Synopsis
The company’s liquidator had approached the Ahemadabad bench of the National Company Law Tribunal (NCLT) to declare certain transactions carried out by the former management of over Rs 46.53 crore as void for allegedly selling certain goods below market price.
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Mumbai: Any transaction carried out during a normal course of business can’t be termed as an undervalued transaction without any evidence.
The dedicated bankruptcy court has held in the case of the country’s third-largest manufacturer of aluminium foils and sheets,
Gujarat Foils Ltd (GFL) that a transaction can’t be termed an undervalued transaction if the former management sells goods at the below market price, in the normal course of business.
Only 161 cases were admitted for Corporate Insolvency Resolution Process in the first half of this fiscal year due to the temporary suspension of the process after the Covid-19 pandemic broke out.The
Jalpower Corporation (JPCL) was executing 120-mw Rangit Stage-IV Hydroelectric Project in Sikkim.
JPCL is currently undergoing Corporate Insolvency Resolution Process which was initiated on 9 April 2019 vide an order of NCLT and Sanjay Kumar Deewani was appointed as Interim Resolution Professional (IRP).
In its resolution proposal (RP), NHPC had proposed a resolution amount of Rs 165 crore as full and final settlement for all stake holders including financial, operational and other creditors.
NHPC s RP was found to be feasible and viable and the company was declared as the successful resolution applicant by Committee of Creditors (CoC) on 24 January 2020.
Earlier, NHPC had successfully acquired Lanco Teesta Hydro Power through the NCLT process.
NCLT approves NHPC’s Rs 165 crore resolution plan for Jalpower Corp
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Last Updated: Jan 07, 2021, 11:43 PM IST
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Synopsis
JPCL was executing 120-mw Rangit Stage-IV Hydroelectric Project in Sikkim. The company is currently undergoing Corporate Insolvency Resolution Process which was initiated on April 9, 2019 vide an order of NCLT. NHPC will make upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore.
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The CoC approved resolution plan was filed by resolution professional with NCLT Hyderabad Bench on January 28, 2020.
NEW DELHI: The National Company Law Tribunal (NCLT) has approved state-run NHPC’s Rs 165 crore resolution plan for taking over Jalpower Corp as going concern, an official statement said on Thursday.
Shares of Orchid Pharma were locked in upper circuit for the 40th straight trading day, up 5 per cent at Rs 120.13 on the BSE on Wednesday. The stock has zoomed 567 per cent from the level of Rs 18, since its relisting on November 3, 2020. Till 12:35 pm, a combined only 83 equity shares had changed hands and there were pending buy orders for 135,000 shares on the BSE and NSE, the exchange data shows. In comparison, the S&P BSE Sensex was down 0.28 per cent at 47,478 points. Currently, Orchid Pharma is trading under T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.