Jet Airways, once India‘s second-biggest carrier, is to be liquidated, the country’s Supreme Court ruled Thursday, ending a tumultuous five-year insolvency resolution saga for the bankrupt airline, Bloomberg News reported. The Jalan-Kalrock Consortium, the winning bidder, failed to implement its revival plan and “contravened the terms of the resolution plan,” a three-judge bench of the court said, while overturning a tribunal order for transferring ownership to the group.

Six years after India’s shadow-banking sector blew up, pockets of stress are building again, prompting firms to start pulling back amid scrutiny from the regulator, Bloomberg News reported. Bajaj Finance Ltd., the country’s largest shadow lender, joined rivals including Shriram Finance Ltd., Mahindra & Mahindra Financial Services Ltd., and IIFL Finance Ltd. that posted higher delinquencies on unsecured loans in their second quarter earnings reports. Most firms also set aside more capital for provisions and had lower profits than expected.

The bankruptcy court has rejected Brihanmumbai Electric Supply and Transport (BEST) Undertaking’s application to direct the liquidator of Spark Green Energy (Satara) Ltd to categorise it as a secured financial creditor and also admit its claim of Rs 156 crore, the Economic Times of India reported. The city-based public utility undertaking had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the liquidator of Spark Green Energy (Satara) rejected the company’s claim to admit the amount.

The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against realty firm Spaze Towers, admitting a plea filed by its flat owners, the Economic Times of India reported. A two-member NCLT bench said that the company has defaulted in completing the construction of flats in project 'Spaze Arrow' at Sector 78, Gurugram and giving the possession within the promised timeline of 42 months.

India’s top court struck down a bankruptcy tribunal’s order that allowed Byju’s to settle debts with a key creditor, pushing the online tutor back firmly into the insolvency process, Bloomberg News reported. The Supreme Court on Wednesday ruled that the National Company Law Appellate Tribunal didn’t follow due legal procedure when it allowed a debt settlement between Byju’s and India’s cricket regulator.

Bhaane Group, owned by celebrity Sonam Kapoor and her husband Anand Ahuja, is buying Rhythm House, an iconic music store in India’s financial capital Mumbai for 478.4 million rupees ($5.7 million), Bloomberg News reported. The 3,600-square foot Rhythm House had been shuttered in 2018 after Nirav Modi, the owner of Firestar Diamond International Pvt that ran the music store, defaulted on billions of dollars of bank loans. A resolution professional appointed by the Indian bankruptcy court oversaw the sale of the store confirmed the value of the deal to Bloomberg News in a telephone interview.

The National Company Law Appellate Tribunal has closed the insolvency proceedings against Jaypee Healthcare after the financial creditors' dues were settled by Max Healthcare, the Economic Times of India reported. The appellate tribunal's direction to close the Corporate Insolvency Resolution Process (CIRP) against Jaypee Healthcare Ltd (JHL) came after the financial creditor submitted that they had received the amount of Rs 1,035.29 crore as part of the settlement and no claim had survived.

Three U.S. education-software companies that bankrupt Indian tech-firm Byju’s bought for $820 million just a few years ago will be put up for sale in order to repay lenders, a court-appointed trustee said, Bloomberg News reported. It is unclear how much the units are worth and if all three — Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. — will attract offers, the trustee, Claudia Springer, said in an interview.