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The <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> has approved a ₹1,814 crore resolution plan for the private hill station <keyword id="136664" type="General" weightage="80" keywordseo="lavasa" source="Orion">Lavasa</keyword>, nearly five years after the initiation of the <keyword id="128499" type="General" weightage="80" keywordseo="insolvency" source="Orion">insolvency</keyword> resolution process. <keyword id="12809273" type="General" weightage="50" keywordseo="darwin-platform-infrastructure-ltd" source="Orion">Darwin Platform Infrastructure Ltd</keyword> (DPIL) has emerged as the winning bidder for <keyword id="201476" type="General" weightage="50" keywordseo="lavasa-corporation-ltd" source="Orion">Lavasa Corporation Ltd</keyword>, which is primarily into the business of the development of the private hill station by the same name in Pune. In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of ₹1,814 crore. The amount includes a "resolution plan amount of ₹1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being equity, Project inflows, loans, advances or a combination thereof," the order said. The corporate debtor is Lavasa. A monitoring committee comprising the insolvency professional (earlier resolution professional), one representative each from financial creditors and <keyword id="12585854" type="General" weightage="100" keywordseo="darwin-platform" source="Orion">Darwin Platform</keyword> will supervise the implementation of the resolution plan. "The resolution plan meets the necessary statutory requirements under the Code as well as the regulations, we hereby approve the same," the <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> said. The petition for the insolvency resolution process under the Insolvency and Bankruptcy Code (<keyword id="192838" type="General" weightage="50" keywordseo="ibc" source="Orion">IBC</keyword>) was initiated in August 2018. Set up in 2010 and a part of the <keyword id="7634213" type="General" weightage="50" keywordseo="darwin-platform-group" source="Orion">Darwin Platform Group</keyword>, promoted by <keyword id="14721127" type="General" weightage="50" keywordseo="ajay-harinath" source="Orion">Ajay Harinath</keyword> Singh, DPIL is engaged in infrastructure contracts and services and caters to various segments like infrastructure, refineries, retail and hospitality, among others. "The NCLT has entrusted us with a challenging task to develop an ambitious world-class smart city in the country. The verdict would reinforce our commitment to nation-building. Lavasa is now on the cusp of a remarkable resurgence. DPIL is committed to executing the plan as per the schedule proposed to the CoC. We are very eager to revitalise this ambitious project," Singh said in a statement. Giving assurance to homebuyers, he said, "The plight of homebuyers, along with the concerns of secured financial creditors, would not go unnoticed by DPIL. The company promises to include the stakeholders in the revival process and prioritise their needs". SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/cars-and-suv-with-sunroof-under-10-lakh-in-india/slidelist/102017132.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-suv-with-sunroof-under-10-lakh-in-india/slidelist/102017132.cms" target="_blank">Tata Altroz becomes cheapest car with a sunroof – Cars under ₹10 lakh with this feature</a><a href="https://www.businessinsider.in/tech/mobile/news/oppo-reno-10-vs-oneplus-nord-3-mid-range-smartphones-compared-price-specs-and-more/slidelist/102005130.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oppo-reno-10-vs-oneplus-nord-3-mid-range-smartphones-compared-price-specs-and-more/slidelist/102005130.cms" target="_blank">Oppo Reno 10 vs OnePlus Nord 3 - The camera vs processor clash in the mid-range segment</a> <a href="https://www.businessinsider.in/business/news/netflix-india-ends-password-sharing-outside-households/articleshow/101976844.cms">Netflix India ends password sharing outside households – Here’s how it will work</a>

NCLT approves ₹1,814 crore resolution plan for Lavasa: Darwin Platform winning bidder

New Delhi, Jul 15 () Multilateral funding agency Asian Development Bank (ADB) on Wednesday said it has appointed Election Commissioner Ashok Lavasa as vice-president for private sector operations and public-private partnerships. "He is currently one of the Election Commissioners of India and previously served in a range of senior posts including as Union Finance Secretary of India; Union Secretary for the Ministry of Environment, Forests, and Climate Change; and Union Secretary for the Ministry of Civil Aviation," ADB said in a statement. Lavasa will succeed Diwakar Gupta, whose term will end on August 31. He has extensive experience in public-private partnerships and infrastructure development at the state and federal levels, with deep knowledge on public policy and the role of private sector, it said. The former Finance Secretary was appointed Election Commissioner in January 2018. The agency further said that Lavasa led the Indian delegation in the climate change negotiations for the Paris Agreement and was instrumental in finalising India's nationally determined contributions, which included a major role of the private sector. "At both policy and project levels, he made significant contributions to the inclusion of the private sector in many development programs in India for different sectors such as energy, agriculture, finance, and infrastructure. As Joint Secretary in the Department of Economic Affairs, he worked closely with many ADB projects that had private sector components," it said. Lavasa has an MBA degree from Southern Cross University in Australia, and MPhil in Defense and Strategic Studies degree from the University of Madras. He completed his Bachelor of Arts Degree with English Honors and a Master of Arts in English Literature from Delhi University. DP ANZ ANS ANS

ADB appoints Election Commissioner Ashok Lavasa as new vice-president

The <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government at the centre is trying hard to make the public-funded institutes to be financially independent. The <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> ministry has appealed to all government departments and ministries, asking them to review various educational institutes and museums under them to analyse and search for alternative income source. 
 
All the state funded institutes including IITs to IIMs and public museums have been asked to find their own way to survive. "The larger aim is to ensure that all these institutions make a conscious effort towards periodic review and rationalisation of user charges, and explore various ways of doing so,” <keyword id="46929" type="POSITION" weightage="20" keywordseo="Finance-secretary">Finance Secretary</keyword> <keyword id="124932" type="PERSON" weightage="20" keywordseo="Ashok-Lavasa">Ashok Lavasa</keyword> told ET. "These are assets built from public money and they must explore various revenue streams. This was also a recommendation of the expenditure panel,” he said. 
 
Student fee largely makes up user charges at funded institutions such as IITs and IIMs, and entry tickets do so in the case of cultural bodies and museums, while bodies under infrastructure ministries have more sources such as rentals from real estate along with tickets and tolls. 
 "Many institutions are in a position to recover higher charges through either the infrastructure they have or through other services and this can add to the revenue stream. The aim is to get them to do so,” <keyword id="136664" type="CITY" weightage="20" keywordseo="Lavasa">Lavasa</keyword> added. 
 
As directed by the ministries, now various boards controlling the institutions are holding meetings to find a way out.

State funded educational institutes and museums have been asked to find their
own avenues of finance

<ul><li>Social media platforms in India and the Internet Mobile Association of India (IAMAI) submitted a Voluntary Code of Ethics to the <keyword id="40807" type="ORGANIZATION" weightage="20" keywordseo="Election-Commission">Election Commission</keyword> of India today evening. </li><li>The 'Çode of Ethics’ is a voluntary mechanism to help conduct transparent and fair elections in India. </li><li>Ít will be enforced starting today.</li></ul>Social media platforms including Facebook, Twitter, Google and the Internet Mobile Association of India (IAMAI) just <a href="https://eci.gov.in/files/file/9468-voluntary-code-of-ethics-by-the-social-media-platforms-for-the-general-election-2019/">presented</a> the 'Voluntary Code of Ethics for the <keyword id="3902382" type="PERSON" weightage="20" keywordseo="general-elections-2019">General Elections 2019</keyword>' to the Election Commision of India (ECI). The nationwide general elections in India are less than a month away and ECI is doing its best to trying reign in online political manipulation. 
 
 
 
 
 
 
 <div type="ExtQuote" text="The purpose of this code is to identify measures that participants can put in place to increase confidence in the electoral process." auname="Internet Mobile Association of India"></div>















 Chief Election Commissioner, Sunil Arora, expressed his appreciation while outlining the importance of social media platforms to follow the code in letter and in spirit starting today. In yesterday’s meeting between the social media platforms in India, IAMAI and the ECI, Ashok Lavasa — one of the election commissioners — said that “voluntary restraint is a hallmark of civilised society and works are effectively as any regulation.” And, it’s not just social media platforms that have to be careful. Lavasa suggested that users should also be subject to a clear voluntary clause agreeing not to misuse online platforms already of the elections or for political purposes. In order to ensure that social media giants like Facebook don’t repeat what happened during the Cambridge Analytica data breach — where the data of 87 million users was harvested and used for political purposes without their consent — the code also has a provision for the ECI to enact a notification mechanism for when there’s a violation Section 126 of the Representation of the People Act, 1951 on any of the platforms. It basically implies that in the 48 hours leading up to the conclusion of polls in a constituency, any election content shouldn’t circulate on television or similar apparatus — like social networking sites. While the 'Code of Ethics’ is relevant for platforms like Facebook, WhatsApp, Twitter and Google — TikTok has already clarified that it doesn’t any advertisements on its platform in India. And, it’s not like any political party has an account on the app either. The general elections in India are set to kick off on April 11 and will go on till May 19 after which the vote count is scheduled for May 23. Considering that over one-third of India’s 1.3 billion population has access to an internet connection, warding off political bias on online platforms in primarily going to depend on the capability of social media companies to monitor content.

Social media platforms present India's Election Commission with 'Voluntary Code of Ethics for the General Elections 2019'

<a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2017&amp;sortorder=effectivedate">Union Budget 2017</a> will be announced on Feb 1 and this year, people have quite a lot expectations from <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. Jaitley’s team has been working tirelessly on the <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword> and they will be responsible of how it shapes up. 
 
Here are the people who are working to roll out the best Budget, especially after <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> 
 
ASHOK LAVASA, <keyword id="46929" type="POSITION" weightage="100" keywordseo="Finance-secretary">Finance Secretary</keyword> 
Lavasa is a 1980-batch IAS officer of the Haryana cadre and has worked efficiently in the streamlining of approvals at the environment ministry and it, under the previous government, was blamed for tardy clearances and corruption. 
 
As a finance secretary, he is leading the budget-making exercise and keeps a balance between the expectations of ministries and departments seeking larger allocations and the fiscal deficit goals of the government. 
 
SHANTIKANTA DAS, Secretary, <a href="http://www.businessinsider.in/searchresult.cms?query=Department+of+Economic+Affairs&amp;sortorder=effectivedate">Department of Economic Affairs</a> 
Das knows the budget to its full and he has been seeing it for quite some time. Das’ duty is to deliver a problem free budget and he also checks that it has enough reforms to meet expectations. 
 
He is looking over the ideas that are needed to be provided so as to put the economy back on track post demonetisation and something extra so that the private sector starts to invest. 
 
HASMUKH ADHIA, Secretary, Department of Revenue 
Adhia is facing the difficult task of delivering big tax collections through the disclosure scheme announced during demonetisation. He is a trusted person of Prime Minister Narendra Modi from Gujarat and his key focus soon after coming to the revenue department from financial services was to reduce complaints against tax authorities. 
 
He has been able to move swiftly against the black sheep in the department and also take steps to reduce litigation. 
 
NEERAJ KUMAR GUPTA, Secretary, Dept of Investment and Public Asset Management 
To dilute government’s stake in as many as six companies, strategic asset sales are expected to be the top agenda. This financial year, Gupta has managed to prevail on cash-rich companies to go for buybacks, which fetched the government Rs 15,982 crore, and the year could end with all-time high disinvestment receipts. 
 
With his help, the government is looking for monetizing stakes held through the Specified Undertaking of the Unit Trust of India and push for listing of profitable subsidiaries of state-run companies. 
 
ARVIND SUBRAMANIAN, Chief Economic Advisor 
Though, he wasn’t figured prominently in the demonetisation process, but Subramanian can create a big impact on the budget. While he could not get the government to relax the fiscal goals last time, a bigger idea of his could find a place in the budget. 
 
ANJULY CHIB DUGGAL, Secretary, Department of Financial Services 
Post demonetisation, the government is aggressively trying to catch its dream of cashless economy, with state-run financial institutions at the forefront. Bad loans plague the banking sector and the government may need to find additional resources to meet their capital needs and lessen their burden and this where she comes in. The listing of state-run general insurers will keep Duggal busy. After the merger of State Bank of India with its subsidiaries, some action could be seen on the merger of public sector banks.

Meet Team Arun Jaitley, which is working on Budget 2017

The Election Commission of India is likely to announce election dates for Maharashtra. Alongside Maharashtra, election dates of Jharkhand and Haryana are also expected to be announced. The term of the Maharastra Legislative Assembly ends on November 9.The polling body will announce the dates only after consultation with various stakeholders. According to media reports, Chief Election Commissioner Sunil Arora arrived in Mumbai on Tuesday evening with Election Commissioners Ashok Lavasa and Sushil Chandra and held meetings with senior police officials and members of the civil administration to gauge the state’s preparedness.BJP’s Devendra Fadnavis is the Chief Minister of Maharashtra. Both BJP and Shiv Sena will contest the elections together in an attempt to go above the 200-mark in the House, which has an overall strength of 288. The NCP and Congress are contesting the elections together. In 2014, the polling schedule for Maharashtra and Haryana was announced on September 20. Polling in both the states took place in a single phase on October 15. Results were announced on October 19.The dates will be announced after the poll body holds talks with stakeholders. This would be the first elections after the general elections which were held in April-May, earlier this year.

Assembly Elections 2019: Elections dates for Maharashtra to be announced soon

Restrictions on withdrawal of cash from banks and ATMs are likely to continue beyond December 30 as currency printing presses and RBI have not been able to keep pace with the demand of new currency notes, as per an agency report. 
 
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks. 
 
Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on cash availability. 
 
If this limit is withdrawn for individual and businesses from January 2, it is unlikely that banks would be able to disburse the higher demand for valid currencies given the current cash position. 
 
"Most of us think that the withdrawal limit would not be completely withdrawn. It is a possibility that it could be relaxed if the cash situation improves," said a senior public sector bank official. 
 At a time when banks are struggling to methe demand of individual customers, it would be impossible to service <keyword id="6358354" type="ORGANIZATION" weightage="20" keywordseo="MSME">MSME</keyword> and big corporates which requires cash in large quantity, the official said, the practical way would be to relax it gradually. 
 Recently, SBI Chairperson <keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> had also indicated that restriction on withdrawals cannot be lifted entirely unless more cash is made available to banks. 
 
After the demonetisation of high value Rs 500/1000 notes, the government has fixed a limit of Rs 24,000 per week on withdrawal from bank accounts and Rs 2,500 per day from ATMs in view of the currency crunch that followed. 
 The government and RBI has not specified when the restrictions will be withdrawn. <keyword id="46929" type="POSITION" weightage="20" keywordseo="Finance-secretary">Finance Secretary</keyword> <keyword id="124932" type="PERSON" weightage="20" keywordseo="Ashok-Lavasa">Ashok Lavasa</keyword> had said the withdrawal cap would be will be reviewed after December 30. 
 
Even bank unions are also of the opinion that the restrictions cannot be done away with in one go. 
 In all likelihood the restriction on withdrawal would continue for some more time in the best interest of banks as well as customers at large, said All India Bank Officers' Confederation (AIBOC) General Secretary <keyword id="115352" type="PERSON" weightage="20" keywordseo="Harvinder-Singh">Harvinder Singh</keyword>. 
 
The situation of currency supply is known to everyone and it would be difficult to lift the limit from January 2, Singh said, adding that SME and small businesses are waiting for cap to go so that they can withdraw as per their requirement. 
 <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has infused Rs 5.92 lakh crore in the banking system between November 9 and December 19 against Rs 15.4 lakh crore of scrapped notes. 
 
According to RBI, banks had got deposits of Rs 12.4 lakh crore defunct notes by December 10.

You Searched For "Lavasa" and got 7 results

NCLT approves ₹1,814 crore resolution plan for Lavasa: Darwin Platform winning bidder

PTI

ADB appoints Election Commissioner Ashok Lavasa as new vice-president

PTI

State funded educational institutes and museums have been asked to find their own avenues of finance

BI India Bureau

Social media platforms present India's Election Commission with 'Voluntary Code of Ethics for the General Elections 2019'

Prabhjote Gill

Meet Team Arun Jaitley, which is working on Budget 2017

BI India Bureau

Assembly Elections 2019: Elections dates for Maharashtra to be announced soon

BI India Bureau

Cash crisis isn't ending after 30 Dec as note printing presses aren't able to keep with the pace

BI India Bureau

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