Regional news: India
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
Wirecard’s Indian forex subsidiary sold
The German administrator of scandal-hit payments processor Wirecard has agreed to sell an Indian subsidiary of the company, as he continues to offload assets held around the world.
07 July 2021