Indian airline Go First's effort to start insolvency proceedings has become ensnared in a tussle with aircraft lessors after they asked the aviation regulator to deregister some of its planes as a step towards taking them back, Reuters reported. India's first major airline collapse since 2019 underlines the fierce competition in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata conglomerate.

An aircraft lessor, Aircastle, has filed insolvency resolution proceedings against cash-strapped SpiceJet, the Economic Times of India reported. The National Company Law Tribunal (NCLT) will hear this case next week. The NCLT website shows that two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and infra company Acres Buildwell on February 4.

India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, Reuters reported. This would be a major setback for Indian importers of cheap oil and coal from Russia who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs.

A company court on Thursday admitted Bank of India Ltd's petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default of 4.96 billion rupees ($60.69 million), Reuters reported. The National Company Law Tribunal (NCLT), while pronouncing the order, also approved the appointment of Ravi Sethia as an Interim Resolution Professional, Future Lifestyle said in an exchange filing. Future Lifestyle is the flagship fashion business of the debt-laden Future Group.

Indian banks such as Bank of Baroda and IDBI Bank are among the financial creditors whom Go First, which filed for bankruptcy on Tuesday, owes Rs 6,521 crore, the Economic Times of India reported. According to the bankruptcy filing by Go First, banks such as Central Bank of India and Deutsche Bank are also among Go First's financial creditors. Central Bank of India's shares plunged over 5% in early trade on Wednesday, while Bank of Baroda, IDBI Bank and Axis Bank were down 2.5%, 1.1% and 1.9%, respectively.

Cash-strapped Indian airline Go First filed for bankruptcy proceedings on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet, Reuters reported. The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the fierce competition in a sector dominated by IndiGo and the entry of newer operators such as Akasa Air.

A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said. An e-mail sent to Hinduja Group for comment remained unanswered.

A dozen entities, including Silver Stallion of Mauritius, FPI Opportunities Fund of Singapore and listed companies C.E. Info Systems and 3i Infotech India, have shown interest in acquiring bankrupt defence-focused software developer Rolta India, said people aware of the development, the Economic Times of India reported. Other bidders to have submitted expressions of interest (EoIs) to the resolution professional Mamta Binani include Rashmi Metaliks, Rohstoffe International, Lloyds Metals and Energy, Varanium Cloud, and three individuals.

Zee Entertainment Enterprises Ltd. has started settlement talks with its creditors to repay debts and remove the last hurdle in completing a merger with the Sony Group that would create a $10 billion media giant, Bloomberg News reported. The Indian television network has offered IDBI Bank Ltd., one of the creditors that moved insolvency court, to repay a loan of about 1.49 billion rupees ($18.1 million) in tranches, the people said, asking not to be named as the information isn’t public. Zee’s founders are in separate discussions with Axis Bank Ltd.

The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company, the Economic Times of India reported. Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company.