Business
Corporate insolvency: NCLAT dismisses plea against Nuvoco’s Vadraj acquisition; tribunal backs NCLT approval of Rs 1,800 cr resolution plan – Times of India
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal challenging the acquisition of Vadraj Cement by Nirma group company Nuvoco Vistas Corporation, upholding the resolution plan approved earlier by the National Company Law Tribunal (NCLT).The Delhi-based principal bench of NCLAT affirmed the April 1, 2025 order of the Mumbai NCLT, which had cleared Nuvoco Vistas’s Rs 1,800 crore plan for the Gujarat-based cement maker. The bid was implemented through subsidiary Vanya Corporation and had received unanimous backing from the Committee of Creditors (CoC), PTI reported.The two-member bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra rejected an appeal filed by an employee and authorised representative of Vadraj Cement’s workers, who had contested the payout of gratuity dues.Vadraj Cement, formerly owned by ABG Shipyard, has a 3.5 million tonnes per annum (MTPA) clinker unit in Kutch and a 6 MTPA grinding unit in Surat, along with a captive jetty. The company had debts exceeding Rs 8,000 crore, according to reports.On valuation, NCLAT observed: “The Average liquidation value being Rs 1,080 crore and fair value being Rs 1,668 crore, the Plan value submitted by Resolution Applicant (Nuvoco Vistas) is more than fair value of the CD (Vadraj Cement).”NCLAT noted that employees had a total claim of Rs 10.51 crore towards provident fund, pension and gratuity dues. Of this, Rs 6.30 crore was provided upfront, while the balance was proposed to be paid on a pro-rata basis under the resolution plan.“The payout to the employees is as per the approved Resolution Plan. We do not find any substance in submissions of the Appellant, so as to interfere with the order approving the Resolution Plan. There is no merit in the Appeal,” the tribunal ruled, adding that the total gratuity dues of Rs 2.86 crore were well within the payout proposed.The Corporate Insolvency Resolution Process (CIRP) against Vadraj Cement had commenced on February 2, 2024, after the NCLT admitted a plea by Oriental Bank of Commerce (now Punjab National Bank) under the Insolvency and Bankruptcy Code.Nuvoco Vistas, India’s fifth-largest cement producer, began operations in 2014 with a greenfield plant in Nimbol, Rajasthan. It later acquired Lafarge India in 2016 and Emami Cement in 2020. With Vadraj Cement added, Nuvoco’s consolidated capacity now stands at 31 MTPA.
Business
Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Serial rail fare evader faces jail over 112 unpaid tickets
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
Business
JSW Likely To Launch Jetour T2 SUV In India This Year: Reports
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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