Latest news with #CoC
India.com
21 hours ago
- Business
- India.com
Big move by Gautam Adani, acquires this former company of Anil Ambani, its name is…
Adani Power Ltd has moved forward in the process of acquiring the bankrupt Vidarbha Industries Power Ltd. It is a former subsidiary of Anil Ambani led Reliance Power Ltd. The National Company Law Tribunal on 18 June approved Adani Power's Rs 4,000 crore resolution plan to acquire VIPL. A majority nod was given by secured creditors in February. Adani Power will pay Rs 4,000 crore to acquire the company. Vidarbha Industries owns a 600-megawatt thermal power plant in Nagpur. The resolution plan received 100% voting share. The tribunal also found this plan suitable for revival. Vidarbha Industries Power Current Situation The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' added the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. VIPL Anil Ambani Connection VIPL was earlier a subsidiary of Anil Ambani-owned Reliance Power. It declard insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Bimal Kumar Agarwal was appointed by the bench for the interim resolution professional (IRP) to look after the insolvency process. This also includes managing VIPL's assets and inviting resolution plans.
Time of India
a day ago
- Business
- Time of India
Adani Power's proposal to acquire Vidarbha Industries Power's approved by NCLT
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved Adani Power Ltd 's acquisition of Vidarbha Industries Power Ltd. Before the tribunal's nod, the secured creditors of the company approved the plan in February 2024. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. Vidarbha Industries (VIPL) owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' noted the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. Last year in September, the tribunal had admitted CFM Asset Reconstruction's application to admit the company under the Corporate Insolvency Resolution Process (CIRP). On February 24, Adani Power in its stock exchange filing had said that the lenders have approved its revival plan for the company and the 'implementation of the resolution plan' is subject to the 'LOI terms as well as requisite approvals from the NCLT and other regulatory approvals'. VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power . It entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Admitting the petition, the bench appointed Bimal Kumar Agarwal as the interim resolution professional (IRP) to oversee the insolvency process, including managing VIPL's assets and inviting resolution plans. VIPL, a special-purpose vehicle, was set up by Reliance Power for building a coal-based thermal power plant comprising two units of 300 MW each at Butibori at Nagpur in Maharashtra. The project was awarded after an international bidding process run by the Maharashtra Industrial Development Corporation, and it was eventually converted into an independent power project. The Butibori project has a long-term power purchase agreement (PPA) with Maharashtra for 3085 MW, with potential for expansion. The company defaulted on loans totalling Rs. 3,872 crore to Axis Bank and State Bank of India (SBI), leading to the classification of its account as a non-performing asset in 2019. Both lenders later sold their debts to CFM ARC in 2023, as reported by ET in October 2023.
Time of India
a day ago
- Business
- Time of India
Adani Power's proposal to acquire Vidarbha Industries Power's approved by NCLT
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved Adani Power Ltd 's acquisition of Vidarbha Industries Power Ltd. Before the tribunal's nod, the secured creditors of the company approved the plan in February 2024. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. Vidarbha Industries (VIPL) owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' noted the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. Last year in September, the tribunal had admitted CFM Asset Reconstruction's application to admit the company under the Corporate Insolvency Resolution Process (CIRP). On February 24, Adani Power in its stock exchange filing had said that the lenders have approved its revival plan for the company and the 'implementation of the resolution plan' is subject to the 'LOI terms as well as requisite approvals from the NCLT and other regulatory approvals'. VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power. It entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Admitting the petition, the bench appointed Bimal Kumar Agarwal as the interim resolution professional (IRP) to oversee the insolvency process, including managing VIPL's assets and inviting resolution plans. VIPL, a special-purpose vehicle, was set up by Reliance Power for building a coal-based thermal power plant comprising two units of 300 MW each at Butibori at Nagpur in Maharashtra. The project was awarded after an international bidding process run by the Maharashtra Industrial Development Corporation, and it was eventually converted into an independent power project. The Butibori project has a long-term power purchase agreement (PPA) with Maharashtra for 3085 MW, with potential for expansion. The company defaulted on loans totalling Rs. 3,872 crore to Axis Bank and State Bank of India (SBI), leading to the classification of its account as a non-performing asset in 2019. Both lenders later sold their debts to CFM ARC in 2023, as reported by ET in October 2023.
Yahoo
3 days ago
- Health
- Yahoo
New Asheville, Buncombe homelessness board adopts 1st strategic plan
ASHEVILLE - A new strategic plan will guide the work of the area's Continuum of Care for the next three years, the body responsible for developing and overseeing the community's response to homelessness. Board Chair Melina Arrowood called the plan's June 12 adoption a "critical milestone:" a high-level, long-term strategic vision of "how we're going to actually do the work." There are four main objectives: Decrease unsheltered homelessness. Increase exits from homelessness to permanent housing. Coordinate and expand homelessness prevention, diversion and rapid rehousing. Build housing-focused system capacity. It is the first such plan for the new Asheville-Buncombe Continuum of Care, which was reestablished following 2023 recommendations by the Washington, D.C.-based National Alliance to End Homelessness. Restructuring was the Alliance's No. 1 recommendation. The process moved the board out from under city and county government and created a formalized membership base. The new board first met in May 2024. It includes representatives from various homeless services organizations, local government, public housing, people with lived experience and shelter providers. In a year, the CoC has grown to 452 members. Of these, 77 have served as elected or appointed board, committee or work group members. 'We've spent the past year building this framework and foundation so that the CoC is ready to take collective action, and the strategic plan maps out what that collective action should be," said Emily Ball, the city's homeless strategy division manager. The city serves as the CoC lead agency. A Continuum of Care is a federal framework that establishes a local planning body responsible for coordinating a system of housing and services for people experiencing homelessness. It is also responsible for overseeing U.S. Department of Housing and Urban Development funding for homelessness and the point in time count, an annual census of the area's unhoused population. It does not provide direct services, like rental assistance or shelter, nor provide direct funding to service providers. In the 10-page plan, every objective is broken into three strategies, each with a series of actions within. Implementation will begin in July. While the strategic plan spans three years, an annual action plan will be developed for each year. 'This isn't something that sits on a shelf and get dusty, it's something that we are constantly working on," Arrowood said. 3 - Final Draft - NC-501 2025-2028 Strategic Plan - May 2025 With Board Assignments by Sarah Honosky on Scribd Of how this work differs from the Alliance's report — which included 30 multiprong recommendations and several short-term priorities — Ball said the plan builds on the recommendations, but allows the CoC to set its own path. She said meaningful progress is being made, with much of the last year spent establishing the foundation. Tropical Storm Helene also created challenges — both in slowing the strategic planning process, and changing the "scale" of homelessness in Asheville and Buncombe County. The January point in time count found that of those experiencing unsheltered homelessness, more than a third said it was due to Helene. 'I think what's really tangibly changed from a year ago is that people are much more informed and … key stakeholders having more open dialogue at a common table than we've ever had before," Ball said. "Now that we have that foundation, we are ready to take more direct action and the strategic plan tells us what that should be." The year's census data released in March, tallied 755 people experiencing homelessness in Asheville and Buncombe County. Of that total, more than half were in shelter or transitional housing, but 328 people were unsheltered — a 50% increase from the year before. It was a slight increase in total numbers, up from 739 the year before, and is the second year since the count used a new methodology that includes an expanded footprint, which the city said resulted in higher numbers than prior years. The more than 700 people found to be experiencing homelessness does not include the 1,548 people in FEMA's Transitional Sheltering Assistance program at the time of the count as a result of Helene, though the total of those two numbers will be reported to HUD. Nationwide, homelessness reached a new record high in 2024, according to an annual federal report by HUD, released Dec. 27. The report found more than 770,000 people across the country were experiencing homelessness on a single night, an 18% increase from 2023. The CoC board meets monthly, alternating virtual and in-person at the Harrah's Cherokee Center in downtown Asheville. The next meeting is July 10, virtually. The membership also typically meets monthly, in person. Learn more: More: Asheville homelessness count results are in. How did Helene impact the numbers? More: LA-based developer has closed on East Asheville's former Ramada Inn property More: Asheville's unsheltered answer: What do you wish our community understood about homelessness? Sarah Honosky is the city government reporter for the Asheville Citizen Times, part of the USA TODAY Network. News Tips? Email shonosky@ or message on Twitter at @slhonosky. This article originally appeared on Asheville Citizen Times: Asheville, Buncombe CoC adopts strategic plan to address homelessness
Time of India
13-06-2025
- Business
- Time of India
INSCO Resolution Plan: INSCO Proposes Rs 2,752 Cr Takeover of HNGIL Following Supreme Court Directive, ET LegalWorld
Independent Sugar Corporation (INSCO) has submitted a comprehensive revised resolution plan worth Rs 2,752 crore for the takeover of debt-ridden glass bottle manufacturer Hindusthan National Glass & Industries Limited (HNGIL), in line with the Supreme Court verdict. The Committee of Creditors (CoC) is likely to consider the revised proposal, and voting is likely to commence on Thursday, sources said. INSCO, a company promoted by the Madhvani Group, having operations in many countries, has submitted a revised resolution plan on June 8, making Rs 2,752 crore offer comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore. Advt Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App The revised offer comes following the Supreme Court's directive to match the offer previously made by AGI per the apex court's order, only INSCO's plan will be considered for approval, with the entire resolution process, including voting, to be completed by July plan outlines payment of the entire Rs 2,200 crore cash component within 30 days of National Company Law Tribunal (NCLT) approval, along with infusion of working capital and equity issuance to CoC members within 90 fund the acquisition, INSCO has submitted a non-binding term sheet to Cerberus Capital Management with the resolution plan."It is estimated that significant capex would be required to revive and revitalise the business. We have budgeted about Rs 1,000 crore to rebuild all the furnaces and other equipment over the next few years," the resolution plan sources said, some of the CoC members have flagged serious concerns over the viability and transparency of the sources said, lenders allege that INSCO's current plan does not adhere fully to the Supreme Court's AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January rejected the bid on the ground that the company did not have a Competition Commission of India (CCI) approval for the had moved the court seeking cancellation of AGI Greepac's bid since the company did not receive CCI rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI court also directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC by July 2025.
