Same here in Bangladesh...
It's lailatul barat if readers don't understand. Laila means night and barat means fate or fortune. They say in this night our fates till the next night in the next year are written. But I think that's wrong cuz our fate is written by Allah long ago!
As far as I know, no hadiths say anything about this night. I heard scholars in peace TV and also ahle hadith scolars say the same. Most deobandis don't like any of them, that's why they observe this night

Perhaps there is one hadith, but it doesn't say anything about the prophet's special prayer or 'Amal' in this particular night.
And also, things people do in this night often contains bidat.
And a little personal question brother Uzair, do people make 'Halua's or 'sweets' in this night in ur country? They do here. And it looks like a night for eating rather than a night for prayer to me

I personally don't observe it and didn't yesterday.
Peace....