NATIONAL LAND MONETISATION CORPORATION
SC declines to stay Bombay HC proceedings against MEP Infrastructure
The Supreme Court on Monday declined to stay the proceedings of the Bombay High Court that had restrained toll company MEP Infrastructure from disposing of its shareholdings in 31 subsidiary companies after defaulting on a Rs 5500 crore payment to the Municipal Corporation of Delhi (MCD). The High Court also directed these 31 firms to provide details of their assets.
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
NCLT rejects housing society's plea to exclude land from HDIL's insolvency process
HDIL faces insolvency with liabilities exceeding Rs 8,138 crores, including debts to secured and unsecured financial creditors, and homeowners. The real estate sector contributes significantly to companies under CIRP, with about 15% witnessing revival post-resolution.
Expectation is that reforms will continue, but it may not be as simple as that: Ketan Dalal
"Let’s take a look at some key areas where reforms are needed, but could be impacted; a crucial area of reforms is that of land reforms, given the need to promote India as a manufacturing hub and to leverage the China + 1 opportunity."
ISRO completes Reusable Launch Vehicle technology demonstrations under challenging conditions
ISRO achieved a significant milestone with the successful third consecutive test of the Reusable Launch Vehicle Landing Experiment, demonstrating the autonomous landing capability of the launch vehicle under challenging conditions. Named 'Pushpak,' the winged vehicle executed cross-range correction maneuvers and a precise horizontal landing at the runway centerline after being released from an Indian Air Force Chinook Helicopter. This success reaffirms ISRO's expertise in acquiring critical technologies for the development of a Reusable Launch Vehicle.
Long road trip? India may free up 700 hectares of surplus land for resting facilities
The road transport ministry plans to de-notify around 700 hectares of surplus land for wayside amenities and resting facilities for drivers. The proposal aims to allow landowners to reclaim their property and utilize excess land from completed highway projects efficiently. The ministry is finalizing the policy, aligning with PM Narendra Modi's mobility expo promise.
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Amaravati's revival: N Chandrababu Naidu's return sparks new hope for Andhra Pradesh's capital
Real estate agent Mehboob Khan in Amaravati is overwhelmed with messages as land prices surge due to the return of N Chandrababu Naidu and the TDP, with the slogan 'Boss is Back,' indicating a revival in the city.
NHAI to monetise assets with Rs 15000 to Rs 20000 crore in 2024-25 through InvIT
The National Highways Infra Trust (NHIT), its infrastructure investment trust formed in October 2020, has so far garnered Rs 26,125 crore in three rounds of monetisation with the per unit net asset value at Rs 124.75 as against the launched value of Rs 101 per unit in November 2021.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
NCLT dismisses developer’s intervention plea at pre-admission stage
The National Company Law Tribunal dismissed an intervention petition by Surya Landmark Developers regarding exclusion of its prime 0.5-acre land parcel in Mumbai's Lower Parel from insolvency proceedings initiated by ACRE.
Coalition politics, weakened mandate could make passing legislations on ambitious reforms challenging: Fitch
Fitch Ratings predicts that the new government in India, led by Narendra Modi, will face challenges in passing legislation on ambitious reforms due to coalition politics and a weakened mandate. Major reforms to land and labour laws will remain on the agenda, but these have been contentious and the NDA's weaker mandate could complicate their passage further. The BJP fell short of a single-party majority in the 543-seat lower house of parliament for the first time since its latest period in government in 2014.
Highway builders want infra loans provision pared to 2%
"By increasing the provisioning from 0.4% to 5%, project viability will be the biggest impediment as interest cost will increase which is turn will increase the cost of the project both for the investor as well as the government," the National Highways Builders Federation (NHBF) said in its submission to the National Highways Authority of India, the finance ministry and the Reserve Bank of India.
SC upholds acquisition of land by DDA, DSIIDC, DMRC between 1957 and 2006 for public infra projects
After hearing arguments on a batch of hundreds of petitions, a bench of justices Surya Kant, Dipankar Datta and Ujjal Bhyan passed the verdict on May 17 setting aside a Delhi High Court order, which had declared the acquisition proceedings to have lapsed in terms of Section 24(2) of the Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act, 2013.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
Want a commercial space in Delhi-Meerut RRTS stations? NCRTC is asking for bids
The NCRTC has invited bids for leasing commercial space at three stations along the Delhi-Meerut RRTS corridor to boost non-fare revenue. Funding from international banks supports the project, set to transform real estate markets in Ghaziabad, Meerut, and surrounding areas. By 2031, the stations are expected to cater to 100,000 passengers daily, enhancing investment prospects.
Defunct iron factory linked to Dalai Lama sees renewed hope of resurrection every election season
Once a major avenue for employment in the region, the factory has been shut for the better part of four decades now. Despite this, the people of the region hold out hope that it will be returned to its former glory. These hopes are fuelled every election cycle, with promises forgotten every results day while administrative apathy pushes the people of Koderma out of the region.
Downsides of coalition govt are as exaggerated as virtues of single-party rule
Most people equate a government by a single party that enjoys a majority in Parliament with political stability, efficient decision-making and living happily ever after. In this view, coalitions carry the risk of instability, erratic policy and economic woes. India's own recent history shows that such views are unfounded.
Death toll rises to 14 in Mumbai hoarding tragedy; search and rescue ops still on
The death toll in the Mumbai hoarding collapse incident is 14 dead, 75 injured. NDRF teams, BMC, and Mumbai Police Commissioner Vivek Phansalkar are leading rescue efforts in Ghatkopar area. NDRF assistant commandant Nikhil Mudholkar provided insights during the search operations. Rajawadi Hospital, Bhavesh Bhinde, and BJP leader Kirit Somaiya are also involved.
Mumbai dust storm Ghatkopar hoarding tragedy: Who is Bhavesh Bhide, owner of collapsed hoarding that took 14 lives
Bhavesh Bhide, owner of an advertising agency, is implicated in the collapse of an illegal hoarding in Mumbai's Ghatkopar area, resulting in 14 deaths. The incident occurred during a dust storm with winds of 60 km/h. The National Disaster Response Force rescued 74 of the 88 victims. Authorities have filed charges of culpable homicide against Bhide's company, prompting BMC to demand removal of other unauthorized hoardings.
Goswami Infra seeks change in debt pact to avert higher interest
The move aims to save high interest outgo on RS 14,300 crore bond due in April 2026, refinance its debt. In mid-2023, Goswami Infratech raised Rs14,300 crore zero coupon bonds maturing in April 2026, offering 18.75% as a redemption premium. These bonds also have a so-called most favoured nation (MFN) clause, which says that if any Shapoorji Pallonji (SP) group affiliate borrows at a higher rate after May 26, 2024, Goswami Infratech will have to offer the same return to its bondholders.
GoFirst engine lessors to wait further; NCLT says it will study Delhi HC order
National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal grants 10 days for written arguments in land lease dispute with Mack Star Marketing Pvt Ltd.
PM Gati Shakti to aid in expanding social security
To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.
What BJP is doing to stop farmers' suicide? Congress poses three questions ahead of PM Modi's Maharashtra visit
Ahead of Prime Minister Narendra Modi's Lok Sabha poll campaign in Maharashtra's Nandurbar, the Congress posed several questions to him on Friday, asking why BJP has deprived tribal communities of their land rights?
Centre studying innovative ways to boost infrastructure funding
Government plans to capture land value increase from road projects through mechanisms like auctioning exits and betterment levy to boost infrastructure funding. Studying global best practices for innovative financing methods.
Go First creditors to take possession of pledged land parcel
The lenders last week took symbolic possession of the land located in Thane, in the first step towards a likely auction of the property.
Hinduja Group’s GOCL Corp to monetise 264.50 acres in Hyderabad for Rs 3,402 crore
GOCL Corporation Ltd, part of the Hinduja Group, has partnered with Squarespace Builders to monetize 264.5 acres in Hyderabad, bringing in over Rs 3,402 crore. They are also developing land with Hinduja Healthcare, and funds will be used for future growth, including a Bengaluru IT project.
Land acquisition for bullet train project to be completed by March-end
While land acquisition and possession has been completed in Gujarat, and Dadra and Nagar Haveli, possession of over 15% of the total land requirement is yet to be handed over to the National High Speed Rail Corporation Limited (NHSRCL) in Maharashtra. In all, 959.04 hectares (ha) land has been acquired in Gujarat while 430.45 ha falls in Maharashtra.
Mumbai-Ahmedabad bullet train project gains momentum, NHSRCL achieves full land acquisition
The National High-Speed Rail Corporation Limited (NHSRCL) announced the completion of 100% land acquisition for the Mumbai-Ahmedabad Rail Corridor (bullet train project) in Gujarat, Maharashtra, and Dadra and Nagar Haveli. The high-speed rail line connecting Mumbai and Ahmedabad has secured all required 1389.49 hectares of land.
Recruitment for CEO, Chairman of NLMC delayed again, application deadline pushed to July 16
The Department of Public Enterprises (DPE) once again pushed the deadline for the recruitment process for the Chief Executive officer, Non-executive Chairman and consultants National Land Monetisation Corporation to July 14, as it failed to get suitable candidates. The application for the post of CEO is restricted to government officials, while the application for non-executive chairman is open to even candidates from private sectors. Besides, the Search-Cum-Selection-Committee (SCSC) set up by the government is already looking for candidates.
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