Gold
Care Ratings: Timeline exceeded for completion of CIRPs in 2021
To address this, several IBC measures were announced by the government on May 17, 2020 which included increasing the minimum amount of default for initiation of corporate insolvency resolution process to Rs. 1 crore and suspending filing of applications for initiation of corporate insolvency resolution process in respect of the defaults arising during the period of one year beginning from March 25, 2020. However, such suspension for filing of applications for initiation of corporate insolvency resolution process ended on March 24, 2021, but a significant jump in IBC cases is unlikely in the near future as there was a six-month moratorium for stressed borrowers followed by an OTR (one-time restructuring) and government emergency credit guarantee scheme.
The number of cases admitted for Corporate Insolvency Resolution Processes (CIRPs) over the last 16 quarters had increased significantly, and had been generally increasing every quarter, with a major portion of these cases being admitted over the last ten quarters, thereby highlighting the rising acceptance of IBC as an effective debt resolution mechanism. However, the cases admitted slowed down in FY21 (499 cases) compared with 1,978 cases admitted in FY20. The March-end quarter witnessed a drop of around 47% compared with the previous year. This can be attributed to the suspension of fresh bankruptcy proceedings for Covid-19 defaults which ended on March 24, 2021, says the report.
Mahindra selects ABB’s PixelPaint for premium paint options
ABB’s innovative PixelPaint technology has been selected by Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, for its new electric vehicle paint facility. The technology, which uses an award-winning paint head similar to an inkjet printer, will begin serial production in 2025. “Our revolutionary PixelPaint technology can apply large areas of uniform color as well as the tiniest details with complete accuracy, without delaying the production line or the need for manual intervention,” said Joerg Reger, Managing Director of ABB Robotics Automotive Business Line. “By d..
PJTL Lenders Approve Rs 10.20 billion One-Time Settlement
Lenders to the heavily indebted Panipat Jalandhar NH 1 Tollway (PJTL) have agreed to a one-time settlement for their Rs 34 billion dues. They accepted a Rs 10.20 billion all-cash offer from the promoters, the Canada-based Roadis Group and Hyderabad's Soma Enterprises, resulting in a 30% recovery, according to sources familiar with the deal. The account had been affected by farmers' agitation in the area for several years and was eventually declared a Non-Performing Asset (NPA). Several months ago, the National Asset Reconstruction Company (NARCL) had proposed to take over the debt, but the p..
Capgemini to invest Rs 10 billion in new Chennai facility
Capgemini revealed plans to develop a new facility in Chennai, committing to invest approximately Rs 10 billion over the next three years. The IT and consulting services firm indicated that the 5,000-seat facility in Chennai is expected to be completed by April 2027. The campus will incorporate advanced energy and water-efficient technologies, utilize recycled materials, and implement rainwater harvesting during construction. Capgemini noted that the new facility is intended to become a prime destination for top-tier talent in southern India. It will be equipped with state-of-the-art IT in..
