India

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.

The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI, the Economic Times of India reported. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.

U.S.-based Glas Trust is not part of a key panel overseeing the insolvency proceedings of Indian education-technology giant Byju's, and will need to substantiate the $1 billion claim of lenders it represents, according to documents and three sources, Reuters reported. Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with U.S. lenders. The company became popular by offering online training courses during the COVID-19 pandemic. Its insolvency officer, Pankaj Srivastava, told Glas in a Sept.