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 ...

Britain and India agreed to a trade deal on Tuesday, strengthening economic ties between two of the world’s largest economies amid President Trump’s upheaval of the global trade system, the New York Times reported. The deal, which the British government said would increase bilateral trade by 25.5 billion pounds ($34 billion), comes three years after the negotiations began. Intense talks to finalize the outstanding issues took place last week between Jonathan Reynolds, Britain’s business and trade secretary, and Piyush Goyal, India’s commerce minister.

India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports in its trade negotiations with the U.S., Bloomberg News reported. Beyond this threshold, imported industrial goods would attract the regular level of duties. The offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal expected by fall this year. Read more.