Regional news: India

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

Indian miner seeking arbitration over Zambian provisional liquidation

One of Africa’s biggest copper producers is facing winding-up proceedings in Zambia, triggering an international arbitration threat from Vedanta Resources, its Indian majority owner.

05 June 2019

Using foreign judgments to get your debt paid under India’s Insolvency and Bankruptcy Code

Last year, the Ghanaian branch of African bank Stanbic became the first party to use an English judgment as evidence of a debt to trigger insolvency proceedings under India’s Insolvency and Bankruptcy Code 2016. The bank’s English counsel – Thomas Williams of Sultan Al-Abdulla & Partners, and Anna Booth and Michael Lee of Womble Bond Dickinson – explain how they did it.

20 May 2019

Indian textile company files Chapter 15 in Delaware

A bankrupt Indian textile company has filed Chapter 15 proceedings in Delaware to “level the playing field” after it accused a US creditor of violating an Indian moratorium order.

07 May 2019

Heads-Up: Cyril Shroff at Cyril Amarchand Mangaldas in Mumbai

Featured in Heads-Up

“There’s mountains of money sitting outside and there is a mountain of opportunity in India.” GRR meets Cyril Shroff of Cyril Amarchand Mangaldas, in the first of a new series of features profiling the heads of restructuring practices around the world and asking them for their industry forecasts.

01 May 2019

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

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