NCLT Reserves Ruling on Byju’s Creditor Appeals, BCCI Insolvency Petition

The National Company Law Tribunal (NCLT) on Wednesday, reserved its order on the appeals by Glas Trust and Aditya Birla Finance to be added to the committee of creditors (CoC), as well as the Board of Control for Cricket in India's (BCCI) application to withdraw its insolvency petition against the cash-strapped edtech firm Byju's, the Economic Times of India reported.
India
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Australian Building Approvals Fall, Denting Hopes of Housing Supply Recovery

Australian building approvals were weaker than expected in November, denting hopes of a big recovery in housing supply to meet surging immigration, the Wall Street Journal reported. The total number of dwellings approved fell 3.6% in November to 14,998, following a 5.2% rise in October, the Australian Bureau of Statistics said Tuesday. Economists had expected approvals to drop 0.9% over the month.
Australia
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Nuvoco Vistas to Acquire Vadraj Cement Through Insolvency Route

Nuvoco Vistas Corp, a key producer of cement in East India, has emerged as the successful applicant to buy Vadraj Cement under the Corporate Insolvency Resolution Process, the Economic Times of India reported. Gujarat-based Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas’ existing production capacity of 25 million tonne by more than 20%. Vadraj Cement also has a clinker capacity of 3.5 million tonne in Kutch in Gujarat along with limestone reserves and a captive jetty.
India
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Country Garden Monthly Sales Decline Extends in December

Country Garden Holdings Co.’s sales slump continued in December even as the Chinese property market showed signs of stabilization after the government’s stimulus packages, Bloomberg News reported. Contracted sales declined 51% from a year earlier to 3.42 billion yuan ($467 million), narrowing from a 52% year-on-year drop in November, Bloomberg calculations based on corporate filings show. The developer’s home sales have cratered from 22 billion yuan in December 2022. China’s residential property market has shown gradual signs of stabilization after a government stimulus blitz.
China
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More Than 1,700 Companies Requested Bankruptcy Protection in 2024

There were 1,723 Turkish companies that requested bankruptcy protection in 2024 as a result of outstanding debt stocks, surpassing the previous highest level recorded in 2019, Türkiye Today reported. Amid ongoing challenges such as tight monetary policies within the disinflation program, rising labor costs, and fluctuations in exchange rates, Turkish companies grappled with declining profits and unsustainable debt levels.
Turkey
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PBOC Maintains Support for Yuan With Fix Stronger Than Key Level

China reaffirmed its support for the yuan after allowing the currency to slip below a key support level in the last session, Bloomberg News reported. The People’s Bank of China set its daily reference rate stronger than the closely watched line of 7.2 per dollar. That helped ease concern that Beijing will allow a sharper depreciation, after the onshore yuan slid past 7.3 per dollar due to mounting economic pressures and a widening yield gap with the U.S.
China
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