U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil. He also said a "zero tariff" offer for imports of U.S. goods into India was not good enough, alleging that India was "fuelling the war" in Ukraine. Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty.

The National Company Law Tribunal (NCLT) has partially allowed the application filed by the suspended promoters of Hotel Horizon, directing the exclusion of asset reconstruction company Phoenix ARC’s claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation, the Economic Times of India reported. Hotel Horizon’s key asset is a prime 1.85-acre land parcel in Mumbai’s plush Juhu area, overlooking the Arabian Sea.

Finance and corporate affairs minister Nirmala Sitharaman on Tuesday said that 204 insolvency cases in the real estate and construction sector were resolved under the bankruptcy law until March 2025, yielding an average recovery of 44.7% against the lenders' admitted claims, the Economic Times of India reported. The realisation was, however, as much as 111.6% of the fair value and 172.15% of the liquidation value of the rescued firms, Sitharaman said in a statement in the Rajya Sabha.

President Donald Trump on Tuesday threatened to raise tariffs on Indian imports as high as 25% if the allied nations cannot complete a long-sought trade agreement, CNN reported. “They are going to pay 25%,” Trump said. When asked by a reporter if India would pay tariffs of 20% to 25%, Trump said, “Yeah, I think so. India has been – they’re my friends.” US Trade Representative Jamieson Greer told CNBC Monday that an elusive India trade agreement would require more discussion between the two countries.

The Ahmedabad bench of the National Company Law Tribunal has admitted a petition seeking to initiate bankruptcy proceedings against ride hailing startup BluSmart Mobility, the Economic Times of India reported. BluSmart Mobility was founded by the Jaggi brothers, the promoters of Gensol Engineering, a listed solar engineering company. Gensol itself was admitted into insolvency proceedings by the same NCLT bench in June. The court ordered initiation of corporate insolvency procedures on BluSmart Mobility from the date of pronouncement of the order.

India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, two Indian government sources said. Instead, New Delhi plans to resume broader trade negotiations when a U.S. delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October, one of the Indian officials told Reuters.

In a setback to lenders, the National Company Law Tribunal has removed Jitender Kothari as the resolution professional (RP) in an insolvency case related to Anil Ambani's personal guarantee to SBI for a loan to Reliance Communications. NCLT appointed Prashant Jain as the new RP, the Times of India reported. In Sept 2016, Ambani had given a personal guarantee for a Rs 1,385-crore loan, which was retrospectively classified as an NPA effective late Aug 2016. Kothari was appointed RP in Aug 2020.

The Insolvency and Bankruptcy Code (IBC), introduced nine years ago in May 2016, has enabled direct resolution of Rs 12 trillion (excluding cases under liquidation) of debt across 1,200 cases of stressed borrowers but when the indirect resolutions are considered, the number tops Rs 26 trillion and another Rs 22 trillion of debt have been resolved through other mechanisms, the New Indian Express reported.

The Supreme Court on Monday dismissed an appeal by the Board of Control for Cricket in India, an operational creditor, seeking withdrawal of the corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of online education services company Byju's, the Economic Times of India reported. The apex court also dismissed another appeal of Byju's co-founder Riju Raveendran, who also wanted withdrawal of the insolvency proceedings against Think & Learn.

National Company Law Appellate Tribunal (NCLAT), Friday, stayed the initiation of the corporate insolvency resolution process (CIRP) against Reliance Infrastructure as it was informed that the company had settled the due amount, the Economic Times of India reported. NCLAT also stayed the National Company Law Tribunal (NCLT) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore.