With total exposure of Rs 13,483 crore in insolvent Reliance Infratel, China Development Bank, Export-Import Bank of China, and SC Lowy Asset Management have appealed to the Indian government to speed up the company’s debt resolution procedure, which began in May 2018, Inventiva reported. The lenders voiced their worry in a letter to the Indian finance minister and the Insolvency and Bankruptcy Board of India (IBBI) that despite the strict time frames set forth under the Insolvency and Bankruptcy Code, Reliance Infratel’s debt resolution is still far from complete.

The government has invited bids from firms for valuing the assets of privatization-bound RINL or Vizag Steel, msn.com reported. The Cabinet Committee of Economic Affairs (CCEA) on Jan. 27 gave “in-principle” approval for 100 percent disinvestment of government stake in Rashtriya Ispat Nigam Limited (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL's stake in its subsidiaries/joint ventures.

The leader of the Opposition in the West Bengal Assembly, Suvendu Adhikari of the BJP, on Tuesday accused the Trinamool Congress government of mismanagement of the state’s finances and claimed that it is heading toward bankruptcy, The Print reported. Terming the budget as a “bluff,” Adhikari said the TMC was keen to attack the BJP leadership over fuel prices but the state has not slashed the cess it has imposed on petrol and diesel. Several states have reduced fuel prices in that way, he said in the West Bengal Assembly.

Four financial institutions, including two Chinese banks, have written to finance minister Nirmala Sitharaman and the Insolvency and Bankruptcy Board of India (IBBI) seeking their intervention to speed up the resolution process of Reliance Infratel (RITL), the tower arm of Reliance Communications, the Financial Express reported. China Development Bank, Export Import Bank of China, Shubh Holdings Pte and SC Lowy Asset Management are the signatories to the letter.