The ₹432 Crore Puzzle: Can Supertech Crack the Insolvency Code?

Good Afternoon ☕

Well, it seems even the financial world has its own version of reality TV - welcome to "Bankruptcy Builder," where construction projects compete for the ultimate prize: a chance to be resolved! Will Supertech Township rise from the financial ashes or face the dreaded "elimination by insolvency"? Stay tuned as ICICI Bank presents a nail-biting episode at the National Company Law Tribunal on August 16th, 2023! 🏢��

Important News of the Day

1. NCLT will hear ICICI Bank's insolvency petition against Supertech

ICICI Bank's insolvency petition against Supertech Township Project Limited is set to be heard by the National Company Law Tribunal (NCLT) on August 16, 2023. The case was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The insolvency proceedings against Supertech were initiated by Union Bank of India for non-payment of around Rs 432 crore worth dues. The NCLT had earlier limited the scope of the Corporate Insolvency Resolution Process (CIRP) to one project, Eco Village-II, with the condition that construction will be carried out by Supertech Limited.

2. ONGC to expand its renewable energy portfolio to 10 GW by 2030

Oil and Natural Gas Corporation (ONGC) plans to expand its renewable energy portfolio to 10 GW by 2030. The company aims to achieve this goal by investing in wind, solar, and other forms of renewable energy. ONGC has already begun investing in renewable energy, with a 5 MW solar power plant in Gujarat and a 15 MW wind power plant in Rajasthan. The company's move towards renewable energy is part of a larger trend in the energy industry, with many major players setting ambitious goals for renewable energy production.

3. Musk vs Zuckerberg: Meta CEO starts fresh tiff, says, 'Send me the location'

Elon Musk and Mark Zuckerberg's proposed cage fight continues to make headlines. After Zuckerberg suggested they "move on" from the fight, Musk called him a "chicken". While Zuckerberg has been training in Brazilian jujitsu as a hobby, Maye Musk, Elon's mother, has said the fight is cancelled. The two tech billionaires have a history of criticizing each other, with Musk previously tweeting that he would be "up for a cage fight" with Zuckerberg.

4. Reliance Jio, Vodafone Idea, Bharti Airtel to increase workforce by 25% in FY24

India's top three telecommunication companies, Reliance Jio, Vodafone Idea, and Bharti Airtel, are expected to increase their workforce by up to 25% in the fiscal year 2023-24. The companies are expanding their 5G and 4G networks and are expected to add more employees to support the expansion.

5. Elon Musk's X delays access to news websites: Report

Elon Musk's social media company X, formerly known as Twitter, has delayed access to news websites including Reuters, New York Times, Facebook, and Instagram. The delay in accessing links to these websites has been confirmed by multiple sources, including a report by The Washington Post. The delay is seen as a move by Musk to disrupt access to websites he dislikes. X has reduced traffic to these websites, including social media rivals like Instagram, BlueSky, and Threads. The reason for the delay is not yet clear, but it is speculated that it may be part of Musk's new master plan.

6. Indian cos’ annual legal costs hit ₹40K cr on rising M&A, IP cases

According to a report by the Society of Indian Law Firms (SILF), the annual legal costs of Indian companies have reached INR 40,000 crore ($5.4 billion) due to rising M&A and intellectual property cases. The report also stated that the legal costs of Indian companies have increased by 62% over the past five years. The SILF report also highlighted that the legal industry in India is expected to grow by 10% annually, with the majority of growth coming from the corporate sector.

7. India to step up defence ties with Philippines

India and the Philippines are strengthening their defense ties in response to increasing pressure from China in the South China Sea. The Philippines is considering increasing its defense budget to address Chinese "harassment" of its vessels near a reef in the region.

8. Plan for India-Sri Lanka power line project in advanced stages

India and Sri Lanka are nearing approval for a power line project that would enhance energy security and trade potential between the two countries. India aims to establish grid connections with Sri Lanka and expand further to Southeast Asian nations in the future. This project would facilitate the improvisation of power trade in South Asia, enabling better access to renewable energy in the region. The agreement between India and Sri Lanka to boost economic and energy ties signals growing cooperation in various sectors. The countries are also studying the feasibility of increasing cooperation in renewable energy.

9. Minnesota Governor proclaims August 15 as 'India Day'

Minnesota Governor Tim Walz proclaimed August 15, 2023, as "India Day" in the state to mark India's 77th Independence Day. The proclamation recognizes the contributions and heritage of Indian-Americans in Minnesota. The announcement was made on August 15, 2023, and the proclamation can be found on the Minnesota government website.

World News 🌎

• ‘Travis King wants refuge from racism in US’: North Korea

• Joe Biden forgets ‘Maui’ in his public address to Hawaii wildfire catastrophe

• China's President Xi under pressure to take bold steps as economy slows

• US: Security beefed up outside Indian embassy amid call for Khalistani protests

• Trump denounces Georgia indictment, claims will produce ‘irrefutable’ report

• Kate Middleton emerges as ‘power behind the throne’

• China stops releasing youth unemployment data

• Anwaar-ul-Haq Kakar sworn in as Pakistan Prime Minister on Independence Day

• US asks Iran to stop selling drones to Russia

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