Vadraj Cement transferred to NCLT for debt resolution

05 Feb 2024 CW Team

In a recent ruling, the NCLT granted approval for the inclusion of Vadraj Cement, formerly known as ABG Cement, in the corporate insolvency process. Lenders have indicated that entities such as Adani Group, UltraTech Cement, and JSW Cement may express interest in bidding to acquire the financially burdened company.

The Bombay High Court had initially ordered the winding up of Vadraj Cement on August 23, 2018, in response to a case involving Beumer Technology versus Vadraj Cement. However, the high court later revoked the winding-up order on August 18, 2023, following a plea by JC Flowers Asset Reconstruction Company (ARC). As part of the proceedings, EY-backed Pulkit Gupta was appointed as the interim resolution professional by the NCLT. The tribunal instructed Chandan Kumar, the official liquidator, to transfer possession and control of all Vadraj Cement assets to the IRP, with a directive to cooperate fully.

Vadraj Cement, a subsidiary of ABG Shipyard, has been entwined in a complex scenario, as its parent company, ABG Shipyard, also underwent a corporate insolvency process. Despite attempts, ABG Shipyard failed to attract bidders, leading to the eventual liquidation and sale of its assets to Welspun Group and Arcelor Mittal.

ABG Shipyard faces allegations of bank fraud, with investigative agencies claiming that Rishi Agarwal, the promoter, diverted bank loans to overseas tax havens. Under the Prevention of Money Laundering Act, the Enforcement Directorate has attached assets worth Rs 952 crore belonging to Vadraj Cement.

It is noteworthy that the NCLT order disclosed objections from the official liquidator (OL) against admitting the company for debt resolution under the Insolvency and Bankruptcy Code process.

Vadraj Cement, previously entangled in a prolonged liquidation process lasting over five years within the jurisdiction of the Bombay High Court, has now been transitioned to the National Company Law Tribunal (NCLT) for debt resolution. This move offers a glimmer of hope to creditors seeking to recover over half of their outstanding dues. In a recent ruling, the NCLT granted approval for the inclusion of Vadraj Cement, formerly known as ABG Cement, in the corporate insolvency process. Lenders have indicated that entities such as Adani Group, UltraTech Cement, and JSW Cement may express interest in bidding to acquire the financially burdened company. The Bombay High Court had initially ordered the winding up of Vadraj Cement on August 23, 2018, in response to a case involving Beumer Technology versus Vadraj Cement. However, the high court later revoked the winding-up order on August 18, 2023, following a plea by JC Flowers Asset Reconstruction Company (ARC). As part of the proceedings, EY-backed Pulkit Gupta was appointed as the interim resolution professional by the NCLT. The tribunal instructed Chandan Kumar, the official liquidator, to transfer possession and control of all Vadraj Cement assets to the IRP, with a directive to cooperate fully. Vadraj Cement, a subsidiary of ABG Shipyard, has been entwined in a complex scenario, as its parent company, ABG Shipyard, also underwent a corporate insolvency process. Despite attempts, ABG Shipyard failed to attract bidders, leading to the eventual liquidation and sale of its assets to Welspun Group and Arcelor Mittal. ABG Shipyard faces allegations of bank fraud, with investigative agencies claiming that Rishi Agarwal, the promoter, diverted bank loans to overseas tax havens. Under the Prevention of Money Laundering Act, the Enforcement Directorate has attached assets worth Rs 952 crore belonging to Vadraj Cement. It is noteworthy that the NCLT order disclosed objections from the official liquidator (OL) against admitting the company for debt resolution under the Insolvency and Bankruptcy Code process.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..