Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.

The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.

What made the tide turn in favour of the Adani group was the Covid-19 pandemic, which shut down airports the world over, including Mumbai. There was no cash flow and the firm started defaulting on salaries July onwards.

The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.

According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.

As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.

Besides the pandemic that resulted in higher interest rates, the default by Future Retail has dealt a blow to investor sentiment.

Before the pandemic hit the world and led to shutdowns, the company had received nearly half a dozen offers. But bidders are now withdrawing. They want to reassess the situation. They want to conserve cash and avoid acquisition.

Several airlines, hotels, travel and tourism companies are expected to move their applications for one-time restructuring as soon as the moratorium ends.

There is immense pressure on Biyani to go ahead with the RIL offer after FRL defaulted on its interest payments of Rs 100 crore on July 22.

Reliance Industries, which sold stake worth $21.7 billion in Jio Platforms, kept the league tables moving in spite of the pandemic.

'These are the people that have worked for you. These are the people who have served you all their careers. You send them out to live in the rain. Is that your definition of ethics when you treat your labour force that way?' the titan asks.

Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.

The rating was downgraded despite 25 per cent held by stronger partner Indian Hotels, which operates the company's seven properties in India.

While the Hinduja brothers - Gopichand, Prakash, and Ashok Hinduja - did not indicate any move to begin talks with Vinoo Hinduja, top Indian lawyers said mediation would help both sides considering that the letter signed by the four brothers cannot trump other legal documents and challenge the validity of a registered will of SP Hinduja.

With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.

Though Google's investment is minuscule and will not move the needle, it will attract other investors to the company and be a morale booster. Pursuing Vodafone Idea would potentially pit Google against Facebook and an increasingly dominant Jio.

The one-time restructuring of loans will help every firm and prevent cost-cutting measures such as lay-offs.

RBI is expecting the rupee to stay close to Rs 75 to a dollar, as COVID-19 forces foreign funds to withdraw from emerging markets.

Though Kishore Biyani is selling stakes in group companies to pay off debt, a significant share price crash since January this year is making his task difficult.