Reliance Industries Ltd, in partnership with Assets Care & Reconstruction Enterprise Ltd (ACRE), Varde Capital-backed Aditya Birla Asset Reconstruction Company, a Welspun Group entity and foreign fund CarVal Investors, among others, have submitted expressions of interest (EoI) for bankrupt Sintex Industries Ltd, said two people with knowledge of the matter. ACRE is majority-owned by Ares SSG Capital, which describes itself as an alternative investment manager. Edelweiss Alternative Assets Advisors declined to comment. Reliance Industries, ACRE, CarVal, Welspun, Trident, Arcil, Aditya Birla ARC and the RP did not respond to requests for comment.

The Summit concluded with the panel discussion on ways to ensure Financial Inclusion in Global and Personal Finance Post Covid 19 Recovery. The Finance panel consisted of Ajay Nahar, GM, Wipro; Mayank Gupta, Group CFO, CarDekho; Niraj Kaushik, Director - Finance, Opus Consulting; Pramod Gupta, Executive VP and CFO, Arcil; Shailesh Jain, Director - Finance, Credit Suisse, Vikrant Ponkshe, CFO, Being Catalyst moderated by Swati Khandelwal, Executive Editor, ZEE Business.

In Asset Reconstruction Company (India) Limited v. Mohammadiya Educational Society, the NCLAT, New Delhi held that a society registered under the Andhra Pradesh Society Registration Act, 2001 (AP Act) cannot be subject to insolvency resolution process for corporate persons laid down under Part II of the Code. The Appellant contended that pursuant to Section 18 of the AP Act, a society registered under the AP Act was rendered the status of a body corporate and was, therefore, amenable to the jurisdiction of the adjudicating authority under the Code, in view of the definition of a corporate person under Section 3(7) of the Code.

Even as the interest in buying out the development financial institution (DFI) turned full-scale bank, IDBI Bank, is gaining some momentum, there is a view that the government and the LIC should get the valuation upside as the operating environment is now positive for the bank with the setting up of bad bank, the turnaround in its operations, business synergy initiatives rolled out with LIC partnership and the gradual opening of the economy post second wave of pandemic. Recently, the bank also offloaded its entire stake in the Arcil, an asset reconstruction company. The sale of non-core assets is also expected to improve capital levels.