Regional news: India

ArcelorMittal plan for Essar Steel approved

Luxembourg-headquartered steel manufacturer ArcelorMittal has won approval for its 500 billion rupee (US$7.15 billion) resolution plan for debt-laden Essar Steel India from a National Company Law Tribunal in Ahmedabad.

11 March 2019

Reliance Communications guilty of contempt after defaulting on Ericsson payment

India’s Supreme Court has found telecoms operator Reliance Communications and its chairman Anil Ambani guilty of contempt of court for “wilfully” defaulting on a debt owed to Sweden’s Ericsson.

21 February 2019

Canadian cryptocurrency exchange enters CCAA

A cryptocurrency exchange has entered Companies’ Creditors Arrangement Act proceedings in Canada after its director died suddenly in India, leaving at least 92,000 customers unable to withdraw over C$260 million worth of cash and cryptocurrency.

08 February 2019

Reliance Communications seeks “comprehensive debt resolution” in the NCLT

The board of embattled Indian telecoms operator Reliance Communications is planning to file a debt resolution plan in the National Company Law Tribunal in Mumbai.

04 February 2019

"The defaulter's paradise is lost": India’s Supreme Court upholds constitutional validity of Bankruptcy Code

India’s Supreme Court has rejected a series of petitions challenging the country’s fledgling Insolvency and Bankruptcy Code and upheld the law’s “constitutional validity” in full.

25 January 2019

India’s NCLTs cannot rule on legality of foreign judgments

India’s National Company Law Tribunals don’t have the power to decide whether a foreign judgment is legal or enforceable in the country when determining whether to admit or reject a debt claim under the Insolvency and Bankruptcy Code, appeal judges have said.

15 January 2019

Pre-packs pick up Indian interest and UK criticism

India’s government is considering introducing pre-pack features into the country’s insolvency and bankruptcy regime, as a UK body warns they are being used to avoid tax liabilities.

29 November 2018

Cyril Amarchand Mangaldas and Alvarez & Marsal advise Indian infrastructure company on US$13.68 billion debt

A government-appointed board that has taken over India’s “gargantuan and enormous” Infrastructure Leasing & Financial Services (IL&FS), says it is considering how to restructure the group’s US$13 billion debt to avoid a “catastrophic” collapse, amid fears of a broader default approaching in India’s non-banking financial sector.

05 November 2018

ArcelorMittal wins Essar Steel auction, as shareholders propose US$7.42 billion settlement plan

Luxembourg-headquartered ArcelorMittal has won a bid to acquire insolvent steel maker Essar Steel India, a day after the company’s shareholders made a rival US$7.42 billion offer to settle all admitted claims.

26 October 2018

No more “zombie debt”: new limitation provisions apply retrospectively, Indian Supreme Court rules

A recent amendment to India’s Insolvency and Bankruptcy Code that prevents creditors from filing proceedings based on time-barred claims has retroactive effect, according to a Supreme Court ruling in Delhi.

16 October 2018

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