Amidst robust growth of electric two-wheelers, India’s first electric scooter maker Hero Electric is up for insolvency resolution under IBC (Insolvency and Bankruptcy Code), with the resolution professional (RP) inviting prospective bidders for the now bankrupt company, the Economic Times of India reported. The Expression of Interest (EOI) from prospective bidders for the company was floated on February 18 and is set to close on March 14, 2025. The RP will thereafter issue the final list of prospective resolution applicants on April 8.
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India’s economy picked up in the most recent quarter as manufacturing and government spending regained momentum, Bloomberg News reported. The world’s fifth-largest economy grew 6.2% from a year earlier in the October-December quarter, according to provisional figures issued by the Ministry of Statistics and Program Implementation on Friday. The print was higher than the previous quarter’s revised figure of a 5.6% expansion.
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India’s world-beating economic growth faces headwinds from geoeconomic fragmentation and slower domestic demand, and it should implement crucial structural reforms to realize its ambition of becoming a developed country, according to the International Monetary Fund, Bloomberg News reported. Intensification of regional conflicts, volatile commodity prices, weakened international cooperation and cyberthreats pose high risk to India’s growth, the IMF said in its Article IV country report released Thursday.
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National company law tribunal (NCLT) has admitted Ansal Properties and Infrastructure (Ansal API) into insolvency proceedings after the company was unable to defend itself against a petition filed by IL&FS Financial services, as per a court order on Tuesday, the Economic Times of India reported. IL&FS Financial Services has claimed that the listed Ansal API has failed to honour loans of Rs. 257 crore. It also claimed that Ansal API had entered into a settlement with it in 2022 but was not able to meet the terms of that settlement.
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The Indian government is considering changes to its bankruptcy laws, including streamlining court processes, amid growing concerns over lengthy proceedings and low recovery rates, the Economic Times of India reported. The Insolvency and Bankruptcy Board of India is finalizing a set of proposals aimed at speeding up resolution. Public consultation is set to end Tuesday, though the deadline may be extended. Global investors have long been cautious about lending in India, where insolvency cases can often run for years with poor recoveries.
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Insolvency cases initiated by operational creditors, such as raw material suppliers and vendors, have crashed to their lowest this fiscal year, signalling their growing preference for faster out-of-court settlements with defaulters, Indian officials and experts said, the Economic Times of India reported. The number of insolvency cases admitted by the National Company Law Tribunal (NCLT) on applications filed by operational creditors plunged 41% to 187 until December this fiscal from 316 a year before, showed the data compiled by the bankruptcy regulator.
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Business tycoon Vijay Mallya, facing bankruptcy proceedings pursued by Indian banks in the UK, has expressed concerns that these legal actions have taken on an “unreal quality” following a statement made by India’s Union Finance Minister, Nirmala Sitharaman, in Parliament, the Economic Times of India reported. Mallya has now instructed his new legal team to pursue an annulment of his bankruptcy order, which was under review in the High Court in London this week, reported PTI, on Saturday.
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