In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. Lenders of Jaypee Infratech will now meet on November 18 to discuss the bids of NBCC and Suraksha Realty, which are expected expected to be submitted by the end of this week.
Crisis-hit Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm.
The government on Wednesday approved a Rs 25,000-crore fund to help complete over 1,500 stalled housing projects, including ones that have been declared NPAs or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors. The move is likely to help 4.58 lakh housing units across the country.
This comes weeks after the new government in Andhra decided to reclaim around 4,700 acres of land allotted to Navayuga Group’s Krishnapatnam Infratech near Nellore after cancelling contracts of Polavaram irrigation and Machilipatnam port awarded to Navayuga by the previous regime of Chandrababu Naidu.
"Road developers...could see revenue growth halve in fiscals 2020 and 2021 to 15 per cent, compared with 30 per cent in fiscal 2019," Crisil said. The NHAI awarded a whopping 7,400 km in fiscal 2018, which slowed down the following year to about 2,200 km. In the current fiscal and the next, awarding is expected to be 4,000 km a year, it said.
The Supreme Court set aside all environmental clearances given to a Tata Housing Development project near Chandigarh’s Sukhna lake. The court cited ecological disasters due to rapid urbanisation and the impact of that, such as in causing the floods of Uttarakhand in 2013 and Kerala in 2018, to set aside the clearances for the Camelot apartment project.
As per the judgement, the authority had demanded Rs 2,591.78 crore in January 2015 and another Rs 247 crore in May 2017 from Jaypee Infratech as 'no litigation incentive' or additional compensation to be paid to the farmers whose land was acquired by the authority and then allotted to the developer for constructing Yamuna Expressway projects and other purposes.
The orders include railway jobs worth business Rs 1,303 crore for overhead electrification of railway lines and associated civil works, construction of road over bridges, roadbeds, major and minor bridges. Its arm SAE Towers have also bagged orders worth Rs 283 crore for power transmission and distribution projects in India, East Asia Pacific and the Americas.
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Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.