The National Company Law Tribunal (NCLT), Ahmedabad has admitted two separate insolvency petitions filed by Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL), initiating corporate insolvency resolution processes (CIRP) against both companies, the Times of India reported. In the case of Gensol Engineering, the tribunal admitted Ireda’s petition for defaulted dues amounting to Rs 510.10 crore. The defaults stemmed from term loan facilities extended by Ireda for various projects undertaken by GEL.

China’s plan to get consumers spending again may be working a little too well, the Wall Street Journal reported. Policymakers’ rollout of subsidies for smartphones, home appliances, cars and a host of other products have spurred a long sought-after pickup in spending. But the funds needed to keep it going are running out faster than planned. Many regional authorities put a brake on subsidies in recent weeks after shopping sprees drained the program’s accounts faster than expected. The timing is particularly bad, as a major shopping holiday–“618” –is around the corner.

South Korean President Lee Jae-myung said on Friday his government would focus on easing regulations and accelerate working-level tariff talks with Washington as part of broader support for companies on trade matters, Reuters reported. The future of South Korea's export-oriented economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade, may hinge on the kind of deal Lee can strike on tariffs with U.S. President Donald Trump.

SBI Shinsei Bank, a unit of SBI Holdings plans to file as early as next month for a relisting on the Tokyo Stock Exchange, Reuters reported. The bank, which aims to go public again by the end of the year, would follow a series of sizeable listings in Japan over the past year as companies look to capitalise on market momentum that has seen the Nikkei share average trade near record highs. Relisting the mid-sized lender has been a target for Yoshitaka Kitao, the CEO of SBI, a financial conglomerate whose businesses span banking, asset management, technology and cryptocurrency.

Neta Auto, once a rising star in China’s electric vehicle market, is reportedly set to commenced bankruptcy reorganization proceedings on June 12, CarNewsChina.com reported. This development follows a dramatic video circulating online on June 11, showing employees confronting Neta Auto Chairman Fang Yunzhou at the company’s new Shanghai office, demanding overdue wages. According to an employee present at the scene, over 100 individuals gathered, and the outcome was merely a directive to await bankruptcy liquidation.

Shares of Gensol Engineering slid 2% in Thursday's trading session to their day’s low of Rs 51.45 on the BSE, as the Ahmedabad bench of the National Company Law Tribunal (NCLT) reserved its order on two insolvency pleas filed by Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL) over a combined loan default of Rs 729 crore, the Economic Times of India reported.

Beleaguered Sydney home builder J+CG: Building & Construction Company has entered administration, owing tens of millions to both creditors and customers due to alleged building defects, SkyNews Australia reported. The family-owned company began operations in 1994, and constructed multi-storey apartment buildings, office complexes and commercial and retail spaces.

The U.S. and China agreed to a preliminary plan to ease trade tensions, which could revive the flow of sensitive goods between the world’s two largest economies, Bloomberg News reported. American and Chinese negotiators in London said both sides agreed on a framework on how to implement the consensus the two sides reached in the prior round of talks in Geneva. The U.S. and Chinese delegations will now take the proposal back to their respective leaders, according to China’s chief trade negotiator Li Chenggang. While full details of the pact weren’t immediately available, U.S.