Regional news: India

Liquidators of UK advisory firms caught up in “significant” fraud seek Chapter 15

The English joint liquidators of two UK-based business advisory firms have sought Chapter 15 recognition in Florida to investigate transactions connected to the companies’ alleged involvement in a multinational fraud scheme.

01 July 2021

Indian bank secures English debt judgment against oil company guarantor

India’s IDBI Bank has obtained a US$239 million English judgment against the Cypriot guarantor of two oil companies that entered liquidation in Singapore two years ago.

29 June 2021

Canadian tech manufacturer bankrupted over English legal fees

A UK law firm has secured a Canadian bankruptcy order against a global phone and tablet producer, following the registration of an English judgment on unpaid legal costs.

24 June 2021

Mumbai NCLT approves Jet Airways rescue plan

A consortium led by UK-registered asset manager Kalrock Capital and Indian businessman Murari Lal Jalan has won approval for its plan to rescue Mumbai-based Jet Airways.

22 June 2021

“Total shave” for Videocon creditors as Mumbai court approves CIRP plan

Operational creditors of the Indian conglomerate Videocon have not had a haircut so much as a “total shave”, the NCLT in Mumbai has found, as it told the group to increase pay-outs to MSMEs but nevertheless approved a resolution plan that will see Vendata group entity Twin Star Technologies become Videocon’s new owner for next to “nothing”.

21 June 2021

AZB & Partners expands in Mumbai

India’s AZB & Partners has hired a new partner in Mumbai, who joins the firm after almost nine years at L&L Partners.

17 June 2021

Intu administrators given greenlight to pay creditors

The administrators of shopping centre owner Intu have won an English court’s permission to make distributions to unsecured creditors – and to extend its administration for two years in the hope that assets in Spain, India and the UK may become more advantageous.

17 June 2021

Construction group winds down after Greensill collapse scuppers refinancing

A prefabricated construction company and former Greensill client with factories in the US, India and Saudi Arabia has entered Chapter 11 in Texas to sell off its assets and wind down, with the help of a US$35 million debtor-in-possession promissory note from a UK-based Softbank entity.

15 June 2021

Indian conglomerate secures English scheme meeting

A Dutch subsidiary of Indian multinational conglomerate Jain Irrigation Systems has won permission to poll creditors on its English scheme of arrangement while the group seeks a connected restructuring in India.

14 June 2021

Baker McKenzie guiding Indian conglomerate’s English scheme

A Dutch subsidiary of an Indian multinational conglomerate is pursuing an English scheme of arrangement to restructure Singapore-listed notes, with Baker McKenzie and Kirkland & Ellis both taking roles.

10 June 2021

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