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Tuesday,15-June-2021

Business

SC to hear all pleas against IBC’s personal insolvency provisions

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Supreme-Court

The Supreme Court on Thursday ordered the transfer, to itself, of all petitions pending before various High Courts against the provisions of Insolvency and Bankruptcy Code (IBC) with regard to personal insolvency.

A bench comprising Justices L. Nageswara Rao, Hemant Gupta and Ajay Rastogi passed the order on the petition of the Insolvency and Bankruptcy Board of India under Article 139 (A) read with Article 142 of the Constitution, seeking transfer of the writ petitions filed before High Courts to the apex court.

“The Insolvency and Bankruptcy Code is at a nascent stage and it is better that the interpretation of the provisions of the Code is taken up by this court to avoid any confusion, and to authoritatively settle the law,” the bench said.

By a notification dated November 15, 2019, the Ministry of Corporate Affairs, in exercise of its power conferred under Section 1(3) of the Insolvency and Bankruptcy Code, 2016 brought into force the provisions of the Insolvency and Bankruptcy Code, 2016 insofar as they related to ‘personal guarantors to corporate debtors’ with effect from December 1, 2019.

Writ petitions were filed in the Delhi High Court and other High Courts challenging this notification and the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019.

“The writ petitioners also sought a declaration that Section 95, 96, 99, 100, 101 of the Insolvency and Bankruptcy Code, 2016 are unconstitutional insofar as they apply to personal guarantors of corporate debtors,” observed the top court.

Additional Solicitor General Madhavi Divan, appearing for the IBBI, submitted that in view of the importance of the matter, it is imminent that all the writ petitions should be transferred to the top court for an early resolution of the dispute.

“The Additional Solicitor General submitted that different opinions by the High Courts before which the Writ Petitions are pending would lead to confusion,” the top court said.

The IBBI insisted that the best course would be to transfer the cases to the top court where the dispute can be finally resolved.

The top court said: “After hearing the submissions made by the parties, we are of the considered opinion that the writ petitions that are pending in the High Courts pertaining to the challenge to the Notification dated November 15, 2019 and related issues have to be transferred to this Court.”

Business

Sensex down 300 points; finance, auto stocks lead selloff

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Bombay-Stock-Exchange

The key Indian equity indices declined on Monday morning tracking mixed cues from the Asian market along with profit booking by traders after the indices scaled new highs last week.

The across-the-board selloff was led by auto, finance and banking stocks.

Around 9.45 a.m., Sensex was trading at 52,166.60, lower by 308.16 points or 0.59 per cent from its previous close of 52,474.76.

It opened at 52,492.34 and touched a high of 52,542.66 and a low of 51,936.31 points.

The Nifty50 on the National Stock Exchange was trading at 15,676.60, lower by 122.75 points or 0.78 per cent from its previous close.

The major losers on the Sensex so far were State Bank of India, HDFC and NTPC, while the top gainers were Infosys, Tata Steel and Tata Consultancy Services.

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Business

Petrol price goes past Rs 100 in Hyderabad

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Petrol

With the latest fuel price hike, the price of petrol in Hyderabad crossed Rs 100 per litre mark on Monday.

The oil companies on Monday hiked the prices of petrol and diesel by 29 and 30 paise per litre, respectively.

With the latest hike, the price of petrol in Hyderabad has jumped to R.100.20 while petrol of diesel also crossed Rs 95. The new retail price of diesel in Telangana capital is Rs 95.14 per litre

The price of premium petrol, the fuel with additives that is sold under different names by various petroleum companies, had crossed Rs. 100 last week.

With the hike on Monday, the price of normal petrol also crossed Rs 100 mark.

The fuel prices have been on the rise since May 4. The oil companies have hiked the prices 24 times in last 42 days. The increase has been to the tune of Rs 5.27 in price of petrol and Rs 6.25 in diesel.

Oil companies have attributed the hike to the rally in oil prices in international market.

Among metros, Mumbai now has the highest petrol price at Rs 102.58 per litre.

The prices vary from state to state due to different rate of Value Added Tax (VAT) and also due to transportation charges from the nearest refinery.

Within Telangana, the fuel prices vary from district to district. The highest price of petrol is in Adilabad at Rs 102.22 per litre while the lowest is in Warangal at Rs 99.74. Barring Warangal, the price crossed Rs 100 in all the towns.

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Business

Fuel price hiked again; petrol nearing century mark across the country

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Petrol

Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income.

With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel hit and cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Monday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 26 and 31 paise per litre across the four metros.

Accordingly, the price of petrel increased by 29 paise per litre to Rs 96.41 per litre and diesel by 30 paise per litre to Rs 87.28 per litre in Delhi.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. The price of diesel also increased in the city by 31 paise per litre to reach Rs 94.70 a litre, the highest among metros.

Across the country as well petrol and diesel prices increased on Monday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Monday’s price hike, fuel prices have now increased on 24 days and remained unchanged on 21 days since May 1. The 22 increases have taken up petrol prices by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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