In a major development for the National Capital Region’s (NCR) real estate market and offering much-needed relief to homebuyers, Max Estates Limited (Max Estates) has successfully taken over the long-stalled Delhi One project of Boulevard Projects Private Limited (BPPL) in Noida, InsolvencyTracker.in reported. The acquisition, finalized under the aegis of the Insolvency and Bankruptcy Code (IBC), unlocks a substantial development potential of approximately 2.5 million sq. ft.
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Adani Group is in talks with a group of international lenders for an offshore loan for as much as $750 million for its airport unit, Business-Standard.com reported. Lenders include Barclays Plc, First Abu Dhabi Bank PJSC and Standard Chartered Bank Plc. The proceeds would fund capital expenditure and refinance dollar debt due in September. The unit aims to conclude the debt raise by early May, they added. Adani Airport Holdings Ltd. manages seven major airports across India and is nearing the launch of a new $2 billion international hub on the outskirts of Mumbai.
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Shivinder Mohan Singh, former promoter of Fortis Healthcare and Religare Enterprises, has filed for personal insolvency before the National Company Law Tribunal (NCLT) in Delhi, reported Bar and Bench. The matter was briefly heard on April 21 and is scheduled to resume in May. Singh has invoked Section 94 of the Insolvency and Bankruptcy Code (IBC), which allows individuals to file for insolvency if they are unable to repay debts. In his plea, Singh stated that his liabilities now exceed the value of his remaining assets.
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