As important as "Work-Life balance" is in personal life for everyone, it is also important in the professional life of supervisors. You need to decide how much you can get involved in his personal life (this depends on your professional relationship, friendship, and availability). This also depends on your organization's size (big MNCs can afford some extra facilities like contracted counselors, but a small service firm may not be able to afford it).
The more you try to become personal with him, the more understanding he will expect from the company. The more you remain professional, the more he will have to do so as well.
Counseling is needed, but during these discussions, you should keep your view as professional as possible. You need to keep the counseling focused on improving his work attention/involvement and not to cheer him up for a good life. You can surely suggest some external counseling for his personal help.
When you say that "Though several counseling sessions were given to him, they resulted in no change and he took the management policies for granted and did not pay any attention." Then you have to move forward from just counseling to some disciplinary action. It does not mean you have to let the employee go, but to bring him to reality, some harsh awakening might be needed. (Don’t put him in a 'losing his job' dilemma, but you can start with a short and clear verbal message/warning.) I think the suggestions made by Saswata are right on track here.
I believe soft skills training at this time may not be able to influence him much, as he will not be in a state to absorb any learning from them. Sometimes people just need time and respectful attention from their surroundings, and they come out of such issues on their own.
Are you in an HR role in the company, or just his supervisor? If not HR, then please involve HR in all the discussions with the employee henceforth, as a suicide attempt is an offense under Indian law, and you might be enquired by authorities in case of investigations (even about your counseling). These investigations may disturb the other employees, but HR would be able to handle them wisely, so the impact is minimal.
Most importantly, try to avoid mentioning his personal issues 'outside the cabin', even with management peers for guidance. The more sympathetic the organization becomes towards him, the more difficult it will be to bring him back to his good work rapport again.
Best of luck!
Best Regards,
Amod Bobade.