State-owned Indian Renewable Energy Development Agency said on Wednesday that it has filed a bankruptcy application against Gensol Engineering marking the first instance of a creditor taking the embattled firm to the National Company Law Tribunal (NCLT), Reuters reported. Gensol, a solar energy firm that also procured electric vehicles on behalf of ride-hailing service BluSmart, owes IREDA 5.10 billion rupees ($59.73 million).

India's unemployment rate among individuals aged 15 years and above stood at 5.1% in April, the country's ministry of statistics said in a statement on Thursday, Reuters reported. This is the first of what will be India's monthly labour force data reports, which will cover both urban and rural areas. Previously, the government published quarterly and annual employment statistics for urban and rural areas respectively. India's labour statistics have been criticised in the past for long delays and an unrealistic picture of the unemployment in the country.

The National Company Law Appellate Tribunal has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding, the Times of India reported. The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal, which had rejected SNJ Synthetic's plea.

India is looking at levying import duties on some products made in the United States to counter Washington's tariffs on steel and aluminium products, a document submitted to the World Trade Organization shows, Reuters reported. "The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States," the document dated May 12 said.

Mumbai-based Tikona Infinet Pvt Ltd moves to settle its dues related to Series 'E' Compulsorily Convertible Debentures (CCDs) with L&T Finance Ltd, bringing closure to the insolvency resolution process against the broadband services provider, the Economic Times of India reported. The process for formal withdrawal of the insolvency petition from the NCLT is currently underway, said the company in its release. “It was a dispute amongst the shareholders about Coupon Rights,” said Prakash Bajpai, founder and chief executive of Tikona Infinet, in a statement.

Creditors have realised ₹3.89 lakh crore under resolution plans till March, accounting for 32 per cent of the admitted claims by them, a senior official from the Insolvency & Bankruptcy Board of India said on Saturday, TelegraphIndia.com reported. A total of 1,194 cases have been resolved under the Insolvency & Bankruptcy Code, 2016 till that period and the realised recovery represents 170.02 per cent of the liquidation value and 93.36 per cent of the fair value, Jithesh John, executive director of the IBBI, informed.

Financial Services Secretary M. Nagaraju chaired a review meeting on Thursday to assess the progress of Public Sector Banks in clearing pending cases awaiting admission at the National Company Law Tribunal (NCLT), KNNIndia.co.in reported. The meeting followed up on key issues aimed at enhancing the effectiveness of the insolvency resolution process. Senior officials from the Department of Financial Services, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India, and top management from Public Sector Banks attended the meeting.

A decision by India's Supreme Court to quash a $2.3-billion steel industry deal six years after an insolvency tribunal approved it has unsettled buyers of distressed assets, throwing a shadow over one of the country's biggest reforms, Reuters reported. Seven lawyers and bankruptcy law experts said the unprecedented ruling had set off alarm among potential buyers of other insolvent or bankrupt firms, fanning fears about the certainty of their investments. "Several large international funds ...