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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.
The tribunal, while setting aside the objection petition, observed that the successful bidder had offered a better plan as compared to the objector and more importantly, the committee of creditors, after keeping in mind all the factors such as feasibility and viability of the plan, has unanimously approved the plan. A total of 7,058 companies across sectors were brought into administration from the inception of the Insolvency and Bankruptcy Code in 2016 until September-end 2023, according to the latest data from the Insolvency and Bankruptcy Board of India.
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.
Continuing her December quarter buying spree, ace investor Dolly Khanna added multibagger Savera Industries to her portfolio while raising her stake in Control Print.
Ace investor Dolly Khanna added multibagger JKumar Infraprojects, Ujjivan Financial Services, and Zuari Industries to her portfolio. She bought 1% stake in JKumar Infraprojects, 1.13% in Ujjivan Financial Services, and 1.23% in Zuari Industries. Khanna also trimmed her stake in Chennai Petroleum Corporation. Her portfolio, managed by her husband Rajiv Khanna, includes 18 stocks with a net worth of over Rs 513 crore.