An Indian court tasked industrial safety officials on Tuesday with visiting carmakers in the southern state of Tamil Nadu to draw up uniform safety guidelines for workers during a second devastating wave of COVID-19 infections amid the pandemic, Reuters reported. Workers at the Indian unit of Renault-Nissan had asked the Madras High Court for operations to be halted, saying social distancing norms were being flouted and the risk to their lives outweighed the health benefits provided by the company.

Defunct Jet Airways, which is undergoing insolvency resolution for nearly two years, cannot claim "historicity" for slots at airports, and allocation of slots will be based on existing guidelines, according to an affidavit, the Times of India reported. The civil aviation ministry and aviation regulator DGCA have also informed the National Company Law Tribunal (NCLT) that for claiming historicity, the criteria cannot be based on contention that airline was in operation for 25 years.

The Committee of Creditors (CoC) of Aircel has approached the Indian Supreme Court (SC) to overrule the order of the National Company Law Appellate Tribunal (NCLAT) that restrict them from selling the spectrum before the overall dues of the company are cleared. Because of the order, Aircel might have to move towards liquidation, which will hurt all of its lenders who are trying to recover their money from the company, Telecom Talk reported.

Indian real estate developers on Tuesday demanded protection from insolvency proceedings for at least a year as the sector had been severely hit financially due to the pandemic, the Hindustan Times reported. They also wrote to the Centre and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) seeking more time to repay loans. “Section 7 of Indian Bankruptcy Code (IBC) allows a financial creditor to file for initiating the corporate insolvency resolution process against a corporate debtor.

The National Company Law Tribunal (NCLT), Hyderabad has dismissed a petition filed by a liquidator who was urging the tribunal to rope in the banks that lent huge monies to BS Limited company under liquidation as respondents to the case, the Times of India reported. The tribunal bench comprising Justices Madan B Gosavi and Binod Kumar Sinha passed this order after hearing the petition filed by the liquidator pertaining to BS Ltd.

Promoters, managing directors and chairmen, who stand as personal guarantors to corporate loans, can also be proceeded against before the company law tribunal if their firms are unable to repay debts, ruled the Indian Supreme Court on Friday as it declared “legal and valid” a November 15, 2019, notification issued by the Union government under the Insolvency and Bankruptcy Code (IBC), the Hindustan Times reported. “It is held that the impugned notification was issued within the power granted by Parliament, and in valid exercise of it.

India’s Oyo Hotels is looking to raise $600 million in debt to bolster its finances after a fresh coronavirus surge decimated travel demand and hurt the company’s recovery effort, Bloomberg News reported. The board of Oyo, or Oravel Stays Pvt as the parent company is officially called, approved a plan for an institutional term loan at meetings over Wednesday and Thursday. Oyo is one of the larger startups in Softbank Group Corp.’s portfolio and its headlong global expansion was backed and fostered by the investor’s billionaire founder, Masayoshi Son.

Suraksha Asset Reconstruction Company, one of the two bidders for Jaypee Infratech under the insolvency procedure, has called upon the troubled real estate developer’s creditors and insolvency resolution professional (IRP) to follow a “fair and unbiased process”, a day before they meet to consider the resolution proposals, the Economic Times reported.

The tribunal has also allowed the FHRAI to make its oral submissions on June 2, 2021. The total claims registered with Interim Resolution Professional (IRP) against OYO are to the tune of Rs 200 crore, it added, the Economic Times reported. Earlier on April 8, OYO had said that the NCLAT had ordered a stay on the formation of a committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL).

The Reserve Bank of India (RBI) has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid-19, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent, the Times of India reported. During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of non-performing assets (NPAs), government sources told TOI.