Regional news: India

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

Cross-border Insolvency Protocol in Jet Airways: Innovations and Challenges

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission discusses the cross-border insolvency protocol between the Netherlands and India in the Jet Airways bankruptcy.

08 January 2020

Distressed Indian power unit rescued by foreign funds

A group of foreign investors led by Värde Partners and Goldman Sachs has agreed to buy 65.75 billion rupees (US$927 million) worth of debt from an Indian power company in one of the country’s largest out-of-court restructurings.

03 January 2020

Indian retailer Koovs sold to London-based creditor

Indian online retailer Koovs has been bought out of administration by a London-based special purpose vehicle set up by its chairman and largest secured creditor, British peer Waheed Alli.

11 December 2019

India column: The Insolvency & Bankruptcy Code’s next stage of maturity

EY India directors Pulkit Gupta and Rob Downey argue India’s insolvency framework is reaching a new stage of evolution due to important legislative developments and cases such as Essar Steel, Jet Airways and SEL Manufacturing.

09 December 2019

RCom subsidiary's plan confirmed in Delaware

A subsidiary of bankrupt Indian mobile network Reliance Communications has won court approval of its debt restructuring plan in Delaware.

09 December 2019

Indian Supreme Court corrects creditors’ equal treatment error

India’s Supreme Court has overturned what it called a “grave error” by the National Company Law Appeal Tribunal, which redistributed the proceeds of Essar Steel’s restructuring plan to correct “discrimination” against operational creditors.

18 November 2019

New group insolvency law proposed for India

In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.

17 October 2019

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