Property developers across India’s big cities have been asked to ensure their laborers have enough to eat, even though construction may have halted under a government-imposed lockdown to fight the coronavirus outbreak, Bloomberg News reported. The Hiranandani Group has organized 15 days of food rations for more than 4,000 laborers across sites. Oberoi Realty Ltd. will continue to pay its staff, and Boman Irani, vice president at the Confederation of Real Estate Developers’ Associations of India, said large contracting companies, such as Larsen & Toubro Ltd.

Banks from Qatar, the United Arab Emirates and India risk losing millions of dollars due to their exposure to Finablr Plc, the foreign-exchange operator that’s preparing for potential insolvency, according to people with knowledge of the matter, Bloomberg News reported. Qatar National Bank, Doha Bank, National Bank of Fujairah, Commercial Bank International and Bank of Baroda are still owed about $300 million by Finablr’s parent BRS Ventures, which is owned by Bavaguthu Raghuram Shetty, some of the people said, asking not to be identified because the matter is private.

India’s top court ruled out a reassessment of $19 billion in past dues to be paid by telecom companies, a move that could send indebted carrier Vodafone Idea Ltd. into bankruptcy, Bloomberg News reported. A three-judge panel, headed by Justice Arun Mishra, said it will consider a proposal by Prime Minister Narendra Modi’s administration seeking a 20-year payment plan for dues worth 1.4 trillion rupees. The years-long case centers around the dispute between the government and mobile carriers over how license and spectrum fees are calculated.

In a bid to avoid frivolous applications under the IBC, one of the amendments to the insolvency law passed in Parliament on March 13 — the Insolvency and Bankruptcy Code (Amendment) Act, 2020 — put in place a minimum threshold for certain class of creditors to initiate insolvency proceedings, The Hindu Business Line reported.

The National Company Law Tribunal (NCLT) on Wednesday allowed 90 days' extension for the corporate insolvency resolution process of Jet Airways, Firstpost reported. Jet Airways' resolution professional had last week filed an application in NCLT seeking 90 days' extension for the insolvency process of the grounded airline after it failed to attract any bidder. The NCLT bench, comprising Bhaskara Pantula Mohan and Rajesh Sharma, granted the extension as the Committee of Creditors (CoC) voted for the same, with 70 percent votes in favour.

Vodafone's Indian joint venture was thrown a potential lifeline on Monday after the government proposed that telecoms groups should be given a period of 20 years to pay about $13bn in retrospective levies and penalties, the Financial Times reported. The application submitted to the Supreme Court comes after it ruled in October that telecoms companies must pay the historic fees within months, in a judgment that threatened the survival of Vodafone Idea and hit foreign investor confidence. It is unclear if the Supreme Court will accept the application when it next meets.

An investigation into Coffee Day Enterprises Ltd., initiated by its board after the death of founder V.G. Siddhartha, is likely to conclude that at least 20 billion rupees ($270 million) is missing from its accounts, according to people familiar with the matter. The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest coffee chain and its dealings with dozens of private companies owned by the entrepreneur, Bloomberg News reported.

With the Rajya Sabha giving its nod, Parliament today passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters, The Tribune reported. The Rajya Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2020, by a voice vote today, after it was approved by the Lok Sabha on March 6. The Bill will now replace an ordinance after it gets a presidential stamp.

Indian authorities’ takeover of one of the country’s largest private banks could wipe out more than $1bn in high-risk bonds, dealing a blow to the mutual funds that piled into the market and leaving other lenders struggling to raise money, the Financial Times reported. The Reserve Bank of India last week took over Yes Bank, a once high-flying private lender that experienced a sharp rise in bad loans, after the bank struggled to find investors to shore up its capital base.

India’s cash-strapped tycoons may need to ready more yard sales of their crown jewels as stock volatility and ongoing credit market uncertainty pressure their ability to pay loans. At issue is the loans that Indian business leaders often take against the backing of their main assets - stakes in their listed firms, Bloomberg News reported. The value of such pledged shares has shrunk as the coronavirus outbreak triggered a sell-off globally in risk assets and domestic credit troubles deepened, as evidenced by last week’s seizure of Yes Bank Ltd. by the central bank.