The National Company Law Tribunal (NCLT) on Monday reserved its order in the matter related to Dublin-based aircraft lessor Aircastle Limited’s insolvency petition against budget airline SpiceJet, the Economic Times of India reported. SpiceJet’s counsel has cast doubt over the maintainability of Aircastle’s petition as the latter had filed a separate petition under the Insolvency and Bankruptcy Code, 2016 (IBC) against the Gurgaon-headquartered carrier. The counsel for Aircastle has argued that both petitions deal with separate cases of default by SpiceJet.

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday, Bloomberg News reported. Bankruptcy Judge John Dorsey in a Friday hearing dismissed an effort by the investment firm, Camshaft Capital Fund, to avoid answering questions about the cash. The missing money is at the heart of a fight between lenders owed $1.2 billion and Think & Learn, the education-tech startup founded by entrepreneur Byju Raveendran.

India’s Adani Group said cash balances have improved and it sees no refinancing risks in the near term as the conglomerate took more steps to shore up its finances following a withering short seller attack last year, Bloomberg News reported. The group’s Ebitda, or earnings before interest, tax, depreciation and amortization rose more than 60% to 194.75 billion rupees ($2.3 billion) in the third quarter ended Dec. 31 with a bulk of that coming from the transport, infrastructure and energy units of the conglomerate. The group reported an Ebitda of $9.5 billion for the nine months to Dec. 31.

The National Company Law Tribunal (NCLT) on Wednesday told Byju’s to respond to two separate insolvency petitions filed against the troubled edtech firm by US lenders and the Board of Control for Cricket in India (BCCI), the Economic Times of India reported.

Debt-laden MEP Infrastructure Developers (MIDL) is seeking shareholder approval to bring in a new investor into the company, who will infuse ₹225 crore under the pre-packaged insolvency resolution process (PPIRP) that will allow the company to recoup the delays in payments and standardise the account which is currently classified as a non-performing asset, the Economic Times of India reported. The PPIRP was introduced for micro, small and medium enterprises or MSMEs in 2021.

The number of cases admitted for the corporate insolvency resolution process (CIRP) has risen 18% year-on-year to 7,325 as of December 2023, from 6,199 cases as of December 2022, according to the latest data from the Insolvency and Bankruptcy Board of India (IBBI), the Financial Express reported. However, there has been a sequential decline in new admissions for the CIRP, with 244 cases being admitted in the third quarter of the current fiscal year, down from 250 cases in the second quarter.

The National Company Law Tribunal (NCLT) has ordered initiation of corporate insolvency resolution process against real estate special purpose vehicle (SPV) Sankalp Siddhi Developers, the Economic Times of India reported. The SPV was promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, for the development of a project in Mumbai's Jogeshwari suburb, and has been controlled and managed by Chinese group Fosun since 2022.

Indian airline Go First has received two financial bids as part of its bankruptcy process, two bankers who attended a meeting of the airline's creditors said on Saturday, the Hindustan Times reported. Managing director of Spicejet Ajay Singh, along with Busy Bee Airways, jointly submitted a bid of 16 billion rupees ($193.10 million) for the airline. Another financial bid was submitted by Sharjah-based Sky One Airways, but its amount wasn't disclosed.

The bankruptcy court in Mumbai is likely to pronounce its ruling on Tuesday in an application filed by the administrator of Reliance Capital Ltd to approve the company’s acquisition by IndusInd International Holdings Ltd through the insolvency resolution process, the Economic Times of India reported. The division bench of Justice Virendra Singh Bisht and a technical member Prabhat Kumar is expected to pronounce its ruling on the approval plan of the Hinduja group-owned IndusInd International Holdings.