Kapil Wadhawan appeals against NCLAT stay on his offer for DHFL in SC
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NCLAT on May 25 stayed the Mumbai NCLT’s order directing the administrator of DHFL to consider a settlement proposal from its former promoter Kapil Wadhawan.
Mid-January, billionaire Ajay Piramal won the bankruptcy bid for DHFL, trumping distressed fund Oaktree Capital and Adani Capital.
Kapil Wadhawan, an ousted promoter of Dewan Housing Finance (
DHFL) has filed an application in the Supreme Court challenging the order by National Company Law Appellate Tribunal, which stayed Mumbai Tribunal s order for consideration of revival plan by former promoter.
The matter is yet to be listed for hearing in the apex court.
According to sources, NBCC and Suraksha group submitted their revised bids on Monday. Suraksha group has now offered a line of credit of Rs 3,000 crore as working capital for construction of projects as against the earlier proposal of Rs 2,000 crore, the sources said. It has also given an undertaking that any shortfall to the dissenting creditors will be met.
NBCC is offering up to 1,903 acres of land while Surakasha group has proposed over 2,600 acres to the lenders. Suraksha group has earmarked 1,486 acres to dissenting lenders out of the total land parcels offered in the proposal. NBCC has provided an additional 377 acres of land in case dissenting financial creditors are not satisfied with its original offer of 1,526 acre, taking its total offer to up to 1,903 acre.
Jaypee Infra insolvency: NBCC, Suraksha submit revised bids
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Last Updated: May 11, 2021, 08:50 PM IST
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New Delhi, May 11 () State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.
State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors. According to sources, NBCC and Suraksha group submitted their revised bids on Monday.
SC restores NCLT ruling in favour of Dharamshi-Jhunjhunwala consortium in Ricoh India case
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The consortium had challenged the ruling of the National Company Law Appellate Tribunal (NCLAT) in the Apex Court that had set aside the NCLT’s ruling in a plea filed by Kotak Investment Advisors, the private equity arm of Kotak Mahindra Bank.
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In November 2014, Ricoh India had won a project to digitise 130,000 post offices across the country and the work is still in the installation phase.
The Supreme Court on Thursday restored the ruling of the National Company Law Tribunal (NCLT) that approved the resolution plan of a consortium led by investor Kalpraj Dharamshi and Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala for the revival of Ricoh India, the largest player in printing and document solution.