The Mumbai Bench of the National Company Law Tribunal has directed the Department of Telecommunications not to cancel or terminate the telecom license and spectrum granted to Aircel Ltd, Bloomberg Quint reported. Aircel, which had telecom license and spectrum in nine telecom circles, is undergoing insolvency resolution process. It had filed a voluntary insolvency petition in March 2018 citing operational difficulties and owes around Rs 27,000 crore to its creditors and vendors.

The Supreme Court ruling in Essar Steel matter is a "watershed moment" for the insolvency jurisprudence and takes away excuses of parties to halt resolution process midway, according to IBBI Chairperson M S Sahoo, Business Standard reported. The Insolvency and Bankruptcy Code, 2016 envisages closure of a corporate insolvency resolution process (CIRP) in a time-bound manner.

The government plans to amend the Insolvency and Bankruptcy Code (IBC) to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters, Firstpost reported. This will help make the insolvency process more attractive for the bidders and instill confidence in them, sources said. This will help make the insolvency process more attractive for the bidders and instill confidence in them, sources said.

India’s Prime Minister Narendra Modi is putting the flagging economy back on center stage after announcing the biggest privatization drive in more than a decade and making renewed attempts to ring fence the crisis-ridden shadow banking sector, Bloomberg News reported. The country is in the midst of a deepening slowdown amid waning consumption -- the bedrock of the $2.7 trillion economy.

Blackstone Group Inc.’s Indian subprime mortgage lender plans to exit its small builder financing business at a time when pain from the nation’s credit crunch abounds, with another victim claimed this week, Bloomberg News reported. “We are in process of phasing out this small builder loan portfolio to keep the company 100% retail focused as per mandate from new owners,” said Deo Shankar Tripathi, 66, chief executive officer of Aadhar Housing Finance Ltd., in an interview.

India’s bankruptcy-resolution process has just begun to find its feet with recent precedent-setting court rulings, but bankers, lawyers and insolvency experts say the system is about to face a huge test, Reuters reported. The non-bank financing giant Dewan Housing Finance Corp Ltd (DHFL) will go into insolvency proceedings, the central bank said on Wednesday, making it the first financial institution to test the new laws.

India’s publicly listed firms must disclose any failure to repay loans within 24 hours in cases where 30 days have passed since the default, its securities regulator said on Wednesday, tightening rules at a time when bond defaults have soared, Reuters reported. The decision was aimed at addressing any gaps in the availability of information to investors surrounding corporate defaults, the Securities and Exchange Board of India (SEBI) said in a statement.

India’s central bank has found that Yes Bank under-reported bad loans in the most recent financial year by Rs32.8bn ($457m), renewing scrutiny of the lender’s finances as it seeks to raise capital from global investors, the Financial Times reported. Yes Bank reported late on Monday that the Reserve Bank of India had uncovered the discrepancy in its accounts. That brought the total amount of non-performing assets at the bank to Rs111.6bn as of March 31, the end of India’s financial year.

India’s central bank on Wednesday said it will begin bankruptcy proceedings against Dewan Housing Finance Corporation Ltd (DHFL), a move that puts the country’s ailing shadow banking sector back in the spotlight. DHFL’s owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors, Reuters reported. The central bank’s move on DHFL comes after a string of defaults by rival IL&FS last year, which triggered fears about contagion in the financial sector and forced the government to take over the lender.

India’s state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country’s finance minister said on Tuesday, as the government struggles to help banks recoup losses, Reuters reported. State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth 25 billion rupees had just taken place, Nirmala Sitharaman told the upper house of parliament. “Government has taken comprehensive measures to curb the incidence of fraud in banks,” the minister said.