Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24, the Economic Times of India reported. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

Embattled businessman Vijay Mallya, who is based in Britain for over five years, is pursuing appeals in the UK courts in an attempt to overturn a bankruptcy order imposed on him by the High Court in London in July last year, the Economic Times of India reported. At a case management hearing at the Chancery Division of the High Court in London on Monday, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together.

The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist, but his report has not been taken up, the Economic Times of India reported.

The Insolvency Law Committee has recommended against giving any special dispensation to the Securities and Exchange Board of India (Sebi) from the moratorium clause under the Insolvency and Bankruptcy Code (IBC), the Economic Times of India reported. According to the rules, once a company is admitted into insolvency under the code, a blanket moratorium kicks in barring regulators from initiating any fresh proceedings against the company.

A bankruptcy court in Mumbai has admitted property developer Nirmal Lifestyle Kalyan Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) following a plea filed by Srei Equipment Finance Ltd., the Economic Times of India reported. Kolkata-based Srei Equipment Finance Ltd had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after Nirmal Lifestyle Kalyan, an affiliate of Mumbai-based Nirmal Lifestyle Ltd, defaulted on its dues worth around Rs 84 crore.

The Noida authority on Monday said that it has written to the Centre and Uttar Pradesh government, seeking revision in the provisions of the Insolvency and Bankruptcy Code (IBC) 2016, the Hindustan Times reported. The authority has asked to be included in the category of financial creditors for easier recovery of dues from defaulting realtors facing corporate insolvency resolution process (CIRP) at the National Company Law Tribunal (NCLT). “We have written to the Uttar Pradesh and central government seeking revision in the provisions of IBC-2016.

The bankruptcy court has allowed a petition filed by an operational creditor of Bombay Rayon Fashions Ltd (BRFL) to admit the company for the corporate insolvency resolution process (CIRP) and appointed Santanu T Ray of AAA Insolvency Professionals as its resolution professional, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the plea filed by Vikash Parasprampuria of Chiranjilal Yarn Traders against the textile maker.

Consumer cutbacks due to raging inflation and higher borrowing costs are failing to dent investment plans at Indian businesses tapping the country’s biggest lender, a sign that a recovery in Asia’s third-largest economy is gathering pace, Bloomberg News reported. Companies are steadily drawing down from a $71 billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, told Bloomberg News in an interview at his Mumbai office.

The bankruptcy court has ordered personal insolvency proceedings against Sanjay Chhabria, promoter of property company Radius Group, the Economic Times of India reported. This is the first high-profile case to be admitted for personal insolvency since higher courts stayed earlier petitions, while a tribunal verdict is also pending in another case. The Mumbai bench of the National Company Law Tribunal (NCLT) passed the order on a petition filed by Beacon Trusteeship. Two Radius Group companies are already into NCLT.

The National Company Law Tribunal (NCLT) has dismissed the petition of Wave Mega City Center (WMCC) Private Limited that had approached the tribunal under section 10 of the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The tribunal had completed the argument and reserved the order on October 26, 2021. “The tribunal has just pronounced the order. We evaluate the order and will approach the appropriate court for the next course of action.