Ateef Sheikh, 24, an Indian national of Monipuri ethnicity, was a final-year medical student at University of Science and Technology Chittagong (USTC).
Singh was rescued by other roommates when he tried to hang himself.
Ateef shared the flat with three other Indian medical students studying at USTC.
Alamgir Hossain, officer-in-charge of Akbar Shah Police Station, said the incident took place at a flat on the fourth floor of a six-storey building at Lake View Society.
The youths used to arrange parties with friends often in the flat. It was a similar party on Friday.
Nayek Hamidur Rahman of the outpost of Chittagong Medical College and Hospital (CMCH) police told the media that an Indian student named Niraz, brought his two classmates to hospital in critical condition around 1:00 am.
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Around 11:00pm, when the guests left the flat after the party ended, Niraj and the girl went to their respective rooms but Ateef and Winson started drinking liquor in Winson's room where the party was held, the OC quoted Niraj as saying.
Hearing screaming of them, residents of the building rushed in and found their room locked from inside.
Niraz broke the door down and upon entering the room found Asif's body hanging from the ceiling fan and Winson lying in a pool of blood.
Ateef's parents would arrive in Bangladesh Sunday, the OC said. Police said there were several wounds from a sharp weapon on Sheikh's body.
Police primarily suspected that following an altercation between the two in a drunken state, Winson might have stabbed Ateef to death and later tried to kill himself.
Filing of a case was underway with Akhber Shah Police Station in this connection, said OC Alamgir.