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       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

          Wednesday, May 11, 2022, Vol. 25, No. 88

                           Headlines



A U S T R A L I A

AGL ENERGY: Grok to Step Up Attack on Split as Coal Outages Mount
ASI MANAGEMENT: Second Creditors' Meeting Set for May 17
AUSTRALIA DRAUGHT: First Creditors' Meeting Set for May 18
BLUESTONE PRIME 2022-1: S&P Assigns Prelim. B Rating on E Notes
MALIVER: Liquidators Prepare to Sell Melissa Caddick's Mansion

SUNSHINE STATE: First Creditors' Meeting Set for May 19
WANJI PROPERTY: First Creditors' Meeting Set for May 17


C H I N A

KWG GROUP: Moody's Withdraws 'Caa1' Corporate Family Rating
SHANDONG RUYI: Moody's Withdraws 'Caa3' Corporate Family Rating
SHIMAO GROUP: Seeks Payment Extension on Public Bond
SUNAC CHINA: Running Out of Time for Bond Interest Payment


I N D I A

AMZEN TRANSPORTATION: Insolvency Resolution Process Case Summary
BANSWARA SYNTEX: ICRA Withdraws MB+ Rating on Medium Term Debt
BIRLA TYRES: NCLT Orders Start of Insolvency Proceedings
CONTROLS AND SCHEMATICS: ICRA Withdraws B- Rating on INR4cr Loan
DEWAN CHAND: CRISIL Lowers Rating on LT/ST Loan to D

DIYA PROJECTS: Insolvency Resolution Process Case Summary
EKTA TRUST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
FUTURE GROUP: Unit Aims to Raise INR3,000cr to Pare Debt
GODAVARI KRAFT: ICRA Withdraws B+ Rating on INR30.64cr LT Loan
GOPINATH CHEM-TECH: CRISIL Withdraws B Rating on INR23cr Loan

GRD TRUCKS PRIVATE: Insolvency Resolution Process Case Summary
GREATSHINE HOLDINGS: Insolvency Resolution Process Case Summary
KALYAN SAREES: CRISIL Withdraws B+ Rating on INR43cr Loans
MALE SQUARE: Insolvency Resolution Process Case Summary
MARRIOTT GROUP: Renaissance Hotel Faces Insolvency Bid

MODELLA TEXTILE: Insolvency Resolution Process Case Summary
NANDAN SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
NATRAJ INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
SAFIRE MACHINERY: Insolvency Resolution Process Case Summary

SAINATH TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
SANDHYA CHEMPLAST: CRISIL Assigns B+ Rating to INR18.3cr Loan
SONERI MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating
TOSHALI CEMENTS: ICRA Reaffirms B Rating on INR14cr LT Loan
VIJAYAWADA ELECTRICITY: ICRA Keeps B Rating in Not Cooperating

WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating


N E W   Z E A L A N D

KILIM WELLINGTON: Court to Hear Wind-Up Petition on May 24
S & S CIVIL: Court to Hear Wind-Up Petition on June 3
TITAN BULK: Court to Hear Wind-Up Petition on June 2


S I N G A P O R E

AGV GROUP: Court Enters Judicial Management Order
KS ENERGY: Commences Wind-Up Proceedings
RITZ PROPERTY: Court to Hear Wind-Up Petition on May 20
TRANSFORMER I: Creditors' Proofs of Debt Due on June 10
XIN CHUN: Creditors' Meetings Set for May 24



S R I   L A N K A

SRI LANKA: Prime Minister Resigns Amid Worst Economic Crisis

                           - - - - -


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A U S T R A L I A
=================

AGL ENERGY: Grok to Step Up Attack on Split as Coal Outages Mount
-----------------------------------------------------------------
Australian Financial Review reports that Mike Cannon-Brookes' Grok
Ventures is set to step up its attack on AGL Energy's proposed
demerger this week, telling shareholders the coal power arm Accel
may risk falling insolvent and that a targeted ESG premium for
retailer AGL Australia is unlikely to emerge.

AFR relates that the intensifying campaign by the giant electricity
supplier's new biggest shareholder against the split is also
expected to cast more doubt on the long-term profitability of AGL's
coal power plants, just as several coal plants around the country
are suffering outages, sending wholesale power prices soaring.

About 30 per cent of the National Electricity Market's coal power
generation capacity is offline, exacerbated by faults and
maintenance required at ageing infrastructure, further driving up
wholesale electricity prices on the east coast, AFR relays.

According to AFR, the transition away from coal has been in the
spotlight in recent days amid concerns about the impact of soaring
wholesale prices on consumers and businesses and as pressure builds
on AGL from Mr. Cannon-Brookes before a shareholder vote on the
demerger on June 15.

The AGL board said in a scheme booklet for the demerger released on
May 6 that the early closure of coal power would destroy value.
This view is backed up by the independent export it hired to assess
the demerger.

But Grok is expected to argue in its ongoing meetings with
institutional shareholders in AGL that the demerger is
value-destructive, and that Accel will suffer downward pressures on
cash flow and therefore its dividends, the report relates.

According to the report, Grok is also expected to highlight that
the independent expert's report included in the scheme booklet does
not validate the claims of the AGL board that its coal-fired
generators can profitably continue to generate until the early
2030s, in the case of the Bayswater plant in NSW, and the early
2040s, in the case of the Loy Yang A plant in Victoria.

Loy Yang A is contributing to the coal power outages around the
NEM, with one of the units at the 2210-megawatt plant offline
because of an electrical fault, potentially until August 1, AFR
discloses.

The Australian Energy Market Operator said in late April that
wholesale energy prices in the first three months of this year on
average surged 141 per cent compared with the same period last
year, AFR recalls.

While coal prices show little sign of easing amid a global energy
crunch, wholesale prices have been further elevated by widespread
coal power outages.

"The availability of coal-fired assets in April hit a 15-year low,"
AFR quotes Lisa Zembrodt, director, energy markets at Schneider
Electric, as saying.

"There is roughly 22 gigawatts of coal-fired capacity in the
National Electricity Market and about 30 per cent of it is out of
commission.  What is available is bidding their capacity at really
high price bands, which is supporting the spot price and flowing
into forward contracts," she said.

AFR says the elevated wholesale price will heighten concerns among
consumers and businesses, particularly in NSW and Queensland, about
rising costs.  However the extent to which the mid-year price
increases for retail and small-business customers reflect the spike
in wholesale prices will depend partly on the level of hedging each
retailer has in place.  Very large power users, whose prices more
closely follow the wholesale market, may already be paying more.

Some energy retailers last week warned companies could be sent to
the wall if the national energy regulator did not raise benchmark
power prices by enough to reflect the huge surge in wholesale
prices, AFR notes.

Based in Sydney, Australia, AGL Energy Limited supplies energy and
other services to residential, small and large businesses, and
wholesale customers in Australia. It operates in three segments:
Customer Markets, Integrated Energy, and Investments. The company
engages in generating electricity through thermal, hydro, wind, and
solar power generation plants; gas storage activities; and the
retail sale of electricity, gas, solar, and energy products and
services. The company operates electricity generation portfolio of
11,208 megawatts; the Newcastle gas storage facility in New South
Wales; the Silver Springs underground gas storage facility in
Queensland; natural gas production assets at Camden in New South
Wales; and the North Queensland gas assets. It serves 4.2 million
customer accounts.


ASI MANAGEMENT: Second Creditors' Meeting Set for May 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of ASI Management
Pty Ltd has been set for May 17, 2022, at 11:30 a.m. via virtual
meeting technology.

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 16, 2022, at 4:00 p.m.

Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of ASI Management on April 1, 2022.


AUSTRALIA DRAUGHT: First Creditors' Meeting Set for May 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australia
Draught Pty Ltd, Mildura Brewery (Broo) Pty Ltd, and Mildura
Brewery Pub (Broo) Pty Ltd will be held on May 18, 2022, at 11:00
a.m. via virtual meeting technology.

Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Australia Draught
et al. on May 6, 2022.


BLUESTONE PRIME 2022-1: S&P Assigns Prelim. B Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Bluestone
Prime 2022-1 Trust. Bluestone Prime 2022-1 Trust is a
securitization of prime residential mortgages originated by
Bluestone Group Pty Ltd., Bluestone Mortgages Pty Ltd.,
(collectively Bluestone), and Athena Home Loans Pty Ltd. (Athena).

The preliminary ratings S&P has assigned to the floating-rate RMBS
to be issued by Permanent Custodians Ltd. as trustee for Bluestone
Prime 2022-1 Trust reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P said, "Our assessment of credit risk
considers Bluestone's and Athena's underwriting standards and
approval process. Our assessment also takes into account
Bluestone's strong servicing quality and the servicing tasks
delegated to Athena."

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider, and
National Australia Bank Ltd. as the liquidity facility provider and
interest-rate swap provider. The transaction documents for the
facilities include downgrade language consistent with S&P Global
Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Bluestone Prime 2022-1 Trust

  Class A1S, A$100.00 million: AAA (sf)
  Class A1L, A$337.50 million: AAA (sf)
  Class A2, A$31.00 million: AAA (sf)
  Class B, A$9.00 million: AA (sf)
  Class C, A$8.50 million: A (sf)
  Class D, A$6.00 million: BBB (sf)
  Class E, A$3.50 million: BB (sf)
  Class F, A$2.50 million: B (sf)
  Class G1, A$1.20 million: Not rated
  Class G2, A$0.80 million: Not rated


MALIVER: Liquidators Prepare to Sell Melissa Caddick's Mansion
--------------------------------------------------------------
Novonite reports that the Federal Court has been told what lies
ahead for missing conwoman Melissa Caddick's AUD15 million Sydney
mansion.

According to the report, liquidators said it will take up to six
weeks to find a suitable real estate agent to sell Melissa
Caddick's multimillion-dollar home while trying to repay some of
her stolen millions.

Federal court last week ruled that Anthony Koletti, who married the
fraudster in 2013, must vacate the AUD15 million mansion in Dover
Heights on or before May 18, the report says.

According to the report, the house will be sold as Ms. Caddick's
extensive assets continue to be seized by the Australian Investment
and Securities Commission (ASIC) to repay some of the AUD23 million
she received from investors in her Ponzi plan.

Ms. Caddick bought the lavish Dover Heights mansion in 2014 for
AUD6.2 million using embezzled money from clients, the report
says.

Mr. Koletti sat at the back of the Federal Court on May 9 as
attorney Steven Golledge, who represents the liquidators, said ASIC
was now seeking "realization of the property."

"We need to enter the house, make minor repairs, sell, hire an
agent," the report quotes Mr. Golledge as saying.  "It will be
about a four to six week program."

Novonite says Judge Brigitte Markovic issued an injunction to allow
ASIC to take possession of the property and prepare it for sale by
removing items from the house.

"The trustees would be entitled to . . . make maintenance and
repairs as they deem appropriate to the property and arrange the
styling of the property," the order stated.

In the coming weeks, liquidators will also appoint a real estate
agent, obtain updated appraisals, insure the property, and draft a
contract for the sale of the home, Novonite reports.

Mr. Koletti is not charged with any wrongdoing in connection with
his wife's criminal activity or disappearance.

Ms. Caddick disappeared the day after ASIC and NSW police raided
her home in Dover Heights in November 2020.

The corporate watchdog said Ms. Caddick embezzled money from
investors to fund her lavish lifestyle, with investigators
confiscating luxury items including jewelry, watches, designer
clothes and shoes.

Novonite notes that ASIC alleged that Ms Caddick stole from
investors in an elaborate Ponzi scheme between 2012 and 2020. It
claims that she pretended to be a financial advisor and pretended
to invest millions of dollars for clients in fake CommSec wallets,
but instead spent the money on herself.

The watchdog has discovered that 74 investors, many of whom were
her friends and family, were robbed by Ms. Caddick of AUD23
million.

The decomposed foot of the missing conwoman was found on a beach
near Tathra on the south coast of NSW more than three months after
her disappearance, but the coroner has yet to rule on her death.

The federal court previously ruled that Ms. Caddick was operating
her financial services firm Maliver without having an Australian
financial services license.

The case will return to the Federal Court for a hearing in June,
the report notes.

As reported in the Troubled Company Reporter-Asia Pacific,
following a successful Australian Securities and Investments
Commission application, the Federal Court on Dec. 15, 2020, ordered
the appointment of receivers to the property of Melissa Louise
Caddick and provisional liquidators to Maliver Pty Ltd.


SUNSHINE STATE: First Creditors' Meeting Set for May 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunshine
State Group Pty Ltd, formerly trading as the Solar Installers,
Solar Installers Australia, Sunshine State Air and Sunshine State
Solar, will be held on May 19, 2022, at 9:00 a.m. via virtual
meeting technology.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Sunshine State on May 9, 2022.


WANJI PROPERTY: First Creditors' Meeting Set for May 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wanji
Property Investment Pty Ltd will be held on May 17, 2022, at 11:00
a.m. via the Zoom video conference platform.

Andrew Poulter of IRT Advisory was appointed as administrator of
Wanji Property on May 5, 2022.




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C H I N A
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KWG GROUP: Moody's Withdraws 'Caa1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating of KWG Group Holdings Limited.

Prior to the withdrawal, the rating outlook on KWG was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

KWG Group Holdings Limited is a Chinese property developer that was
founded in 1995. As of December 31, 2021, the company had a total
attributable land bank of 25.5 million square meters in gross floor
area (GFA) across 44 cities in China, which can support around
three years of development. KWG mainly develops medium- and
high-end residential properties, office buildings, shopping malls
and hotels.


SHANDONG RUYI: Moody's Withdraws 'Caa3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Shandong Ruyi Technology
Group Co., Ltd.'s Caa3 corporate family rating and the Ca senior
unsecured rating on the notes issued by Prime Bloom Holdings
Limited and guaranteed by Shandong Ruyi.

Prior to the withdrawal, the ratings outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is a
vertically integrated textile company that engages in textile
manufacturing and trading, apparel manufacturing and retailing, and
wool production.


SHIMAO GROUP: Seeks Payment Extension on Public Bond
----------------------------------------------------
Bloomberg News reports that Shimao Group Holdings Ltd. proposed
delaying repayment for a publicly-raised local bond for the first
time, in the latest sign of liquidity pressures building in the
property market.

The builder's key onshore unit Shanghai Shimao is seeking to delay
paying principal on a CNY500 million (US$74.3 million) note due May
22 for a year, according to a Shanghai exchange filing on May 9,
Bloomberg relays.  Shanghai Shimao will arrange a meeting with
investors, the firm said, adding that the delay doesn't amount to a
default event.

Bloomberg says the mounting debt problems of the luxury builder,
long considered one of China's healthier property firms, have
become a bellwether for financial contagion in the nation's
embattled property industry. Scrutiny of its finances has mounted
amid a broader debt crisis in the real estate sector sparked by a
government crackdown on excessive borrowing that's led to record
corporate-bond defaults.

Shimao had requested a number of extensions in recent months to
repay loans, asset-backed securities and trusts.  The move to delay
paying principal on its notes issue comes after the unit obtained
investor approval last month to stretch payoff for a
privately-raised puttable note over the coming year.

Failure by Hong Kong-listed Shimao to release unaudited 2021
results caused trading in its shares to be suspended in Hong Kong
at the start of April, Bloomberg notes.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on March
7, 2022, Fitch Ratings has downgraded Shimao Group Holdings
Limited's Issuer Default Rating (IDR) to 'CCC' from 'B-', and the
senior unsecured rating and outstanding senior unsecured notes to
'CCC', from 'B-', with a Recovery Rating of 'RR4'. All ratings have
been removed from Rating Watch Negative, on which they were placed
in December 2021 amid poor capital market access and worsening
market confidence.

The downgrade reflects Shimao's narrowing margin of safety for
refinancing capital market maturities. Fitch estimates Shimao has
to address around CNY22 billion of capital market maturities during
2022, despite some progress in asset sales. The repayment of the
capital market debt hinges on large asset disposals and the
successful refinancing or extension of bank and trust loans.


SUNAC CHINA: Running Out of Time for Bond Interest Payment
----------------------------------------------------------
Bloomberg News reports that China's fourth-largest developer by
sales is approaching a possible default as the sector's liquidity
crisis shows no sign of easing despite government vows of support.
A unit of Shimao Group Holdings Ltd. meanwhile is seeking a payment
extension.

Sunac China Holdings Ltd.'s grace period to make a dollar-bond
interest payment ends May 11, according to data compiled by
Bloomberg.  Failure to do so could trigger cross-default on other
offshore debt, the bond's prospectus shows.

Sunac's 30-day grace period to make a $29.5 million dollar-bond
interest payment ends May 11.  The company has $7.7 billion of
dollar notes outstanding, Bloomberg discloses.

The developer had three other coupons initially due last month
which bondholders have told Bloomberg News weren't paid by their
initial due date.  In June, a $600 million note matures.  Sunac has
also been struggling with onshore debt, recently getting bondholder
approval to repay a CNY4 billion (US$594 million) note over 18
months.

With nearly all Sunac offshore bonds now below 30 cents on the
dollar, "most investors have already anticipated the default
risks," according to Amy Kam, senior portfolio manager at Aviva
Investors Global Services Ltd, Bloomberg relays.  Still, a missed
payment "could reinforce the message that stress in developers runs
deep and the policy crackdown was too much and too quick."

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- is principally engaged in the sales of
properties in the People's Republic of China. The Company operates
its business through two segments: Property Development and
Property Management and Others. The Company's subsidiaries include
Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate
Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings
Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on April
25, 2022, Fitch Ratings has withdrawn 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.




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I N D I A
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AMZEN TRANSPORTATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Amzen Transportation Industries Private Limited
        3 LSC, Pamposh Enclave
        Greater Kailash Part-1
        New Delhi 110048

Insolvency Commencement Date: May 4, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 30, 2022

Insolvency professional: Mr. Deepak Maini

Interim Resolution
Professional:            Mr. Deepak Maini
                         C-100, Sector 2
                         Noida, Uttar Pradesh 201301
                         E-mail: deepak.maini@
                                 insolvencyservices.in
                                 amzen.cirp@insolvencyservices.in

Last date for
submission of claims:    May 17, 2022


BANSWARA SYNTEX: ICRA Withdraws MB+ Rating on Medium Term Debt
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to the Medium Term Fixed
deposits of Banswara Syntex Limited (BSL) that was placed on notice
for withdrawal for a period for one month, based on the No
Objection Certificate/No Due Certificate received from the Banker
and in accordance with ICRA's policy on withdrawal and suspension.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Key Financial Indicator, Liquidity Position,
Rating Sensitivities, and the related instruments are being
withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Medium-Term
   Fixed Deposit      30.00        MB+(positive); Rating
                                   Withdrawn

BSL is a vertically integrated textile mill, which manufactures
synthetic blended yarn, wool and wool mixed yarn, fabrics, and
readymade garments and made-ups. It was incorporated in 1976 as a
joint sector company between RIICO Ltd. (Government of Rajasthan
Undertaking) and Mr. R. L. Toshniwal. In 1982, Mr. Toshniwal
purchased the shares from RIICO. BSL is a public limited company,
with the promoters having a 58.87% shareholding as of December 31,
2020. Its manufacturing facilities are located at Banswara
(spinning, weaving and dying) in Rajasthan, and in Daman and Surat
(garmenting).

BIRLA TYRES: NCLT Orders Start of Insolvency Proceedings
--------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered the initiation of insolvency proceedings against
Birla Tyres Ltd in a case filed by multi-business chemicals firm
SRF Ltd, an operational creditor of the BK Birla group firm.  A
two-member Kolkata bench of the NCLT has also appointed Seikh Abdul
Salam as Interim Resolution Professional (IRP) to run the
operations of the company after suspending the board and also
declared a moratorium as per the procedures of the Insolvency &
Bankruptcy Board (IBC), the report says.

According to ET, SRF had claimed a default in payment of INR15.84
crore, which includes a principal of INR10.06 crore and interest of
5.78 crore, for the supply of Tyre Cord Fabric as of July 8, 2021.

ET relates that the tribunal said it was "satisfied upon the basis
of documents", including pleadings of parties as "default has
occurred" and observed there is no payment of the unpaid
operational debt and also there is an admission of this by Birla
Tyres, the corporate debtor.

"The application bearing . . . filed by SRF Ltd, the Operational
Creditor, under section 9 of the Insolvency & Bankruptcy Rules,
2016 for initiating CIRP against Birla Tyres Ltd, the Corporate
Debtor, is admitted," said an NCLT bench in its order passed on May
5, 2022.

Besides, the NCLT bench comprising - Member (Technical) Harish
Chander and Member (Judicial) Suri Rohit Kapoor - also slammed the
BK Birla group firm for taking a "very casual attempt" to seek
adjournments in the matter, the report relays.

In this matter, the NCLT had issued notice to Biral Tyres on
October 20, 2021, over SRF's plea.

On December 22, 2021, Birla Tyres sought some time to file a reply
and sought adjournment. Again on February 28, 2022, the BK Birla
group firm sought some more time and NCLT granted two weeks to
them.

On April 5, 2022, at the next hearing, Birla Tyres again sought a
further extension on the pretext of some disruptions at its factory
premise, which was rejected by the NCLT and has reserved the order,
ET relates.

"Keeping in view, this matter under IBC wherein the very object of
the Code is to finalise the Insolvency proceedings in a time-bound
manner for maximisation of value of assets, granting adjournment
after another and that too without any basis cannot be permitted by
this Adjudicating Authority and this Adjudicating Authority thus
declined to further extend the time for filing reply affidavit by
Corporate Debtor," it said.

From the fact on record, it is clear that Birla Tyres was afforded
a reasonable opportunity to file its Affidavit-in-Reply, however,
it has failed to file despite repeated opportunities, ET adds.


CONTROLS AND SCHEMATICS: ICRA Withdraws B- Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Controls and Schematics Private Limited (CSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term
   Fund-based–
   Cash Credit         4.00        [ICRA]B-(Stable); Withdrawn

   Long-term/
   Short-term
   Non Fund based      5.00        [ICRA]B-(Stable); Withdrawn

Rationale

The ratings assigned to the bank facilities of CSPL's have been
withdrawn at the request of the company, upon receipt of no
objection certificate (NOC) and no due certificate from the
bankers, in accordance with ICRA's policy on withdrawal and
suspension of credit rating. ICRA is withdrawing the rating and it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key rating
drivers, Liquidity position, Rating sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

Controls and Schematics Private Limited, incorporated in 1971 as a
limited company, was converted into a private limited company in
May 2016. The company undertakes total turnkey orders of LT
switchgear projects comprising supply of equipment like motor
control centres (MCCs), power control centres (PCCs), bus ducts,
distribution boards and push button stations for process industries
and their erection and commissioning. The company maintains its
focus on customers from the power, refinery and petrochemical
sectors. At present, it has a manufacturing facility in Hyderabad.

DEWAN CHAND: CRISIL Lowers Rating on LT/ST Loan to D
----------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Dewan Chand (DC) to 'CRISIL
BB-/Stable/CRISIL A4+ issuer Not Cooperating'. However, the
management has subsequently started sharing the information
required for carrying out a comprehensive review of the ratings.
Consequently, CRISIL Ratings is downgraded the ratings to 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

The ratings continue to reflect the firm's weak liquidity, as
indicated by instances of delay in debt servicing, modest scale of
operations and exposure to risks inherent in tender-based business.
These weaknesses are partially offset by the extensive experience
of the partners in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delays in servicing principal and interest
obligation: Owing to weak liquidity, the firm has not been able to
service its principal and interest obligations in a timely manner.
Also, the working capital limit was fully utilised over the 12
months through February 2022.

* Modest scale of operations amid intense competition: Operating
income was modest at INR37.85 crore in fiscal 2021, with revenue
expected at similar levels in fiscal 2022. Intense competition may
continue to restrict scalability, pricing power and profitability.

* Exposure to risks inherent in tender-based business: Business
depends on ability to successfully win tenders, thereby leading to
fluctuations in revenue and profitability.

Strength:

* Extensive experience of the partners: The three-decade-long
experience of the partners, their strong understanding of the local
market dynamics and healthy relationships with customers and
suppliers will continue to support the business.

Liquidity: Poor

Liquidity will continue to be under pressure over the medium term,
with cash accrual being insufficient to cover the debt obligation,
as reflected in delay in payments. Bank limit, too, was fully
utilised over the 12 months through February 28, 2022.

Rating Sensitivity Factors

Upward Factors:

* Timely honouring of debt obligation for continuous three months
* Increase in revenue and profitability leading to better cash
accrual
* Decrease in bank limit utilisation.

DC was established in as a proprietorship concern and was
reconstituted in 2009as a partnership firm. The firm constructs
buildings in the National Capital Region. It is classified as a
'Class A' contractor by the Public Works Department of Delhi and
has bid for various contracts involving construction of government
buildings since its inception. The firm has completed prestigious
contracts, such as Indian Oil Bhawan, police headquarters, Prastha
Bhawan and World Health House. The firm is managed by Mr Vikram
Kumar.


DIYA PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Shri Diya Projects Private Limited
        No. 180, I Floor, 8th Cross
        14th Main Road
        6th Sector, HSR Layout
        Bangalore, KA 560102
        IN

Insolvency Commencement Date: April 30, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: October 27, 2022

Insolvency professional: Amarpal

Interim Resolution
Professional:            Amarpal
                         C-2, Plot no. 50
                         Gyan Khand-2, Indirapuram
                         Ghaziabad, Uttar Pradesh 201014
                         E-mail: amarpal@icai.org

                         No. 26, Dr. DVG Road
                         Basavanagudi, Bengaluru 560004
                         E-mail: cirp.shridiya@gmail.com

                            - and –

                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotee under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. T. Narayana Swamy
                         Mr. Haralahalli Shekarappa Chadrasekar
                         Mr. Naresh Kumar Tailor

Last date for
submission of claims:    May 14, 2022


EKTA TRUST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short Term ratings of Ekta
Trust in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.08        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.92        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   Under 'Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Ekta Trust, Navi Metral, Gujarat was formed through a trust Deed
dated 12th March 1991. The trust has been registered as a public
trust under the Bombay Public Trust Acts, 1950 bearing Registration
No. E/ 1966/Sabarkantha. The objectives of the trust as stated in
the trust deed include as a main object the setting up of
educational institutions to serve the needs of students. Trust
started his first activity in the year 2004-05 by establishing
P.T.C. & B. Ed. College then started Engineering, BCA and Nursing
College in the year 2011-12 and Diploma College and B.Sc. College
from the year 2012-13.The engineering courses are offered under
"Arrdekta Institute of Technology", B. Ed course is run under "Ekta
College of Institute", PTC is run under "Ekta Trust PTC College",
nursing course is run under "Ekta Nursing School & College", B. Sc
isrun under "Arrdekta Institute of Science" and BCA is run under
"Arredekta Institute of B.C.A." by Ekta Trust.


FUTURE GROUP: Unit Aims to Raise INR3,000cr to Pare Debt
--------------------------------------------------------
The Economic Times reports that debt-ridden Future Group firm
Future Enterprises Ltd expects to raise around INR3,000 crore from
selling its stake in the insurance business to pare debt, which may
save the company from facing the rigour of the insolvency process,
according to industry sources. Earlier on May 5, Future Enterprises
Ltd completed the sale of its 25 per cent equity in Future Generali
India Insurance Company Ltd (FGIICL) to joint venture partner
Generali for INR1,266.07 crore.

After this transaction, FEL will directly and indirectly continue
to hold 24.91 per cent shares in FGIICL.

"Now in the next 30-40 days, they will sell the remaining 25 per
cent stake of the General insurance business for another INR1,250
crores to another entity," a source said.

Besides, FEL is also planning to sell its 33.3 per cent stake in
its Life Insurance JV - Future Generali India Life Insurance
Company Limited (FGILICL).

"Also in separate deals remaining 33 per cent stake of Life
insurance business will be sold to Generali and separately to one
more Indian entity for a little above INR400 crore," he said,
adding after this the Kishor Biyani-led group firm would completely
exit the insurance sector, ET relays.

From these exercises, FEL would raise nearly INR2,950 crore and
will pay to its lenders, he added.

"This is part of the exercise that Future Group is doing to pay off
as much debt of various cos so they can be regularised and do not
go into insolvency," he said.

On March 31, FEL defaulted on repayment of INR2,911.51 crore of
loans to the consortium of banks and lenders, ET recalls. Later it
also missed a 30-day review period as per the scheme of One Time
Restructuring (OTR) for COVID-hit companies with its consortium of
banks.

Besides, it has also missed a deadline for payment of interest on
non-convertible debentures (NCDs) which were due in the month of
March and April.

The total financial indebtedness of FEL, including short-term and
long-term debt is INR6,778.29 crore, the report discloses.

FEL, develops, owns and leases the retail infrastructure for the
Future Group, which owns and operates retail chains as Big Bazaar,
Easyday and Heritage, among others.

On May 6, another Future group firm, Future Consumer Ltd (FCL)
announced to sell part of its stake in Amar Chitra Katha Pvt Ltd
(ACKPL), which publishes Amar Chitra Katha comics, for INR13.62
crore, ET reports.

It has entered into definitive agreements on May 5 to dispose of
part of its investments held in ACKPL constituting 18.58 per cent
of the total paid-up share capital of ACKPL to Ramanaidu Daggubati
and Spirit Media, ET relates citing a regulatory filing.

According to ET, several Future Group companies are selling their
assets to pare debts after their creditors last month voted against
the INR24,713 crore deal to sell its retail, wholesale, logistics
and warehousing assets to Reliance Retail.

On April 28, the Mumbai bench of NCLT gave time till May 12, to
submit its reply to the insolvency petition filed against the
company by the Bank of India.

FEL was part of 19 companies, which were supposed to be transferred
to Reliance Retail as part of a 24,713 crore deal announced in
August 2020 to sell its retail, wholesale, logistics and
warehousing assets, the report notes.

The deal has now been called off by the billionaire Mukesh
Ambani-led Reliance Industries last month after the creditors of
the listed entities voted against it, adds ET.

                         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.


GODAVARI KRAFT: ICRA Withdraws B+ Rating on INR30.64cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sree Godavari Kraft Papers Limited at the request of the company
and based on the No Due Certificate/Closure Certificate received
from the banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.  

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits         30.64       [ICRA]B+; Withdrawn

   Long Term Non-
   Fund Based Limits     0.25       [ICRA]B+; Withdrawn

   Long Term
   Unallocated Limits   12.57       [ICRA]B+; Withdrawn

Sree Godavari Kraft Paper Limited (SGKPL) was incorporated in the
year 2000 started its operations in April 2009 with 25800 tons per
annum (TPA) paper manufacturing facility in the West Godavari
district of Andhra Pradesh. It is engaged in the manufacture and
sale of newsprint as well as printing and writing paper. SGKPL
manufactures paper from recycled waste paper, with more than 95% of
the wastepaper requirement met through domestic suppliers and the
balance imported. The sale of newsprint paper contributes to around
75% of the total revenues and creamwove paper contributes to about
25% of the total revenues for SGKPL.


GOPINATH CHEM-TECH: CRISIL Withdraws B Rating on INR23cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Gopinath Chem-Tech Limited (GCL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            23        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit        6        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan          0.82     CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Term Loan      3.46     CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GCL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021, 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 GCL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GCL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 1989 as a private limited company, GCL was taken
over by the present management in 1992, and reconstituted as a
closely held public limited company during 1995. GCL manufactures
dye intermediaries, which are used as raw material in manufacturing
dyes for textile, leather, and paper industry.


GRD TRUCKS PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: GRD Trucks Private Limited
        Cabin 1, 1st Floor, C-84
        Janpath Lal Kothi Scheme
        Behind New Vidhan Sabha
        Jaipur 302015
        Rajasthan

Insolvency Commencement Date: May 5, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: October 25, 2022

Insolvency professional: Prashant Agrawal

Interim Resolution
Professional:            Prashant Agrawal
                         F-106, First Floor, Sumer Complex
                         Gautam Marg, C-Scheme
                         Jaipur 302001
                         Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 cirp.grd@gmail.com

Last date for
submission of claims:    May 12, 2022


GREATSHINE HOLDINGS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Greatshine Holdings Private Limited
        No. 272, /2A, 2B, 3A & 3B
        SV Chatram To Wallajah Road
        Kunnam Village, Sriperumbudur Taluk
        Chennai, TN 631604

Insolvency Commencement Date: May 2, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 24, 2022

Insolvency professional: Mr. KK Balasubramanian

Interim Resolution
Professional:            Mr. KK Balasubramanian
                         B401 Ramaniyam Samarpann
                         20th East Street
                         Kamaraj Nagar, Thiruvanmiyur
                         Chennai, Tamil Nadu 600041
                         E-mail: kkbala2015@gmail.com

                            - and -

                         Flat 64, 6th floor
                         Ram Swathi Towers, Jupiter Complex
                         5 & 7 Dr. Durgabai Deshmukh Road
                         Raja Annamalaipuram, Chennai 600028
                         E-mail: ip.greatshineholdings@gmail.com

Last date for
submission of claims:    May 16, 2022


KALYAN SAREES: CRISIL Withdraws B+ Rating on INR43cr Loans
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Kalyan Sarees (KS) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            40        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term      3        CRISIL B+/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KS 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 KS. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of KS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2008 as a partnership firm by Mr T S Ramachandran and
family members, KS retails sarees and ready-made garments for men,
women, and kids from three showrooms (one each in Calicut,
Thrissur, and Thiruvananthapuram) in Kerala.


MALE SQUARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Male Square Retail Private Limited
        FL. Block-F, TPS-14
        Sumel Business Park-6
        Nr. Dudheshwar
        Ahmedabad 38004

Insolvency Commencement Date: April 30, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 24, 2022

Insolvency professional: Shah Rahul Nareshbhai

Interim Resolution
Professional:            Shah Rahul Nareshbhai
                         20 Sudershan Society, Part 2
                         Naranpura, Near Naranpura Bus Stop
                         Ahmedabad, Gujarat 380013
                         E-mail: carahulnshah@gmail.com

                            - and -

                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad, Gujarat 380014
                         E-mail: cirp.malesquare@gmail.com

Last date for
submission of claims:    May 15, 2022


MARRIOTT GROUP: Renaissance Hotel Faces Insolvency Bid
------------------------------------------------------
The Hindu BusinessLine reports that Edelweiss ARC is set to file an
insolvency petition against Marriott Group's Renaissance Bangalore
Race Course Hotel over unpaid dues which stand at approximately
INR1,000 crore.

BusinessLine says the five-star hotel is still operational.
However, according to two people in the know, Edelweiss ARC has
decided to drag it to the insolvency court. " Renaissance has been
given enough time to repay its dues. However, it has not been able
to do so.  After the recent default, Edelweiss ARC has decided to
take this step," the source, as cited by BusinessLine, said.

Marriott is listed on Nasdaq.  In India, Marriott International has
approximately 30 brands.  According to its annual report for 2021,
Marriott has 173 hotels globally under the Renaissance brand.  

According to the report, the ARC is likely to file a petition in
the National Company Law Tribunal (NCLT) this month.  It will file
an application under Section 7 of the Indian Bankruptcy Court.
Section 7 petition is for the initiation of corporate insolvency
resolution process by a financial creditor(s).

According to one of the people quoted above, "The Covid-19 pandemic
has taken a hit on the company just like any other hotel.  Not
every hospitality firm was able to seek respite from the ECGLS
scheme."  The Renaissance Bangalore Race Course hotel is a luxury
property in the heart of Bengaluru.  It has 276 rooms and is spread
across 6,900 sq ft.  The 21-storey hotel was inaugurated in 2018.

Over the past few years, multiple renowned hotels including Appu
Hotel, Hotel Leela, Golden Jubilee Hotels, and Trident Hotels among
others have been dragged to the insolvency court, BusinessLine
states.  However, not many have seen a suitable resolution.
Hospitality industry was among the hardest hit during the pandemic
with travel and tourism coming to a halt for nearly two years, the
report notes.


MODELLA TEXTILE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Modella Textile Industries Limited
        Jawahar Talkies Compound
        Dr. R.P. Road, Mulund (West)
        Mumbai MH 400080
        IN

Insolvency Commencement Date: May 4, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 31, 2022

Insolvency professional: Bhrugesh Amin

Interim Resolution
Professional:            Bhrugesh Amin
                         BDO India LLP
                         Level 9, The Ruby
                         Northwest Wing
                         Senapati Bapat Road
                         Dadar (W), Mumbai 400028
                         India
                         E-mail: bhrugeshamin@bdo.in

                            - and -

                         BDO Restructuring Advisory LLP
                         Raheja Titanium, Floor 6
                         Western Express Hwy
                         Geetanjali Railway Colony
                         Ram Nagar, Goregaon
                         Mumbai, Maharashtra 400063
                         E-mail: modellaclaims@bdo.in

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mrs. Sudha P. Navandar
                         Mrs. Priti Paras Salva
                         Mr. Sanjay Hirachand Shah

Last date for
submission of claims:    May 18, 2022


NANDAN SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nandan
Saha Steel Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING"

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        53.80        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated        16.20        [ICRA]B+ (Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2003, Nandan Saha Steel Private Limited trades in
construction materials like TMR rebars, stirrups, footings, cement,
concrete blocks; consumer electronics and mobile handsets; tractor
and other goods like steel doors and pigments. The company is an
authorized distributor of Tata Steel Limited (for Tata Tiscon and
Tata Pravesh brands), Tata International Limited (for Tata Stryder
brand), Tata Pigments Limited, Samsung Mobiles and consumer
electronics, and UAL Industries Limited (for AAC Blocks). It is
also an authorized dealer of Mahindra Tractors and C&F agent of ACC
Cements in different areas in West Bengal.

NATRAJ INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Natraj
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       15.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1995 as a partnership firm by the Patel family of
Junagadh, Natraj Industries trades agro commodities, processes
groundnuts and crushes oilseeds. The trading portfolio of the firm
includes groundnuts, seeds and oil, castor seeds and oil, groundnut
seeds and oil, wheat, cotton etc. The company has suspended its
operation currently.


PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Precon
Technology And Castings Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund based     2.50       [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Precon Technology and Castings Ltd manufactures steel and alloy
steel castings. The company commenced commercial operations in May
2013 and has a manufacturing unit in Bhiwadi (Rajasthan), with an
installed capacity of 3,600 tonnes per annum (TPA). The plant is
capable of producing castings, with individual weight of 50 Kgs to
2500 Kgs. At present, the plant supplies castings mainly for OEMs
of heavy construction equipment, earth moving equipment, mining
equipment, power equipment etc.


SAFIRE MACHINERY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Safire Machinery Company Private Limited
        New No. 16, Old No. 31
        Balaji Nagar, 1st Street
        Royapettah, Chennai 600014
        Tamilnadu

Insolvency Commencement Date: April 30, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: Ocotber 24, 2022
                               (180 days from commencement)

Insolvency professional: R. Sugumaran

Interim Resolution
Professional:            R. Sugumaran
                         9A, Block 2
                         Ceebros Shyamala Garden
                         136, Arcot Road
                         Saligraman, Chennai 600093
                         E-mail: rsmaran@yahoo.co.in
                                 cirp.safiremachinery@gmail.com

Last date for
submission of claims:    May 14, 2022


SAINATH TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
Due to inadequate information CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings of Shree Sainath Textiles
Private Limited (SSTPL) to 'CRISIL B-/Stable/CRISIL A4; Issuer not
cooperating'. However, the management has subsequently started
sharing the requisite information necessary for carrying out a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings on bank facilities of SSTPL from ' CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B-/Stable/CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit          11          CRISIL B-/Stable (Migrated
                                    from 'CRISIL B-/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Fund-        3.7        CRISIL B-/Stable (Migrated
   Based Bank Limits                from 'CRISIL B-/Stable ISSUER
                                    NOT COOPERATING')

The ratings reflect the company's weak financial risk profile,
modest scale of operations amid intense competition and
vulnerability to volatility in cotton prices and changes in
government policy. These weaknesses are partially offset by the
promoters' extensive experience in the textile industry and funding
support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Networth is expected to remain
eroded as on March 31, 2022 due to losses incurred in previous
fiscal years. Debt protection metrics are estimated to remain weak,
as reflected in expected interest coverage and net cash accrual to
adjusted debt ratios of around 0.7-0.8 time and -0.02-0.03 time in
fiscal 2022. Although, gearing is expected to decline due to
negative networth, the financial risk profile will remain
constrained because of continued high reliance on external debt.

* Modest scale of operations amid intense competition: Revenues is
expected to improve to around Rs.100-110 crores in fiscal 2022
majorly driven by increase in trade sales, however it is expected
to remain modest. The cotton ginning industry is largely
unorganised with the presence of several small players. Due to
fragmentation and intense competition in the industry, the players
have limited pricing power and are market followers for pricing,
thus leading to low and volatile operating margin.

* Vulnerability to volatility in cotton prices and changes in
government policy: As cotton is an agricultural commodity, its
availability is highly dependent on the monsoon. Cotton production,
government interventions and volatility in global cotton output
have resulted in sharp fluctuations in cotton prices in the past
and have impacted players' margins and any adverse changes in
government regulations can distort market prices, and impact
profitability of various players in the cotton value chain
Operating margin is expected to be at 2.5-3% over the three fiscals
through 2022.

Strength:

* Extensive experience of the promoters: The promoters' experience
of more than 15 years, their strong insights into the industry,
understanding of local market dynamics and established
relationships with suppliers, farmers and customers will continue
to support the business.

Liquidity: Poor

Cash accrual is expected to remain negative against yearly debt
obligation of around INR1 crore in fiscal 2023. Bank limit
utilisation was moderate and averaged 89% in the 12 months through
January 2022. The company is managing debt repayment through
unsecured loans infused by the promoters. Need-based financial
support from the promoters is likely to continue over the medium
term.

Outlook: Stable

CRISIL Ratings believes SSTPL will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity factors

Upward Factors:

* Steady revenue growth and stable operating margin leading to cash
accrual above INR1 crore
* Improvement in the financial risk profile

Downward Factors:

* Significant decline in revenue and fall in the operating margin
to below 1%
* Stretched working capital cycle

Incorporated in fiscal 2017 by Mr Sayaji Jadhao and Mr Manish
Vaidya and their family members, SSTPL gins and presses cotton. It
is based in Nagpur, Maharashtra, and has a unit to convert single
yarn into double yarn.


SANDHYA CHEMPLAST: CRISIL Assigns B+ Rating to INR18.3cr Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4' rating
to the bank loan facilities of Sandhya Chemplast Pvt Ltd (SCPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         11        CRISIL A4 (Assigned)

   Cash Credit            18.3      CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility                6.7      CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility               10.8      CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility                7.5      CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan               8.95     CRISIL B+/Stable (Assigned)

The rating reflects average financial risk profile, exposure to
intense competition, and vulnerability to fluctuations in raw
material prices. These weaknesses are partially offset by extensive
experience of the promoters in the polymer trading industry.

Analytical Approach

Unsecured loan (INR3.77 crore as on March 31, 2021) extended by the
promoters has been treated as 75% equity and 25% debt as the loan
may be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Financial risk profile is likely
to be constrained by high working capital limit utilization. Total
outside liabilities to tangible networth (TOL/TNW) ratio was high
at 3.84 times as on March 31, 2021. This is owing to average
networth of INR14.68 crore and adjusted debt of INR47.03 crore
(comprising short-term bank loan of INR42.07 crore). The TOL/TNW
ratio is expected to remain above 4.0 times as of March 31, 2022,
with adjusted networth of INR15.5 crore and adjusted debt of
INR50.8 crore. Increase in adjusted debt is due to additional loan
under emergency credit line guaranteed scheme (ECLGS) of INR4.0
crore availed of by the company in August 2021.

* Exposure to intense competition and fluctuations in raw material
prices: The polymer trading industry is highly fragmented, and the
consequent intense competitive pressure may continue to constrain
scalability, pricing power and profitability. Further, the cost of
raw materials such as high-density polyethylene (HDPE), liner low
density polyethylene (LLDPE), polyvinylchloride (PVC) resigns &
chemicals is driven by crude oil prices and hence volatile. Since
cost of procuring the raw materials accounts for a bulk of
production cost, even a slight variation in price can drastically
impact the operating margin.

Strength

* Extensive experience of promoters: The promoters have over two
and half decade of experience in the trading business; their strong
understanding of market dynamics and healthy relations with
customers and suppliers will continue to support the business. The
company has an established track record of over a decade as a
polymer trader and consignee of GAIL India Ltd (GAIL; 'CRISIL
AAA/Stable'), Brahmaputra Crackers and Polymer Ltd (BCPL; 'CRISIL
AA+/Stable'), and Oil and Natural Gas Corporation Ltd. Thus,
Trading revenue steadily increased to INR238.0 crore in fiscal 2022
from INR133.2 crore in fiscal 2018. Further, total consignment
sales stood at INR404.58 crore for fiscals 2022, for which the
company earned a commission of INR3.4 crore.

Liquidity: Stretched

Cash accrual, projected at INR1.0-1.5 crore in fiscal 2023, is
inadequate to meet the repayment obligation of INR1.7 crore. Bank
limit utilisation was moderate at 89% for the 12 months through
February 2022. Liquidity is partially supported by the unsecured
loan extended by the promoters. The company has also availed of an
additional ECLGS of INR4 crore in August 2021, having moratorium of
12 months. Further, there is no capital expenditure (capex) planned
for the medium term.

Outlook Stable

SCPL will continue to benefit from the extensive experience of its
promoters and their established relationship with suppliers

Rating Sensitivity factors

Upward factors
* Revenue growth of 20% per annum and steady operating margin,
leading to higher-than-expected cash accrual TOL/TNW ratio
improving to less than 2.5 times

Downward factors

* Steep decline in revenue or profitability, resulting in cash
accrual below INR0.8 crore
* Large, debt-funded capex

SCPL, incorporated in 2010 trades in polymers and chemicals such as
polypropylene, PVC resin, HDPE, and LLDPE -- all of which are
different types of plastics used in packaging, processing, and
furnishing. The company is also into consignment business of
plastic granules from GAIL and BCPL. Mr Rajesh Gupta and Ms Neha
Gupta are the promoters.


SONERI MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Soneri
Marine Foods in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.32        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.20        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   Under 'Issuer Not Cooperating'
                                   Category

   Short Term-         5.00        [ICRA] A4; ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Cash Credit                     to remain under issuer not
                                   cooperating category

   Short Term-         0.20        [ICRA] A4; ISSUER NOT
   Non Fund                        COOPERATING; Rating Continues
   Based-Others                    to remain under issuer not
                                   cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Soneri Marine Foods was established in 2007 as a partnership firm
for the processing and export of seafood. The firm mainly deals
with frozen fish such as croaker fish, cuttle fish, ribbon fish,
indian mackerel and horse mackeral, among others, as well as
value-added products such as frozen crabs ( Blue Swimming Crab and
Three Spotted Crab, for instance). The firm is own and managed by
Mr. Prakash Soneri and family. The processing unit of SMF is
located at Veraval, Gujarat, with a processing capacity of 70
tonnes per day (TPD) and a storage capacity of 750 tonnes of
seafood.


TOSHALI CEMENTS: ICRA Reaffirms B Rating on INR14cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Toshali
Cements Private Limited (TCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         14.00        [ICRA]B (Stable); Reaffirmed
   Fund Based/CC                   

   Long-term           1.10        [ICRA]B (Stable); Reaffirmed
   Non-fund based      

   Long Term/         14.90        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     Reaffirmed
   Unallocated        
                                   
Rationale

The ratings continue to be constrained by TCPL's weak financial
profile as reflected by its modest scale of operations and
continued operating losses owing to the high cost of production and
moderate capacity utilisation. Although the cement capacity
utilisation is likely to improve to 38-40% in FY2023 over 33% in
FY2022 given the positive demand conditions, however, adequate coal
supply will remain a key monitorable. Given the operating losses
and high debt levels, the coverage indicators are likely to remain
weak in FY2023. The ratings factor in the stretched liquidity
position by consistent deficits in operating cash flows vis-à-vis
debt servicing outflows, necessitating fund infusion by the
promoters to ensure timely payment of debt-related obligations. The
ratings are further constrained by high regional concentration with
a major portion of its sales restricted to Odisha and Andhra
Pradesh and the cyclical nature of the cement industry, which leads
to variability in profitability and cash flows.

However, the ratings draw comfort from the demonstrated financial
support by the promoters in the past, in the form of interest-free
unsecured loansto fund operational losses, working capital
requirement and repayment of loans. The ratings also consider the
proximity of the company's plant (Ampavalli clinker unit) to rich
limestone reserves, raw materials such as slag and gypsum, along
with established linkages with suppliers.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that TCPL will continue to benefit from the financial support
extended by its promoters.

Key rating drivers and their description

Credit strengths

* Location-specific advantage with the proximity of the plant to
key raw materials: TCPL has a 1,000-TPD clinker production unit and
a 700-TPD cement grinding unit at Ampavalli, Odisha and a 1,200-TPD
cement grinding unit at Choudwar, Odisha. While the company does
not have captive limestone mines, the clinker unit located in
Ampavalli is well connected to sources of raw materials, along with
established linkages with suppliers.

* Financial support extended by promoters over the years: The
promoters have extended timely financial support over the years in
the form of interest-free unsecured loans and redeemable preference
shares to fund cash losses, working capital requirements, capex and
repayment of loans. In FY2021, unsecured loans from promoters of
INR25.12 crore have also been converted to equity. Further in
FY2022, an amount of INR11.58 crore has been infused by the
promoters in the form of interest free unsecured loans.

Credit challenges

* Weak financial profile: TCPL's scale of operations continues to
remain moderate with a turnover of around INR131.78 crore in
FY2022, limiting the economies of scale. The company continued to
report operating losses in FY2022 due to high cost of production
and moderate capacity utilisation. Given the operating losses and
high debt levels, the coverage indicators have remained weak and it
is likely to remain weak in FY2023 as well.

* High geographical concentration: The operations remain exposed to
high geographical concentration with a major portion of cement
sales confined to Odisha and Andhra Pradesh. In FY2022, 35% of the
sales has been to AP, 29% to Odisha and the rest 36% to other
states.

* Vulnerability of revenues to cyclicality in economy and stiff
competition; susceptibility of profitability to fluctuations in
input prices: The cement industry in India is a fragmented one with
a combination of large and small cement plants. TCPL faces intense
competition from the established large players, apart from various
regional players, which limits its pricing ability.  Further, the
company remains exposed to demand and pricing dynamics in the
cement industry, which are influenced by cyclical economic trends
and capacity additions by the players during such periods. Further,
TCPL's operating profitability remains susceptible to fluctuations
in input prices. Given the elevated prices of coal and pet coke,
the company's profitability is likely to remain under pressure in
the near term.

Liquidity position: Stretched

The liquidity position of the company remains stretched as
reflected by consistent deficits in operating cash flows
vis-à-vis debt servicing outflows, necessitating fund infusion by
the promoters to ensure timely payment of debt-related obligations.
Further, the company has sizeable repayment obligations in FY2023
and FY2024 for the vehicle loans and term loans availed.

Projected cash accruals are unlikely to be sufficient to meet the
repayment requirements and continued timely support from promoters
and group companies in the form of unsecured loans will be critical
going forward as well. Besides, the company also has a capex plan
of around INR5-6 crore in FY2023, to be funded through unsecured
loans from promoters.

Rating sensitivities

Positive factors – ICRA may upgrade TCPL's ratings if the company
demonstrates a sustained improvement in its capacity utilisation
and achieves operating profits.

Negative factors – Pressure on the ratings could arise if the
company's working capital requirements increase or the liquidity
position weakens further owing to delay in promoter funding
support.

Toshali Cements Private Ltd (TCPL) was incorporated in 2002 and is
involved in the manufacturing and sale of Portland pozzolana cement
(PPC), ordinary Portland cement (OPC-53 grade), Portland slag
cement (PSC), ground granulated blast furnace slag (GGBS) and other
construction materials for binding such as 'nanofine' cement
additive. The company has a clinker production capacity of
1000-tonnes per day (TPD) and a 700-TPD cement production (grinding
unit) capacity at its Ampavalli plant in Odisha. It also has a
1200-TPD grinding unit at Choudwar, Odisha. Overall, the company
has a clinker production capacity of 1000 TPD (around 0.33 mn MTPA)
and a cement production capacity of 1900 TPD (0.63 mn MTPA). TCPL
sells its cement under the Gajapati brand name.

VIJAYAWADA ELECTRICITY: ICRA Keeps B Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Vijayawada Electricity Employees Cooperative Credit Society Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term          15.00      [ICRA]B(Stable); ISSUER NOT
   Unallocated                   COOPERATING; Rating continue
   Bank Facilities               to remain under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

VEECCSL is an employee credit cooperative society for Vijayawada
Electricity Board employees. It presently has a member base of
about 1,616 as of November 2015. The society collects thrifts and
other mandatory deposits from its members; it also accepts fixed
deposits and extends loans to the members of the society. The
collection of monthly thrift, other mandatory deposits and loan
instalments of the members are made directly via salary deductions
by Vijayawada Electricity Board and remitted directly to the
society. As on March 31, 2015, the society's total member deposits
stood at INR6.5 crore and had a loan portfolio of INR35.04 crore.
The society had a networth of INR4.8 crore (provisional) and a
gearing of 8.5 times as on November 2015.

WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Waterline
Hotels Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         27.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated on March 28, 2008, Waterline Hotels Private Limited
("WHPL") owns a 122-room five-star hotel under the name Holiday Inn
& Suits. The hotel is located at Whitefield, an IT hub in
Bangalore, and has been operational since August 2011. Besides,
Holiday Inn & Suits, the company has also developed a residential
project Miraya Rose in Whitefield, Bangalore. The project was
completed in December 2017. The total project cost was around
INR156 crore, which was funded through a debt of INR68.0 crore and
promoter contribution of INR6.0 crore, while the remaining was
funded through customer advances.




=====================
N E W   Z E A L A N D
=====================

KILIM WELLINGTON: Court to Hear Wind-Up Petition on May 24
----------------------------------------------------------
A petition to wind up the operations of Kilim Wellington Limited
will be heard before the High Court at Wellington on May 24, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 13, 2022.

The Petitioner's solicitor is:

          Emily O’Sullivan
          Legal Services
          11 Jepsen Grove
          Wallaceville, Upper Hutt 5018


S & S CIVIL: Court to Hear Wind-Up Petition on June 3
-----------------------------------------------------
A petition to wind up the operations of S & S Civil Limited will be
heard before the High Court at Auckland on June 3, 2022, at 10:45
a.m.

Isav Design NZ Limited filed the petition against the company on
March 29, 2022.

The Petitioner's solicitor is:

          R. J. Macdonald
          MBC Law
          Level 1, 101 Main Highway
          Ellerslie, Auckland


TITAN BULK: Court to Hear Wind-Up Petition on June 2
----------------------------------------------------
A petition to wind up the operations of Titan Bulk Haulage Limited
will be heard before the High Court at Dunedin on June 2, 2022, at
10:00 a.m.

Multispares N.Z Limited filed the petition against the company on
April 21, 2022.

The Petitioner's solicitors are:

          Gibson Sheat Lawyers
          Level 5, 50 Customhouse Quay
          Wellington 6011




=================
S I N G A P O R E
=================

AGV GROUP: Court Enters Judicial Management Order
-------------------------------------------------
The High Court of Singapore entered an order on May 4, 2022, to
place the operations of AGV Group Limited under Judicial
Management.

The company's Judicial Managers are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


KS ENERGY: Commences Wind-Up Proceedings
----------------------------------------
Members of KS Energy Engineering Services Pte Ltd on April 29,
2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          Deloitte & Touche LLP
          6 Shenton Way
          OUE Downtown 2
          #33-00 Singapore 068809


RITZ PROPERTY: Court to Hear Wind-Up Petition on May 20
-------------------------------------------------------
A petition to wind up the operations of Ritz Property Investment
Asia Pte. Ltd will be heard before the High Court of Singapore on
May 20, 2022, at 10:00 a.m.

Kong Foong Ming filed the petition against the company on April 28,
2022.

The Petitioner's solicitors are:

          Mahmood Gaznavi Chambers LLC
          111 North Bridge Road
          #11-02 Peninsula Plaza
          Singapore 179098


TRANSFORMER I: Creditors' Proofs of Debt Due on June 10
-------------------------------------------------------
Creditors of Transformer I Pte Ltd are required to file their
proofs of debt by June 10, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 1, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


XIN CHUN: Creditors' Meetings Set for May 24
--------------------------------------------
Xin Chun Shipping (Pte) Ltd and Xin Dun Shipping (Pte) Ltd will
hold a meeting for their creditors on May 24, 2022, at 10:00 a.m.
and 10:30 a.m., respectively, via electronic means.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint Liquidators;  

   c. to consider the judicial managers’ remuneration and
expenses
      as an expense of the winding-up; and

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators’ duties; and/or (ii) to
bring
      or defend any action or legal proceeding in the name and on
      behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore were appointed joint and several provisional liquidators
of the company on April 25, 2022.




=================
S R I   L A N K A
=================

SRI LANKA: Prime Minister Resigns Amid Worst Economic Crisis
------------------------------------------------------------
Reuters reports that Sri Lanka's prime minister resigned on May 9
to make way for a unity government that would try to find a way out
of the country's worst economic crisis in history, but protesters
said they also wanted his brother to stand down as president.

Prime Minister Mahinda Rajapaksa's resignation came hours after
clashes broke out in Colombo, where supporters of the ruling party
stormed an anti-government protest camp and were beaten back by
police using tear gas and water cannon, Reuters relates.

Ruling party parliamentarian Amarakeerthi Athukorala died after a
standoff with anti-government protesters in the town of Nittambuwa
near Colombo, a police source told Reuters without giving details.

At least three others were wounded and the area remained tense with
dozens of protesters still at the location, the source said.

A nationwide curfew has been imposed, on top of the state of
emergency that Sri Lankan President Gotabaya Rajapaksa - the prime
minister's younger brother, referred to as Gota - declared last
week in the face of escalating protests, Reuters notes.

According to Reuters, the island nation of 22 million people has
suffered prolonged power cuts and shortages of essentials,
including fuel, cooking gas and medicines, and the government is
left with as little as $50 million of useable foreign reserves.

Sri Lankans have been taking to the streets in largely peaceful
protests and demanding that the Rajapaksas step down.

In his resignation letter, a copy of which was seen by Reuters, the
prime minister said he was quitting to help form an interim, unity
government.

"Multiple stakeholders have indicated the best solution to the
present crisis is the formation of an interim all-party
government," the letter said.

"Therefore, I have tendered my resignation so the next steps can be
taken in accordance with the Constitution."

Reuters adds that Nalaka Godahewa, a government spokesman, said all
cabinet members had also stepped down.

"Now the president will invite other political parties to form a
unity government," he told Reuters.

"The president will meet with independent and opposition political
parties and we expect a new government in the next few days."

On the streets of Colombo, the mood was jubilant but tense as cars
- some flying the national flag and others sounding their horns -
drove along a seaside promenade where clashes had broken out
earlier, according to Reuters.

Outside the prime minister's residence, Osha De Silva was among the
hundreds of protesters celebrating his resignation but said she
also wanted the president to step down.

"The Rajapaksa regime is corrupt," Silva said, clasping a national
flag with both hands.

Sri Lanka's worst financial crisis since independence in 1948 was
caused by a drastic drop in its reserves that dropped 70% over the
past two years, hitting $1.93 billion at the end of March. This
left Colombo struggling to pay for essentials, including fuel,
medicines and food, according to Reuters.

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, in April 2022, lowered its long-term and
short-term foreign currency sovereign ratings on Sri Lanka to
'SD/SD' from 'CC/C'.  At the same time, S&P affirmed its 'CCC-'
long-term and 'C' short-term local currency sovereign ratings. The
outlook on the local currency ratings remains negative.  S&P's
transfer and convertibility assessment at 'CC' is unchanged.  S&P's
foreign currency rating on Sri Lanka is 'SD' (selective default).
It does not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default probability.
The negative outlook on the local currency ratings reflects the
high risk to commercial debt repayment in the context of Sri
Lanka's economic, external, and fiscal pressures.



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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