NCLT Appoints IRP for ATS Project

Shree Naman Approved for Radius Infra Takeover

Shree Naman Group has received approval from the National Company Law Tribunal (NCLT) to acquire Radius Infratel Limited, a subsidiary of bankrupt real estate developer Radius Developers. The acquisition will enable Shree Naman to take over Radius Infratel's ongoing projects and assets, marking a significant development in the real estate sector.

The decision by NCLT comes as part of the resolution process under the Insolvency and Bankruptcy Code (IBC). Shree Naman Group, known for its expertise in real estate development, aims to leverage this acquisition to expand its presence in the ..

Jaiprakash defaults on Rs 46.16 bn loans

Jaiprakash Associates, the flagship firm of the crisis-hit Jaypee Group, has announced a default on loans totalling Rs 46.16 billion, encompassing both principal and interest amounts. The disclosure, made in a regulatory filing, stated that Jaiprakash Associates (JAL) had failed to repay a principal sum of Rs 17.51 billion and interest amounting to Rs 28.65 billion on April 30.

According to JAL, the company's total borrowing, inclusive of interest, stands at Rs 298.05 billion, with a repayment deadline of 2037. However, as of April 30, 2024, only Rs 46.16 billion remains outstanding. <..

Jaiprakash Associates defaults on Rs 46.16 billion loans

Jaiprakash Associates, the flagship firm of the crisis-hit Jaypee Group, has announced a default on loans totalling Rs 46.16 billion, encompassing both principal and interest amounts. The disclosure, made in a regulatory filing, stated that Jaiprakash Associates (JAL) had failed to repay a principal sum of Rs 17.51 billion and interest amounting to Rs 28.65 billion on April 30.

According to JAL, the company's total borrowing, inclusive of interest, stands at Rs 298.05 billion, with a repayment deadline of 2037. However, as of April 30, 2024, only Rs 46.16 billion remains outstanding. <..

PNB Official Accused of Embezzling Rs 5 Crore from Bhopal Firm

The Central Bureau of Investigation (CBI) has charged a Punjab National Bank (PNB) official with embezzling approximately Rs 4.98 crore from a Bhopal-based infrastructure construction company. The head cashier, Mukul Singh, allegedly conspired with a private individual, Vinod Kumar Singh, to commit the fraud.

The incident occurred at PNB?s Delhi Road Branch in Hapur, Uttar Pradesh. According to CBI officials, Mukul Singh, without proper authorization, merged the account of Dilip Buildcon Ltd with that of Vinod Kumar Singh?s company, Star Raze. Subsequently, funds amounting to Rs 4.98 cr..

KMRL's Rs.1.16 Bn Project Delayed Due to Lack of Government Support

The Kochi Metro Rail Limited (KMRL) is experiencing setbacks in its ?1.16 billion project as several government departments have reportedly failed to provide necessary support. The project, aimed at enhancing urban transportation infrastructure in Kochi, has encountered delays due to bureaucratic hurdles and insufficient cooperation from concerned government bodies.

According to sources familiar with the matter, the project's progress has been significantly hampered as key departments have not fulfilled their commitments, including providing essential clearances and approvals. This lack..