Latest news with #InsolvencyandBankruptcyCode2016
Time of India
02-07-2025
- Business
- Time of India
Lodha Developers to deposit ₹520 crore as security in legal case against V Hotels
NEW DELHI: Lodha Developers Ltd has been directed to deposit Rs 520.80 crore as security in relation to an ongoing case in the Supreme Court against V Hotels Ltd, which the company acquired last year through an insolvency process. In a regulatory filing on Wednesday, Lodha Developers Ltd informed that this matter is related to proceedings initiated by the Enforcement Directorate (ED) against the erstwhile promoter of V Hotels Ltd (VHL) . This was in relation to a transaction of Rs 520.80 crore, allegedly routed through VHL before the start of the insolvency process. Lodha expects that the matter will be heard expeditiously in the apex court and the deposit will be released. In April last year, Lodha Developers Ltd announced the takeover of VHL through the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. In the filing, the company said it acquired VHL in 2024 and paid the consideration to various creditors based on the approved resolution plan. The approval of the resolution plan was also upheld by the Supreme Court vide its order dated September 29, 2024. "This intimation is related to proceedings initiated by the Enforcement Directorate against the erstwhile promoter of VHL - Kerkar family in relation to their transactions in Cox & Kings group to the tune of Rs 520.80 crore, allegedly routed through VHL before the commencement of CIRP," Lodha Developers said. The matter was heard by the Bombay High Court, and it was held that the proceedings cannot be continued against VHL since the issue relates to actions of the erstwhile promoters prior to the commencement of CIRP. "The appeal against this order was heard by the Supreme Court, and it has been decided that Lodha Developers will deposit a sum of Rs 520.80 crore as security since this is the maximum claim in the matter. Upon this deposit, there is no other claim on VHL's properties or other assets. We expect the matter to be expeditiously heard and the deposit to be released in due course," the filing said. In April last year, Lodha Developers had said VHL has real estate assets which can be developed for residential and allied uses. "Under the said resolution plan, the company will pay Rs 900 crore in tranches over a period of 270 days," the company had said. Lodha Developers, erstwhile Mactotech Developers Ltd, is one of the leading real estate firms in the country. It has a strong presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.
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Business Standard
02-07-2025
- Business
- Business Standard
Lodha Developers to deposit ₹520 cr as security in case against VHL
Lodha Developers Ltd has been directed to deposit ₹520.80 crore as security in relation to an ongoing case in the Supreme Court against V Hotels Ltd, which the company acquired last year through an insolvency process. In a regulatory filing on Wednesday, Lodha Developers Ltd informed that this matter is related to proceedings initiated by the Enforcement Directorate (ED) against the erstwhile promoter of V Hotels Ltd (VHL). This was in relation to a transaction of ₹520.80 crore, allegedly routed through VHL before the start of the insolvency process. Lodha expects that the matter will be heard expeditiously in the apex court and the deposit will be released. In April last year, Lodha Developers Ltd announced the takeover of VHL through the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. In the filing, the company said it acquired VHL in 2024 and paid the consideration to various creditors based on the approved resolution plan. The approval of the resolution plan was also upheld by the Supreme Court vide its order dated September 29, 2024. "This intimation is related to proceedings initiated by the Enforcement Directorate against the erstwhile promoter of VHL - Kerkar family in relation to their transactions in Cox & Kings group to the tune of ₹520.80 crore, allegedly routed through VHL before the commencement of CIRP," Lodha Developers said. The matter was heard by the Bombay High Court, and it was held that the proceedings cannot be continued against VHL since the issue relates to actions of the erstwhile promoters prior to the commencement of CIRP. "The appeal against this order was heard by the Supreme Court, and it has been decided that Lodha Developers will deposit a sum of ₹520.80 crore as security since this is the maximum claim in the matter. Upon this deposit, there is no other claim on VHL's properties or other assets. We expect the matter to be expeditiously heard and the deposit to be released in due course," the filing said. In April last year, Lodha Developers had said VHL has real estate assets which can be developed for residential and allied uses. "Under the said resolution plan, the company will pay ₹900 crore in tranches over a period of 270 days," the company had said. Lodha Developers, erstwhile Mactotech Developers Ltd, is one of the leading real estate firms in the country. It has a strong presence in the Mumbai Metropolitan Region (MMR) and Bengaluru markets.
Time of India
30-05-2025
- Business
- Time of India
NBCC India's net profit rises 29.10% in Q4 FY25
NEW DELHI: NBCC India has reported a growth of 29.10 per cent in its net consolidated profit during the quarter ended March 31, 2025. Its profit after tax stood at ₹182.66 crore in Q4 FY25 as against ₹141.49 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹4,700.86 crore in Q4 FY25, a growth of 16.14 per cent from ₹4,047.67 crore it recorded in the similar quarter last year. The board of directors recommended a final dividend @14 % i.e. ₹0.14 per paid up equity share of ₹1 each for the FY 2024-25. The group has incorporated a wholly-owned subsidiary named NBCC Overseas Real Estate LLC in Dubai Mainland, ( UAE ) on April 23, 2025 for carrying out real estate business. It has submitted a resolution plan under the Insolvency and Bankruptcy Code 2016 in the matter of corporate insolvency resolution process (CIRP) of Celebration City Projects (CCPPL). In case resolution plan is accepted by the committee of creditors (CoC), CCPPL will become a subsidiary of the group.
The Hindu
21-05-2025
- Business
- The Hindu
IREDA moves Debts Recovery Tribunal against Gensol, its arm claiming default of ₹729 crore
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Wednesday (May 21, 2025) said it has filed an application before Debts Recovery Tribunal, Delhi against Gensol Engineering Ltd and its arm Gensol EV Lease Pvt Limited claiming a default of about ₹729 crore. IREDA is claiming a default of about ₹510 crore against Gensol Engineering and ₹218.95 crore against Gensol EV Lease Pvt Ltd respectively, as per a stock exchange filing. IREDA has already filed a insolvency petition under the provisions of the Insolvency and Bankruptcy Code 2016. The National Company Law Tribunal has posted IREDA's petition against Gensol for hearing on June 3. Gensol Engineering has been in the spotlight since April, when Securities and Exchange Board of India (SEBI) barred the company's promoters — brothers Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities market for alleged fund diversions and corporate governance lapses. The brothers have resigned from the company post SEBI's order. BluSmart Mobility, an e-cab service promoted by Mr. Anmol Singh Jaggi has suspended operations since the SEBI order. Gensol's Chief Financial Officer Jabirmahendi Mohammedraza Aga resigned recently, citing the challenges faced by the company in wake of the ongoing investigations.
Indian Express
16-05-2025
- Business
- Indian Express
NCLT to hear Gensol insolvency plea
The National Company Law Tribunal (NCLT), Ahmedabad, on Friday issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea filed by public sector Indian Renewable Energy Development Agency (IREDA). IREDA plea came before a two-member bench of the NCLT which posted it for hearing on June 3. The bench refused the PSU's request to appoint an Interim Resolution Professional (IRP) to take charge of the company as the top leadership had exited in the wake of the ban order passed by the market regulator Sebi. IREDA filed the insolvency petition under Section 7 of Insolvency and Bankruptcy Code 2016 before NCLT against the company in respect of the defaults and potential defaults under the five loan facilities availed by the company. IREDA had claimed a default of Rs 510 crore. 'The company's operations came to a complete standstill due to the SEBI interim order dated April 15, 2025 and due to the prejudice emanating from the SEBI, the Company is facing a barrage of litigation and claims from various parties,' the company said in an exchange filing. Market regulator SEBI passed an order on April 15, barring Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case. On May 12, Jaggi brothers resigned from the company following the Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. Sebi also debarred Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further orders. The order came after the regulator received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter. The company earlier this week said the Securities Appellate Tribunal (SAT) disposed of its appeal but allowed the company to file its response on Sebi's interim order to bar the firm and its promoters from the securities market. In a regulatory filing, the company said the appeal filed by it before the SAT has been disposed of, granting it an opportunity to file its response to Sebi's interim order within two weeks. It further informed that the markets regulator has been given directions to hear the company within two weeks thereafter and pass an appropriate order within four weeks. The company had raised a Rs 900 crore in equity capital through warrants convertible into equity shares on a preferential basis in February 2024.
