Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding. As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said. Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
Congress MP Mohammad Jawed and AIMIM president Asaduddin Owaisi have challenged the validity of the Waqf (Amendment) Bill, 2025 in the Supreme Court, arguing that it violates constitutional provisions. The petitions claim the bill imposes arbitrary restrictions on Waqf properties and their management, undermining the religious autonomy of the Muslim community. They also allege that the bill discriminates against Muslims by imposing restrictions not present in the governance of other religious endowments. The bill was passed in the Rajya Sabha and Lok Sabha, with the petitioners arguing that it introduces limitations on the creation of Waqfs based on the duration of one's religious practice, mandates inclusion of non-Muslim members in Waqf administrative bodies, and shifts key administrative functions to government officials, thereby diluting the autonomy of Waqf management.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
In a relief to homebuyers, assets in a real estate project that have been handed over to the allottee would be kept out of the liquidation process of the company, the latest amendment to the rules by the Insolvency and Bankruptcy Board of India (IBBI) has said. The notification dated February 12 said: "For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor." Real estate experts call it a "pragmatic approach" by the regulator. "However, there are many cases where possession has not been given because the property is stuck in insolvency.
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
A Republican lawmaker has introduced a House Joint Resolution to amend the US Constitution to allow a president to be elected for up to three terms. The move is aimed at facilitating a third term for President Donald Trump. Congressman Andy Ogles, who introduced the resolution, stated that the amendment would ensure the continuation of Trump's "bold leadership" and provide him with the resources to "correct the disastrous course" set by the Biden administration. He highlighted Trump's decisive leadership and his ability to "restore America to greatness." Ogles also praised Trump's actions in tackling the crisis at the southern border, lifting oil and gas drilling restrictions, ending birthright citizenship for children born to illegal aliens, and withdrawing the United States from the World Health Organization.
The Meitei group Arambai Tenggol surrendered 246 firearms to security forces in Manipur, bringing the total number of weapons surrendered to 307. The surrender follows a deadline set by Governor Ajay Bhalla for the return of illegal weapons. Arambai Tenggol's decision was influenced by assurances from the governor, including the eradication of opium poppy cultivation, implementation of border fencing, and a general amnesty for members of the group. Officials believe the surrender will contribute to restoring peace in the state, which has been rocked by ethnic violence for nearly two years. The police have urged others in possession of illegal firearms to surrender them before the deadline. Former Chief Minister N Biren Singh welcomed the surrender, calling it a "big step towards peace."
Congress president Mallikarjun Kharge has called for tough decisions and unity within the party after the Congress suffered electoral defeats in Maharashtra and Haryana. In a meeting with top party leaders, Kharge highlighted the need to strengthen the organization from the grassroots, fix accountability, and address internal bickering. He also urged leaders to remain united and avoid public criticism of each other. The Congress chief expressed concern over the party's performance in state elections despite a strong showing in the Lok Sabha polls earlier this year. He acknowledged the need to learn from the setbacks and improve the party's strategy and communication to counter its rivals' propaganda.
The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.
Hunter Biden was convicted early this year on federal gun and tax charges and was set to appear soon in Delon, California, where he faced the potential of lengthy prison sentences.
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
Gauri Spratt has met Aamir's family and they are all 'extremely happy'.
US lenders represented by Glas Trust have countered Byju's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire $1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of Byju's brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.
China has said that the disengagement of troops in eastern Ladakh by the Chinese and Indian armies is going on "smoothly" following a recent agreement between the two nations.
India abstained in the United Nations General Assembly on a draft resolution calling for Russia to be held accountable for violations of international law by its invasion of Ukraine and requiring Moscow to pay reparations to Kyiv for damages, loss and injury resulting from the war.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
India has firmly rejected any involvement of a third party in its border dispute with China, declining an offer of mediation from US President Donald Trump. Foreign Secretary Vikram Misri emphasized India's commitment to resolving bilateral issues through direct dialogue, stating that New Delhi has always maintained a bilateral approach in dealing with such matters. This stance underscores India's position that the border dispute with China should be addressed through direct negotiations between the two countries.
India abstained in the UN General Assembly on Thursday on a resolution that underscored the need to reach "comprehensive, just and lasting peace" in Ukraine, citing the resolution's "inherent limitations" in reaching New Delhi's desired goal of securing lasting peace and ending the conflict which has been raging for one year now.
A Russian fund submitted its interest to the resolution professional on February 14 and also hired a consultancy firm to help them with the bidding process.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. As the Committee of Creditors (CoC) rejected the sole resolution plan submitted by Space Mantra after four extensions in the deadline to complete the corporate insolvency resolution process (CIRP), the RP of the company has now approached NCLT to initiate liquidation of Future Retail (FRL). "The resolution plan submitted by Space Mantra Private has not been approved by CoC of FRL, kindly note that, the Resolution Professional (RP) has filed an application, before the National Company Law Tribunal, Mumbai Bench, for initiation of liquidation of FRL," said a regulatory filing from FRL.
The Supreme Court addressed concerns about misinformation spreading related to an incident involving Delhi High Court judge Justice Yashwant Varma. The court clarified that the proposal to transfer Justice Varma to Allahabad High Court was independent of an internal investigation into the discovery of a large sum of cash at his residence following a fire. The Delhi High Court Chief Justice is conducting the investigation and will submit a report to the Chief Justice of India today.
Trump has made clear his intention to mediate a resolution between the two nations, emphasising the need for a swift de-escalation of violence.
India was the sole abstention while all other 14 members of the Council voted in favour of the resolution that decided that processing or payment of funds, other financial assets, economic resources, and provision of goods and services necessary to ensure the timely delivery of humanitarian assistance are permitted and are not a violation of the asset freezes imposed by the Council or its Sanctions Committee.
India and China held talks in New Delhi to discuss the lessons learned from the eastern Ladakh military standoff and prevent its recurrence. The two sides also prepared for the next meeting of the Special Representatives on the boundary question. The talks took place under the framework of the Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC). Both sides highlighted the importance of regular exchanges and contacts at diplomatic and military level to maintain peace and tranquility in the border areas.
The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
This restoration, according to the officials, is seen as a crucial step towards initiating a healing process, reinstating constitutional rights and safeguarding the unique identity of the region's residents.
Curfew was relaxed in three Imphal Valley districts on Tuesday and the suspension on broadband internet lifted with conditions, even as Chief Minister N Biren Singh blamed the Congress for the present crisis in Manipur and NDA MLAs called for a "mass operation" against militants responsible for the killing of six women and children. Peaceful rallies were also staged across the state, with hundreds taking to the streets with empty coffins in Churachandpur district, demanding justice for those killed in a gunfight with the security forces in Jiribam, and members of various civil society organisations bringing out a procession in Imphal West district to protest the reimposition of AFSPA in parts of the state.
Aviation watchdog DGCA has asked crisis-hit Go First to submit a comprehensive plan for the revival of its operations, a source said on Thursday. The budget carrier, which is undergoing a voluntary insolvency resolution process, stopped flying on May 3.
More than 30 LGBTQIA++ collectives of law school students have said the Bar Council of India resolution urging the Supreme Court not to deal with pleas seeking legalisation of same sex marriage is 'antithetical' to the Constitution.
Jet Airways CEO-designate Sanjiv Kapoor on Monday said the new management does not want to be "in a rush" to restart operations while asserting that the airline will be unique and different. The ownership transfer of the airline under the insolvency resolution plan is facing hurdles over differences between the winning bidder and lenders. "We don't want to be in a rush," Kapoor said.
The Calcutta high court on Tuesday directed that a resolution by the special college council members of R G Kar Medical College and Hospital to suspend 57 medics/students will not be effected, until and unless a decision is arrived at by the West Bengal government in this regard.
The airline is sitting on a debt pile of over Rs 8,200 crore and has defaulted thrice since January, including on some forex debt.
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
At least three MLAs were marshalled out on the directions of Speaker Abdul Rahim Rather but the brawl ensued due to resistance put up by the opposition members.
IBC has been revolutionary in many ways and is a formidable instrument for stress resolution. And despite the room for improvement, the overall effectiveness of IBC in the distress space is unmatched, notes Saloni Kothari.
'The new Waqf bill sows the seed for conflict in every town and village of India.'
India and China agreed during their military talks on Sunday to stay in close touch and work out a mutually acceptable solution to the "remaining issues" in eastern Ladakh at the earliest, but there was no indication of clear forward movement in ending their three-year-long border standoff.
