Joel Rebello

The Mumbai bench of the National Company Law Tribunal has allowed secured creditors to restart the Corporate Insolvency Resolution Process for Lavasa Corporation. The tribunal excluded a specific period from the resolution process and restored Shailesh Verma as the resolution professional, citing the failure of Darwin Platform Infrastructure Ltd to implement the approved resolution plan.

Replying to ET's emailed queries, Khanna confirmed that Deloitte and he had parted ways. "I am starting a new journey by joining the well established family business, which acquires real estate assets to turn them around financially. This has no conflict with Deloitte as Deloitte is not a real estate investment company...We have a very unique business model... Our model is based on asset acquisition through transparent bidding, in most cases overseen by NCLT. The business is growing rapidly, thanks to rapid urbanisation and the burgeoning middle class. I foresee many opportunities to expand it nationally," he said.

The National Bank for Financing Infrastructure and Development (NaBFID) may offer partial credit enhancement and first loss default guarantees to infrastructure companies. This could improve credit ratings and attract long-term investors. NaBFID is also considering offering credit default swaps to boost investor confidence, especially in foreign markets.

State Bank of India chairman CS Setty emphasised the importance of consistent performance for stakeholders, with technology driving growth. Despite fluctuations in profit growth, SBI aims to ensure stability and reliability. Setty highlighted the role of customer service, reach, and convenience in attracting deposits, beyond just competitive rates.

State Bank of India (SBI) chairman CS Setty told ET the country's biggest bank will look to deliver “consistency in performance” for all stakeholders, with technology at the vanguard of growth at the bank that has ₹68 lakh crore in assets.

Three of India's top non-banking finance companies, including Bajaj Finance, have raised $1.3 billion through overseas bank loans to diversify funding amid tighter RBI regulations. Bajaj Finance, Cholamandalam Investment and Finance Co, and HDB Financial Services secured loans priced at 135 basis points over the three-month SOFR.

Reliance Power Ltd, controlled by Anil Ambani, has exited the 600 MW Vidarbha Industries Power Ltd (VIPL) after pledging all its shares to CFM ARC. This move releases Reliance Power from its corporate guarantee obligations related to VIPL's Rs 3872 crore debt. CFM ARC and Axis Bank now control VIPL.

Reliance Infrastructure Ltd, controlled by Anil Ambani, has significantly reduced its debt from Rs 3831 crore to Rs 475 crore after settling dues with multiple creditors. The company cleared outstanding amounts with Invent Assets Securitisation and Reconstruction, LIC, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders.

The National Company Law Appellate Tribunal has stayed a lower court's order to restart the bankruptcy process for Rajesh Business & Leisure Hotels after an appeal by ICICI Bank. The tribunal allowed all parties to file replies within two weeks, while staying the order that had cited procedural issues.

The Reserve Bank of India has lifted restrictions on IIFL Finance's gold loan business, allowing the company to resume operations. The ban was initially imposed due to supervisory concerns, including deviations in gold purity assessment and breaches in loan-to-value ratio. The lifting of the ban is expected to help recover the company's gold loan book and improve profitability.