The Supreme Court on Friday set aside the July 4 order of the NCLAT approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden Essar Steel. A bench headed by Justice RF Nariman quashed the NCLAT order which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount. The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors. ET's Karunjit Singh has more. (Text: PTI)
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Watch NCLAT's Essar Steel ruling set aside: Everything you need to know | Economic Times With HD Quality.
The Supreme Court on Friday set aside the July 4 order of the NCLAT approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden Essar Steel. A bench headed by Justice RF Nariman quashed the NCLAT order which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount. The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors. ET's Karunjit Singh has more. (Text: PTI)
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Watch NCLAT's Essar Steel ruling set aside: Everything you need to know | Economic Times With HD Quality
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Naresh Goyal, the founder chairman of India's oldest private sector airline Jet Airways, and his wife Anita Goyal have stepped down from the its board. Goyal has also resigned as chairman. Lenders to the beleaguered carrier will now take over the management and board of Jet until it finds a new strategic investor, it said in a filing to the Bombay Stock Exchange. Tune in as ET's Anirban Chowdhury brings you all the details about the Jet Airways crisis. (Text: ET Bureau)
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In a huge diplomatic win for India, the United Nations Wednesday designated Pakistan-based Jaish-e-Mohammed chief Masood Azhar as a 'global terrorist' after China lifted its hold on a proposal to blacklist him. A UNSC designation will subject Azhar to an assets freeze, travel ban and an arms embargo. China removed its hold on the proposal, which was moved by France, UK and the US in the Security Council's 1267 Al Qaeda Sanctions Committee in February just days after the deadly Pulwama terror attack carried out by the JeM. Dipanjan Roy Chaudhury brings you all the details. (Text: PTI)
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India's insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out unscrupulous promoters with the law establishing the primacy of financial lenders on asset proceeds. ET's Saloni Shukla reports. (Text: ET Bureau)
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Nipah virus has claimed 10 lives in Kozhikode and Malappuram districts in north Kerala while the condition of two undergoing treatment is said to be critical. Nipah virus (NiV) infection is a newly emerging zoonosis that causes severe disease in both animals and humans. The natural host of the virus are fruit bats of the Pteropodidae family, Pteropus genus. There is no vaccination for the virus which has a mortality rate of 70 per cent. Watch this video to know everything about Nipah Virus.
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One of the biggest protest marches by farmers in recent times was organised by the All India Kisan Sabha (AIKS), farmer's wing of the CPI(M) in Maharashtra along with other unions. Over 40,000 farmers walked from Nashik to Mumbai to gherao the Maharashtra Assembly and press for their demands. Here are the details of the agitation which has been called off after receiving assurances from the Fadnavis government.
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Watch Kisan Long March- All you need to know about Maha farmers' agitation | Economic Times With HD Quality
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India's Directorate General of Civil Aviation (DGCA) has grounded 11 A320neo aircrafts powered by a certain series of Pratt & Whitney engines following instances of engine failures during flights. Of these, 8 are operated by IndiGo and 3 by GoAir. The decision comes hours after an A320 neo aircraft of IndiGo suffered engine failure mid-air and made an emergency landing at Ahmedabad airport. Watch this video to know what forced the regulator to take such a step.
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The e-way bill is a kind of permit under the Goods and Services Tax (GST) regime for the transport of goods exceeding Rs 50,000 in value. It provides details of the items being transported, vehicle and where they’re headed. It is generated using the dedicated portal by registered persons or transporters moving the goods. Here is all you need to know about this electronic bill.
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There is no occasion to doubt the decision-making process in the procurement of 36 Rafale jets from France, the Supreme Court said Friday and dismissed all the petitions seeking an investigation into alleged irregularities in the Rs 58,000 crore deal. There was no substantial evidence of commercial favouritism to any private entity, the bench headed by Chief Justice Ranjan Gogoi said on the issue of an offset partner in its ruling on a batch of petitions. Tune in as ET's Samanwaya Rautray brings you a low-down on what the Supreme Court said. (Text: PTI)
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