Boeing’s 737 MAX jetliner is set to fly again in India after two-and-a-half years, with SpiceJet NSE 1.51% planning to resume operations of the aircraft from October 5, The Economic Times reported. The no-frills airline’s pilots are currently being retrained on these planes, which were banned for flying by several countries, including India, in 2019 following two crashes blamed on computer glitches. Regulators have now started allowing resumption of operations with the narrow-body aircraft.

DS Kulkarni Developers Ltd. owners are accused of cheating more than 30,000 investors of more than ₹2,000 crore, the Hindustan Times reported. The case is being investigated by the economic offences wing (EOW) of the Pune police. Pune Investors in the DS Kulkarni group of companies have demanded that the Enforcement Directorate (ED) investigate alleged payments made by DSK firms to various money lenders and brokers. A consortium comprised of Ashdan Properties, Classic Promoters and Builders and Atul Builders will take over the debt-ridden group through the insolvency process.

If the Insolvency and Bankruptcy Board of India (IBBI) finds evidence of criminal irregularities, it will approach the special courts, set up under the provisions of the Companies Act, 2013, to punish the guilty, the Financial Express reported. Amid clamour for a greater scrutiny of the conduct of lenders, the IBBI is set to oversee complaints against members of the committee of creditors (CoC) if they fail to comply with a proposed code of conduct while resolving toxic assets.

India is planning new measures to clarify a landmark corporate bankruptcy law that was meant to bring the nation's largest corporate borrowers to heel, amid complaints it has become a “mockery of justice,” Nikkei Asia reported. The law giving more power to creditors was one of the Modi government’s signature reforms, but five years after it went into effect, banks are still taking big losses in bankruptcies, and the debt-resolution process has been plagued by delays and legal uncertainty.

With businessman B.R. Shetty’s group having gone financially bankrupt, the State government on Thursday informed the Legislative Assembly that many dialysis centres in government hospitals across the State have become dysfunctional and efforts will be made to restore them in a month, The Hindu reported. In a reply to D.S. Suresh (BJP), Minister for Health and Family Welfare, K. Sudhakar said the previous government had outsourced services to B.R.

Debt-stricken mobile carrier Vodafone Idea is looking at funding deals with potential investors after receiving a relief package from the Indian government, Capacity Media reported. The telecoms operator has a net debt of US$25.86 billion (1.91 trillion rupees), including government dues of 1.68 trillion rupees. The chairman of the company, Kumar Mangalam Birla, had previously offered to transfer the group’s entire shareholding to the government to help stave off collapse. Last week, the Indian government approved a relief package for the country's struggling telecoms sector.

There have been many heated debates of late about the 90% or higher haircuts that lenders have taken in several high-profile bankruptcy resolutions, the New Indian Express reported. Erstwhile promoters, resolution professionals and even the committee of creditors have all been blamed by turns for the state of affairs. Opinion writers have written angry columns, and TV channels have carried heated panel discussions.

Amazon has begun an investigation into allegations of corruption by its legal representatives in India and has placed a senior member of the team on leave, The Morning Context reported. The company later issued a statement, saying it does not tolerate corruption and will investigate all such allegations fully. The statement came in response to a report by The Morning Context, which said, citing three sources, that Amazon has begun an internal investigation into allegations that its legal representatives in India used legal fees paid by the company to pay bribes.

In a rare plea, the chief judge at India’s bankruptcy appeals court petitioned the Supreme Court to let him work for three more days even after his term was cut short by the federal government, Bloomberg News reported. A.I.S. Cheema seeks three more days to enable him to give five verdicts and then retire, his lawyer told the Supreme Court Thursday. Cheema was, until last week, the acting chairman of the National Company Law Appellate Tribunal due to retire Sept. 20, before the government abruptly named his replacement and cut short his term.

In yet another setback for Vedanta's plans to acquire debt-ridden Videocon Industries, lenders which had agreed to Twin Star Technologies' (TST) resolution plan want to reconsider it, citing up to 95% haircuts, Times Now News reported. National Company Law Appellate Tribunal (NCLAT) has sought a reply from Vedanta's subsidiary TST on a request by a Bank of Maharashtra-led Committee of Creditors (CoC), which wants a fresh round of bidding for the resolution plan. NCLAT will consider CoC's request alleging low payout on Sept. 27 as TST sought time to reply.