In a bid to step up its efforts to control non-performing assets (NPAs), the State Bank of India (SBI) is hiring more bankruptcy and legal firms to strengthen its stressed assets team to handle cases of above Rs 100 crore under the Insolvency and Bankruptcy Code (IBC), Kerala News reported. "The bank seeks to empanel advocates/law firms for handling cases of above Rs 100 crore," the SBI said. The SBI is currently in the process of examining the applications. The bank has 20 stressed asset management branches across the country which report to its central stressed asset resolution vertical.

India’s top court directed the central bank to disclose its inspection reports on lenders to allow people to gauge their health. The order was the “last opportunity” to avoid initiation of contempt proceedings against Reserve Bank of India Governor Shaktikanta Das, a two-judge bench of the Supreme Court headed by Justice L.N. Rao ruled Friday, Bloomberg News reported. The central bank will comply with the order, the RBI’s lawyer informed the court.

Lenders of debt-ridden Jaypee Infratech will meet on April 26 and 30 to discuss revised bids submitted by state-owned NBCC and Suraksha Realty to acquire the realty firm and complete over 20,000 delayed apartments in Noida, Asian Age reported. NBCC and Suraksha group, which are in the race to acquire the Jaypee Group firm, were asked by the lenders to sweeten their offers and both the potential buyers have submitted their revised offers under the Insolvency and Bankruptcy Code (IBC).

Few things illustrate the malaise in India’s property market as starkly as would-be homeowners having to dedicate untold hours to completing the flats they spent years saving up for. While no estimates exist for the number of people in Vazirani’s position, India’s property market is struggling to digest some $65 billion worth of projects in various stages of completion -- or, in many cases, non-completion, Bloomberg News reported.

India’s Jet Airways is constantly engaging with the government and lenders for a resolution of the current debt crisis and will not leave any stone unturned to revive the airline, its chief executive officer Vinay Dube told television channel ET Now in an interview.

A forensic audit of 200 top companies by the Ministry of Corporate Affairs has detected irregularities to the tune of Rs 1 lakh crore, including diversion of funds. Most of these companies have been referred to insolvency and resolution proceedings under the Insolvency and Bankruptcy Code. Irregularities detected in some top companies point to the collapse of corporate governance structures leading to liquidity stress in these entities.

Thousands of employees have been stung by the rapid unraveling of Jet Airways, which, saddled with more than $1.2 billion in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds, Reuters reported. The shutdown has deepened the crisis as dues to lessors, staff and suppliers pile up and lenders scramble to find a buyer for what was once India’s largest private airline. Jet Airways CEO Vinay Dube told employees on Wednesday that the sale would take time and could throw up more challenges, but he was confident the airline would fly again.

Embattled Jet Airways halted all flight operations indefinitely on Wednesday after its lenders rejected its plea for emergency funds, potentially bringing the curtains down on what was once India’s largest private airline, Reuters reported. The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

The Ministry of Corporate Affairs (MCA) on Tuesday invited comments from stakeholders on “pre-packaged” insolvency resolution and insolvency resolution for group companies among other issues related to the Insolvency and Bankruptcy Code (IBC), 2016, and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, the Indian Express reported. In March this year, the government had reconstituted the Insolvency Law Committee as a standing committee, chaired by MCA Secretary Injeti Srinivas, to analyse the functioning and implementation of IBC.

Jet Airways pilots announced on Sunday that they would go on strike over unpaid salaries, heaping more pressure on the cash-strapped Indian carrier to find a new owner to bail it out, the Financial Times reported. The airline is saddled with more than $1.2bn debt and has not been able to pay pilots their salaries for over three months. It left passengers around the world stranded on Thursday when it cancelled its international flights. The carrier is down to fewer than 10 operational aeroplanes out of a fleet of 123, raising fears of an imminent shutdown.