Regional news: India

Subsidiary of India’s Mayar conglomerate wound up in Hong Kong

A lumber merchant that is part of India’s Mayar Group conglomerate has been wound up in Hong Kong and its director declared bankrupt, after they failed to convince a local judge that settlement talks with lenders provided an estoppel defence against both petitions.

05 May 2022

India’s top court clarifies NCLT jurisdiction over contractual disputes

India’s Supreme Court has provided clarity on when the country’s National Company Law Tribunals have jurisdiction to decide contractual disputes concerning debtors in insolvency resolution processes, noting the courts must consider whether the dispute affects the continuation of the company as a going concern.

13 December 2021

Heads-Up: Frances Coulson at Wedlake Bell in London

Featured in Heads-Up

A few months after London boutique Moon Beever merged with Wedlake Bell, the new firm’s insolvency practice leader Frances Coulson talks to GRR about the knowledge she has gained from working with people in other jurisdictions, the risks for practitioners acting on fraud cases when no litigation funder wants to invest, and rising competition from Singapore and India.

10 December 2021

Reliance Capital falls into insolvency after “many” defaults

One day after a Mumbai court placed Indian conglomerate Reliance Group’s financial holding company into insolvency, India’s banking regulator said it would retain an advisory committee it formed last week to assist the company’s newly appointed administrator.

08 December 2021

India tables draft cross-border regulations

The Indian government has published a proposed set of cross-border insolvency rules and regulations, and is inviting comments on its plans.

25 November 2021

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

Get unlimited access to all Global Restructuring Review content