The National Company Law Appellate Tribunal has rejected a joint petition filed by five banks – Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank and Union Bank of India – challenging the distribution of funds to the dissenting financial creditors SBI and Punjab National Bank.

A two-member National Company Law Appellate Tribunal (NCLAT) bench said the distribution mechanism for funds received from the resolution plan approved by the lenders’ body CoC in its commercial wisdom, and subsequently, the NCLT order is valid, lawful and binding.

The bench said that the ‘Monitoring Committee’ formed after the bidding process was over and “could not have altered the same.”

“We are of the view that the payment directed to Respondent No 1 (SBI) is strictly in accordance with Section 30(2)(b), read with Section 53(1) of the Code which the CoC has duly approved and thereafter, by the AA, under Section 30(4), does not suffer from any inequity or illegality,” said the NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member (Technical) Indevar Pandey.

The matter related to the insolvency proceedings of OCL Iron and Steel, for which the Cuttack Bench of the National Company Law Tribunal (NCLT) has approved the bids filed by Indrani Patnaik.

The Corporate Insolvency Resolution Process against OCL Iron and Steel was initiated in September 2021.

Upon collation of claims, a Committee of Creditors was constituted comprising of nine financial creditors with voting shares – Asia Opportunities (III) Mauritius Limited (36.22 per cent), ICICI Bank (12.68 per cent), State Bank of India (10.39 per cent), Indian Bank (10.32 per cent), UCO Bank (9.82 per cent), Bank of Baroda (7.87 per cent), Union Bank of India (7.11 per cent), Punjab National Bank (0.63 per cent) and Ganesh Ores (4.98 per cent).

The Resolution Plan submitted by Indrani Patnaik was approved by the CoC through an 88.98 per cent majority vote, and the NCLT approved it on March 20, 2023, following which a Monitoring Committee was constituted to oversee the implementation of the resolution plan.

However, in the third and fourth meetings of the Monitoring Committee, there was a lack of consensus regarding distribution to dissenting financial creditors. Calculations regarding the distribution of Resolution Plan proceeds were placed before the members.

Meanwhile, Indrani Patnaik, being the Successful Resolution bidder, transferred an amount of ₹35.20 crore on May 15, 2023, to State Bank of India as a dissenting financial creditor.

Aggrieved by the same State Bank of India filed an application before the NCLT, seeking to set aside the distribution decided in the fourth Monitoring Committee meeting.

Passing an order on February 5, 2024, the NCLT directed that distribution to State Bank of India, being the dissenting financial creditor, be made in accordance with Section 30(2)(b) of the Code as computed by the Evaluation Advisor, and further directed that the computation of liquidation value be re-checked and payment be made accordingly.

Aggrieved by this NCLT order mandating distribution to the dissenting secured financial creditor out of the upfront payment, the five banks – Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank and Union Bank of India – filed an appeal before the NCLAT.

However, the NCLAT said the NCLT order “does not confer any undue or additional benefit upon Respondent No. 1 (SBI), but merely enforces the liquidation value already determined and approved.”

Published on April 9, 2026

Liquefied Natural Gas (LNG) tanker vessel
| Photo Credit:
iStockphoto

Russia is seeking to leverage a global natural gas supply crunch to lure energy-starved South Asia into purchasing shipments from its US-sanctioned facilities, according to people familiar with the matter.

The shipments were being offered at a 40% discount to spot prices last week via little-known intermediary companies based in China and Russia, said the people, who asked not to be named as they aren’t authorized to speak with the media. The sellers said that they could provide paperwork to make it appear that the shipments originated from non-Russian sources, like Oman or Nigeria, the people said.

Bloomberg News wasn’t able to confirm whether any of the shipments were purchased.

The effective closure of the Strait of Hormuz — and attacks on the world’s largest LNG export plant in Qatar — has throttled about a fifth of global supply, upending the gas market and lifting prices. Shipments from Qatar have come to a standstill, forcing customers in Bangladesh and India to look for more expensive alternatives.

Bangladesh, which received 60% of its LNG from Qatar last year, has resorted to buying shipments from the spot market, at times spending roughly double what it would have under its long-term contracts with the Middle Eastern nation. Bangladesh and India have also been forced to curb gas supply to the fertilizer sector due to the reduction in LNG deliveries.

India typically takes a conservative approach to importing sanctioned oil and gas, and its government has previously said that it won’t take Russian LNG from blacklisted projects. India bought its first Iran oil shipment since 2019 following a US Treasury general license issued last month that waived restrictions.

While Russia has been steadily expanding exports from its US-sanctioned export plants — Arctic LNG 2 and Portovaya — most buyers remain wary of taking restricted shipments out of fear of retaliation from Washington. China has so far been the only country to import the sanctioned Russian LNG via a network of shadow fleet vessels.

Expanding deliveries to countries outside of China would help Russia diversify its customer base and expand exports from its blacklisted facilities. Arctic LNG 2 — which was designed to be the largest Russian LNG plant — began exports in 2024, but its full capacity has been throttled by a lack of shipping capacity and willing buyers.

More stories like this are available on bloomberg.com

Published on April 9, 2026

Equity benchmarks opened in the red on Thursday, retreating from the previous session’s sharp gains, as investors booked profits amid lingering doubts over the durability of the US-Iran ceasefire and a rebound in crude oil prices.

The BSE Sensex, which closed at ₹77,562.90 on Wednesday, opened at ₹77,319.33 and was trading at ₹77,312.50, down ₹250.40 or 0.32 per cent, as of 9.21 am. The NSE Nifty 50, which ended the previous session at ₹23,997.35, opened at ₹23,909.05 and was trading at ₹23,943.75, down ₹53.60 or 0.22 per cent.

Wednesday’s session had seen the Nifty post its biggest single-day surge since May, gaining 3.8 per cent to close just below the 24,000 mark, following the announcement of a two-week ceasefire between the US and Iran. “The 2-week ceasefire between US and Iran and the consequent sharp decline in crude prices provided the trigger for a sharp 873-point rally in Nifty yesterday,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “Fairly valued stocks depressed by FPI selling and shorting will bounce back at any time. Patience is the key.”

On Thursday morning, however, Brent crude had rebounded nearly 3 per cent to just under $98 a barrel, reviving inflation concerns and prompting early selling. Gift Nifty was pointing to a gap-down open, trading around 190 points lower before markets opened. “Indian equity markets are expected to open on a weak to gap-down note on Thursday, tracking negative signals from GIFT Nifty,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking. “Profit booking after the sharp rally in the previous session may weigh on sentiment.”

Among Nifty 50 stocks, Bajaj Auto led gainers, rising 2.07 per cent to ₹9,560 from a previous close of ₹9,366. NTPC gained 1.47 per cent to ₹379.65 against a previous close of ₹374.15, while Tata Steel rose 1.38 per cent to ₹207 from ₹204.18. Hindalco added 1.32 per cent to ₹964.40 and Max Healthcare climbed 1.10 per cent to ₹951.50. The gains in metals and energy reflected continued optimism over easing crude-linked input costs.

On the losing side, Shriram Finance fell 1.79 per cent to ₹1,004.90 from ₹1,023.20, while Adani Ports dropped 1.78 per cent to ₹1,427.40 from ₹1,453.30. Infosys slipped 1.78 per cent to ₹1,322.20 against a previous close of ₹1,346.20, with the IT sector under focus ahead of TCS’s Q4 results later in the day. UltraTech Cement shed 1.09 per cent to ₹11,476 from ₹11,603, and Bajaj Finance fell 1.04 per cent to ₹905.50 from ₹915.05.

Institutional flows remained divergent. Foreign institutional investors sold shares worth approximately ₹2,812 crore on Wednesday — marking the 26th consecutive session of net selling — while domestic institutional investors bought ₹4,168 crore, providing a cushion. “FIIs remained net sellers while DIIs are actively absorbing the supply, providing stability,” noted Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company.

India VIX cooled sharply to around 19.69, from over 24 earlier in the week, indicating reduced but not eliminated volatility. “While panic has eased, uncertainty persists, and option premiums remain elevated,” Chinchalkar added. The RBI’s decision to hold the repo rate at 5.25 per cent with a neutral stance continued to underpin broader market stability.

Globally, European equities posted their biggest rally in a year on Wednesday. Asian markets were mixed on Thursday morning, with South Korean equities under pressure. “Asian stocks were seeing a bit of red, led by Korea,” Chinchalkar noted.

Nifty 50’s key resistance remains at the 24,300–24,400 zone, with support around 23,700–23,800.

Published on April 9, 2026

Crude oil futures traded higher on Thursday morning following doubts over the durability of the US-Iran ceasefire. This follows Israeli attacks on Lebanon on Wednesday.

At 9.21 am on Thursday, June Brent oil futures were at $96.66, up by 2.02 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $97.06, up by 2.91 per cent. April crude oil futures were trading at ₹9,059 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8,861, up by 2.23 per cent, and May futures were trading at ₹8,430 against the previous close of ₹8,250, up by 2.18 per cent.

In a post on X, Seyed Abbas Araghchi, Foreign Minister of Iran, said: “The Iran-US Ceasefire terms are clear and explicit: the US must choose—ceasefire or continued war via Israel. It cannot have both. The world sees the massacres in Lebanon. The ball is in the US court, and the world is watching whether it will act on its commitments.”

Meanwhile, reports said that the movement of oil tankers through the Strait of Hormuz had been suspended following the Israeli attacks on Lebanon.

Petroleum status data, which was released by the US EIA (Energy Information Administration) for the week ending April 3, showed an increase in crude oil inventories in the US.

According to EIA, US commercial crude oil inventories increased by 3.1 million barrels for the week ending April 3. At 464.7 million barrels, US crude oil inventories were about 2 per cent above the five-year average for this time of year.

Total motor gasoline inventories decreased by 1.6 million barrels from last week, and distillate fuel inventories decreased by 3.1 million barrels last week.

Total products supplied in the US over the last four-week period averaged 20.8 million barrels per day. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels per day, up by 1.5 per cent from the same period last year.

Distillate fuel product supplied averaged 4 million barrels per day over the past four weeks, up by 4.8 per cent from the same period last year. Jet fuel product supplied was down 6.4 per cent compared with the same four-week period last year.

Published on April 9, 2026