Insolvency Appellate Tribunal NCLAT has upheld orders approving Adani Goodhomes' resolution plan for realty firm Radius Estate with a 93 percent haircut for creditors, the Economic Times of India reported. A two-member bench comprising the NCLAT Chairman rejected the petitions by two dissenting financial creditors, saying it was "commercial wisdom" of the Committee of Creditors (CoC), which approved the payout to different creditors.

The Pre-packaged Insolvency Resolution Process (PPIRP) has resulted in the full settlement of operational creditors' claims in five cases, the Economic Times of India reported. They are - Amrit India, Sudal Industries, Shri Rajasthan Syntex, Enn Tee International and GCCL Infrastructure and Projects. The government enacted the Insolvency and Bankruptcy Code (IBC) in August 2021 and introduced the PPIRP for micro, small and medium enterprises. According to the newsletter of the Insolvency and Bankruptcy Board of India (IBBI), these five cases resulted in a 25% realisation.

The National Company Law Tribunal (NCLT) has dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs, the Economic Times of India reported. In its application, JM Financial ARC had sought the tribunal's intervention to include it as a necessary party since it has acquired 97% of Arch Pharmalabs' debt and has credit exposure of over ₹9,500 crore.

The administrator of debt-ridden Reliance Capital (RCap) has moved NCLT, seeking a 90-day extension beyond the deadline to implement the resolution plan submitted by the successful bidder, the Hinduja Group, the Economic Times of India reported. The deadline for the implementation of the approved resolution plan was May 27, 2024.

A director of Indian tech firm Think & Learn Pvt faces financial penalties for defying a US judge’s order to find out where the troubled company stashed $533 million that jilted lenders say should go to them, Bloomberg News reported. Riju Ravindran, the brother of company founder Byju Raveendran, not only failed to make a serious effort to find out what happened to the cash, but deceived the court, U.S. Bankruptcy Judge John Dorsey said during a hearing yesterday in Wilmington, Del. “I conclude Mr. Ravindran’s testimony is not truthful,” Dorsey said.

The haircuts taken by creditors in Indian bankruptcy resolutions have increased to 73 percent in FY24 from the 64 percent in FY23, a report said on Friday, the Economic Times of India reported. A total of 269 resolution plans were approved by the National Company Law Tribunals (NCLTs) in FY24, up from 189 in the year-ago period, the report by domestic rating agency Icra said. The new admissions declined to 987 in FY24 from the 1,263 in FY23, the agency said, attributing the same to a higher base in the previous fiscal because of the Covid-19 pandemic-related stress.

The Mumbai bench of the National Company Law Tribunal (NCLT) allows the withdrawal of the corporate insolvency resolution process (CIRP) against Syska LED Lights Pvt Ltd, the Economic Times of India reported. Earlier, the tribunal had admitted the company under the insolvency resolution process and had appointed Ravi Prakash Ganti as the interim resolution professional for the company. Syska LED Lights is part of the Pune-based SSK Group, an exclusive distributor of Samsung mobiles, accessories and tables for five states in Western India.

National Company Law Tribunal yesterday noted that it would take a call on the fate of engine lessors for beleaguered airline Go First after studying the Delhi High Court order, the Economic Times of India reported. The Delhi HC, last month, had allowed aircraft lessors to retake possession of its aircraft telling the civil aviation regulator Director General of Civil Aviation to de-register the 54 aircraft.

The National Company Law Tribunal (NCLT) has admitted an insolvency resolution application against Indira Container Terminal Pvt Ltd and has appointed Dinesh Kumar Aggarwal as interim resolution professional of the company, the Economic Times of India reported. Mumbai-based Indira Container Terminal (ICTPL) is a joint venture between listed infra firm AJR Infra And Tolling Ltd (erstwhile Gammon Infrastructure Projects Ltd) and Spanish port operation and logistic behemoth Noatum Ports Sociedad Limitada (formerly Dragados SPL).