The government-backed National Asset Reconstruction Company Ltd (NARCL) won the bid for Srei group's two companies -- Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd -- undergoing insolvency proceedings, an official said, the Economic Times of India reported. The Committee of Creditors on Wednesday approved the plan submitted by NARCL, which offered a Net Present Value (NPV) bid of Rs 5,555 crore, after it received the highest vote of 89.2 per cent from verified creditors.

Adani Enterprises, the flagship listed vehicle of the beleaguered Adani Group conglomerate, has long pitched itself as a good environmental, social and governance company—but it has coal to thank for a reprieve during the most turbulent time in its history, WSJ Pro Bankruptcy reported. On Tuesday, Adani Enterprises swung to a profit of 8.2 billion Indian rupees ($99.3 million) in the quarter ended in December, from a loss of 116.3 million Indian rupees in the year-earlier period, helped by robust revenue growth of 42%.

China must stop taking positions that block debt relief to some of the world’s poorest nations and be willing to take losses on its loans to them, India said in its capacity as the current Group of 20 leader, Bloomberg News reported. “China needs to come out openly and say what their debt is and how to settle it,” said Amitabh Kant, the sherpa for India during its presidency of the G20 this year. “It can’t be that the International Monetary Fund takes a haircut and it goes to settle Chinese debt. How is that possible?

India's Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday, Reuters reported. The appointment marks the first major effort by Adani Group to defend itself in the wake of a Jan. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.

India's annual retail inflation in January rose above the central bank's upper threshold for the first time in three months, on higher food prices, vindicating last week's hawkish monetary policy stance, Reuters reported. India's annual retail inflation rate rose to 6.52% in January from 5.72% in December, government data showed on Monday. January's retail inflation was above the Reserve Bank of India's upper targeted limit of 6% for the first time since October and much higher than the 5.9% estimate, according to a Reuters poll of 44 analysts.

India's bankruptcy court has admitted McLeod Russel India, the world's largest tea producer, under the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The Kolkata bench of the National Company Law Tribunal (NCLT) has appointed Ritesh Prasad Adatiya as the interim resolution professional (IRP). This came on a plea by the IL&FS Infrastructure Debt Fund, after McLeod Russel defaulted on dues of over ₹347 crore in November 2019.

Shares of Vodafone Idea Ltd jumped nearly 25% on Monday after the Indian government allowed the carrier to convert the $2 billion interest on dues owed to the sovereign into equity, which could free up some cash flows in the near term, Reuters reported. India had in 2021 approved a bailout package for the debt-strapped telecom companies, allowing them to convert interest on deferred adjusted gross revenue owed to the government into equity.

The ports-to-energy conglomerate controlled by Indian billionaire Gautam Adani said its founders will prepay a $1.1 billion loan that was backed by shares of some of its companies, a move to shore up investor confidence after a rout in its stock prices over the past two weeks, the Wall Street Journal reported. The Adani Group said Monday that its so-called promoters—a term used to describe controlling shareholders—have posted amounts to pay off the loan ahead of its maturity in September 2024.

The National Company Law Tribunal, Chennai (NCLT) has approved the Resolution Plan of ASG Hospital for Vasan Health Care, the Times of India reported. This was the first case admitted in Chennai in April 2017 under the Insolvency and Bankruptcy Code. After a two year stay of the process by Madras High Court, the insolvency process was revived on October 3, 2019. The total resolution plan amount is Rs 526 crore. This includes Rs 400 crore for payment to all the stakeholders including creditors and Rs 126 crore towards working capital and capex infusion to revive the eye care hospital.

The flagship company of beleaguered Indian tycoon Gautam Adani pulled a record 200 billion-rupee ($2.4 billion) share sale after a selloff triggered by a US short seller’s report engulfed his group in turmoil, Bloomberg News reported. Adani Enterprises Ltd. decided not to go ahead with its follow-on public offer of shares, according to a statement late on Wednesday. India’s Mint newspaper reported earlier that Adani was considering withdrawing the share sale, even though it was fully subscribed with backing from prominent Indian and Gulf investors.