India has proposed an overhaul of its bankruptcy law, including allowing financial creditors ‌to initiate insolvency proceedings and tightening deadlines, in a bid to speed up resolutions and promote ease of doing business, Reuters reported. Resolutions of stressed assets in India have been delayed despite a mandated 330-day timeline under the Insolvency and Bankruptcy Code, introduced ​in 2016, largely due to procedural and legal hurdles. Cases often pile up for admission at ​the National Company Law Tribunal, quasi-judicial body that adjudicates matters related to companies.

The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by the BSE, ruling that insolvency courts have the authority to order the defreezing of Demat accounts of companies undergoing insolvency proceedings, The Economic Times reported. In its order, a two-member bench of the appellate tribunal said that the National Company Law Tribunal (NCLT) has clear jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to hear such matters and pass necessary directions.

Bharat Rashtra Samithi (BRS) spokesperson Manne Krishank on Wednesday accused the Telangana government of awarding ₹2,500 crore in contracts to KLSR Infratech, a company currently under bankruptcy proceedings and investigation, The News Mill reported. The Enforcement Directorate (ED) had raided KLSR Infratech in 2018 and designated it a shell company. Speaking to ANI, Krishank stated that NCLAT member Justice Sharad Kumar recused himself from a case involving KLSR Infratech after citing pressure from a senior judge to favor the company.