NCLT Denies Promoters' Plan for Wadhwa Buildcon
Real Estate

NCLT Denies Promoters' Plan for Wadhwa Buildcon

The National Company Law Tribunal (NCLT) has declined the resolution plan proposed by the promoters of Wadhwa Buildcon in an insolvency matter. This decision comes as a setback for the promoters, highlighting the challenges they face in resolving the financial issues surrounding the company.

The rejection of the promoter's resolution plan underscores the NCLT's scrutiny of proposals aimed at reviving insolvent companies. The tribunal's decision reflects its commitment to ensuring transparency and adherence to insolvency resolution processes, thereby safeguarding the interests of creditors and stakeholders.

According to sources, the NCLT found deficiencies in the promoter's resolution proposal, leading to its dismissal. The tribunal's decision emphasises the importance of submitting comprehensive and viable resolution plans that address the concerns of all stakeholders involved.

The ruling by the NCLT underscores the complexities involved in navigating insolvency proceedings and underscores the need for promoters to formulate robust and credible resolution plans. In the absence of a viable proposal, the fate of Wadhwa Buildcon remains uncertain, leaving creditors and other stakeholders in a state of uncertainty.

The rejection of the promoter's resolution plan by the NCLT highlights the challenges faced by companies grappling with insolvency issues and underscores the importance of adherence to established insolvency resolution frameworks. As the matter progresses, stakeholders will closely monitor developments to determine the future course of action for Wadhwa Buildcon.

The National Company Law Tribunal (NCLT) has declined the resolution plan proposed by the promoters of Wadhwa Buildcon in an insolvency matter. This decision comes as a setback for the promoters, highlighting the challenges they face in resolving the financial issues surrounding the company. The rejection of the promoter's resolution plan underscores the NCLT's scrutiny of proposals aimed at reviving insolvent companies. The tribunal's decision reflects its commitment to ensuring transparency and adherence to insolvency resolution processes, thereby safeguarding the interests of creditors and stakeholders. According to sources, the NCLT found deficiencies in the promoter's resolution proposal, leading to its dismissal. The tribunal's decision emphasises the importance of submitting comprehensive and viable resolution plans that address the concerns of all stakeholders involved. The ruling by the NCLT underscores the complexities involved in navigating insolvency proceedings and underscores the need for promoters to formulate robust and credible resolution plans. In the absence of a viable proposal, the fate of Wadhwa Buildcon remains uncertain, leaving creditors and other stakeholders in a state of uncertainty. The rejection of the promoter's resolution plan by the NCLT highlights the challenges faced by companies grappling with insolvency issues and underscores the importance of adherence to established insolvency resolution frameworks. As the matter progresses, stakeholders will closely monitor developments to determine the future course of action for Wadhwa Buildcon.

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?