The new board of India’s Infrastructure Leasing and Financial Services (IL&FS) submitted a plan to revive the debt-laden firm to a company law tribunal on Wednesday, paving the way to a potential resolution of the group’s future, Reuters reported. The Indian government this month took control of IL&FS, a major infrastructure financing and development company, after it defaulted on some of its debt, triggering fears of contagion across India’s financial system.

Jet Airways Ltd said on Wednesday it has received notices on payment delays from a few aircraft lessors, adding to the debt-laden airline’s woes, Reuters reported. Profits of airlines in the world’s fastest-growing aviation market have been dented with the surge in crude oil prices and a depreciating rupee. Jet has been struggling to keep itself afloat and it had said in August that it will inject funds and cut costs to turn around the business. Jet said in a statement on Wednesday that it had got notices for payment delays/defaults from few aircraft lessors, but did not elaborate further.

China’s HNA Group is looking to sell one of its prized regional airlines to a state-owned competitor, as debt woes threaten the core operations of the indebted airline-to-finance conglomerate, the Financial Times reported. The sale would mark the first formal divestment of a core domestic aviation business, a step HNA executives had vowed the group would not take but highlights the challenge of handling debts of at least $78bn accumulated during its rapid expansion.

India is examining options including an outright sale of Infrastructure Leasing & Financial Services Ltd., a person with knowledge of the matter said, as the government tries to stem defaults at the lender with $12.6 billion of debt, Bloomberg News reported. A plan to be presented to a bankruptcy court Wednesday by the state-appointed board of the lender includes selling the entire stake to a financially strong investor and ensure business continuity, the person said, asking not to be identified as the matter is private.

Those who are awash in cash lack capital. Those who have adequate capital are thirsty for liquidity, Bloomberg News reported. That, in a nutshell, is the story of India’s financial crunch, and the surest way to ease it will require tapping Indians living overseas. In the past, New Delhi has resorted to such special hard-currency deposit programs to tide over balance-of-payment difficulties. A notable instance was in 1998, after India invited U.S. sanctions by testing a nuclear weapon.

Indian lenders are being punished for their exposure to a shadow lender as the government fails to make good on its promise to halt defaults by the distressed financier, Bloomberg News reported. IndusInd Bank Ltd. has lost more than $1.9 billion of market value since it announced quarterly earnings as net income growth missed expectations and provisions for doubtful loans shot up. Investors also penalized the lender for not detailing all its loans to Infrastructure Leasing and Financial Services Ltd. L&T Finance Holdings Ltd.

It’s never been easy to figure out where China’s government ends and the private sector begins, but the dividing line is getting increasingly blurry as the nation’s stock market sinks, Bloomberg News reported. At least 47 non-state companies in China have disclosed plans to sell stakes to government-backed investors in 2018, company filings compiled by Bloomberg show. The pace of such deals accelerated in recent months as the country’s $3.2 trillion equity rout squeezed company founders who pledged their stakes as collateral for loans.

Australia’s big banks are set for their worst earnings season since the global financial crisis. A softening housing market, margin pressure from rising funding costs, and the ballooning cost of dealing with the fallout from an inquiry into misconduct in the financial industry, are all squeezing profits, Bloomberg News reported. Australia & New Zealand Banking Group Ltd. and National Australia Bank Ltd. are expected to report their first declines in full-year cash profit since 2016, while Westpac Banking Corp.

Noble Group Ltd. warned of another quarterly loss, driven by restructuring and finance costs, as the embattled commodity trader moves toward completing a $3.5 billion rescue deal that’ll hand control to creditors, Bloomberg News reported. The net loss for the three months to September will be $90 million to $115 million, according to a filing on Monday. It expects to incur restructuring costs of about $35 million, after spending more than $100 million in the first half. Once Asia’s largest commodity trader, Noble Group’s crisis has escalated in recent years as losses and defaults mounted.

Long-simmering discord between the Indian central bank and the government is turning into a very public brawl, a Bloomberg View reported. The timing couldn’t be more awful for markets. In a hard-hitting speech Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010. Back then, the Argentine central bank chief quit after being coerced to hand over a part of its reserves to the government, causing panic in the markets.