State Bank of India (SBI) has filed an insolvency petition against Kolkata-based engineering, procurement and construction (EPC) company Simplex Infrastructures in the National Company Law Tribunal (NCLT) for recovery of its dues after attempts to restructure its loans did not succeed, the Economic Times of India reported. The company owes lenders led by Punjab National Bank (PNB) a total of ₹9,600 crore and is one of the largest accounts to be taken to the bankruptcy courts in recent times. The NCLT is likely to hear the petition later this month.

Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31, Reuters reported. The Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken for Ambuja acquisition financing, it said in a statement on Sunday, adding that the payment comes in continuation of promoters' commitment to repay the leverage.

The National Company Law Tribunal (NCLT) is scheduled to pass its judgement on Tuesday on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd through the insolvency process, the Economic Times of India reported. In late November last year, the NCLT reserved its order on Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers.

The Mumbai bench of the National Company Law Tribunal has admitted an insolvency petition against N Kumar Housing and Infrastructure Limited which was a corporate guarantor for Poonam Resorts Limited which has defaulted on a loan amounting to over Rs 60 crore, the Economic Times of India reported. Details of the insolvency petition show that the company which is the principal borrower and the one that stood as corporate guarantor had the same director — N Kumar. he petition was filed by the erstwhile Allahabad Bank, now merged into Indian Bank, for non-payment of over Rs 60 crore.

The National Company Law Tribunal (NCLT) has admitted Mumbai-based KLT Group's subsidiary, Colour Roof India (CRIL), under the corporate insolvency resolution process and appointed Hemant Kumar Shah as the insolvency resolution professional, the Economic Times of India reported. The company is involved in design, development and supply of roof and wall cladding sheets. The NCLT's Mumbai bench admitted the company in an application filed by Phoenix ARC, which had approached the tribunal after the company allegedly failed to repay its dues of over ₹166 crore.

The National Company Law Appellate Tribunal or NCLAT on Friday stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL), the Economic Times of India reported. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On Wednesday, NCLT had admitted a insolvency plea against ZEEL by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter.

India’s banks and bondholders stand to recover less in insolvency resolutions under a proposed change in law that would apportion more to junior creditors, such as unpaid vendors and the government, according to restructuring and insolvency professionals, Bloomberg News reported. The Indian government seeks to achieve an “equitable scheme of distribution of proceeds,” it said in a discussion paper issued in January that recommends other significant changes to the Insolvency and Bankruptcy Code.

Shares of Zee Entertainment tumbled over 14% to Rs 176.6 in Thursday's trade on BSE after a dedicated bankruptcy court admitted two of Essel Group’s listed companies, Zee Entertainment Enterprises (ZEEL) and Siti Network, for insolvency proceedings, likely creating hurdles in ZEEL’s merger with Culver Max Entertainment (Sony), the Economic Times of India reported. On a year-to-date basis, ZEEL stock has fallen over 23%. Meanwhile, it has declined by 28% in the last six months.

Authum Investment and Infrastructure has filed a petition in the Kolkata National Company Law Tribunal (NCLT) seeking revaluation of the appraisal matrix that gave the winning bidder National Asset Reconstruction Co (NARCL) a higher score in the bid for the twin Srei companies, the Economic Times of India reported. The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.