour it on in the second half to move on to the semifinal when they host Moriah Monday night at 6pm. The other semifinal will have Beekmantown at home with the defending champs, Northeastern Clinton. Same time and same day. Highlights from the quarterfinals in the video above. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-05-2025
- Politics
- Yahoo
Arlington, Virginia, county board blocks police coordination with ICE in more cases
The County Board of Arlington, Virginia, voted this week to further restrict police cooperation with ICE in a move the state's attorney general said only benefits "illegal immigrants that have committed some of the most heinous acts, whether it's human trafficking or even acts of terrorism." Sections of the Arlington County Trust Policy were removed to eliminate "instances in which ACPD can initiate contact with ICE regarding immigration enforcement," the county said on its website. "Banning local police from alerting ICE, from terrorists, from MS-13 gang members, from human traffickers, that is not compassion. That's actually negligence," Arlington Attorney General Jason Miyares told Fox News after the vote. "I want to be clear, this present policy does absolutely nothing to make Arlington safe. It makes it less safe. The only people that benefit from this are illegal immigrants that have committed some of the most heinous acts, whether it's human trafficking or even acts of terrorism. It does not protect the community, does not protect Arlington, does not protect Virginians." Gov. Youngkin Proposes Withholding State Funding From Virginia's 'Sanctuary Cities' A copy of the old Trust Policy, which the county said was first adopted in July 2022 to ensure residents can interact with the local government without fear of action by federal immigration authorities, outlined the instances in which the Arlington County Police Department could reach out to ICE. Read On The Fox News App It said ACPD could contact federal immigration authorities if someone was an "undocumented immigrant" who "has been identified as a gang member and is wanted or arrested for a violent felony or a criminal street gang offense," or if they were "arrested for a terrorism or human trafficking offense," according to a copy of the policy obtained by WJLA. Virginia Gov Promises 'Full Cooperation' With Ice To Deport Illegal Immigrants However, the updated policy no longer includes that language. "To be clear, breaking the law is still breaking the law. This decision does not change that, and if a crime is committed, law enforcement will respond," Takis Karantonis, the chair of the Arlington County Board, said in a statement. "The decision to remove Section 7 and related language comes in the wake of the federal administration's ongoing erosion of the constitutional right to due process, which every person has regardless of their status," he added. "The rhetoric and actions of this administration have led to tremendous stress and fear in our community, and we want to make sure all residents feel safe in engaging with local government, particularly with local law enforcement." Virginia Gov. Glenn Youngkin has come out against the vote, writing on X, "The Arlington County Board's latest action to prohibit Arlington Police from any cooperation with ICE, even regarding violent MS-13 gang members who are illegally here, is dereliction of duty and a betrayal of the oath they swore to protect their constituents. "At what point did protecting violent illegal immigrants become more important than protecting your constituents?" he added. "The Virginia Homeland Security Task Force has been working in Arlington County, catching and arresting violent criminals, including MS-13 gang members. That will continue — unabated — in Arlington and around the Commonwealth." Stephen Miller, White House deputy chief of staff for policy and Homeland Security advisor said, "The Democrat Party is fully radicalized against Americans." When asked by Fox News Digital Friday for a reaction to the vote, DHS Assistant Secretary Tricia McLaughlin said, "These sanctuary politicians are playing Russian roulette with American lives. "While Arlington Country sanctuary politicians work to thwart ICE, DHS will continue arresting criminal illegal aliens and getting them out of our country. Radical sanctuary politicians need to put the safety of the American people first, not criminal illegal aliens. No American wants criminal illegal aliens loose on America's streets and neither should our leaders who represent them," she added. "We find it extremely troubling that Arlington County leaders made the decision to prioritize politics ahead of public safety," ICE acting Director Todd M. Lyons said in a statement to Fox News. "Prohibiting local law enforcement from alerting federal authorities to the presence of an egregious hazard to their community only emboldens criminal offenders while putting people at risk." The agency has made 17 arrests in Arlington County so far this fiscal year, and three of those arrested were confirmed MS-13 gang members. Fox News' Casey Clark contributed to this article source: Arlington, Virginia, county board blocks police coordination with ICE in more cases
Yahoo
16-05-2025
- Politics
- Yahoo
Youngkin calls Arlington County Board's ICE policy a ‘dereliction of duty'
ARLINGTON, Va. () — Virginia Gov. Glenn Youngkin (R) condemned the Arlington County Board's recent move prohibiting local police from cooperating with ICE, calling it a 'betrayal.' On Tuesday, the board unanimously voted to take language out of its '' meaning county law enforcement cannot proactively contact federal immigration authorities about any issue involving undocumented immigrants. Arlington County Board votes to prohibit police from contacting ICE One of the concerns from immigration lawyers and board members that sparked this change is that immigrants have been afraid to report crimes to police for fear of being deported. 'The rhetoric and actions of this administration have led to tremendous stress and fear in our community, and we want to make sure all residents feel safe in engaging with local government, particularly with local law enforcement, ' Takis Karantonis, chair of the Arlington County Board, . 'The County continues to follow state and federal law, but neither requires us to have Section 7. The County has always held that immigration enforcement is the sole and exclusive responsibility of the federal government, and this decision remains consistent with that understanding.' People opposed to the policy change, however, said the move makes the community less safe. 'It's not the American way': Dozens protest outside Supreme Court as judges hear arguments on birthright citizenship order Youngkin took to Thursday evening to voice his opposition to the action, saying, in part, that it's a 'dereliction of duty and a betrayal of the oath they swore to protect their constituents.' 'At what point did protecting violent illegal immigrants become more important than protecting your constituents,' he wrote. DC News Now reached out to the Arlington County Board for a statement in regard to Youngkin's post but did not hear back in time for publication. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
24-04-2025
- Business
- Forbes
Trump, Burgum Move To Slash Energy Project Permitting Time
The Department of the Interior, led by Secretary Doug Burgum, published plans Wednesday to implement emergency permitting procedures that would cut permitting timelines for energy-related projects on federal lands to no more than 28 days. In a post on X, Secretary Burgum said, 'By reducing a multi-year permitting process down to just 28 days, Interior is cutting through unnecessary red tape to fast-track the development of American energy & critical minerals essential to our economy, military readiness, & global competitiveness!' In its published statement, DOI specified the permitting speedup would apply to what it called 'a wide range of energy sources,' including: Notably absent from that list are projects for the installation of new wind and solar industrial sites. It was not clear as of this writing whether these omissions constitute an oversight or an intentional policy decision. If the latter, it would be a departure from the advocacy for an 'all of the above' energy expansion philosophy promoted by Trump, Burgum, and Energy Secretary Chris Wright to this point. 'The United States cannot afford to wait,' Secretary Burgum said in the DOI's published notice. 'President Trump has made it clear that our energy security is national security, and these emergency procedures reflect our unwavering commitment to protecting both. We are cutting through unnecessary delays to fast-track the development of American energy and critical minerals—resources that are essential to our economy, our military readiness, and our global competitiveness. By reducing a multi-year permitting process down to just 28 days, the Department will lead with urgency, resolve, and a clear focus on strengthening the nation's energy independence.' The notice specifies that DOI will adopt 'alternative procedures' designed to allow energy project developers to comply with an array of major environmental laws whose provisions result in the vast majority of permitting delays. National Environmental Policy Act (NEPA) - Specific to NEPA, DOI will adopt what it calls an 'alternative compliance process,' that would radically compress review times for environmental assessments (EA) and full environmental impact statements (EIS) developers must perform to obtain permission to proceed. DOI review for an EA would now be completed in 14 days' time, while EIS review would now happen in 28 days. Timelines for either process currently consume one to two years. Endangered Species Act (ESA) - Related to ESA, Wednesday's order would implement what it calls an 'expedited Section 7 consultation process' under which the appropriate DOI bureau - most often the Bureau of Land Management (BLM) - would notify the U.S. Fish and Wildlife Service (USFWS) - which governs decisions on listings under the ESA - that it is adopting emergency procedures. The appropriate bureau would then proceed with the approval process. The expedited Section 7 consultation process was developed in conjunction with President Trump's January 20 Executive Order 14156 declaring a national energy emergency. National Historic Preservation Act (NHPA): Wednesday's notice authorizes DOI bureaus to follow alternative procedures for compliance with Section 106 of the National Historic Preservation Act for proposed undertakings responding to the energy emergency. Those procedures enable the bureaus to invoke alternative compliance process procedures only after providing notice to the "Advisory Council on Historic Preservation, State and Tribal Historic Preservation Officers, and any Indian tribe or Native Hawaiian organization that may attach religious and cultural significance to historic properties likely to be affected by a proposed undertaking and affording them an opportunity to comment within seven days of the notification." As I pointed out here back in 2022, when then-West Virginia Senator Joe Manchin was developing proposed legislation to speed up federal permitting processes, the vast majority of such delays to permitting energy projects are driven by major federal environmentally focused laws like these. Thus, any effort to speed up the permitting process would by necessity involve finding ways to do that without diminishing protections for the air, land, water, and threatened and endangered species. At the time, I called this the 'central conundrum of the energy transition,' due to the massive needs for critical energy minerals - and the mining of them - by the chosen alternatives subsidized in the 2022 Inflation Reduction Act (IRA). For any transition away from fossil fuels to succeed would require a rapid expansion of minerals mining and processing in the U.S. Currently, it can take 15 to 20 years from the time a new hard rock mine is proposed until first production is achieved, and that is if you can get the permits issued at all. Obviously, that situation cannot continue to prevail for wind, solar, and electric vehicles to expand at the pace required to achieve net zero in 2050 or any other year during any of our lifetimes. Thus, the inclusion of critical minerals in the list of projects targets for streamlined permitting is an effort by the Trump/Burgum DOI to compress those lengthy timelines is a nod to this reality. But Reuters reports that some conflict groups, like the Center for Biological Diversity, immediately weighed in to oppose Wednesday's announcement. "These so-called emergency procedures are nothing but grease on the skids for corporate interests to speed approvals that will harm people's health, our public lands and the climate," Randi Spivak, public lands director at CBD, said in a statement. It is fair to note here that those 'corporate interests' mentioned by Ms. Spivak include the interests of corporations engaged in renewable energy, electric vehicles, and the critical minerals mining necessary to make them go. In reality, little has changed about this central conundrum related to streamlining permitting. America cannot achieve the Trump goal of true energy dominance while also pursuing anything resembling a real, speedy energy transition without finding ways to dramatically reduce timelines associated with federal permitting. But the major environmental laws in question are part of America's social contract: They've been developed over half a century amid widespread public approval, and any effort that would involve the diminution of protections supported by existing requirements is likely to be met with equally widespread public disapproval. Something will have to give here to allow the current permitting stalemate to change. At the moment, none of the stakeholders involved seem willing to budge, making a new round of lawsuits seem inevitable.
