The Supreme Court has set aside the ruling of the National Company Law Appellate Tribunal (NCLAT) rejecting Asset Reconstruction Co (India) Ltd’s claim in Tulip Star Hotels’ insolvency case, the Economic Times of India reported. The appellate tribunal had accepted the hotel operator’s claim that the ARC filed its case against the company under the Insolvency and Bankruptcy Code (IBC) after the limitation period of three years from the date of declaring the asset as non-performing.

Hong Kong's audit regulator said on Monday that it has initiated an enquiry into the financial statements of China Evergrande Group's property services unit and its former auditor after questions were raised following the developer's probe into seized deposits worth $2 billion of the unit, Reuters reported.

China's central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis, Reuters reported. The grim set of figures indicate the world's second largest economy is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, prompting some economists to downgrade their projections.

Japan’s economy has begun to grow again as consumers, fatigued from more than two years of the pandemic, moved away from precautions that have kept coronavirus infections at among the lowest levels of any wealthy country, the New York Times reported. Lockdowns in China, soaring inflation and brutally high energy prices could not suppress Japan’s economic expansion as domestic consumption of goods and services shot up in the second three months of the year.

The world’s third largest economy recovered to its pre-pandemic size in the second quarter, as consumer spending picked up following the end of coronavirus curbs on businesses, Bloomberg News reported. Gross domestic product grew at an annualized pace of 2.2% in the second quarter of this year, coming in below the median estimate of 2.6%, Cabinet Office data showed Monday. That lifted the size of the economy to 542.1 trillion yen ($4.1 trillion), above what it was at the end of 2019. First quarter GDP was revised to an expansion from a prior contraction.

A joint venture between Chinese ride-hailing giant Didi Chuxing and electric vehicle (EV) maker Li Auto filed bankruptcy on Thursday, after the carmaker ended operations, the South China Morning Post reported. Beijing Judian Travel Technology Co. filed for bankruptcy on Thursday with Beijing No 1 Intermediate People’s Court, according to the National Enterprise Bankruptcy Information Disclosure Platform under the Supreme People’s Court. Set up in 2018 with registered capital of 400 million yuan (US$59.3 million), the company built EVs for Didi’s ride-hailing service.

Nasdaq-listed e-commerce luxury goods retailer Secoo has reportedly filed for bankruptcy with the First Intermediate People’s Court of Beijing Municipality – seven months after its last filing, according to Tianyancha, Inside Retail reported. According to LegalDaily, earlier this year Secoo filed for bankruptcy on the grounds it was unable to pay off its debts. The petition was subsequently withdrawn.

China’s low interest rates are failing to spur lending in the economy, creating a challenge for policy makers as they try to bolster the nation’s fragile recovery, Bloomberg News reported. Central bank data on Friday showed a sharp slowdown in aggregate financing, a broad measure of credit, in July, as new loans and corporate bond issuance weakened. At the same time, growth of M2, the broadest measure of money supply, accelerated more than expected to 12% in July.

India’s anti-money laundering agency has frozen assets worth $46.4 million from the local entity of Vauld for facilitating “crime-derived” proceeds from predatory lending firms in the latest headache for the crypto exchange that filed for protection from creditors last month, TechCrunch reported.

The National Company Law Tribunal (NCLT) has admitted Mumbai-based Topworth Urja & Metals under the Corporate Insolvency Resolution Process (CIRP) and appointed Alok Kailash Saksena as an interim resolution professional for the company, the Economic Times of India reported. State-owned lender Bank of Baroda had approached the bankruptcy court in 2018 against Abhay Lodha- promoted Topworth Urja & Metals after it defaulted on its dues of about ₹ 218 crore. "The application made by the financial creditor is complete in all respects as required by law.