Mumbai: The Delhi High Court<\/a> on Thursday asked the Ministry of Finance<\/a> and the Reserve Bank of India<\/a> (RBI) to consider bringing in parity in certain sections of the Insolvency and Bankruptcy Code (IBC) and the Sarfaesi Act, which has created hurdles in the resolution plans of bankrupt telcos Reliance Communications<\/a> (RCom) and Aircel. 高等法院听到一令状的请愿书资产重建公司UVARCL对节目引起注意的央行发行的监管机构威胁要取消其电弧许可证。 孟买:德里高等法院周四要求财政部和印度储备银行(RBI)考虑引进平价破产和破产代码的某些部分(IBC)和Sarfaesi行动,创造了障碍在破产电信公司的决议计划信实电信(RCom)和Aircel。 Mumbai: The Delhi High Court<\/a> on Thursday asked the Ministry of Finance<\/a> and the Reserve Bank of India<\/a> (RBI) to consider bringing in parity in certain sections of the Insolvency and Bankruptcy Code (IBC) and the Sarfaesi Act, which has created hurdles in the resolution plans of bankrupt telcos Reliance Communications<\/a> (RCom) and Aircel.
The High Court<\/a> was hearing a writ petition filed by asset reconstruction company UVARCL<\/a> against a show cause notice issued by the RBI in which the regulator had threatened to cancel its ARC license.
The court also directed the finance ministry to submit its response by April 18.
In an earlier hearing, Justice Navin Chawla had held that mere submission of resolution plan cannot be held illegal and stayed RBI’s proceedings in the matter.
“The court has advised the ministry of finance and the RBI to come up with their views on the matter and consider bringing consistency in these two laws,” said a person aware with the matter.
The matter will next be heard on May 19. Both RBI and UVARCL did not respond to ET’s queries.
According to the Sarfaesi Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) asset reconstruction companies that take over stressed assets from lenders cannot infuse equity into an insolvent company at the resolution stage. They also cannot act as resolution applicants.
UVARCL’s stance is that the Insolvency and Bankruptcy Code — which allows for such investments — supersedes the rules stated in the Sarfaesi Act.
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<\/a><\/figure>Yes Bank starts physical takeover of Anil Ambani’s Reliance Group HQ in Mumbai<\/a><\/h5><\/div>
<\/a><\/figure>Aircel resolution plan: RBI warns UVARCL<\/a><\/h5><\/div><\/div><\/div>
In its writ petition, UVARCL had sought appropriate court directions to the finance and corporate affairs ministries, RBI, and the IBBI for resolving what it called a policy<\/a> gap arising due to the lack of guidelines on the participation of ARCs as resolution applicants.
The company has also stated in its petition that since it had expressly revealed that it aimed to invest equity in Aircel, there had been no violation of the guidelines laid down by the banking regulator.
ET had last year reported that in its notice to UVARCL, the banking regulator had alleged that the rehabilitation company had failed to alert the insolvency court that the RBI had rejected its resolution plan for Aircel. According to the regulator, the ARC had flouted the rules laid down by the Sarfaesi Act and wilfully violated the RBI’s guidelines.
A cancellation of UVARCL’s registration at this stage would mean the resolution plans of bankrupt telcos RCom and Aircel could get scrapped and set back State Bank of India<\/a>’s plans to recover Rs 12,000 crore loaned to the two telcos. In the case of RCom, lenders have approved UVARCL as a key bidder and the proposal is currently before the bankruptcy court.
The RBI’s rejection of the Aircel resolution plan brought into focus the conflict between the insolvency law and the Sarfaesi Act.
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德里HC要求政府考虑平价IBC和Sarfaesi行为之间的关系
的高等法院听到命令的请愿书资产重建公司吗UVARCL对节目引起注意的央行发行的监管机构威胁要取消其电弧许可证。
法院还要求财政部提交4月18日的回应。
“法院建议财政部和央行提出自己对问题的看法,并考虑将这两个法律的一致性,”说,一个人知道。
接下来将听到在5月19日。央行和UVARCL没有回应等的查询。
根据Sarfaesi法案(金融资产证券化和重建和执行证券利息)资产重建公司接管强调资产的银行不能注入股本破产公司决议阶段。他们也不能作为申请者的决议。
UVARCL的立场是破产和破产法——允许这样的投资——取代规则中规定Sarfaesi行动。
令状的请愿书,UVARCL寻求适当的法院方向财务和公司事务部门,央行,IBBI解决它叫什么政策差距产生由于缺少弧的参与决议申请者指导方针。
在其申请该公司还表示,因为它明确显示,它旨在Aircel投资股票,没有违反守则的银行监管机构。
等去年曾报道称,在其注重UVARCL,银监会称,恢复公司未能警告印度储备银行的破产法院驳回了其Aircel决议计划。根据监管机构,弧藐视规则规定了Sarfaesi行为和故意违反了央行的指导方针。
UVARCL的注销登记在这个阶段意味着破产电信公司的决议计划和Aircel RCom能取消和倒退状态印度银行的计划恢复12000卢比借给两个电信公司。信实电信的情况下,银行通过UVARCL作为一个关键投标人建议目前在破产法庭。
Aircel决议计划的RBI拒绝成为关注焦点破产法律之间的冲突和Sarfaesi行动。
The High Court<\/a> was hearing a writ petition filed by asset reconstruction company UVARCL<\/a> against a show cause notice issued by the RBI in which the regulator had threatened to cancel its ARC license.
The court also directed the finance ministry to submit its response by April 18.
In an earlier hearing, Justice Navin Chawla had held that mere submission of resolution plan cannot be held illegal and stayed RBI’s proceedings in the matter.
“The court has advised the ministry of finance and the RBI to come up with their views on the matter and consider bringing consistency in these two laws,” said a person aware with the matter.
The matter will next be heard on May 19. Both RBI and UVARCL did not respond to ET’s queries.
According to the Sarfaesi Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) asset reconstruction companies that take over stressed assets from lenders cannot infuse equity into an insolvent company at the resolution stage. They also cannot act as resolution applicants.
UVARCL’s stance is that the Insolvency and Bankruptcy Code — which allows for such investments — supersedes the rules stated in the Sarfaesi Act.
<\/p>Read also<\/h4>
<\/a><\/figure>Yes Bank starts physical takeover of Anil Ambani’s Reliance Group HQ in Mumbai<\/a><\/h5><\/div>
<\/a><\/figure>Aircel resolution plan: RBI warns UVARCL<\/a><\/h5><\/div><\/div><\/div>
In its writ petition, UVARCL had sought appropriate court directions to the finance and corporate affairs ministries, RBI, and the IBBI for resolving what it called a policy<\/a> gap arising due to the lack of guidelines on the participation of ARCs as resolution applicants.
The company has also stated in its petition that since it had expressly revealed that it aimed to invest equity in Aircel, there had been no violation of the guidelines laid down by the banking regulator.
ET had last year reported that in its notice to UVARCL, the banking regulator had alleged that the rehabilitation company had failed to alert the insolvency court that the RBI had rejected its resolution plan for Aircel. According to the regulator, the ARC had flouted the rules laid down by the Sarfaesi Act and wilfully violated the RBI’s guidelines.
A cancellation of UVARCL’s registration at this stage would mean the resolution plans of bankrupt telcos RCom and Aircel could get scrapped and set back State Bank of India<\/a>’s plans to recover Rs 12,000 crore loaned to the two telcos. In the case of RCom, lenders have approved UVARCL as a key bidder and the proposal is currently before the bankruptcy court.
The RBI’s rejection of the Aircel resolution plan brought into focus the conflict between the insolvency law and the Sarfaesi Act.
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