The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Videocon's former chairman and MD Venugopal Dhoot for defaulting on loans of Rs 6,158 crore, as a personal guarantor of two group companies, the Times of India reported. Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has "committed defaults in repayment of loan amount" granted by the financial creditor.

The National Company Law Appellate Tribunal has reaffirmed that insolvency proceedings initiated by homebuyers against realty firms must remain confined to the specific project where default has occurred and cannot extend to other projects of the corporate debtor, the Economic Times of India reported. The appellate tribunal highlighted that putting all other projects of the realty firms, which are unrelated to the default, is not in the interest of homebuyers and other stakeholders of other projects.

Shapoorji Pallonji Group, the Indian conglomerate behind the nation's biggest-ever private credit deal, is trying to delay paying a separate debt, underscoring mounting strains amid volatile markets, Bloomberg News reported. The company, controlled by billionaire Shapoor Mistry, has asked investors to let it repay 143 billion rupees ($1.5 billion) of zero-coupon notes at its unit Goswami Infratech Pvt. at the end of June instead of the current April 30 deadline. Goswami Infratech is looking to refinance its existing bond through a planned dollar bond sale which has a more complex structure.

A committee of the Insolvency and Bankruptcy Board of India (IBBI) has recommended the need to shift from an entity-centric, recovery-focused framework to a project-centric, completion-driven approach, along with stronger coordination between the Insolvency and Bankruptcy Code (IBC) and the Real Estate (Regulation and Development) Act, 2016, the Hindustan Times reported.

A study commissioned by the insolvency regulator has called for removing structural inefficiencies in the current auction design pertaining to the rescue of bankrupt micro, small and medium enterprises (MSMEs) and putting in place an improved model to boost resolution, the Economic Times of India reported. The study on MSMEs in the Insolvency and Bankruptcy Code (IBC) by Management Development Institute, Gurgaon, favoured the introduction of a single objective auction model where the bidder offering the highest recovery is awarded.

The businessman who masterminded a huge nickel fraud against Trafigura Group was named by Mauritius as the ultimate beneficiary of toxic loans that led to the collapse of a local lender, Bloomberg News reported. Prateek Gupta and entities linked to him received a total of 7.9 billion rupees ($168 million) from Silver Bank in which his wife Ginni Gupta held a 75% share, Premier and Finance Minister Navinchandra Ramgoolam told lawmakers on Tuesday.

Gautam Adani, India's second richest person, will ask a ‌U.S. judge to dismiss the Securities ‌and Exchange Commission's civil fraud case against him, his lawyers ​said on Tuesday, Reuters reported. Adani and his nephew Sagar Adani were charged by the SEC in November 2024 with orchestrating a scheme to pay or promise ‌to pay hundreds ⁠of millions of dollars in bribes to Indian government officials to benefit ⁠Adani Green Energy, where both men are executives and directors.

The Central Bureau of Investigation (CBI) is probing bank loan frauds cumulatively worth ₹73,000 crore in seven cases registered against the Reliance Anil Ambani Group, according to a status report filed in the Supreme Court in February, The Hindu reported. The CBI informed the court that it is actively investigating seven cases, and is probing the roles of certain public servants as well. After reviewing the status report filed by the CBI and its financial investigations counterpart, the Enforcement Directorate (ED), the apex court issued an order on March 23.