India

The National Company Law Tribunal (NCLT) has allowed the withdrawal of the insolvency plea against Bajaj Hindusthan by the State Bank of India, as the outstanding amount has been paid by the sugar manufacturer, Zee Business reported. SBI had moved an application before the Allahabad bench of the NCLT informing that the outstanding amount has been paid by the Corporate Debtor.

Dabur India said on Wednesday its subsidiaries were among companies sued in the U.S. and Canada by customers alleging that the use of hair relaxer products had caused ovarian cancer, uterine cancer and other health issues, Reuters reported. "Currently, the cases are in the pleadings and early discovery phases of litigation," it said in an exchange filing, adding the allegations are based on "unsubstantiated and incomplete" study.

India has amended its insolvency law to exclude leased aircraft from assets that can be frozen, a long-awaited move expected to shore up the financing of its fast-growing airline industry by addressing discrepancies between global and local rules, Reuters reported. The rule change, disclosed in a government notice on Wednesday, aims to bring India's bankruptcy laws into line with a treaty protecting the rights of foreign lessors, following a dispute over the bankruptcy of budget airline Go First.

The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed to get the required number of votes in the e-voting process of the Committee of creditors (CoC). It was put "for the consideration of the CoC on July 19, 2023...

Ebix Inc. Chief Executive Officer Robin Raina received a $1.8 million bonus last week, even as a Sept. 30 deadline looms for the company to repay a loan of more than $600 million to a syndicate of US banks without having the cash on hand, Bloomberg News reported. Ebix, based in Johns Creek, Ga., disclosed the bonus in a regulatory filing Monday. It said that $1.2 million of the bonus was paid on Sept. 19, the day the board awarded it to Raina. The remainder will be paid in October, according to the filing.

Indian budget carrier Akasa Air has been forced to cut flights in the short-term after many of its pilots quit abruptly, sparking a legal dispute in court where the company has warned that further resignations may even force it to shut down, Reuters reported. A small set of pilots "abandoned their duties" and left without serving their mandatory contractual notice period, causing a disruption of flights, but the airline is on course to invest in growing its operations and ordering more planes, CEO Vinay Dube told employees in an email on Tuesday.

Lenders to Indian education-technology company Byju’s have alleged that it covertly transferred $533 million to a Florida-based hedge fund, adding another dimension to their legal feud with one of India’s most highly valued startups, WSJ Pro Bankruptcy reported. A lender lawsuit filed in a Miami court last week alleges Byju’s sent $533 million that should have been in its U.S. affiliate’s bank accounts to Camshaft Capital, described as a Miami-area hedge fund, and concealed the whereabouts of that money from the company’s lenders.

The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance has been rejected, the Economic Times of India reported. The Mumbai bench of the insolvency tribunal has rejected the Torrent's plea to keep the application for approving IIHL's resolution plan in abeyance till a final order is passed by the Supreme Court in the matter.

Indian edtech titan Byju’s has made a surprise repayment proposal to lenders, in which the firm has offered to pay back its entire $1.2 billion term loan in less than six months, Bloomberg News reported. The company is offering to repay $300 million of the distressed debt within three months if the amendment proposal is accepted and the remaining amount in the subsequent three months, said the people, who asked not to be identified because the discussions are private. Byju’s is in talks with private equity funds and strategic investors to sell some of its overseas units to fund the repayment.