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 Urban

India Spent Rs 1.5 Tn on Smart Cities in Past 10 Years

The Indian government launched the Smart Cities Mission on June 15, 2015, with the goal of transforming urban infrastructure across the country. As of April 11, 2025, ten years since its inception, over Rs 1.5 trillion has been spent on 7,504 completed projects, representing 94 per cent of the total planned projects valued at more than Rs 1.64 trillion. An additional Rs 131.42 billion worth of projects are currently under implementation. According to data from SBI Research, 92 per cent of the funds were utilised across 21 major states, with Uttar Pradesh, Tamil Nadu, and Maharashtra together ..

Next Story
Infrastructure Energy

Hyundai’s EcoGram Converts Gurugram’s Waste to Clean Energy

Hyundai’s EcoGram, a biogas plant and material recovery facility located in Gurugram, Haryana, has been established to support circular economy initiatives. The facility collects both wet and dry waste from 20 bulk waste generators, including residential welfare associations (RWAs), corporate offices, and commercial complexes, with assistance from the Municipal Corporation of Gurugram (MCG). At the facility, the collected waste undergoes processing—wet waste is converted into biogas, which is then used to generate electricity, while dry waste is sorted for recycling. Since its inception,..

Next Story
Infrastructure Transport

Metro Line 8 DPR Nears Completion; CIDCO to Float Rs 200 Bn Tenders

The City and Industrial Development Corporation (CIDCO) is nearing completion of the Detailed Project Report (DPR) for Metro Line 8, commonly known as the Gold Line. This strategic 34.9-kilometre corridor is set to link Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) with the upcoming Navi Mumbai International Airport (NMIA). Estimated to cost around Rs 200 billion, the project is being developed under the Public-Private Partnership (PPP) model. Once completed, Metro Line 8 will become Mumbai's second such corridor after Metro Line 1. CIDCO plans to float tenders once ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?