Bohai Steel Group, a debt-stricken state-owned enterprise, has entered bankruptcy proceedings as Tianjin Higher People’s Court accepted its creditor Tianjin Seri Machinery Equipment Corp., Ltd.’s application to reorganize Bohai Steel Group on August 24th, China Money Network reported. The group’s bankruptcy and reorganization process involves 48 businesses located in Tianjin and Hebei province. China Banking and Insurance Regulatory Commission said it will work with Tianjin municipal government to establish a creditors committee.

China’s consumer finance industry is sagging under an intensifying campaign of regulation, Bloomberg News reported. That could be a problem for an economy that’s relying on domestic demand to sustain growth amid the trade war with the U.S. The government has started a fresh round of checks on thousands of peer-to-peer lending sites, Bloomberg News reported last week. Meanwhile, shares of U.S.-listed cash-loan provider Qudian Inc. fell 12 percent on Friday after a separate Bloomberg report that it would lose access to customers through Ant Financial’s Alipay app.

An Indian court rejected a plea by the nation’s power producers to exempt generators from central bank’s rules on repaying loans, according to the Independent Power Producers Association of India.

Indian billionaire Gautam Adani’s energy unit is nearing a deal to acquire a 1,370-megawatt thermal power plant backed by GMR Infrastructure Ltd., according to people with knowledge of the matter. Adani Power Ltd. will take over about 38 billion rupees ($543 million) of loans out of a total of 58 billion rupees that GMR Chhattisgarh Energy Ltd. owes, said the people, who asked not to be identified because the information is private, Bloomberg News reported. Adani Power will also assume non-funded liabilities of about 14 billion rupees, the people said.

Noble Group Ltd won approval from shareholders on Monday for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia’s biggest commodity trader, Reuters reported. Faced with the prospect of the company’s insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them owning just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds.

China is tightening its clampdown on cryptocurrencies, nearly a year after the government imposed a wide-ranging ban on local exchanges and fundraising for digital currencies, The Wall Street Journal reported. Financial officials in an eastern district of Beijing issued a notice last week to stores, hotels and offices urging them not to host any cryptocurrency-related speeches, events or activities.

U.S. officials seem to think they have the upper hand in trade talks with China because its economy is struggling. Judging by the string of measures they’ve recently announced to shore up growth, Chinese officials may privately agree. The trouble is, such measures aren’t going to work as fast or as well as markets seem to think they will. China’s growth woes are homegrown, not the result of U.S. tariffs, a Bloomberg View reported.

Insolvency practitioners could face fines of up to $75,000 if they don't report serious issues in failed businesses, if proposed legislative amendments go ahead, Radio New Zealand reported. The penalties were one idea floated in a Supplementary Order Paper on the proposed amendments to the Insolvency Practitioners Bill. The legislation aimed to get rid of errant behaviour by so-called friendly liquidators, administrators and receivers who did not give all creditors a fair go. Submissions on the bill close on Friday.

Singapore-listed Noble Group Ltd faces a make-or-break shareholders’ meeting on Monday as investors vote on a $3.5 billion debt restructuring plan that its creditors and board say is vital to prevent insolvency, Reuters reported. The company, once a global commodity trader with ambitions to rival Glencore or Vitol, has shrunk to an Asian-centric business focused on coal and freight trading after it slashed hundreds of jobs and sold prized assets to cut debt.

Nearly 80 large borrowers, with at least Rs 2000 crore of outstanding loans each, are likely to be impacted by the Reserve Bank of India's February 12 circular on non-performing loans unless they implement a resolution plan before the August 27 deadline, sources told CNBC-TV18. According to the central bank's revised framework for the resolution of stressed assets, now popularly referred to as the February 12 circular, banks were given 180 days to resolve defaulting accounts of over Rs 2,000 crore, CNBC-TV18 reported.