The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s application to initiate insolvency resolution proceedings against Kapil Wadhawan, the erstwhile promoter of Dewan Housing Finance (DHFL), for a Rs 3,958-crore default by the mortgage financier. Wadhwan was a co-guarantor against these loans, the Economic Times of India reported. The tribunal has also appointed Devendra Mehta as the resolution professional (RP) to ascertain the claims of lenders and compute the personal assets of Wadhawan.

China’s largest property developer, Country Garden, on Tuesday said it had opted to suspend trading of its shares on the Hong Kong stock exchange after delaying publication of its 2023 results as it continues to grapple with the slump in the Chinese real estate market, MarketWatch.com reported. The heavily-indebted property developer said it had decided to suspend trading of its shares in order to comply with Hong Kong stock market’s listing rules, which require it to either publish its unaudited financial statements in their current form or halt trading of its shares instead.

The National Company Law Tribunal (NCLT) on Monday admitted a corporate insolvency resolution process (CIRP) against a Bus Rapid Transport Service (BRTS) contractor, Khurana Engineering Limited, while acting on a petition filed by Power and Instrumentation (Gujarat) limited under the Insolvency and Bankruptcy Code, 2016, the Economic Times of India reported.

Chinese lenders are concerned about future investments at a $1.3 billion port in Peru set to be inaugurated this year, executives told a congressional committee, Bloomberg News reported. Peru’s government is trying to revoke a deal that granted Chinese state-owned company Cosco Shipping exclusive rights to run the new Chancay Port. While most major Peruvian ports have a single operator, Peru argues it didn’t have the legal authority to grant the new facility the same treatment.

A private gauge of China’s services activities notched a 15th straight month of growth, adding to signs of green shoots in the world’s second-largest economy as government stimulus measures kick in, the Wall Street Journal reported. The Caixin services purchasing managers index rose to 52.7 in March from 52.5 in February, Caixin Media Co. and S&P Global said Wednesday. A reading above the neutral 50 mark suggests expansion, while one below indicates contraction.

Taiwan's biggest earthquake since 1999 is likely to cause some disruption across Asia's semiconductor supply chain, analysts said, after chipmakers from TSMC to UMC halted some operations to inspect facilities and relocate employees, Reuters reported. The powerful 7.2-magnitude earthquake struck Taiwan's eastern coast near Hualien County on Wednesday morning, killing nine people and injuring 800.

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea seeking insolvency proceedings against Ansal Hi-tech Township Ltd filed by its homebuyers of a project in Greater Noida, the Economic Times of India reported. The appellate tribunal has upheld the order passed by the Delhi-based bench of the National Company Law Tribunal (NCLT), which had in January 2023 set aside the plea of homebuyers, observing that the allottees belong to different projects and does not fulfil the required criteria to file an insolvency case.

Several Chinese developers’ shares have been suspended from trading in Hong Kong starting today due to their failure to meet the deadline for publishing last year’s annual results, another sign of the turmoil in the country’s real-estate sector, the Wall Street Journal reported. Well-known names like Country Garden Holdings, Central China Management and Modern Land (China) are among the companies that failed to meet the Hong Kong stock exchange’s March 31 deadline due to an inability to sort out their financial and accounting estimates or delays in getting their accounts audited.

A months-old speech by China’s top leader has stoked speculation around aggressive liquidity boosts from Beijing. While economists have generally shrugged off such a possibility, some say that more trading of treasury bonds could bring the country’s central bank more in line with practices adopted by peers in developed markets, the Wall Street Journal reported.

Japan must shift its policy focus away from crisis-mode stimulus towards achieving private sector-driven economic growth, a government panel said on Tuesday in the wake of the central bank's decision to end eight years of negative interest rates, Reuters reported. In a proposal to the government's top economic council, the panel urged policy changes in the face of rising domestic prices and interest rates, as well as wage growth at a 30-year high as companies face job shortages.