Top economic news of the day: leading indices rise; World Bank is not considering new China loans and more

Segway-like vehicles were also used by the police to keep an eye on the large crowd on Marina Beach.

4:20 pm

The reference indices are higher because fewer new cases of corona viruses are causing a worldwide sensation

Sensex saw losses two days higher on Tuesday than global stocks hit a record high after China's best medical advisor said the coronavirus epidemic could plateau over the next few weeks. Reuters reported.

Dejected metal stocks were among the top winners in the domestic market. The Nifty Metals Index closed 0.87% as a slowdown in new coronaviruses contributed to an increase in base metal prices.

3:50 p.m.

Emerging market assets increase as the pace of new coronavirus infections slows

Photo used for illustration purposes only.

Photo used for illustration purposes only.

Emerging market assets rose on Tuesday as demand for riskier assets picked up as the number of new coronavirus cases weakened. However, analysts warned that optimism could be overrated. Reuters reported.

Apparently, the markets have assumed that the worst of the corona virus is over, ”said Piotr Matys, FX strategist for emerging markets at Rabobank.

"But the optimism that the virus is included is overkill because we haven't seen any concrete evidence, so we're sticking to a cautious view."

Nevertheless, the MSCI index for emerging market equities rose 0.7% after two days of decline, while the currency index rose 0.2%.

3:30 PM

Gold and silver are falling due to weak demand

Representative picture. file

Representative picture. file

| Photo Credit:

According to HDFC Securities, gold prices in the state capital dropped Tuesday by 112 rupees to 41,269 rupees per 10 grams due to weak demand and sales on the international market. PTI reported.

Silver prices also dropped 108 rupees to 47,152 rupees per kg, compared to 47,260 rupees per kg in previous trading.

3:15 p.m.

China's steel traders are holding back post-holiday purchases as demand for coronavirus falls

Image for illustration only.

Image for illustration only.

Steel traders in China are reluctant to do their usual shopping after the Chinese New Year. Your appetite is dampened by weak construction demand, which has been affected by the outbreak of a flu-like virus. Reuters reported.

The inventories of steel products from dealers in China are at 16.33 million tons on February 6, the highest level since March 2019, as the data compiled by Mysteel Consultancy show that they already have sufficient stocks.

"Steel prices are under pressure, which means that the factories' profits are under pressure," said Richard Lu, analyst at CRU Metal Consulting in Beijing. Some plants would reduce production and affect the offer.

2:40 p.m.

Airbus is confident of selling more than 1,000 of its long-haul aircraft

Top economic news of the day: leading indices rise; World Bank is not considering new China loans and more

Airbus SE is confident that it will sell more than 1,000 A321XLR aircraft, a long-haul version of the single-seater A321neo, in the next 10 years, a manufacturer executive said on Tuesday. Reuters reported.

Mr. Caudron said the airlines were not panicking and looking for orders in the short term.

"If you order an airplane, it's not for the next six months," he said. "It's for the next 20 years."

2:10 p.m.

World Bank is not considering new China loans to combat the corona virus

File photo of World Bank President David Malpass.

File photo of World Bank President David Malpass.

| Photo credit: Reuters

The World Bank offers China technical assistance to fight the coronavirus epidemic, but no new loans. Development lender president David Malpass said on Monday: Reuters reported.

"China has its own large international reserves, and new loans are currently not being considered," said Malpass, a former Trump administration finance officer who took over as World Bank President in April last year.

China reported that it held $ 3.115 trillion in reserve assets in January.

1.30 p.m.

Crude oil futures rise 1.07% due to global signals

Image for illustration only

Image for illustration only

| Photo Credit:

Crude oil prices rose by Rs 38 to Rs 3,579 a barrel on Tuesday as speculators expanded their positions to follow the solid overseas trend.

Analysts said the increase in bets by participants would keep crude oil prices higher in futures trading here.

Crude oil for delivery in February was traded in 32,553 lots at the Multi Commodity Exchange by 38 rupees or 1.07 percent to 3,579 rupees per barrel.

Crude oil for March delivery rose 35 rupees, or 0.98 percent, to 3,605 rupees a barrel on an open position of 1,320 lots.

Worldwide, West Texas Intermediate was up 1.31 percent at USD 50.22 a barrel.

Meanwhile, the New York international benchmark Brent crude rose 1.50 percent to $ 54.07 a barrel. PTI

1:15 p.m.

Budget proposals for DDT, personal tax without impact on the MF sector: Franklin Templeton

The proposed changes to the dividend distribution tax (DDT) and the new income tax system announced in the budget will not have any adverse effects on the investment fund industry, which proved resilient despite the economic headwind and maintained robust growth, said a senior representative of the investment fund.

After the Union budget was presented on February 1, there were some concerns over the growth of the MF sector in the coming days.

In the 2020 budget, it was proposed to put dividend income from investment funds in the hands of the beneficiary rather than levying it from companies and MFs, and to lift certain exemptions to take advantage of lower tax rates.

"Both DDT and new income tax proposals will have no negative impact on the mutual fund industry," Peshotan Dastoor, director (sales) of Franklin Templeton India, told PTI in an interview.

The amount of investment through a share-based tax savings program is only about two percent and is around Rs 3,000 crore, based on the 1.4 lakh crore inflow in 2019, he said.

However, the proportion of investments in insurance plans is much higher in order to receive tax benefits. There are fears that the new income tax proposals will not encourage people to invest in tax savings, the official said.

Investors in lower income brackets benefit from the tax return as they had to pay lower taxes compared to 30 percent in the former regime.

Regarding the DDT impact, Dastoor said the overall portfolio in the dividend category represents less than 15 percent of total MF assets as the majority of investors invest in long-term capital gains for three years or more.

In addition, the dividend must be more than Rs 5,000 per year for withholding tax on dividends, and even if your total income is not taxable, it can be reclaimed by filing tax returns.

In recent years, the proportion of individual investors in the MF sector has risen to 54 percent in both the equity and debt segments, said Dastoor.

According to official figures, the number of investors in direct plans has increased, which is 44 percent of assets under management (AUM).

"Given the trend of millennials investing in digital mode, this share of the industry is expected to increase to 55-60 percent," said Dastoor.

"The AUM of the Indian MF is now at 26.5 billion rupees, which is 20 percent of the entire banking sector," he said.

In 2018 the AUM Rs was 22.86 Lakh Crore PTI

1:00 PM

Crude oil futures rise 1.07% due to global signals

Crude oil prices rose by Rs 38 to Rs 3,579 a barrel on Tuesday as speculators expanded their positions to follow the solid overseas trend.

Analysts said the increase in bets by participants would keep crude oil prices higher in futures trading here.

Crude oil for delivery in February was traded in 32,553 lots at the Multi Commodity Exchange by 38 rupees or 1.07 percent to 3,579 rupees per barrel.

Crude oil for March delivery rose 35 rupees, or 0.98 percent, to 3,605 rupees a barrel on an open position of 1,320 lots.

Worldwide, West Texas Intermediate was up 1.31 percent at USD 50.22 a barrel.

Meanwhile, the New York international benchmark Brent crude rose 1.50 percent to $ 54.07 a barrel. PTI

12:30 PM

Xi Jinping warned officials that efforts to stop the virus could harm the economy

Chinese President Xi Jinping last week warned top officials that efforts to curb the new corona virus had gone too far and threatened the country's economy, sources told Reuters a few days before Beijing took measures to mitigate the blow.

With the slowest growth in nearly three decades, China's leadership appears to be striving to strike a balance between protecting an already slowing economy and eradicating an epidemic that has killed more than 1,000 people and infected more than 40,000.

After examining reports of the outbreak of the National Development and Reform Commission (NDRC) and other economic departments, Xi told local officials at a meeting of the Politburo Standing Committee on February 3 that some of the measures taken to curb the virus affected the Damage the economy. said two people who were familiar with the meeting and refused to be named due to the sensitivity of the matter.

He asked them to refrain from "more restrictive measures", the two said.

Local authorities outside of Wuhan – where the virus is believed to have first appeared – have closed schools and factories, cordoned off roads and railroads, banned public events, and even closed residential buildings. Xi said some of these steps were impractical and publicly frightened, they said.

The Chinese Council of State Information Office did not immediately respond to requests for comments.

The official Xinhua news agency, which reported on the Politburo meeting last Monday, described the outbreak of the coronavirus as "an important test for China's system and its ability to govern." She added without details that "Party committees and governments at all levels have been asked to achieve the goals of economic and social development this year."

Since the meeting, the Chinese central bank has vowed to increase support for the economy and prepare policy tools to compensate for the damage. At a weekend meeting, the NDRC announced that it was asking companies and factories to resume work, particularly in "key industries" such as food and pharmaceuticals.

"Given the epidemic and downward pressure on the economy, it is more important to maintain economic growth," Pan Gongsheng, vice-governor of the Chinese central bank, said on Friday.

On Monday, Zhejiang Province, an economic power plant in eastern China, urged local authorities not to overreact by restricting daily movement or “chain stores and convenience stores that stock everyday needs like vegetables, cooking oil, and meat and eggs sell, close and dairy products, ”says a government publication.

China has introduced a new tax policy to reduce the burden on industries severely affected by the epidemic.

Reuters reported this month that policy makers in China are preparing measures, including more government spending and interest rate cuts, as the outbreak will wreak havoc on first-quarter growth.

Many in China returned to work on Monday after the moon's New Year holidays were effectively extended by about 10 days, but morning commuters were far less crowded than usual and numerous factories remained closed.

The ruling Communist Party's propaganda department instructed the state media last week to focus on the "economic upswing," a person with direct knowledge of the order who refused to be named because of the sensitivity of the situation.

China's official media have tried to project calm. In a leading article on Monday, the official Volkszeitung asked the public to deal with the epidemic with a "positive mood". Reuters

12:15 p.m.

Indian stocks rise as new virus cases decrease, and some Chinese companies start again

Indian stocks rose Tuesday to make two losses as coronavirus infections declined and some Chinese factories were slowly resuming business.

The broader NSE Nifty 50 index rose 1.01% to 12,141.25 to 0400 GMT, while the S&P BSE Sensex reference index rose 1% to 41,390.50.

Asian stocks opened higher after US stock markets closed at record highs. The MSCI's broadest Asian Pacific non-Japanese equity index rose 0.9%.

While the death toll from the coronavirus epidemic in China has risen to over 1,000, 2,097 new cases fell on Monday from 2,618 the day before, as Chinese workers and factories were slowly returning to work.

Global markets have evolved as they feared that the virus would not affect them in the long term, said Vinod Nair, head of research at Geojit Financial Services.

India has opportunities, and some sectors could also benefit from generally lower oil prices, he added.

The global Brent crude oil benchmark lost 7.3% this month as the outbreak of the corona virus threatened demand from China.

On the domestic markets, metal stocks were among the best, supported by an increase in Chinese iron ore and steel futures of more than 5%.

The Nifty Metals Index rose 1.2%, while the industry heavyweight Tata Steel rose 1.4%.

State banks also underpinned the optimistic mood: the Nifty PSU index rose by around 1%.

State-owned gas producer GAIL (India) Ltd rose 3.5% and led the blue chip winners, followed by Tata Motors, which rose 3.4%.

Drugstore maker Cipla Ltd was one of the Nifty's few stragglers as it fell 0.3%. Reuters


Fed Chairman Powell should give Congress a largely positive economic update

Federal Reserve chairman Jerome Powell is likely to be quite optimistic about the prospects for US economic growth when he testifies in the first of his biennial updates to Congress this week, even if he speaks of the potential coronavirus threat in China nods.

This assessment would reflect the Fed's official report to the US Congress on Friday, which reiterated the central bank's view that the current short-term borrowing cost target range of 1.5% to 1.75% is "adequate" to sustain expansion on the route.

Not only will the message be known; Powell will also appeal to a known crowd. His calendars show that he has spoken privately to most legislators who want to grill him publicly this week. (See graphic

Indeed, Powell has made legislative outreach a hallmark of his tenure. In just two years, he spent about 96 hours in private meetings, phone calls, group meals, or study sessions with senators and members of the House of Representatives.

Compared to 77 hours for his predecessor Janet Yellen over her four years as Fed chair.

Given declining risks, such as the easing of trade policy uncertainty, Powell sees no reason to adjust US interest rates unless there is a "significant" change in the current outlook.

He is likely to repeat this view when he presents the Fed's monetary policy report to the House Financial Services Committee on Tuesday and to the Senate Banking Committee on Wednesday.

"His message will likely be that rate cuts would only be in response to global virus-related disruptions," said Robert Perli, economist at Cornerstone Macro. "He'll probably say clearly that the US economy is inherently healthy."

Investors will be carefully looking for new details on the Fed's plans for its balance sheet and the short-term refinancing markets into which it has pumped liquidity to prevent a repetition of an unexpected rise in key rates last fall.

A letter sent by some US Democratic senators to Powell last week about the Fed's move suggests that Powell may have some targeted questions on the subject. Reuters

11:30 AM

World Bank head: Some development banks worsen the debt burden of poor countries

World Bank President David Malpass on Monday accused other development banks of lending too quickly to highly indebted countries.

Malpass said at a World Bank and International Monetary Fund debt forum in Washington that the Asian Development Bank, the African Development Bank and the European Bank for Reconstruction and Development are contributing to debt problems.

"We have a situation where other international financial institutions and, to some extent, development financial institutions as a whole, certainly the official export credit agencies, tend to lend and exacerbate the countries' debt problem," said Malpass.

He said the Asian Development Bank is pushing "billions of dollars" into a tax-challenging situation in Pakistan, while the African Development Bank is doing the same in Nigeria and South Africa.

A spokesman for the Asian Development Bank could not be reached immediately for comment.

The development lender based in Manila approved loans of $ 1.3 billion for Pakistan in December, including $ 1 billion for immediate budget support to support the country's public finances and $ 300 million for reforming the country's energy sector.

The loans came when the country struggled with billions of dollars in debt to China from belt and road infrastructure projects, which prompted Pakistan to turn to the IMF for a $ 6 billion loan program in 2019.

Malpass said there needs to be more coordination between international financial institutions to coordinate lending and maintain a high level of transparency.

"And so we have a very real problem with the IFIs increasing the debt burden themselves and then putting pressure on the IMF to sort it out and determine the best interest for the country," he said.

Malpass also said that the new Beijing-led Asian Infrastructure Investment Bank tried to develop credit standards that matched those of the World Bank and caused fewer problems than some of the more traditional development project lenders.

Although China is often accused of having burdened some developing countries through Belt and Road, Malpass sought ways to bring its debt contracts into line with international norms.

One way is to improve the transparency of loan agreements and remove secrecy clauses that include hidden real estate liens and contingent liabilities that could hinder economic growth.

In an interview, Malpass cited mortgages on Angola's oil revenues related to Chinese debts hidden by nondisclosure agreements that benefited politicians and contractors.

"Let the people of the country see what the debt is when their government makes commitments," said Malpass. Reuters

11:00 O'CLOCK

Oil is recovering amid a broad market recovery; Investors are still cautious

Oil prices rose more than 1% on Tuesday due to a stock market recovery. However, investors remained concerned about the Wuhan virus, which has now killed over 1,000 people in China.

Brent crude rose 70 cents, or 1.3%, to $ 53.97 a barrel at 0428 GMT, falling from an intraday high of $ 54.13. The US company West Texas Intermediate rose 61 cents, or about 1.2%, to $ 50.18 a barrel.

"A generally positive mood in Asian markets appears to have boosted crude oil prices," CMC Markets market analyst Margaret Yang told Reuters.

“The upswing is mild and could be short-lived as China's energy needs are likely to remain low in the short term due to the effects of viruses. OPEC + and Russia must submit a coherent production cut plan to support oil prices, ”she said.

The number of coronavirus deaths in mainland China has reached 1,016, according to the National Health Commission, and the number of cases has exceeded 42,600.

The virus has spread to two dozen other countries. The head of the World Health Organization (WHO) warned on Monday that cases outside of China could "be the spark that will become a bigger fire".

Traders remain concerned that China's oil demand could suffer another blow if the corona virus cannot be contained. Chinese state refineries have already announced that they will cut up to 940,000 barrels a day (bpd) from their crude oil runs in February due to the virus.

"China's refineries process 15% less crude oil, and it could be worse if the virus doesn't peak this month," OANDA senior market analyst Edward Moya told Reuters.

"OPEC + seems to be in a wait and see mode … Russia can live with $ 40 worth of oil (and may not be as eager to work with the other OPEC + members to cut another 600,000 bps in production to achieve. "Moya said. Reuters


Sundaram Finance Q3 PAT increases 4% to Rs 253 crore

Non-bank financial firm Sundaram Finance Ltd reported a 3.8 percent rise in consolidated profit after tax (PAT) to Rupees 252.90 billion for the quarter ending December 31, 2019, on Tuesday.

According to Sundaram Finance, a consolidated PAT of 243.64 billion rupees was reported in the same period last year.

However, Sundaram Finance's consolidated income decreased from over 2,224.57 billion rupees in the previous year to 1,338.29 billion rupees.

In a statement, the Chennai-based company said its net non-performing asset (NPA) was 2.09 percent as of December 31, 2019.

The Board of Directors of Sundaram Finance has decided to pay an interim dividend of 10 rupees per share.

The Sundaram Finance Group, founded in 1954, offers financing for the entire range of commercial vehicles, cars and construction machinery as well as specially developed working capital products such as fuel and tire financing.

Sundaram Finance shares traded at Rs 1,685 each in BSE trading this morning, down 0.84 percent from the previous close. PTI

10:30 am

Yuan rose as a catalyst for stabilization efforts to support the virus-infested economy

China's yuan rose against the dollar for a second session in a row on Tuesday as investors hoped the authorities would be able to curb a rapidly spreading virus and limit the economic impact of the epidemic.

The number of fatalities caused by the coronavirus epidemic in mainland China rose to over 1,000 on Tuesday, with the number of deaths daily reaching record levels, although the number of newly confirmed cases decreased. More than 300 Chinese companies are looking for at least 57.4 billion yuan (8.2 billion US dollars) of bank loans to cope with the disruption.

The Chinese central bank has pledged to use key sector support instruments after pumping billions of dollars into the money market to stabilize confidence. Traders also said central bank adviser Ma Jun's view that China should consider lowering its key interest rate to allow banks to cut lending rates on business is fueling sentiment.

"We believe a rate cut would improve risk sentiment," said Gao Qi, FX strategist at Scotiabank in a note. "The dollar / yuan is likely to fluctuate around 7:00 am and then trade lower as China's coronavirus situation is likely to improve in the coming weeks." Reuters

10:15 am

The rupee rose 10 percentage points against the US dollar to 71.20 in early trade

The rupee rose 10 pairs against the US dollar to 71.20 on Tuesday, reflecting the positive opening of domestic stocks.

The rupee opened sharply at 71.23 on the interbank foreign exchange market and then rose further to $ 71.20 per dollar, up 10 paise against the greenback.

The rupee had leveled off at 71.30 against the US dollar on Monday.

Forex traders said a positive opening of domestic stocks supported local unity, while rising crude oil prices, foreign outflows, and the strengthening of the American currency weighed on the rupee and limited its upward movement.

The BSE Sensex reference index was up 420.26 points or 0.99 percent and was up at 41,399.88, while the NSE Nifty was up at 12,157.55 points or up 126.05 points or 1.05 percent.

Foreign institutional investors sold on Monday, according to preliminary stock market data, net shares worth 184.58 billion rupees.

Meanwhile, Brent Raw, the global benchmark, was up 1.28 percent at $ 53.95 a barrel.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, rose 0.02 percent to 98.85.

The yield on 10-year government bonds in morning trading was 6.44 percent. PTI

10:00 A.M

Sensex rises to over 400 points; Nifty reclaims 12,100

Market benchmark Sensex gained over 400 points in Tuesday's opening session, led by gains in index heavyweights Reliance Industries, ICICI Bank and HDFC Bank amid a positive start for global stocks.

The 30-share BSE index stood at 41,385.23, up 405.61 points or 0.99 percent and the broader NSE rose 123.10 points or 1.02 percent to 12,154.60.

At the previous session, Sensex fell 162.23 points, or 0.39 percent, to 40,979.62, and the Nifty slipped 66.85 points, or 0.55 percent, to 12,031.50.

On a net basis, institutional investors from abroad sold shares worth 184.58 billion rupees, while domestic institutional investors deposited shares worth 735.79 billion rupees on Monday.

Tata Steel, Axis Bank, UltraTech Cement, SBI, IndusInd Bank, ITC and ICICI Bank were among the top winners in the Sensex package.

On the other hand, TCS was the only red stock trading.

Traders said domestic stocks followed global stocks, which recovered despite concerns about the corona virus' impact on the global economy.

The death toll in China due to the novel coronavirus epidemic has exceeded 1,000, while confirmed cases have exceeded 42,000, health officials said Tuesday.

The stock exchanges in Shanghai, Hong Kong and Seoul developed positively. The financial markets in Japan are closed on Tuesday due to a public holiday.

The Wall Street exchanges closed on Monday with significant gains.

Domestic market participants are also following Delhi survey results, traders said.

Meanwhile, the rupee rose 4 percentage points against the US dollar to 71.23 in the morning.

The global crude oil benchmark Brent rose 1.39 percent to $ 54.01 a barrel. PTI

9.45 a.m.

Opinion: China's automakers could drive well in India

Chinese automakers are looking for growth. Great Wall Motor hat angekündigt, eine Milliarde US-Dollar in Indien zu investieren und die Produktion vor Ort zu starten. Andere werden folgen. Auch wenn Ford, GM und Fiat Chrysler die Bremse betätigt haben und in den letzten Monaten nachließen, werden die chinesischen Autohersteller ihren subkontinentalen Konkurrenten einen Vorteil verschaffen, da die Verbraucher nicht nur auf kleine, erschwingliche Fahrten aus sind.

Der Pkw-Absatz in Indien ist im vergangenen Jahr aufgrund neuer Versicherungs- und Emissionsstandards stark zurückgegangen, aber das Potenzial für ein langfristiges Wachstum ist erschütternd: Ab 2018 kamen auf 1000 Menschen nur noch etwa 20 Autos. Im Gegensatz zu China, wo Hunderte davon verkauft wurden Die Branche ist konzentriert Suzuki Maruti ist für etwa die Hälfte aller Pkw-Verkäufe verantwortlich, was darauf hindeutet, dass andere die Beute teilen können.

Aus diesem Grund gehörten die 9-Milliarden-Dollar-Chinesische Mauer und Kollegen wie SAIC Motor und FAW Car zu den 300 chinesischen Konzernen, die sich diesen Monat für die Automobilausstellung der Society of Indian Automobile Manufacturers im Großraum Noida im Bundesstaat Uttar Pradesh angemeldet haben. Im Januar schnappte sich Great Wall Motor die alte Fabrik von GM, als die Amerikaner den Rückwärtsgang einlegten.

Chinesische Autohersteller könnten sich profilieren. Sie sind geschickter darin, geräumige Sport-Nutzfahrzeuge herzustellen, die in China beliebt sind und zunehmend wohlhabende Inder ansprechen, die bereit sind, von kompakteren Limousinen abzuweichen. Letztere bleiben Bestseller für inländische Marken; Die Verkäufe von Nutzfahrzeugen, einschließlich SUV, stiegen im vergangenen Jahr trotz des Abschwungs um 5%, wie die Zahlen der Society of Indian Automobile Manufacturers belegen. Westliche Rivalen hatten ähnliche Träume, um das Segment zu gewinnen, aber die Chinesen sind in der Lage und bereit, billigere Autos herzustellen, die den Neulingen helfen werden, an Boden zu gewinnen.

Premierminister Narendra Modis Antrieb für sauberere Fahrzeuge könnte ebenfalls von Vorteil sein. Beijings Krieg gegen Smog hat die Entwicklung von Elektrofahrzeugen und Hybriden in China beschleunigt. Wenn Inder auf die neue Technologie setzen, sind die Chinesen gut aufgestellt, um mit Einheimischen wie Tata Motors zu konkurrieren, die jetzt auch batteriebetriebene Autos auf den Markt bringen. Der Roadtrip sieht lohnenswert aus. Reuters

9:30 UHR

Die Insolvenz ist auf das betreffende Immobilienprojekt zu beschränken, nicht auf andere Gruppenprojekte: NCLAT

Als Erleichterung für Immobilienspieler hat das National Company Law Appellate Tribunal (NCLAT) entschieden, dass ein Insolvenzverfahren, das von einem Wohnungskäufer oder einem Finanzinstitut eingeleitet wurde, nur auf das betreffende Projekt beschränkt ist und keine Auswirkungen auf andere Projekte von Entwicklern hat. Eine NCLAT-Bank unter der Leitung des Vorsitzenden, Justiz SJ Mukhopadhaya, erklärte, dass der gesamte Insolvenzprozess, der auf Antrag eines Wohnungskäufers oder einer Bank oder eines anderen Finanzinstituts eingeleitet wurde, nur auf das Projekt beschränkt sei.

Außerdem hat das Berufungsgericht vorgeschlagen, dass es in solchen Fällen auch zu einem umgekehrten Insolvenzverfahren für Unternehmen kommen sollte.

„Wenn bei einer CIRP gegen eine Immobilie Allottees oder Finanzinstitute, Banken oder operative Gläubiger eines Projekts eine CIRP gegen den Unternehmensschuldner initiieren, ist dies auf das jeweilige Projekt beschränkt und kann keine anderen Projekte desselben Immobilienunternehmens in einem anderen Projekt beeinflussen Orte, an denen separate Pläne von verschiedenen Behörden genehmigt werden “, sagte die NCLAT in ihrer Bestellung.

Die Bestellung ging über eine Petition der Gruppe von Allottees – Flat Buyers Association Winter Hills-77, Gurgaon.

Das Berufungsgericht schlug auch vor, dass es in solchen Fällen, in denen ein Insolvenzverfahren gegen ein Immobilienunternehmen eingeleitet wird, ein „Reverse Corporate Insolvency Resolution Process“ geben sollte. Kein Käufer von Eigenheimen kann sich an das National Company Law Tribunal (NCLT) oder die NCLAT wenden, um Erstattungen zu beantragen für das Projekt.

Falls die Wohnungseigentümer solcher Projekte eine Rückerstattung für das jeweilige insolvenzbedrohte Projekt des Immobilienunternehmens beantragen möchten, können sie entweder mit dem Interim Resolution Professional oder dem Projektträger einen Vertrag abschließen, um einen neuen Käufer zu finden und das Geld zurückbekommen, wenn diese Wohnung verkauft wird, sagte der NCLAT.

„Da es für uns sehr schwierig ist, den Prozess zu verfolgen, wie er im Rahmen eines Insolvenzverfahrens für Unternehmen üblich ist, sind wir der Ansicht, dass bei Immobilieninfrastrukturen ein umgekehrtes Insolvenzverfahren für Unternehmen durchgeführt werden kann Unternehmen im Interesse der Teilhaber und des Überlebens der Immobilienunternehmen und zur Sicherstellung der Fertigstellung von Projekten, die einer großen Anzahl von nicht organisierten Arbeitnehmern Arbeit bieten “, sagte der NCLAT.

Earlier, the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) had on August 20, 2019 directed to initiate Corporate Insolvency Resolution Process’ against Umang Realtech.

This was challenged before the NCLAT by a group of allottees – Flat Buyers Association Winter Hills-77, Gurgaon – contending that the project in question, will be completed by the end of Diwali (October, 2019).

According to them, just because of the plea of two allottees, insolvency was triggered. PTI