Shree Naman Approved for Radius Infra Takeover

NCLT Appoints IRP for ATS Project

The National Company Law Tribunal (NCLT) has appointed an Interim Resolution Professional (IRP) for an ATS project following a plea by a finance company. This decision comes as a response to the finance company's application seeking initiation of insolvency proceedings against the project developer, ATS Infrastructure Limited.

The appointment of an IRP marks a significant development in the ongoing legal proceedings concerning the ATS project. The NCLT's decision aims to facilitate the resolution of financial issues and protect the interests of all stakeholders involved in the project.<..

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..