Latest news with #Section7
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Business Standard
5 days ago
- Business
- Business Standard
NCLAT upholds insolvency proceedings against Supertech Realtors
The National Company Law Appellate Tribunal (NCLAT) on Wednesday affirmed that insolvency proceedings can be initiated against Supertech Realtors, a subsidiary of realty firm Supertech, which is also facing insolvency proceedings along with some other group companies. In doing so, the appellate tribunal upheld the order of the National Company Law Tribunal (NCLT) Delhi Bench, which had, on 12 June 2024, directed the initiation of the insolvency process against Supertech Realtors on a petition by Bank of Maharashtra, claiming a default of ₹168 crore. 'We, thus, upheld the order of the Adjudicating Authority (NCLT) admitting the Section 7 application and dismiss the appeal. The period during which this appeal remained pending, i.e. from 18 June 2024 till today, shall be excluded from the CIRP (insolvency) process. The IRP (interim resolution professional) may constitute the CoC and proceed with the CIRP in accordance with law. Subject to above, the appeal is dismissed,' a Bench of Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra held. For funding, Supertech sought ₹735.58 crore from a bank consortium led by Union Bank of India. The Bank of Maharashtra was approached for ₹150 crore to partially finance residential apartments, offices, retail space, and a luxury hotel in the project. On 14 December 2012, the bank sanctioned a term loan of ₹150 crore. When the company failed to repay, its account was classified as a non-performing asset on 28 September 2018. On 8 April 2022, the Bank of Maharashtra filed a Section 7 application against Supertech Realtors, citing a default of ₹168 crore. During the case, Supertech offered a one-time settlement (OTS) on 15 June 2022, acknowledging the debt. Although the bank approved the OTS, it later cancelled it for non-compliance. The Delhi High Court dismissed Supertech's challenge to the cancellation on 17 November 2022, and the Supreme Court upheld this on 15 December 2022. Supertech made another OTS on 9 February 2024, offering ₹310 crore to settle all lenders' dues with support from Kotak Advisors. The lead bank discussed the proposal in a Joint Lenders' Meeting on 18 March 2024 but rejected it. This was communicated to the NCLT on 22 March 2024. The NCLT reserved its order and, on 12 June 2024, ruled that default was proven. Supertech appealed to the NCLAT. A revised OTS was later submitted by promoter Ram Kishore Arora with Parmesh Construction Company as co-developer. The Bank of Maharashtra said consortium dues exceeded ₹990 crore, and the lenders rejected the OTS in a meeting on 13 June 2025. Arora claimed he was not informed of the rejection, but the banks said Union Bank of India, as lead bank, had communicated the decision on 15 July 2025 and placed the letter on record before the NCLAT. The Bench also noted that the revised proposal submitted by the insolvent firm's promoter for settlement had not been accepted by the lenders. 'As noted above, the revised proposal submitted by the appellant (Arora) for settlement has not been accepted by the consortium of banks. The Bank of Maharashtra, which has filed the Section 7 application, as well as Union Bank of India, which is the lead bank, has opposed the appeal and prayed for the CIRP (insolvency process) to be continued to resolve the corporate debtor,' the judgment said. Section 7 of the Insolvency and Bankruptcy Code (IBC) empowers any financial creditor or lender to move an application in the NCLT to start the insolvency process against a corporate debtor. Supertech Realtors is developing the Supernova project in Sector 94, Noida, at a cost of ₹2,326.14 crore on 70,002 sq metres of land. Planned to be 80 floors high, the 300-metre structure would be the tallest building in the Delhi–National Capital Region.
Hindustan Times
06-08-2025
- Politics
- Hindustan Times
Hathras stampede: Court frames charges against 11 accused, trial to begin on August 18
The trial in the Hathras stampede case is set to begin following the framing of charges against 11 accused by a court of additional sessions judge on Wednesday. The accused face charges under multiple sections, including culpable homicide, criminal conspiracy, destruction of evidence, and Section 7 of the Criminal Law Amendment Act. Relatives mourn next to the bodies of their relatives outside a hospital in Hathras district. (File Photo) The trial relates to the stampede that occurred on July 2, 2024, during a 'Satsang' organised at Phulrai village by self-styled godman Surajpal alias Narayan Sakar Hari alias Bhole Baba. At least 121 people died in the incident. Surajpal was neither named in the FIR filed on July 2, 2024, nor in the 3,200-page charge sheet submitted by Hathras police on October 1, 2024. However, he had appeared before the judicial commission in Lucknow to record his statement. Munna Singh Pundhir, the counsel for all 11 accused, stated that the trial will commence on August 18, with 676 witnesses listed by the police to be examined. All 11 accused are currently out on bail. Dev Prakash Madhukar, the chief organiser of the event, remains the prime accused. He was the first to be named in the case registered at the Sikandra Rao police station in Hathras on the night following the incident. The FIR was registered against Madhukar and others on charges of misleading the administration by seeking permission for a gathering of 80,000 devotees, whereas over 2 lakh people turned up for the religious congregation at Phulrai village, Pundhir said. The other ten accused are Mukesh Kumar, Manju Yadav, Manju Devi, Ram Ladete, Upendra Singh Yadav, Megh Singh, Sanju Kumar, Ram Prakash Shakya, Durvesh Kumar and Dalveer Singh, Pundhir added. In its order, the court said that the accused concealed the actual number of devotees expected to attend the satsang and used force when the crowd surged, leading to the stampede, which claimed 121 lives. They were booked under sections 105 (culpable homicide), 110 (attempt to commit culpable homicide), and 190 (liability of a member of an unlawful assembly for offence committed in prosecution of common object) of the Bharatiya Nyaya Sanhita (BNS). Mahendra Srivastava, the additional sessions judge (Court No. I), framed charges under sections 126(2) (wrongful restraint) and 238 of the BNS. The accused also face charges under sections 223, 121(1), and 61(2) of the BNS, besides Section 7 of the Criminal Law Amendment Act.
Mint
30-07-2025
- Business
- Mint
Supreme Housing exits insolvency after reaching settlement with top lenders
An insolvency court in Mumbai allowed Supreme Housing and Hospitality Pvt Ltd to exit insolvency proceedings on Wednesday after it reach a settlement with lender ICICI Bank. A detailed order on the matter is awaited. Canara Bank and ICICI Bank had taken Supreme Housing to insolvency court after the realtor defaulted on dues of more than ₹ 800 crore. After hearing the matter at length, a bench led by justices Ashish Kalia and Sanjeev Dutta reserved the order on 1 July. The order was in response to a petition filed by resolution professional Prashant Jain on 21 March, seeking a withdrawal of the insolvency application against the real estate company. The withdrawal application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, after ICICI Bank reached a settlement with the company. Section 12A permits the withdrawal of CIRP proceedings, provided it has the approval of 90% of the committee of creditors (CoC) and the NCLT is assured that the interests of all stakeholders are protected. This makes Supreme Housing one of very few companies that have had insolvency proceedings withdrawn, with the process having become increasingly complex. Section 12A requires a 90% majority vote, which legal experts said is difficult to achieve in many cases. They added that even if some creditors reach an agreement with the company, other creditors can initiate bankruptcy proceedings under the IBC, potentially complicating or delaying the company's exit from insolvency. Supreme Housing's financial troubles began with a ₹ 390-crore term loan, sanctioned in 2014, which subsequently became a non-performing asset. In November 2022 the company was admitted into insolvency by the NCLT following Canara Bank's petition under Section 7. However, the proceedings were withdrawn after the parties agreed to a one-time settlement, with an option to revive the insolvency in case of default. Despite several proposals from Supreme Housing, most offers of a one-tie settlement were not supported by credible funding commitments, leading to continued defaults and a re-initiation of insolvency proceedings by Canara Bank. While Canara Bank's proceedings were pending, ICICI Bank also moved the NCLT under Section 7 of the IBC in January 2024, seeking admission of its claim against Supreme Housing over the same ₹ 390-crore loan. The NCLT's Mumbai Bench admitted the plea, prompting the company's suspended board to approach the National Company Law Appellate Tribunal (NCLAT). The promoters argued they were in settlement negotiations with ICICI Bank, leading the NCLAT to initially grant a temporary stay. However, the appellate tribunal later vacated the stay, citing a lack of binding settlement terms and continued non-compliance. With both ICICI Bank and Canara Bank pursuing action under IBC, the insolvency proceedings were revived in February 2025. Canara Bank filed claims amounting to over ₹ 580 crore with the resolution professional. Supreme Housing subsequently reached a settlement with ICICI Bank and filed a Section 12A application before the NCLT. However, Canara Bank objected to the withdrawal and filed an intervention application, saying it remained a substantial creditor with unresolved claims exceeding ₹ 580 crore. In June, Supreme Housing approached Canara Bank with a fresh settlement proposal, backed by Authum Investments and Infrastructure Limited. The offer included a full and final settlement of ₹ 460 crore, with ₹ 23 crore payable upfront and the remaining to be cleared within 90 days of Supreme Housing's exit from insolvency. On 16 June, Canara Bank approved the proposal under specific conditions, clearing the way for a unified settlement with all major lenders. Taking into account the settlement with both ICICI Bank and Canara Bank, and considering the consent of the creditors involved, the NCLT approved Supreme Housing's Section 12A application. Niyati Merchant, associate partner at MDP Legal represented Canara Bank while Rohan Agarwal and Sujit Lahoti appeared for Supreme Housing.
Irish Daily Mirror
12-07-2025
- Irish Daily Mirror
Convicted drug dealer had €322k in cash in 'unexplained circumstances'
A convicted drug dealer - who shot dead a friend of the late Lord Henry Mountcharles - is to be sentenced later for having €322,000 hidden in a false step in the staircase in his home in 'unexplained circumstances.' Michael Hodgins, 54, shot Slane Castle gamekeeper Tim Kidman (27) in 1989 when he was 19 and was convicted of manslaughter following a trial in 1990. Earlier this year Hodgins, of Pearse Park, Drogheda, Co Louth pleaded guilty to money laundering under Section 7 Criminal Justice (Money Laundering and Terrorist Financing) Act at Dundalk Circuit Court. Detective Garda Donal Clarke told prosecuting counsel Vincent Heneghan, SC on Friday at the sentencing hearing for Hodgins for money laundering that a warrant was executed on June 5, 2020 to search the home of Hodgins -a coal delivery man. The search was conducted by detectives from Drogheda Garda Station accompanied by the armed support unit. When officers searched Hodgins' home, he was not there. However, two silver briefcases containing a total of €243,000 in cash and a further €75,160 in cash was discovered during the search in a silver tin box hidden beneath a false step in the staircase of Hodgins' home. Det Gda Clarke said the cash was located under the false step where the 'wooden part was held together with magnets on the first step' of the staircase. Gda Clarke said he returned to the home of Hodgins' later that day and Hodgins was present in the hallway. He arrested Hodgins and cautioned him. He said Hodgins made no reply after caution and that he 'wasn't cooperative' and he had to place him in handcuffs. At a previous court sitting Hodgins pleaded guilty to Section 7 money laundering, the court heard. Hodgins has six previous convictions including manslaughter of Mr Kidman, a groundskeeper at Slane Castle and two convictions under Section 3 Misuse of Drugs and one conviction under Section 15 possession of drugs for sale or supply where he received a nine year prison sentence. Defence counsel Michael Hourigan, SC said the defendant spent time in St Patrick's Institute for the manslaughter of Mr Kidman. 'He is married and has a young child and two adult children,' Mr Hourigan said, adding Hodgins' partner is getting drug treatment. 'He is anxious he won't be sentenced until after she has finished her treatment,' said Mr Hourigan. When asked by Judge Dara Hayes if any explanation was given for the cash, Mr Hourigan said 'No.' 'He was released from prison in 2013 and has gone a lengthy time without coming to garda attention,' said Mr Hourigan, adding 'He is a useful member of society and is involved in the community in a positive way looking after the welfare of fishermen. 'He finds himself in difficult circumstances and he is asking for a delay in his sentencing until after his partner finishes her treatment.' Judge Hayes said 'It's a serious offence. He had significant cash in unexplained circumstances.' The judge said he will allow an adjournment of the sentencing of Hodgins until a date in October to 'allow his partner to finish her treatment.' Hodgins was jailed for 12 years in 1990 for the killing of Mr Kidman, which shocked the nation. During the murder trial in 1990 it was revealed Hodgins fired five shots at the gamekeeper - the final one killing him. Others blasted him in the chest, jaw and arms. Mr Kidman was gunned down after he confronted Hodgins and another man poaching in the Co Meath estate. In court at the time Hodgins said: "I didn't realise what I'd done until after I did it." Hodgins and the other man then hid the body until it was found by Lord Henry's secretary. During the trial the then State Pathologist John Harbison revealed how the gamekeeper was alive when he was shot with a bullet from a .22 rifle which ripped through the top of his head. A jury found Hodgins, then 19, not guilty of murder but guilty of manslaughter.
Yahoo
14-06-2025
- Business
- Yahoo
UPDATE -- Ready Capital Corporation Declares Second Quarter 2025 Dividends
NEW YORK, June 14, 2025 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the 'Company') announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ended June 30, 2025. This dividend is payable on July 31, 2025, to shareholders of record as of the close of business on June 30, 2025. Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the 'Series C Preferred Stock'), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the 'Series E Preferred Stock'). The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on July 15, 2025, to Series C Preferred stockholders of record as of the close of business on June 30, 2025. The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on July 31, 2025, to Series E Preferred stockholders of record as of the close of business on June 30, Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals Relations212-257-4666InvestorRelations@ Media RelationsPR@ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
