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).

India has had less than a month to adjust to the fact that President Trump deemed it “not a good trading partner” and deserving of punishment. After months of hopeful negotiations over the details about soybeans and trade surpluses, on July 30 India found out that it was getting stuck with a 25 percent rate. A week later, the other shoe dropped: An additional 25 percent penalty would be applied because India buys Russian crude oil, the New York Times reported. Those tariffs took full effect on Wednesday.

A comprehensive set of reforms across taxation, insolvency and procedural frameworks can help streamline the insolvency resolution process, according to a report prepared by IIIPI, the Economic Times of India reported. The report by the study group of the Indian Institute of Insolvency Professionals of ICAI has suggested aligning the Income Tax Act with the Insolvency and Bankruptcy Code (IBC) by granting tax-neutral treatment to resolution plans and exempting debt waivers from tax liabilities.

The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates by Adani Entities, the Economic Times of India reported. In an official statement, the CCI said that the deal proposes acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity part of the Adani Group.

Ugandan conglomerate Madhvani Group is in talks with Cerberus Capital Management LP for a private credit loan of about $190 million to fund its acquisition of distressed Indian glass bottle maker Hindustan National Glass & Industries Ltd, Bloomberg News reported. The parties are discussing a bilateral private credit loan with a tenor of about three-years. Discussions are on-going and details are subject to change.

The Enforcement Directorate (ED) has unearthed a massive admission racket in which thousands of students secured MBBS seats under the Non-Resident Indian (NRI) quota using forged documents, according to reports by NDTV and The Times of India, GulfNews.com reported. The investigation, assisted by the Ministry of External Affairs (MEA) and Indian embassies abroad, revealed that private medical colleges across states offered around 18,000 MBBS admissions on the strength of fraudulent NRI certificates, The Times of India said.