The Mumbai bench of the National Company Law Tribunal (NCLT) allows the withdrawal of the corporate insolvency resolution process (CIRP) against Syska LED Lights Pvt Ltd, the Economic Times of India reported. Earlier, the tribunal had admitted the company under the insolvency resolution process and had appointed Ravi Prakash Ganti as the interim resolution professional for the company. Syska LED Lights is part of the Pune-based SSK Group, an exclusive distributor of Samsung mobiles, accessories and tables for five states in Western India.

National Company Law Tribunal yesterday noted that it would take a call on the fate of engine lessors for beleaguered airline Go First after studying the Delhi High Court order, the Economic Times of India reported. The Delhi HC, last month, had allowed aircraft lessors to retake possession of its aircraft telling the civil aviation regulator Director General of Civil Aviation to de-register the 54 aircraft.

The National Company Law Tribunal (NCLT) has admitted an insolvency resolution application against Indira Container Terminal Pvt Ltd and has appointed Dinesh Kumar Aggarwal as interim resolution professional of the company, the Economic Times of India reported. Mumbai-based Indira Container Terminal (ICTPL) is a joint venture between listed infra firm AJR Infra And Tolling Ltd (erstwhile Gammon Infrastructure Projects Ltd) and Spanish port operation and logistic behemoth Noatum Ports Sociedad Limitada (formerly Dragados SPL).

Promoters of distressed engineering, procurement and construction (EPC) company Gayatri Projects (GPL) made a nearly ₹750 crore offer to creditors seeking to settle dues worth ₹9,115 crore after banks filed for the company's liquidation, the Economic Times of India reported. However, a successful outcome is far from easy as any settlement with promoters under Section 12A of Insolvency and Bankruptcy Code (IBC) needs approval from 90% of lenders.

Binance, the world's largest cryptocurrency exchange, has registered with India's Financial Intelligence Unit (FIU), a senior FIU official said on Friday, as the exchange seeks to resume operations in the country, Reuters reported. The exchange was barred from operating in India in December for non-compliance with local regulations as part of the financial watchdog's crackdown on offshore crypto exchanges that were operating in the country without registration.

Cerberus Capital Management LP plans to expand its private credit portfolio in India as local non-bank finance lenders shift their focus from corporate lending to consumer credit, Bloomberg News reported. There is a “significant opportunity set for private credit lenders, both local and international, to pick up a portion of this space,” Indranil Ghosh, managing director and head of pan-Asia special situations, said in an interview. India is fast emerging as a big market for private credit activity, as global firms deploy billions, lured by the fastest-growing major economy.

IndusInd International Holdings (IIHL) has set its sights on a new Rs 4.2 lakh crore target that it plans to fulfil by 2030, the Economic Times of India reported. Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion (Rs 4.2 lakh crore) by 2030. This is including its investment in IndusInd Bank, apart from the new businesses under Reliance Capital, which IIHL won in insolvency proceedings.

The National Company Law Tribunal (NCLT) approved Shree Naman Developers' acquisition of real estate developer Radius Infra Holdings with a resolution plan that will help settle 81% of secured financial debt of the company, the Economic Times of India reported. The financially distressed Radius Infra Holdings was admitted into the corporate insolvency resolution process (CIRP) in May 2022. The defunct builder had admitted liabilities of about ₹1,050 crore, while the successful resolution applicant agreed to pay ₹180 crore to acquire the company.

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.