People across China are being weighed down by their debts and a system that penalizes them for not paying the money back. Beijing is cracking down on delinquent debtors by seizing their salaries or restricting them from getting government jobs, as well as curbing their access to high-speed trains and air travel. Many are forbidden from buying expensive insurance policies and told they aren’t allowed to go on vacation or stay in nice hotels. Authorities can detain them if they don’t comply, the Wall Street Journal reported.

Hinduja National Power Corporation Ltd (HNPCL) on Tuesday requested the National Company Law Tribunal that the insolvency petition filed by public sector undertaking Bharat Heavy Electricals Ltd against it be dismissed given that the PSU had not completed the project as per the contract, the Economic Times of India reported. The case has been dragging on for over four years, where BHEL has contested that HNPCL failed to make a payment of ₹281 crore towards the works it had carried out.

Japanese financial authorities should consider conducting coordinated currency intervention with other countries to support the yen, the head of the Tokyo Chamber of Commerce and Industry said, Bloomberg News reported. Small and mid-sized Japanese companies are suffering from the rising costs of imported materials as the yen trades near a 34-year low against the dollar, TCCI Chairman Ken Kobayashi said Wednesday in a press conference, Kyodo News reported. Kobayashi’s comments came a day after Takeshi Niinami, president of Suntory Holdings Ltd.

Fitch Ratings has downgraded the outlook for six Chinese state-owned banks amid concerns about the government’s ability to support the sector in the event of stress. The move comes after the rating agency cut its outlook for China’s sovereign credit rating last week, the Wall Street Journal reported.

China's economy grew faster than expected in the first quarter, data showed on Tuesday, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local government debt, Reuters. However, several March indicators released alongside the gross domestic product data - including property investment, retail sales and industrial output - showed that demand at home remains frail, weighing on overall momentum.

Sri Lanka on Tuesday rejected international bondholders' proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis, Reuters reported. Some of the proposal's "baseline" assessments and a lack of a contingency option in the case of continued economic weakness were two the main reasons the deal was not agreed, the government said in a statement.

China’s central bank kept key policy rates steady and drained liquidity from the banking sector as economic data shows fresh signs of weakness, the Wall Street Journal reported. The People’s Bank of China on Monday held the interest rate on its one-year medium-term lending facility at 2.5% while injecting 100 billion yuan ($13.82 billion) funds via the instrument, according to a statement on its website. With CNY170 billion worth of MLF loans due on Wednesday, the PBOC has drained a net CNY70 billion liquidity from the financial system.

State-backed property developer China Vanke said it is facing short-term liquidity pressure and operational difficulties, but added that it has prepared "a basket of plans" to stabilise its business and cut debt, Reuters reported. Vanke's Hong Kong-listed shares closed down 0.8% on Monday after hitting a record intraday low, while its Shenzhen-listed shares edged up 0.6%, stabilising after nine consecutive sessions of decline.

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of two separate insolvency resolution applications filed by State Bank of India and IDBI Bank against Mumbai Metro One. The borrower is a joint venture between Anil Ambani-promoted Reliance Infrastructure (RInfra) and Mumbai Metropolitan Regional Development Authority (MMRDA), the Economic Times reported.

Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd (PFC), sources said. The financial closure will enable Vedanta to expedite completion of its power projects, the Economic Times of India reported. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process.