Guidelines for early Resolution of Stuck Public Private Partnership (PPP) projects at Major Ports


Background


In the past decade, Government of India invited private investment into Major Port Sector and several projects were awarded under Design, Built, Finance, Operate & Transfer (DBFOT) basis across the Major Ports in the country.  Since the implementation of first PPP project at Major Port in 1997, significant progress has been made through this method of implementation. Notable benefits including private investment, capacity addition and operational efficiency has contributed to the growth of the sector. Currently, 34 projects of over INR 27,000 crore are operational and 25 projects of over INR 14,000 crore are under implementation. The operational projects have added a capacity of around 350 MTPA at Major Ports.


Under Asset Monetisation, there is clear pipeline of 31 projects of Rs. 14,500 Cr. to be awarded by 2025. Apart from current pipeline of 31 projects under NMP, additional 50 projects (of value ~INR 27,500 crore) have been identified for offer under PPP. Out of these 50 projects, 14 projects (~INR 2,400 crore) are envisaged to be offered in FY 2022-23.


In order to encourage private investment in the Major Port sector and standardise the diligence process for implementation of such projects and encourage EoDB, the Ministry has undertaken many initiatives in terms of preparation of policies/ guidelines.


With the aim to reduce arbitrations and litigation in the sector, new Model Concession Agreement (MCA) was launched by the Minister of MoPSW on 21st November 2021. The new document provides clarity on responsibilities and obligations of parties along with remedial measures in case of change in law. Apart from new MCA, new Tariff Guidelines have been issued with the focus on flexibility to PPP player to fix tariffs as per market dynamics, provide level playing field for competition between private terminals at major port and private port, facilitate better utilization of the capacity and introduce differential royalty rate to promote coastal shipping and transshipment


Despite all the policy level initiatives to mitigate the possibilities of litigation and encourage EoDB and due diligence and caution at the time of conceptualizing these projects from various perspectives, the survival of some of the projects is at risk due to various reasons like aggressive bidding and optimistic projections with regard to volumes & charges, unforeseen dynamic changes in the business and absence of flexibility to overcome such dynamic changes in the Concession Agreements that were either not foreseen or are beyond the control of the collaborating partners, i.e., the Concessionaire and the Concessioning Authority.


The Guidelines


The Ministry of Ports, Shipping & Waterways has finalized the guidelines for dealing with Stressed Public Private Partnership (PPP) Projects at the Major Ports on 10 May 2022.


These guidelines have been framed for:-


  1. Projects which became stressed during construction stage, i.e., Pre-COD stage i.e. where the work has stopped due to inability of Concessionaire to continue with the execution of the project because of the reasons inter-alia aggressive bidding and the optimistic projections with regard to volumes & charges, unforeseen dynamic changes in their business; and
  2. Projects, both at Pre-COD and Post-COD stage, which became stressed due to borrowings being categorized by the lenders to the projects as NPA and/or lenders have approached NCLT for recovery of their dues, i.e., the PPP projects undertaken by the Major Ports where the work has stopped due to inability of Concessionaire to continue with the execution of the project on account of borrowings of the Concessionaire having been categorized by lenders as NPA and / or proceedings initiated against it before the NCLT under the Insolvency and Bankruptcy Code 2016 or under Section 241(2) of the Companies Act 2013.


Mechanism for Resolution of Stressed Projects:


  1. In case of the projects which became stressed during construction stage i.e., Pre-COD stage, the Concessioning Authority would pay to the Concessionaire or to the lenders of the Concessionaire (as the case may be), as full and final settlement for taking over the useful assets created by the Concessionaire, an amount equal to the lower of the following sums 


  1. the value of the work done by the concessionaire in accordance with the Concession Agreement and found useful by the major port (i.e. the Concessioning Authority); or
  2. 90% of Debt Due as defined in the Concession Agreement; or
  3. Any other amount as may be mutually agreed in writing between the Concessioning Authority and the Concessionaire as per the relevant provisions of Model Concession Agreement (MCA) 2021.


  1. Projects which became stressed both at Pre-COD and Post-COD stage, due to borrowings being categorized by the lenders to the projects as NPA and/ or lenders have approached NCLT for recovery of their dues, i.e., the PPP projects undertaken by the Major Ports where the work has stopped due to inability of Concessionaire to continue with the execution of the project on account of borrowings of the Concessionaire having been categorized by lenders as NPA and / or proceedings initiated, the due process before the NCLT under the Insolvency and Bankruptcy Code 2016 or under Section 241(2) of the Companies Act 2013 will be followed.


The Benefits of the new Guidelines


The aim of the guidelines is to facilitate revival of the projects falling in the category of stressed projects.  These guidelines will pave the way for resolution of the cases under arbitration. The port asset is likely to be put to use through re-bidding.  This will definitely result in unlocking the blocked cargo handling capacity of approximately 27 MTPA thereby creating better trade opportunities for the prospective investors and Port Authority will start generating revenue.  It will repose confidence in the investors/ concessionaires and also generate employment opportunities.


Some of the long standing disputes on stressed assets at various major ports that may see early resolution are:


  1. Development of 13th Multipurpose Cargo (Other than Liquid/ Container Cargo) Berth on BOT Basis at Deendayal Port (1.50 MTPA approx.)
  2. Development of 15th Multipurpose Cargo Berth at Kandla at Deendayal Port (1.50 MTPA approx.)
  3. Offshore Container Terminal (OCT) at Mumbai Port (9.60 MTPA approx.)
  4. Construction of NCB-II at VOC Port (7.00 MTPA approx.)
  5. Berth EQ-1A at Visakhapatnam Port (7.36 MTPA approx.)


On this occasion, Shri Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways stated that “These Guidelines will facilitate for early resolution of various issues and revival of stressed projects along with unlocking the immense potential of those projects resulting in creation of more trade and job opportunities.”


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Keep Your Resolution: Hypnotist Vance Romane’s Online Seminar to Stop Smoking, Manage Stress

 Smoking has been called slow motion suicide on the installment plan. Smokers are feeling the effects of tobacco on their health and pocketbook more than ever with the pandemic stress and inflation. The added stress has increased alcohol use, weight gain, divorce, and many ex-smokers have returned to smoking. Contracting the virus combined with being a smoker is even more risky. Millions of smokers spend over $5000 per year in after tax dollars to support their habit.

Hypnotist M. Vance Romane wants to help smokers everywhere with his online stop smoking hypnosis seminar Sat., Jan. 15th. He says his seminar can make it easier to stop smoking and to manage stress than will power alone which depends upon the conscious mind. His online hypnosis seminar goes to the root of the habit helping to change a smoker’s subconscious identification as a smoker to non-smoker.

His seminar is based upon a U. S. Surgeon General research study of over 700 stop smoking programs. The conclusion of the project was that there is no one best program for everyone. The Surgeon General Report recommended a multiple method approach, and that is what Romane gives his attendees. The Romane Stop Smoking System has been developed and refined to include all the best hypnosis and non-hypnosis methods. His first stop smoking seminar was in 1971 as a requirement to complete his B.A. (Hons.) degree at the University of Manitoba. He was inspired to save lives after his father lost a part of his lip due to cancerous tissue from smoking.

Romane has been a hypnotist for over 50 years and claims, “I have helped hundreds of thousands of Canadians coast to coast to stop smoking, more than anyone else in the world. My largest seminar was for about 1500 smokers at the Centennial Concert Hall in Winnipeg.” Many of his attendees describe his seminar as “a magical experience.” Hypnosis is like being emotionally involved in a movie. You are not asleep, but totally relaxed and focused upon the hypnotist’s voice and positive suggestions.

He says that the participants in his online seminar spend most of the time hypnotized, while he places 107 new mental sets into their subconscious mind to be a calm relaxed non-smoker. “That is because for most people, just using will power with the conscious mind alone does not work. The smoking habit is automatic, just like driving a car, riding a bicycle, knowing your ABCs, or just tying a shoelace. The habit has been loaded into the subconscious mind by puffing hundreds of thousands of times.”

Telehealth with practitioners is now mainstream. So is hypnosis. You will find recorded in-flight hypnosis on Cathy Pacific airplanes, hypnosis sessions at the Four Seasons Hotel in New York City and other cities, in pain clinics and in hospitals throughout the world. Romane offers a seminar discount code, Smart. For more information on Romane, his seminars, recordings and books, visit https://vanceromane.com/

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Resolution Games Acquires Zero Index, Makes Multiple Strategic Hires to Support the Continued Growth of VR and AR Games

“We’ve been very fortunate to bring such incredible talent into the company, all while striving for everyone to be genuinely happy to work at Resolution Games and feel that our output is a direct reflection of the success of this goal. With the continued enthusiasm we’re seeing from players, there’s been no shortage of opportunity to continue our team’s growth, and we are looking forward to doing that in a way that continues along the path toward this goal.” 

Resolution Games, the leading creators of virtual and augmented reality games, today announced the acquisition of Zero Index to accelerate the growth of the Resolution Games library across all major VR and AR platforms. The games studio, based in Linköping, Sweden, currently has four employees and will be rebranded as Resolution Tech. Resolution Games intends to grow this figure, continuing to draw on the incredible well of technical talent in the East Sweden region. 

“The Zero Index team has a number of impressive accomplishments under their belt, including their exemplary work that helped us bring Carly and the Reaperman to Oculus Quest earlier this year,” said Tommy Palm, CEO and founder of Resolution Games. “Demand for great VR and AR experiences is growing at an exponential rate. With more hardware choices than ever in the pipeline from tech’s biggest players, having a team experienced in bringing games to different markets and platforms will help us continue to reach new players everywhere they choose to play.”

Tomas Ahlström, CEO of Zero Index who will stay on as studio manager with Resolution Games, said: “Resolution Games has been an integral partner of Zero Index, so bringing our teams together in order to expand on the work Resolution Games is doing in the industry is an exciting step for both teams. We’re thrilled to be a part of the future vision and hope to have an even greater impact for the space now that we’re integrated.”

In addition to the acquisition, Resolution Games has also announced four recent hires that will help the company continue to up its game as a market leader.
 

  • Natalie Mellin is Resolution Games’s new Head of People & Culture and brings to the role an extensive background in diversity, inclusion and people experience. Natalie has played a central role in creating innovative people practices that foster a culture of inclusion and creative empowerment over the last decade, working alongside companies that have experienced significant market growth including Spotify, King, General Electric and Ericsson to provide safe and welcoming workplaces.
  • Ebba Waltré has joined Resolution Games as General Counsel to lead the company’s legal strategy around future growth, tasks and operations. Ebba comes with wide-ranging legal experience from an international environment within IT and digitalization, where she worked as both a lawyer and manager at private and publicly traded companies like Nasdaq, HP, Verizon, DXC and UnitedLex.
  • Johan Gästrin has joined Resolution Games as Product Manager to head up the company’s Shared Technology (Fidelity) and Game Production IT. Johan has more than 15 years experience growing global software products and scaling technology platforms for organizations including H&M and King Digital, where he was responsible for growing and maturing King’s internal game engine to deliver engaging experiences for billions of players around the globe.
  • Rickard Åstrand has been appointed as Resolution Games’ Finance Director to build the studio’s internal financial infrastructure and processes as growth continues. Before joining the studio, Rickard worked with Health and Sports Nutrition Group HSNG AB (HSNG) as CFO and Business Development Director and was also a risk management consultant at PwC.

“At Resolution Games, we are craftspeople who live and breathe games and love what we do,” added Palm. “We’ve been very fortunate to bring such incredible talent into the company, all while striving for everyone to be genuinely happy to work at Resolution Games and feel that our output is a direct reflection of the success of this goal. With the continued enthusiasm we’re seeing from players, there’s been no shortage of opportunity to continue our team’s growth, and we are looking forward to doing that in a way that continues along the path toward this goal.” 

Today’s news follows quickly on the heels of the company’s recent win in the AIXR’s VR Awards where Demeo, the cooperative dungeon crawler that recreates the social experience of tabletop gameplay, received the award for 2021 VR Game of the Year.

Resolution Games’ next title, Ultimechs, will arrive on major VR platforms in 2022. The company also revealed this month its plans to form a dedicated AR Studio to explore new gaming experiences for smartphones and augmented reality wearables. 

Potential candidates who are passionate about VR and AR games and interested in redefining how people come together and play can learn more about current job openings by visiting jobs.resolutiongames.com. 

###

About Resolution Games:
As the world’s most prominent VR/AR games studio, Resolution Games is redefining how people come together and play. The studio is evolving the craft of multiplayer game development and publishing with its approach to delivering new IP across VR/AR platforms and beyond. With the largest portfolio of games across all major VR and AR platforms, no other studio has the reach, ratings and range that Resolution Games does. 

The studio’s titles rank among the top rated and most downloaded games in the space. Games like Demeo, Blaston, Bait!, Acron: Attack of the Squirrels!, Cook-Out: A Sandwich Tale and Ultimechs illustrate the innovative and immersive ways the studio is constantly pushing the boundaries of what is possible.  

Founded in 2015, Resolution Games is privately held and based in Stockholm, Sweden. Follow the company at www.resolutiongames.com and on Twitter and Instagram.

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Jamie Camargo
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Debt Resolution Startup Credgenics to add 100 Employees across functions to boost growth

Top Quote Hiring across functions such as product, technology, business, and operations. End Quote

  • (1888PressRelease) March 26, 2021 – Credgenics, India’s first of its kind debt resolution, legal automation and an end-to-end, SaaS-based platform, today announced to increase its headcount by 100 skilled professionals. Credgenics intend to take the headcount to over 200 by the second financial quarter of this year. The new hires will be at entry (at the operational level) and mid-level and will be in areas such as product development, technology, legal, and operations. With the fresh hiring, across domains the team sizes are expected to grow, for instance the technology and legal teams of Credgenics will grow more than twice the size of their current strength. The fresh hiring will meet the growing demand of the client-base to provide seamless service delivery and build the end-to-end customized debt recovery solution that requires product augmentation, enhancements, scalable features, etc.
    Credgenics works with diverse clients across the financial services, and is already catering to over Rs.580 crores of loan book. During the pandemic, Credgenics has signed India’s two leading and largest banks, ICICI bank and HDFC Bank. With Credgenics, the average time and cost of collections rates reduced from 68 days to 42 days and 22% to 14%, respectively. The collected amount increased from 74 to 83%. The present client size of Credgenics includes 06 large Indian banks and more than 34 NBFCs.

    In his comments, Mr. Risahbh Goel, CEO and Co-Founder, Credgenics, said, “There has been a consistent growth in our client base and an increase in demand for our full-stack technological and service offering for debt resolution and management. We are looking for experienced professionals across functions and industries for seamless service delivery to our clients, while by no means compensating on our ethics. “
    In his comments, Mr. Mayank Khera, COO and Co-Founder, Credgenics, said, “Debt collection by far is the most debated topic in the banking sector, but it is important to collect debts for financial robustness. It is even more important to collect debts, and retain customer. While the economic status of India is constantly elevating, it is important to free the markets of debts so that a healthy competition prevails and encourages MNCs to rapidly spend in the Indian market. We are working towards building and strengthening our legal team which will add value to our clients and will ensure successful business.”

    “In the case of debt collection, information is the most powerful arsenal. Big Data Analytics helps acquire the most pertinent information by giving access to data that helps personalize debt collection. This is a powerful combination that was not available just a couple of years ago. We are looking at on-boarding tech leads, data scientists, and senior software engineers, etc., who will strengthen our technology arm and provide customized services to our clients, added, Mr. Anand Agrawal, CTO and Co-Founder, Credgenics.

    About Credgenics:
    Co-Founded in 2018 by IIT-Delhi Alumni and eminent lawyers Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics, is India’s only technology enabled platform for resolution of non-performing assets in the larger BFSI and fintech lending space. The automation-first, analytics focused platform is robust, highly efficient, transparent, and cost-effective. Its intelligent system and case tracking tools manage and track loans from the very instance of the default till the final resolution stage. Credgencis also reduces human efforts in areas like digital communication, drafting, tracking of notices sent via speed post, and tracking of legal cases filed in court in an automated manner with relevant reminders implemented. NBFCs, Banks, ARCs, and fintech lending start-ups, can thus improve their collection efficiency using technology, automation intelligence, and optimal legal routes. Credgenics currently works with 2200+ lawyers and collection partners.