India

The Supreme Court on Friday restored China Development Bank, Exim Bank of China, Asset Care and Reconstruction Enterprises and others as financial creditors in the insolvency process of Reliance Infratel Ltd, which is now acquired by Reliance Project & Property Management Services, a subsidiary of Reliance Jio Infocomm, the Economic Times of India reported.

The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against the company, the Economic Times of India reported. A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the orders passed by the National Company Law Tribunal (NCLT), which had directed to initiate Corporate Insolvency Resolution Process (CIRP) against the company.

India’s central bank kept its policy rate unchanged as it walks the line between curbing inflation and boosting growth after a surprisingly weak quarter, the Wall Street Journal reported. Reserve Bank of India Gov. Shaktikanta Das said Friday that the monetary-policy committee decided to maintain its policy repo rate at 6.50%, with four of six members voting in favor of the move. That marks an 11th consecutive hold by the Indian central bank, keeping the benchmark rate at the same level it has been at since February 2023.

For the past three years, steel tycoon Sanjeev Gupta has performed an extraordinary feat of corporate survival, Bloomberg News reported. The British industrialist managed to keep most of his empire of steel plants even as creditors circled, concerns arose about alleged wrongdoing regarding trades and he faced probes for suspected fraud and money laundering. Now his luck may be running out. Gupta’s Speciality Steel UK Ltd. unit went to court in London Wednesday to try to avoid liquidation.

The chief content officer of troubled Indian tech firm Byju’s and an ally of the company’s founder face financial sanctions in the US for their roles in stripping software, cash and other assets from businesses under court supervision, Bloomberg News reported. A federal judge is considering imposing millions of dollars in sanctions on Byju’s manager Vinay Ravindra and company ally Rajendran Vellapalath, who founded Dubai-based tech startup Voizzit Technology. At a court hearing yesterday, U.S. Bankruptcy Judge John T.

Glas Trust, which represents a group of US entities that lent $1.2 billion to Byju's, on Monday questioned the maintainability of the Indian cricket board’s application to withdraw its insolvency petition against the cash-strapped edtech firm, the Economic Times of India reported. At the National Company Law Tribunal (NCLT), Glas Trust cited procedural lapses for seeking rejection of the application filed by the Board of Control for Cricket in India.

The Indian government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets, the Economic Times of India reported. However, there have been delays in the resolution process. Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.

India has started an investigation into financing and accounting practices at Byju’s after a previous inspection found corporate governance lapses at the struggling online tutoring firm, Bloomberg News reported. The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off. There were shortcomings in the accounts of Byju’s. They didn’t specify what those failings were. The registrar’s office has one year to submit its report.