Latest news with #InsolvencyandBankruptcyCode2016
Time of India
6 days ago
- Business
- Time of India
NBCC India's net profit rises 29.10% in Q4 FY25
NEW DELHI: NBCC India has reported a growth of 29.10 per cent in its net consolidated profit during the quarter ended March 31, 2025. Its profit after tax stood at ₹182.66 crore in Q4 FY25 as against ₹141.49 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹4,700.86 crore in Q4 FY25, a growth of 16.14 per cent from ₹4,047.67 crore it recorded in the similar quarter last year. The board of directors recommended a final dividend @14 % i.e. ₹0.14 per paid up equity share of ₹1 each for the FY 2024-25. The group has incorporated a wholly-owned subsidiary named NBCC Overseas Real Estate LLC in Dubai Mainland, ( UAE ) on April 23, 2025 for carrying out real estate business. It has submitted a resolution plan under the Insolvency and Bankruptcy Code 2016 in the matter of corporate insolvency resolution process (CIRP) of Celebration City Projects (CCPPL). In case resolution plan is accepted by the committee of creditors (CoC), CCPPL will become a subsidiary of the group.
The Hindu
21-05-2025
- Business
- The Hindu
IREDA moves Debts Recovery Tribunal against Gensol, its arm claiming default of ₹729 crore
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Wednesday (May 21, 2025) said it has filed an application before Debts Recovery Tribunal, Delhi against Gensol Engineering Ltd and its arm Gensol EV Lease Pvt Limited claiming a default of about ₹729 crore. IREDA is claiming a default of about ₹510 crore against Gensol Engineering and ₹218.95 crore against Gensol EV Lease Pvt Ltd respectively, as per a stock exchange filing. IREDA has already filed a insolvency petition under the provisions of the Insolvency and Bankruptcy Code 2016. The National Company Law Tribunal has posted IREDA's petition against Gensol for hearing on June 3. Gensol Engineering has been in the spotlight since April, when Securities and Exchange Board of India (SEBI) barred the company's promoters — brothers Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities market for alleged fund diversions and corporate governance lapses. The brothers have resigned from the company post SEBI's order. BluSmart Mobility, an e-cab service promoted by Mr. Anmol Singh Jaggi has suspended operations since the SEBI order. Gensol's Chief Financial Officer Jabirmahendi Mohammedraza Aga resigned recently, citing the challenges faced by the company in wake of the ongoing investigations.
Indian Express
16-05-2025
- Business
- Indian Express
NCLT to hear Gensol insolvency plea
The National Company Law Tribunal (NCLT), Ahmedabad, on Friday issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea filed by public sector Indian Renewable Energy Development Agency (IREDA). IREDA plea came before a two-member bench of the NCLT which posted it for hearing on June 3. The bench refused the PSU's request to appoint an Interim Resolution Professional (IRP) to take charge of the company as the top leadership had exited in the wake of the ban order passed by the market regulator Sebi. IREDA filed the insolvency petition under Section 7 of Insolvency and Bankruptcy Code 2016 before NCLT against the company in respect of the defaults and potential defaults under the five loan facilities availed by the company. IREDA had claimed a default of Rs 510 crore. 'The company's operations came to a complete standstill due to the SEBI interim order dated April 15, 2025 and due to the prejudice emanating from the SEBI, the Company is facing a barrage of litigation and claims from various parties,' the company said in an exchange filing. Market regulator SEBI passed an order on April 15, barring Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case. On May 12, Jaggi brothers resigned from the company following the Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. Sebi also debarred Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further orders. The order came after the regulator received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter. The company earlier this week said the Securities Appellate Tribunal (SAT) disposed of its appeal but allowed the company to file its response on Sebi's interim order to bar the firm and its promoters from the securities market. In a regulatory filing, the company said the appeal filed by it before the SAT has been disposed of, granting it an opportunity to file its response to Sebi's interim order within two weeks. It further informed that the markets regulator has been given directions to hear the company within two weeks thereafter and pass an appropriate order within four weeks. The company had raised a Rs 900 crore in equity capital through warrants convertible into equity shares on a preferential basis in February 2024.
Yahoo
05-05-2025
- Business
- Yahoo
India's Supreme Court cancels JSW Steel's acquisition of Bhushan Power
The Supreme Court of India has overturned JSW Steel's Rs197bn ($2.35bn) bid to acquire Bhushan Power and Steel, an acquisition that was completed in 2021. The court ordered the liquidation of Bhushan Power, citing failures in the insolvency process managed by the insolvency administrator and the lenders' panel, reported Reuters, citing sources. According to two lawyers involved in the case, who requested anonymity, the Supreme Court delivered a verbal order stating that the insolvency administrator and the lenders' panel did not adhere to legal obligations. The full judgment is expected to be detailed on the court's website, the report said. The decision's rationale was not immediately disclosed. However, a report by CNBC-TV18 quoted the Supreme Court labelling JSW Steel's acquisition plan as "illegal" and that it should not have been approved by Bhushan Power's committee of creditors. Following the announcement, JSW Steel's stock price fell by nearly 7%. JSW Steel has indicated that it awaits a formal copy of the order to comprehend the reasons for the rejection and its consequences. A company spokesperson was quoted by the news agency as saying: "Once we receive the order... we will decide on our further course of action." Bhushan Power, which owed over Rs470bn ($5.6bn) to its creditors, was one of the companies identified by the Reserve Bank of India for insolvency proceedings under the Insolvency and Bankruptcy Code in 2017. Punjab National Bank initiated criminal proceedings against Bhushan Power's former board of directors in 2019, uncovering a fraud of approximately $453m. Neither Punjab National Bank nor State Bank of India, leaders of the committee of creditors, have responded to requests for comment, the report said. In a related development, JSW Energy, another arm of the JSW Group, received approval in January to acquire KSK Mahanadi Power Company's 3.6GW coal-fired thermal power plant in Chhattisgarh, as part of its resolution plan under the Insolvency and Bankruptcy Code 2016. The operational segment of the plant includes three units with a total capacity of 1.8GW, which are secured under long and medium-term power purchase agreements. "India's Supreme Court cancels JSW Steel's acquisition of Bhushan Power" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
