Ranjan Pai-led Manipal Education & Medical Group Pvt. Ltd. has submitted a second bid to acquire Byju's parent Think & Learn Pvt. Ltd. under insolvency, in what is seen as a move to wrest control of Aakash Educational Services Ltd.—a profitable test-prep coaching centre that Byju's acquired in 2021, the Hindustan Times reported.
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India's cabinet has approved spending 450.6 billion rupees ($5.1 billion) on support for exporters, including 200 billion rupees in credit guarantees on bank loans, Information Minister Ashwini Vaishnaw said on Wednesday, Reuters reported. The plan includes the allocation of 250.6 billion rupees over six years for affordable trade finance for small exporters, logistics and market support under an export promotion package to help offset the impact of recent U.S. tariff hikes. The new U.S.
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Consumer-price growth in India hit a fresh low in October, continuing a trend of declines that has underpinned hopes for interest-rate cuts by the central bank, the Wall Street Journal reported. Inflation cooled more sharply than expected, as food prices contracted and the effects of tax cuts filtered through across sectors. The consumer-price index rose just 0.25% in October—the lowest reading since the data series began in 2012.
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The insolvency regulator has proposed mandating bidders for bankrupt firms to disclose beneficial ownerships, a move aimed at curbing misuse of the ‘clean slate’ principle and preventing backdoor entry of disqualified promoters or related parties, the Economic Times of India reported. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has suggested a standard format for beneficial ownership disclosures by all potential resolution applicants.
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A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific, the Economic Times of India reported. Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of Mahagun, where they prayed to set aside the NCLT order directing insolvency against the realty firm.
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The National Company Law Appellate Tribunal (NCLAT) recorded the consent terms by Bollywood superstar Salman Khan and Jerai Fitness on mutual settlement, TaxScan.com reported. The bench allowed the withdrawal of his ₹7.24 crore insolvency application bringing an end to the protracted legal battle between the two parties. Salman Khan was named the brand ambassador for Jerai Fitness under a brand endorsement deal, which gave rise to the disagreement.
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The India's bankruptcy regulator has issued a circular empowering insolvency professionals to file applications before the special courts handling money-laundering cases for the restitution of the assets of stressed companies attached by the Directorate of Enforcement (ED), the Economic Times of India reported. Attachment of assets discourages potential investors and hampers efforts to rescue insolvent firms.
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The Supreme Court in India on Friday agreed to hear on Monday an appeal by U.S.-based Glas Trust Co. against Aakash Educational Services' move to conduct a rights issue that would reduce Byju's parent Think & Learn's stake from 25.75% to below 5%, the Economic Times reported. Glas Trust, a U.S.-based lender to Think & Learn and a member of its committee of creditors (CoC), has moved the top court, challenging a National Company Law Appellate Tribunal's order that refused to stay Aakash's EGM on October 29.
A new study by the Indian Institute of Management (IIM)-Indore has found that corporate bankruptcies can have far-reaching consequences beyond the failed firms themselves — potentially destabilising even financially healthy companies within the same industry, the Free Press Journal reported. Published in the reputed journal Finance Research Letters, the study, titled “Bankruptcy Spillovers and Stock Price Crash Risk of Non-Bankrupt Firms,” is co-authored by Prof. Radha Mukesh Ladkani of IIM-Indore.