The National Company Law Tribunal (NCLT) on Tuesday issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues, LiveMint.com reported. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth ₹1 crore each. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around ₹9 crore.

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Anil Ambani-promoted Reliance Infrastructure Ltd. under the corporate insolvency resolution process (CIRP) and has appointed Tehseen Fatima Khatri as the interim resolution professional (IRP), the Economic Times of India reported. The development followed an application filed by IDBI Trusteeship Services Ltd on behalf of the operational creditors. The trustee company had approached the tribunal after the company defaulted on its dues of more than Rs 88 crore.

Builder.ai, the artificial intelligence startup that recently announced plans to declare bankruptcy, faked business with the Indian social-media startup VerSe Innovation for years to falsely inflate its sales, according to documents reviewed by Bloomberg and people with direct knowledge of the practice. The two companies routinely billed one another for roughly the same amounts between 2021 and 2024, documents reviewed by Bloomberg show, as part of an alleged practice known as "round-tripping" that the people said Builder.ai used to inflate revenue figures it presented to investors.

India’s Supreme Court on Thursday refused to stay the corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of online education services company Byju's, even as it sought a response from the former’s creditors, Aditya Birla Finance and US lender Glas Trust Co. LLC, and others, the Economic Times of India reported.

India’s economy picked up speed in the most recent quarter as manufacturing and private consumption continued to show resilience, the Wall Street Journal reported. Official data on Friday showed that India’s economy grew 7.4% in January-March, accelerating from 6.2% in the prior quarter and marking its best quarterly growth in a year. That topped the median estimate for 6.8% growth compiled in a Wall Street Journal poll of economists and came after an unexpectedly sharp slowdown in the July-September quarter fanned concerns that the economy was losing steam.

The bankruptcy regulator has amended the framework for reporting the corporate insolvency resolution process (CIRP) to ease compliance burden without undermining effective oversight, according to a circular, the Economic Times of India reported. Under the revised reporting framework, the existing nine forms will be compressed into five by removing duplication, streamlining data requirements and leveraging technology for auto-population of information, the Insolvency and Bankruptcy Board of India (IBBI) said in the circular dated May 26.