Regional news: India

Lawyers welcome India’s pre-pack plans

India’s Ministry of Corporate Affairs is inviting public comments on a pre-packaged insolvency framework to help deal with the fallout from the covid-19 pandemic – which local lawyers say could attract foreign investors.

12 January 2021

FRP administrators escape negligence claims over Force India sale

Negligence claims brought against two FRP Advisory partners over their administration sale of Formula One team Force India have been thrown out by the England and Wales High Court.

16 December 2020

Force India liquidators see off Austrian sponsor’s debt challenge

An English court has dismissed part of a proof of debt submitted in the liquidation of Force India, finding the Formula One team did not have to fully repay funds from its main sponsor.

24 November 2020

Indian software company files voluntary Chapter 11

An Indian IT company has placed six of its subsidiaries in voluntary Chapter 11 bankruptcies in Alabama, after creditor-driven proceedings filed against it in Mumbai were stalled.

30 October 2020

KPMG head of advisory moves to FTI Consulting in Dubai

FTI Consulting has hired KPMG’s head of advisory in Dubai to lead its Middle East restructuring practice.

29 October 2020

Mumbai tribunal appoints IP over Reliance chair Ambani’s assets

A tribunal in Mumbai has appointed an insolvency professional to manage the assets of Anil Ambani, chair of the Reliance telecoms group, after hearing arguments that Chinese banks who sued him in the UK could attach his assets before Indian creditors.

24 August 2020

A&O advising as India’s Suzlon completes bond restructuring

Indian wind turbine supplier Suzlon Energy has completed a restructuring of its step-up foreign currency convertible bonds, in what is believed to be the country’s largest bond restructuring to date.

19 August 2020

English court refuses to dismiss Mallya bankruptcy petition

An English court has refused to dismiss a bankruptcy petition against one-time billionaire Vijay Mallya, finding his creditors did not have to disclose purported third-party security relating to an Indian judgment.

23 July 2020

Insolvency resolution of group companies in India

Supriyo Ranjan Mahapatra, an associate with the disputes practice at Trilegal in New Delhi, provides a brief overview of the Indian approach towards group insolvencies so far - including key trends ranging from the balancing test applied to the consolidation of assets, to cross-border concerns.

08 July 2020

Supreme Court overturns Jaypee preferential transactions ruling

India’s Supreme Court has clarified local avoidance rules finding that land pledged by an insolvent property developer to a group of banks as security for loans to its parent amounted to a preferential transaction.

27 February 2020

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