The Supreme Court on Friday approved a loan settlement offer given by Siva Industries promoters, while quashing a liquidation order passed by the National Company Law Tribunal (NCLT) and upheld by the appellate authority, the Economic Times of India reported. Siva group founder C Sivasankaran’s father, RCK Vallal, offered the settlement under Section 12A of the Insolvency and Bankruptcy Code, which enables lenders to seek NCLT approval to withdraw their petition for corporate insolvency resolution process (CIRP) provided 90% of them agree to the proposal.

The worst is still to come for the Indian rupee after its slide in May to a historic low, according to analysts and forward markets, Bloomberg News reported. The currency may drop to between 79 to 81 per dollar over the next few months, according to analysts from UBS AG to Nomura Holdings Inc. and Bloomberg Economics. Forwards are also pricing in a similar weakness for the rupee. The bearish forecasts -- which will see the rupee drop as much as 4% from current level -- stem from a deterioration in India’s external finances.

India's economic growth slipped to 4.1% year-on-year in January -March, data showed on Tuesday, dragged down by soaring prices that could make the central bank's task of taming inflation without hitting growth more difficult, Reuters reported. Gross domestic product grew 4.1% year-on-year in January-March quarter, the data showed, in line with 4% forecast by economists in a Reuters poll, and below 5.4% growth in Oct-December and growth of 8.4% in July-Sept. India also revised its annual GDP estimates for the fiscal year, predicting 8.7% growth, lower than its earlier estimate of 8.9%.

The Indian government is considering spending an additional 2 trillion rupees ($26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation, two government officials told Reuters. The new measures will be double the 1 trillion rupees hit government revenues could take from tax cuts on petrol and diesel the finance minister announced on Saturday, both the officials said.

Non-banking finance company Indiabulls Housing Finance Ltd NSE 0.93 % has approached the dedicated bankruptcy court on Friday a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The realty firm owes over Rs 798 crore to Indiabulls Housing Finance. This is the second such plea filed against the realty development company, which is also facing insolvency proceedings in a petition filed by SBICAP Trustee Company Ltd.

The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Birla Tyres Ltd. in a case filed by multi-business chemicals firm SRF Ltd., an operational creditor of the BK Birla group firm, The Hindu reported. A two-member Kolkata bench of the NCLT has also appointed Seikh Abdul Salam as Interim Resolution Professional (IRP) to run the operations of the company after suspending the board and also declared a moratorium as per the procedures of the Insolvency & Bankruptcy Board (IBC).

India’s central bank is intervening in all foreign-exchange markets and will continue to do so to protect the rupee that slid to a record low Monday, Bloomberg News reported. The Reserve Bank of India sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators. The RBI is seeking an orderly depreciation. The rupee dropped as much as 0.8% to an unprecedented 77.53 a dollar on Monday, as foreigners continue to pull money from Indian stocks.

Debt-ridden Future Group firm Future Enterprises Ltd expects to raise around Rs 3,000 crore from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, the Economic Times of India reported. Earlier on Thursday, Future Enterprises Ltd completed the sale of its 25 percent equity in Future Generali India Insurance Company Ltd to joint venture partner Generali for Rs 1,266.07 crore. After this transaction, FEL will directly and indirectly continue to hold 24.91 per cent shares in FGIICL.

India's central bank is expected to frontload more aggressive interest rate hikes in its effort to tame high inflation, at least until its repo rate hits its pre-COVID level of 5.15%, economists said after a long-anticipated rate hike on Wednesday, Reuters reported. Most economists are now forecasting a cumulative 125-150 basis points of rate hikes over the next 12 months, compared with about 50 basis points expected three months ago, on the grounds that inflation could remain around 7% for at least three months more due to soaring global energy, food, and manufacturing prices.

The National Company Law Tribunal (NCLT) Mumbai has been approached by Bank of India in the case regarding Future Retail Limited as they want to initiate the Corporate Insolvency Resolution Process (CIRP), India Legal reported. The bench of Justice P.N. Deshmukh and technical member S.B. Vohra have issued notice to Future Retail. They have given the company time to file their response.