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As part of the insolvency process, J Kumar Infraprojects has proposed to pay Rs 45 crore for the acquisition of the real estate firm against its admitted liabilities of about Rs 212 crore.
J Kumar Infraprojects' bid to acquire Pranav Construction Systems Pvt Ltd. in bankruptcy court approved. J Kumar Infraprojects to pay ₹45 crore for the acquisition of the real estate firm against its admitted liabilities of about ₹212 crore. Lenders approved the revival plan. Pranav Construction Systems is a manufacturer of fabrication and precast iron structures. J Kumar Infraprojects has constructed metro-rail projects in Mumbai, Delhi, and Ahmedabad. The resolution plan is binding on the corporate debtor, employees, members, creditors, guarantors, and stakeholders.
According to the CAG report, the lead member of Suryapet Khammam Road Private Ltd submitted the experience certificate of “some other company” which worked in the power sector.
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Nifty moved in a range of 100 points throughout the session and formed an Inside Bar on the daily chart, suggesting the ongoing consolidation in the market.