Indian airline Go First has received two financial bids as part of its bankruptcy process, two bankers who attended a meeting of the airline's creditors said on Saturday, the Hindustan Times reported. Managing director of Spicejet Ajay Singh, along with Busy Bee Airways, jointly submitted a bid of 16 billion rupees ($193.10 million) for the airline. Another financial bid was submitted by Sharjah-based Sky One Airways, but its amount wasn't disclosed.

The bankruptcy court in Mumbai is likely to pronounce its ruling on Tuesday in an application filed by the administrator of Reliance Capital Ltd to approve the company’s acquisition by IndusInd International Holdings Ltd through the insolvency resolution process, the Economic Times of India reported. The division bench of Justice Virendra Singh Bisht and a technical member Prabhat Kumar is expected to pronounce its ruling on the approval plan of the Hinduja group-owned IndusInd International Holdings.

Indian central bank officials rejected the International Monetary Fund’s view that government debt could exceed the size of the economy, predicting a more rapid easing in the debt ratio than the Washington, D.C.-based lender estimates, Bloomberg News reported. General government debt — which is the combined borrowing of the central government and the states — can be reduced to 73.4% of gross domestic product by 2030-31, nearly 5 percentage points below the IMF’s projected trajectory of 78.2% for the period, central bank officials led by Deputy Governor Michael Patra wrote in a paper.

Lenders to large stressed firms, with a default of at least ₹ 1,000 crore each, have taken smaller haircuts under the Insolvency and Bankruptcy Code (IBC) than those with exposure to smaller firms, showed the data sourced from the bankruptcy regulator, the Economic Times of India reported. Creditors recovered 32.9% of their admitted claims from 138 large stressed firms until December 2023 since the IBC came into being in late 2016, as per the Insolvency and Bankruptcy Board of India data.

India’s market regulator has found a hole of more than $240 million in the accounts of Zee Entertainment Enterprises Ltd., dealing another blow to the embattled media firm less than a month after its merger with Sony Group Corp’s local unit collapsed, Bloomberg News reported. As part of its investigation into the Zee founders, the Securities and Exchange Board of India, or Sebi, found that about 20 billion rupees ($241 million) may have been diverted from the company. That’s roughly ten times of what was initially estimated by Sebi investigators.

The National Company Law Tribunal (NCLT) at Kolkata on Tuesday, February 20, allowed insolvency proceedings against a 104-year-old company for failure to clear dues of over Rs 4 crore, according to a report on barandbench.com. The case involves the Ahmedabad-based private construction firm Chevrox Construction Pvt. Ltd against state-owned Bridge and Roof Co (India) Ltd. Bridge and Roof is a public sector enterprise (PSU) under the Union Ministry of Petroleum and Natural Gas and comes under the administrative control of the Ministry of Heavy Industries.

The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First, Zee Business reported. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP). Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.

The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the National Company Law Tribunal (NCLT) seeking an appropriate direction for the smooth and effective implementation of the resolution plan that was approved in March 2023, the Hindustan Times reported. “…IMC has filed an application with Hon’ble NCLT, Principal Bench, New Delhi seeking appropriate directions affecting the smooth and effective implementation of Resolution Plan approved vide order dated 07.03.2023,” the company said in a regulatory filing.

Visa said on Wednesday that the Reserve Bank of India, which is also the country's financial market regulator, had directed it last week to halt all domestic transactions for business payment solution providers (BPSPs), Reuters reported. BPSPs facilitate business-to-business card payments made to non-card-accepting vendors or suppliers. The RBI's directive will not impact all commercial card payments but only those intermediated by BPSPs. Visa, the world's largest payments processor, did not say why the RBI has issued the directive.

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Sporta Technologies, which owns India’s largest fantasy sports platform Dream11, under the corporate insolvency resolution process (CIRP) on an application filed by the resolution professional of Reward Solutions, the Economic Times of India reported. The tribunal appointed Madan Bajrang Lal Vaishnawa as the interim resolution professional to conduct the insolvency resolution process.