Latest news with #PurposeVehicle
The Irish Sun
6 days ago
- Business
- The Irish Sun
Dublin city derelict building numbers soar by 80% as old Victorian pub lies empty amid ‘far lower' than true data fears
Dr Frank O'Connor has said that the number does not reflect the reality of the problem in the city DERELICT DUBLIN Dublin city derelict building numbers soar by 80% as old Victorian pub lies empty amid 'far lower' than true data fears THE NUMBER of derelict building in Dublin city has soared by almost 80 per cent in the last four years, according to new figures. Dublin City Council's Derelict Sites Register shows that there were 131 properties in a dilapidated site in July of this year - up from 74 at the end of January, 2021. However, the local authority has now taken ownership of Neary's Bar and Hotel on Parnell Street, which has been lying idle for many years. The Council said it currently has no plans to acquire any more. Co-founder of the Derelict Ireland movement, Dr Frank O'Connor, has said that the number does not reflect the reality of the problem in the city. He said: 'You'll find there's a huge inconsistency across the country in terms of how local authorities tackle dereliction. 'From our work across the country, we generally find that the recorded numbers of derelict properties are far lower than the actual number, and from the data we have collected, Dublin is no different. 'We see so much dereliction in Dublin, and it has a huge impact on the community. They lose out on the potential that property could offer to the area. 'I don' t think there has been the cultural or political will to tackle the issue for the last number of decades, but that is starting to change. If you chat to people on the street now, they want change.' Change may be made possible through a new statutory instrument called a Special Purpose Vehicle. Green Party Councillor for Dublin's North Inner City, Janet Horner, said the Special Purpose Vehicle can be employed to combat dereliction in Dublin. 'The Special Purpose Vehicle is proposed as part of the Taoiseach's Task Force recommendations, but it really comes from Dublin City Council as an idea. 'Essentially, it provides for the creation of a development company, wholly owned by the city council. 'Because it's a development company, it's allowed to do things a little bit differently than the city council would be empowered to do. For example, it would to be able to acquire properties outside of the Compulsory Purchase Order process. 'It enables the council to take risks in relation to derelict properties in a way that it otherwise wouldn't.' 'If you look around the wider O'Connell Street area, along Abbey Street, Parnell Street and Marlborough Street, there are significant derelict and vacant sites there and that is a prime place where the city council needs to be intervening and actually acquiring those properties.'
The Hindu
02-08-2025
- Business
- The Hindu
Slurry tunnel boring machines to be deployed for Bengaluru Twin Tunnel Road Project
Slurry tunnel boring machines (TBMs) will be deployed for the construction of Twin Tunnel Road between Hebbal Esteem Mall Junction and Silk Board Junction in Bengaluru. The Special Purpose Vehicle, B-SMILE, has ruled out the alternative option of using hard rock TBMs, which are generally more suitable for boulder-heavy terrains. Although this was considered, B-SMILE ultimately preferred slurry TBMs due to Bengaluru's geological composition, which is a combination of boulders and soil. B.S. Prahlad, director (Technical), B-SMILE, told The Hindu that hard rock TBMs had been used in a tunnel project in Mumbai, but issues were encountered there. 'So, we opted for slurry TBMs instead,' he said. Slurry TBMs use hydraulic methods to transport the excavated material and are best suited for mixed terrain. Namma Metro has traditionally used a combination of slurry TBMs and Earth Pressure Balance (EPB) TBMs. 'As our terrain is mixed in nature, there's a high risk of damage to the blades of Hard Rock TBMs. In contrast, slurry TBMs use bentonite, which allows the springs or blades to adjust based on the pressure exerted on the excavator, making it ideal for Bengaluru's terrain,' Mr. Prahlad explained. Bentonite, a type of clay, plays a crucial role in slurry TBM operations by helping regulate pressure. The government has finalised the use of eight TBMs for the project. These will be deployed from five to six different launching shafts to begin excavation. Mr. Prahallad mentioned that the entire project tender has been issued under the Build, Own, Operate, and Transfer (BOOT) model, which means that the winning bidders will be responsible for procuring the TBMs themselves. When asked about the technical specifications of the TBMs, Mr. Prahlad clarified that it is up to the contractors to decide whether to purchase the machines outright or assemble them locally. Historically, TBMs used in Bengaluru (by Namma Metro) have averaged a progress rate of 1.6 to 1.7 km per year. While similar efficiency is expected for this tunnel project, the deciding factor will be the nature of the terrain encountered during excavation. According to Mr. Prahallad, B-SMILE has only provided the borewell survey report along with the tender documents, in compliance with guidelines from the Ministry of Road Transport and Highways. Any further geological analysis is the responsibility of the contractors, given the BOOT model structure of the project. 'The tender clearly states that supporting documents, such as geotechnical data, are to be treated as references only. The contractors are required to conduct their own in-depth analyses,' Mr. Prahlad said. The Detailed Project Report had originally specified that intrusive surveys would be conducted well before the tendering process. However, with the current model, the responsibility for detailed analysis now rests with the successful bidder. B-SMILE has rolled out tenders for the 16.7 km long twin tunnel project, aimed at decongesting the city by connecting northern and southern parts. T.J. Renukaprasad, retired professor of geology, explained that the rationale behind choosing slurry TBMs could be to seal the fracture points in the terrain. 'Bengaluru has hard rock terrain, which predominantly has peninsular gneissic rock and is also intruded by many rocks like granite and dolerite. Due to geotechnical activities, there are fractures developed in the terrain; to cement those fractures, they may be using slurry TBMs,' Mr. Renukaprasad said. He explained that these rocks in the Bengaluru terrain are over 3,200 million years old, and some are 2,500 years old.
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Business Standard
22-06-2025
- Business
- Business Standard
JSW Energy joins race for Raigarh Champa Rail Infra after NCLAT nod
Appellate tribunal NCLAT has quashed an NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. The development has come as a relief to JSW Energy which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), an ancillary company of KSK Mahanadi. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it sees no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it said. Moreover, the tribunal over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent votes earlier, said it is "proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened." Five companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, were in the race to acquire the special Purpose Vehicle (SPV) promoted by KSK group. Earlier, on April 3, 2025, the Hyderabad bench of the National Company Law Tribunal (NCLT) denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW Energy. Instead, in fresh bidding, NCLT directed to conduct the challenge mechanism amongst the bidders as earlier decided by the CoC. However, NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI. "The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath Swain. Form G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing CIRP. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. RCRIPL is an SPV promoted by the KSK group to construct, lay a railway line and associated infrastructure from coal fields in Mand Raigarh to the power stations in Janjgir Champa. It passes through the Indian Railways Network for transporting coal, associated fuels and such other raw materials, as well as fly ash and other. CIRP was started against RCRIPL on January 1, 2021, and the first final Form G was issued on 24.08.2021. However, the EoI submission process remained pending till May 2024, because NCLT directed the RP of KMPCL (KSK Mahanadi Power Company Ltd) not to receive any resolution pending adjudication of various proceedings seeking consolidation of the CIRP of KMPCL and KWIPL (KSK Water Infrastructures). Later on July 4, 2024, CoC approved the resolution plan submitted by Medha with 100 per cent voting share and moved a plea before NCLT. However, before the Hyderabad bench of NCLT could approve Medha's bid, the RP of RCRIPL filed another plea seeking permission for undertaking a challenge mechanism among the resolution applicants/bidders in accordance with the CIRP Regulations. This application for withdrawal of Plan Approval by lenders was approved by a majority voting share of 78.59 per cent of CoC, and NCLT allowed it. However, instead of proceeding with the challenge mechanism, the RP then filed another plea, wherein permission for reopening of the bidding process for RCRI was sought, for the purpose of inviting an EoI from JSW Energy, enabling them to participate in the CIRP. This new request of the RP to allow to opening bidding process and add JSW Energy was denied by NCLT, saying it was contrary to the principles of fairness and the timelines of the CIRP process. Later, JSW Energy also approached NCLT by filing applications seeking permission to participate in the CIRP of Raigarh Champa Rail Infrastructure by requesting issuance of a fresh Form G, which was again dismissed. Finally, a third application was moved by RP to facilitate the entry of JSW as a Resolution Applicant in the CIRP of RCRI. It sought permission of the tribunal for issuance of a fresh Form G and invitation of EoI from new, interested, and eligible Prospective Resolution Applicants for submission of Resolution Plans. This was again rejected by a two-member bench of NCLT comprising Members Sanjay Puri and Rajeev Bhardwaj on April 3, 2025. This was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
The Hindu
22-06-2025
- Business
- The Hindu
JSW Energy enters race for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
Appellate tribunal NCLAT has quashed an NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. The development has come as a relief to JSW Energy which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), an ancillary company of KSK Mahanadi. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for ₹16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it sees no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it said. Moreover, the tribunal over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent votes earlier, said it is "proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened." Five companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, were in the race to acquire the special Purpose Vehicle (SPV) promoted by KSK group. Earlier, on April 3, 2025, the Hyderabad bench of the National Company Law Tribunal (NCLT) denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW Energy. Instead, in fresh bidding, NCLT directed to conduct the challenge mechanism amongst the bidders as earlier decided by the CoC. However, NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI. "The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath Swain. Form G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing CIRP. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for ₹16,084 crore through the insolvency process, earlier in March this year. RCRIPL is an SPV promoted by the KSK group to construct, lay a railway line and associated infrastructure from coal fields in Mand Raigarh to the power stations in Janjgir Champa. It passes through the Indian Railways Network for transporting coal, associated fuels and such other raw materials, as well as fly ash and other. CIRP was started against RCRIPL on January 1, 2021, and the first final Form G was issued on 24.08.2021. However, the EoI submission process remained pending till May 2024, because NCLT directed the RP of KMPCL (KSK Mahanadi Power Company Ltd) not to receive any resolution pending adjudication of various proceedings seeking consolidation of the CIRP of KMPCL and KWIPL (KSK Water Infrastructures). Later on July 4, 2024, CoC approved the resolution plan submitted by Medha with 100% voting share and moved a plea before NCLT. However, before the Hyderabad bench of NCLT could approve Medha's bid, the RP of RCRIPL filed another plea seeking permission for undertaking a challenge mechanism among the resolution applicants/bidders in accordance with the CIRP Regulations. This application for withdrawal of Plan Approval by lenders was approved by a majority voting share of 78.59% of CoC, and NCLT allowed it. However, instead of proceeding with the challenge mechanism, the RP then filed another plea, wherein permission for reopening of the bidding process for RCRI was sought, for the purpose of inviting an EoI from JSW Energy, enabling them to participate in the CIRP. This new request of the RP to allow to opening bidding process and add JSW Energy was denied by NCLT, saying it was 'contrary to the principles of fairness and the timelines of the CIRP process'. Later, JSW Energy also approached NCLT by filing applications seeking permission to participate in the CIRP of Raigarh Champa Rail Infrastructure by requesting issuance of a fresh Form G, which was again dismissed. Finally, a third application was moved by RP to facilitate the entry of JSW as a Resolution Applicant in the CIRP of RCRI. It sought permission of the tribunal for issuance of a fresh Form G and invitation of EoI 'from new, interested, and eligible Prospective Resolution Applicants' for submission of Resolution Plans. This was again rejected by a two-member bench of NCLT comprising Members Sanjay Puri and Rajeev Bhardwaj on April 3, 2025. This was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
Time of India
22-06-2025
- Business
- Time of India
JSW Energy to bid for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel National Company Law Appellate Tribunal quashed a Hyderabad bench NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. This is a relief for JSW Energy , which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure, an ancillary company of KSK Energy had acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this Chennai-bench of the NCLAT said it saw no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids."".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it tribunal had said it is" proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened" over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, had bid to acquire the special Purpose Vehicle (SPV) promoted by KSK on April 3, 2025, the Hyderabad bench of the NCLT denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW the fresh bidding, the NCLT had directed to conduct the challenge mechanism amongst the bidders as earlier decided by the NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI."The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
