The Delhi bench of the National Company Law Tribunal (NCLT) has dismissed ICICI Bank's application seeking insolvency proceedings against Hyderabad Ring Road Projects Pvt Ltd on the ground of duplicacy as proceedings are already underway against Era Infra Engineering, of which the former firm is a special purpose vehicle (SPV), Business Standard reported. The two-judge bench headed by NCLT President M.M. Kumar dismissed the petition, saying "on account of duplicacy of the claims the petition cannot be entertained".

ndia’s debt-ridden Anil Ambani group will exit the asset management business by selling shares in its joint venture to Japanese partner Nippon Life Insurance Co., which will take a controlling stake in India’s fifth-biggest mutual fund, Bloomberg News reported. Ambani’s Reliance Capital Ltd. signed a binding definitive agreement to sell 32.12% of Reliance Nippon Life Asset Management Ltd. for 45.2 billion rupees ($649 million) to the Japanese insurer, taking the latter’s shareholding to 75%, the companies said in statements on Thursday.

Shares of Indian non-bank lenders for housing plunged on reports that Dewan Housing Finance Corp. has stopped accepting fresh money and halted premature withdrawals from existing deposit plans, Bloomberg News reported. The company, which was already facing difficulties in the bond market following a string of recent downgrades, slumped as much as 18%, the most since Feb. 1, on Wednesday. Indiabulls Housing Finance Ltd. fell as much as 4.1% before paring losses, while PNB Housing Finance Ltd. declined as much as 2.6%.

The Reserve Bank of India (RBI) said on Tuesday its central board had decided to create a separate supervisory and regulatory cadre within the bank after reviewing the current supervisory structure, Reuters reported. The board also reviewed the current economic situation, global and domestic challenges and various areas of operations of the central bank, along with the medium-term strategy document covering the RBI’s Mission Statement and the Vision Statement.

Dollar loans to Chinese borrowers have cratered this year, thanks to both a decline in demand and increased wariness among lenders amid escalating U.S.-China tensions, Bloomberg News reported. Syndicated dollar loan issuance to Chinese borrowers has tumbled 62% from the start of the year through May 17, to $7.3 billion, according to data compiled by Bloomberg. That’s the lowest level since 2012. “Volume is unlikely to rebound anytime soon,” said Fang Lei, a Hong Kong-based managing director of Asia Pacific debt origination and advisory at Credit Agricole SA.

Signs of a turnaround at its marquee Jaguar Land Rover unit may not be enough to ease the challenges facing India’s oldest and most-storied business empire, Bloomberg News reported. The Tata Group bought the British luxury carmaker in 2008 for $2.3 billion, and it’s lately become a drag on the salt-to-software conglomerate, racking up losses in three quarters through December. Although Jaguar posted a net income of 119 million pounds ($151 million) this week, debt at owner Tata Motors Ltd.

Congo Republic’s senate on Monday voted to restructure some of its debt with China, a move that the International Monetary Fund has said was necessary to unlock financial support, the finance ministry said. Negotiations over a bailout for the oil-dependant economy have dragged on since 2017, as Congolese authorities failed to convince the IMF they were doing enough to control the national debt or tackle corruption, Reuters reported.

Turkey’s battered economy is set to leave recession later this month thanks to a politically-driven surge in bank lending and public spending — but analysts warn that key vulnerabilities remain unaddressed and the recovery is likely to be shortlived, the Financial Times reported. Growth figures due to be published at the end of May are widely expected to show that the country emerged from its first contraction in a decade in the first quarter of 2019.

Pakistan’s central bank has increased interest rates, as expected, citing the need to contain inflation and a devaluation of the rupee, which has shed nearly 6 per cent in two months, the Financial Times reported. The State Bank of Pakistan on Monday raised its key policy rate 150 basis points to 12.25 per cent. The rupee has fallen about 5.9 per cent against the dollar since March. Analysts said the rate rise was made in line with Pakistan’s IMF commitments to secure a $6bn loan to stabilise the country’s weak economy.

Singapore’s government has downgraded its growth forecasts for this year, as the Asian city state posted its worst quarterly economic performance in a decade amid a slowing global economy and trade upheaval, the Financial Times reported. The global trade hub’s Ministry of Trade and Industry said on Tuesday that it now expects Singapore’s growth for 2019 to come in at between 1.5 per cent and 2.5 per cent. Previously the government had forecast economic expansion of between 1.5 per cent and 3.5 per cent for the year.