India

Budget carrier SpiceJet is facing fresh insolvency proceedings, this time from Indonesia’s PT BBN Airlines over unpaid lease rentals totalling $5.94 million, Mint.com reported. The National Company Law Tribunal (NCLT), Delhi bench, heard the case on Friday but has yet to issue a notice after SpiceJet sought time to respond. The next hearing has been scheduled for 21 April. PT BBN Airlines claims SpiceJet leased three Boeing aircraft under specific agreements, took possession on 9 June 2024, and used them for operations.

Reliance Capital Limited (RCL) has successfully exited insolvency after the implementation of its approved resolution plan, making it the first Non-Banking Financial Company-Core Investment Company (NBFC-CIC) to complete resolution under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. The Reserve Bank of India (RBI) had superseded the company’s board and appointed Nageswara Rao Y as the administrator under Section 45-IA of the RBI Act, 1935.

Food delivery giant Zomato is facing an insolvency plea from uniform supplier Nona Lifestyle, alleging unpaid dues of Rs 1.64 crore, as reported by Bar and Bench on March 17, the Economic Times of India reported. The National Company Law Tribunal (NCLT) has adjourned the case to April 3, requesting the petitioner to clarify its next steps.

India's central bank-regulated entities can leverage artificial intelligence internal controls to address consumer complaints on mis-selling and aggressive practices, central bank governor Sanjay Malhotra said on Monday, Reuters reported. Ninety-five commercial banks in India received over 10 million customer complaints in the 2023-2024 financial year, Malhotra said. "With the rapidly growing customer base and expanding suite of products, this may grow if we do not get our act together," he added.

A unit of Ola Electric Mobility Ltd. is facing insolvency petitions from two of its key vehicle registration service providers in India over unpaid dues, adding to the EV maker’s mounting troubles, Bloomberg News reported. Rosmerta Digital Services Pvt. and Rosmerta Safety Systems — suppliers of vehicle registration services and high-security registration plates respectively — have separately filed insolvency pleas against closely held Ola Electric Technologies Pvt., citing unpaid invoices.

The commerce ministry of India on Thursday assured domestic exporters, particularly those in labour-intensive sectors like leather and textiles, to protect their interests amid the US tariff threats, industry officials said, the Economic Times of India reported. The issues related to the country's exports were discussed during a virtual meeting chaired by Commerce and Industry Minister Piyush Goyal. Sectors like steel flagged concerns over the possible impact of US tariffs on exports.

The National Company Law Tribunal (NCLT) has directed that the resolution plans to acquire Jaiprakash Associates through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals, the Hindustan Times reported.

Even as the amendments to be Insolvency and Bankruptcy Code (IBC) are getting delayed, the Insolvency and Bankruptcy Board of India (IBBI) has made a slew of regulatory changes in the past 18 months to enhance the efficiency of the resolution process, FinancialExpress.com reported. “Until amendments to the IBC are carried out, it’s only logical for the IBBI to make regulatory changes,” an official source told FE. Going forward too, the IBBI will be making significant changes to regulations to improve the efficiency, transparency, and effectiveness of the resolution process, the person added.