India

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against buying any properties in a total 314 projects registered with the authority that are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016, the Economic Times of India reported. Various banks, financial institutions, and other entities extending line of credit to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these companies.

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Syska LED Lights, admitting the plea filed by its operational creditor -- Sunstar Industries, the Economic Times of India reported. Syska LED Lights, part of Pune-based SSK Group, operates in segments such as LED lights, personal care appliances, mobile accessories, home appliances, and smart watches.

A software company controlled by Indian entrepreneur Byju Raveendran drained cash from U.S. affiliates in violation of US bankruptcy rules, according to a lawsuit filed Tuesday in federal court in Delaware, Bloomberg News reported. Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in court papers. The trustee, bankruptcy attorney Claudia Springer, sued to get back nearly $700,000 that was moved from entities under her control.

India’s central bank kept its benchmark rate unchanged, staying focused on inflation amid geopolitical tensions, but shifted its policy stance in a potential sign that the door to rate cuts is open, the Wall Street Journal reported. The Reserve Bank of India’s monetary-policy committee voted five to one to maintain the policy repo rate at 6.50%, Gov. Shaktikanta Das said Wednesday. The committee also decided unanimously to change the policy stance to neutral from a “withdrawal of accommodation,” he added.

The Bombay High Court on Friday directed the Slum Rehabilitation Authority (SRA) to release the transit rent of a cancer patient who vacated his premises in 2013, but had not been paid the transit rent for the last seven years as insolvency proceedings were initiated against the builder, Darshan Developer, the Free Press Journal reported.

The National Company Law Tribunal (NCLT) requires more manpower to expedite the handling of bankruptcy cases and help in the faster resolutions of stressed assets, its president Ramalingam Sudhakar said on Tuesday, the Economic Times of India reported. “Give me the number, I will give you the results,” Sudhakar said at a function to mark the eighth foundation day of the Insolvency and Bankruptcy Board of India (IBBI) here. The head of the adjudicating authority was responding to concerns about delay in the admission and clearances of insolvency cases.

India’s securities regulator introduced a slew of steps to limit equity derivatives trading, attempting to shield retail investors whose appetite for the products fueled their rise in the nation, Bloomberg News reported. The measures from the Securities and Exchange Board of India erect hurdles for short-term speculative bets, such as limiting index option contracts with weekly expiries, according to the details on its website released Tuesday.

The Insolvency Appellate Tribunal (NCLAT) has given additional time to Supertech Township Projects, a real estate firm in financial trouble, to circulate a settlement proposal to its lenders and homebuyers, the Economic Times of India reported. Ram Kishore Arora, the suspended director of the firm, now has two more weeks to complete and share the proposal. NCLAT suggested that Supertech should also publish the settlement proposal on its website to ensure all concerned stakeholders can access it.

Housing Development & Infrastructure Ltd’s former promoter Rakesh Wadhawan has approached the National Company Law Tribunal, demanding reconduct of the corporate insolvency resolution process (CIRP) of the now-defunct realty firm, the Economic Times of India reported. Wadhawan has also sought to submit a resolution plan to revive the company.