A public-relations firm became the latest company to ask an Indian tribunal to place billionaire Anil Ambani-run Reliance Communications Ltd. under insolvency proceedings after the unprofitable mobile-phone operator failed to pay its dues, Bloomberg News reported. Fortuna Public Relations Pvt. placed its request with the Mumbai bench of National Company Law Tribunal on Monday, saying Reliance Communications owes it 4.3 million rupees ($67,000). The NCLT plans to hear the case on Dec. 19.

An Indian overseeing committee has approved a proposal submitted by a group of lenders, led by State Bank of India, to restructure an 82.85 billion rupees ($1.3 billion) debt of Bajaj Hindusthan Sugar Ltd, Bloomberg News reported. As per the plan, the company’s debt of 47.89 billion rupees will be considered as “sustainable”, while the rest will be treated as “unsustainable”, India’s top sugar maker said in a statement to stock exchanges on Friday. A loan is considered as sustainable when a company is able to service it from its cash flow.

Moves to sort out India’s $207 billion of bad loans may have eased one threat hanging over executives of state-owned banks: the danger they could be thrown in jail if a future generation of politicians in New Delhi decides they have sold off assets on the cheap. That’s because the new bankruptcy courts set up by the government to handle troubled companies create a transparent process for pricing the assets and writing down their loans, according to P K Gupta, a managing director of State Bank of India, the country’s largest lender, Bloomberg News reported.

India’s Reliance Communications Ltd., which earlier this month defaulted on dollar notes, told bondholders that they would be treated the same as bank lenders in terms of their ability to recover funds, according to Citigroup Inc. The mobile phone operator controlled by billionaire Anil Ambani, whose failure to pay interest on the dollar notes comes as a high-profile test of India’s new bankruptcy laws, held the call Monday, Citigroup said in a note to clients dated Nov. 28.

According to one of India’s most respected bankers, it’s a once-in-a-lifetime opportunity -- a mammoth sale of distressed assets, some $40 billion in the first round, Bloomberg News reported in a commentary. Much could go wrong, of course, especially given that so many powerful interests have so much money at stake in the process. Fortunately, Prime Minister Narendra Modi's government, which has stumbled in some of its biggest policy moves recently, appears to be handling this particular challenge with both agility and a sense of urgency.

Shares in India’s Reliance Communications fell by as much as 9.4 per cent on Tuesday morning following reports that the troubled telecom group’s largest creditor, China Development Bank, has launched action against it under India’s new insolvency law, the Financial Times reported. In a statement on Monday evening, RCom – controlled by tycoon Anil Ambani – had denied any knowledge of the reported petition, which could force it into liquidation if it fails to satisfy creditor demands.

India’s highest-profile default this year and the government’s plan to inject capital into state-controlled lenders have thrust the nation’s bad debt into the spotlight, Bloomberg News reported. Some global debt funds increasingly like what they see. The nation’s so-called dirty dozen -- 12 large debtors that have been ordered to go through the bankruptcy courts -- are one focus for funds including Bain Capital Credit and alternative investment firm Varde Partners.

India has set up a panel to review provisions of the 11-month old bankruptcy law including whether to bar defaulting founders from repurchasing assets, Bloomberg News reported. The committee set up to improve The Insolvency and Bankruptcy Code will have 14 members and includes officials from the finance ministry, Reserve Bank of India and representatives from industry and accountants group, Corporate Affairs Minister P.P. Chaudhary said in an interview on Monday. The code in force since December 2016 aims to accelerate winding up process of loss-making companies or recovering dues.

Two companies controlled by tycoons Malvinder and Shivinder Singh announced a reorganization as the brothers wrestle with debt and legal tangles, Bloomberg News reported. The Singh brothers’ Religare Enterprises Ltd. announced a shakeup late Tuesday, with Malvinder stepping down as non-executive chairman of the financial services and small-business lender while four other officials also resigned.

The first default on U.S. dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws, Bloomberg News reported. Reliance Communications Ltd., the Indian mobile phone operator controlled by billionaire Anil Ambani, failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period on Monday, according to a person familiar with the matter. It’s India’s most high-profile default on international debt since the nation’s insolvency and bankruptcy code was passed in May 2016.