The city-based infrastructure company, which has an order book of about Rs 10,000 crore (Rs 100 billion), has received approval from All India Council for Technical Education for starting management programmes at its newly management school in Delhi, Era Group chairman and managing director HS Bharana said.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Most of these road contracts are spread across Andhra Pradesh, Haryana, Karnataka, Odisha, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal, with the government struggling to restart them.
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
As FIIs pull out of road projects, doubts have surfaced about the future of new highways and roads
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
The 30-share Sensex ended 53 points higher at 28,439 and the 50-share Nifty closed 18 points higher at 8,494.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
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