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.

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.

The bankruptcy court has admitted BSE-listed Bil Energy Systems Ltd under the corporate insolvency resolution process (CIRP) and has appointed Anuj Bajpai as its interim resolution professional, the Economic Times of India reported.

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.

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.

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.

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.

Out-of-court settlements in cases of loan default are gaining traction among both creditors and debtors as parties are looking for ways to avoid initiation of Insolvency and Bankruptcy Code (IBC), the Economic Times of India reported. According to the Insolvency and Bankruptcy Board of India (IBBI), 23,417 applications for initiation of the Corporate Insolvency Resolution Process (CIRP), having underlying default of ₹7.31 lakh crore, were resolved even before their admission, as on September 31.

India’s gross domestic product grew 6.3% from July to September as global pressures on prices and supply chains, along with economic downturns in the U.S. and European Union, slowed its economic recovery, the Wall Street Journal reported. In April to June, the economy grew 13.5% from a year earlier, benefiting from the easing of covid restrictions, and from a comparison to a quarter in which India’s economy was hit hard by a fierce wave of the illness.

The bankruptcy court has allowed the State Bank of India's petition seeking to initiate insolvency proceedings against Kolkata-based steelmaker Reform Ferro Cast and appointed Arun Kumar Gupta as its interim resolution professional, the Economic Times of India reported. State-owned lender SBI had approached the Kolkata bench of the National Company Law Tribunal (NCLT) against the steelmaker after it defaulted on its dues of about ₹267 crore.