Regional news: India

Insolvency resolution for non-banking financial companies in India

Following the “path-breaking” restructuring of Dewan Housing Finance Corporation and the ongoing resolution process for Infrastructure Leasing & Financial Services, New Delhi-based Utkal Law Chambers partner Supriyo Ranjan Mahapatra discusses recent trends in the resolution framework for distressed non-banking financial companies in India.

11 October 2021

IWIRC names Asia Woman of the Year 2021, launches Indonesia network

The International Women's Insolvency and Restructuring Confederation has named Mamta Binani, who oversaw the first resolution under India’s Insolvency and Bankruptcy Code, as its fourth Asia Women of the Year in Restructuring – two days after it launched a new network in Indonesia.

22 September 2021

Real estate developer becomes first to test India’s new pre-pack framework

UPDATED: An Indian NCLT has admitted the country’s first small business pre-pack bankruptcy process for a Gujarat-based real estate developer, just two months after the new framework was implemented.

20 September 2021

Jet Airways to exit Dutch proceedings, but Indian plan faces new appeals

The Dutch administrator of India’s Jet Airways has told GRR he will move to close its insolvency proceedings in the Netherlands and repatriate any leftover funds, after the group informed Indian regulators that he had sold an aircraft – but the airline’s court-approved Indian resolution plan is facing new challenges.

07 September 2021

McLeod Russel secures appeal against Indian insolvency

The chairman of global tea producer McLeod Russel India has won an appeal hearing against a National Company Law Tribunal order that placed the company into an insolvency process earlier this month.

27 August 2021

ArcelorMittal sues Essar over “fraudulent conveyance”

Luxembourg-headquartered steel producer ArcelorMittal is suing Indian conglomerate Essar Group in New York, accusing it of thwarting a US$1.4 billion arbitral award by causing a Mauritian subsidiary’s insolvency.

20 August 2021

Jet Airways employees reject settlement offer, lodge NCLAT appeal

Employees of Mumbai-based Jet Airways have failed to back an offer to settle their claims and reportedly filed an appeal against the airline’s recently approved resolution plan.

20 August 2021

NCLTea: Global tea producer forced into insolvency proceedings

India’s National Company Law Tribunal has accepted a creditor’s corporate insolvency resolution application against the world’s largest tea grower, after the company defaulted on a loan agreement.

09 August 2021

Mallya declared bankrupt in England

A London court has issued a bankruptcy order against one-time billionaire Vijay Mallya, four years after a bank consortium secured a £1 billion Indian judgment against him.

27 July 2021

Indian conglomerate’s English scheme sanctioned

A Dutch subsidiary of India’s Jain Irrigation Systems has won court approval for an English scheme it chose over a WHOA process, after providing evidence that Brexit would not prevent its recognition in the Netherlands.

26 July 2021

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