National Investment Trust Ltd (NITL.mu) listed on the Stock Exchange of Mauritius under the Investment sector has released it’s 2013 interim results for the half year.For more information about National Investment Trust Ltd (NITL.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the National Investment Trust Ltd (NITL.mu) company page on AfricanFinancials.Document: National Investment Trust Ltd (NITL.mu) 2013 interim results for the half year.Company ProfileNational Investment Trust Limited is a privately owned investment trust company that provides services for individuals and corporate investors. The company engages in the launching and management of equity and fixed income mutual funds for its clients. NITL invests in equity and fixed income markets. National Investment Trust Limited is listed on the Stock Exchange of Mauritius
What’s going on with the PHE share price? Zaven Boyrazian | Tuesday, 16th March, 2021 | More on: PHE Image source: Getty Images. Simply click below to discover how you can take advantage of this. A growing alternative energy businessI’ve previously discussed Powerhouse Energy. But as a reminder, the business is an energy producer that developed a proprietary technology to convert waste plastics into a usable synthetic gas called EcoSynthesis. This has the same desirable traits as natural gas and can be used in gas turbines that power the vast majority of UK homes.But it also contains a large quantity of hydrogen that can be extracted to make fuel cells at a relatively low cost. Given that hydrogen-powered technology is a key aspect of the UK government’s plan to become carbon-neutral by 2050, there could be massive room for growth of PHE’s share price over the long term. So why has it been falling?What’s happening to the PHE share price?The market, in general, has seen a pull-back over the past few weeks after concerns surrounding rising inflation and interest rates. Growth stocks like Powerhouse Energy have particularly experienced large drops in share prices due to their already substantial valuations.Beyond macroeconomic factors, the fall in the PHE share price can also be attributed to a dilution effect. Over the past three months, approximately 15m new shares have been issued to raise additional capital. Why? Because while the company has the technology to turn plastic into power, it has yet to acquire the facilities to do so.Powerhouse began construction of its first energy plant last year. Once complete, it will have the capacity to power more than 250,000 UK homes. However, a project of this scale will likely take several years to become fully operational. And the management team has not given any indication of when that might happen.In other words, the business will not be generating any significant amount of revenue for the next few years. And therefore, will have to continue raising capital through additional equity issues or debt to cover expenses. This means more dilution to the PHE share price is likely to occur in the future. At least, that’s what I think.The bottom lineThe global waste-to-energy market is expected to reach $55bn by 2027. That’s almost 80% larger than it is today. Needless to say, that offers substantial room for Powerhouse Energy to grow.The firm needs to successfully complete the construction of its energy plant, meet performance expectations, and not run into any major problems along the way. If it can do that, then I believe the PHE share price can climb even higher in the future. But that is quite a big ‘if.Currently, there are simply too many unknowns about the business and the effectiveness of its technology. Therefore I’m still not adding the stock to my portfolio, even at the currently reduced share price. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. 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But since the start of 2021, the share price has started seeing some pull-back, dropping from 9p in January to 6.3p today.What’s going on? And is this a buying opportunity for my portfolio? Let’s take a look.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential… Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. 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Community News Business News Job Losses Mount in Pasadena as Pandemic Wears Down Businesses; 2,011 Jobs Lost to Mass Layoffs Employment Development Department releases figures which, while not covering all local businesses, tell a sobering employment picture By BRIAN DAY Published on Wednesday, July 8, 2020 | 2:22 pm Top of the News Subscribe Make a comment STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Click on image to enlarge[Updated] More than 2,000 workers in Pasadena have lost their jobs to mass layoffs and closures since late-March as businesses and families struggle to cope with the economic toll of the COVID-19 pandemic, according to state data.The California Employment Development Department data relates to filings by local employers that employ, or have employed in the preceding 12 months, 75 or more full-time or part-time workers.It is unknown how many workers have been temporarily or permanently laid off by smaller employers.A total of 2,011 workers have lost employment in the city, the California Worker Adjustment and Retraining Notification database shows. State law required California employers to post notice of mass layoffs, closures and relocations.Some of the layoffs were listed as “temporary,” while others were labeled “permanent.”The biggest single loss came from the Langham Huntington Pasadena hotel, which reported 472 permanent layoffs in late May. The hotel has been closed due to COVID-19 since early-April.The hotel had initially planned to reopen with safety measures in place in early July, but reconsidered after the recent surge in novel coronavirus infections throughout the county and the state, representatives said.“In light of the troubling spike in COVID-19 cases in California over the past week, we have made the difficult decision to delay the hotel’s reopening for the safety of our colleagues, guests and community,” the Langham Huntington said in a written statement.“Our hope is to be back in operation and open as soon as this situation is contained, so that we can continue to be Los Angeles’ original getaway,” the statement added. “We expect to be able to communicate a reopening date at that time. We thank our guests and colleagues for their patience and support during this unprecedented time.”Hotels across the city were hit hard in recent months as the pandemic dried up the tourism and travel industries.The Hilton Pasadena has reported 119 temporary layoffs, while the Westin Pasadena hotel has reported 114 temporary layoffs and the Sheraton Pasadena Hotel has documented 102 layoffs of unknown status, according to state data.Other businesses significant job losses included The Kitchen For Exploring Foods, with 134 temporary layoffs; First Student, with 133 temporary layoffs; Yard House Pasadena, with 120 temporary layoffs; and the True Food Kitchen, with 110 temporary layoffs.Two organizations that reported mass layoffs were also listed among local businesses that received federal loans under the federal CARES Act.The Pasadena Symphony Association, which has reported 68 temporary layoffs, received between $150,000 and $350,000 in loans under the federal assistance program, records show.Pasadena Symphony and POPS CEO Lora Unger said in a statement that the layoffs came after the loans were exhausted.“Due to the ongoing mandated government closure on all concert gatherings, the Pasadena Symphony Associated issued WARN notices mid June to its musicians and production personnel to comply with national and state statutes, to the extent applicable. The notices were issued following the exhaustion of PPP funds, which provided temporary financial assistance prior to June,” Unger said.“We look forward to resuming concert operations just as soon as we receive guidance from government authorities on how to do so. In the meantime, we are producing weekly online content for our patrons and actively fundraising to ensure we have the financial resources to resume concert operations.”Auto dealership RUSNAK Pasadena, which reported 22 permanent layoffs, received between $2 million and $5 million in CARES Act loans.Rusnak did not return a phone call seeking comment.Figures from the California Department of Employment Development Department placed Pasadena’s May unemployment rate at 16.8%, representing 11,800 people out of work. The rate was more than quadruple the 3.6% unemployment rate reported in May of 2019. Name (required) Mail (required) (not be published) Website More Cool Stuff Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. HerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeauty8 Celebrities People Don’t Love AnymoreHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyEase Up! Snake Massages Are Real And Do Wonders!HerbeautyHerbeauty 80 recommended0 commentsShareShareTweetSharePin it Business News Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS STAFF REPORT First Heatwave Expected Next Week Your email address will not be published. Required fields are marked * Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Darrel Done BusinessVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday read more
Man arrested on suspicion of drugs and criminal property offences in Derry DIGITAL/FILM The Return of Field Day: May – SeptemberPlaywright Brian Friel and actor/director Stephen Rea founded Field Day in Derry in 1980. For over 30 years Field Day has been a potent theatrical grouping, credited with altering the terms in which culture and politics have been debated in Ireland, and Northern Ireland especially. Celebrating the return of the company to Derry, they will present the world premiere of a new play, workshopped in Derry, by internationally acclaimed playwright, actor and director, Sam Shepard. Main Evening News, Sport and Obituaries Tuesday May 25th ARCHITECTURE Roddy Doyle and Julia Donaldson headline the Children’s Literature Festival while Carol Ann Duffy in partnership with John A Sampson lead the way during Poetry Month. Nobel Prize-winner Seamus Heaney will give the opening address at the Poetry Festival 2013 and his work will be featured alongside international poets in The Poetry House in September. Pinterest Mayor of Derry Cllr Kevin Campbell said: “The City of Culture year will transform our city and region. The range of contemporary music, dance, theatre, arts and performance events will link our diverse communities in programmes of celebration. The exciting programme of events scheduled for 2013 will encourage, develop and showcase our amazing cultural talent to the world and lay the foundations for economic prosperity for years to come.” Alongside this, there will be a season of plays by Brian Friel presented by local venues including the Millennium Forum and the Playhouse including Performances, The Enemy Within, Freedom of the City, and the seminal Translations directed by Adrian Dunbar, premiered by Field-Day at the Guildhall in Derry in 1980. The Walled City Tattoo (August)The Walled City Tattoo is a blend of home and international talent. With a 600 strong cast, music, song, dance and theatre will display a vivid reflection on our coloured history. Traditional favourites will feature as Highland and Irish dancers come together to present a whirling and vibrant display that fuses the main cultures within our society. Derry~Londonderry launches Ireland’s “richest ever cultural programme” Teenage Kicks: A Punk Musical (November)Set in Derry during the late 1970s, when The Undertones, perhaps Derry’s most famous export, burst onto the scene, this new musical is written by Northern Irish award-winning novelist and screenwriter Colin Bateman (‘Divorcing Jack’, ‘Murphy’s Law’). Featuring classic songs from the punk era, Teenage Kicks is about being a kid, rebelling against authority and falling in love. Children and young people in the city will take part in a Music Festival alongside the production. WhatsApp Twitter Derry’s City of Culture 2013 programme launched Further drop in people receiving PUP in Donegal Welcoming the programme, the Culture Minister Carál Ní Chuilín said:”2013 promises to be a momentous year for Derry and for this part of Ireland. With such an exciting programme of events to suit everyone’s tastes, the endorsement this week from the Lonely Planet and the sheer dedication to make this happen, Derry City of Culture is not to be missed. Derry is ready to embrace this opportunity and to showcase Ireland’s rich culture and heritage on the local and international stage.” The year will open with Sons & Daughters, a spectacular free concert on Sunday 20 January 2013, staged in a new purpose-built pavilion in the heart of the city on the banks of the River Foyle. The concert will celebrate Derry’s rich musical heritage co-produced by BBC Television for broadcast. The Music PromiseThe Music Promise is a year-long programme of inspirational learning for children and young people in Derry. More than 7,000 of the youngest children will take part in the programme, schools all over the city will participate, and thousands of free tickets will be given to schools to ensure that young people are at the heart of the music offering of the city. Derry~Londonderry in Northern Ireland will play host to a world-class programme which includes the Turner Prize presented outside England for the first time; a new commission by the London Symphony Orchestra; award-winning choreographer Hofesh Shechter; the return of Field Day; a new play by American playwright Sam Shepard; local Nobel Prize-winning poet Seamus Heaney; and the first visit to Northern Ireland of the Royal Ballet for over 20 years. WhatsApp Derry Festivals There will be special editions of the city’s longstanding flagship music festivals, including the acclaimed Jazz Festival and Celtronic, the island’s leading electronic music festival. LSO at City of Culture (March and July)The London Symphony Orchestra brings to Derry~Londonderry the world premiere of Mark-Anthony Turnage’s At Sixes and Sevens, a new cantata featuring texts by the Pulitzer Prize-winning poet Paul Muldoon. This major commission will be performed simultaneously by the LSO and Camerata Ireland in the two Guildhalls of London and Derry~Londonderry on 3rd July 2013. Earlier in the year, the LSO will present a programme of film music by John Williams, including his scores for Star Wars and Schindler’s List, at the former Ebrington Barracks on 18th March 2013. Turner Prize (October 2013-January 2014)Turner Prize, founded by Tate in 1984, will come to Derry~Londonderry, the first time it has ever been held outside England. The exhibition will be staged in a bespoke renovated building on Ebrington Square, the site of a former military barracks. Facebook The Royal Ballet (March)The first visit of The Royal Ballet to Northern Ireland in over 20 years and a home-coming for ballerina Melissa Hamilton, who comes from County Down, in a special Gala performance by members of the Company with the Ulster Orchestra. Among the highlights of the programme across the year are: Phil Coulter and Friends (June)Phil Coulter will return to Derry for the biggest and most ambitious concert he has ever performed in his hometown. He will be joined by the Ulster Orchestra and guests for this unique concert. The Conquest of Happiness (Summer)In summer 2013, Derry~Londonderry will host the world premiere of The Conquest of Happiness, a large-scale open-air performance inspired by Bertrand Russell’s famous essay on happiness, led by the internationally acclaimed Bosnian director Haris Pasovic, and featuring artists from Northern Ireland, the Republic of Ireland, Bosnia-Herzogovina and Slovenia. Google+ 365 additional cases of Covid-19 in Republic Waterside Youth Forum will present the city’s first International World Peace Summit in September, encouraging dialogue, reflection and exploration amongst young people from areas of conflict throughout Europe. Lumiere (November)The historic walls city of Derry~Londonderry provides a spectacular canvas for this critically acclaimed festival of light, first staged in Durham, produced by Artichoke with principal event partner NIE. 75 positive cases of Covid confirmed in North News Echo Echo Dance Company (November)The City of Culture Year will be the launch-pad for Northern Ireland’s first dedicated dance and movement festival, created by the province’s only professional dance company, Echo Echo, cementing Derry’s role as a centre of excellence for dance culture. They will also premiere a new work by Rosemary Lee. DANCE Portrait of a City in Association with BTPortrait of a City in Association with BT will create an unparalleled digital resource of photographs, film and oral history documenting the historical, cultural and personal stories of Derry~Londonderry. Working with community groups, schools, libraries, archives and with a drop-in office open to all, these stories will be collected over the course of 2013, and made available online at www.portraitofacity.com Alongside this, BT will host a comprehensive series of digital training programmes giving people of all ages the necessary skills to participate and contribute to the project. 40% of Derry’s population is under 25, making it one of the youngest cities in the UK. Numerous special initiatives for children and young people will be spread across the programme for the year. Among these events are: Willie Doherty Unseen (October)Unseen will be the largest ever exhibition of works by acclaimed Derry born artist Willie Doherty. The exhibition will feature works from throughout Doherty’s career as well as a new series of photographs taken in Derry in 2013. It will also showcase a number of Doherty’s most important video installations that make use of some of Derry’s best-known and more hidden places for his narratives, as well as a new film. The exhibition is co-curated by Robin Klassnik of Matt’s Gallery, London, and the Nerve Centre, Derry. Walls 400! (January – December) Marking the 400th anniversary of the City Walls in 2013, one of the most important features of Derry~Londonderry’s landscape, there will be a year long programme of activities to fully explore the contested history that the Walls represent and to celebrates them as a present-day national heritage asset, with the potential to unite rather than separate people. Twitter Gardai continue to investigate Kilmacrennan fire The Fleadh (August)Fleadh Cheoil na hÉireann is unsurpassed as the biggest festival of Irish culture anywhere in the world. It includes traditional music, pageants, marching bands, competitions, ceili bands, concerts and singing as well as drama and exhibitions. The Fleadh will take place across the city for the first time, transforming Derry into one enormous performance space over the course of seven days and playing host to over 300,000 visitors, as the city becomes the Mecca for the cream of traditional talent. THEATRE Other Voices: From Kerry to Derry (February)Dingle’s legendary Other Voices Festival, edited by musician Philip King, will expand to London with the Barbican and to Derry~Londonderry featuring world famous musicians in tiny venues broadcast to the world. Boy Blue (October)Jointly commissioned by the Barbican in London and Derry~Londonderry 2013, Boy Blue, the Olivier Award-winning dance company behind Pied Piper, will premiere a new production taking inspiration from the world of Manga, martial arts, the quirky and impossible physical feats so central to the comic book genre. All local post-primary schools will take part in a collaborative project to produce an anthology of short stories, showcasing the best of young talent in Derry~Londonderry. The first edition of the programme for Derry~Londonderry 2013, the UK’s first City of Culture, was announced today. Pinterest Foyle Film Festival 2013 (November)Foyle Film Festival is one of only a handful of international film festivals with Oscar affiliation and BAFTA recognition. During 2013, the Festival, organised by the Nerve Centre, will spread out into the open air for the first time with screenings in unusual locations, directors’ talks, and a community based cinema initiative engaging local communities in making and screening films about their areas. National Youth Orchestra of Great Britain (August)The Orchestra will take up residence in the city presenting performances and workshops including the 200th anniversary performances of Beethoven’s 9th Symphony with musicians and singers from England, Northern Ireland and the Republic of Ireland conducted by Vasily Petrenko. Members of the National Youth Orchestra will pair up with local young musicians to give 100 mini-concerts in peoples homes, on the streets, in the community, of new duets inspired by Beethoven’s Ode To Joy. CHILDREN AND YOUNG PEOPLE 72 Hour Urban Action (September)A competition in which ten teams of architects and volunteers have 72 hours to transform ten city spaces. There will be an exhibition on the history of Field Day, and The Field Day archive held at the National Library of Ireland in Dublin, will be opened up for free access online, leaving a lasting legacy from the season. Field Day will also raise the curtain on the year with two new works by Northern Irish writers, Clare Dwyer Hogg and David Ireland, directed by Stephen Rea. Facebook Announcing the programme today, Shona McCarthy, Chief Executive of Culture Company 2013, said: “We hope that Derry~Londonderry’s City of Culture year brings a sense of joy, a sense of ambition, a sense of pride in our community, a sense of being part of a global community, and in the end a sense of achievement – that we all did this together and it meant something. A huge success for a small city.” All school children in Northern Ireland will have the opportunity to visit the Turner Prize exhibition.LITERATURE (March – September) Artists GardensThree artists, Locky Morris, Katie Holten and Ackroyd & Harvey, will create new art gardens for the city, working with leading local contemporary art gallery The Void. The Shirt Factory ProjectDerry was the shirt-making capital of the world until the industry went East from the 1980s onwards. Ex-shirt factory workers will return to the former factory building in a project led by artist Rita Duffy, creating a pop-up gallery and producing new shirts in this mini art factory. Children will participate in the creation of a new digital Book of Kells. Digital artists based at Derry’s multi-media Nerve Centre, will create a suite of online digital resources to assist children and teachers to bring to life the Celtic artwork and vitality of the illuminated manuscripts. The Return of Colmcille (June)A city-wide spectacle taking place over a whole weekend devised by Frank Cottrell Boyce, writer of the London 2012 Opening Ceremony, with Walk the Plank. The 24 hour performance spread over three days celebrates Colmcille, the warrior monk who founded the city, a seminal historical figure in the story of Ireland. Music City (June)Derry is known throughout the world as a City of Song, with its rich musical heritage – from the Londonderry Air to the Undertones anthem Teenage Kicks. Music City will transform the whole city into a stage for local and international professional and amateur musicians in partnership with Exit Festival of Serbia bringing music from cities on the edge throughout the world to Derry – Beirut, Tblisi, Tel Aviv, Harare, Havana, Sao Paolo. By News Highland – October 25, 2012 Previous articleFourth man arrested in Bundoran stabbing investigationNext articleMore events to be announced for Derry City of Culture year News Highland Google+ RELATED ARTICLESMORE FROM AUTHOR Political Mother Derry~Londonderry Uncut March 2013Hofesh Shechter and his company will be resident in the city for five weeks. He will re-imagine his acclaimed work Political Mother, originally staged at Sadler’s Wells, with a live band of 20 young local musicians performing alongside his own company of international musicians and dancers. He will also create five new pieces of choreography in collaboration with local dance groups, taking the dance out into the streets of Derry for free performances at landmarks across the city. Ebrington SquareDerry~Londonderry’s award-winning Peace Bridge and Ebrington Square project is transforming the site of the former Ebrington Army Barracks, creating an important new city centre link over the River Foyle. The former Parade Ground is already established as a major new outdoor space for concerts and festivals. In 2013 the former barracks building will be transformed to create a large-scale cultural space for the city. Grand Vintage Ball (May)An opportunity for the whole community to step out and dress up for a vintage 50s style ball. VISUAL ARTS MUSIC read more
News UpdatesAll Interim Orders Passed By Bombay HC And Subordinate Courts Extended Till August 31 [Read Order] Nitish Kashyap15 July 2020 9:13 PMShare This – xThe Bombay High Court has extended operation of all interim orders passed by the High Court and subordinate courts till August 31. Previously, the High Court on June 15 had extended all interim orders till July 15.Chief Justice Dipankar Datta, Justice AA Sayed, Justice SS Shinde and Justice KK Tated in an order dated July 15 noted-“Since this bench last assembled on June 15, 2020, the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Bombay High Court has extended operation of all interim orders passed by the High Court and subordinate courts till August 31. Previously, the High Court on June 15 had extended all interim orders till July 15.Chief Justice Dipankar Datta, Justice AA Sayed, Justice SS Shinde and Justice KK Tated in an order dated July 15 noted-“Since this bench last assembled on June 15, 2020, the situation arising out of the pandemic is yet to improve. To serve the ends of justice, the interim order initially passed on March 26, 2020, subsequently extended by orders dated April 15, 2020 and June 15, 2020 and operative till today, shall stand extended till August 31, 2020, if not extended otherwise in the meanwhile, on the same terms.”Court clarified that any order or decree for eviction/dispossession/demolition which has been passed by any court/tribunal/authority subsequent to the order dated June 15, 2020, shall also remain in abeyance till August 31, 2020, unless directed otherwise.With the continued rise in number of cases in Mumbai and the State of Maharashtra in general, the Bombay High Court has been conducting hearing in urgent and specific cases via video conferencing only. Click Here To Download Order[Read Order]Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Story read more
Top StoriesSection 14 Limitation Act Applies To Application Under Section 7 IBC : Supreme Court LIVELAW NEWS NETWORK23 March 2021 7:13 AMShare This – xThe Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.Section 14 of the Limitation Act 1963 allows for exclusion from the limitation period the time spent litigating before wrong forum.A bench comprising Justices…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.Section 14 of the Limitation Act 1963 allows for exclusion from the limitation period the time spent litigating before wrong forum.A bench comprising Justices Indira Banerjee and Hemant Gupta held that Section 14 applies to an application under Section 7 of the IBC and that there is no rule that the exclusion of time under Section 14 is available, only after the proceedings before the wrong forum terminate.The bench also held that SAFAESI proceedings are ‘civil proceedings’ for the purposes of Section 14 of the Limitation Act. The judgment came in the case Sesh Nath Singh Vs. Baidyabati Sheoraphuli Co-operative Bank Ltd.Factual backgroundIn this case, the National Company Law Appellate Tribunal rejected the contention raised by Corporate Debtor that since the account of the Corporate Debtor had been declared NPA on 31st March, 2013 and since the application under Section 7 of IBC had been filed on 27th August, 2018, after almost five years and five months from the date of accrual of the cause of action, the application filed by financial creditor is barred by limitation. The NCLAT held that, the applicant, the financial creditor, had bona fide, within the period of limitation, initiated proceedings against the Corporate Debtor under the SARFAESI Act and was thus entitled to exclusion of time under Section 14(2) of the Limitation Act. The NCLAT, after exclusion of the period of about three years and six months till the date of the interim order of the High Court, during which the Financial Creditor had been proceeding under SARFAESI Act, found that the application of the Financial Creditor, under Section 7 of the IBC, was within limitation.In appeal, the Apex Court bench considered these two issues :(i) Whether delay beyond three years in filing an application under Section 7 of IBC can be condoned, in the absence of an application for condonation of delay made by the applicant under Section 5 of the Limitation Act, 1963? (ii) Whether Section 14 of the Limitation Act, 1963 applies to applications under Section 7 of the IBC? If so, is the exclusion of time under Section 14 is available, only after the proceedings before the wrong forum terminate?Relying on an NCLAT judgment in Ishrat Ali v. Cosmos Cooperative Bank Limited and Anr.,the corporate debtor contended that in an application under Section 7 of the IBC, the applicant is not entitled to the benefit of Section 14 of the Limitation Act, 1963 in respect of proceedings under the SARFAESI Act.There is no bar to exercise by the Court/Tribunal of its discretion to condone delay, in the absence of a formal application.While answering the first issue, the bench noted that Section 238A of the IBC provides that the provisions of the Limitation Act shall, as far as may be, apply to proceedings before the Adjudicating Authority(NCLT) and the NCLAT. The court observed that though, it is the general practice to make a formal application under Section 5 of the Limitation Act, 1963, in order to enable the Court or Tribunal to weigh the sufficiency of the cause for the inability of the appellant/applicant to approach the Court/Tribunal within the time prescribed by limitation, there is no bar to exercise by the Court/Tribunal of its discretion to condone delay, in the absence of a formal application.”A plain reading of Section 5 of the Limitation Act makes it amply clear that, it is not mandatory to file an application in writing before relief can be granted under the said section. Had such an application been mandatory, Section 5 of the Limitation Act would have expressly provided so. Section 5 would then have read that the Court might condone delay beyond the time prescribed by limitation for filing an application or appeal, if on consideration of the application of the appellant or the applicant, as the case may be, for condonation of delay, the Court is satisfied that the appellant/applicant had sufficient cause for not preferring the appeal or making the application within such period. Alternatively, a proviso or an Explanation would have been added to Section 5, requiring the appellant or the applicant, as the case may be, to make an application for condonation of delay. However, the Court can always insist that an application or an affidavit showing cause for the delay be filed. No applicant or appellant can claim condonation of delay under Section 5 of the Limitation Act as of right, without making an application.”All the provisions of the Limitation Act are applicable to proceedings in the NCLT/NCLAT, to the extent feasibleThe bench also noted that the IBC does not exclude the application of Section 6 or 14 or 18 or any other provision of the Limitation Act to proceedings under the IBC in the NCLT/NCLAT. All the provisions of the Limitation Act are applicable to proceedings in the NCLT/NCLAT, to the extent feasible, it said.”There can be little doubt that Section 14 applies to an application under Section 7 of the IBC. At the cost of repetition, it is reiterated that the IBC does not exclude the operation of Section 14 of the Limitation Act”The bench further observed that substantive provisions of Sub-sections (1), (2) and (3) of Section 14 do not say that Section 14 can only be invoked on termination of the earlier proceedings, prosecuted in good faith.”In our considered view, Explanation (a) cannot be construed in a narrow pedantic manner to mean that Section 14 can never be invoked until and unless the earlier proceedings have actually been terminated for want of jurisdiction or other cause of such nature. Explanation (a), which is clarificatory, only restricts the period of exclusion to the period between the date of initiation and the date of termination. An applicant cannot claim any further exclusion. “The bench illustrated the above with two examples:To cite an example, if a party were to file a suit in a wrong forum, to enforce payment of money secured by a mortgage or charge upon immovable property, for which the prescribed period of limitation is twelve years, after expiry of three years from the date of accrual of the right to sue, and then file an application under Section 7 of the IBC after dismissal of the suit for want of jurisdiction, that application under Section 7 of the IBC would be time barred since such party would not be entitled to exclusion of any period of time beyond the date of institution and date of termination of the earlier proceeding. If after exclusion of the time between the initiation and termination of the proceedings instituted bona fide and in good faith and prosecuted with due diligence, an application was still beyond three years, Section 14 would not help save limitation. To cite another example, if civil proceedings were initiated in a wrong forum in good faith and prosecuted with due diligence, but after the proceedings ended, time was wasted by making frivolous, meritless applications, the applicant would only be entitled to exclusion of time from the date of initiation till the end of the proceedings initiated in good faith and bona fide and pursued diligently, and no more. The applicant would not be entitled to exclusion of any further time spent in pursuing frivolous further proceedings, or otherwise.To sum up, Section 14 excludes the time spent in proceeding in a wrong forum, which is unable to entertain the proceedings for want of jurisdiction, or other such cause. Where such proceedings have ended, the outer limit to claim exclusion under Section 14 would be the date on which the proceedings ended.Regarding the contention relying on NCLAT judgment in Ishrat Ali case, the bench observed that there is no rationale for the view that the proceedings initiated by a secured creditor against a borrower under the SARFAESI Act for taking possession of its secured assets, were intended to be excluded from the category of civil proceedings. While dismissing the appeal, the bench observed:If, in the context of proceedings under Section 7 or 9 of the IBC, Section 14 were to be interpreted with rigid and pedantic adherence to its literal meaning, to hold that only civil proceedings in Court would enjoy exclusion, the result would be that an applicant would not even be entitled to exclusion of the period of time spent in 41 bona fide invoking and diligently pursuing an earlier application under the same provision of IBC, for the same relief, before an Adjudicating Authority, lacking territorial jurisdiction This could not possibly have been the legislative intent.. In our considered opinion, the judgment of the NCLAT in the case of Ishrat Ali is unsustainable in law. The proceedings under the SARFAESI Act, 2002 are undoubtedly civil proceedingsIn our considered view, keeping in mind the scope and ambit of proceedings under the IBC before the NCLT/NCLAT, the expression ‘Court’ in Section 14(2) would be deemed to be any forum for a civil proceeding including any Tribunal or any forum under the SARFAESI Act.Case: Sesh Nath Singh Vs. Baidyabati Sheoraphuli Co-operative Bank Ltd [CA 9198 OF 2019]Coram: Justices Indira Banerjee and Hemant GuptaCounsel: Sr. Adv Siddhartha Dave, Adv Sai DeepakCitation: LL 2021 SC 177Click here to Read/Download JudgmentRead JudgmentSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Story read more
James Baratta is an intern at the Ithaca Voice. Connect with him on Twitter @_barattata More by James Baratta James Baratta ITHACA, N.Y. — Tompkins County and the City of Ithaca have been working with the Center for Policing Equity to gather feedback from local residents on potential avenues of police reform. The Reimagining Public Safety Collaborative seeks to incorporate a community-oriented approach to policing in Tompkins County and the City of Ithaca. This initiative is part of an executive order requiring all municipalities with police departments in New York state to adopt a plan for police reform by April 1, 2021. The collaborative involves working groups—experts and officials tasked with evaluating the conduct and procedures of various agencies within the County—and focus groups consisting of local residents. The county and city have been receiving community feedback online, at kiosks in the Tompkins County Public Library and through the Community Voices Public Forums series.In the four sessions held this month, local residents offered critical feedback on traditional models of policing with many echoing the nationwide clarion call to “defund the police,” a reform which seeks to create a radically new version of public safety. This reimagination comes amid sustained protests that have refocused their attention on the Ithaca Police Department (IPD). Protestors mobilized outside IPD headquarters Sunday and called for the agency to be defunded. The number of people who gathered to protest has held steady in recent weeks at around 30 people, The Ithaca Voice reported. Throughout November and December, community groups have been convening with working group members at these forums. Contrary to the description on the County’s website, community members argued that these meetings prevent local leaders and the public from having conversations about the reimagination of public safety. Attendees like Kate Leboff, who has been involved in the local racial justice movement, emphasized the need for a back-and-forth between the people and the County about what leads to crime. “You can’t reimagine public safety without addressing the root causes of what results in crime,” Leboff said on Nov. 14. “If we don’t have these conversations, we can’t reimagine public safety.”Leboff’s remarks were not the only ones critical of the Reimagining Public Safety Collaborative. Speakers have argued that the current reimagination process isn’t much of a “Collaborative” at all. Instead, they posit that its format is impeding reforms that County and City residents are recommending for implementation. Critics of the current Community Voices format said that it feels like their suggestions are going into some sort of void. Local resident Veronica Pillar recommended that the County place something in the physical world for Ithacans to track the input they provide. “Maybe like a big, giant board in the Commons with some disinfectant, a little roof to protect from the rain,” Pillar said. “I think that would reach maybe more people and we as the public could, like, see each other’s responses as opposed to having them kind of gathered and hidden away for the officials and working groups.”Ithacan and local activist Genevieve Rand scrutinized the layout of the Community Voice forums because it limits each attendee’s input to a maximum of two minutes per session. Rand also suggested that the County canvas low-income neighborhoods to increase representation of marginalized communities in the Collaborative’s data-gathering process. “I’m just really frustrated that this is how you guys are trying to go about this,” Rand said. “You’re just sitting in your house, [sic] going on Zoom and giving people two minutes to have one chance to talk about this.” Despite these constraints, forum attendees can provide their input using the chat function on Zoom for consideration in the reimagination process. Additionally, community members can contribute their thoughts, perspectives and experiences regarding public safety outside of these forums online and at the Tompkins County Public Library.Tompkins County Communications Director Dominick Recckio said that the County is taking the necessary steps to ensure BIPOC voices are incorporated into the development of its state-mandated public safety plan. Community members will be able to sign up for focus groups in the coming weeks. “We’re going to be publishing the list of focus groups that we’ll be having, and those cross many different marginalized communities in Ithaca and Tompkins County,” Recckio said Friday. “Other folks that may not be able to make it to a focus group will be interviewed individually by trained facilitators that we’re working with.” But there was more scrutiny of the reimagination process throughout the November forums. Other residents like Rogue Ma expressed disdain about the Collaborative’s working groups. Your Public Safety news is made possible with support from: “It is filled with exactly the same people that we are trying to render obsolete; I don’t see a single community activist represented,” Ma said. “Essentially, these working groups are not going to be able to recognize the urgency of any of our ideas [sic] because they live insulated from interracial or interdimensional violence.” Another community member echoed the sentiments. “Anyone who’s considered ‘other’ in this country [does] not experience any kind of [sic] practical experience of safety,” they said. “We need to imagine what it would be like for someone who was born with the ‘wrong’ skin color to not ever have to walk his life, or her life, or their life feeling as if it’s a brand that permanently prevents them from [sic] having a baseline of safety.”Recckio said that the County and City are working with community partners and nonprofits, to invite local residents from marginalized communities to the focus groups. He did not explicitly name any of these organizations, which—according to residents like Ma—are poorly represented in the Reimagining Public Safety Collaborative. The majority of residents who spoke at these forums demanded that the County and City redirect municipal funds to consolidate social programs that are already providing vital aid to the community and facilitate crisis interventions that reduce crime at the source. “I genuinely think that this is really a distraction from demands that the community has already made to see the police defunded,” Liza Cobb, a member of Show Up for Racial Justice, said last week. “We want to see it defunded and we want to see that money, go back to the community—especially during a pandemic when people are really struggling and programs for the community are [sic] losing their funding.” Thomas Murphy, a teacher’s aid with the Ithaca City School District, alluded to the notion that police aren’t always equipped for the emergencies they conventionally respond to. “The police are too relied on as the only solution for violent crime, substance abuse, mental health crises, domestic violence, homelessness and more,” he said. “Relying on them to do all these things perfectly enough to keep the community safe is not working and hasn’t worked.” Also among the speakers was David Foote, a local resident who highlighted the urgency of reinventing public safety. “I wanted to reiterate that, for most of this year, the people of Ithaca have been demanding that [the] police department budget be cut significantly, and that those funds be used for community-based programs,” he said. “It takes a lot of work to change systems, especially while we have multiple crises that each and altogether are making this change more difficult, but they also make it more necessary—this work has to happen.” Tompkins County Administrator Jason Molino explained that although the public safety plan is state-mandated, this reimagination is only the initial phase of actualizing the needs of the community. “This is the first step to a long stairwell of review and understanding of [sic] how we can provide those services to our community members in the form and fashion that they’re looking for,” Molino said. The public will be able to provide input through the month of December, and the County and City will be synthesizing this data until the initial release of a draft on Jan. 31, 2021. From February to March, the County and City will seek and consider public feedback on the draft before finalizing and adopting a plan by April 1, 2021. The next Community Voices forum will be held via Zoom on Friday, Dec. 4 from 4:30 to 6:30 p.m. and Saturday, Dec. 5 at 10:30 a.m. Members of the community are encouraged to participate by registering for the Zoom webinars in advance. If you are interested in making your voice heard regarding police reform, but can’t make it to the public forums, additional opportunities for community input are available and are listed below.Fill out this online formLeave a voicemail with input by calling 607-274-5465Submit a paper input form. Download here or pick up at the Tompkins County Public Library Mail a letter with Attn: Reimagining Public Safety to 125 E. Court St.Ithaca, N.Y.Drop Off suggestion to the Mayor’s Listening Post (Mailbox) at 108 E. Green St.Ithaca, N.Y. or to the Tompkins County Drop Box at 125 E. Court St. Ithaca, N.Y.Community members who would like to engage in online feedback but don’t have access to a computer can go to the Tompkins County Public Library on Tuesdays and Thursdays from 10 a.m to 1 p.m., and Saturdays from 3 p.m. to 6 p.m. Again, a timeline of the reimagining public safety process, a list of working group members, and details on how the community can submit input are available online, and on this downloadable paper input form.Members of the community who would like to receive updates on the process and announcements of future community forums via email can fill out this online form to receive updates directly to their inbox. Tagged: community forum, domenick recckio, genevieve rand, james baratta, police reform, svante myrick read more