UltraTech Cement Ltd. has signed an “in-principle” pact with Binani Industries Ltd. to buy its holdings of a distressed unit as India’s largest cement maker attempts to beat out a Bain-backed consortium, which earlier made the winning bid in ongoing bankruptcy proceedings, Bloomberg News reported. UltraTech, controlled by billionaire Kumar Mangalam Birla, said it had agreed to pay 72.7 billion rupees ($1.1 billion) for a 98.43 percent stake in Binani Cement Ltd. “subject to termination of” the insolvency proceedings that are underway, according to an exchange filing. The Dalmia Bharat Ltd.

State Bank of India will take a decision on a one-time settlement application filed by Uttam Galva Steels at a 50 per cent haircut by March-end, if accepted, will prompt other companies, being referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), to apply for a similar relief, Business Standard reported. Uttam Galva Steels had defaulted on its Rs 60 billion of debt and the firm has made an offer last week to its lenders. “This is likely to be accepted as the banks do not want to delay settlements due to rising litigation,” a source said.

From London to St. Kitts, India’s struggling to extradite businessmen it claims have fled the country after defaulting on billions of dollars of bank loans, Bloomberg News reported. Now it hopes to stop others from leaving. The government has compiled a list of 91 people it is considering barring from leaving India because of their involvement with companies that have defaulted, said a person with knowledge of the matter.

A consortium led by VTB Group, Russia’s second-largest bank, said it is willing to buy out a local partner to ensure its offer for an indebted Indian steel mill meets government rules, setting up a contest with billionaire Lakshmi Mittal, Bloomberg News reported. Other investors in the group are willing to buy out Rewant Ruia’s stake in investment vehicle Numetal Ltd., Antoine Chemali, senior advisor for Mauritius-based Numetal, said in an interview in Mumbai on Thursday. That’s likely required because Ruia’s father is the founder of Essar Steel India Ltd.

India's Reliance Communications Ltd (RCom) will appeal a court order that stays the sale of some telecom assets of one of its units, the company said in a statement on Monday, the International New York Times reported on a Reuters story. The National Company Law Tribunal, India's designated court for bankruptcy cases, on Monday stayed the sale of assets of Reliance Infratel Ltd in response to a petition filed by HSBC Daisy Investments (Mauritius) Ltd, local media reported.

In a move aimed at providing relief to the micro, small and medium enterprises (MSMEs), a panel set up to look into various issues relating to the Insolvency and Bankruptcy Code (IBC) is considering allowing promoters of MSMEs to bid for their stressed assets even without clearing dues if they are not wilful defaulters, official sources told Financial Express.

The government may seek to ease the ‘related party’ norms of the Insolvency and Bankruptcy Code (IBC) to ensure the law is not overly restrictive and doesn’t cut down the number of those eligible to bid for assets, effectively weakening competition and reducing the amount that banks can recoup, a senior government official told the Economic Times. The IBC was strengthened by ordinance and then by amendment to prevent promoters from regaining control of assets in insolvency proceedings unless they repaid their dues.

Tata Steel Ltd said on Wednesday it had been selected as the highest bidder to buy a controlling stake in debt-laden Bhushan Steel Ltd, ending weeks of speculation on which Indian group would clinch a deal, Reuters reported. Salt-to-software conglomerate Tata Group’s steel business and India’s biggest domestic steelmaker JSW Steel Ltd were the two primary industry bidders for the acquisition of Bhushan Steel.

The debt resolution of Essar Steel has turned into a full-scale corporate war between VTB Bank of Russia and LN Mittal’s ArcelorMittal, both of which have made multi-billion dollars offers for the Gujarat-based steel company, Business Standard reported. All eyes are now on the lenders’ meeting scheduled on Thursday. The lenders are expected to call for a second round of bidding. According to sources, legal advisers are not convinced about the eligibility of either bidder.

Billionaire T. Ananda Krishnan’s Aircel Ltd. has asked an Indian court to initiate bankruptcy proceedings as it’s unable to repay about 500 billion rupees ($7.7 billion) of dues, Bloomberg News reported. The mobile carrier owes about 150 billion rupees to secured financial creditors and the rest to operational unsecured creditors, including those who provided it goods and services, Janak Dwarkadas, a lawyer representing Aircel, told the Mumbai bench of National Company Law Tribunal on Monday. In addition, the company also has an unpaid interest amount totaling 5.79 billion rupees, he said.