India's finance ministry has asked managing directors of public sector banks to review monthly the top 20 insolvency cases, financial services secretary told reporters, Reuters reported. The government has asked for reviews of insolvency cases as there are delays in admission of cases in insolvency courts. "There are delays in admission stage,” Vivek Joshi, Vivek Joshi, said.

The bankruptcy court in Kolkata has approved the acquisition of Khaitan family-promoted listed engineering firm McNally Bharat Engineering Co by BTL EPC Ltd, the Economic Times of India reported. McNally Bharat had admitted liabilities of Rs5,015 crore. The lenders have approved the Kolkata-based EPC firm’s over Rs 441-croreresolution plan with 90.06% votes in favour. Originally, the Kolkata bench of the National Company Law Tribunal had admitted the company under the corporate insolvency resolution process (CIRP) in 2020 following an application filed by its lender, Bank of India.

Another Indian airline backed by a billionaire is on the brink of shutting down for good, having tried and so far failed to attract a savior after entering bankruptcy protection in May, Bloomberg News reported. Go Airlines India Ltd.’s chances are fading. Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn’t get the carrier flying again and that staff hadn’t been paid for six months. Go flight attendants and pilots are looking for jobs elsewhere. On Friday, Go announced in a post on X, formerly Twitter, that it had canceled all scheduled flights until Feb.

Insolvency tribunal NCLT Mumbai has approved the sale of some of the real estate assets of telecom company Reliance Communications, a regulatory filing said on Wednesday. The filing attached an order of the National Company Law Tribunal's Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications, seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company.

India is preparing an enabling provision for a compact and largely informal bankruptcy settlement process for faster resolution for large firms under the over-arching Insolvency and Bankruptcy Code (IBC), on the lines of the one available for micro, small, and medium enterprises (MSMEs), the Economic Times reported.

National Asset Reconstruction Company (NARCL) has acquired two SREI companies – SREI Equipment Finance and SREI Infrastructure Finance – under the Insolvency and Bankruptcy Code, 2016 (IBC). The documents for the transaction were signed on Friday, the Business Standard reported.

The Insolvency & Bankruptcy Board of India (IBBI) is expected to finalise crucial amendments to regulations - from those seeking to make life simpler for home buyers to those for personal and companies' insolvency proceedings, insolvency professionals and liquidation - next month as it seeks to improve the seven-year-old regime and improve its overall functioning, the Times of India reported.

India's Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation. The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements. While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said.

An apex court ruling in India allowing bankruptcy proceedings against personal guarantors of defaulting borrowers is set to raise the recovery rate for public-sector lenders to at least 19% from about 14% now, industry estimates showed, The Economist reported. "The recent ruling has potential to improve the recovery in existing written-off accounts, many of which are through the bankruptcy code, and result in 5 percentage point incremental recovery from personal guarantees," said Hari Hara Mishra, CEO, ARC Association.