/raid1/www/Hosts/bankrupt/TCRAP_Public/220425.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 25, 2022, Vol. 25, No. 76
Headlines
A U S T R A L I A
BERRIBEE PASTORAL: Commences Wind-Up Proceedings
GOLDIN TWO: Commences Wind-Up Proceedings
LOCKE LOGISTICS: First Creditors' Meeting Set for May 5
NORTH QUEENSLAND DUCT: Second Creditors' Meeting Set for May 4
ONE O ONE: Commences Wind-Up Proceedings
C H I N A
CHINA EVERGRANDE: To Offer 2,000 Completed Flats in Sales Push
DEXIN CHINA: Moody's Cuts CFR to B3 & Sr. Unsecured Notes to Caa1
SUNAC HOLDINGS: Fitch Withdraws 'CC' Foreign Currency IDR
I N D I A
AAKARSHIT ICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITYA INTERSEAS: Insolvency Resolution Process Case Summary
ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
AGARWAL MOTOR: CRISIL Keeps B+ Debt Rating in Not Cooperating
ALCHEMIST INFRA REALTY: Insolvency Resolution Process Case Summary
ALP NON: CRISIL Keeps D Debt Ratings in Not Cooperating
ALSTRONG ACP MANUFACTURING: Insolvency Resolution Case Summary
AMRUTHA VARSHINI: CRISIL Keeps D Debt Ratings in Not Cooperating
AMSET AMBIENCE: CRISIL Keeps B Debt Ratings in Not Cooperating
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Ratings in Not Cooperating
ASTER INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
ASVINI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
BAHULA INFOTECH: Insolvency Resolution Process Case Summary
BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
BENEDETTO KITCHENS: CRISIL Keeps B+ Rating in Not Cooperating
BHAGWATI DIAMONDS: CRISIL Keeps B+ Ratings in Not Cooperating
BHAVANI RENEWABLE: CRISIL Keeps B+ Debt Rating in Not Cooperating
BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
COMPETENT VIDYUT: Insolvency Resolution Process Case Summary
FUTURE GROUP: RIL Calls Off INR24,713-cr deal With Retailer
GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
GOEL SOLVENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GOLDENDUNES HEIGHTS: CRISIL Keeps B Rating in Not Cooperating
GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating
HI TECH GRAIN: Liquidation Process Case Summary
IC TEXTILES LIMITED: Insolvency Resolution Process Case Summary
INMA INTERNATIONAL: Insolvency Resolution Process Case Summary
KRR INFRA PROJECTS: Liquidation Process Case Summary
KV AROMATICS PRIVATE: Insolvency Resolution Process Case Summary
LI DIGITAL PAYMENTS: Insolvency Resolution Process Case Summary
MADHUCON INFRA LIMITED: Insolvency Resolution Process Case Summary
MAHABALI INNOVATIVE: Insolvency Resolution Process Case Summary
MAKALU TRADING: Insolvency Resolution Process Case Summary
MEDIA MOMENTS: Insolvency Resolution Process Case Summary
MODINAGAR PAPERS: Insolvency Resolution Process Case Summary
MOR MUKAT MARKETING: Insolvency Resolution Process Case Summary
MP PROMOTERS PRIVATE: Insolvency Resolution Process Case Summary
NAIDU BEVERAGES: Liquidation Process Case Summary
PACIFIC SHARES: Liquidation Process Case Summary
PANOLI PRODUCTS: Insolvency Resolution Process Case Summary
PSA IMPEX PRIVATE: Insolvency Resolution Process Case Summary
RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category
REALCARE BUILDING: Insolvency Resolution Process Case Summary
SAFE CARGO: Insolvency Resolution Process Case Summary
TRANSSTROY TIRUPATI: Liquidation Process Case Summary
UNIBIOTECH FORMULATIONS: CRISIL Keeps B+ Rating in Not Cooperating
M A L A Y S I A
BRAHIM'S HOLDINGS: UJSB Ceases to be Substantial Shareholder
N E W Z E A L A N D
BARDSEY LIMITED: Creditors' Proofs of Debt Due on May 5
CHACHI'S GREEN: Creditors' Proofs of Debt Due June 3
CLAWS HAULAGE: Court to Hear Wind-Up Petition on May 16
HOADLEY HICKMAN: Creditors' Proofs of Debt Due on May 20
NEW ZEALAND LIVESTOCK: Court to Hear Wind-Up Petition on May 5
POOLS PLUS: Files for Voluntary Liquidation
S I N G A P O R E
A YONG: Director Jailed for Cheating 3 Banks More Than SGD2.6MM
ASIA OUTSOURCING: Creditors' Proofs of Debt Due on May 23
SUNMAX GLOBAL: Foo Kon Tan Appointed as Liquidators
VINTEL EXPORTS: Court to Hear Wind-Up Petition on May 6
S R I L A N K A
SRI LANKA: India, World Bank Consider US$2 Billion Bridge Finance
- - - - -
=================
A U S T R A L I A
=================
BERRIBEE PASTORAL: Commences Wind-Up Proceedings
------------------------------------------------
Members of Berribee Pastoral Company Proprietary Limited, on April
18, 2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
John Ross Lindholm
Brendan John Richards
KPMG
Tower Two
Collins Square
727 Collins Street
Melbourne, VIC 3008
GOLDIN TWO: Commences Wind-Up Proceedings
-----------------------------------------
Members of Goldin Two Investments Pty Ltd (Trading as Crust Pizza
Patterson Lakes) on April 22, 2022, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidator is:
Matthew Kucianski
Worrells Solvency & Forensic Accountants
Level 14, 570 Bourke Street
Melbourne, VIC 3000
LOCKE LOGISTICS: First Creditors' Meeting Set for May 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Locke
Logistics Pty Ltd will be held on May 5, 2022, at 12:00 p.m. via
virtual meeting capabilities.
Manuel Hanna and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Locke Logistics on April 22, 2022.
NORTH QUEENSLAND DUCT: Second Creditors' Meeting Set for May 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of North
Queensland Duct Solutions Pty Ltd, trading as NQ Marine Supplies,
has been set for May 4, 2022, at 11:30 a.m. via zoom teleconference
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 3, 2022, at 4:00 p.m.
Mitchell Ball & Domenic Calabretta of Mackay Goodwin were appointed
as administrators of North Queensland on March 17, 2022.
ONE O ONE: Commences Wind-Up Proceedings
----------------------------------------
Members of One O One Coatings Pty Ltd, on April 21, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Con Kokkinos
Worrells Solvency & Forensic Accountants
Level 14, 570 Bourke Street
Melbourne, VIC 3000
=========
C H I N A
=========
CHINA EVERGRANDE: To Offer 2,000 Completed Flats in Sales Push
--------------------------------------------------------------
South China Morning Post reports that embattled China Evergrande
Group is offering 2,000 completed homes for sale during the
upcoming Labour Day holiday, putting its market credibility to the
test after assembling a battery of advisers to overcome its
liquidity crisis.
The Post relates that the heavily indebted developer, chaired by
Hui Ka-yan, will kick off a holiday promotions campaign from April
30 during what is traditionally a golden week for property sales,
it announced on April 19. It said it would implement 10 "key
marketing measures" to boost sales.
The group's office will offer 1,000 units in 10 cities including
Guangzhou, Foshan, Zhaoqing, Qingyuan and Shaoguan, the Post says
citing promotional material. The units represent half of its
housing stock in the Pearl River Delta.
It said properties on offer will include villas, high-rise
apartments, serviced apartments and shops. The festive promotions
will apply to some of Evergrande's 400 projects currently on sale
across the nation, said a company spokeswoman, without disclosing
further details, the Post relays.
"Previously, Evergrande has offered 20 to 30 per cent discounts to
boost sale," the report quotes Andy Lee, CEO for southern China at
Centaline Property Agency (China), as saying.
The Post says the response to the sales push should provide a gauge
of the developer's credibility with potential buyers, with the
group still mired in debt. The developer hasn't published its
accounts since its interim report when its total liabilities
ballooned to CNY1.97 trillion (USD305.6 billion).
Since then, the world's most heavily indebted developer, has hired
several financial and legal advisers to deal with creditors'
demands and fend off hostile enforcement actions. It promised last
month to roll out a restructuring plan by the end of July, having
already defaulted on various bonds in December.
It is weighed down by USD22.7 billion in offshore debts, including
bonds, private financing loans and project loans, the report notes.
It delayed the release of its 2021 financial results last month
because of unfinished auditing work.
China's "three red lines", measures in place since August 2020 to
control systemic risk posed by weak property developers, have sent
the industry into a slump not seen since the 2015 stock market
crash, the report notes. Major developers such as Evergrande and
Kaisa Group Holdings defaulted on their bonds last year as a
result.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'. S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'. S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.
The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on December 6. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
DEXIN CHINA: Moody's Cuts CFR to B3 & Sr. Unsecured Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Dexin China Holdings
Company Limited's corporate family rating to B3 from B2 and senior
unsecured rating to Caa1 from B3.
The rating outlook remains negative.
"The downgrade reflects our concerns over Dexin's weak corporate
governance and its ability to publish its audited financial
statement within the timeline as required by the Hong Kong Stock
Exchange's listing rules, following its recent change in auditor
and failure to report a disclosable transaction as required by the
listing rules," says Alfred Hui, a Moody's Analyst.
"The negative outlook reflects Dexin's increased refinancing risks
and worsening liquidity in view of its declining sales and a likely
impairment of its access to funding," adds Hui.
RATINGS RATIONALE
On April 19, 2022, Dexin announced the resignation of
PricewaterhouseCoopers (PwC) as its auditor and the appointment of
Elite Partners CPA Limited as its new auditor, with effect from
April 14, 2022 [1].
Dexin published its unaudited 2021 financial results on March 31,
2022, and had originally planned to release its audited 2021
financials by April 30, 2022. However, given its recent auditor
change, it is uncertain whether the company can publish its audited
results by its intended deadline. A further delay in its audited
results announcement would exacerbate concerns over the company's
corporate transparency and information disclosure.
In addition, Dexin announced on the same day that it had failed to
report a disclosable transaction of pledge and guarantee agreements
entered on November 30, 2021 with a supplier (an independent third
party), which constitutes non-compliance of the listing rules [2].
Although the guarantee was released in January 2022, the failure of
timely disclosure reflects the company's weak corporate governance
and transparency, which affect its ability to comply with the
necessary regulatory requirements.
These incidents will likely worsen Dexin's already weak funding
access, and thereby elevate its refinancing risks for its upcoming
debt maturities over the next 6-12 months.
Dexin's declining contracted sales will also weaken its liquidity.
In the first quarter of 2022, its gross contracted sales dropped
51% to RMB9.35 billion.
The Caa1 senior unsecured debt rating is one notch lower than
Dexin's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Dexin's senior unsecured claims
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the likely recovery rate for claims at the holding company
will be lower.
In terms of environmental, social and governance factors, Moody's
has considered the risks associated with Dexin's concentrated
ownership by its key shareholder and chairman, Mr. Hu Yiping, who
held a stake of 70% in the company as of the end of June 2021. The
delay in the release of its audited financial results, the auditor
change and its failure to report a disclosable transaction as
required by the Hong Kong Stock Exchange's listing rules reflect
the company's weak corporate governance, transparency and
information disclosure, which are part of Moody's governance
considerations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, a rating upgrade is unlikely.
However, Moody's could return the rating outlook to stable if Dexin
publishes its 2021 audited accounts in a timely manner without any
adverse financial trends, its operations proved to be resilient,
and its liquidity remained adequate amid the difficult operating
and funding conditions.
On the other hand, Moody's could downgrade Dexin's ratings if there
are signs of weakening in its liquidity, credit metrics or general
governance practice.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Dexin China Holdings Company Limited is a Zhejiang-based
residential property developer. As of December 31, 2021, its land
reserves totaled 19.1 million square meters in gross floor area,
with most of them in the Yangtze River Delta cities such as
Hangzhou, Wenzhou, Ningbo and Nanjing.
SUNAC HOLDINGS: Fitch Withdraws 'CC' Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has withdrawn China-based property developer Sunac
China Holdings Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'CC' and senior unsecured rating of 'CC' with a
Recovery Rating of 'RR4'.
Fitch is withdrawing the ratings as Sunac has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Sunac.
KEY RATING DRIVERS
No longer relevant, as the ratings have been withdrawn.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ISSUER PROFILE
Sunac is a large property developer in China, with several other
business segments, such as cultural tourism and property
management. Sunac has been listed on the Hong Kong Stock Exchange
since 2010.
ESG CONSIDERATIONS
Sunac has an ESG Relevance Score of '4' for Financial Transparency
as it will not publish audited 2021 results on time, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Sunac also has an ESG Relevance Score of '4' for Group Structure,
as it has not fully addressed market concerns on debt maturities
amid limited access to capital. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Following the withdrawal of ratings for Sunac, Fitch will no longer
be providing the associated ESG Relevance Scores.
DEBT RATING PRIOR
---- ------ -----
Sunac China Holdings Limited LT IDR WD Withdrawn CC
senior unsecured LT WD Withdrawn CC
=========
I N D I A
=========
AAKARSHIT ICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aakarshit Ice
And Cold Storage Limited (AICSL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.49 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.50 CRISIL B+/Stable (Issuer Not
Cooperating)
Working Capital Loan 6.50 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AICSL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AICSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AICSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AICSL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1997 and promoted by Mr Mangal Sain Madaan and his
family, AICSL is engaged in the cold storage business, and trades
in agro commodities such as potato, carrot, chana, and jaggery.
ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhishek
Motors Private Limited (AMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continue to be 'CRISIL D Issuer Not Cooperating'.
AMPL, incorporated in 1998 by Guwahati (Assam)-based Mr. Pulak
Goswami, is an authorized dealer of Tata Motor Ltd's passenger cars
in several districts of Assam. The company is also in the
transportation business.
ADITYA INTERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aditya Interseas Pvt. Ltd.
Registered office:
C 9/9824 Vasant Kunj
New DLehi 110070
India
Principal office:
Plot No. 154P, Sec-7
IMT Manesar, Gurgaon
Haryana
Insolvency Commencement Date: April 12, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: October 8, 2022
(180 days from commencement)
Insolvency professional: Dharm Vir Gupta
Interim Resolution
Professional: Dharm Vir Gupta
D-701, Antriksh Apartment
Plot No. 26, Sector 4
Dwarka, New Delhi 110078
E-mail: dvgupt@hotmail.com
- and -
Garg Ashok & Company
A-263/1, First Floor
Derawal Nagar
Delhi 110009
E-mail: cirp.adityainterseas@
cadvgupta.com
Last date for
submission of claims: April 25, 2022
ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advansys
(India) Private Limited (AIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continue to be 'CRISIL D Issuer Not Cooperating'.
AIPL, promoted by Mr. Pankaj Balwani, is setting up a plant in Pune
for manufacturing healthcare and fitness products. The promoter has
experience of around a decade in manufacturing and trading of
wellness and healthcare products.
AGARWAL MOTOR: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agarwal Motor
Company (AMC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMC for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMC continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2005 by Shri Om Prakash Goyal., Agarwal Motor
Company (AMC) is engaged in the dealership of 2W vehicles for Hero
Motocorp. The firm is based out of Ajmer, Rajasthan. The firm is
currently managed by Mr. Akhilesh Goyal.
ALCHEMIST INFRA REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Alchemist Infra Realty Limited
1511 Hemkunt Chambers
89 Nehru Place
New Delhi 110019
Insolvency Commencement Date: April 4, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 19, 2022
(180 days from commencement)
Insolvency professional: Mr. Gaurav Misra
Interim Resolution
Professional: Mr. Gaurav Misra
F-5, Rajiv Gandhi IT Park
Chandigarh 160101
E-mail: cagauravmisra@gmail.com
- and -
Office No. 510, Fifth Floor
Tower 1, Assotech Business Cresterra
Sector 135, Noida
Uttar Pradesh 201305
E-mail: ip@alchemistinfra.com
Tel: 7065029696
Classes of creditors: Allottees under Real Estate Project
Insolvency
Professionals
Representative of
Creditors in a class: Ms. Rakesh Verma
H.No. 1099, Vikas Kunj
Vikas Puri, West Delhi 110018
West, National Capital Territory of Delhi
110018
Mr. Dharmendra Kumar
30, Tower 1, Supreme Enclave
Mayur Vihar Phase 1
New Delhi
National Capital Territory of Delhi
110091
Mr. Rajiv Dhingra
BG-5A/48B, DDA Flats
Paschim Vihar
Near BG 6 Market
Opposite Gas Godowns
New Delhi
National Capital Territory of Delhi
110063
Last date for
submission of claims: April 18, 2022
ALP NON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALP Non Woven
Private Limited (ANWPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANWPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ANWPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANWPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ANWPL, incorporated in 2012, is promoted by the Modasa
(Gujarat)-based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D
Patel. The company manufactures technical textile fabric from
polypropylene. The plant is located in Modasa and has a total
installed capacity of 2400 tonnes per annum.
ALSTRONG ACP MANUFACTURING: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: M/s. Alstrong ACP Manufacturing India
Private Limited
F-35/4, Ground Floor
Okhla Industrial Area
Phase-II, New Delhi
South Delhi 110020
Insolvency Commencement Date: April 18, 2022
Court: National Company Law Tribunal, Gurugram Bench
Estimated date of closure of
insolvency resolution process: October 15, 2022
Insolvency professional: Mr. Alok Kumar Agarwal
Interim Resolution
Professional: Mr. Alok Kumar Agarwal
605, Suncity Business Tower
Golf Course Road
Sector 54, Gurgaon
Haryana 122002
E-mail: alok@insolvencyservices.in
- and -
C-100, C Block
Sector 2, Noida
Uttar Pradesh 201301
E-mail: alstrong.cirp@
insolvencyservices.in
Last date for
submission of claims: May 2, 2022
AMRUTHA VARSHINI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amrutha
Varshini Dairy Farms Private Limited (AVDF) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AVDF for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AVDF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVDF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVDF continues to be 'CRISIL D Issuer Not Cooperating'.
AVDF was set up in 2001 by Mr. A V S N Rao and his family members;
it is a part of the Agri Gold group. The company, based in
Hyderabad, processes and sells milk and milk products.
AMSET AMBIENCE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amset
Ambience (AMA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.55 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL B/Stable (Issuer Not
Cooperating)
Working Capital 0.65 CRISIL B/Stable (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with AMA for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2005 as a partnership firm by Mr T B Sajeev, Ms Jeeva
Sajeev, and Mr Vishwanathan Sreekumar, AMA is a distributor in
Kerala of various sanitary ware and flooring products for around 40
principals. The firm also runs three retail stores in Trivandrum,
Kerala.
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aradhana
Distributors Private Limited (ADPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Fund- 0.79 CRISIL B-/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with ADPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ADPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.
ASTER INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aster
Industries (AI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 7 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1998 as a partnership firm by Mr. Srinivas Reddy, AI
is engaged in the manufacturing of chemical compounds used in a
variety of Industry. The firm is also currently setting up a
manufacturing unit for bulk drugs in Vizag(AP).
ASVINI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asvini
Foundations Private Limited continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Asvini) for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Asvini, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Asvini is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Asvini continue to be 'CRISIL D Issuer Not
Cooperating'.
Set up as a private limited company in 2006, Asvini is involved in
the construction and sale of residential apartments in Tamil Nadu.
The firm is promoted by Mr. Sivagurunathan along with his friends
and family.
BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Baba
Naga Food Stuff Limited (SBN) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 60 CRISIL D (Issuer Not
Cooperating)
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBN for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBN, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBN continue to be 'CRISIL D Issuer Not Cooperating'.
SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies' mill and process basmati rice
for sale in the export and domestic markets.
SBN was incorporated in 2007, while BNG was incorporated in 2014 to
take over the assets and liabilities of partnership firm, BN
Exports.
BAHULA INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bahula Infotech Private Limited
Previously known as
Vara Infotech Private Limited
207 Maharshi Debendra Road
Kolkata 700007
West Bengal
Old address:
IPCL Building, Plot No. X-1, 2 & 3
Block-EP Sector-V, Salt Lake
Kolkata Parganas North
Insolvency Commencement Date: April 18, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: October 14, 2022
Insolvency professional: Anneel Saraogi
Interim Resolution
Professional: Anneel Saraogi
P1 Hyde Lane, 7th Floor
Suite-7B
Kolkata 700073
West Bengal
E-mail: annelsaraogi@gmail.com
cirp.bahula@gmail.com
Last date for
submission of claims: May 2, 2022
BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajaj Agro
Industries (BAI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.51 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAI for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAI continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2011, Kurud (Chhattisgarh)-based BAI, a proprietorship
firm of Mr Naresh Kumar Bajaj, is engaged in the processing and
domestic sale of basmati rice. Its unit, with capacity to process 4
lakh quintal of paddy per annum, is currently utilized at 75-80%.
BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balaji Roller
Flour Mills - Vizianagaram (BRFM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BRFM for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BRFM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRFM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRFM continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2004 as a partnership firm, BRFM operates a wheat
flour mill. The manufacturing facility is in Vizianagaram, Andhra
Pradesh. Mr Chandrakant Rathi, Mr M Rao Mr A Nagesh, and Mr T
Saptagiri are the partners.
BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bella Jewelry
Private Limited (BJPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 7.5 CRISIL D (Issuer Not
Discounting Cooperating)
Proposed Short 2.49 CRISIL D (Issuer Not
Term Bank Cooperating)
Loan Facility
CRISIL Ratings has been consistently following up with BJPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr.
Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as
a private limited company with the current name in 2007. The
company manufactures and exports diamondstudded gold jewellery. Its
manufacturing unit is in Santacruz Electronics Export Processing
Zone, Mumbai.
BENEDETTO KITCHENS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Benedetto
Kitchens Private Limited (BKPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 2.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BKPL for
obtaining information through letters and emails dated January 22,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BKPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BKPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BKPL, reconstituted as a private limited company in Septemebr 2009,
is promoted by Mr Ambadas Kamurthi and his wife Geetalaxmi
Kamurthi. Before 2009, it operated as a proprietorship firm named
'Ambadas Kitchens' and traded in steel furniture to government
organizations and later on started trading in modular kitchens.
Post-2009, the company set up a facility for manufacturing
customized modular kitchens.
BHAGWATI DIAMONDS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagwati
Diamonds Private Limited (BDPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 1.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BDPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BDPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BDPL, incorporated in 2007 at Delhi, manufactures and supplies
diamond and gold studded jewellery in Delhi and Haryana. Mr Sanjay
Kumar, Mr Suresh Kumar, and Mr Anuj Garg are the promoters.
BHAVANI RENEWABLE: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhavani
Renewable Energy Private Limited (BREPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BREPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BREPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in June 2010, Bhavani Renewable Energy Private Limited
(BREPL) is promoted by Mr. Bhanu Pratap Singh. The company operates
a 4MW Hydro Electric Project in Kangra, Himachal Pradesh,
commercial operations of which started in June 2013.
BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhorosha Rice
Mill Private Limited (BRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.16 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.54 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BRMPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BRMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRMPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1998, BRMPL mills non-basmati parboiled rice at its
facility in Burdwan (West Bengal). Its daily operations are managed
by its promoter'director Mr. Nazmul Haque.
COMPETENT VIDYUT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Competent Vidyut Towers Private Limited
610/2, Chhatarpur
New Delhi 110030
Insolvency Commencement Date: April 19, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 15, 2022
(180 days from commencement)
Insolvency professional: Satya Prakash
Interim Resolution
Professional: Satya Prakash
B-277, Gali No. 14
Tomar Colony
Burari, Delhi 110084
E-mail: cs.satyaprakash@gmail.com
cirp.competentvidyut@gmail.com
Last date for
submission of claims: May 2, 2022
FUTURE GROUP: RIL Calls Off INR24,713-cr deal With Retailer
-----------------------------------------------------------
Livemint.com reports that Reliance Industries (RIL) on April 23
called off the acquisition deal of Kishore Biyani-backed retail,
logistics, and warehouse assets. The announcement comes after when
creditors gave a thumbs down to RIL - Future Group scheme of
arrangement on April 22, the report says.
In its regulatory filing on April 23, RIL updated on the scheme of
arrangement for the transfer of retail & wholesale business and the
logistics and warehousing business of Future Group to Reliance
Retail Ventures Limited (RRVL), a subsidiary of the Company and
Reliance Retail and Fashion Lifestyle Limited (RRFLL), a
wholly-owned subsidiary of RRVL, Livemint.com relates.
Further, RIL said, "As per these results, the shareholders and
unsecured creditors of FRL have voted in favor of the scheme. But
the secured creditors of FRL have voted against the scheme."
"In view thereof, the subject scheme of the arrangement cannot be
implemented," RIL added.
Kishore Biyani's Group is currently in a long feud with e-commerce
major Amazon which is contesting the INR24,713 crore deal of the
former with Mukesh Ambani-backed retail arm.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.
Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.
GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ginger
Enterprises Limited (SGEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 7.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SGEL for
obtaining information through letters and emails dated January 22,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGEL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGEL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SGEL was incorporated as Ginger Enterprises Ltd in 2002 and is
promoted by Mr Sanjay Kumar Tayal and his family members. The
company manufactures partially oriented yarn (POY), polyester
texturized yarn (PTY), and knitted fabric in Silvassa. Operations
are managed by Mr Keshav Tayal.
GOEL SOLVENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goel Solvents
(GS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GS for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GS
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2017 as a partnership firm by Mr. Satpal Goel and
family, Goel Solvents has recently set up an edible oil extraction
plant. The capacity of the plant is 200 tons per day. The
manufacturing facility is located in Zirakpur (Punjab). The
commercial operations of the firm started in Feb, 2018.
GOLDENDUNES HEIGHTS: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Goldendunes
Heights LLP (GHL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 30 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GHL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GHL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GHL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
GHL was incorporated in 2015 by Mr Kapil Taneja, his brother, Mr
Ankur Taneja, and their friends: Mr K C Singhal, Mr N K Tayal, and
Mr Ravi Omprakash Agarwal. It undertakes real estate development
projects, and is currently developing Symphonia in Vaishali Nagar,
Jaipur.
GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greencare
Agrovet (GA) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.35 CRISIL D (Issuer Not
Cooperating)
Working Capital 1.1 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with GA for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GA
continue to be 'CRISIL D Issuer Not Cooperating'.
Established in 2013, Lucknow (Uttar Pradesh)-based GA, a
proprietorship firm of Ms Rinkie Singh, is engaged in the trading
of poultry feed and in poultry business i.e. produces eggs from
layer chicken. Its farm has a layer bird capacity of 50,000 slayer
birds.
HI TECH GRAIN: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Hi Tech Grain Processing Private Limited
Registered office:
G-5, Lawrence Road
Industrial Area
New Delhi 110035
Liquidation Commencement Date: April 19, 2022
Court: National Company Law Tribunal, New Delhi Bench VI
Date of closure of
insolvency resolution process: April 13, 2022
Insolvency professional: Mr. Chanchal Dua
Interim Resolution
Professional: Mr. Chanchal Dua
5/36, First Floor, Ramesh Nagar
New Delhi 110015
E-mail: chanchalduaco@gmail.com
- and -
ARCK Resolution Pofessionals LLP
409, 4th Floor, Ansal Bhawan
16 K G Marg, Connaught Place
New Delhi 110001
E-mail: insolvency@arck.in
Tel: 011-45101111
Last date for
submission of claims: May 13, 2022
IC TEXTILES LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: IC Textiles Limited
27/9, Siraj-UD-Doulla
Sarani, Kolkata
West Bengal 700069
Insolvency Commencement Date: April 13, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 28, 2022
Insolvency professional: Mr. Sandeep Khaitan
Interim Resolution
Professional: Mr. Sandeep Khaitan
2nd Floor, Sanmati Plaza
Christian Basti, G.S. Road
Guwahati 781005
Assam
E-mail: khaitansandeep@gmail.com
cirpictextiles@gmail.com
Last date for
submission of claims: April 27, 2022
INMA INTERNATIONAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Inma International Limited
No. 252, Avvai ShanmugamSalai
Gopalapuram, Chennai 600086
Tamil Nadu
Insolvency Commencement Date: April 13, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: October 10, 2022
Insolvency professional: Mr. Mudappallur Varieth Gangadharan
Interim Resolution
Professional: Mr. Mudappallur Varieth Gangadharan
Insolvency Professionals and
Chartered Accountants
341, 6th Floor, Khaleel
Shirazi Estate, Fountain Plaza
Pantheon Road, Egmore
Chennai 600008
E-mail: mvgfca@gmail.com
Last date for
submission of claims: April 27, 2022
KRR INFRA PROJECTS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: M/s. KRR Infra Projects Pvt Limited
Registered office:
H.No. 8-2-248/1/7/35
Nagarjuna Hills, Panjagutta
Hyderabad TG 500016
Office:
D No. 8-3-678/66, Kurupa Plaza
1st Floor, Pragathi Nagar
Sri Nagar Colony
Hyderabad 500045
Liquidation Commencement Date: March 28, 2022
Court: National Company Law Tribunal, Hyderabad Bench II
Date of closure of
insolvency resolution process: March 21, 2022
Insolvency professional: Krishna Mohan Gollamudi
Interim Resolution
Professional: Krishna Mohan Gollamudi
Flat No. 107, Maurya Towers
H.No. 1-9-648/107
Adikmet Road, Vidyanagar
Hyderabad 500044
E-mail: krishnamohangollamudi@gmail.com
- and -
F26, Raghava Ratna Towers
Chirag Ali Lane, Abids
Hyderabad 500001
E-mail: ip.kminfra@gmail.com
Last date for
submission of claims: April 21, 2022
KV AROMATICS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: KV Aromatics Private Limited
621/9 First Floor 18
18 Quarter Vishwas Nagar
Shahdara Delhi East Delhi 110032
Insolvency Commencement Date: April 12, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 11, 2022
(180 days from commencement)
Insolvency professional: Anil Kohli
Interim Resolution
Professional: Anil Kohli
ARCK Resolution Professional LLP
409, 4th Floor, Ansal Bhawan
16 K G Marg, Connaught Place
New Delhi 110001
E-mail: insolvency@arck.in
Tel: 011-045101111
Last date for
submission of claims: April 26, 2022
LI DIGITAL PAYMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: LI Digital Payments Private Limited
Registered office:
KH No. 632, Ground FLoor
Vil. Rangpuri, Near Telco
Delhi, South West Delhi 110037
Branch office:
Plot No. 61, Ram Chandra Lane
Next to Kapolwadi
Opp. to Bikaji Foods
Kanchpada, Malad West
Mumbai 400064
MH IN
Insolvency Commencement Date: April 18, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 15, 2022
(180 days from commencement)
Insolvency professional: Aditya Kumar
Interim Resolution
Professional: Aditya Kumar
103, Pratap Bhawan
Bahadur Shah Zafar Marg
New Delhi 110002
E-mail: aditya@ashwaniassociates.in
Last date for
submission of claims: May 2, 2022
MADHUCON INFRA LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Madhucon Infra Limited
Madhucon House, Plot No. 1129/A
Road No. 36, Hitech City Road
Jubilee Hills, Hyderabad
Telangana 500033
Insolvency Commencement Date: April 19, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 8, 2022
Insolvency professional: Mr. Ritesh Mittal
Interim Resolution
Professional: Mr. Ritesh Mittal
Sanjay Kumar Kothari & Co
D.No. 205, Doshi Chambers
Basheerbagh, Hyderabad 500029
E-mail: mrriteshmittal@gmail.com
madhuconinfracirp@gmail.com
Last date for
submission of claims: May 3, 2022
MAHABALI INNOVATIVE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mahabali Innovative Technologies Pvt Ltd
Monarch House Mastermind II
Aarey Milk Colony
Mayur Nagar Goregaon (E)
Mumbai MH 400065
IN
Insolvency Commencement Date: April 12, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: October 10, 2022
Insolvency professional: Kairav Anil Trivedi
Interim Resolution
Professional: Kairav Anil Trivedi
23 A 5th floor Jyoti Bldg
Barquatali Dargah Margh
Wadala (E), Mumbai 400037
E-mail: kairavtrivedi2002@yahoo.co.in
- and -
413-414, Shramjeevan B5
Opp. Lodha, New Cuffe Parade
Wadala (E), Mumbai 400037
Last date for
submission of claims: April 27, 2022
MAKALU TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Makalu Trading Limited
Registered address:
1, 3rd Floor, 14 A
Sukhia Building
Caswaji Patel Road
Horniman Circle
Fort Mumbai, Mumbai City
MH 400001
IN
Office address:
1 Pearl Mansion
91 Maharshi Karve Road
Marine Lines
Mumbai 400020
Insolvency Commencement Date: April 13, 2022
Court: National Company Law Tribunal, Mumbai Bench, Court III
Estimated date of closure of
insolvency resolution process: October 2, 2022
Insolvency professional: Rakesh Bothra
Interim Resolution
Professional: Rakesh Bothra
119-A, 1st Floor
Vinay Bhavya Complex
159, C S T Road
Kalina, Santacruz East
Mumbai City
Maharashtra 400098
E-mail: ip.rakeshbothra@gmail.com
cirp.makalu@gmail.com
Last date for
submission of claims: April 27, 2022
MEDIA MOMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Media Moments Insight Private Limited
No. 48, 1st Main Road
Domlur Layout, Bangalore
Karnataka 560071
Insolvency Commencement Date: March 30, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: July 10, 2022
Insolvency professional: Suresh Kumar S.
Interim Resolution
Professional: Suresh Kumar S.
No. 1372, 31st B Cross
4th T Block, Jayanagar
Bangalore 560041
Tel: 8762966015
E-mail: casuresh@icai.org
Last date for
submission of claims: April 13, 2022
MODINAGAR PAPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Modinagar Papers Mills Limited
Major Asha Ram Tyagi Road
Modi Nagar Ghaziabad
Uttar Pradesh
UP 201204
Insolvency Commencement Date: April 7, 2022
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: October 3, 2022
(180 days from commencement)
Insolvency professional: Kamlesh Kumar Taneja
Interim Resolution
Professional: Kamlesh Kumar Taneja
The New Cosmopolitan
A405 Plot 33 Sector 10
Dwarka, Near Metro Station Sector 10
Vandana School, South West
National Capital Territory of Delhi
110075
E-mail: kamaltaneja0309@gmail.com
modinagarpapermills.cirp@
gmail.com
Last date for
submission of claims: April 20, 2022
MOR MUKAT MARKETING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mor Mukat Marketing Private Limited
Current Registered office:
Plot No. 388/389, Biscuit Factory Road
Nasirganj Digha, Danapaur Patna
BR 800012
Previous Registered office:
332A, Sant Nagar
East of Kailash
New Delhi 110065
Insolvency Commencement Date: April 12, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: October 8, 2022
Insolvency professional: Pankaj Kumar Singhal
Interim Resolution
Professional: Pankaj Kumar Singhal
A-233, Ground Floor, Bunkar Colony
Ashok Vihar, Phase-IV
New Delhi 110052
E-mail: aprassociatesllp@gmail.com
- and -
WP-509, Second Floor, Wazirpur Village
Ashok Vihar, Phase-I
Delhi 110052
E-mail: ip.mormukat@gmail.com
Last date for
submission of claims: April 28, 2022
MP PROMOTERS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: MP Promoters Private Limited
12/20, 3rd Floor
Arya Samaj Road
Karol Bagh Central
Delhi 110005
Insolvency Commencement Date: April 11, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 7, 2022
Insolvency professional: Mr. Durga Das Agrawal
Interim Resolution
Professional: Mr. Durga Das Agrawal
KBL Agarwal & Co.
413, Vikasdeep Building
Laxmi Nagar, District-Centre
New Delhi 110092
E-mail: cadda.ip@gmail.com
ip.mppromoters@gmail.com
Last date for
submission of claims: April 26, 2022
NAIDU BEVERAGES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Sree Naidu Beverages Private Limited
Factory:
Survey 205/29 & 30, Koduru (V)
Anakapalli (M), Visakhapatnam (D)
Registered office:
Flat No. 104, Bhavania Heights
Shrmik Nagar, Chinagantyada
Visakhapatnam
Liquidation Commencement Date: April 12, 2022
Court: National Company Law Tribunal, Amaravati Bench
Date of closure of
insolvency resolution process: April 13, 2022
Insolvency professional: Krishna Mohan Gollamudi
Interim Resolution
Professional: Krishna Mohan Gollamudi
Flat No. 107, Maurya Towers
H.No. 1-9-648/107
Adikmet Road, Vidyanagar
Hyderabad 500044
E-mail: krishnamohangollamudi@gmail.com
- and -
F26, Raghava Ratna Towers
Chirag Ali Lane, Abids
Hyderabad 500001
E-mail: ip.sreenaidubewerages@gmail.com
Last date for
submission of claims: May 12, 2022
PACIFIC SHARES: Liquidation Process Case Summary
------------------------------------------------
Debtor: Pacific Shares and Stock Broker Limited
419B, 4th Floor, Plot no. 21
Panchratna, Mama Parmanand Marg
Opera House, Girgaon
Mumbai Maharashtra 400004
Liquidation Commencement Date: April 12, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: April 12, 2022
Insolvency professional: CA Pawan KR Agarwal
Interim Resolution
Professional: CA Pawan KR Agarwal
42, Gopal Bhawan
199 Princess Street
Mumbai 400002
E-mail: arbitratorpr@gmail.com
Last date for
submission of claims: May 6, 2022
PANOLI PRODUCTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Panoli Products Private Limited
M-3, 1st Floor, Hauz Khas Enclave
New Delhi 110016
Insolvency Commencement Date: April 11, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 7, 2022
(180 days from commencement)
Insolvency professional: Vikram Sharma
Interim Resolution
Professional: Vikram Sharma
4A/54, Old Rajinder Nagar
New Delhi 110060
E-mail: ipvikramsharma@gmail.com
cirp.panoliproducts@gmail.com
Last date for
submission of claims: April 25, 2022
PSA IMPEX PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s PSA Impex Private Limited
Registered office:
Flat No. 118A, G.F.
Pocket 6, MIG Flat
Mayur Vihar, Phase-III
Delhi, New Delhi
DL 110096
IN
Project address:
"Sampada Liva"
GH: 06B, CHI-05
Express Way Greater Noida
Gautam Budh Nagar
Uttar Pradesh
India
Insolvency Commencement Date: April 18, 2022
Court: National Company Law Tribunal, Bench-III, New Delhi
Estimated date of closure of
insolvency resolution process: October 15, 2022
Insolvency professional: Mr. Prabhat Ranjan Singh
Interim Resolution
Professional: Mr. Prabhat Ranjan Singh
Chamber No. 119, C.K. Daphtary Block
Supreme Court of India
Tilak Lane, New Delhi
National Capital Territory of Delhi
110001
E-mail: prabhat.rs.advocate@gmail.com
- and -
Resurgent Resolution Professionals LLP
(IPE) 905, 9th Floor
Tower C, Unitech Business Zone
Nirvana Country Sector-50
Gurugram 122018
E-mail: psa.impex@resurgentrp.com
Classes of creditors: Real Estate Allottees
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Atiuttam Prasad Singh
E-mail: atiuttamsingh@gmail.com
Mr. Akarsh Kashyap
E-mail: akashyap2002@yahoo.com
Mr. Harish Chander Arora
E-mail: harisharora2012@gmail.com
Last date for
submission of claims: May 3, 2022
RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raj Poly
Products Limited (RPPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPPL continue to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1992, RPPL trades in plastic granules such as low-,
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.
REALCARE BUILDING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Realcare Building Maintenance Services
Private Limited
W4D, 204/5, Keshav Kunj
Carriappa Marg, Western Avenue
Sainik Farm, New Delhi 110062
Insolvency Commencement Date: April 13, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 28, 2022
Insolvency professional: Pradeep Kumar Arora
Interim Resolution
Professional: Pradeep Kumar Arora
I-1693 Basement
Block I, Chitranjan Park
New Delhi 110019
E-mail: pradeep@rplegalindia.com
cirp.realcare@gmail.com
Last date for
submission of claims: April 27, 2022
SAFE CARGO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Safe Cargo Movers Private Limited
7/11/A, Bijoygarh Colony
Jadavpur, Kolkata 700032
West Bengal
Insolvency Commencement Date: April 18, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: October 15, 2022
(180 days from commencement)
Insolvency professional: Surendra Kumar Agarwal
Interim Resolution
Professional: Surendra Kumar Agarwal
Bhawani Enclave, 3D
99C Girish Ghosh Road
Liluah, Howrah 711204
E-mail: surendraca@gmail.com
- and –
18 Rabindra Sarani
Poddar Court, Gate No. 1
8th Floor, Room No. 816
Kolkata 700001
E-mail: cirp.scmpl@gmail.com
Last date for
submission of claims: May 2, 2022
TRANSSTROY TIRUPATI: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Transstroy Tirupati-Tiruthani-Chennai Tollways
Private Limited
Registered and Principal office:
Plot No. 201, 202A & 202B
Guttala Begumpet Kavuri Hills
Hyderabad TG 500081
IN
Liquidation Commencement Date: April 19, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Date of closure of
insolvency resolution process: April 19, 2022
Insolvency professional: Mr. Sanjay Mishra
Interim Resolution
Professional: Mr. Sanjay Mishra
Dreams Complex, 4C-1605
LBS Marg, Near Railway Station
Bhandup West, Mumbai 400078
E-mail: ipsanjaymishra@rediffmail.com
- and -
C/o Grant Thornton Bharat LLP
11th Floor, Tower II
One International Center
Senapati Bapat Marg
Prabhadevi (W), Mumbai 400013
E-mail: lq.tirupatitoll@in.gt.com
Last date for
submission of claims: May 19, 2022
UNIBIOTECH FORMULATIONS: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Unibiotech
Formulations (UBF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 6 CRISIL B+/Stable(Issuer Not
Overdraft facility Cooperating)
CRISIL Ratings has been consistently following up with UBF for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of UBF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UBF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UBF continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of UBF and Unimarck Pharma
(India) Ltd (UPIL). This is because these two entities, together
referred to as the Uni group, have the same management, promoters,
and customers and are engaged in similar line of business.
About the Group
UBF was incorporated in 2004 by Chandigarh-based Bhatia family. The
firm manufactures and markets tablets, capsules, syrups and
pharmaceutical formulations. The manufacturing unit is in Baddi,
Himachal Pradesh.
UPIL was incorporated in 1984 by Chandigarh-based Bhatia family.
The company manufactures, markets and trades in pharmaceutical
formulations under its own brand name. The manufacturing unit is in
Baddi. UPIL mainly manufactures injections and ointments.
===============
M A L A Y S I A
===============
BRAHIM'S HOLDINGS: UJSB Ceases to be Substantial Shareholder
------------------------------------------------------------
theedgemarkets.com reports that Urusharta Jamaah Sdn Bhd (UJSB) has
ceased to be a substantial shareholder in Practice Note 17 (PN17)
company Brahim's Holdings Bhd.
In a bourse filing, Brahim's disclosed that UJSB had disposed of
44.55 million shares equivalent to a 19.28% stake in the
loss-making in-flight caterer on April 8 - thus ceasing to be a
substantial shareholder, theedgemarkets.com relates.
UJSB is an investment holding and asset management company wholly
owned by the Minister of Finance Inc (MoF Inc).
theedgemarkets.com, citing Brahim's 2020 annual report, discloses
that UJSB was the largest shareholder of the group with a 19.28%
stake.
UJSB had acquired the 44.55 million shares on Dec. 28, 2018 after
it was transferred by Lembaga Tabung Haji as a result of a
restructuring exercise at the pilgrimage fund, the report notes.
Notably, the disposal of the shares was made on the same day that
Bursa Malaysia had rejected Brahim's application for an extension
of time to submit its regularisation plan, which resulted in a
slump in the company's share price.
On April 8, Brahim's announced that Bursa had rejected its
application and that its share would be suspended and subsequently
delisted. The company had previously stated its intention to appeal
against the bourse's decision to delist its shares.
However, Bursa proceeded to suspend the trading of the company's
securities starting April 15, even though the decision on the
company's appeal is still pending.
Brahim's was classified as a PN17 status listed issuer on Feb 28,
2019 after the level of its shareholders' equity fell below the 25%
threshold.
For the financial year ended Dec. 31, 2021 (FY21), Brahim's
narrowed its net loss to MYR12.49 million from MYR103.1 million in
FY20. Revenue fell 59.29% to MYR33.54 million from MYR82.39 million
in that period, theedgemarkets.com discloses.
Brahim's share was last traded at one sen on April 14, bringing it
a market capitalisation of MYR3.07 million.
About Brahim's Holdings
Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.
Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.
=====================
N E W Z E A L A N D
=====================
BARDSEY LIMITED: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------------
Creditors of Bardsey Limited (previously known as Paper Plus St
Heliers Limited until March 31, 2022) are required to file their
proofs of debt by May 5, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 8, 2022.
The company's liquidator can be reached at:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road, Auckland 1446
CHACHI'S GREEN: Creditors' Proofs of Debt Due June 3
----------------------------------------------------
Creditors of Chachi's Green Garden Takeaway's Limited are required
to file their proofs of debt by June 3, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 22, 2022.
The company's liquidators can be reached at:
Pritesh Patel
Patel & Co
344 Great South Road
Papatoetoe, Auckland 2215
CLAWS HAULAGE: Court to Hear Wind-Up Petition on May 16
-------------------------------------------------------
A petition to wind up the operations of Claws Haulage Limited will
be heard before the High Court at Tauranga on May 16, 2022, at
10:00 a.m.
Ebbett Waikato Limited filed the petition against the company on
Feb. 28, 2022.
The Petitioner's solicitor is:
Philip Andrew Sheat
Akarana Legal Limited
486 New North Road
Kingsland, Auckland
HOADLEY HICKMAN: Creditors' Proofs of Debt Due on May 20
--------------------------------------------------------
Creditors of Hoadley Hickman Limited (trading as Columbus Coffee
Rangiora) are required to file their proofs of debt by May 20,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 19, 2022.
The company's liquidator can be reached at:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
NEW ZEALAND LIVESTOCK: Court to Hear Wind-Up Petition on May 5
--------------------------------------------------------------
A petition to wind up the operations of New Zealand Livestock
Holdings Limited will be heard before the High Court at Dunedin on
May 5, 2022, at 10:00 a.m.
John Robert Oakley filed the petition against the company on
March 30, 2022.
The Petitioner's solicitor is:
A. D. Argyle
Argyle Welsh Finnigan Limited
201–203 West Street, Ashburton
POOLS PLUS: Files for Voluntary Liquidation
-------------------------------------------
New Zealand Herald reports that a Tauranga pool company has been
fined NZD18,750 for illegal practices, and the company has filed
for voluntary liquidation.
Pools Plus More Ltd was found guilty in the High Court at Tauranga
"in relation to the construction of pool fencing without the
appropriate building consents and failing to comply with notices to
fix", according to a press statement from Tauranga City Council,
the Herald relays.
According to the report, the council said the company "had been
contracted by members of the public to build pools, erect fences,
and get the necessary consents".
"It was brought to council's attention that the required consents
were not being lodged with council, and the company was found to be
keeping the money."
The Herald relates that the council said it was working with those
who had unconsented work done by the company to retroactively make
it legal.
The council's building services manager Steve Pearce said formal
enforcement of building regulations was a "last resort" measure.
"However, when a company ignores all our requests and continually
breaks the law for their own gain, we have no option but to pursue
a prosecution.
"This sentence shows that the court takes unconsented building work
seriously and should serve as a warning to the industry - don't do
work without consent."
Those who had work done by Pools Plus More Ltd and do not have a
Code of Compliance Certificate should contact the council, the
report adds.
=================
S I N G A P O R E
=================
A YONG: Director Jailed for Cheating 3 Banks More Than SGD2.6MM
---------------------------------------------------------------
Channel NewsAsia reports that a company director of A Yong Private
Limited was jailed on April 18) after he was found guilty of
cheating three banks of more than SGD2.6 million.
Tay Kim Yong had done so using fake invoices for the purported
purchases of vegetables from February to December 2019, said the
police in a news release, CNA relates.
CNA, citing court documents, says Tay was sentenced to 30 months'
jail on April 18.
According to the report, the police said that Tay's company was
experiencing cash flow problems sometime in early 2019. This
prompted him to approach a man identified as Tan Teck Tiang for
assistance.
Tan, 54, was the director of 100 Chiam Joo Seng and Chiam Joo Seng
Towgay Growers & Suppliers.
CNA relates that Tay requested that Tan allowed him to use fake
Chiam Joo Seng or 100 Chiam Joo Seng invoices for A Yong's
purported purchases from the two companies.
Tay's objective was to obtain loans via A Yong's factoring
agreement with banks whenever he needed the funds, said the police.
With Tan's agreement, Tay directed his employees to create the
invoices, which were similar to the ones issued by Chiam Joo Seng
or 100 Chiam Joo Seng.
Between February and December 2019, Tay provided his staff members
with the details of the purported vegetable purchases on 23
occasions, said the police.
On each occasion, after receiving the printed invoices from his
workers, Tay would get Tan to endorse his signature on them.
He would also sign the invoice to "falsely indicate receipt of the
goods", the police added.
CNA says the invoice was then submitted together with the loan
applications to the banks, which resulted in the banks disbursing
the loan amount to Tan's two companies.
Upon receiving the funds from the banks, Tan would then make online
transfers of the funds or issue a cheque for the amount in favor of
A Yong. Tay would then use the funds received for his company
operations and to pay his workers.
As a result of Tay's actions, OCBC, Maybank and UOB had disbursed
loans amounting to SGD1,466,808.5, SGD484,051.42 and SGD727,735.57,
respectively, according to CNA.
CNA relates that the police said Tay was charged in court on Jan.
19 this year with 23 counts of engaging in a conspiracy to cheat
and abetment under the Penal Code.
On April 1, he was convicted of seven counts of engaging in a
conspiracy to cheat.
Information from the Accounting and Corporate Regulatory Authority
(ACRA) portal on April 18 showed that A Yong is currently in
liquidation, the report notes.
A Yong Private Limited wholesales fruits and vegetables.
ASIA OUTSOURCING: Creditors' Proofs of Debt Due on May 23
---------------------------------------------------------
Creditors of Asia Outsourcing Singapore Pte Ltd are required to
file their proofs of debt by May 23, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 12, 2022.
The company's liquidator can be reached at:
Ong Kok Yeong David
c/o 80 Robinson Road #02-00
Singapore 068898
SUNMAX GLOBAL: Foo Kon Tan Appointed as Liquidators
---------------------------------------------------
Messrs. Kon Yin Tong and Aw Eng Hai of Foo Kon Tan LLP on April 13,
2022, were appointed as provisional liquidators of Sunmax Global
Capital Fund 1 Pte Ltd.
The provisional liquidators can be reached at:
Foo Kon Tan LLP
24 Raffles Place
#07-03 Clifford Centre
Singapore 048621
VINTEL EXPORTS: Court to Hear Wind-Up Petition on May 6
-------------------------------------------------------
A petition to wind up the operations of Vintel Exports (S) Pte Ltd
will be heard before the High Court of Singapore on May 6, 2022, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
April 13, 2022.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
=================
S R I L A N K A
=================
SRI LANKA: India, World Bank Consider US$2 Billion Bridge Finance
-----------------------------------------------------------------
Reuters reports that Sri Lanka's finance minister said on April 22
that its neighbour India and the World Bank are considering
extending about US$2 billion in bridge finance so it can continue
essential imports.
According to Reuters, the country of 22 million people is
struggling to pay for imports after a sharp drop in foreign
exchange reserves which has led to a currency devaluation and
soaring inflation.
Sri Lanka, which has US$51 billion of external credit, is working
on a wider plan to secure funds to help it through its worst
economic crisis, with prolonged power cuts and shortages of fuel
and medicines that have sparked nationwide protests, the report
says.
The government has asked some creditors to restructure its debt and
also approached China, Japan, and the Asian Development Bank
amongst others for help, Ali Sabry said.
Reuters relates that India has already agreed to double an existing
US$500 million credit line for fuel and defer about US$1.5 billion
in import payments that Sri Lanka needs to make to the Asian
Clearing Union. It has also extended the tenure of a US$400 million
swap given in January, the Indian High Commission said on April
22.
Talks with the World Bank have also been very positive," Sabry
said, adding: "In the next four weeks to six months we expect about
US$500 million from them, which will be partly used to provide
direct cash transfers to the poor," Reuters relays.
Reuters says Sabry is in Washington leading a Sri Lankan delegation
to negotiate a programme with the International Monetary Fund
(IMF). He said talks had started on an Extended Fund Facility (EFF)
but Sri Lanka was in need of US$3 billion to US$4 billion in bridge
financing till a programme is finalised.
"We have a three-pronged strategy. One is to get an IMF programme
going, second to secure bridge financing and third to get Sri Lanka
back on a growth trajectory in a year or so," he said.
Sabry said the government hopes to appoint financial advisers and
an international law firm to start formal debt negotiations with
creditors in the next 10 to 15 days, adds Reuters.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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