Bankruptcy proceedings usually involve protecting a firm’s assets from creditors. An Indian tribunal has turned the concept on its head by offering protection to the lenders. The National Company Law Appellate Tribunal ordered that no lender can declare its exposure to embattled IL&FS Group as nonperforming without its permission – even if there is a default, a Bloomberg View reported.

Billionaire Anil Ambani’s telecom unit is still fighting to get approval for the sale of its airwaves, indicating that the company hasn’t given up on selling the assets outside India’s bankruptcy process, Bloomberg News reported. India’s Telecom Disputes Settlement and Appellate Tribunal on Monday heard arguments on Reliance Communications Ltd.’s petition to allow it to sell its airwaves without past liabilities from the asset being passed to the buyer. The issue was behind the unraveling of RCom’s deal to offload its assets to Reliance Jio Infocomm Ltd., owned by Anil’s older brother.

State Bank of India (SBI) said reports on Monday that it was considering taking heavily indebted Jet Airways Ltd to an insolvency tribunal to recover loans were “speculative”, and no such decision had been taken, Reuters reported. The loss-making Indian airline approved a rescue deal in mid-February after months of crisis-talks to plug a 85 billion rupee ($1.2 billion) funding hole. The plan includes selling a majority stake to a consortium led by SBI, the airline’s biggest creditor, at 1 rupee.

India’s Jet Airways Ltd said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company’s lenders to infuse funds and nominate directors to its board. Jet’s board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft, Reuters reported. The plan will mean the lenders will have a bigger holding than any other shareholder.

India’s property developers are finding it hard to borrow money, raising the prospect of a wave of debt defaults from the sector hitting shadow lenders that are trying to survive a funding crunch of their own, Bloomberg News reported. Developers have to repay about 1.29 trillion rupees a year on outstanding debt but generate less than half the amount in income that can be used for repayments, according to an analysis of about 11,000 companies by research firm Liases Foras.

Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court ruling this week, a source familiar with the matter said. India’s Supreme Court on Wednesday ordered Ambani’s Reliance Communications Ltd and two of its directors to pay Ericsson 4.5 billion rupees ($63.30 million) within four weeks or face a three-month jail term for contempt of court, Reuters reported.

International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said, Reuters reported. The troubles at India’s Jet, which is saddled with a billion dollars in debt, have rekindled memories of Kingfisher Airlines’ collapse in 2012 that forced lessors to write off millions of dollars. Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

In a remarkable warning to India’s elite, the nation’s top court said it will put one of the country’s most prominent business executives behind bars unless his group pays its dues, Bloomberg News reported. It’s the latest twist in a dispute that helped push billionaire Anil Ambani’s mobile-phone carrier into bankruptcy proceedings and cast an unflattering light on the Indian mogul, who’s the younger brother of Asia’s richest man.

Debt-ravaged Jet Airways India Ltd., the country’s biggest full-service airline, is selling a majority stake for 1 rupee -- a little more than 1 U.S. cent, Bloomberg News reported. It’s part of a bailout plan by its state-owned lenders that will give the airline time to arrange fresh equity. The complicated arrangement is on track to be voted through on Feb. 21, in what would represent the rescue of one of the country’s most visible companies at a sensitive time, with India’s general election just weeks away. It’s consistently been one of India’s top three airlines in the past decade.

India should kick-start private investment via policy measures or tax breaks if it does not want to stay stuck at a 7 percent growth rate, Uday Kotak, managing director and chief executive of Kotak Mahindra Bank Ltd, told CNBCTV18 in an interview, Reuters reported. “India has the fundamental capacity and we need to create a situation where the ground capacity will be growing at somewhere between 8 and 9 percent,” he said on the sidelines of an event organised by Kotak Mahindra Bank Ltd.