Tag: adani group

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Adani Acquires 17 Lakh Sq Meters in Motilal Nagar Project

MUMBAI: Gautam Adani, India’s wealthiest individual, is set to receive approximately 17 lakh square meters of land for sale in Motilal Nagar. His group plans to invest ₹1 lakh crore to carry out a redevelopment project in suburban Goregaon, according to a senior government official. The Motilal Nagar Redevelopment Project, spanning 143 acres, has the potential to develop 28 lakh square meters of space. Out of this, more than 10.5 lakh square meters will be allocated to original tenants and the Maharashtra Housing and Area Development Authority (MHADA), as stated by the body’s vice president and chief executive, Sanjeev Jaiswal.…

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RP: Vedanta’s Highest Bidder Claim is a ‘False Narrative’

Sure! Here’s the rewritten content: NEW DELHI: Senior Advocate Abhishek Manu Singhvi, representing the Resolution Professional (RP) of Jaypee Associates, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that a “false and sensational narrative” is being propagated regarding Vedanta’s bid during the insolvency resolution process. Singhvi asserted that claims implying Vedanta was initially identified as the highest bidder and subsequently undermined are completely baseless and unsupported by evidence. He highlighted that this narrative has been perpetuated in media channels, previous hearings, and public discussions without factual grounding. To clarify, Singhvi explained that an email distributed by the RP…

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Dharavi Redevelopment Accelerates: 11,000 Homes Planned

MUMBAI: The redevelopment of Dharavi, Asia’s largest slum, is gaining momentum as the Dharavi Redevelopment Project (DRP) has called upon residents of Sector-6, situated on a 35-acre railway land in Matunga, to cooperate with authorities and vacate their homes to facilitate construction of rehabilitation buildings. The initial phase aims to develop 11,000 tenements of 350 sq ft each in Dharavi’s Sector 6, which has been acquired from Indian Railways across multiple stages. This railway land is a vital part of the Dharavi Notified Area (DNA), originally planned to be mostly vacant and ready for construction. However, the presence of existing…

Latest StoriesRegulatory

NCLAT Delays Hearing on Vedanta’s Adani Bid Challenge

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has postponed its hearing regarding Vedanta Group’s challenges against the selection of Adani Enterprises’ bid for the financially troubled Jaiprakash Associates Ltd (JAL) until April 16. The case will be reviewed on Thursday, following a change in the bench composition due to one member’s unavailability. The tribunal was expected to conclude arguments from Vedanta’s legal team, after which lenders and the resolution professional would present their cases. However, the NCLAT decided to defer proceedings after discussions with the involved parties. Last Friday, Vedanta raised concerns about the evaluation criteria used by…

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Jaiprakash Gaur Supports Adani’s Purchase of JAL Assets

NEW DELHI: On Friday, Jaiprakash Gaur, the founder of Jaypee Group, announced his endorsement of the Adani Group’s acquisition of his insolvent firm, Jaiprakash Associates Ltd (JAL). He expressed utmost trust in Gautam Adani’s capability to advance the group’s interests. This support comes shortly after Anil Agarwal of Vedanta Ltd claimed that Gaur preferred to see JAL under the stewardship of his mining company. Gaur stated, “I appreciate the fair and transparent process led by the Committee of Creditors and the Resolution Professional, thanking both the Adani and Vedanta Groups for their participation.” “The Committee of Creditors (CoC) has chosen…

Latest StoriesResidential

After 15 Years, JAL Homebuyers Rely on Adani’s Housing Plan

Homebuyers waiting for possession of properties booked with Jaiprakash Associates Limited (JAL) 15 years ago are hopeful for a swift resolution. This comes after the Supreme Court declined to stay the implementation of the Adani Group’s debt resolution plan of ₹14,500 crore. The homebuyers’ association expressed concern over the prolonged legal proceedings and urged the Adani Group to complete the projects as promised in the resolution plan. Mateen Wani, a retired government employee from Jammu & Kashmir who booked a plot in Jaypee Sports City years ago, stated, “Many buyers have been paying both EMI and rent for years with…

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Vedanta Challenges Adani’s ₹14,535-Crore Jaiprakash Bid in SC

NEW DELHI: Mining giant Vedanta Ltd has filed an appeal in the Supreme Court seeking to stay the NCLT’s approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The appeal was submitted on March 25, following the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the plan’s implementation. Adani Enterprises Ltd has also filed a caveat with the Supreme Court, requesting an opportunity to be heard before any decision is made regarding Vedanta’s petition. On March 24, the insolvency appellate tribunal denied an interim stay on Vedanta’s plea against the NCLT ruling that approved Adani’s bid…

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UltraTech Cement Resolves JAL Dispute, Redeems ₹1,000 Crore Shares

UltraTech Cement has reached a resolution with Jaiprakash Associates (JAL) regarding a long-standing arbitration issue, agreeing to redeem ₹1,000 crore in preference shares associated with the Dalla Super cement facility, according to sources familiar with the matter. This agreement paves the way for monetizing Jaypee assets following a bankruptcy court’s recent approval for the Adani Group to take control of JAL. The Adani Group has proposed to pay ₹14,535 crore to acquire the bankrupt JAL in the insolvency process, although the group has not yet completed payments to creditors. The settlement with UltraTech’s flagship cement division is expected to lessen…

Latest StoriesRegulatory

NCLAT Rejects Stay on Adani’s ₹14,535-Cr Jaiprakash Bid

NEW DELHI: On Tuesday, the Insolvency Appellate Tribunal rejected an interim stay on Vedanta Group’s plea against the National Company Law Tribunal’s (NCLT) approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The two-member bench of the NCLAT requested a response from JAL’s Committee of Creditors (CoC) within a week and scheduled the case for hearing on April 10. Vedanta Group had been competing to acquire JAL through the insolvency process but faced a setback when lenders approved Adani Enterprises’ resolution plan last November. The NCLT approved Adani’s bid last week. In challenging the NCLT’s decision, Vedanta…

Latest StoriesRegulatory

Vedanta Challenges NCLT Approval of Adani’s Jaiprakash Bid

NEW DELHI: The Vedanta Group, a major business conglomerate, has approached the National Company Law Appellate Tribunal (NCLAT), disputing the approval given by the NCLT to the Adani Group’s bid for acquiring Jaiprakash Associates Ltd for ₹14,535 crore. Led by Anil Agarwal, Vedanta was also contending for the acquisition of Jaiprakash Associates Ltd (JAL) via an insolvency procedure. However, in November last year, lenders approved Adani Enterprises Ltd’s resolution plan. On March 17, the Allahabad bench of the National Company Law Tribunal (NCLT) officially sanctioned Adani Enterprises Ltd’s ₹14,535 crore bid for JAL during the insolvency proceedings. JAL announced in…