Latest news with #CIRP
Indian Express
14 hours ago
- Business
- Indian Express
Unused buses at Anik depot: BEST says contract terminated as firm flouted norms
As nearly 100 unused mini buses stay parked idle at the Anik depot in Mumbai for more than a year, the Brihanmumbai Electric Supply and Transport (BEST) undertaking on Tuesday said that the contractor who was running these buses did not adhere to contract terms, leading to its termination. In a statement, BEST said that the parked buses were owned by M P Enterprises, a private operating company that was awarded a contract in December 2019 to run 275 mini buses on a wet lease basis. BEST undertaking stated that throughout the duration of the contract, the operator was repeatedly served with notices for not adhering to contract terms. 'The contract was finally terminated in December 2022 due to failure to meet the requirements as per the prescribed norms,' the statement added. BEST gave several reasons for the cancellation including frequent bus breakdowns, operational irregularities, failure to meet the service level agreement and Provident Fund contribution defaults. The undertaking further added that the operator had ceased operating even prior to the formal cancellation of the contract. After the contract ended, the operator lodged a claim under the Corporate Insolvency Resolution Process (CIRP) in April 2023. An Interim Resolution Professional (IRP) was appointed by the National Company Law Tribunal (NCLT), Mumbai, as part of the process. 'The buses stationed at Anik depot are under the IRP's control,' BEST said. BEST also informed that it has found out that the liquidator is now undertaking the auction of the buses and that the undertaking has already written to the liquidator seeking removal of the buses. 'It should be noted that these buses are not being moved as the matter is under the jurisdiction of the Interim Resolution Professional,' the statement added.
Economic Times
14 hours ago
- Business
- Economic Times
Adani group seeks Competition Commission's nod to acquire Jaiprakash Associates
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Billionaire Gautam Adani-promoted Adani group on Tuesday sought approval from the Competition Commission of India (CCI) to acquire Jaiprakash Associates development came after Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP)."The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers ( Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the Enterprises Ltd (AEL) is the flagship company of Gujarat-based Adani group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and a notice to CCI, AEL, Adani Infrastructure and Developers and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are linked to the market for manufacture of cement."These vertical linkages do not give rise to any competition concerns," the notice month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies and joint lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, was taken to insolvency proceedings after the conglomerate defaulted on the payment of are claiming a staggering Rs 57,185 National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
17 hours ago
- Business
- Time of India
Adani group seeks Competition Commission's nod to acquire Jaiprakash Associates
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Billionaire Gautam Adani-promoted Adani group on Tuesday sought approval from the Competition Commission of India (CCI) to acquire Jaiprakash Associates development came after Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP)."The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers ( Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the Enterprises Ltd (AEL) is the flagship company of Gujarat-based Adani group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and a notice to CCI, AEL, Adani Infrastructure and Developers and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are linked to the market for manufacture of cement."These vertical linkages do not give rise to any competition concerns," the notice month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies and joint lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire was admitted into the CIRP through the National Company Law Tribunal, Allahabad Bench, order dated June 3, was taken to insolvency proceedings after the conglomerate defaulted on the payment of are claiming a staggering Rs 57,185 National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India (SBI).JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
India.com
2 days ago
- Business
- India.com
Supreme Court Rejects BCCI And BYJUS Promoters Appeals Against NCLAT Order On Insolvency Withdrawal
New Delhi: The Supreme Court on Monday dismissed pleas filed by the Board of Control for Cricket in India (BCCI) and Byju's co-founder Riju Raveendran challenging a NCLAT Chennai order which denied the withdrawal of insolvency proceedings initiated by the BCCI. A bench comprising Justices JB Pardiwala and R Mahadevan refused to interfere with the NCLAT's April 17 order. On April 17, the National Company Law Appellate Tribunal (NCLAT) had set aside the appeals filed by BCCI and Byju's Riju Ravindran seeking withdrawal of insolvency proceedings against Byju's. NCLAT had held that any application to withdraw the Corporate Insolvency Resolution Process (CIRP) against Think & Learn Pvt. Ltd. (the company running Byju's) requires the support of 90 per cent of its Committee of Creditors (CoC). They had challenged in NCLAT, the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on February 10, directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, is a member. Filing the appeal in the top court, BCCI and Ravindran have sought a withdrawal of the insolvency proceedings saying they have entered into a settlement of Rs 158 crore, and this was done much before the constitution of CoC. Meanwhile, reacting to the Supreme Court's order, Counsel of BYJU'S Founders said in a statement, "It is disappointing that the Hon'ble Supreme Court did not rule in favour of the termination of BYJU's bankruptcy. The termination would have benefitted millions of students who are being deprived of BYJU'S learning system, and thousands of employees." "We are examining the implications of today's order and will decide the future course of action after due consideration. BYJU'S Founders will not stop their efforts to terminate the company's bankruptcy and remain confident that eventually justice will be found through the courts." the statement added.
Hans India
2 days ago
- Business
- Hans India
Supreme Court dismisses Byju's settlement plea
New Delhi: The Supreme Court on Monday dismissed pleas filed by the BCCI and Riju Raveendran — brother of Byju Raveendran — seeking withdrawal of insolvency proceedings against Byju's and to consider the settlement between the beleaguered edtech company and the BCCI. A Bench of Justices JB Pardiwala and R Mahadeven refused to interfere with the April 17 order of the National Company Law Appellate Tribunal (NCLAT) which had ruled that since the settlement proposal was filed after the formation of Committee of Creditors (CoC), it required the approval of the lender's body under the provisions of section 12 A of the Insolvency and Bankruptcy Code. Earlier in February 2025, the National Company Law Tribunal (NCLT) had directed the petitioners to place their settlement offer before the new CoC, in which US-based Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, is a member. The Corporate Insolvency Resolution Process (CIRP) against Byju's was initiated in July last year by the NCLAT, admitting a Rs 158.90 crore claim from the BCCI as an operational creditor of edtech major. An Interim Resolution Professional (IRP) was also appointed in this matter. Later, a settlement was reached between the parties, and Byju Raveendran approached the NCLAT. The appellate tribunal set aside the insolvency proceedings against Byju's on August 2, 2024, after approving a dues settlement with the BCCI, which had entered into a Team Sponsor Agreement with the cricket body in 2019. This was challenged by Glas Trust before the Supreme Court. A Bench headed by then Chief Justice of India (CJI) DY Chandrachud halted the NCLAT order and directed the BCCI to deposit the amount in question in a separate escrow account till further orders. Meanwhile, Byju's Alpha, a special purpose financing vehicle established by Byju's in the US to receive proceeds of a $1.5 billion Term Loan B, has sued Byju Raveendran, co-founder and his wife Divya Gokulnath for "orchestrating theft of $533 million". Byju's Alpha said that following the $533 million judgment of the United States Bankruptcy Court for the District of Delaware against Riju Ravindran and Byju's ultimate corporate parent in India, the company has now filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere (advisor), Anita Kishore. The lawsuit states that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds (the 'Alpha Funds'), according to a press release. They further stated that "it is clear that Byju, Divya, and Anita deliberately hid the assets of Byju's Alpha and repeatedly were deceptive about the location of the money in order to steal funds rightfully owed to the Lenders".
