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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Yes Bank has moved the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process (CIRP) against Digital Ventures Pvt. Ltd, a wholly-owned unit of Zee Learn Ltd, LiveMint.com reported. The private lender has filed the petition under Section 7 of the Insolvency and Bankruptcy Code, which allows a financial creditor to file an application for initiating the process. The NCLT has issued a notice to Digital Ventures.
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Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. 1 private airline’s return to the skies, according to people familiar with the matter and email communications seen by Bloomberg News. The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter.
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India has decided to extend the deadline on capping the share of digital payment transactions by about two years to Dec. 31, 2024, the National Payments Corporation of India (NPCI) said on Friday, Reuters reported. The NPCI had said in late 2020 that payment firms will not be allowed to process more than 30% of the total volume of transactions on UPI from Jan 1. The move comes as a breather to companies like Walmart Inc's PhonePe and Alphabet Inc's Google, which are among the leading digital money transfer apps in the country.
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India’s central bank will launch its first pilot of a digital rupee for individual users Thursday, putting it ahead of many major economies in the journey toward a sovereign virtual currency, the Wall Street Journal reported. The Reserve Bank of India has said a digital rupee could provide Indians a safe alternative to risky private digital currencies. Central banks globally have been exploring the possibility of issuing a central bank digital currency, or CBDC, as cryptocurrencies have gained favor with the public.
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