Lenders to an Indian shadow bank at the center of an industry crisis since it started defaulting three months ago have called for binding bids from potential rescuers by mid-January, people familiar with the matter said, Bloomberg News reported. Altico Capital India Ltd. is one of the latest caught up in the nation’s shadow banking crisis, which has deepened as lenders already reeling from one of the world’s worst bad loan piles balk at extending more credit.

After winning Istanbul’s local election in a landslide, Mayor Ekrem Imamoglu said he’s had to fight through a budgetary “black hole” of about 14 billion liras ($2.4 billion), Bloomberg News reported. Speaking on Monday at a news conference in Istanbul to mark his sixth month in power, Imamoglu said the municipal government of Turkey’s largest city had 6 billion liras of overdue debt and ran a budget deficit of 7.9 billion liras when he took over.

Defaults across Asia may be headed even higher next year, with trouble seen especially in China and India. Many investors expect fewer bailouts by the Chinese government after it recently let commodities trader Tewoo Group default in the biggest failure on a dollar bond by a state-owned firm in two decades, Bloomberg News reported. Companies in the region have been on a buying spree fueled by debt. Those factors could make things even worse in 2020 after China onshore defaults rose to a record in 2019.

These are perilous times for holders of Chinese corporate bonds. Record domestic defaults and the biggest dollar-debt delinquency by a state-owned company in two decades have jolted investors this year, underscoring the need for increased vigilance as the economy slows and Chinese policy makers scale back support for a slew of cash-strapped businesses, Bloomberg News reported. As bondholders adjust to a new -- and arguably more healthy -- environment where companies are allowed to default, these are some of the indicators they’re watching to avoid getting burned.

One of the key issues in the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (code), is the status and resolution of disputed claims, Vantage Asia reported. This has now been set to rest by the Supreme Court in the recent Essar Steel case. The National Company Law Appellate Tribunal (NCLAT), in the Essar Steel case, had held that disputed claims can be decided by the appropriate forums after the expiry of the moratorium period.

Insolvency proceedings have been initiated against another company of crisis-hit 3C real estate group, The Times of India reported. In the wake of a plea by a buyer who has not received his plot, the National Company Law Tribunal (NCLT) appointed an insolvency resolution professional (IRP) to resolve the financial liabilities of Three C Homes Pvt Ltd, the 3C group subsidiary that is building Lotus City, a residential plot scheme in Sector 22A of Yamuna Expressway. The IRP has a maximum 270 days for the resolution, following which the project could be pushed into liquidation.

The Ministry of Education (MOE) has sent inspectors to investigate the finances of the Chang Jung Girls’ Senior High School in Tainan after school dean Tai Chih-hsun confirmed that the school is on the brink of insolvency and cannot pay its faculty, the Taipei Times reported. In August, the school’s board of directors declared a salary cut, which led to the dismissal of two board members: Wang Chao-ching, who doubled as the school’s dean, and Chen Tsung-yen, the deputy minister of the interior.

Administrators plan to close 40 per cent of Harris Scarfe’s national store network in a bold plan to make the ailing department store viable for sale,The Weekly Times reported. Deloitte Restructuring Services sent a flyer to prospective buyers outlining a dramatic restructure, according to The Australian Financial Review, which included shutting 27 of the 66 stores. The closures will mainly focus on the less-profitable sites in New South Wales, Queensland and Western Australia.

The creditors of Catalist-listed lithium miner Alita Resources have approved a deed of company arrangement (DOCA) from a Chinese firm for the acquisition of Alita's assets, the Business Times reported. China Hydrogen Energy (CHE) and its Australian subsidiary Liatam Mining had proposed the DOCA this month. CHE is a special purpose vehicle for an unidentified Chinese party. In Australia, a DOCA is a rescue plan that allows a company to restructure its debt and avoid insolvency.

Tamarind Taranaki was placed in liquidation at a watershed meeting with creditors this morning, The New Zealand Herald reported. The company, which operates the Tui oil fields ran into debts when a drilling campaign in September went over budget and was unsuccessful. Malaysian-owned Tamarind Taranaki reportedly has debts of around $350 million, including a US$100 million claim from the New Zealand Government for the decommissioning costs of closing and cleaning up the fields.