NCLT Disposes Bankruptcy Plea Against Mumbai Metro One

17 Apr 2024 CW Team

The National Company Law Tribunal (NCLT) has disposed of a bankruptcy plea filed by State Bank of India (SBI) and IDBI Bank against Mumbai Metro One Pvt Ltd. This decision marks a significant development in the legal proceedings surrounding Mumbai Metro One's financial status.

The plea filed by SBI and IDBI Bank sought to initiate insolvency proceedings against Mumbai Metro One over alleged financial defaults. However, the NCLT's decision to dismiss the plea indicates that Mumbai Metro One will not be subjected to bankruptcy proceedings at this time.

The disposal of the bankruptcy plea provides clarity on the legal status of Mumbai Metro One and alleviates concerns regarding its financial stability. It also reflects the tribunal's assessment of the merits of the case and its determination to ensure a fair and transparent resolution.

Mumbai Metro One, which operates the Versova-Andheri-Ghatkopar corridor in Mumbai, can now focus on its business operations without the threat of insolvency proceedings looming over it. The NCLT's decision reinforces confidence in the company's financial health and operational viability.

Moving forward, Mumbai Metro One may leverage this favourable outcome to pursue its strategic objectives and continue providing essential transportation services to the residents of Mumbai. The disposal of the bankruptcy plea underscores the company's resilience and ability to overcome legal challenges in the pursuit of its mission.

Overall, the NCLT's disposal of the bankruptcy plea against Mumbai Metro One signifies a positive development for the company and its stakeholders. It provides reassurance to investors, lenders, and commuters alike, ensuring the continued smooth operation of Mumbai's metro system.

Real Estate

21 May 2025

Kolkata鈥檚 luxury housing market sees price growth amid mixed trends

A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..

Infrastructure Transport

21 May 2025

New Expressway to Cut Pune-Bengaluru Travel Time by Half

The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..

Infrastructure Transport

21 May 2025

Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic

To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..