Private lender ICICI Bank said it will convene a board meeting on Monday to review cases under the Insolvency and Bankruptcy Code which are before the National Company Law Tribunal along with other routine matters, The Business Standard reported. "ICICI Bank's Board meeting being held today is a pre-scheduled board meeting convened for review of cases which are before the National Company Law Tribunal under Insolvency and Bankruptcy Code and other routine matters," the private bank said in a regulatory filing to the BSE.

India’s Shree Renuka Sugars Ltd will try for a third time to sell sugar mills it owns in Brazil at an auction as part of a recovery plan in its in-court debt restructuring, according to court documents seen by Reuters. Renuka, which entered Brazil in 2010 and owns four sugar and ethanol plants in the country, presented a new plan to the court overseeing its bankruptcy protection case that proposed to sell the Revati or Madhu mills located in Sao Paulo state, or possibly both, Reuters reported.

A massive $32 billion bailout package for India's dominant state-run banks will not happen again and lenders will have to find their own funding by selling non-core assets and merging with each other, a senior government official said on Monday. Twenty-one banks, majority owned by New Delhi, account for more than two-thirds of the banking assets in Asia's third-biggest economy, the International New York Times reported on a Reuters story. These lenders also account for close to 90 percent of soured loans in the banking sector.

Although the majority of rated corporate defaults over the past 20 years occurred in advanced economies, reflecting the larger number of rated entities, default rates have remained fairly closely aligned with emerging economies, although they have been driven by different factors, says Moody's Investors Service in a report published today. The report reviews default data for non-financial corporates, including utilities, in advanced and emerging markets for the 20-year period between 1998 and 2017 and is based on a total of 1,716 defaults, The Business Standard reported.

The Bombay High Court has directed the sale of six ships operated by Varun Resources, India’s largest operator of liquefied petroleum gas (LPG) carriers, now financially insolvent, The Economic Times reported. “the Sheriff of Mumbai shall have the defendant vessels…. …apprised by independent surveyors..fix the terms and conditions of sale…issue advertisement and take all steps to complete the sale and make a report to this court for confirmation of the sale….,” the court mandated on Tuesday, adding there will be an auction, the winner of which will be announced on April 20.

Market regulator Securities and Exchange Board of India is moving fast to put in place a disclosure regime for companies undergoing the Corporate Insolvency Resolution Process, Bloomberg News reported. The regulator has released a draft discussion paper and sought comments from the public by April 15. SEBI Chairman Ajay Tyagi had told reporters on Wednesday that the regulator would make changes to the listing regulations for companies under CIRP after a 15-day consultation process.

Indian police have launched a preliminary investigation into the husband of ICICI Bank's chief executive, as well as officials at the lender and at Videocon Group, two sources said on Saturday, to assess whether there was any wrongdoing in lending practices, the International New York Times reported on a Reuters story.

Vedanta Limited on Saturday informed stock exchanges that it had received a letter of intent (LoI) for Electrosteel Steels. Vedanta had accepted the terms of the LoI and closure of the transaction would be subject to compliance with applicable regulatory requirements and in accordance with the final terms approved by the National Company Law Tribunal (NCLT), the company said in a statement to the exchanges, Business Standard reported. Though Vedanta did not disclose the bid value, it is believed to have offered Rs 55 billion for Electrosteel Steels, which owes banks Rs 103 billion.

Embattled tiremaker Kumho Tire Co. will likely face liquidation if it is placed under court receivership, the top financial regulator warned Thursday. A state-run creditor bank has warned that Kumho Tire will have to submit to court protection unless the tiremaker's labor union agrees on the planned sale of a majority stake in Kumho Tire to China's Qingdao Doublestar Co. by Friday, the Yonhap News Agency reported.

Wu Xiaohui, the former chairman of China’s giant insurer Anbang, has expressed remorse and sought leniency at the end of his trial for alleged fraud of $10.4 billion (€8.45 billion) in Shanghai, the Irish Times reported. Mr Wu is one of the country’s best-known dealmakers, a politically connected investor whose aggressive drive to buy overseas assets has come to embody the hubris of China’s heavily indebted conglomerates.