India is seeking to boost drug exports to semi-regulated markets in Africa, Latin America and Southeast Asia to reduce its dependence on the U.S., where tariff concerns pose risks, officials from a government-backed trade body told Reuters on Thursday. The Pharmaceuticals Export Promotion Council of India (Pharmexcil) also plans to push for sales of finished goods to China to bridge the trade deficit, the officials said. The Indian industry imports more than 60% of its raw materials and active pharmaceutical ingredients from China.

The cumulative number of insolvency cases initiated by operational creditors such as raw material suppliers and vendors against defaulters trailed that by financial creditors for the first time since fiscal 2017, show latest data, the Economic Times of India reported. According to officials, this suggests a growing preference among operational creditors in recent years for out-of-court settlements.

The Delhi High Court has asked the Centre to revisit its bid conditions that impose blanket ban on the companies having undergone corporate insolvency resolution process in the last seven years from participating in the government tenders, the Economic Times of India reported. It said that while the courts cannot introduce or delete any tender condition, the government as also the tender issuing authority must examine the issue.

The National Company Law Tribunal (NCLT) has admitted Canara Bank's insolvency plea against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Pvt Ltd, a special purpose vehicle promoted by BSE-listed Supreme Infrastructure India Ltd, over a default of ₹347 crore, the Economic Times of India reported. The tribunal also appointed Rajesh Jhunjhunwala as the interim resolution professional (IRP) to oversee the process.

The Supreme Court on Friday sought the opinion of former Intelligence Bureau director and former National Human Rights Commission member Rajiv Jain to look into the insolvency proceedings of Supertech Realtors as a recent CBI report has alleged siphoning of homebuyers’ money in 21 projects by the developer’s suspended director Ram Kishore Arora in 21 projects, the Economic Times of India reported.

India’s economy unexpectedly accelerated in the April-June quarter, as stronger government spending offset moderating industrial activity, the Wall Street Journal reported. Official data Friday showed that India’s economy grew 7.8% from a year earlier, up from 7.4% in the prior quarter. That topped the 6.6% median forecast in a Wall Street Journal poll, in which all 12 economists had predicted a slowdown. Manufacturing activity edged higher, with growth at 7.7% versus 7.6% a year earlier. Construction slowed, while mining and quarrying contracted on year. Agriculture grew 3.7%.

The bankruptcy court in Mumbai has admitted AGS Transact Technologies for corporate insolvency resolution process (CIRP) on an application filed by the listed payment solution company's operational creditor Securitrans India Pvt Ltd., the Economic Times of India reported. The National Company Law Tribunal (NCLT) has also appointed Brijendra Kumar Mishra as the interim resolution professional of the company. AGS Transact is a provider of an integrated omnichannel payment solution across diverse sectors in India and in the manufacturing and supply of ATMs.

Bollywood actor Salman Khan has approached appellate tribunal NCLAT, challenging an NCLT order which had dismissed his plea to initiate insolvency proceedings against Jerai Fitness towards an unpaid amount of Rs 7.24 crore, the Economic Times of India reported. This dispute is related to 'BEING STRONG', a fitness equipment brand founded by Salman Khan, in collaboration with Jerai Fitness. The appeal filed by Khan was listed before a two-member bench of the National Company Law Appellate Tribunal (NCLAT) last week. However, it was adjourned on the request of his counsel.

Future Consumer Ltd, part of the debt-ridden Future Group, is facing an insolvency plea filed by Resurgent India Special Situations Fund before the NCLT, claiming defaults, the Economic Times of India reported. The company, already grappling with a significant liquidity crunch and defaults on loan repayments totaling Rs 558.73 crore, acknowledged the filing and stated it would make appropriate representations. Future Consumer Ltd, the FMCG company owned by debt-ridden Future Group, faces an insolvency plea filed before the National Company Law Tribunal (NCLT).