India’s Dewan Housing Finance Corp Ltd (DHFL) filed its long-delayed audited results for the quarter ended March 31 late on Monday, and revealed that its auditors had raised several red flags around its numbers, raising fresh concerns about the future of the troubled lender, Reuters reported. DHFL, one of India’s biggest housing finance companies with almost 1 trillion rupees ($14.52 billion) in debt, has been hard hit by a liquidity crunch that has crippled several Indian non-banking finance companies (NBFCs) following last year’s collapse of infrastructure lender IL&FS.

China’s bond market has been eerily quiet lately. Over the past year, investors in China’s U.S. dollar bonds had gotten used to the idea of defaults, a Bloomberg View reported. As early as 2015, the government started allowing some state-owned enterprises to renege on their commitments, a painful but welcome step that helps differentiate healthy firms and troubled ones. But there hadn’t been a single case since China Minsheng Investment Group Corp. triggered a cross-default in April.

India’s top court temporarily put ArcelorMittal’s $6.1 billion purchase of Essar Steel India Ltd. on hold, after the mill’s lenders sought to annul a lower court ruling that split sale proceeds proportionately among all creditors, Bloomberg News reported. The Supreme Court on Monday admitted financial lenders’ appeal against a bankruptcy court ruling that put secured creditors like banks at par with operational creditors, or suppliers to the plants. It also said it would resolve issues arising from the Essar verdict expeditiously and fix an early date for hearing the case.

A Chinese company has pulled out of the running to buy British Steel, dealing a blow to efforts to rescue the stricken manufacturer and safeguard thousands of jobs, the Financial Times reported. Jingye Group had submitted an offer for the whole of the UK’s second-largest steelmaker, which collapsed into insolvency two months ago after its request for a £30m state bailout was rejected, according to two people briefed on the matter. Based in China’s industrial heartland of Hebei province, Jingye also owns hotels and a medicines business alongside its main steelmaking operations.

State-run Union Bank of India has tagged Suzlon Energy Ltd as a bad loan and more banks are expected to follow suit as the stressed wind turbine maker has struggled to repay its lenders, two people aware of the development said, Mint reported. In the quarter ended 30 June, Union Bank has updated the status of the account as non-performing in the central bank’s Central Repository of Information on Large Credits database, said one of the two people cited above.

McLeod Russel has rejigged its board and top management as it faces a financial crisis that could force the company into insolvency proceedings, Business Standard reported. The Williamson Magor Group (WMG) company has roped in two new independent directors and appointed a new chief financial officer, besides other changes. Rajeev Takru, a wholetime director who is due to retire by rotation, has said he doesn't want to be relected to the boad but wished to continue his engagement with the company in an advisory role.

Two months after China shocked investors with the first government seizure of a bank in two decades, market confidence in the nation’s smaller lenders has yet to fully recover, Bloomberg News reported. That may be just what the country needs. When it took control of Baoshang Bank Co. on May 24 and imposed losses on some creditors, China’s government upended the long-held assumption that it would always provide banks with a 100% backstop.

India’s central bank is seeing “signs of fragility” in some of the 50 mortgage lenders and other shadow banks it is monitoring to prevent the spread of a crisis that followed the collapse of a non-bank lender last year, Bloomberg News reported. “It is our endeavor that there is no contagion,” central bank Governor Shaktikanta Das said in one of his first media interviews on Saturday. "We are constantly in touch with the large lenders.

A cash crunch at one of China’s best known conglomerates is getting worse as the company said it will not be able to pay its upcoming dollar notes, Bloomberg News reported. China Minsheng Investment Group Corp.’s offshore unit said in a filing that it won’t be able to repay the principal, as well as the interest on the 3.8% $500 million bond due August, after considering its liquidity and performance. On Thursday, the property-to-financial conglomerate announced it only managed to repay part of the principal on a 6.5% 1.46 billion yuan note.

Credit rating agencies for years assigned high ratings to India’s Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating finances, according to a special audit, Reuters reported. Audit firm Grant Thornton was appointed by IL&FS’ new board to conduct the review following the government’s decision to take charge of the group after its defaults on debt obligations sparked fears of financial contagion.