The bankruptcy court has admitted Indiabulls Housing Finance Ltd's (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon, the Economic Times of India reported.

South Korea is emerging as a closely watched weak link in the $63 trillion world of shadow banking, Bloomberg News reported. Real estate exposure has been showing cracks at home and abroad after interest rates rose, prompting financial firms including T. Rowe Price Group Inc. and Nomura Holdings Inc. to express concern about stress in shadow loans to the sector. Delinquency rates at one key group of Korean lenders nearly doubled to 6.55% last year, while economists at Citigroup Inc.

Users of the hacked cryptocurrency exchange Mt. Gox received another optimistic signal regarding compensation for hacked funds, with Mt. Gox trustee updating some crucial repayment data, CoinTelegraph.com reported. Multiple Mt. Gox creditors have reported that their Mt. Gox claims accounts were updated with information about Bitcoin, Bitcoin Cash and fiat repayment, with many suggesting that cryptocurrency repayments are coming soon. Some of the first such reports surfaced on the Mt.

Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project, Bloomberg News reported. The group has appointed Eastdil Secured and DBS Group Holdings Ltd. to advise on finding a partner for the 100 Leadenhall Street project, according to people with knowledge of the appointments. The financial advisers are currently undertaking due diligence on the project and could seek a funding partner later in the year or in early 2025.

The U.S. is drafting sanctions that threaten to cut some Chinese banks off from the global financial system, arming Washington’s top envoy with diplomatic leverage that officials hope will stop Beijing’s commercial support of Russia’s military production, the Wall Street Journal reported. But as Secretary of State Antony Blinken heads to Beijing on Tuesday, the question is whether even the threat of the U.S.

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.