JSW Steel Ltd.’s $2.7 billion purchase of a bankrupt steel mill is facing a fresh hurdle after a former chairman of Bhushan Power & Steel Ltd. challenged the deal in the country’s top court, Bloomberg News reported. Sanjay Singal filed a petition on Monday against a ruling by a bankruptcy tribunal that had approved the deal earlier this month, according to the Supreme Court’s website. The petition hasn’t yet been allotted a date for a hearing. A JSW spokesman declined to comment.

U.S. satellite broadband provider Hughes Network Systems may have to shut its Indian operations due to unpaid levies owed to the government, which could put thousands of banking services at risk, a company letter seen by Reuters showed, Reuters reported. India’s Supreme Court late last year ordered a number of telecom companies, including Hughes and larger firms like Vodafone, to pay billions of dollars owed to the government. Hughes’ India unit provides services to defence, education and banking sectors in the country and told India’s telecoms minister in a letter dated Feb.

The National Company Law Appellate Tribunal (NCLAT) has dismissed the insolvency plea filed by IFCI against ACCIL Hospitality, a corporate guarantor of debt-ridden steel products maker Asian Colour Coated Ispat, Outlook reported. The tribunal observed that creditors of a debt-ridden company cannot file fresh insolvency plea against its corporate guarantor after collating the claims from principal borrowers as it would amount to "duplicity of claims being pressed".

India’s shadow banking crisis and revitalized bankruptcy process are creating new opportunities for Deutsche Bank AG as it steps up lending to cash-strapped tycoons and for purchases of distressed assets, Bloomberg News reported. The German lender is seeing three times the volume of financing deals compared with 2018, when the shadow banking problems erupted, according to Rahul Chawla, the head of global credit trading at Deutsche Bank’s India unit.

State Bank of India has agreed to proceed with a restructuring proposal by wind power firm Suzlon Energy Ltd., a senior banker familiar with the matter told BloombergQuint on the condition of anonymity, BloombergQuint reported. The decision was taken by the bank’s board after a series of meetings last week. Suzlon, which owes banks Rs 11,300 crore, had proposed to split its debt into a sustainable and an unsustainable part. The company sought to convert Rs 7,700 crore in debt into convertible debentures, which would be held in the investment books of banks.

UK steel magnate Sanjeev Gupta has completed the acquisition of a bankrupt Indian steelmaker after a long court battle, the first foray by his GFG Alliance into the country’s fast-growing market following previous failed attempts, the Financial Times reported.

Indian mutual funds are carving out their investments in troubled Vodafone Idea Ltd.’s debt into separate portfolios as they seek to limit any fallout from a possible default by the telecom carrier, Bloomberg News reported. UTI Mutual Fund and Nippon Life India Asset Management moved to ring-fence their holdings in Vodafone Idea’s debt on Monday after credit assessor Care Ratings Ltd. downgraded the carrier’s borrowings, statements from the companies show. Last month, Franklin Templeton Mutual Fund also segregated the company’s debt.

India’s top court rejected a plea by mobile carriers seeking more time to settle billions of dollars in back-fees, threatening to push Vodafone Group Plc’s beleaguered local venture to the brink weeks after it warned of a potential collapse, Bloomberg News reported. The Supreme Court’s three-judge panel, headed by Arun Mishra, said Friday that operators including Vodafone Idea Ltd. and Bharti Airtel Ltd. -- owing a total of $13 billion in dues for spectrum and licenses -- must deposit the dues by March 17. Shares of Vodafone Idea plunged.

Indian tycoon owners of bankrupt companies are being told their assets aren’t off limits, Bloomberg News reported. Weeks after India’s criminal enforcement bureau announced a second auction of the prized personal possessions of fugitive jeweler Nirav Modi including his favorite watch and his Rolls Royce Ghost, the U.K High Court recently asked Anil Ambani to deposit $100 million of his personal wealth to partially pay back debt due to a trio of Chinese banks. The rush to collect on the assets includes a swoop on Vijay Mallya’s French island mansion and yacht by Qatar National Bank.

New measures by New Delhi designed to encourage banks to boost lending and take more risks are unlikely to revive anaemic credit growth in Asia’s third-biggest economy, industry observers have warned, the Financial Times reported. The Reserve Bank of India on Thursday eased new lending for cars, residential housing and small businesses and introduced a $14bn facility that allows commercial lenders to borrow more cheaply from the central bank.