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India’s economy grew at a slower pace last quarter than expected, with risks to the outlook mounting and pressure building on the central bank to cut interest rates, Bloomberg News reported. Gross domestic product rose 6.7% in the three months to June from a year earlier, the Statistics Ministry said Friday — the slowest pace in five quarters and below the central bank’s projection of 7.1% for the period. Growth weakened from 7.8% in the January-March quarter.
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Foreign investors in Byju's, including General Atlantic, have urged India's Supreme Court to hear their concerns as judges decide on the future of the insolvent education tech firm, a legal filing shows, Reuters reported. Valued at $22 billion in 2022, Byju's became popular by offering online training courses during the COVID-19 pandemic, but is now locked in a dispute with U.S. lenders seeking $1 billion in unpaid dues - a case that has triggered its insolvency.
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Suraksha Group has infused ₹250 crore in Jaypee Infratech Ltd (JIL) as equity and debt after taking control of the latter in early June, the Hindustan Times reported. New Delhi, Aug 25 (PTI) Suraksha Group has infused ₹250 crore in Jaypee Infratech after acquiring it through insolvency process and has also arranged a ₹3,000 crore loan facility, as it gears up to complete around 20,000 unfinished flats in Delhi NCR.
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The insolvency of Indian education technology company Byju's threatens to be the biggest upset in a celebrated startup sector, unleashing a long battle by thousands of panic-stricken employees to recover dues and protect their careers, Reuters reported. Once a darling of global investors, valued at $22 billion in 2022, Byju's became popular by offering online training courses during the COVID-19 pandemic, but is now locked in a dispute with U.S. lenders seeking $1 billion in unpaid dues.
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The Supreme Court in India on Tuesday refused to restrain the Interm resolution professional (IRP) of debt-ridden Think & Learn Pvt Ltd, the parent of online educational services company Byju's, from constituting a committee of creditors (CoC), the Economic Times of India reported. A bench led by Chief Justice DY Chandrachud agreed to hear the case in detail on Thursday, including the bankrupt edtech company’s request to stall the formation of CoC.
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The bankruptcy court in Kolkata has approved the Simplex Projects revival plan submitted by its promoter Sudarsshhan Das Mundhra, the Economic Times of India reported. Before the National Company Law Tribunal (NCLT) nod, the company’s lenders approved the plan with 99.51% voting in favour of Mundhra’s resolution plan. The plan involves a proposal to pay Rs 235.28 crore against the total admitted liabilities of Rs 2,108.49 crore. The Kolkata-based infrastructure developer is a medium enterprise under the Micro, Small, and Medium Enterprises Development Act, 2006.
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India's Pipavav Shipyard is scheduled to resume its business operations under a new management team and after emerging from bankruptcy, Baird Maritime reported. The yard's first project after reopening will be the repair of an Indian Coast Guard vessel. Also, discussions with an undisclosed shipping company are ongoing with the aim of finalizing contracts for the construction of new large bulk carriers. Pipavav Shipyard is now majority co-owned by Mumbai-based Swan Energy through a special purpose vehicle (SPV), which acquired the shipyard.