Indian education technology company Byju's will challenge insolvency proceedings initiated against it in an attempt to block the process this week, as the startup once valued at $22 billion tries to tide over the crisis, two sources said on Wednesday, Reuters reported. The National Company Law Tribunal in the southern state of Karnataka on Tuesday ordered insolvency proceedings against the company after a complaint by the cricket board for not paying $19 million in dues. A court-appointed professional is currently running the company.

An Indian tribunal on Tuesday started insolvency proceedings for edtech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup, Reuters reported. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and a collapse in its valuation to less than $3 billion from $22 billion in 2022.

The National Company Law Tribunal (NCLT) has dismissed the resolution plan submitted for realty developer Rajesh Lifespaces' hotel business, Rajesh Business & Leisure Hotels, citing non-conformity with statutory requirements and procedural irregularities, the Economic Times of India reported. The corporate insolvency resolution process (CIRP) of Rajesh Business & Leisure Hotels, managed by the resolution professional (RP), had witnessed competing proposals from consortiums led by Sankalp Consortium and Rare ARC-Shree Naman Developers.

The number of resolved cases under the Insolvency and Bankruptcy Code (IBC) may beat last year's record in FY25, the chief of the bankruptcy regulator said on Friday, the Economic Times of India reported. About 270 insolvency cases were resolved under the IBC last fiscal year, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mittal said at an event organised by the Institute of Chartered Accountants of India (ICAI). This was way beyond the annual average of 125 cases that saw resolution since the IBC was rolled out in late 2016, he added.

The National Company Law Tribunal (NCLT) has ordered initiation of insolvency resolution proceedings against Simbhaoli Sugars Ltd on a petition filed nearly six years ago. The plea was filed in September 2018 by erstwhile Oriental Bank of Commerce which has been merged with state-owned Punjab National Bank (PNB) now, the Economic Times of India reported. The lender had sought initiation of Corporate Insolvency Resolution Process (CIRP) against the company under section 7 of the Insolvency and Bankruptcy Code. "...

Lenders have rejected the one-time settlement offered by Jaiprakash Associates Ltd in the insolvency case filed against it, the Times of India reported. After the National Company Law Tribunal (NCLT) ordered the initiation of bankruptcy proceedings against the company last month on a petition filed by lenders led by ICICI Bank in 2018, its suspended board of directors challenged the order in NCLAT, the appellate tribunal. During a hearing on June 10, NCLAT asked JAL to increase the amount it was to pay upfront in its original settlement offer.

An India government investigation found lapses in the corporate governance of Byju’s, but cleared the struggling online-education startup of financial fraud, the Economic Times of India reported. The yearlong probe by the Ministry of Corporate Affairs found no evidence of wrongdoing such as siphoning of funds or manipulation of financial accounts, people familiar with the matter said. Still, it discovered governance shortcomings that contributed to the startup’s mounting losses, the people said, asking not to be named as the investigators’ report isn’t public yet.

An India government investigation found lapses in the corporate governance of Byju’s, but cleared the struggling online-education startup of financial fraud, Bloomberg News reported. The yearlong probe by the Ministry of Corporate Affairs found no evidence of wrongdoing such as siphoning of funds or manipulation of financial accounts. Still, it discovered governance shortcomings that contributed to the startup’s mounting losses, the people said, asking not to be named as the investigators’ report isn’t public yet.

India’s economic growth is inching toward 8% on a sustained manner, but it is essential to keep inflation under check, Reserve Bank of India Governor Shaktikanta Das said on Tuesday, Bloomberg News reported. “India is at the threshold of a major structural shift in its growth trajectory,” Das said in his address to the Bombay Chamber of Commerce and Industry. “We are moving toward annual growth rate of 8%,” he said. The economy grew at an average 8.3% in the past three years and in 2023-24 contributed 18.5% to global growth, Das added.

Jaiprakash Associates Ltd (JAL) has offered a revised one-time settlement, or OTS, which includes sale of its assets to Dalmia Cement and Rs 500-crore upfront deposit, to its lenders, the Economic Times of India reported. The debt-ridden construction and infrastructure company - which was admitted for insolvency resolution proceedings earlier this month - informed the National Company Law Appellate Tribunal (NCLAT) on Monday that it has revised its offer after the appellate tribunal asked it to consider a higher amount of deposit.