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<keyword id="48085" type="General" weightage="20" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> <keyword id="6358587" type="General" weightage="20" keywordseo="ag" source="Orion">AG</keyword> has written to the <keyword id="57372" type="General" weightage="20" keywordseo="administrator" source="Orion">administrator</keyword> of <keyword id="6360090" type="General" weightage="20" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword>, Nageswara Rao Y not to proceed with discussion on the resolution plan till the pendency of their claim is heard by NCLT. Credit Suisse AG, Mumbai branch is an onshore security trustee acting on behalf of the lenders Credit Suisse AG, Singapore branch, Federal Bank and Far Eastern International Bank. In a letter through its advocates, Juris Corp said that Credit Suisse has filed a claim as the financial creditor of the corporate debtor. The claim of Rs 659 crore was rejected by the administrator which has been challenged in NCLT which is currently hearing the case. Citing reports, Juris Corp said that a second round of auction was conducted and <keyword id="1424679" type="General" weightage="20" keywordseo="iihl" source="Orion">IIHL</keyword> has emerged as the sole bidder in the auction. Juris Corp said in the letter to the administrator that no discussions on the resolution plan or its finalisation be proceeded with till the adjudication of the client's claim. Pending the adjudication of the claim, the approval of the resolution plan will be bad in law leading to the travesty of justice but also being against the intent and objective of the IB code. Juris Corp said that it is important that the resolution be decided after the decision of the claim rejection. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2-confirmed-to-launch-soon-with-snapdragon-8-gen-1-may-come-with-an-alert-slider/articleshow/99978052.cms">Nothing phone (2) confirmed to launch soon with Snapdragon 8+ Gen 1, may come with an alert slider</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-15-paise-to-81-65-against-us-dollar-in-early-trade/articleshow/99979426.cms">Rupee rises 15 paise to 81.65 against US dollar in early trade</a>

Credit Suisse asks Reliance Capital administrator not to proceed with resolution till adjudication of claim

The <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Wednesday quashed the <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> law granting <keyword id="6361164" type="UNKNOWN" weightage="20" keywordseo="reservation">reservation</keyword> in jobs and admissions to <keyword id="6389157" type="COMPANY" weightage="20" keywordseo="maratha">Maratha</keyword> community. The top court said it did not find any exceptional circumstance to justify exceeding the 50 per cent cap set by Indra Sawhney judgment. A five-judge <keyword id="69719" type="PERSON" weightage="20" keywordseo="Constitution-bench">Constitution Bench</keyword> headed by Justice Ashok Bhushan allowed no breach of 50 per cent ceiling to give more reservation, as it refused to consider reviewing Indra Sawhney verdict of 1992. "Exceeding ceiling limit of 50 percent laid down by Indra Sawhney is violative of <keyword id="875349" type="COMPANY" weightage="20" keywordseo="Articles">Articles</keyword> 14 and 15," said the top court. The top court said the people from Maratha community cannot be declared as educationally and socially backward. The unanimous judgment was delivered by a bench also comprising Justices L. Nageswara Rao, S Abdul Nazeer, Hemant Gupta and S. Ravindra Bhat. The top court made it clear that there were no extraordinary circumstances to grant reservation to Maratha community over and above 50 per cent ceiling. The top court struck down the Maharashtra State Reservation for Socially and Educationally Backward Classes (SEBC) Act, 2018 which extends reservation to the Maratha community in public education and employment. The top court emphasized that exceeding the 50 percent limit in without exceptional circumstances violates Article 14, and it held that 2018 act as amended in 2019 exceeds the limit without any exceptional circumstances. The top court held that SEBC Act, which extends reservation to the Maratha community in public education and employment is unconstitutional. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/indian-government-gives-the-nod-for-5g-trials-chinese-companies-kept-out-for-now/articleshow/82398249.cms">Indian government gives the nod for 5G trials, Chinese companies kept out for now</a> <a href="https://www.businessinsider.in/business/auto/news/triton-ev-founder-says-its-planning-for-an-ipo-soon-in-the-us/articleshow/82398780.cms">EXCLUSIVE: Triton EV founder says it is planning for an IPO soon in the US, as the company gears up for its first car launch in India</a>

Supreme Court quashes the law granting reservation for Maratha community in jobs and education exceeding 50%

The Supreme Court on Tuesday asked Department of Telecommunication (DoT) not to invoke bank guarantee given by Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> for a period of three weeks for not clearing Videocon Telecommunications Ltd's adjusted gross revenue (AGR) dues of over Rs 1,300 crore. A bench headed by Justices L. Nageswara Rao and comprising Justices S. Abdul Nazeer and M. R. Shah declined to entertain Airtel's plea challenging the DoT demand, but it allowed the telecom firm to approach the appropriate forum against the government decision. Senior advocate Shyam Divan, representing Bharti Airtel, argued that his client received a communication on August 17, saying the firm must make payment and if it fails to do so, then there is a possibility of invoking various bank guarantees. He contended that Rs 18,000 crore dues have already been paid by the telecom company, according to the top court's order and there is another figure, which is attributed to Videocon Telecommunications. He added that there is a particular spectrum traded by Videocon to Airtel and citing the spectrum trading guidelines, he added the seller shall clear all dues prior to concluding any agreement for spectrum trading. "The liability is of Videocon... full liability of the seller," submitted Divan. Divan argued that by adding the dues of Videocon to the demand made from Airtel, the DoT has violated the apex court's order that AGR dues cannot be recalculated or reassessed. The top court said it will not interfere with its order, rather it will grant liberty to Airtel to move any other alternate forum to redress its grievances. Divan said that the alternate forum will be the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). Earlier this year, in an affidavit filed before the Supreme Court on the status of statutory dues paid by telecom operators, the DoT said it is planning to slap Videocon Telecommunications Ltd's AGR dues over Rs 1,300 crore on Bharti Airtel. Videocon Telecommunications had sold spectrum of 30 MHz to Bharti Airtel in 2016. Concluding the hearing, the top court allowed Airtel to withdraw the application and also restrained the DoT from invoking its bank guarantees for 3 weeks. According to the Centre's calculations, the total AGR liability of Bharti Airtel is Rs 43,980 crore, Vodafone Idea's is Rs 58,254 crore, Tata group's is Rs 16,798 crore, BSNL owes Rs 5,835.85 crore, and MTNL Rs 4,352.09 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-added-5-million-new-4g-users-tariff-hike-hopes-and-record-broadband-customer-addition-surge-share-price/articleshow/85039298.cms">Five million new 4G users, tariff hike hopes and record broadband customer addition send Airtel's stock to a 6-month high</a> <a href="https://www.businessinsider.in/business/telecom/news/the-enormous-gap-between-vodafone-idea-on-one-hand-airtel-and-jio-on-the-other/articleshow/85035781.cms">The enormous gap between Vodafone Idea on one hand, Airtel and Jio on the other</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-loses-over-4-million-subscribers-airtel-and-jio-add-over-9-million-in-june/articleshow/85589113.cms">Vodafone Idea loses over 4 million subscribers, Airtel and Jio add over 9 million in June</a>

AGR case: Supreme Court directs DoT not to enchash Airtel's bank guarantees for three weeks

You Searched For "Justices L Nageswara Rao" and got 3 results

Credit Suisse asks Reliance Capital administrator not to proceed with resolution till adjudication of claim

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Supreme Court quashes the law granting reservation for Maratha community in jobs and education exceeding 50%

IANS

AGR case: Supreme Court directs DoT not to enchash Airtel's bank guarantees for three weeks

IANS

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