Panyam Cement's revival plan receives NCLT nod
Cement

Panyam Cement's revival plan receives NCLT nod

The Amaravati bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted to run the Panyam Cement factory in Kurnool, Andhra Pradesh, and has allowed the now-defunct unit to reopen. By paying Rs 100 cr to clear loan dues created by the old management, the new management, RV Consulting Services Company, and Sagar Power Limited would jointly take over the cement company. The new management will also inject Rs 150 crore in new capital to run the company.

The plan was approved by the creditors' committee, and the NCLT followed suit.

NCLT acting president BP Mohan said the cement factory was critical for 5,000 families who rely on it directly and indirectly and directed state and federal officials to ensure that the company received the necessary approvals and that its mining leases and licences were renewed.

The National Company Law Tribunal is an Indian judicial body that hears cases involving Indian corporations. Under the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships.

Image Source


Also read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer

The Amaravati bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted to run the Panyam Cement factory in Kurnool, Andhra Pradesh, and has allowed the now-defunct unit to reopen. By paying Rs 100 cr to clear loan dues created by the old management, the new management, RV Consulting Services Company, and Sagar Power Limited would jointly take over the cement company. The new management will also inject Rs 150 crore in new capital to run the company. The plan was approved by the creditors' committee, and the NCLT followed suit. NCLT acting president BP Mohan said the cement factory was critical for 5,000 families who rely on it directly and indirectly and directed state and federal officials to ensure that the company received the necessary approvals and that its mining leases and licences were renewed. The National Company Law Tribunal is an Indian judicial body that hears cases involving Indian corporations. Under the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships. Image Source Also read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?