Unused buses at Anik depot: BEST says contract terminated as firm flouted norms
In a statement, BEST said that the parked buses were owned by M P Enterprises, a private operating company that was awarded a contract in December 2019 to run 275 mini buses on a wet lease basis.
BEST undertaking stated that throughout the duration of the contract, the operator was repeatedly served with notices for not adhering to contract terms.
'The contract was finally terminated in December 2022 due to failure to meet the requirements as per the prescribed norms,' the statement added.
BEST gave several reasons for the cancellation including frequent bus breakdowns, operational irregularities, failure to meet the service level agreement and Provident Fund contribution defaults.
The undertaking further added that the operator had ceased operating even prior to the formal cancellation of the contract.
After the contract ended, the operator lodged a claim under the Corporate Insolvency Resolution Process (CIRP) in April 2023.
An Interim Resolution Professional (IRP) was appointed by the National Company Law Tribunal (NCLT), Mumbai, as part of the process.
'The buses stationed at Anik depot are under the IRP's control,' BEST said.
BEST also informed that it has found out that the liquidator is now undertaking the auction of the buses and that the undertaking has already written to the liquidator seeking removal of the buses.
'It should be noted that these buses are not being moved as the matter is under the jurisdiction of the Interim Resolution Professional,' the statement added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
CCI okays Dalmia Bharat's proposal to acquire Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat 's proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process . Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant. Players as billionaire Gautam Adani-led Adani Enterprises, Vedanta Group, Jindal Power, and PNC Infratech have also approached CCI to seek its nod for submission of their respective resolution plan to the lender's body Committee of Creditors (CoC). A Supreme Court's directive mandates obtaining CCI approval before the committee of creditors can vote on any resolution plan that qualifies as a combination under the Competition Act. Live Events "The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd (JAL) by Dalmia Cement (Bharat) Ltd (acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the regulator said in a release. Dalmia Cement (Bharat) Ltd is a wholly owned subsidiary of Dalmia Bharat Ltd (DBL), which is the flagship company of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. On the other hand, Jaiprakash Associates operates in multiple sectors including cement, real estate, hospitality, and engineering, procurement and construction. JAL is engaged in diverse business activities viz, real estate, cement, hospitality, engineering, procurement, and construction. "Commission approves proposed acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd," CCI said in a post on X. A similar combination notice has also been filed with the CCI by the Adani Group as part of the same insolvency process. JAL was admitted into the CIRP through the National Company Law Tribunal , Allahabad Bench, order dated June 3, 2024. It was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering Rs 57,185 crore. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring the stressed JAL loans from a consortium of lenders headed by the State Bank of India . JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, strategically located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. The cement plants, however, are non-operational. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other and several other companies. Jaypee Group 's Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through an insolvency process. Suraksha Group has to complete various stalled projects comprising around 20,000 apartments in Noida and Greater Noida.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
CCI approves Dalmia Cement's acquisition of Jaiprakash Associates
The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited, a press statement said. JAL is currently undergoing insolvency resolution proceedings. The CCI's approval for Dalmia's proposal comes ahead of the committee of creditors' (CoC) final decision on selecting a successful bidder. The Adani Group's application for the same acquisition is still under review by the antitrust regulator. 'The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,' the CCI's press statement said. The CCI added that a detailed order will follow. JAL is engaged in diverse business activities including real estate, cement, hospitality, and engineering, procurement and construction. Dalmia Cement is a wholly owned subsidiary of Dalmia Bharat Limited (DBL), which is the ultimate parent entity of the Dalmia Bharat Group. DBL is primarily engaged in the manufacture and sale of cement. JAL entered insolvency on 3 June 2024. Besides the Adani and Dalmia groups, Vedanta Group, Jindal Steel & Power Ltd (JSPL), and PNC Infratech have also submitted resolution plans for the beleaguered conglomerate. After the last meeting with bidders, lenders had asked all resolution applicants to submit revised resolution plans without any conditionalities and with a definitive bid amount, according to sources. Most bids remain contingent on the outcome of a key legal case concerning Jaiprakash's 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld a decision by the Yamuna Expressway Industrial Development Authority (Yeida) to cancel the land allotment. The matter is currently pending before the Supreme Court. Following a recent Supreme Court ruling, resolution applicants are now expected to secure CCI approval for their plans before seeking approval from the CoC. However, the Ministry of Corporate Affairs is expected to amend this provision in the proposed Insolvency and Bankruptcy Bill to clarify that prior permission from the CCI is not required for submitting bids under the CIRP.
Mint
2 hours ago
- Mint
NCLAT stops Gensol IRP from leasing out 152 EVs on lessor objection
New Delhi: Auto leasing firm SMAS Auto Leasing India Pvt. Ltd approached the National Company Law Appellate Tribunal (NCLAT) on Tuesday, against Gensol Engineering Ltd's interim resolution professional (IRP) for attempting to lease out its 164 electric vehicles (EVs) through public advertisement. SMAS had leased all 164 EVs to Gensol before it entered insolvency. Of these, 152 are currently with court-appointed receivers, while 12 remain with the IRP. A bench led by chairperson Justice Ashok Bhushan took up the matter and directed both the IRP and the committee of creditors (CoC) to file their responses. The tribunal will decide on 28 August whether the IRP can proceed with leasing these EVs. 'The appeal may be disposed of on the next date with regard to the vehicles that were in possession of the appellant prior to the initiation of CIRP, as well as those with the IRP,' the tribunal said in its order. SMAS, in its petition, argued that the leases had lapsed in April, well before Gensol's insolvency proceedings were admitted in June. Therefore, the IRP had no legal authority to re-lease the fleet. The company also alleged that the IRP attempted to take possession of the vehicles via court-appointed receivers, originally named in an earlier Delhi high court case. 'Ownership of these vehicles rests with us. The lease was terminated well before insolvency. Now, by misusing part of a prior order, they are trying to lease them again. That is completely illegal,' said SMAS's senior counsel Arun Kathpalia during the hearing. In May, SMAS had moved the Delhi high court, which restrained Gensol and its affiliated entity, BluSmart Mobility, from creating any third-party rights over the leased vehicles. The court also appointed receivers to take custody of the fleet. Gensol's insolvency was admitted on 13 June by the National Company Law Tribunal (NCLT) in Ahmedabad, following a petition by the Indian Renewable Energy Development Agency (Ireda), which alleged loan defaults of ₹ 510 crore. Its EV leasing subsidiary, Gensol EV Leasing Pvt. Ltd, was also brought under CIRP. Subsequently, the IRP issued a public advertisement claiming that around 4,000 pre-owned EVs were available for lease in Delhi-NCR and Bengaluru. 'The cars are available at a fixed monthly lease rental and a nominal down payment,' the notice stated. These vehicles had originally been leased by Gensol to its group company BluSmart Mobility, an EV-based ride-hailing firm founded in 2019. However, BluSmart was also admitted into insolvency on 28 July by the NCLT, after defaulting on dues of over ₹ 1.28 crore. It now joins a growing list of Gensol-linked entities undergoing CIRP. Gensol and BluSmart's troubles intensified earlier this year after the Securities and Exchange Board of India (Sebi) issued an interim order on 15 April against Gensol promoters Anmol and Puneet Jaggi. Sebi accused them of diverting investor funds meant for EV purchases toward personal luxuries, including a $5 million apartment and expensive golf equipment. The regulator also flagged discrepancies in vehicle procurement, while Gensol had raised funds for 6,400 EVs, only 4,704 were actually acquired. Anmol and Puneet Jaggi resigned from Gensol's board on 6 May. The Securities Appellate Tribunal (SAT), in a hearing the next day, refused to stay Sebi's order and directed the company to respond. A final Sebi ruling is pending.
