The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order.

It said that NBFC-MFIs surpassed banks by a thin margin. Banks as a group controls 34.8% of the market, in which lenders provide micro loans without collateral to joint liability group members. Loans given by banks to self help group members are not included here.

The post-pandemic period saw massive pent-up demand amongst sectors severely impacted due to Covid-19 and the subsequent lockdowns, such as travel and tourism, education, healthcare and automobiles, the company said in a release.

Non-banking finance companies-microfinance institutions (NBFC-MFIs) accounted for 35.1 per cent of the outstanding loans as of September 2022, surpassing banks which held a 34.8 per cent stake, the report by Crif High Mark said.

The development is the first concrete sign that global banks are becoming more wary of financing Adani’s empire and coincides with comments from France’s TotalEnergies SE that a multi-billion dollar plan to produce green hydrogen with the Indian tycoon has been put on hold, pending audits of his conglomerate.

The proposed combination relates to subscription of compulsorily convertible preference shares of Hero Future Energies Global Ltd (HFE) by Ardor Holdings II Pte Ltd.

Promoters of Srei group, the Kanoria family has proposed to make full payment to lenders in a last-ditch attempt to regain control over the two bankrupt financial services firms that are in the last stage of debt resolution under corporate insolvency.

Private lender Kotak Mahindra Bank on Friday said it has acquired micro-finance company Sonata Finance for ₹537 crore in an all-cash deal. Sonata Finance will be a wholly owned subsidiary of the bank after receiving regulatory and other approvals, it said.