Tata Steel, Vedanta, Edelweiss ARC, and Renaissance Steel India are likely to have submitted resolution plans for Electrosteel Steels, one of the 12 companies mandated by the Reserve Bank of India (RBI) for insolvency, Business Standard reported. The last date for submitting resolution plans was Thursday. A Tata Steel spokesperson said: “As a process, we do assess and evaluate various strategic opportunities for growth. This is an ongoing process in the company.” An e-mail sent to Vedanta went unanswered while Edelweiss did not comment.

Things are looking up for investors in billionaire Anil Ambani’s Reliance Communications Ltd. after the Indian phone company staved off insolvency by agreeing to sell assets to the chairman’s brother, Bloomberg News reported. But lenders still face a potential hit on their earnings. That’s the view of some observers including Pavitra Sudhindran, credit analyst at Nomura Holdings Inc., who warns that provisions connected with nonperforming loans could sting. “That could hurt their earnings, though we don’t know the extent of the provisions they have already made and are yet to make,” she said.

India’s parliament on Tuesday approved amendments to the Insolvency and Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back assets when they are auctioned as part of bankruptcy proceedings, Reuters reported.

A bunch of stressed Indian stocks are getting a lot of investor love. A Bloomberg index of 11 indebted companies that are in bankruptcy court surged 31 percent in December on speculation that the new insolvency law will push the firms’ founders and lenders to find quick solutions, Bloomberg News reported. In comparison, the broader S&P BSE500 gained 3.5 percent.

Punjab National Bank, India’s second-largest state-run lender, will be able to avoid massive losses after the government forced delinquent borrowers to repay loans or face liquidation proceedings under a new law, Bloomberg News reported. The interest and bids received so far for assets put up for sale by India’s new bankruptcy court indicates that the bank may not have to take “huge haircuts” and cases will be resolved quickly, Sunil Mehta, managing director of the state-run bank, said in an interview over the weekend. He did not give details.

India’s billionaire Ambani brothers have overcome their famously testy relationship to agree a telecom infrastructure deal that will further expand the footprint of disruptive new entrant Reliance Jio, the Financial Times reported. The two brothers became direct competitors for the first time last year when Mukesh Ambani’s Jio launched a price war on consumer telecom incumbents including Reliance Communications, run by his younger brother Anil Ambani.

India’s billionaire Ambani brothers have agreed a telecoms infrastructure deal that will expand the footprint of disruptive new entrant Reliance Jio and give rival Reliance Communications a path back from the brink of insolvency, the Financial Times reported. Jio, a subsidiary of Mukesh Ambani-led Reliance Industries, has squeezed Indian mobile industry margins with aggressive pricing over the past year.

Indian telecom company Reliance Communications unveiled a plan to reduce its debt burden by selling off assets to re-position itself as a niche operator targeting business customers, sending its shares soaring to a three-month high, The National reported. Anil Ambani, the company’s chairman, announced on Monday that the operator would sell-off telecom towers, spectrum, optical fibre and land, to reduce its debt to 60 billion rupees (Dh3.4bn) from its current level of 450bn rupees.Rcom shares yesterday ended the day up more than 30 percent following the announcement.

Tata Steel Ltd. has sounded out banks about raising the equivalent of $5.1 billion through loan facilities and a bond issue to help refinance debt, Bloomberg News reported. The Indian steelmaker plans a $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte. and NatSteel Asia Pte. The new borrowing will mark Tata Steel’s return to the international loan markets for the first time since the middle of 2016 as it sharpens its focus on the Indian market after selling unprofitable assets in the U.K.

Surging steel prices and a new Indian insolvency law have set the stage for an industry-defining battle between tycoons and producers for more than $26 billion of the sector’s most-coveted assets, Bloomberg News reported. Creditors are seeking the approval of India’s new bankruptcy court to sell assets of as many as 40 firms, including steel producers. That’s spurred Lakshmi Mittal, head of the world’s largest maker of the alloy, and fellow billionaire Anil Agarwal to vie for control of Essar Steel India Ltd., according to people with knowledge of the matter. Debt-laden Bhushan Steel Ltd.