IBBI Chief M.S. Sahoo on Thursday said the process to put in place a framework for cross-border insolvency cases is under way. The government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which would also make India an attractive investment destination for foreign creditors, given the increased predictability and certainty of the insolvency process, The Hindu reported. Asked about the status of cross-border insolvency, Mr. Sahoo said, comments have been invited.. and have also been received.

Abraaj Group Ltd. is being sued by one of the founders of a Turkish dairy maker that the embattled buyout firm is trying to sell, according to people familiar with the matter. The legal action comes as liquidators of Dubai-based Abraaj seek to dispose of assets in developing nations around the world to help repay more than $1 billion in debt, Bloomberg News reported.

Like other countries, China has bureaucratic infighting. But it does better than most at keeping tussles hidden from outside view, especially under Xi Jinping, a president who brooks no dissent. So it has been highly unusual to see a spat between the central bank and finance ministry spill into the open, The Economist reported. It reveals cracks in the government’s façade of unity as a campaign to control debt exacts a toll on the economy. The disagreement started on July 13th when Xu Zhong, head of the central bank’s research department, spoke at a forum in Beijing.

Lenders to the bankrupt Videocon Industries have filed an insolvency petition against 13 subsidiaries of the Venugopal Dhoot-led company to recover their dues, sources close to the development told FE. Most of these subsidiaries are likely to be admitted by the National Company Law Tribunal (NCLT) for insolvency proceeding by next month, Financial Express reported. The insolvency petition against Videocon Industries, which was filed by State Bank of India (SBI) in January, was admitted by the tribunal on June 6.

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has given its nod for Corporate Insolvency Resolution Proceedings (CIRP) to be initiated against Ramky Infrastructure Ltd, Bar & Bench reported. The company is publicly listed and has a paid-up share capital of over Rs. 57 crores. Judicial Member Bikki Raveendra Babu passed orders after hearing a petition filed by one of Ramky’s operational creditors, Todi Minerals Pvt Ltd.

Reliance Industries Ltd., India’s second-largest company by market value, plans to raise about 400 billion rupees ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses, according to people familiar with the matter, Bloomberg News reported. The billionaire Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency, the people said asking not to be named as they are not authorized to speak to the media.

Russia's VTB Capital-backed Numetal on Tuesday said Ruia family scion Rewant will never be in management of Essar Steel even though the rules do not bar blood relations of delinquent promoters from bidding for loan defaulter companies being auctioned to recover dues, Firstpost reported. During the proceedings of the National Company Law Appellate Tribunal (NCLAT), senior advocate Mihir Thakore representing Numetal said that the Insolvency & Bankruptcy Code (IBC) does not disqualify anyone based on blood relations. Aurora Enterprises Ltd (AEL) had a 25 percent shareholding in Numetal.

A homegrown Singaporean company that owns one of the financial center’s three seawater desalination plants is struggling to stay afloat, a Bloomberg View reported. Whether Hyflux Ltd. sinks or swims will matter to creditors and shareholders. The strategic stakes, though, are far higher. Now that Singapore’s old foe Mahathir Mohamad is back as Malaysia’s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the Hyflux plant is owned until 2038 by a friendly buyer could become an issue of national security.

Shares of Asiana Airlines shot up more than 20 per cent on Tuesday morning on a media report that SK Group is considering buying the troubled airline - a claim the conglomerate later denied, the Financial Times reported. Asiana shares climbed as much as 23 per cent to Won5,130 ($4.57), their highest since May 21, after local online media News Tomato said SK Group, South Korea’s third-largest conglomerate, is considering a takeover.  But SK Holdings, the holding company of SK Group, denied the media report in a regulatory filing, making Asiana shares give up much of the gains.

International investors are too fixated on trade tension between the US and China. Instead, they would do well to take heed as Beijing continues a war against non-bank lenders and fintech companies that is tightening liquidity and spooking investors in mainland China, the Financial Times reported in a commentary. Money remains tight on the mainland even as financial stability has replaced deleveraging as the official order of the day.