Mumbai: The Bombay high court recently quashed a debt recovery tribunal (DRT) order that stayed all further post-sale process of a bank’s auction of a south Mumbai flat.The HC said it observed a “disturbing trend”, “in many matters” borrowers and “chronic defaulters” “act as fence sitters” and take no action when banks proceed with recovery. These defaulters instead invoke “collusive proceedings” under insolvency law only when auction purchasers are to be handed physical possession of the flat.In a March 18 order, the bench of Justices Manish Pitale and Shreeram Shirsat expressed distress at the misuse of Insolvency and Bankruptcy Code (IBC). It said borrowers claim that moratorium stands triggered the moment such proceedings are filed before the National Company Law Tribunal (NCLT). “As a consequence, all steps taken under the provisions of the Securitisation Act suddenly come to a standstill” and defaulting borrowers “wear a cloak of immunity under the garb of a moratorium”, said the court.In a relief to purchasers of the south Mumbai flat auctioned in December 2024 for Rs 2.5 crore, the HC held the bidding process of the bank, which mortgaged the flat, cannot be faulted, as the moratorium was invoked post-sale. The Union Bank loaned Rs 6.25 crore and issued notice in March 2017 to the borrower for default in repayment.The HC said chronic defaulters resort to provisions of IBC “to frustrate secured creditors and auction purchasers from proceeding, in accordance with law, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Securitisation Act)”.The judgment was in a petition filed by the purchasers of the auctioned flat at Mazgaon who said they were being deprived of its possession.In November 2019, following two attempted proposals towards a one-time settlement (OTS), a magistrate’s court allowed the bank to take physical possession. The bank took symbolic possession in November 2022. The HC said the borrower did not challenge the symbolic possession.The bank then set auction dates, but got no bidders. After several failed attempts at OTS and auctions, the 10th auction of November 2024 was challenged by the borrower and guarantors before the DRT in December 2024. The flat was successfully auctioned on December 12, 2024, the HC said.The borrower then moved the NCLT to initiate the insolvency resolution process and immediately followed with a plea before the DRT to claim that moratorium kicks in once IBC proceedings are filed.More litigation ensued, leading up to the Supreme Court, which on February 26, 2026, confirmed orders of NCLT and its appellate tribunal in Delhi to exclude the Mazgaon flat from moratorium.The purchasers’ counsel Sidhart Samantaray said the borrowers and guarantors were “frustrating and thwarting” the process and depriving physical possession. Charles Dsouza, counsel for the bank, supported the purchasers’ contention. But Kruti Bhavsar, counsel for the loan borrowers and guarantors, said the DRT’s order was lawful and moratorium had kicked in on Oct 6, 2025, before the auction by a creditor invoking IBC in Guwahati NCLT.The HC said the IBC is meant as an effective legal framework for timely resolution, “improving the ease of doing business, facilitating more investments, leading to higher economic growth and development in the country”. But, it added, chronic defaulters use IBC to frustrate and paralyse the process.

The highly escalated Middle East war has now entered its third week, with no indication that the United States, Israel or Iran is willing to step back from the conflict. According to a report by the Center for Strategic and International Studies (CSIS), Iranian strikes on US military bases in the region have caused an estimated $800 million in damage in just the first two weeks.

Much of this damage occurred during the initial retaliatory strikes by Iran following the US and Israel’s opening attacks. “The damage to US bases in the region has been underreported,” said Mark Cancian, a senior adviser at CSIS and co-author of the think tank study. “Although that appears to be extensive, the full amount won’t be known until more information is available.”

Targeted strikes on US Infrastructure

Iran’s retaliatory operations focused on US air-defence and satellite-communication systems across Jordan, the United Arab Emirates and other strategic locations in the Middle East. A major component of the damage was inflicted on the AN/TPY-2 radar system at an air base in Jordan. This radar, part of the Thaad missile defence system is valued at approximately $485 million and is critical for intercepting long-range ballistic missiles, accoridng to BBC.

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Additional Iranian strikes caused an estimated $310 million in damage to buildings, facilities and other infrastructure on US bases.According to the satellite images, at least three US air bases – Ali Al-Salim in Kuwait, Al-Udeid in Qatar and Prince Sultan in Saudi Arabia were hit multiple times. In addition to equipment and infrastructure losses, the US has lost 13 service members since President Donald Trump joined Israel in launching attacks on Iran on February 28. According to the US-based Human Rights Activists News Agency (Hrana), the overall death toll in the conflict is estimated at nearly 3200, including around 1400 civilians.President Trump has emphasised that the US is achieving its objectives in the region. “We’re doing extremely well in Iran,” he said during a White House event.Iran has managed to target and damage several high-value aircraft despite the technological edge of the US and Israeli air forces. In total, the US has suffered damage to 16 aircraft in the conflict, including 12 MQ-9 Reaper drones, each costing up to $56.5 million.Three F-15 Strike Eagle fighter jets were lost in Kuwait on March 2, reportedly due to a friendly fire incident, while a KC-135 refuelling tanker was lost over Iraq on March 12, killing all six crew members aboard. Another KC-135 was damaged in the same incident.In a significant development, Iran reportedly struck a US F-35 stealth fighter on March 19. The US Central Command confirmed the aircraft made an emergency landing and the pilot remained stable. Meanwhile, Israel has reportedly lost over a dozen drones in Iranian airspace, bringing the combined aircraft losses for both countries to 28.

High-value radar systems targeted

Iran’s strikes have also focused on degrading the US missile defence network in the region. Up to four AN/TPY-2 radars associated with Thaad systems have reportedly been hit, including sites in Jordan, the UAE and Saudi Arabia. Each radar is valued between $300 million and $500 million and damage to these systems has reportedly rendered some inoperable.An AN/FPS-132 Block 5 Upgraded Early Warning Radar at Al Udeid Air Base in Qatar, valued at $1.1 billion was also struck. This radar provides long-range ballistic missile detection and supports integrated defence systems such as Thaad, Patriot and Aegis.“The missile hand of the Islamic Republic of Iran has been opened for successful target hits,” the Islamic Revolutionary Guard Corps (IRGC) said.

USS Gerald R Ford fire incident

The US Navy’s most advanced aircraft carrier, USS Gerald R Ford was rendered temporarily inoperable due to a fire on March 12. Crew members spent over 30 hours controlling the blaze, which affected the ship’s main laundry spaces.

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The incident is under investigation, with one possibility being deliberate sabotage. Reports suggest crew fatigue may have contributed, as the carrier had been deployed for nearly ten months, far exceeding normal operational timelines. The ship is scheduled for repairs at Naval Support Activity Souda Bay in Crete.

Rising cost of war

The conflict has placed an immense financial strain on the US. According to CSIS, munitions costs alone exceeded $12 billion in the first six days, roughly $2 billion per day. The Pentagon estimates the first six days cost $11.3 billion, with the first 12 days reaching $16.5 billion.Weapons costs are significant. For example, each Tomahawk missile costs around $3.5 million and over 300 have been used, totaling more than $1.2 billion. To maintain the war effort, the Pentagon has requested an additional $200 billion in funding from Congress. Defence Secretary Pete Hegseth emphasised the need for the same, saying, “It takes money to kill bad guys.”The ongoing conflict has exposed vulnerabilities in some of the US military’s most advanced systems. Iran’s cost-effective strikes have challenged the perception of invulnerability in modern warfare.While the US and Israel have inflicted damage on Iran’s military, the losses and degradation of advanced equipment illustrate the operational and reputational risks involved. As the war continues, the cost of managing operations and finances of the conflict will continue to mount.

The Lucknow Super Giants (LSG) are preparing for a comeback in the upcoming Indian Premier League (IPL) 2026 season. After failing to reach the playoffs for two consecutive years, Lucknow franchise owner Sanjiv Goenka recalled Team India head coach Gautam Gambhir to help secure better results.

Rishabh Pant will continue to lead the Super Giants despite having a difficult debut season as franchise captain. The management hopes that the expensive wicketkeeper-batter can guide LSG to their maiden IPL title after the Lucknow-based franchise strengthened their domestic fast-bowling core.

Sanjiv Goenka Recalls Crucial Advice From Gautam Gambhir

Sanjiv Goenka recalled the team-building philosophy shared by former franchise mentor Gautam Gambhir. Goenka admitted that he finally fully understood the importance of prioritizing wicket-taking bowlers over aggressive batters following their disappointing season last year.

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🎙️SANJEEV GOENKA ON GAUTAM GAMBHIR :

🗣️ Gautam once told me that you can win individual matches on the back of your batsmen but you win tournaments on the strength of your bowlers. He said this to me in 2022 and I understood it last year.pic.twitter.com/R1suKx0s0p

— KKR Karavan (@KkrKaravan) March 22, 2026

“Gautam once told me that you can win individual matches on the back of your batsmen but you win tournaments on the strength of your bowlers. He said this to me in 2022 and I understood it last year,” Goenka said.

Mohammed Shami And Arjun Tendulkar Join The Squad

LSG bolstered their pace attack through major strategic off-season moves. The franchise successfully acquired premium fast bowler Mohammed Shami from Sunrisers Hyderabad for ₹10 crore.

The experienced wicket-taker will lead their revamped frontline bowling unit. Furthermore, LSG signed bowling all-rounder Arjun Tendulkar from the Mumbai Indians, while trading Shardul Thakur to the Mumbai franchise.

Arjun Tendulkar provides essential squad balance. He offers a valuable left-arm pace option and can contribute crucial lower-order runs during high-pressure T20 chases.

Meanwhile, LSG have concerns regarding their overseas combination, especially with Wanindu Hasaranga carrying an injury. The Sri Lankan spinner is currently recovering from an injury that ruled him out in the early stages of the T20 World Cup 2026.

Hasaranga suffered a tear in his left hamstring, and there is still no official update on his availability for IPL 2026. With the tournament fast approaching, the all-rounder is now in a race against time to regain full fitness.

Rishabh Pant Under Pressure After Disappointing IPL 2025 Campaign

The record ₹27 crore acquisition of Rishabh Pant endured a highly subpar individual campaign last year. Pant managed only 269 runs across 13 innings, registering just one century and one half-century for LSG.

Lucknow Super Giants won only six matches and suffered four consecutive defeats before crashing out of playoff contention. Pant now faces immense pressure to deliver immediate results.

Lucknow Super Giants will open their IPL 2026 campaign against Delhi Capitals on April 1. They will then face Sunrisers Hyderabad (SRH), Kolkata Knight Riders (KKR), and Gujarat Titans (GT) during the initial phase of the schedule.

The franchise had reached the playoffs in its first two seasons under KL Rahul before experiencing a recent dip in form. With Mohammed Shami and Arjun Tendulkar strengthening the bowling attack, Pant must quickly build momentum to guide Lucknow Super Giants back to playoff contention.

Also read: Not Ajinkya Rahane! These 3 players could power KKR to IPL 2026 glory