India

A bankruptcy court in India has begun insolvency proceedings against Zee Entertainment Enterprises Ltd.’s founder and chairman emeritus Subhash Chandra on a plea by Indiabulls Housing Finance Ltd. following a loan default, Bloomberg News reported. Chandra stood as a personal guarantor for a loan given to a real estate developer Vivek Infracon Pvt., according to Indiabulls Housing’s lawyer Sumesh Dhawan.

The National Company Law Appellate Tribunal on Thursday granted relief to Sporta Technologies, the parent company of Dream11, freeing it from the corporate insolvency resolution process (CIRP) rejecting a petition by Reward Solutions, the Economic Times of India reported. NCLAT concluded that the default date for the debt squarely fell within the timeline of Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10 A prohibits the initiation of CIRP for default occurring between March 25, 2020 and March 25 2021 as the legislature intended to protect the firms hit by Covid.

The Ministry of Corporate Affairs (MCA) has sought stakeholders’ comments to revamp various rules under the Insolvency and Bankruptcy Code (IBC), including those relating to personal guarantors, financial services providers and the pre-packaged scheme, the Economic Times of India reported. In a notice, the ministry also said it’s seeking to tweak the rules on the application to the adjudicating authority, the annual statement of accounts and the annual report rules, as stipulated by the Insolvency and Bankruptcy Board of India (IBBI). The notice has been uploaded on the IBBI website.

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of two insolvency resolution applications filed by State Bank of India and IDBI Bank against Mumbai Metro One after lenders agreed to one-time settlement (OTS) of dues, the Times of India reported. Mumbai Metro One Private Ltd (MMOPL), a joint venture between Reliance Infrastructure (RInfra) and Mumbai Metropolitan Region Development Authority (MMRDA), will be taken over etirely by MMRDA.

Hinduja National Power Corporation Ltd (HNPCL) on Tuesday requested the National Company Law Tribunal that the insolvency petition filed by public sector undertaking Bharat Heavy Electricals Ltd against it be dismissed given that the PSU had not completed the project as per the contract, the Economic Times of India reported. The case has been dragging on for over four years, where BHEL has contested that HNPCL failed to make a payment of ₹281 crore towards the works it had carried out.

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of two separate insolvency resolution applications filed by State Bank of India and IDBI Bank against Mumbai Metro One. The borrower is a joint venture between Anil Ambani-promoted Reliance Infrastructure (RInfra) and Mumbai Metropolitan Regional Development Authority (MMRDA), the Economic Times reported.

Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd (PFC), sources said. The financial closure will enable Vedanta to expedite completion of its power projects, the Economic Times of India reported. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process.

The National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against Captain GR Gopinath's Deccan Charters till April 26, 2024, its next date of hearing, the Economic Times of India reported. Earlier, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed initiation of Corporate Insolvency Resolution Process (CIRP), admitting a plea of financial creditor Krone Finstock claiming a default of around Rs 10 crore.

The National Company Law Tribunal on Monday extended the timeline for Go First's corporate insolvency resolution process (CIRP) beyond the April 4 deadline by 60 days, the Economic Times of India reported. Seeking the extension, the counsel for resolution professional (RP) informed the tribunal that the CIRP was in the final stage, with the committee of creditors (COC) deliberating over two resolution plans received by the grounded airline.

The National Company Law Appellate Tribunal (NCLAT) on Friday reserved its judgment in a plea filed by Bhavit Sheth, cofounder and COO of Dream11, challenging a bankruptcy court order initiating insolvency resolution against its parent Sporta Technologies, the Economic Times of India reported. The tribunal gave parties three days' time to file written submissions.