Andhra Pradesh mulls buying out Rakia’s stake in aluminium JV
The state government recently constituted a committee of senior officials headed by its mining secretary Gopala Krishna Dwivedi to explore various options to resolve the arbitration proceedings by Rakia against India.
RBI asks SBI to move NCLT against Anrak Aluminium
The consortium of 23 banks led by SBI had extended loans of around Rs 4,000 crore to Anrak ...
NCLT rejects Anrak's insolvency petition in 'national interest'
Rejecting the petition filed by Anrak Aluminium, the NCLT's Hyderabad bench a...
Anrak moves NCLT after Andhra Pradesh government declines Bauxite supply
The development comes weeks after the AP government decided to cancel the agreement that APMDC had entered into with Anrak Aluminium to supply bauxite.
Andhra Pradesh scraps permit to mine bauxite in eastern ghats
Companies like Nalco and Hindalco mine bauxite in Odisha, while Andhra doesn’t tap the mineral.
NCLT permits SBI to withdraw insolvency petition against Anrak
On Wednesday, NCLT Hyderabad bench member Ratakonda Murali ordered the petition as dismissed as it was sought to be withdrawn by the SBI.
Anrak Insolvency: RBI moves Hyderabad High Court to lift stay
The tribunal had then directed both company and its lenders to explore the possibility of commencing commercial operations instead of looking to winding up and liquidating the assets.
Hyderabad High Court stays Insolvency proceedings against Anrak Aluminium
The joint venture between the Penna group and UAE’s RAKIA has challenged the petition, arguing that it had already entered into a onetime settlement with its lenders’ forum.
Anrak challenges SBI’s insolvency petition
Anrak Aluminium is a joint venture between India’s Penna group and UAE’s Ras Al Khaimah Investment Authority.
SBI enters into compromise deal with Anrak
Last week, following RBI’s directives of the banking regulator, SBI moved the NCLT’s Hyderabad bench with an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Shakti Bhog, Anrak, Wind World taken to bankruptcy court
The three companies together owe banks more than Rs 12,000 crore in loans and interest.
RBI won’t extend deadline for 2nd list of defaulters
The RBI also declined to relax any of its other stipulations, including the process related to restructuring outside the bankruptcy court.
Ras Al-Khaimah Investment Authority sends India arbitration notice
The international arbitration notice has been filed citing provisions of the India-UAE Bilateral Investment Protection Agreement and UNCITRAL Rules.
Anrak Aluminium says may get government approval for bauxite project
The mine, located in the southeastern state of Andhra Pradesh, will have an annual capacity to produce 1.5 million tonnes of bauxite.
Vedanta rejection at Niyamgiri won't be the last; jinx of bauxite mining may continue
The rejection of Vedanta at Niyamgiri is not the first for a corporate in bauxite mining in India. Chances are, it won’t be the last.