Go Airlines India Ltd., which has been grounded for a year after filing for insolvency, risks having its entire fleet of aircraft repossessed in a further blow to any chances of a revival for the Indian carrier, Bloomberg News reported. India’s regulator, the Directorate General of Civil Aviation, deregistered the company’s fleet of 54 leased Airbus SE A320neo aircraft, according to people familiar with the matter, who asked not to be identified because the matter is private.

The National Company Law Tribunal (NCLT), Hyderabad, on Tuesday admitted Aditya Birla ARC's initiation of insolvency process petition against the personal guarantees given by the promoters of KSK Mahanadi Power Company K.A. Sastry and S. Kishore, the Economic Times of India reported. The two promoters had guaranteed upward of Rs 4000 crore for loans sanctioned to KSK Mahanadi. Aditya Birla ARC has largest share of 33.38% in the total claims from KSK Mahanadi Power, which is around Rs 32,000 crore.

The bankruptcy court on Thursday admitted two Essel Group entities Primcomm Media Distribution Ventures Ltd and Essel Homes Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) after Gnex Realtech Pvt Ltd, an affiliate entity, defaulted on its dues of Rs 260 crore where these companies provided corporate guarantee, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT), in applications filed by Indiabulls Housing Finance Ltd, also appointed Ravi Prakash Ganti as interim resolution professional (IRP) for these companies.

Sri Lanka will hand over management of its $209 million Chinese-built airport to two Indian and Russian companies, a cabinet statement said on Friday, as the island nation attempts to reduce losses from its state enterprises. Mattala Rajapaksa International Airport (MRIA), funded by China EXIM Bank, has stoked controversy since its opening in 2013 due to a low number of flights, environmentally sensitive location and persistent financial losses. The airport's management will be handed over to Shaurya Aeronautics (Pvt) Ltd.

India’s household debt likely surged to a record in the final three months of last year, with signs that consumers are boosting riskier borrowing that’s been a worry for the central bank, Bloomberg News reported. Household debt touched a new high of 39.1% of gross domestic product in the October-December quarter, up from 36.7% a year ago, estimated economists Nikhil Gupta and Tanisha Ladha of Motilal Oswal Financial Services Ltd in a report earlier this week. The figures are higher than the previous peak of 38.6% in the Jan-March period of 2021.

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted the listed road infrastructure company, Sadbhav Engineering, under the corporate insolvency resolution process in an application filed by its operational creditor, SS Infra, the Economic Times of India reported. The tribunal has also appointed Sanjay Kumar Agarwal as the interim resolution professional (IRP) of the company.

The bankruptcy court has admitted Indiabulls Housing Finance Ltd's (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon, the Economic Times of India reported.

A bankruptcy court in India has begun insolvency proceedings against Zee Entertainment Enterprises Ltd.’s founder and chairman emeritus Subhash Chandra on a plea by Indiabulls Housing Finance Ltd. following a loan default, Bloomberg News reported. Chandra stood as a personal guarantor for a loan given to a real estate developer Vivek Infracon Pvt., according to Indiabulls Housing’s lawyer Sumesh Dhawan.

The National Company Law Appellate Tribunal on Thursday granted relief to Sporta Technologies, the parent company of Dream11, freeing it from the corporate insolvency resolution process (CIRP) rejecting a petition by Reward Solutions, the Economic Times of India reported. NCLAT concluded that the default date for the debt squarely fell within the timeline of Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10 A prohibits the initiation of CIRP for default occurring between March 25, 2020 and March 25 2021 as the legislature intended to protect the firms hit by Covid.

The Ministry of Corporate Affairs (MCA) has sought stakeholders’ comments to revamp various rules under the Insolvency and Bankruptcy Code (IBC), including those relating to personal guarantors, financial services providers and the pre-packaged scheme, the Economic Times of India reported. In a notice, the ministry also said it’s seeking to tweak the rules on the application to the adjudicating authority, the annual statement of accounts and the annual report rules, as stipulated by the Insolvency and Bankruptcy Board of India (IBBI). The notice has been uploaded on the IBBI website.