Surya Sarathi Ray

IL&FS lenders could soon recover Rs 16,372 crore from amber firms

In its February 11 order, the NCLAT had permitted ‘green’ companies to service their debt obligations as per the scheduled repayment within the resolution framework.

Of the 302 IL&FS group companies, 133 were incorporated outside India and as such are outside the territorial jurisdiction. (File photo) News

Govt has no plan to extend tenure of non-captive mines, to auction 48 soon

The expiry date for these merchant mines was pre-determined as per the provisions of the Mines and Minerals (Development and Regulation) Amendment Act, 2015.

As on date, 281 of these merchant mines are non-operating. News

NCLAT rejects HDFC plea for insolvency proceedings against RHC Holding

HDFC therefore moved the bankruptcy court seeking to initiate CIRP under section 7 of the IBC against RHC Holding.

The NCLAT also said if there was any violation by RHC Holding, HDFC should seek remedies from the central bank, not from the bankruptcy court. (Representational image) News

SAIL reinvites EOIs to sell three loss-making units

The three units – Alloy Steel Plant (ASP), Salem Steel Plant (SSP) and Visvesaraya Iron and Steel Plant (VISP) — have incurred combined loss of `2,300 crore in the last five years, causing a huge strain on SAIL’s books.

Alloy Steel Plant, ASP, Salem Steel Plant, SSP, Visvesaraya Iron and Steel Plant, VISP, SAIL loss, sail profit, News

Highways construction off to brisk start in FY20

First two months of fiscal have seen roads being built at a pace of 28.5 km/day even as project awards are yet to shed last year’s sluggishness

construction business, challenges remain, Magicbricks PropIndex, construction properties, share of property searches, home buyers, Real estate discount offers, homebuyers need to exercise caution, India, brick sector, brick industry, Real estate, News

Union Budget 2019: Labour Acts rejig a step on reforms path

Budget 2019: The streamlining of the multiple laws will ‘ensure that process of registration and filing of returns will get standardised and streamlined’, finance minister Nirmala Sitharaman said on Friday.

Union Budget 2019 India, Budget 2019-20 News

Essar Steel: Lenders may take a Rs 20,000 crore hit

NCLAT hikes claims ratio for operational creditors; as a result, financial creditors to take a bigger haircut

ruias, ruias news, National Company Law Tribunal News

High taxes and levies impede investments in mining sector

As per government think-tank Niti Aayog, India’s mineral imports, estimated at Rs 3,73,662 crore, far outstripped the value of domestic mineral production (excluding coal, atomic and fuel minerals) at Rs 47,432 crore in 201

High taxes, mining sector, Mining in India, Niti Aayog, mineral imports, economy news

Jaypee Infratech insolvency: NCLAT steps in to tweak NBCC’s bid

A three-member bench headed by chairman Justice SJ Mukhopadhyaya directed representatives of banks, allottees and other stakeholders to appear before it on July 17 to consider how NBCC’s bid can be altered so that it is agr

Jaypee Infratech., Jaypee Infratech insolvency, NCLAT, NBCC, stakeholders, industry news

Why NHAI needs to monetise its assets

Indeed, NHAI’s finances need to be seriously reviewed to ensure that the authority is able to generate cash flows and not be overly dependent on support.

NHAI, cash flow, monetise assets, National Highways Authority of India, budgetary support, economy news

NALCO lines up Rs 17,000 crore expansion to enhance capacity

State-run aluminium maker National Aluminium Company (Nalco) has lined up Rs 17,000 crore investments to enhance capacity, foray into new areas, and increase coal production.

nalco, aluminium sector News

Mining in Goa: State hopes Centre will amend laws for resumption of activity

Goa’s export-oriented mining sector is unique. Mining concessions in the state were granted much before of its liberation from the Portuguese rule in 1961.

India News

Close to 2 million jobs formalised due to GST, demoetisation, says report

The Narendra Modi-led NDA government had in November 2016 announced demonetisation of specified high value banknotes; GST, a comprehensive indirect tax that subsumed various central and state levies, came into effect in July

women workforce, future of work, women employment, artificial intelligence, jobs for women, global trend of women, women labour force News

Profiteering? ESI contributions accumulate to Rs 84,000 crore wasteful reserve

After a long 22 years, the government on Thursday cut the mandatory contribution to the ESI medical care scheme for relatively low-wage earners to 4% from 6.5%, but this is a case of ‘too little, too late’.

The massive reserve fund of ESI is invested in fixed income instruments News

NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC: NCLAT

However, at the same time, the NCLAT refrained from expressing any opinion as to whether any high court can have supervisory jurisdiction in insolvency cases that too of a high court beyond its territorial jurisdiction.

The NCLT’s principal bench, located in Delhi, had on April 23, 2019 reserved its order on JSW Steel’s bid for the debt-ridden firm. News

Steel cost of engineering exporters to drop

Engineering goods exporters complain that local steel producers are charging them 15-20% more than the price at which the latter are shipping out to other countries.

For its part, the steel industry on Tuesday demanded that a 25% safeguard duty on ad valorem basis be imposed on six product categories News

NHAI sets all-time high building target of 4,500 km for 2019-20

The source said though some banks are not still forthcoming to fund projects under HAM, 105 among 124 projects awarded thus far under the route have achieved financial closure.

The authority is projected to get budgetary support worth around Rs 37,000 crore in the current fiscal. (Representational image) News

Jaypee Infra insolvency: Lenders reject NBCC bid — key details

Exact percentage of votes for and against the plan not disclosed, but it is likely it didn’t get nod of two-thirds of lenders and buyers.

As many as 13 banks and over 23,000 homebuyers have voting rights in the committee of creditors (CoC) of Jaypee Infratech. News

How NHAI hopes to garner Rs 9,000 crore under TOT model in FY20

To soon invite requests for proposal for two TOT tranches, measuring a total of 970 km

NHAI, TOT model, highway projects, Cabinet Committee on Economic Affairs  News

Auction notices for 48 non-coal mines by July, steelmakers to benefit

The move will benefit steelmakers such as JSW Steel and Rashtriya Ispat Nigam (RINL) which have been fearing disruptions in supply of the key raw material.

india mines ministry, mining tenders, NITs, auction ore mines, india steelmakers, JSW Steel, Rashtriya Ispat Nigam, RINL, coal in Jharkhand, coal in Karnataka, coal in Andhra Pradesh, coal in Rajasthan, coal in Himachal Pradesh, coal in Madhya Pradesh, coal in Gujarat, coal auction india News

Curbing imports, fuelling expansion projects priorities for new steel minister

India became a net importer of steel, after a gap of three years, in 2018-19. The industry has already asked the government to reimpose a safeguard duty of 25% in line with such protectionist steps being taken by the US, the

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Jaypee Infratech insolvency: Homebuyers’ role key as CoC votes on NBCC bid

The National Company Law Appellate Tribunal (NCLAT) had on May 17 asked the CoC to renegotiate with NBCC till May 30 and start fresh voting from May 31.

real estate sector, real estate industry, homebuyers, nbcc News

Tata Steel’s Rs 805 crore bid for Bhushan Energy gets nod

The National Company Law Tribunal (NCLT) on Thursday approved Tata Steel’s Rs 805-crore bid for Bhushan Energy, a unit that belonged to the Delhi-based Singal family.

nclt, tata steel, steel sector, steel industry News

Iron ore price to remain steady on higher steel production: Baijender Kumar, CMD, NMDC | Interview

CMD Baijender Kumar (IAS) discusses with Surya Sarathi Ray on what holds for the company for the current fiscal.

iron ore, iron ore sector, iron ore industry News

Jaypee Infratech lenders want NBCC to sweeten bid

Lenders to Jaypee Infratech (JIL) have laid out five conditions, including reinstating an additional 500-acre land under the debt-asset swap plan, to state-run NBCC to “consider favourably” its revised bid.

jaypee, jaypee infratech, nbcc News

Development in India is yet to reach expected level: Former steel secretary Aruna Sharma

Former steel secretary Aruna Sharma in conversation with FE.

Former steel secretary Aruna Sharma, steel industry, steel sector, economy News

Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan

They say delay in NCLT verdict is causing them notional loss of `11.18 crore per day.

nclat, jsw steel, steel sector, steel industry News