India

IndusInd International Holdings (IIHL) has set its sights on a new Rs 4.2 lakh crore target that it plans to fulfil by 2030, the Economic Times of India reported. Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion (Rs 4.2 lakh crore) by 2030. This is including its investment in IndusInd Bank, apart from the new businesses under Reliance Capital, which IIHL won in insolvency proceedings.

The National Company Law Tribunal (NCLT) approved Shree Naman Developers' acquisition of real estate developer Radius Infra Holdings with a resolution plan that will help settle 81% of secured financial debt of the company, the Economic Times of India reported. The financially distressed Radius Infra Holdings was admitted into the corporate insolvency resolution process (CIRP) in May 2022. The defunct builder had admitted liabilities of about ₹1,050 crore, while the successful resolution applicant agreed to pay ₹180 crore to acquire the company.

Go Airlines India Ltd., which has been grounded for a year after filing for insolvency, risks having its entire fleet of aircraft repossessed in a further blow to any chances of a revival for the Indian carrier, Bloomberg News reported. India’s regulator, the Directorate General of Civil Aviation, deregistered the company’s fleet of 54 leased Airbus SE A320neo aircraft, according to people familiar with the matter, who asked not to be identified because the matter is private.

The National Company Law Tribunal (NCLT), Hyderabad, on Tuesday admitted Aditya Birla ARC's initiation of insolvency process petition against the personal guarantees given by the promoters of KSK Mahanadi Power Company K.A. Sastry and S. Kishore, the Economic Times of India reported. The two promoters had guaranteed upward of Rs 4000 crore for loans sanctioned to KSK Mahanadi. Aditya Birla ARC has largest share of 33.38% in the total claims from KSK Mahanadi Power, which is around Rs 32,000 crore.

The bankruptcy court on Thursday admitted two Essel Group entities Primcomm Media Distribution Ventures Ltd and Essel Homes Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) after Gnex Realtech Pvt Ltd, an affiliate entity, defaulted on its dues of Rs 260 crore where these companies provided corporate guarantee, the Economic Times of India reported. The Mumbai bench of the National Company Law Tribunal (NCLT), in applications filed by Indiabulls Housing Finance Ltd, also appointed Ravi Prakash Ganti as interim resolution professional (IRP) for these companies.

Sri Lanka will hand over management of its $209 million Chinese-built airport to two Indian and Russian companies, a cabinet statement said on Friday, as the island nation attempts to reduce losses from its state enterprises. Mattala Rajapaksa International Airport (MRIA), funded by China EXIM Bank, has stoked controversy since its opening in 2013 due to a low number of flights, environmentally sensitive location and persistent financial losses. The airport's management will be handed over to Shaurya Aeronautics (Pvt) Ltd.

India’s household debt likely surged to a record in the final three months of last year, with signs that consumers are boosting riskier borrowing that’s been a worry for the central bank, Bloomberg News reported. Household debt touched a new high of 39.1% of gross domestic product in the October-December quarter, up from 36.7% a year ago, estimated economists Nikhil Gupta and Tanisha Ladha of Motilal Oswal Financial Services Ltd in a report earlier this week. The figures are higher than the previous peak of 38.6% in the Jan-March period of 2021.

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted the listed road infrastructure company, Sadbhav Engineering, under the corporate insolvency resolution process in an application filed by its operational creditor, SS Infra, the Economic Times of India reported. The tribunal has also appointed Sanjay Kumar Agarwal as the interim resolution professional (IRP) of the company.

The bankruptcy court has admitted Indiabulls Housing Finance Ltd's (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon, the Economic Times of India reported.