India's junior IT minister on Thursday said there was no issue with cryptocurrencies in India if all laws are followed, in remarks that contradicted the central bank's view advising investors to stay away from crypto, Reuters reported. India has been trying to come up with regulation for cryptocurrencies, with a central bank deputy governor even calling for them to be banned, but the government has not been able to formulate legislation yet.
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Adani Goodhomes Pvt. is a step closer to acquiring Radius Estates and Developers Pvt. at a 98% discount to what the bankrupt company’s creditors had been seeking, Bloomberg News reported. Adani offered to pay 319.7 million rupees ($4 million) to financial creditors, compared with their ask for 16.58 billion rupees and 15.2 million rupees to employees, the person said, asking not to be identified as the details are private.
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The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the order of NCLT, directing removal of the resolution professional (RP)of Shree Ram Urban Infrastructure Ltd., the Economic Times of India reported. The appellate tribunal also directed the Insolvency and Bankruptcy Board of India to conduct an enquiry against the RP and take appropriate steps in accordance with the law.
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Bank of India has initiated insolvency proceedings against Kolkata-based commercial equipment manufacturer TIL (Tractors India) to recover its dues as previous recovery efforts have failed, the Economic Times of India reported. Five banks, including BoI, have total receivables of ₹600 crore from the company that has been classified as a non-performing asset by banks. "The case has been filed in the NCLT pending admission. There was no other recourse since the company is bleeding and no resolution is in sight," said a person aware of the process.
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Public sector banks-owned National Asset Reconstruction Company (NARCL) has emerged as the highest bidder for the twin SREI companies. According to sources, the bad bank has bid Rs 5,555 crore for the two companies — Srei Infrastructure Finance (SIFL) & Srei Equipment Finance (SEFL), the Economic Times of India reported. Authum Infrastructure is the second highest bidder with its offer of Rs 5,526 crore. The third bidder, comprising Varde Partners and Arena Investors, is understood to have stayed away.
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The bankruptcy court has admitted Marvel Realtors & Developers Ltd under the corporate insolvency resolution process (CIRP) and appointed Manoj Kumar Mishra as the interim resolution professional for the Pune-based realty firm, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the petition filed by company’s lender IDFC First Bank to initiate the insolvency proceedings. The lender had approached the bankruptcy court after the realty firm defaulted on its dues of over Rs 44.50 crore.
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Private-equity major Advent International will buy a 50.1% stake in Suven Pharmaceuticals Ltd. (SUVH.NS) from its promoter Jasti family and consider merging it with a peer in its portfolio, the Indian drugmaker said on Monday, Reuters reported. Suven said Advent would make an additional open offer for up to 26% of the voting share capital held by public shareholders at a price of 495 rupees per share. Shares rose as much as 4.8% to 520 rupees in early trading.
India plans to introduce new rules for handling real estate bankruptcies, which would help homebuyers even as their builders wind down, Bloomberg reported. The proposed change to the nation's Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wide basis, people familiar with the matter said. That will allow handing over completed apartments to homebuyers even when the developer's insolvency process is underway, they said.
A bankruptcy court has admitted the listed MT Educare, formerly known as Mahesh Tutorials, into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the company’s operational creditor Connect Residuary to initiate the insolvency proceedings.
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The bankruptcy court has admitted VHM Industries to undergo the corporate insolvency resolution process (CIRP) and appointed Sunil Kumar Agarwal as the interim resolution professional for the Mumbai-based textile manufacturer, the Economic Times of India reported. The decision of the Mumbai bench of the National Company Law Tribunal (NCLT) came on a petition filed by State Bank of India. The lender had approached the bankruptcy court in 2019 after the company defaulted on dues of more than Rs 221 crore.
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