An expert panel has suggested designing a national dashboard for insolvency data, saying "reliable real-time data" is essential to assess the performance of the insolvency process under the IBC, the Economic Times of India reported. The Insolvency and Bankruptcy Code (IBC), which provides for a time-bound and market-linked resolution of stressed assets, has been in force for more than five years now.

Srei Infrastructure Finance on Wednesday said there may be a delay by the company and its subsidiary Srei Equipment Finance Ltd (SEFL) in submitting financial results for September quarter due to initiation of corporate insolvency resolution process against them, the Business Standard reported. Through an order on October 8, 2021, the National Company Law Tribunal (NCLT), Kolkata bench initiated corporate insolvency resolution process against Srei Infrastructure Finance Ltd (SIFL) and SEFL under the Insolvency and Bankruptcy Code, 2016.

India has cut the taxes paid by consumers on petrol and diesel after the surging cost of crude oil pushed fuel prices to record highs, BBC.com reported. The decision aims to ease price rises and "further spur the overall economic cycle", the government said. Global commodity prices have soared this year as economies around the world recover from the pandemic. However, the move is also expected to boost demand for fuel as countries try to curb fossil fuel consumption. India's excise duty on petrol has been reduced by 5 rupees (£0.049; $0.0671) per litre, and by 10 rupees on diesel.

Indian bonds may not sell off sharply even as the nation’s central bank unwinds stimulus measures because the monetary authority has been communicating its gradualist approach to participants, according to Reliance Nippon Life Insurance, Bloomberg News reported. “It’s a very transparent and calibrated approach the monetary policy committee is taking,” Jyoti Vaswani, chief investment officer at Reliance Nippon Life Insurance Ltd. said in an interview with Bloomberg TV.

India's central bank said on Monday that policy support is needed for longer for a sustained recovery in Asia's third largest economy from a coronavirus induced slowdown, even as demand has picked up, Reuters reported. Earlier this month, The Reserve Bank of India's (RBI) monetary policy committee kept interest rates steady at record lows and reiterated the need to unwind pandemic-era stimulus only gradually to aid the nascent economic recovery.

India’s central bank surprised markets by suspending its version of quantitative easing, signaling the start of tapering pandemic-era stimulus measures as an economic recovery takes hold, Bloomberg News reported. There’s no need for further bond-buying, Reserve Bank of India Governor Shaktikanta Das said in an online broadcast Friday, while stressing the step is not a reversal of its accommodative policy stance. The RBI will be ready to resume purchases if needed, he said. Bonds were mixed.

Tata Sons Pvt. was selected as the winning bidder for India’s flag carrier, ending decades of attempts to privatize a money-losing and debt-laden airline, and potentially ending years of taxpayer-bailouts that’s kept the company alive, Bloomberg News reported. Tata Sons, which originally launched Air India Ltd. with a namesake branding in 1932, bid 180 billion rupees ($2.4 billion) as an enterprise value for Air India, Tuhin Kanta Pandey, the top bureaucrat at India’s Department of Investment and Public Asset Management, said at a briefing Friday.

SREI Group promoters on Wednesday moved the Bombay High Court challenging Reserve Bank of India’s decision to supersede the board of two group companies, in preparation for sending them to bankruptcy courts, the Economic Times of India reported. Srei group promoters are seeking stay on any insolvency proceedings at group companies Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd, whose board the regulator sacked and appointed an administrator. The promoters are also seeking stay on the appointment of the administrator.

Tata Sons Pvt. is set to take over ailing Air India Ltd. again, more than half a century after the country’s biggest conglomerate ceded control to the state, ending the government’s hold over an airline that for decades defined the lofty ambitions of a newly-independent nation, Bloomberg News reported. A panel of ministers accepted a proposal from bureaucrats, who recommended the conglomerate’s bid ahead of an offer from entrepreneur Ajay Singh. An official announcement is expected in the coming days.

After strong observation by the National Company Law Tribunal (NCLT) and Parliamentary Standing Committee on Finance on deep haircuts in recent insolvency resolution cases and several other discrepancies on part of lenders, the Insolvency and Bankruptcy Board of India (IBBI) has approved the code of conduct for Committee of Creditors (COC)—one of the key stakeholders in the resolution ecosystem, Fortune India reported. The IBBI board, in its meeting held on last Friday, has approved the code of conduct for lenders, according to sources close to the development.