Regional news: India

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

Indian bank granted winding-up petition in Hong Kong

An Indian bank has won a petition to wind up a metal trader, after the High Court of Hong Kong branded the company’s defence “nonsense” and “fatuous”.

08 October 2019

Jet Airways ruling could lead to cross-border cooperation framework in India

In a decision that lawyers say will lead to the creation of a framework for cooperation in cross-border insolvency proceedings, an appellate tribunal in Delhi has stayed part of a lower court’s order that refused to recognise Indian airline Jet Airways’ Dutch bankruptcy proceedings.

15 July 2019

Appellate tribunal dismisses Essar Steel takeover challenge

An Indian appellate tribunal has dismissed a challenge to ArcelorMittal’s US$6.2 billion bid for Essar Steel India but adjusted the company’s distribution plan to correct a “huge discrimination” against operational creditors.

08 July 2019

Bankrupt drug company accuses Indian supplier of ‘sabotage’

US-based drug distributor Aceto Corporation has accused the billionaire founder of its pharmaceutical provider in India of “sabotage” in a New Jersey bankruptcy court.

07 June 2019

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