The National Company Law Tribunal (NCLT) on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors, the Times of India reported. A two-member NCLT bench, comprising Mahendra Khandelwal and Sanjeev Tanjan, has directed Spicejet to file a reply and list the matter for the next hearing on November 14. SpiceJet is already facing several insolvency petitions from creditors, including Willis Lease, Aircastle Ireland Ltd, Wilmington and Celestial Aviation at NCLT and the appellate tribunal NCLAT.

The NCLAT has set aside a petition filed by the state tax department claiming dues from Reliance Communications (RCom) observing that it was based on the assessment made after the initiation of insolvency resolution process against the debt-ridden firm, the Economic Times of India reported. A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the state tax department's second claim of Rs 6.10 crore. Corporate Insolvency Resolution Process (CIRP) against RCom was initiated on June 22, 2019.

The Centre could soon put in place a creditor-led insolvency resolution mechanism, largely involving out-of-court arrangements for even big loan defaulting firms, to ease the bankruptcy court burden and quicken recoveries for lenders, people aware of the development told the Economic Times of India. The new mechanism will stipulate a shorter deadline for resolution, likely 150 days, compared with the 270 days (including a 90-day extension) currently stipulated under the Insolvency and Bankruptcy Code (IBC).

IBBI Chairperson Ravi Mital on Tuesday asked insolvency professionals to be as transparent as possible during the resolution process as that will help in improving the bids and reduce haircuts, the Economic Times of India reported. Speaking at a conference organised by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) in the national capital, he said that insolvency professionals and insolvency professional entities are the fulcrum of the insolvency system.

A U.S. court ruling that placed into bankruptcy units associated with Indian education technology company Byju’s took an official in the firm’s home country by surprise, Bloomberg News reported. The decision, made at a Tuesday hearing in Delaware, will lead to involuntary chapter 11 bankruptcy of units including Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc., court papers showed. The order was made as a default judgment after the units failed to share requested information with creditors.

Inflation in India ticked up a little in August, likely keeping policymakers at the country’s central bank on their toes as they plot whether to cut interest rates in the coming months, the Wall Street Journal reported. The consumer price index increased 3.65% on year in August, compared with 3.6% in the prior month, Indian government figures showed on Thursday. That compared with economists’ expectations of 3.5% from a FactSet poll. July’s level was the lowest since August 2019, before the pandemic and more recent geopolitical pressures.

India led the way in global adoption of cryptocurrencies for the second straight year as investors braved the country's tough regulatory stance and steep trading taxes, a report from blockchain analytics company Chainalysis showed on Wednesday, Reuters reported. The report, which tracks adoption across four sub-categories in 151 countries, showed India ranked high on usage of centralized exchange and decentralized finance assets from June 2023 to July 2024.

The National Company Law Appellate Tribunal (NCLAT) has suspended the order of the lower tribunal that admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process, the Economic Times of India reported. On Tuesday, the division bench of Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, while suspending the National Company Law Tribunal (NCLT) order observed that Section 9 Application has been resorted as a recovery mechanism which is not permissible under the IBC.

Indian tax authorities are seeking dues of $101 million from education-technology company Byju’s, once the country's biggest startup which is now undergoing an insolvency process, claim documents reviewed by Reuters on Friday showed. Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but has seen its fortunes dwindle due to many regulatory issues and more recently a dispute with U.S. lenders who are demanding $1 billion in unpaid dues, triggering the company's insolvency that led to an assets freeze.

The bankruptcy court in Ahmedabad has admitted Essar Group entity Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The National Company Law Tribunal (NCLT) has admitted the company in an application filed by the company’s operational creditor Greka Green Solutions (India) Ltd, after the Essar Group entity defaulted on its dues of about Rs 24.38 crore. The tribunal has also appointed Mohit B.