Lenders to Reliance Capital (RCap) received 14 resolution plans on Monday as part of the Anil Ambani-founded holding company's insolvency proceedings. A Piramal Group-led consortium, Oaktree Capital, Torrent Investments, IndusInd International and Cosmea Financial Services are among bidders who have either offered to acquire the entire company or submitted plans for select clusters, the Economic Times of India reported. Advent International and Zurich Insurance have bid for 100% stake in Reliance General Insurance (RGI), the people said.

Union Bank of India (UBI), the second largest creditor to KSK Mahanadi Power, has put its ₹2,077 crore outstanding loan to the company on the block, according to an auction notice seen by the Economic Times of India. Other lenders including State Bank of India, Punjab National Bank, Bank of Baroda (BoB) and Axis Bank have already sold their debt in the company that owns a 3,600-mw power plant and has been under a prolonged insolvency process. UBI has set a reserve price of ₹919 crore in cash for its exposure.

Debt-ridden Future Enterprises is now facing a second insolvency plea filed by an operational creditor before National Company Law Tribunal, the Economic Times of India reported. The latest petition was filed by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the NCLT. "The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore," Future Enterprises said in a filing.

Financial creditors to Future Retail have put in claims for Rs 21,058 crore, while operational creditors have sought another Rs 265 crore. Besides these, there are employee dues of Rs 9.8 crore and Rs 1.1 crore claims from other creditors, the Financial Times of India reported. Bank of India had initiated bankruptcy proceedings against Future Retail following the company's failure to repay creditors after lenders rejected a restructuring proposal where Reliance Group would take over the retail giant.

Bengaluru, India-based ShopX has decided to ‘wind down its operations’ and has filed an application for insolvency and bankruptcy under Section 10 of the Insolvency and Bankruptcy (IBC) code, 2016, the company said in a Ministry of Corporate (MCA) filing, VCCircle.com reported. The Nandan Nilekani-backed startup said that it defaulted on repayment of interest on loans due to the insufficiency of funds. The company said it took multiple loans from its investors including Nilekani and its Singapore-based backer Fung Investment, without sharing details about the figures.

An apex court order giving the National Company Law Tribunal (NCLT) discretion over admission of insolvency cases even when default is proven has shaken bankers and lawyers, the Economic Times of India reported. They said that the ruling could deflate an already delayed process under the Insolvency and Bankruptcy Code (IBC) and will most likely be used by unscrupulous promoters to argue against the admission of cases, potentially denting the potency of the dedicated recovery mechanism.

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd, the Economic Times of India reported. SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.

The Supreme Court has set aside the ruling of the National Company Law Appellate Tribunal (NCLAT) rejecting Asset Reconstruction Co (India) Ltd’s claim in Tulip Star Hotels’ insolvency case, the Economic Times of India reported. The appellate tribunal had accepted the hotel operator’s claim that the ARC filed its case against the company under the Insolvency and Bankruptcy Code (IBC) after the limitation period of three years from the date of declaring the asset as non-performing.

India’s anti-money laundering agency has frozen assets worth $46.4 million from the local entity of Vauld for facilitating “crime-derived” proceeds from predatory lending firms in the latest headache for the crypto exchange that filed for protection from creditors last month, TechCrunch reported.

The National Company Law Tribunal (NCLT) has admitted Mumbai-based Topworth Urja & Metals under the Corporate Insolvency Resolution Process (CIRP) and appointed Alok Kailash Saksena as an interim resolution professional for the company, the Economic Times of India reported. State-owned lender Bank of Baroda had approached the bankruptcy court in 2018 against Abhay Lodha- promoted Topworth Urja & Metals after it defaulted on its dues of about ₹ 218 crore. "The application made by the financial creditor is complete in all respects as required by law.