The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported.

A worrying run of data has dialed up calls for help to boost China’s economy. The central bank has answered with a flurry of rate cuts that analysts view as a welcome sign of action. But a number of restraints, from a weak currency to banks’ falling profitability, lead many to think that ultimately, it is fiscal policy that needs to come to the rescue, the Wall Street Journal reported. On Monday, the People’s Bank of China unexpectedly trimmed a key short-term policy rate for the first time since last summer, saying it aims to ramp up support for the economy.

Private lenders to PT Visi Media Asia secured a rare win in Indonesian court after a Jakarta judge ruled to fully admit their $560 million claim, allowing them to participate in the debt restructuring of the embattled media company, Bloomberg News reported. The ruling by Judge Kadarisman Al Riskandar of the Central Jakarta Commercial Court on Monday overruled an earlier decision by court administrators who had rejected the claim, according to a statement from a group of creditors. Lenders to the company include funds managed by Tor Investment Management and Varde Partners Inc.

Turkey’s central bank said it’s focusing attention on a build-up of lira liquidity as it extended its interest-rate pause into a fourth month, Bloomberg News reported. The Monetary Policy Committee, led by Governor Fatih Karahan, left the one-week repo rate at 50% on Tuesday, in line with the forecasts of all analysts surveyed by Bloomberg. It repeated that the sterilization of liquidity “will be implemented effectively” with additional tools “whenever needed.” The price of 10-year lira government bonds rose, sending the yield down 28 basis points to 27.78% as of 4:16 p.m. in Istanbul.

South Korean prosecutors said Tuesday they have arrested the founder of technology giant Kakao Corp. for alleged stock price rigging during his company’s takeover of a major K-pop agency last year, the Associated Press reported. Kim’s arrest came after the Seoul Southern District Court approved an arrest warrant, citing concerns that he could flee or destroy evidence. Prosecutors have up to 20 days to investigate Kim and determine whether to indict him, according to a senior prosecutor at a Seoul district prosecutors’ office. He requested anonymity because an investigation was under way.

Byju Raveendran, an Indian mathematics whiz who soared from teacher to startup billionaire before his education-technology company imploded this year, now faces his biggest test, the Economic Times of India reported. The future of Raveendran's eponymous Byju's online coaching firm rests with India's courts after the county's biggest startup, once loved by global investors who valued it at $22 billion, crashed below $2 billion in valuation. The 44-year-old founder last week lost control of the company as a tribunal kick-started an insolvency process.

Chinese leader Xi Jinping and other top Communist Party officials used 22,000 characters in laying out a blueprint for reviving the country’s flagging economy in the coming years and signaling an intention to rev up growth in the coming months. On some of the thorniest issues, however, the document had little new to say—fueling concern among some economists about the country’s longer-term prospects, the Wall Street Journal reported.

Turkey’s central bank will probably focus on draining excess lira liquidity and alternative tightening measures as it looks to keep interest rates on pause for a fourth straight month, Bloomberg News reported. With official borrowing costs unlikely to rise further, policymakers have turned their attention to the side effects of their efforts to replenish foreign-exchange reserves that resulted in billions of liras being pumped into the economy.

Defaulted builder Sino-Ocean Group Holding Ltd. is working to garner enough support to help secure approval for its debt restructuring plan, but remains far short of the needed backing amid opposition from a key bondholder group, Bloomberg News reported. The company has support from a lender group representing about half of the company’s so-called Class A debt, Sino-Ocean said in a Thursday filing with the Hong Kong stock exchange. Lenders have either entered into a restructuring support agreement or are going through internal procedures to obtain the relevant approvals to do so.

EU tariffs on electric vehicles built in China breach global trading rules and must be corrected, an industry body representing 12 Chinese automakers told the European Commission in a hearing this week, Reuters reported. The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) presented its view at a hearing on Thursday that the EU's preliminary assessment is incompatible with EU and World Trade Organization rules. "We are very concerned.