In late June, one of India’s top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000, Reuters reported. Two weeks on, the matter was settled, with dues paid off. The case illustrates how small creditors and vendors, previously at the mercy of large debtors, are now using India’s new bankruptcy code as a pressure ploy to secure payment of dues that would earlier have been all but impossible to recover.

Shares in Reliance Communications fell as much as 2.3 percent in early trading on Thursday, a day after the Indian arm of Ericsson filed a petition seeking to drag the debt-laden telecom firm into insolvency due to unpaid dues, Reuters reported. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide network, is seeking a total of 11.55 billion rupees ($180 million) from the company and two of its subsidiaries. Reliance Communications, widely known as RCom, reported its third quarterly loss in a row last month.

Ericsson's Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday, the International New York Times reported on a Reuters story. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications' nationwide network, is seeking a total of 11.55 billion rupees ($180 million) from the three companies, the filing said.

India’s top court moved on Monday to protect buyers of homes sold by builder Jaypee Infratech, which is being pursued in a bankruptcy court over unpaid loans, telling its parent Jaiprakash Associates to deposit 20 billion rupees ($313 million) with it by Oct. 27, Reuters reported. Many buyers of apartments in a mega township project being built by Jaypee Infratech on the outskirts of New Delhi have paid for them but have yet to take possession. They filed a petition with the court because of worries they would lose their money.

Tata Steel has ditched its £15bn UK pension fund after receiving the green light from regulators, boosting the prospects of the Port Talbot steelworks. The company said it had received approval from the Pensions Regulator and that it had separated the British Steel Pension Scheme from its UK business. Tata had claimed that the retirement fund was a financial drag that threatened to pull the country’s largest steelmaker into insolvency, throwing thousands of jobs and a bedrock industry into doubt, the Financial Times reported.

Overseas fund managers and companies are tracking India’s efforts to force its biggest defaulters into insolvency proceedings as interest in buying distressed assets grows, according to investment bank Moelis & Co. A dozen companies in sectors including steel, power and construction may become buyout targets after the Reserve Bank of India ordered lenders to take them to insolvency court and set in motion a timeline for them to devise a restructuring plan or face liquidation, Bloomberg News reported.

ICICI Bank Ltd, a major lender to Unimark Remedies Ltd, is in talks with Edelweiss Asset Reconstruction Co. (ARC) Ltd to sell its loans, according to two people aware of the development. A couple of other ARCs, including Multiples ARC Pvt. Ltd, have also evinced interested in Mumbai-based Unimark but the discussions were unsuccessful, one of the two people said, requesting anonymity. The discussions with Edelweiss ARC is at a preliminary stage, the second person said on condition of anonymity.

The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai's Tecom Investments. The Kerala government holds a 16% stake in the IT special economic zone, with Dubai Holding's Tecom unit owning the rest. The first phase commenced operations last year and the project is expected to become fully operational by 2020. Kochi Smart City, Kerala's signature IT project, is coming up on 246 acres of land.

India is taking a series of aggressive steps to reduce the mountain of bad debts weighing down its banks and threatening to derail the world’s fastest-growing large economy, The Wall Street Journal reported. India’s parliament last week passed a law empowering its central bank to force some of the country’s largest companies into bankruptcy proceedings. The move follows last year’s overhaul of the bankruptcy code, another attempt to make it faster for creditors to get their money back in a country notorious for drawn-out insolvency proceedings.

The National Company Law Tribunal-appointed Interim Resolution Professional (IRP) Anuj Jain on Wednesday met with the chief executive officer and senior officials of the Yamuna Expressway authority to discuss issues pertaining to insolvency proceedings against Jaypee Infratech, the Hindustan Times reported. The meeting took place at the Yamuna Expressway Industrial Development Authority’s (YEIDA) office in Greater Noida.