Pioneer In Short

Firecracker factory blast kills 11 in UP

A massive explosion at a firecracker factory in Manori village of Uttar Pradesh's Kaushambi district on Monday afternoon killed 11 people and injured five others, officials said. The injured are undergoing treatment at SRN Hospital in Prayagraj. The deceased included seven children, with the victims aged between four and 40. All were residents of the area around the factory, officials said. The blast, which occurred near the Manori power house, destroyed the factory and caused five to six adjoining houses to collapse. More than 18 people are suspected to have been injured, raising fears that the death toll could increase as rescue teams clear the rubble.

Train services on the nearby Delhi-Howrah route were suspended for about an hour following the explosion. The Ajmer-Sealdah Express was sent back to Manori, while the Delhi-Varanasi Vande Bharat was halted at Saiyad Sarawan. NDRF, SDRF, police and fire brigade teams, supported by more than a dozen fire tenders, around two dozen ambulances and over 50 Air Force personnel, were engaged in rescue operations. Chief Minister Yogi Adityanath announced Rs 2 lakh for each deceased victim's family and Rs 50,000 for every injured person.

Lenders challenge Chandra insolvency

Dissenting lenders of Essel Group chairman Subhash Chandra on Monday approached the NCLAT, challenging the NCLT's approval of a Rs 6.5-crore repayment plan against creditor claims of about Rs 22,006.57 crore in his personal insolvency case. Solicitor General Tushar Mehta, appearing for LIC Housing Finance, Canara Bank and Union Bank, sought an urgent hearing, arguing that allowing the NCLT order to stand would "defeat the very purpose" of the Insolvency and Bankruptcy Code. The NCLAT, however, listed the matter for Tuesday. The NCLT's special bench formally approved the resolution plan after a split verdict was settled by third member Nilesh Sharma. The plan provides Rs 6.25 crore to creditors and Rs 25 lakh towards process costs. Dissenting lenders, led by LIC Housing Finance, had argued that the recovery was "unviable and unlawful". LIC Housing Finance's admitted claim of Rs 1,322.39 crore would yield only about Rs 38.09 lakh, or 0.028 per cent.

Lenders also alleged that five entities linked to Chandra's family controlled 61.78 per cent of voting rights and should have been barred from voting as related parties. Sharma rejected the objection, saying Chandra held no direct shares or board control in the entities. The tribunal said Chandra's personal estate was valued below the plan's offer and creditors could potentially recover more from principal debtors if his insolvency were resolved.