Latest news with #CommitteeofCreditors
News18
24-06-2025
- Automotive
- News18
Stocks To Watch: Tata Motors, JSW Energy, Sona BLW, Dixon Technologies, And Others
JSW Energy The company announced that the Committee of Creditors has approved its settlement proposal for KSK Water Infrastructures. Bemco Hydraulics The board will meet on June 30 to consider a stock split and bonus issue. Sona BLW Precision Appointed Jeffrey Mark Overly as Chairperson and designated late Sunjay Kapur as 'Chairman Emeritus'. Tata Motors India's leading EV maker unveiled introductory pricing for the SUV (RWD variants). Prices for QWD variants will be disclosed on June 27, with bookings opening on July 2. Becomes the first Indian company to list ESG bonds on the NSE, raising Rs 500 crore through NCDs with a 6.35% coupon. HSBC was the sole lead arranger. HG Infra Engineering Declared the lowest bidder for a Rs 117.77 crore MES project at Mumbai's Naval Dockyard. The contract entails building an Integrated Material Handling Facility over 30 months. Dixon Technologies Chairperson Sunil Vachani sold 16.7 lakh shares (2.77% stake) via bulk deal on the BSE, trimming his holding in the company. Devyani International Plans to raise its stake in Sky Gate Hospitality from 80.72% to 86.13% by investing up to Rs 106.25 crore by July 31, 2025. Garware Technical Fibres Acquired Norway-based Offshore & Trawl Supply AS (OTS) through its UK subsidiary, expanding its global reach in technical textiles and cordage solutions. Cochin Shipyard Subsidiary Hooghly CSL secured an order worth Rs 100–250 crore from Antara River Cruises to build two luxury river vessels for the Brahmaputra. ITI Ltd
Hindustan Times
09-06-2025
- Business
- Hindustan Times
Jaiprakash Associates insolvency: Lenders extend deadline to June 24 for submitting resolution plan
New Delhi, Jun 9 (PTI) Lenders of Jaiprakash Associates have extended the deadline for submission of resolution plan to June 24 on request of prospective bidders. In a regulatory filing, Jaiprakash Associates Ltd (JAL), which is facing insolvency process, said the Committee of Creditors (CoC) has approved the deadline extension. In terms of the invitation for expression of interest, the prospective resolution applicants (PRAs) were given a timeline of June 9, 2025 for submission of their resolution plans, the company said. "However, consequent upon requests received from several PRAs for extension of the current deadline of June 9, 2025 for submission of resolution plans, the members of the Committee of Creditors of the corporate debtor have approved with the requisite majority the extension of time for submission of resolution plans till 24th June, 2025," JAL said. There are 25 companies that have shown interest in acquiring the JAL. Billionaire Gautam Adani's group firm Adani Enterprises, mining mogul Anil Agarwal's Vedanta, and yoga guru Baba Ramdev's Patanjali Ayurveda are among the 25 suitors looking to acquire the JAL,the flagship company of Jaypee Group. The final list of PRAs include Torrent Power Ltd, Dalmia Cement (Bharat) Ltd, GMR Business & Consultancy LLP, Jaypee Infratech, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty. Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures are the other bidders. JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024. The company was taken to insolvency proceedings after the conglomerate defaulted on payment of loans. Creditors are claiming a total of a staggering ₹57,185 crore. The 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 Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd and several other companies. Jaypee Group's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
Time of India
20-05-2025
- Business
- Time of India
Govt working on amendments to insolvency law
The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors , according to a senior official. The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, Committee of Creditors (CoC) is a key element. As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the corporate affairs ministry has been working on amending the IBC. The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next Parliament session. Among other provisions, amendments are likely in Section 31 (4) of the IBC that requires bidders to seek approval from the Competition Commission of India (CCI) before submitting their resolution plans to the CoC. Live Events The proposed amendment to Section 31 (4) is aimed to ease the burden on the CCI and will be part of the overall amendments, the official said. As per this section, for resolution plans that have a provision for combination, as referred to in section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the CCI under that Act prior to the approval of such resolution plan by the CoC. The ministry has made six amendments to the IBC and at least 122 amendments in regulations since the inception of the Code. A total of 1,119 cases have been resolved through the Corporate Insolvency Resolution Process (CIRP) leading to a recovery of about Rs 3.58 lakh crore to the creditors under the Code till December 31, 2024.
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Business Standard
07-05-2025
- Business
- Business Standard
CoC to meet on JSW-Bhushan case in 3 days: PNB MD & CEO Ashok Chandra
The Committee of Creditors (CoC), led by Punjab National Bank in the case of Bhushan Power and Steel Ltd (BPSL), will be meeting with other lenders New Delhi Listen to This Article Punjab National Bank (PNB) expects clarity on the JSW-Bhushan development loan account in the next three days, said Managing Director and Chief Executive Officer ASHOK CHANDRA in a video interview with Harsh Kumar. The state-owned lender on Wednesday reported a 51.7 per cent year-on-year (Y-o-Y) increase in its net profit to ₹4,567 crore for the fourth quarter of 2024-25. The net profit was ₹3,010 crore in the year-ago period. Edited excerpts: When is the Committee of Creditors (CoC) meeting scheduled to decide the future course of action in the case? And what would be the provision requirement for PNB due
