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India
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Indian payments services firm AGS Transact Technologies said on Saturday that a creditor plans to initiate insolvency proceedings against the company for non-payment of dues, Reuters reported. Maxwel Aircon India Private Limited, an operational creditor of the company, has alleged default in repayments and sought an initiation of corporate insolvency in the National Company Law Tribunal, AGS Transact said in an exchange filing. Maxwel Aircon did not immediately respond to Reuters' request for comment.
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A top official of Indian tech firm Byju’s violated his fiduciary duty to lenders by wrongly hiding $533 million from them, according to a US court ruling on Friday, a win for creditors vying to collect on a defaulted $1.2 billion loan, Bloomberg News reported. Byju’s fraudulently transferred at least part of the money to a small hedge fund based in Miami to keep it out of lenders’ hands, U.S. Bankruptcy Judge John Dorsey also ruled.
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Amidst robust growth of electric two-wheelers, India’s first electric scooter maker Hero Electric is up for insolvency resolution under IBC (Insolvency and Bankruptcy Code), with the resolution professional (RP) inviting prospective bidders for the now bankrupt company, the Economic Times of India reported. The Expression of Interest (EOI) from prospective bidders for the company was floated on February 18 and is set to close on March 14, 2025. The RP will thereafter issue the final list of prospective resolution applicants on April 8.
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India’s economy picked up in the most recent quarter as manufacturing and government spending regained momentum, Bloomberg News reported. The world’s fifth-largest economy grew 6.2% from a year earlier in the October-December quarter, according to provisional figures issued by the Ministry of Statistics and Program Implementation on Friday. The print was higher than the previous quarter’s revised figure of a 5.6% expansion.
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India’s world-beating economic growth faces headwinds from geoeconomic fragmentation and slower domestic demand, and it should implement crucial structural reforms to realize its ambition of becoming a developed country, according to the International Monetary Fund, Bloomberg News reported. Intensification of regional conflicts, volatile commodity prices, weakened international cooperation and cyberthreats pose high risk to India’s growth, the IMF said in its Article IV country report released Thursday.
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National company law tribunal (NCLT) has admitted Ansal Properties and Infrastructure (Ansal API) into insolvency proceedings after the company was unable to defend itself against a petition filed by IL&FS Financial services, as per a court order on Tuesday, the Economic Times of India reported. IL&FS Financial Services has claimed that the listed Ansal API has failed to honour loans of Rs. 257 crore. It also claimed that Ansal API had entered into a settlement with it in 2022 but was not able to meet the terms of that settlement.
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