The National Company Law Tribunal (NCLT) in Mumbai has admitted the Prudent ARC’s application to initiate personal insolvency resolution proceedings against Mahesh R Shetty, promoter of the listed coaching firm MT Educare, formerly known as Mahesh Tutorials, for a Rs 16.64 crore default by the company. Shetty was a personal guarantor against these loans, the Economic Times of India reported. The tribunal has also directed the resolution professional Santanu T. Ray to issue a public notice to invite claims from all creditors.

A federal judge moved to untangle the complex bankruptcy case of a Byju’s unit by offering to rule out the arrest of a Florida hedge fund manager if he helps locate $533 million that the Indian tech company allegedly tried to hide, Bloomberg News reported. Bankruptcy Judge John Dorsey, during a court hearing yesterday in Wilmington, Del., agreed to drop an arrest order for William C. Morton, the founder of Camshaft Fund. Byju’s invested $533 million of loan proceeds with the fund last year, according to court records. The money was later moved to a U.K.

The bankruptcy regulator has proposed to reduce the compliance burden on insolvency professionals, who oversee the resolution of stressed assets, without compromising on the accuracy and the comprehensiveness of the information required for decision-making, the Economic Times of India reported. It seeks to reduce the amount of information and data that insolvency professionals are currently required to submit, according to a discussion paper floated by the Insolvency and Bankruptcy Board of India (IBBI).

Lenders to debt-laden Jaiprakash Associates Ltd, or Jaypee, will pursue the insolvency route against the company, putting plans to sell the company's massive debt to government-backed National Asset Reconstruction Co Ltd (NARCL) on the back burner as they hope to fetch better returns for these assets, the Economic Times of India reported. Jaypee, which owes a group of 32 creditors led by ICICI Bank nearly ₹30,000 crore, was admitted to the National Company Law Tribunal (NCLT) earlier this week after a six-year delay.

India’s central bank held its policy rate steady as Prime Minister Narendra Modi’s election setback raised uncertainty over the country’s future economic and fiscal policies, 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%. The committee also decided to remain focused on withdrawal of accommodation, he said. Modi’s party failed to secure an outright majority in the lower house of Parliament, results of the general election showed earlier this week.

The National Company Law Tribunal (NCLT) in Mumbai has admitted the State Bank of India’s application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter & co-owner of the diversified Videocon Group, for a Rs 5,353-crore default by the group’s flagship company Videocon Industries Ltd., the Economic Times of India reported. Dhoot was a personal guarantor against these loans. The tribunal has also directed the resolution professional Ashish Narayan to issue a public notice to invite claims from all creditors.

A group of lenders asked a court to impose bankruptcy oversight on multiple units tied to the struggling Indian education technology company Byju’s, claiming millions of dollars are being “siphoned” out of the companies, Bloomberg News reported. Creditors led by HPS Investment Partners filed involuntary chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.

India's Supreme Court on Monday dismissed Adisri Commercial’s appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL). It imposed a cost of Rs one lakh on the Srei Group shareholder for filing such a frivolous petition, the Economic Times of India reported.

The bankruptcy court in Allahabad admitted Jaiprakash Associates Ltd (JAL) for corporate insolvency almost six years after ICICI Bank filed an application, the Economic Times of India reported. The tribunal, while admitting the company under the Corporate Insolvency Resolution Process (CIRP) has also appointed Bhuvan Madan as interim resolution professional (IRP) of the company, said two people aware of the development. The private sector lender had approached the tribunal after the company failed to pay its dues of about Rs 3,000 crore.

In a bid to check unnecessary pressure on GST payers against early recovery of dues, the Central Board of Indirect Taxes and Customs (CBIC) has put in place guidelines mandating senior officers to initiate recovery action quickly only in rare cases and that too after clearly stating the reasons, the Times of India reported. The law allows central GST authorities to initiate recovery after three months in case the dues remain unpaid after an order is passed.Only in exceptional circumstances can recovery be initiated earlier.