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Economic Times
03-08-2025
- Business
- Economic Times
NCLT excludes Phoenix ARC from Committee of Creditors in Hotel Horizon case
Synopsis The NCLT partially approved Hotel Horizon's promoters' plea, excluding Phoenix ARC's claim from the CIRP due to limitation. Oberoi Realty's consortium secured CoC approval to acquire the company for Rs 919 crore. The tribunal instructed a claim rework for JMFARC and directed reverification of UBI's claims, while CFM ARC appeals the Phoenix ARC decision. Agencies The National Company Law Tribunal (NCLT) has partially allowed the application filed by the suspended promoters of Hotel Horizon, directing the exclusion of asset reconstruction company Phoenix ARC's claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by Horizon's key asset is a prime 1.85-acre land parcel in Mumbai's plush Juhu area, overlooking the Arabian Sea. Last month, Oberoi Realty in partnership with Shree Naman Developers and JM Financial Properties secured the approval of the committee of creditors (CoC) to acquire the company through the consortium's resolution plan, involving a total settlement of Rs 919 crore, was cleared by the CoC, with the resolution professional (RP) issuing a formal letter of latest order, passed on July 17, said that the debt claimed by Phoenix ARC, which had acquired the loan from IDFC Bank, was time-barred and could not be considered a financial debt under the Insolvency and Bankruptcy Code (IBC). The tribunal also instructed the RP to rework the claim admitted for JM Financial Asset Reconstruction Company (JMFARC), factoring in the refund of a Rs 14 crore processing fee and interest, originally agreed upon by ICICI Bank in a credit committee development follows a challenge by Sagar and Vishal Sharma, the suspended directors of Hotel Horizon, who had sought removal of four creditors--Union Bank of India, ACRE, JMFARC and Phoenix ARC--from the CoC, alleging that their claims were inflated, fictitious and dismissing the request to remove UBI, ACRE and JMFARC from the CoC, the NCLT directed the RP to reverify Union Bank of India's admitted claims, including applicable interest rates and other levies, considering subsequent agreements that might supersede the original facility Agarwal, founder of MAAK Legal, along with counsels Pulkit Sharma and Rohan Agrawal appeared for the promoters of Hotel tribunal held that debts owed to Union Bank of India, ACRE and JMFARC were not barred by limitation due to continued acknowledgements of liability by the corporate debtor through one-time settlement proposals, balance sheets and communications extending the limitation contrast, Phoenix ARC's claim, previously dismissed by the National Company Law Appellate Tribunal (NCLAT) in 2020 for being time-barred, could not be reconsidered. The NCLT held that in the absence of any stay on the NCLAT order by the Supreme Court, it remained the tribunal clarified that additional interest, liquidated damages and interest on arrears of such damages do constitute financial debt, reinforcing the principle that such charges are intrinsically linked to lending arrangements and risk-based CFM ARC, which acquired the debt from Phoenix ARC, has filed an appeal before the NCLAT seeking a stay in the matter.
Time of India
03-08-2025
- Business
- Time of India
NCLT excludes Phoenix ARC from Committee of Creditors in Hotel Horizon case
The National Company Law Tribunal ( NCLT ) has partially allowed the application filed by the suspended promoters of Hotel Horizon , directing the exclusion of asset reconstruction company Phoenix ARC 's claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation. Hotel Horizon's key asset is a prime 1.85-acre land parcel in Mumbai's plush Juhu area, overlooking the Arabian Sea. Explore courses from Top Institutes in Please select course: Select a Course Category Last month, Oberoi Realty in partnership with Shree Naman Developers and JM Financial Properties secured the approval of the committee of creditors (CoC) to acquire the company through the CIRP. The consortium's resolution plan, involving a total settlement of Rs 919 crore, was cleared by the CoC, with the resolution professional (RP) issuing a formal letter of intent. The latest order, passed on July 17, said that the debt claimed by Phoenix ARC, which had acquired the loan from IDFC Bank, was time-barred and could not be considered a financial debt under the Insolvency and Bankruptcy Code (IBC). Live Events The tribunal also instructed the RP to rework the claim admitted for JM Financial Asset Reconstruction Company (JMFARC), factoring in the refund of a Rs 14 crore processing fee and interest, originally agreed upon by ICICI Bank in a credit committee resolution. The development follows a challenge by Sagar and Vishal Sharma, the suspended directors of Hotel Horizon, who had sought removal of four creditors--Union Bank of India, ACRE, JMFARC and Phoenix ARC--from the CoC, alleging that their claims were inflated, fictitious and time-barred. While dismissing the request to remove UBI, ACRE and JMFARC from the CoC, the NCLT directed the RP to reverify Union Bank of India 's admitted claims, including applicable interest rates and other levies, considering subsequent agreements that might supersede the original facility agreement. Akash Agarwal, founder of MAAK Legal, along with counsels Pulkit Sharma and Rohan Agrawal appeared for the promoters of Hotel Horizon. The tribunal held that debts owed to Union Bank of India, ACRE and JMFARC were not barred by limitation due to continued acknowledgements of liability by the corporate debtor through one-time settlement proposals, balance sheets and communications extending the limitation period. In contrast, Phoenix ARC's claim, previously dismissed by the National Company Law Appellate Tribunal (NCLAT) in 2020 for being time-barred, could not be reconsidered. The NCLT held that in the absence of any stay on the NCLAT order by the Supreme Court, it remained binding. Further, the tribunal clarified that additional interest, liquidated damages and interest on arrears of such damages do constitute financial debt, reinforcing the principle that such charges are intrinsically linked to lending arrangements and risk-based pricing. Meanwhile, CFM ARC, which acquired the debt from Phoenix ARC, has filed an appeal before the NCLAT seeking a stay in the matter. Economic Times WhatsApp channel )
Time of India
08-07-2025
- General
- Time of India
HP TET admit cards 2025 for JBT and TGT Sanskrit exams released at hpbose.org, download here
HP TET admit card 2025: The Himachal Pradesh School Education Board (HPBOSE) has released the admit cards for the Teacher Eligibility Test (TET) June 2025 session. The exams include the Junior Basic Training (JBT) and Trained Graduate Teacher (TGT) Sanskrit subjects. Tired of too many ads? go ad free now Candidates who have applied for these examinations can now access and download their admit cards from the official board website. The TET exams are scheduled to be held on July 12, 2025. The JBT TET exam will take place from 10:00 AM to 12:30 PM, while the TGT (Sanskrit) TET exam is set for 2:00 PM to 4:30 PM. Each exam has a duration of two and a half hours. Candidates are advised to download their admit cards promptly and verify all the details mentioned to avoid any discrepancies on the day of the examination. Detailed timetable and exam centres The JBT TET exam has 5,731 registered candidates, and the TGT Sanskrit TET has 1,046 candidates appearing this year. The board has arranged for 51 exam centres for the JBT exam and 43 centres for the TGT (Sanskrit) exam across Himachal Pradesh to facilitate smooth conduct of the examinations. Candidates must carry their admit cards to the examination centre as entry without the admit card will not be permitted. The HPBOSE website provides all necessary instructions and information regarding the examination process. How to download the HP TET admit card online Candidates can easily download their admit cards by following the steps below: Step 1: Visit the official HPBOSE website at Step 2: Locate the 'TET' link on the homepage and click on it. Step 3: Enter the required credentials, including the application number and date of birth. Step 4: Submit the details to access the admit card. Tired of too many ads? go ad free now Step 5: Download and print the admit card for future reference. | For login click Important information for candidates Candidates must ensure that all information printed on the admit card is correct, including their name, exam centre, and timing. Any discrepancies should be reported immediately to the board through the contact number provided on the website. For further assistance, candidates can contact the HPBOSE helpline at 01892-242192. Instructions for exam day It is essential for candidates to reach the exam centre well in advance and carry a valid photo identification along with the admit card. The duration of each exam is 2 hours and 30 minutes, and no additional time will be granted. Candidates should also adhere to the board's guidelines on permissible items and examination conduct. The HPBOSE Secretary, Dr. Major Vishal Sharma, has emphasised that the board is committed to conducting the examinations smoothly and ensuring that all candidates receive their admit cards without delay.
Fibre2Fashion
04-07-2025
- Business
- Fibre2Fashion
India's Godrej Chemicals boosts capacity, aims for global growth
Godrej Industries Limited's Chemical Business announced significant capacity expansions in sync with the company's growth plan to become a USD 1 Billion global business before 2030. With a total capital outlay for expansions to exceed INR 750 Crore (~$90 million) over the next few years, the company has already kicked off several projects. The company announced doubling of its Fatty Alcohol and Euric Acid capacities with an addition of 35,000 tons per annum and 20,000 tons per annum respectively. It has tripled its specialities capacity with an addition of 21,000 tons per annum while the glycerine capacity will be doubled with an addition of 24,000 tons per annum. The fermentation capacity will also see a threefold increase with an addition of 1,500 tons per annum. It plans to increase the Primary Surfactants capacity with an addition of 30,000 ton per annum. Additionally, to support the company's sustainable operations, it will enhance its hybrid power capabilities thereby increasing renewable energy usage to 75 percent. Godrej Industries' Chemical Business plans to invest over INR 750 Crore (~$90 million) to expand capacities across key products, aiming to become a USD 1 billion global business by 2030. It will significantly boost output of fatty alcohols, surfactants, and fermentation products, while increasing renewable energy use to 75 per cent, reinforcing its sustainability and green chemistry focus. Vishal Sharma, Executive Director and Chief Executive Officer, Godrej Industries (Chemicals ) said 'Consistently achieving double-digit volumes and revenue growth year after year, it's a very exciting time for us here at Godrej Chemicals. The significant investments in our R&D and Commercial teams reflect our commitment to Sustainable Operations and Green Products in our quest to deliver innovative solutions to our customers across all market segments. Our capacity additions align with our long-term aspirations to become a USD 1 Billion global business before 2030. On behalf of our entire team, I thank our customers, suppliers and stakeholders for their great support which is enabling our strong progress year after year.' The company sees Green Chemistry as an important pillar in its growth strategy. While it is reducing its environmental footprint through energy efficient processes, adoption of renewable energy and zero waste goals, it is also leveraging biocatalysis, continuous manufacturing and fermentation for green, efficient and milder innovations. Hence, today's announcement further reinstates the company's strong focus on sustainability, innovation, and tailored solutions for its focus segments. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)
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Business Standard
03-07-2025
- Business
- Business Standard
Godrej Industries to invest ₹750 cr on capacity expansion of chemicals biz
Godrej Industries on Thursday said it will invest more than Rs 750 crore over the next few years to expand capacities of its chemicals business and achieve higher annual revenue. In a regulatory filing, Godrej Industries informed that its chemical business will undertake significant capacity expansions as part of its growth plan to become a $1 billion global business before 2030. "With a total capital outlay for expansions to exceed Rs 750 crore over the next few years, the company has already kicked off several projects," it said. Godrej Industries (Chemicals) will double its fatty alcohol and uric acid capacities with an addition of 35,000 tonnes per annum and 20,000 tonnes per annum respectively. It has tripled its specialities capacity with an addition of 21,000 tonnes per annum, while the glycerine capacity will be doubled with an addition of 24,000 tonnes per annum. The fermentation capacity will also see a threefold increase with an addition of 1,500 tonnes per annum. It plans to increase the Primary Surfactants capacity with an addition of 30,000 tonnes per annum. The Chemical Business will enhance its hybrid power capabilities thereby increasing renewable energy usage to 75 per cent. Vishal Sharma, Executive Director and Chief Executive Officer, Godrej Industries (Chemicals) said, "Consistently achieving double-digit volumes and revenue growth year after year, it's a very exciting time for us here at Godrej Chemicals."
