India’s central bank kept its policy rate unchanged as the country’s economic growth remains strong and inflation eases, the Wall Street Journal reported. Reserve Bank of India Gov. Shaktikanta Das said on Friday that the monetary-policy committee decided to hold its policy repo rate steady at 6.50%. The country’s gross domestic product increased 8.4% from a year earlier for the quarter ended in December, picking up from the 8.1% expansion seen in the previous quarter. Growth was fueled by a government push to pave roads, expand railroads and upgrade the power grid.
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India
The National Company Law Appellate Tribunal has directed the National Highways Authority of India (NHAI) not to terminate the concession agreement of an IL&FS group entity -- Baleshwar Kharagpur Expressway Ltd, and take appropriate measures for its insolvency resolution, the Economic Times of India reported. The appellate tribunal said the resolution of Baleshwar Kharagpur Expressway Ltd (BKEL), a SPV set up by IL&FS Transportation Networks Limited (ITNL), "is in final stages" and any termination at this stage would "further complicate" the process.
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The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s application to initiate insolvency resolution proceedings against Kapil Wadhawan, the erstwhile promoter of Dewan Housing Finance (DHFL), for a Rs 3,958-crore default by the mortgage financier. Wadhwan was a co-guarantor against these loans, the Economic Times of India reported. The tribunal has also appointed Devendra Mehta as the resolution professional (RP) to ascertain the claims of lenders and compute the personal assets of Wadhawan.
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The National Company Law Tribunal (NCLT) on Monday admitted a corporate insolvency resolution process (CIRP) against a Bus Rapid Transport Service (BRTS) contractor, Khurana Engineering Limited, while acting on a petition filed by Power and Instrumentation (Gujarat) limited under the Insolvency and Bankruptcy Code, 2016, the Economic Times of India reported.
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The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea seeking insolvency proceedings against Ansal Hi-tech Township Ltd filed by its homebuyers of a project in Greater Noida, the Economic Times of India reported. The appellate tribunal has upheld the order passed by the Delhi-based bench of the National Company Law Tribunal (NCLT), which had in January 2023 set aside the plea of homebuyers, observing that the allottees belong to different projects and does not fulfil the required criteria to file an insolvency case.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has adjourned the hearing of an application in cable TV distribution company Siti Networks' insolvency resolution matter to April 3, ET reported. Siti Networks is a multi-system operator (MSO) promoted by the Essel Group and offers a variety of channels, including HD services, digital cable TV, and broadband services. The report states the bench observed that various applications were pending, highlighting irregularities in the process and the change in the date of the start of the resolution process.
The National Company Law Appellate Tribunal (NCLAT) has permitted John Energy, a debt-ridden firm facing insolvency proceedings before the NCLT, to deposit Rs 254 crore along with 12 per cent interest as per the One Time Settlement (OTS) with its lenders ICICI Bank and Axis Bank, the Economic Times of India reported. The tribunal also said that the bank's plea to initiate insolvency proceedings is still pending before NCLT, it would be for the lower court to take a call on the submissions and offer made by John Energy.
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Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet. Wilmington Trust's petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal (NCLAT), the Economic Times of India reported.
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The National Company Law Tribunal (NCLT) in Mumbai has admitted a corporate insolvency resolution process (CIRP) against over a century-old textile maker ShriVallabh Pittie (SVP) group’s affiliate Shrivallabh Pittie Industries Ltd in an application filed by the State Bank of India, the Economic Times of India reported. The lender had approached the tribunal after the company defaulted on its dues of about Rs 90 crore. The tribunal has also appointed Mukesh Verma as resolution professional.
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Indian tech firm Think & Learn Pvt must freeze $533 million in order to protect the money for disgruntled lenders who claim the cash should only be used to pay them, a U.S. judge said yesterday, Bloomberg News reported. The decision by US Bankruptcy Judge John Dorsey was a mixed victory for lenders. They earlier demanded the money be placed under the control of the federal court to prevent the cash from being spent by the Indian education-tech firm, which operates under the name Byju’s.
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