The committee of creditors of Vasan Health Care Pvt. Ltd and the resolution professional, S. Rajendran, have gone on appeal before the National Company Law Appellate Tribunal (NCLAT) against the order rejecting extension of time frame under the insolvency process, The Hindu reported. Last month, the National Company Law Tribunal (NCLT) said that the corporate insolvency resolution process for Vasan Health Care Pvt.

India’s largest conglomerate the Tata Group has submitted a financial bid for state-run Air India Ltd. as the government tries to sell the money-losing carrier after two failed attempts, Bloomberg News reported. The bid was entered Wednesday by Tata Sons Ltd., the group holding company, which controls Jaguar Land Rover and owns a majority stake in AirAsia India, according to a Tata spokesperson. The bid has boosted prospects for the sale after the government sweetened the deal by allowing suitors to decide how much of the carrier’s debt they want to take on.

Banks led by State Bank of India (SBI) have called on the Indian government to give debt-laden Vodafone Idea more time to clear its tax dues and spectrum fees, Reuters reported. An Indian court last year ordered the mobile carrier, a joint venture between the Indian unit of Britain’s Vodafone Group and Aditya Birla Group’s Idea Cellular, to pay just over $8 billion to the government to settle long-standing dues. Vodafone has a stake of about 44% in the company and Aditya Birla owns nearly 27%.

The new owners of Jet Airways have deferred the commencement of its operations for the fourth time in a year, even as the airline continues to be trapped in legal wrangles with lenders and employees, the Economic Times of India reported. Jet stopped operating in April 2019, burdened under piling losses, debt and dues. It was admitted for insolvency proceedings by the National Company Law Tribunal in June 2019.

The Indian Supreme Court on Monday said that 330 days deadline for resolution plan has to be strictly adhered to and NCLT and NCLAT must decide insolvency and bankruptcy matters keeping in mind the sanctity of the deadline provided by legislature. A SC bench headed, by Justice D Y Chandrachud, said that earlier bankruptcy code failed mainly because of long delays in litigation in judicial forums and promised that the present IBC will not be allowed to meet the same fate.

Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders, Bloomberg News reported. A two-judge panel of the Indian Supreme Court on Thursday upheld the 2017 arbitration award in favor of the Anil Ambani’s unit. The arbitration tribunal award is worth over 46.6 billion rupees ($632 million) including interest, according to Reliance Infrastructure’s annual report. Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders.

The pandemic and a shortage of members in the National Company Law Tribunal (NCLT) has slowed insolvency resolution by over 45% with cases taking nearly 593 days during the June quarter, latest data showed, the Times of India reported. As of March-end, it took 408 days from the insolvency commencement date to the approval of the resolution. A thrust of the law was to provide for a time-bound resolution — ideally within 180 days, which could be extended by another 90 days.

When Kumar Mangalam Birla, chairman of the $46 billion in revenue Aditya Birla Group, walked into Indian government offices in New Delhi last week with Vodafone Group CEO Nick Read in tow, they had only one mission: to salvage their joint venture Vodafone Idea from imminent financial collapse, Nikkei Asia reported. The meeting was called because Vodafone Idea, the mobile telecom company owned 27.6% by the Birla group and 44.3% by U.K.-listed Vodafone, will require a bailout package from the Indian government and lenders if it is to survive.

India’s Punjab National Bank on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago, Reuters reported. A consortium of London-based Kalrock Capital and a UAE-based businessman last year agreed to pump in 10 billion rupees as working capital and give funds to creditors of Jet, which was hit hard due to piling up debt in 2019.

French dairy giant Lactalis is in talks to buy Kwality Dairy (now Kwality) in a fire sale as the company’s creditors have failed to reach a timely agreement on its debt resolution, forcing the National Company Law Tribunal (NCLT) to send it to liquidation, the Economic Times of India reported. Talks between Lactalis and Kwality Dairy’s creditors have gathered steam over the past few weeks and could result in the former making a formal proposal for Kwality Dairy in the next 8-10 days. This could be Lactalis’s fourth acquisition in India, if the creditors agree to its proposal.