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Hindustan Times
6 days ago
- Business
- Hindustan Times
Govt gearing up for 3rd electronics manufacturing cluster in U.P.
After announcing electronics manufacturing clusters (EMC) along Yamuna Expressway and at Greater Noida, the Yogi government is now gearing up to develop a third EMC in eastern Uttar Pradesh. The government will be making the policy changes soon in order to attract IT firms to the eastern part of the state by offering more incentives to them. Recently, a semiconductor unit by Foxconn and HCL was okayed by the Centre near the Jewar airport in the Yamuna Expressway Industrial Development Authority (YEIDA) area. The new semiconductor unit – the first in Uttar Pradesh – is expected to attract an investment of ₹3,700 crore. Confirming the development, state's IT and electronics minister Sunil Kumar Sharma told HT, 'EMC 1 is about to start and we have also announced EMC 2 in Greater Noida. One such cluster creates around 70,000 to 80,000 employment opportunities. Soon we will be starting work on EMC 3, which will be in eastern Uttar Pradesh.' 'As companies are more attracted towards NCR, we will be seeking to make changes in the policy and give some more incentives to the companies which decide to come to East U.P,' he said. The EMC 1 of 100 acres located at YEIDA Sector 10, along the Yamuna Expressway, aims to be a modern electronics manufacturing hub, with Havells setting up a domestic appliance facility. The EMC 2 of 210 acres in Greater Noida is likely to facilitate the growth of the electronics system design manufacturing (ESDM) sector in the region. The EMCs will function as manufacturing zones, promoting the growth of the ESDM sector by providing a robust infrastructure base for electronic manufacturing industries. The clusters will support various electronic verticals, including consumer electronics, lighting, power electronics, computers/IT, and telecom equipment, along with their entire value chain. 'The companies are getting attracted to Uttar Pradesh on their own as no one can force them to do so. Our CM Yogi Ji has given such an environment in the state which is favourable for doing business. There is trust that all the commitments by the government will be fulfilled,' state's IT and electronics minister Sunil Kumar Sharma said. 'Law and order, ease of doing business, single window system and all the help given to the businessmen by the government contribute towards bringing big companies to the state,' he added. 'Our vision is to make Uttar Pradesh a leading state in electronics production, one semi-conductor unit has come to the state and we have already sent a proposal for another one. That will be an investment of 28,000 crore, approval for it is awaited from the Government of India,' Sharma said. On developing the state capital region as the next AI hub, he said, 'Now IBM has also come in Lucknow. It is a big company in itself and HCL is also expanding in Lucknow. We are also looking to make a start-up hub in Greater Noida and Lucknow and the project is in the pipeline. We have got in-principle nod for the same and the work is underway.' 'We all know that there are a lot of big companies in Noida and Greater Noida and it is a kind of saturation in the NCR now. Our effort now is to focus on other cities like Lucknow and Varanasi. At the moment, we are focusing on Lucknow to develop it as IT and AI hub,' the minister added. The Uttar Pradesh government has already started 'AI Pragya' programme to impart training in artificial intelligence (AI) to 10 lakh people from various fields in the state by the end of 2025 to skill them in various dimensions of this technology and its use-based aspect. The aim is to bring new employment opportunities and enhance the administrative structure of the state, healthcare, education, agriculture among other sectors. On giving incentives to the tech and IT companies coming to the state, Sharma said, 'In the last seven years, due to some reasons, no company had got any incentives. Last year when I took charge of the department, the budget of the department was ₹400 crore. In the previous year, we issued incentives worth ₹408 crore. For remaining companies who had been given letter of comfort, I have directed officials to expediate their process. We are giving incentives to all the companies without any bias.'
Time of India
26-05-2025
- Business
- Time of India
NCLAT directs NCLT to promptly decide stay on EoI for Jaiprakash Power, Jaypee Fertilisers
The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT , led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
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Business Standard
25-05-2025
- Business
- Business Standard
NCLAT tells NCLT to decide on Jaiprakash Power, Jaypee Fertilisers EOI stay
The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
Time of India
25-05-2025
- Business
- Time of India
NCLAT directs NCLT to promptly decide stay on EoI for Jaiprakash Power, Jaypee Fertilisers
The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT , led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. Live Events The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
Mint
25-05-2025
- Business
- Mint
NCLAT directs NCLT to promptly decide stay on EoI for Jaiprakash Power, Jaypee Fertilisers
New Delhi, May 25 (PTI) The insolvency appellate tribunal has directed the NCLT to promptly decide on the stay of the process of inviting Expression of Interest (EOI) regarding two Jaiprakash Associates group's investments in Jaiprakash Power Venture and Jaypee Fertilisers & Industry. In an order on April 29, 2025, the Allahabad bench of the National Company Law Tribunal stayed the process of inviting EoI by the Resolution Professional of debt-ridden Jaiprakash Associates Ltd (JAL), which is currently going through the Corporate Insolvency Resolution Process (CIRP). This order was immediately challenged by the National Asset Reconstruction Company Ltd (NARCL), which is the assignee of 85 per cent of debts of the banks to JAL and the Resolution Professional (RP), before the National Company Law Appellate Tribunal. However, a three-member bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, observed that the matter is already scheduled for hearing before the Allahabad bench on May 26, 2025, hence it directed it to consider the reply filed by the lenders' body CoC (Committee of Creditors) and RP. "The application having been fixed for May 26, 2025, we request the Adjudicating Authority (NCLT) to consider the application as well as the reply submitted by the RP and CoC to take a decision with regard to further process without being influenced by any observation made in the impugned order," the National Company Law Appellate Tribunal (NCLAT) said in its order passed on May 20. "Looking to the facts that CIRP is a time-bound process, the Adjudicating Authority (NCLT) shall endeavour to dispose of the application on the date fixed or as early as possible," it said. The NCLAT also asked Sunil Kumar Sharma, the suspended director of JAL, on whose plea the NCLT stayed the process of EoI, to file a rejoinder, if any, and mentioned that it has "not expressed any opinion on the respective submissions" of the parties before it. The appellate tribunal was hearing appeals filed by the National Asset Reconstruction Company Ltd (NARCL) and Resolution Professional (RP), challenging the status quo granted by the NCLT on the issuance of EoI. Under the Insolvency & Bankruptcy Code, RP issues EoIs for companies under CIRP, to invite potential resolution applicants to submit their resolution plans for the debt-ridden company. On April 29, 2025, though the NCLT issued notice to the resolution professional of JAL, it also directed to stay the process of inviting bids for Jaiprakash Power Ventures and Jaypee Fertilizers. "Meanwhile, with regard to the relief sought by the Applicant to issue ex-parte ad-interim stay on inviting EOI as resolved by the Committee of Creditors in the 11th meeting of the Committee of Creditors for the sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited (JPVL) and Jaypee Fertilizers & Industries Limited and/or Kanpur Fertilizers & Chemicals Limited (JFIL/KFCL), the status quo deserves to be maintained till further order," the NCLAT had said. NARCL submitted before the appellate tribunal that the NCLT has not given any reasons in the impugned order for passing the order of status quo whereas reasons, if any, were only for issuing notice. It contended that there have to be reasons for passing an interim order, including irreparable loss, balance of convenience and prima facie case for passing of an interim order, which has the effect of staying the process of CIRP (Corporate Insolvency Resolution Process), which is a time-bound process. Sunil Kumar Sharma has submitted that NCLT had raised concerns regarding the process to invite bids for the sale of certain investments, citing the proposed sale being premature, lacking transparency, and risking prejudice to the stakeholders' interests. The applicant had pointed out the failure to consider existing encumbrances, proper valuation, and the need for prior CoC approval, emphasising that any asset sale must ensure maximum realisation and legal compliance governing the CIRP process. However, despite his objection, RP convened a CoC meeting. Investments of JAL in Jaiprakash Power Ventures are encumbered, while investments in Jaypee Fertilisers & Industry are unencumbered. Sharma further submitted that there are certain mandatory preconditions under the IBC to be fulfilled for a valid sale, which include the sale must pertain to unencumbered assets, there must be a formed opinion that such a sale is necessary for better realisation of value under the circumstances; the book value of all assets sold during the CIRP must not exceed 10 per cent of the total admitted claims.
