A bankruptcy court in India has begun insolvency proceedings against Zee Entertainment Enterprises Ltd.’s founder and chairman emeritus Subhash Chandra on a plea by Indiabulls Housing Finance Ltd. following a loan default, Bloomberg News reported. Chandra stood as a personal guarantor for a loan given to a real estate developer Vivek Infracon Pvt., according to Indiabulls Housing’s lawyer Sumesh Dhawan.

The head of China’s central bank sees debt restructurings among poor countries moving too slow and wants creditors to agree on how to share the burden of debt relief, Bloomberg News reported. Pan Gongsheng, governor of the People’s Bank of China, shared the views during a closed-door meeting Friday in Washington on the sidelines of the International Monetary Fund spring meetings. China’s role as a major creditor to developing nations has come under renewed scrutiny as billions of dollars in loans over the past decade have soured.

China’s benchmark lending rates were kept unchanged, official data showed on Monday, in line with market expectations after key policy rates were held steady amid signs of economic recovery, the Wall Street Journal reported. The one-year loan prime rate was kept at 3.45%, while the five-year rate was left at 3.95%, said the People’s Bank of China. The hold on LPR was widely expected after the PBOC left its medium-term lending facility rate unchanged last week. The MLF rate is used as a guide for LPR, which is set by 20 major banks in China.

With Imperial Pacific International (CNMI) LLC’s filing of chapter 11 bankruptcy petition in federal court on Friday, it stops Commonwealth Casino Commission (CCC) executive director Andrew Yeom and IPI from completing their proposed settlement, the Saipan Tribune reported. CCC board chair Edward C. DeLeon Guerrero has been acting on behalf of Yeom in the settlement discussion with IPI throughout last week because Yeom’s temporary contract as executive director expired last April 13.

The National Company Law Appellate Tribunal on Thursday granted relief to Sporta Technologies, the parent company of Dream11, freeing it from the corporate insolvency resolution process (CIRP) rejecting a petition by Reward Solutions, the Economic Times of India reported. NCLAT concluded that the default date for the debt squarely fell within the timeline of Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10 A prohibits the initiation of CIRP for default occurring between March 25, 2020 and March 25 2021 as the legislature intended to protect the firms hit by Covid.

Indonesia said fiscal and monetary policies are in sync to cushion the economy from the rising dollar, demonstrating an all-hands-on-deck approach, with the central bank signaling they’re intervening more actively to aid the rupiah, Bloomberg News reported. “We work very closely with Governor Perry in order for us to be able to adjust the macro stance to adapt with this new level of pressure,” Finance Minister Sri Mulyani Indrawati said in a Bloomberg Television interview on Thursday, referring to Bank Indonesia’s top policymaker.

The Ministry of Corporate Affairs (MCA) has sought stakeholders’ comments to revamp various rules under the Insolvency and Bankruptcy Code (IBC), including those relating to personal guarantors, financial services providers and the pre-packaged scheme, the Economic Times of India reported. In a notice, the ministry also said it’s seeking to tweak the rules on the application to the adjudicating authority, the annual statement of accounts and the annual report rules, as stipulated by the Insolvency and Bankruptcy Board of India (IBBI). The notice has been uploaded on the IBBI website.

Bank of Japan Governor Kazuo Ueda reiterated monetary policy will stay accommodative for a while as policymakers continue to buy government bonds, Bloomberg News reported. The BOJ would eventually reduce its bond buying at an unspecified timing in the future, he told an audience at the Peterson Institute for International Economics in Washington on Friday. But it judged it was “dangerous” to completely remove its bond market intervention in March, when it raised interest rates for the first time in 17 years and ended its yield curve program, he added.

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of two insolvency resolution applications filed by State Bank of India and IDBI Bank against Mumbai Metro One after lenders agreed to one-time settlement (OTS) of dues, the Times of India reported. Mumbai Metro One Private Ltd (MMOPL), a joint venture between Reliance Infrastructure (RInfra) and Mumbai Metropolitan Region Development Authority (MMRDA), will be taken over etirely by MMRDA.