Rasna

The case was referred to mediation. During the mediation process, Bharat Carrier did not appear before the mediator and, hence, mediation failed, Rasna said

Future Retail

The resolution professional (RP) of Future Retail Ltd has approached the National Company Law Tribunal (NCLT), seeking a further extension till September 15 to complete the corporate insolvency resolution process (CIRP) of the debt-ridden firm.
The RP of the company has moved an application before the Mumbai bench of NCLT to exclude a period of 29 days from CIRP of Future Retail Ltd, according to a regulatory filing.
"The Resolution Professional of Future Retail Limited (FRL) has filed an application before National Company Law Tribunal, Mumbai seeking exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL," it said.
If approved, this would be a third extension for FRL which, according to some reports, is struggling to attract a buyer despite changes in the bid conditions.
Last month, NCLT extended the deadline to August 17, 2023, after allowing the plea of FRL to exclude 33 days from the

Go First

CoC is a group of lenders that represent the interests of all stakeholders in the insolvency process

The matter will now be heard in the third week of August

Appellate tribunal tells all parties in the matter to file written submissions in 48 hours

Amtek Auto

These assets and operating assets were carved out as part of a resolution plan approved by the NCLT in 2022

Reliance Industries

The lenders of Reliance Capital have submitted before the National Company Law Appellate Tribunal (NCLAT) that the Committee of Creditors (CoC) of the corporate debtor Reliance Capital Ltd

Eldest daughter of former Murugappa Group exec chairman M V Murugappan was the one who had taken family members to NCLT

Supreme Court

The Supreme Court on Monday held that CoC approved resolution plan submitted to the National Company Law Tribunal (NCLT) cannot be modified or withdrawn as it would create another tier of negotiations

IBC, insolvency, bankruptcy, NCLT, company, firms

Recent amendments by the Insolvency and Bankruptcy Board place the insolvency professional at the fulcrum of the resolution process.

NOCL

Haldia Petro is planning to invest around Rs 50,000 cr to convert this refinery into a petrochemical complex

construction, realty, workers, infra, jobs, migrants, labour, wage, real estate, concrete, cement, buildings, high rise

The National Company Law Tribunal has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures, which is developing a housing project in Agra, Uttar Pradesh

reliance communications, rcom, telecom, mobile, iphone, 5g

Plan approved by lenders leaves nothing for dept; NCLT adjourns hearing

real estate, flats

About 450 real estate companies/projects across the country are facing insolvency proceedings under IBC because of default in the delivery of projects to homebuyers as well as repayment of bank loans

NCLT, Rules, Regulations

According to the plan, AceStar Properties will develop 10.15 acres of land where its factory is located into a residential and commercial property, following the regulations, and generate an estimated

Photo: Shutterstock

According to the IBC, once the resolution professional places the approved plan before the NCLT, a call is taken on whether it can be implemented or not

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.
This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC).
In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year.
According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC.
"This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group .

Air India

The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited

Vedanta

The counter that hit a 52-week low of Rs 42.39 on August 29, 2023, traded at a record low of Rs 37.96 in March 2009. It had hit a record high of Rs 581.24 in December 2007

Real estate

Shares of GMDC hit a record high of Rs 323.70 as they rallied 14%, surpassing its previous high of Rs 316.18 touched on November 12, 2007

Lignite

1 out of every 25 shares from the Nifty 500 index has more-than-doubled investors wealth in 2023 so  far, with Apar Industries, Mazagon Dock and JBM Auto as the top movers.

Wealth-Manager

Asian Games 2023 Highlights, Day 4: Trio of Manu Bhaker, Esha Singh and Rythm Sangwan won Gold in 25m Air Pistol team event while Sift Samra did it in 50m Rifle 3 pos. India's medal tally reaches 22

Sift Kaur Samra, Manini Kaushik and Ashi Chouksey

Here is the best of Business Standard's opinion pieces for today

Budget

According to Ravi Nathani, an independent technical analyst, the 'buy the dips' strategy seems particularly relevant in the current market conditions.

stocks, stock call, buy, sell, trading ideas, buy sell ideas

Israeli airstrikes hit several targets in the Gaza Strip on Tuesday, the country's military said, after Palestinian protesters flocked for the 12th straight day to the enclave's frontier with Israel  demonstrations that have devolved into violent clashes with Israeli security forces.
There were no reports of casualties in Gaza from the Israeli airstrikes.
The Israeli army said that it used a drone, helicopter and tank to strike multiple posts in northern and southern Gaza belonging to the strip's militant Hamas rulers in response to what it described as violent riots at the separation fence between Gaza and Israel. The protests involve Palestinians throwing stones and explosive devices, burning tires and, according to the Israeli military, shooting at Israeli soldiers.
Palestinian health officials reported that Israeli forces shot and wounded 11 protesters during Tuesday's rally.
Hamas, the Islamic militant group that seized control of Gaza in 2007, has said that young Palestinians

Gaza violence

Maharashtra state marketing minister Abdul Sattar on Tuesday said a meeting called here for discussing onion traders' demand to slash the 40 per cent export duty on the kitchen staple ended without any decision as the concerned Union secretary was not present.
The meeting was attended by Sattar, deputy Chief Minister and Finance Minister Ajit Pawar, and representatives of onion traders.
A Union secretary was not present, hence no major solution was found on the issue of slashing 40 per cent export duty. The next meeting is scheduled for September 29 in Delhi which we will attend. I am hopeful that an amicable solution will be found, he said.  Asked if the Maharashtra government has issued any directive to onion traders, Sattar said, The state has asked the traders to procure onions from farmers.  Agencies such as NAFED will also start buying onions.

Onion, Onions

Tata Steel on Friday commissioned a 10.8-MW capacity floating solar power project on the upper cooling pond of its Jamshedpur plant in Jharkhand.
A total of 20.34 MW of solar projects have been commissioned in various facilities at Tata Steel in Jamshedpur, the company said in a statement.
The floating solar project was commissioned by Tata Power under an agreement with the steel major for the installation of a total of 41MW with a combination of rooftop, floating and ground-mounted solar panels across its locations.
Earlier, rooftop solar projects at the central warehouse, cold rolling mill, wire rod and hot strip mills, totalling 7.65 MW and a 2 MW ground-mounted solar project at Sonari Airport have already been commissioned.

Solar Energy, Renewable Energy, Green Energy

The Chhattisgarh Police has arrested two people in connection with a Rs 20-crore burglary from a jewellery store in New Delhi earlier this week and recovered around 18.5 kg of gold and diamond ornaments from them, a senior official said on Friday.
A joint team of officials from the anti-crime and cyber unit and the Civil Line police station in Bilaspur district carried out the operation while probing a series of thefts in Bilaspur city, Superintendent of Police Santosh Singh told PTI.
Those arrested have been identified as Lokesh Srivas (32), who is allegedly involved in several thefts in Bilaspur, and Shiva Chandravanshi (23), he said.
The value of gold and diamond ornaments recovered from Srivas is estimated at Rs 12 crore but the exact value was yet to be ascertained, he added.
Acting on a tip-off about Srivas being present in Kawardha town of Chhattisgarh's Kabirdham district, the team conducted a raid there on Wednesday and arrested Chandravanshi along with ornaments worth Rs 

Police in Gurugram due to communal violence

The Gujarat High Court on Friday reserved its order in the review plea filed by Delhi Chief Minister Arvind Kejriwal in a matter related to Prime Minister Narendra Modi's degree after arguments concluded.
After hearing both the sides, Justice Biren Vaishnav kept the judgement reserved.
Earlier in June, Kejriwal, who also heads the Aam Aadmi Party (AAP), approached High Court seeking a review of its recent order setting aside the Central Information Commission's directive to the Gujarat University to provide information on Prime Minister Narendra Modi's Master of Arts (MA) degree to him.
In March, Justice Vaishnav had allowed Gujarat University's appeal against the CIC order and had also imposed a cost of Rs 25,000 on Kejriwal.
One of the key contentions raised by Kejriwal in his review plea is that contrary to Gujarat University's claim about Modi's degree being available online, no such degree is available on the university's website.
During Friday's hearing, senior lawyer Percy 

Gavel, Law & Order

The Uttar Pradesh Real Estate Regulatory Authority on Friday allowed a realtor to complete a stuck housing project in Greater Noida.
The UP RERA approved the promotor's plan with the consent of a majority of allottees to complete the remaining construction and development work of Elegant Ville project in Techzone 4 area of Greater Noida West.
According to RERA officials, the project with 761 units was scheduled to be built in four phases and delivered by 2019 but got stuck.
"To protect the interests of the allottees of Elegant Ville, a stuck project of Gautam Buddh Nagar, UP RERA has authorized the promoter to complete the remaining construction and development work under provisions of section 8 of the RERA Act with the consent of its majority of allottees," UP RERA said.
"For this, the promoter of the project, Elegant Infracon Private Limited, has collaborated with Floral Realtech Private Limited and presented a plan of project rehabilitation according to which the project will be

Real Estate, Realty sector, Construction, Realty

Maruti Suzuki India on Friday said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore.
The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, Maruti Suzuki India said in a regulatory filing.
"The company will file a reply to the show cause notice before the Adjudicating Authority," it said, adding that there was no impact on its financial, operation or other activities due to the notice.
The company also said it has received a favourable order from the High Court of Punjab and Haryana wherein appeals filed by the Central Excise Department for the period June 2006 to March 2011 have been dismissed.
The Central Excise Department had filed appeals before the high court against an earlier tribunal order of August 2016, which was passed in favour of the company in which input .

NCLT resolution

NCLT admits Rasna to insolvency on a Rs 71 lakh claim by logistics firm

Future Retail resolution professional seeks insolvency deadline extension

Go First refund case: NCLT issues notice to lenders, next hearing on Aug 7

Exploring settlement with logistics company Delhivery: Go First tells NCLT

NCLAT to pass order on appeal against Go First's insolvency on May 22

Lenders put assets of former unit of ailing Amtek group on block

More value to be discovered, NCLT has usurped powers of CoC: Reliance

Ready for talks to settle Murugappa family dispute: Valli Arunachalam

Resolution plan submitted before NCLT can't be modified or withdrawn: SC

IBC reform helps insolvency professional assess avoidance transactions

NCLT approves Haldia Petrochemicals scheme to revive Nagarjuna Oil Corp

NCLT approves Rs 103 cr resolution plan for NIIL Infrastructures

Reliance Communications' resolution in limbo as DoT raises objection

Consumer complaints should go to RERA before NCLT, say builders

NCLT clears shoemaker's resolution plan, move to benefit 2,000 workers

No need for shareholder nod if NCLT clears resolution plan