India

India's Pipavav Shipyard is scheduled to resume its business operations under a new management team and after emerging from bankruptcy, Baird Maritime reported. The yard's first project after reopening will be the repair of an Indian Coast Guard vessel. Also, discussions with an undisclosed shipping company are ongoing with the aim of finalizing contracts for the construction of new large bulk carriers. Pipavav Shipyard is now majority co-owned by Mumbai-based Swan Energy through a special purpose vehicle (SPV), which acquired the shipyard.

India's top court on Wednesday revived insolvency proceedings against education technology company Byju's following a lawsuit by a trust representing U.S. lenders who say they are owed $1 billion by the company, Reuters reported. The Supreme Court order is a setback for founder Byju Raveendran whose eponymous online coaching company was valued at $22 billion in 2022 before suffering setbacks including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement. The company has denied any wrongdoing.

Glas Trust Company has filed the plea challenging the NCLAT order which quashed the bankruptcy proceedings against BYJU in the Supreme Court, LegalWorld.com reported. The matter will be heard on August 12. The NCLAT quashed the bankruptcy proceedings against BYJU after a settlement was reached between Board of Control for Cricket in India (BCCI) and BYJU, wherein the ed-tech agreed to pay off its dues of INR 158 Cr. Glass Trust opposed the settlement on the grounds on possibly jeopardizing of their financial interest while settling the BCCI debt.

Some overseas lenders to India's Byju's have appealed to the country's apex court opposing a verdict that had quashed insolvency proceedings against the embattled education startup, Reuters reported. U.S.-based Glas Trust, representing some lenders of a Byju's group company, on Aug. 7 filed an appeal before India's Supreme Court, challenging an appeals tribunal's verdict that allowed Byju's and the cricket control board of the country to settle a $19 million payment case. Glas, earlier this month, opposed the settlement at the Indian appeals tribunal, but was rejected.

Bharti Global has agreed to buy a major stake in BT Group Plc, a deal that will bolster the Indian company’s international expansion while giving the British carrier more investor stability, Bloomberg reported. Bharti, an affiliate of conglomerate Bharti Enterprises, is buying the 24.5% stake from shareholder Altice UK, part of Patrick Drahi’s troubled telecommunications empire. Drahi has been selling off assets to pay down debt and the BT stake is among his most valuable.