Jaypee group’s homebuyers on Monday moved the Supreme Court seeking modification of its August order which remanded the insolvency case against Jaypee Infratech (JIL) to the National Company Law Tribunal’s Allahabad bench to be started afresh. The homebuyers want the apex court to declare them “secured financial creditors” on a par with banks, the Financial Express reported. A bench led by Justice Madan B Lokur said it would come up for hearing before an appropriate bench.

The Turkish economy slowed sharply this fall and looks set to contract this winter, presenting an immense political challenge for President Recep Tayyip Erdogan, who has overseen a debt-fueled boom that had made Turkey one of the world’s fastest-growing countries, The Wall Street Journal reported. Monday’s figures also present a conundrum for the country’s central bank, which defied Mr. Erdogan by sharply raising rates in September in an attempt to curb runaway inflation.

Indian stocks are still holding on to gains for the year, but they’re evaporating fast. Exit polls last week from state elections were the latest hit to the market, sending the S&P BSE Sensex Index down as much as 1.8 percent on Monday, the most intraday since Oct. 19, Bloomberg News reported. The results showed that Prime Minister Narendra Modi’s party is set for tight electoral contests in key states before next year’s general election, adding to uncertainties in a market already hurting from fluctuating oil prices and defaults at an infrastructure financier.

The head of India’s central bank abruptly resigned on Monday in the midst of a bruising battle with the prime minister over the institution’s independence and the future direction of the country’s financial sector, the Financial Times reported. Urjit Patel’s exit comes just days ahead of what was likely to be a contentious meeting of the Reserve Bank of India’s governing board, where Prime Minister Narendra Modi’s demands for looser financial and monetary policies were scheduled for debate.

Vijay Mallya, the fugitive Indian tycoon fighting multiple cases in the U.K. after defaulting on loans, lost a bid to avoid extradition to his home country where he faces charges of fraud and money laundering, Bloomberg News reported. Judge Emma Arbuthnot ruled against Mallya at a hearing in London Monday, largely rejecting Mallya’s arguments that the case was politically motivated. "I do not accept the courts in India are there to do what the politicians tell them what to do," Arbuthnot told a packed courtroom.

“Everybody has a bankruptcy story,” says Cem Sari, who’s just lived through his own version, in a year that turned into a national trauma. Turkey’s economy roared into 2018 with growth rates that were the envy of the world—and vulnerabilities that had been building over years, Bloomberg News reported. It was like a car that could still reach high speeds, so long as the driver ignored the multiple warning lights flashing on the dashboard. And then it crashed, suffering a classic run on its currency and a brutal credit crunch.

Talk about shutting the stable door after the horse has bolted. The looming insolvency of once-mighty commodities trader Noble Group Ltd. is an overdue reckoning for a company that has long sailed close to the wind, a Bloomberg View reported. More than that, though, it’s a black mark against the city-state where it’s been listed since 1997: Singapore. Noble has spent the past year squirming through an attempted restructuring to keep it from bankruptcy, hampered by its money-losing operating business and years of squandered trust.

Flows to India’s money funds hit a three-month high in November as calm returned to the credit market recently roiled by a rare debt default, Bloomberg News reported. Investors poured a net 1.4 trillion rupees ($20 billion) into liquid plans in November, industry data show. The inflow is the highest since August, a month before the funds suffered the worst outflows since at least 2007 amid defaults at the IL&FS Group. “Worries after that credit event are abating and people are returning to money markets,” N.S.

Noble Group Ltd. is preparing for an insolvency filing after Singaporean regulators blocked a key element of its $3.5 billion debt restructuring, according to people familiar with the matter. The company is considering what’s known as a "pre-pack" administration, a procedure that allows for a debt restructuring in court through a pre-agreed plan with creditors, one of the people said, asking not to be identified because the talks are private, Bloomberg News reported.

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jet's cash flow and business plan, two of the people said, the International New York Times reported on a Reuters story. One said Jet has outstanding dues of about $400 million (314.29 million pounds), mainly owed to lessors and vendors.