The National Company Law Tribunal, Mumbai Bench-I (NCLT) recently approved a resolution plan worth ₹3.4 crore submitted by M/s Priyam Projects (I) Pvt. Ltd. for the corporate debtor M/s Steadfast Shipping Pvt. Ltd. (Steadfast Shipping) - a ship leasing company, Taxscan.in reported. The Tribunal approved the resolution plan after noting that the plan had secured 100 percent assent from the Committee of Creditors (CoC). However, the Tribunal maintained that any reliefs or waivers sought in the plan would remain subject to statutory scrutiny by the authorities.

Bollywood superstar Salman Khan withdrew his insolvency plea against Jerai Fitness Pvt Ltd after reaching a settlement in a ₹7.24 crore payment dispute, LiveMint.com reported. The dispute is linked to Khan's fitness equipment brand Being Strong. Appearing before the National Company Law Appellate Tribunal (NCLAT), Khan’s counsel informed the bench led by Justice Ashok Bhushan on Wednesday that the parties had resolved the matter and decided to withdraw the petition.

The Nagpur Bench of the Bombay High Court has ruled that legal proceedings under the Negotiable Instruments Act (NIA) for cheque dishonour cannot be suspended merely because loan recovery has been temporarily halted under the Insolvency and Bankruptcy Code (IBC), TheLiveNagpur.com reported. Justice M.M. Nerlikar delivered the ruling while hearing a plea filed by Shri Ramdev Cotspin, an Akola-based firm, against Ashok Mehra (Chairman) and Chandraprakash Mehra (Managing Director) of Pacific Cotspin Company, Kolkata.

India’s central bank kept its policy rate unchanged as U.S. tariffs continued to cloud the South Asian economy’s outlook, while signaling that it remains open to further easing, the Wall Street Journal reported. The Reserve Bank of India on Wednesday voted unanimously to maintain its policy repo rate at 5.50%, holding steady pat for a second straight meeting after a jumbo-size cut in June. The central bank also kept its monetary policy stance at neutral.

India’s central bank plans to permit local lenders to finance mergers and acquisitions, a move expected to boost the country’s $40 billion-plus deals market, Bloomberg News reported. The Reserve Bank of India will soon propose a framework enabling banks to directly fund corporate takeovers, Governor Sanjay Malhotra said in Mumbai on Wednesday after the central bank kept interest rates unchanged. The proposed relaxation in rules was part of a slew of measures announced by the RBI.

Appellate Tribunal NCLAT has set aside an appeal by Future Consumer Ltd (FCL) seeking to initiate insolvency against Aussee Oats Ltd, the Economic Times of India reported. A two-member NCLAT bench has upheld the orders of the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the claims of FCL, part of the debt-ridden Future Group. FCL had claimed an amount of over Rs one crore due from Aussee Oats. It had given Rs two crore to Aussee Oats in the form of an Inter-Corporate Deposit.

In a decision that could have a salutary bearing on the Insolvency and Bankruptcy Code (IBC), Supreme Court on Friday reversed its eyebrow-raising May 2 verdict, directing liquidation of bankrupt Bhushan Power and Steel Limited, to put back in place the National Company Law Appellate Tribunal's Feb 2020 decision to allow Sajjan-Jindal-led JSW Steel revive the failed entity, the Times of India reported.

India said on Friday its officials held “constructive” talks with U.S. counterparts during a visit to Washington this week, and both sides agreed to continue discussions aimed at concluding a mutually beneficial trade deal soon, Reuters reported. "Both sides exchanged views on possible contours of the deal," the commerce ministry said in a statement. Read more.

Delhi-based all-electric taxi service company Evera is in discussions with Gensol’s insolvency resolution professional (IRP) and its committee of creditors (CoC) to lease 1,000 cars from Gensol’s fleet of 4,000 vehicles, which are currently under the National Company Law Tribunal (NCLT), the Economic Times of India reported.