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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

          Friday, October 7, 2022, Vol. 25, No. 195

                           Headlines



A U S T R A L I A

4IMPACT GROUP: First Creditors' Meeting Set for Oct. 12
BRIS COOLROOMS: Second Creditors' Meeting Set for Oct. 14
CMH FINANCIAL: ASIC Cancels Australian Financial Services License
DIGITAL ASSET: Second Creditors' Meeting Set for Oct. 12
EMPIRE CONSORTIUM: Second Creditors' Meeting Set for Oct. 12

WEST TRAFFIC: Second Creditors' Meeting Set for Oct. 13
WICKHAM GROUP: Wickham Hill Winery Up for Sale


C H I N A

CIFI HOLDINGS: S&P Withdraws 'B+' Long-Term Issuer Credit Rating


I N D I A

ACCURA SPINTEX: CRISIL Withdraws B+ Rating on INR14.5cr Loan
ADI ISPAT: Liquidation Process Case Summary
BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
CHELSEA TEXTILES: CRISIL Assigns B- Rating to INR8.55cr LT Loan
CONDOR FOOTWEAR: CRISIL Withdraws B Rating on INR21cr Cash Loan

DB GROUP INDIA: Insolvency Resolution Process Case Summary
FIRST FLIGHT: NCLT Admits Company Under Insolvency Process
FUTURE RETAIL: Prospective Buyers Urged to Send EoI by Oct. 20
HOSHIARPUR AUTO: CRISIL Withdraws B Rating on INR5.95cr Loan
INNOVATIVE MICROFINANCE: CRISIL Moves B+ Rating to Not Coop.

J K POLYMERS: CRISIL Withdraws B+ Rating on INR4.5cr Term Loan
JENIOUS CLOTHING: CRISIL Moves D Ratings from Not Cooperating
KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating
KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
LAMPSAT MOTORS: Voluntary Liquidation Process Case Summary

MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating
OXYGEN LIFELINE: Liquidation Process Case Summary
PADMASHRI DR: CRISIL Keeps D Debt Ratings in Not Cooperating
PATWA AUTOMOTIVE: Liquidation Process Case Summary

PAYARE LAL: CRISIL Moves D Debt Ratings to Not Cooperating
SAI SHRADDHA: Insolvency Resolution Process Case Summary
SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
SND LIMITED: Insolvency Resolution Process Case Summary
SS AND COMP: CRISIL Lowers Rating LT/ST Debt Rating to D

SSIPL LIFESTYLE: CRISIL Withdraws B+ Rating on INR25.29cr Loan
SSIPL RETAIL: CRISIL Withdraws B+ Rating on INR23.2cr Demand Loan
SUNLIGHT PULP: CRISIL Lowers Rating on INR14.71cr Term Loan to D
SUPRA PETRO: Insolvency Resolution Process Case Summary
V HOTELS: NCLT Allows RP to Resume Insolvency Process

VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

FOX HOSPITALITY: Creditors' Proofs of Debt Due on Nov. 5
INNOVATE CIVIL: Court to Hear Wind-Up Petition on Nov. 11
MANUKA HONEY: Creditors' Proofs of Debt Due on Nov. 28
RIDS LIMITED: Court to Hear Wind-Up Petition on Oct. 25
ZION BUILDERS: Court to Hear Wind-Up Petition on Oct. 25



S I N G A P O R E

JRE GF: Creditors' Proofs of Debt Due on Nov. 6
MARKETINGQED PTE: Members' Final Meeting Set for Nov. 7
PRIMEPOINT SERVICES: Commences Wind-Up Proceedings
SEN YUE: Outgoing CEO, Executive Director Flag Issues with JMs

                           - - - - -


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

4IMPACT GROUP: First Creditors' Meeting Set for Oct. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of 4impact
Group Pty Ltd will be held on Oct. 12, 2022, at 11:00 a.m. via
teleconference facilities.

Darren John Vardy of Insolvency Options was appointed as
administrator of the company on Sept. 30, 2022.


BRIS COOLROOMS: Second Creditors' Meeting Set for Oct. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Bris Coolrooms
Pty Ltd has been set for Oct. 14, 2022, at 11:00 a.m. via virtual
meeting.

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 Oct. 13, 2022, at 4:00 p.m.

David Raj Vasudevan of Pitcher Partners was appointed as
administrator of the company on Sept. 12, 2022.


CMH FINANCIAL: ASIC Cancels Australian Financial Services License
-----------------------------------------------------------------
Australian Securities & Investments Commission (ASIC) has cancelled
the Australian financial services (AFS) license of CMH Financial
Group Pty Ltd (CMHFG).

The license was cancelled because CMHFG failed to maintain external
dispute resolution membership with the Australian Financial
Complaints Authority (AFCA). Further, CMHFG failed to lodge its
profit and loss statements and balance sheets for the financial
years ended June 30, 2019, June 30, 2020 and June 30, 2021.

The cancellation took effect on Aug. 25, 2022.

Under the Corporations Act, ASIC may suspend or cancel an AFS
license if a licensee fails to meet its general obligations under
s912A. This includes the obligation to hold membership of a dispute
resolution system and lodge financial statements annually with
ASIC.

CMHFG may apply to the Administrative Appeals Tribunal (AAT) for a
review of ASIC's decision.

CMHFG held AFS license number 415452 since June 19, 2012.


DIGITAL ASSET: Second Creditors' Meeting Set for Oct. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Digital Asset
Cube Trading Pty Ltd and Digital Asset Cube Pty Ltd has been set
for Oct. 12, 2022, at 10:00 a.m. via virtual meeting.

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 Oct. 11, 2022, at 5:00 p.m.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrators of the company on Sept. 5, 2022.


EMPIRE CONSORTIUM: Second Creditors' Meeting Set for Oct. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Empire
Consortium Group Pty Ltd has been set for Oct. 12, 2022, at 11:30
a.m. via Collins Square, Tower Four, Level 18, 727 Collins Street,
in Docklands, Victoria.

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 Oct. 11, 2022, at 4:00 p.m.

Duncan Clubb and Jeffrey Marsden of BDO were appointed as
administrators of the company on Sept. 5, 2022.


WEST TRAFFIC: Second Creditors' Meeting Set for Oct. 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of West Traffic
Pty Ltd has been set for Oct. 13, 2022, at 10:30 a.m. at the
offices of SV Partners Melbourne, Level 17, 200 Queen Street, in
Victoria.

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 Sept. 12 2022, at 4:00 p.m.

David Michael Stimpson and Michael Carrafa of SV Partners were
appointed as administrators of the company on Sept. 6, 2022.


WICKHAM GROUP: Wickham Hill Winery Up for Sale
----------------------------------------------
The Property Tribune reports that Colliers has been appointed to
sell the Wickham Hill Winery, located in Griffith, New South
Wales.

The Property Tribune relates that the sale comes as the group that
owns the winery is in receivership, with Tim Mableson and Ryan
Eagle of KPMG the Receiver Managers of the Wickham Group.

Based in The Riverina, Australia's second-largest wine grape
growing region, Wickham Hill Winery was established in the 1960s,
and was operated by Orlando until 2010.

Orland developed the winery to a high standard, which includes a
wine grape processing capacity of around 20,000 tonnes,
complemented by 198.5 million litres of stainless-steel tank
storage, the report says.

"This winery offers huge potential, particularly because of its
location and the millions of litres of large batch storage," the
report quotes Tim Altschwager National Director of Colliers
Agribusiness as saying.

In addition to the plant and equipment, the asset has
administrative facilities, workshop and staff amenities, a managers
residence, extensive operational shedding along with an 80-tonne
weighbridge, the report says.

Several of the largest Australian wine producers are located in the
area including De Bortoli, McWilliams, Casella Wines, Warburn
Estate and Calabria Family Wines.

Expressions of interest close on October 28, the report discloses.




=========
C H I N A
=========

CIFI HOLDINGS: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on CIFI Holdings (Group) Co. Ltd. at the company's request. S&P
also withdrew its 'B' long-term issue rating on the China-based
property developer's outstanding senior unsecured notes. All the
ratings were on CreditWatch with negative implications at the time
of the withdrawal.




=========
I N D I A
=========

ACCURA SPINTEX: CRISIL Withdraws B+ Rating on INR14.5cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Accura Spintex Private Limited (Accura), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.36        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          4           CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan      14.5         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term   1.5         CRISIL B+/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Accura for
obtaining information through letters and emails dated September 8,
2021 and September 13, 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 Accura. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on Accura is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
Accura to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
Accura on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

Accura was incorporated in 2016, promoted by the Bhalodiya and
Jalawadia families. The company has set up a facility for
manufacturing cotton yarn, and started operations in May 2018. The
facility is in Rajkot, and has an installed capacity of 11.4 tonne
per day.


ADI ISPAT: Liquidation Process Case Summary
-------------------------------------------
Debtor: Adi Ispat Private Limited
        Dumri Road, PS & PO Giridh
        Dist Giridih-1, Jharkand

Liquidation Commencement Date: September 27, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: May 7, 2022

Insolvency professional: Daulat Ram Jain

Interim Resolution
Professional:            Daulat Ram Jain
                         33 Shakespeare Sarani
                         Kolkata 700017
                         E-mail: daulatjain@rediffmail.com
                                 adiispat.rp@gmail.com

Last date for
submission of claims:    October 26, 2022


BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benarjee
Poultry Farms (BPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    0.8        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.4        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.8        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BPF for
obtaining information through letters and emails dated June 20,
2022 and August 18, 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 BPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPF continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2009 in Krishna district in Andhra Pradesh, Partners
are Ms. Prathiba Bharathi and K Benarjee. BPF is engaged in the
poultry business.


CHELSEA TEXTILES: CRISIL Assigns B- Rating to INR8.55cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' ratings to the
long-term bank facilities of Chelsea Textiles Private Limited
(CTPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B-/Stable (Assigned)

   Proposed Long Term  
   Bank Loan Facility    8.55       CRISIL B-/Stable (Assigned)

   Working Capital
   Term Loan             0.20       CRISIL B-/Stable (Assigned)

Rating reflects CTPL's susceptibility to volatility in raw material
prices, modest scale of operation and leveraged capital structure.
These weaknesses are partially offset by extensive industry
experience of the promoters.

Analytical Approach

Unsecured loans of INR2.26 crore as on March 31, 2022, are treated
as neither debt nor equity as they are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility of operating margin to volatility in raw material
prices: CTPL's operating margin has remained modest and volatile
over the last three years ending fiscal 2022. CTPL's operating
margin was in range of 0.6-1.4% for last 4 years through fiscal
2022. Cotton is the major raw material accounting for major portion
of the production cost. Cotton prices had been highly volatile in
the past and are expected to remain so, thereby exposing the
company to price risk.

* Modest scale of operation amid intense competition: CTPLs
business profile is constrained by its scale of operations in the
intensely competitive Textile industry. CTPLs scale of operations
will continue limit its operating flexibility. Company's scale has
remained modest in range of INR38-66 crore for last 4 years through
fiscal 2022.

* Leveraged capital structure: CTPL has leveraged capital structure
indicated by modest net worth of INR0.5 crore and estimated gearing
and total outside liabilities to total net worth (TOL/TNW) of 7.48
times and 3.77 times as on March 31, 2022.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in textile industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.


Liquidity: Poor

Bank limit utilization is high averaging at around 99 percent for
the past twelve months ended July 2022. Cash accruals are expected
to be over INR25 lakhs against tightly matched repayment
obligations of over INR40 lakhs over medium term. Funding support
from promoters in the form of unsecured loans is expected to meet
its working capital requirements and repayment obligations. Current
ratio is estimated at 1.45 times on March 31, 2022. Cash and cash
equivalent balance is 56 lakhs (encumbered and unencumbered) an on
March 31, 2022. No major capex plans over medium term.

Outlook Stable

CRISIL Ratings believe CTPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to net cash accruals to repayment
obligations of over 1 time
* Improvement in financial risk profile particularly capital
structure

Downward factor

* Decline in interest coverage below 1.2 times.
* Further stretch in liquidity because of non-timely support from
promoters

CTPL was incorporated in 2011 and promoted by Mr. Jeyaraghuraman
Chockappan Reddy and family. It is engaged in manufacturing cotton
yarn. The company has spinning mill located at Nanded,
Maharashtra.


CONDOR FOOTWEAR: CRISIL Withdraws B Rating on INR21cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Condor Footwear India Limited (CFIL), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           21         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CFIL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 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 CFIL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on CFIL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
CFIL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
CFIL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 1995, CFIL is a closely held public limited company
promoted as a 51:49 joint venture by Condor and the Adnani family.
The company manufactures PU footwear at its manufacturing facility
near Surat, Gujarat, which has installed capacity of 60,000 pairs
per day. It markets its products under the Aerowalk, Inblu, Chips,
and La Bella brands.


DB GROUP INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: D.B. Group India Private Limited
        5th Floor, Sangeet Plaza
        Marol Maroshi Road
        Opp. Marol Fire Station
        Andheri (East)
        Mumbai 400059

Insolvency Commencement Date: September 26, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 22, 2023
                               (180 days from commencement)

Insolvency professional: Pankaj Ramandas Majithia

Interim Resolution
Professional:            Pankaj Ramandas Majithia
                         Suite No. 301304
                         Metro Avenue, Parera Lane
                         Near WEH Metro Station
                         Andheri East, Mumbai City
                         Maharashtra 400099
                         E-mail: cirp.dbgroupindia@gmail.com
                                 pankaj@pcpl.net.in

Last date for
submission of claims:    October 11, 2022


FIRST FLIGHT: NCLT Admits Company Under Insolvency Process
----------------------------------------------------------
The Economic Times reports that the bankruptcy court has admitted
Mumbai-based First Flight Couriers under the corporate insolvency
resolution process (CIRP) and appointed Indrajit Mukherjee as the
company's interim resolution professional (IRP).

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT), while admitting the petition filed by the
operational creditor of First Flight Couriers, observed that the
counsel for the corporate debtor has made a submission that they
are unable to repay the dues and also admits the liability as well
as default.

The courier company's operational creditor Srinidhi Comprint had
approached the tribunal after the debtor failed to repay its dues
of about INR1.44 crore, the report notes.

Srinidhi Comprint is a company engaged in the business of printing
supplied goods including courier slips and PP woven fabric sack
among other things to the First Flight Couriers between June 2018
and March 2019.


FUTURE RETAIL: Prospective Buyers Urged to Send EoI by Oct. 20
--------------------------------------------------------------
Business Standard reports that the resolution professional of
Future Retail Ltd (FRL) has invited 'expression of interest' from
prospective buyers under the ongoing Corporate Insolvency
Resolution Process (CIRP).

All interested and eligible prospective resolution applicants (PRA)
for FRL are required to submit an expression of interest for the
resolution plan by Oct. 20, 2022, Business Standard relates.

According to the report, the resolution professional (RP) will
issue the final list of PRAs on Nov. 6, 2022, and a deadline of
Dec. 6, 2022, has been fixed for the submission of resolution
plans, according to the 'Invitation to submit 'expression of
interest' issued by RP of Future Retail.

However, it added that the timelines "remain subject to
modification by the CoC and any extension/exclusion to the
timelines" for completion of CIRP of FRL under the Insolvency &
Bankruptcy Code (IBC) 2016.

PRAs should have a minimum tangible net worth of INR100 crore along
with minimum assets under management (AUM)/committed funds
available for investment of INR250 crore, the report notes.

As per the invitation, FRL currently has access to 302 leased
retail stores spread across 23 states and Union territories,
consisting of 30 large format stores such as Big Bazaar and FBB
stores and 272 small format stores, the report says.

FRL's employee strength has also gone down substantially. According
to the FY21 annual Report, FRL had 21,839 employees at head office,
zonal offices, retail stores, design houses and data centre's
across the country.

"However, basis details received from the Corporate Debtor, we have
been informed that the Corporate Debtor had 2,242 employees during
August 2022," the invitation said.

The Mumbai bench of the National Company Law Tribunal had on July
20 directed to initiate CIRP against FRL admitting a plea filed by
Bank of India, recalls Business Standard.

Section 12 (1) of IBC mandates a CIRP to be completed within a time
frame of 180 days from the date of admission of the application.
However, under the request of the RP, the NCLT can extend the
duration for another 90 days.

It should be mandatorily completed within 330 days, including any
extension and the time taken in legal proceedings.

As of Sept. 2, 2022, the RP has received claims of INR21,432.82
crore from financial creditors, which mainly include banks and
financial institutions, the report discloses.

Of this, INR18,007.48 crore worth of claims are verified and the
rest of INR3,425.34 crore are unverified.

Operational creditors of the Future group firm have filed claims
worth INR2,464.41 crore, according to the documents uploaded on the
FRL website.

Besides, it has also received claims worth INR55.13 crore from
workmen/employees for their dues. The RP has also received claims
from statutory operational creditors, such as ESIC, VAT and GST
departments of INR58.36 crore.

FRL was part of the 19 group companies operating in retail,
wholesale, logistics and warehousing segments, which were supposed
to be transferred to Reliance Retail as part of a INR24,713-crore
deal announced in August 2020.

The deal was called off by the billionaire Mukesh Ambani-led
Reliance Industries Ltd in April. After that FRL committed several
defaults on payments.

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.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.


HOSHIARPUR AUTO: CRISIL Withdraws B Rating on INR5.95cr Loan
------------------------------------------------------------
CRISIL Ratings has Continues the ratings on the bank facilities of
Hoshiarpur Automobiles (HA) to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      3.25         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit         5.95         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Drop Line           5.0          CRISIL B/Stable/Issuer Not
   Overdraft                        Cooperating (Withdrawn)
   Facility            
                                    
   Long Term Loan      1.3          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with HA for
obtaining information through letters and emails dated August 19,
2021 and October 06, 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 HA. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on HA is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
HA to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
HA on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

Set up in 1980 as a partnership firm by Mr. Ajvinder Singh and his
brother, Mr. Iqbal Singh, HA is the sole authorised dealer of MSIL
in Hoshiarpur district, where it has 18 showrooms and service
centres.


INNOVATIVE MICROFINANCE: CRISIL Moves B+ Rating to Not Coop.
------------------------------------------------------------
CRISIL Ratings has migrated the rating on the long-term bank
facilities of Innovative Microfinance For Poverty Alleviation and
Community Transformation (IMPACT) to 'CRISIL B+/Stable; Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term             6.01       CRISIL B+/Stable (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)

   Long Term             3.04       CRISIL B+/Stable (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)

   Long Term             2.52       CRISIL B+/Stable (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)

   Long Term             6.51       CRISIL B+/Stable (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)

   Long Term             1.64       CRISIL B+/Stable (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)
  
   Proposed Long Term   14.78       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with IMPACT for
getting information. CRISIL Ratings requested cooperation and
information from the issuer through letters dated September 8, 2022
and September 13, 2022, apart from telephonic communication.
However, the issuer has continued to be non-cooperative.

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 firm. Such
non-co-operations by a rated entity may be a result of
deterioration in its credit risk profile. The rating with 'issuer
not cooperating' suffix lacks 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 IMPACT, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that the rating
action on IMPACT is consistent with 'Assessing Information Adequacy
Risk'. Based on the last-available information, the rating on the
long-term bank facilities of IMPACT has been migrated to 'CRISIL
B+/Stable; Issuer not cooperating'.

IMPACT, set up in 2004, is a microfinance institution promoted by
World Vision India, a part of World Vision. It is registered under
section 8 of The Companies Act 2013. It is also registered under
the Foreign Contribution Regulation Act and under section 12AA of
the Income Tax Act 1961 as well as under section 80G of the Income
Tax Act 1961. IMPACT is based in Chennai and 99% of its clientele
comprises women entrepreneurs; these women inspire and support each
other in their journey towards self-reliance and economic security
for their families.


J K POLYMERS: CRISIL Withdraws B+ Rating on INR4.5cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of J K Polymers (JKP), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.5         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan            4.5         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JKP for
obtaining information through letters and emails dated September
29, 2021 and October 16, 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 JKP. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JKP is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
JKP to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
JKP on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

JKP was set up in 2006 as a partnership firm by Mr. Ambalal J
Patel, Mr. Bhavesh J Patel, Mr. Iswar J Patel and Mr. Jignesh N
Patel. This Mehsana (Gujarat)-based firm manufactures HDPE/PP bags
such as woven sacks, paper sacks, liner bags and tarpaulin.


JENIOUS CLOTHING: CRISIL Moves D Ratings from Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings of Jenious Clothing Private
Limited (JCPL) to 'CRISIL D/CRISIL D' from 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Rating      -         CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

   Short Term Rating     - ^       CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING')

Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of JCPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating'. However, the company's management has
started sharing the information necessary for a comprehensive
review of the rating. Consequently, CRISIL Ratings is migrating the
ratings to 'CRISIL D/CRISIL D' from 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

The ratings reflect recent delays in the repayment of loans due to
weak liquidity.

The ratings reflect the company's moderate scale of operations in a
highly fragmented industry and weak financial risk profile.
However, the company benefits from the extensive industry
experience of its promoters in the ready-made garments industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate scale of operations in a highly fragmented industry:
Intense competitive pressure, especially from companies in
Southeast Asia, continues to constrain scalability: revenue was
Rs.101.54 crore in fiscal 2022.

* Weak financial risk profile: The Company has weak capital
structure on account of networth erosion. Debt protection metrics
is moderate marked by interest coverage ratio of 1.90 time.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 30 years, and established
relationships with key customers should continue to support
business risk profile.

Liquidity: Poor

Liquidity is Poor, as reflected in delays in the repayment of
loans. The working capital limits are fully utilised. Current ratio
is low at 0.67 times on March 31, 2022.

Rating Sensitivity factors

Downward Factors

* Track record of timely repayment of debt
* Improvement in capital structure

Established in 1995, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.


KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karvy
DigiKonnect Limited (KDK; a part of the Karvy Data Management
Services Ltd (KDMSL) group) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           20         CRISIL C (Issuer Not
                                    Cooperating)

   Term Loan              5         CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KDMSL for
obtaining information through letters and emails dated June 27,
2022 and August 18, 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 KDK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KDK continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has taken a consolidated
view of KDK, along with its subsidiary Digicall Global Pvt Ltd
(DGPL). This is because of operational synergies and inter-party
transactions between these companies, operations handled by a
common management, and fungible cash flows.

KDK, incorporated in 1994, provides a complete range of inbound,
outbound, and back-office service solutions across multiple domains
and industry verticals, such as telecom, banking, financial
services, and insurance, retail, travel, hospitality, and
healthcare.

DGPL, wholly owned by KDK, is an international call centre that
provides inbound and outbound support to its clients.

Incorporated in 2008, Hyderabad-based KDMSL is a stepdown
subsidiary of KSBL. It provides business and knowledge process
services. The company started off as a pure-play back office
service provider and went on to add other verticals, such as
e-governance, banking, telecom, and e-commerce. The company is an
established player for government mandates such as Aadhar, PAN
card, National Population Register, and e-tax deducted at source.
It has strong relationship with several key government departments
and enjoys support from the KDSML group.


KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kharewali
Steel Private Limited (SVIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           35         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVIPL for
obtaining information through letters and emails dated June 27,
2022 and August 29, 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 SVIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr.
Rajesh Grover and Mr. Narendra Sharma. Company is engaged in
trading of MS structural steels (angles, plates, channels TMT bars
etc.) and has started manufacturing of TMT bars.


LAMPSAT MOTORS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Lampsat Motors Private Limited
        1, Shivji Marg
        Westend Greens, NH-8
        New Delhi 110037

Liquidation Commencement Date: September 28, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mr. Chetan Gupta

Interim Resolution
Professional:            Mr. Chetan Gupta
                         604-605, PP City Centre
                         Road No. 44, Pitampura
                         Delhi 110034
                         E-mail: chetan.gupta@
                                 apacandassociates.com
                         Tel: 9818188855

Last date for
submission of claims:    October 27, 2022


MASTER INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Master India
Brewing Co. (MIBC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.5         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan      11.4         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       4.5         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan      11.1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MIBC for
obtaining information through letters and emails dated June 20,
2022 and August 18, 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 MIBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIBC continues to be 'CRISIL D Issuer Not Cooperating'.

MIBC, set up as a partnership firm in fiscal 2010, manufactures
beer. The firm is promoted by Mr. Deepak Burman, Mr. Jitendra
Newatia, Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co
Ltd.


MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Millennium
Business Centre - Nashik (MBC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                           Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term         1         CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Term Loan                  5.7       CRISIL D (Issuer Not
                                        Cooperating)

CRISIL Ratings has been consistently following up with MBC for
obtaining information through letters and emails dated June 27,
2022 and August 29, 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 MBC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBC continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1999, MBC runs its restaurant, Yahoo in Nashik,
Maharashtra. The hotel, being set up with 50 rooms, is also
expected to commence operations at Nashik, in May 2019. Operations
are managed by Mr. Deepak Patil, Mr. Mohan Patil and Mr. Suhas
Patil.


OXYGEN LIFELINE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Oxygen Lifeline Retail Private Limited
        168, Scheme No. 78
        Part 2 Dtr 2168
        Vijay Nagar
        Indore MP 452010
        IN

Liquidation Commencement Date: September 30, 2022

Court: National Company Law Tribunal, Indore Bench

Date of closure of
insolvency resolution process: September 30, 2022

Insolvency professional: Navin Khandelwal

Interim Resolution
Professional:            Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452018
                         E-mail: navink25@yahoo.com
                                 liquidation.oxygen@gmail.com

Last date for
submission of claims:    October 29, 2022


PADMASHRI DR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmashri Dr.
Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited (PDVR)
continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           150        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           150        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      1        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     34.46     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              22.92     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              12.35     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              11.19     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              11.54     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              14.54     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PDVR for
obtaining information through letters and emails dated June 20,
2022 and August 18, 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 PDVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PDVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PDVR continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1950 by the Late Dr Vitthalrao Vikhe Patil, PVVPL is a
co-operative sugar mill in Ahmednagar (Maharashtra). PVVPL
manufactures sugar and allied products, including country liquor,
rectified spirit, and ethanol. The society has recently leased out
a nearby sugar unit with 1,750 tonne crushing per day (TCD) for
eight years. Mr. Sujay R Vikhe Patil is the current chairman.


PATWA AUTOMOTIVE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s Patwa Automotive Private Limited
        Lasudia Mori, Dewas Naka
        A.B. Road
        Indore (M.P.) 452012

Liquidation Commencement Date: September 30, 2022

Court: National Company Law Tribunal, Indore Bench

Date of closure of
insolvency resolution process: September 30, 2022

Insolvency professional: Sajjan Kumar Dokania

Interim Resolution
Professional:            Sajjan Kumar Dokania
                         25, Globus Fab City
                         Near Suyash Hospital
                         Chuna Bhatti, Kolar Road
                         Bhopal (M.P.) 462016
                         E-mail: sajjan_suman@hotmail.com
                                 patwa.cirp@gmail.com

Last date for
submission of claims:    October 30, 2022


PAYARE LAL: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Payare
Lal Sharma (PLS) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Rating      -         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Short Term Rating     -         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PLS for
obtaining information through letters and emails dated July 30,
2022 and August 29, 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 PLS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PLS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PLS to 'CRISIL D/CRISIL D Issuer not
cooperating'.

PLS was formed in 2000 as a proprietor firm of Mr. Payare Lal
Sharma in 2000. The firm constructs roads, bridges and buildings in
Jammu and Kashmir.


SAI SHRADDHA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sai Shraddha Vivek Projects Developers Private Limited
        1, Ram Krupa
        Devji Bhimji Lane
        Mathuradas Road
        Kandivali West
        Mumbai MH 400067
        India

Insolvency Commencement Date: September 30, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 29, 2023

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House
                         1250 Ground Floor
                         Mukherjee Nagar
                         Delhi 110009
                         E-mail: jb@jsba.in
                                 irp.saivivek@gmail.com

Last date for
submission of claims:    October 14, 2022


SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Tools
Engineering Private Limited (STEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STEPL for
obtaining information through letters and emails dated June 20,
2022 and August 29, 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 STEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STEPL continues to be 'CRISIL D Issuer Not Cooperating'.

STEPL was set up in 1996 as a proprietorship firm by Mr. Bhikkan
Singh and was reconstituted as a private limited company in 2004.
The company is managed by Mr. Singh, his wife, and their two sons.
STEPL initially manufactured dyes, paints, and tools for
automobiles and tractors. It has now diversified into manufacturing
external body parts for automobiles and tractors. Its registered
office is in Faridabad (Haryana).


SND LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: SND Limited
        513/A, 5th Floor
        Kohinoor City
        Kirol Road
        L.B.S. Marg
        Kurla (W)
        Mumbai 400070

Insolvency Commencement Date: September 30, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 28, 2023

Insolvency professional: Asish Narayan

Interim Resolution
Professional:            Asish Narayan
                         11A/504, Springleaf Lokhandwala
                         Kandivali (E), Mumbai
                         Maharashtra 400101
                         E-mail: cs.asish@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         603, 6th Floor, Central Plaza
                         166, CST Road
                         Kolivery Village, Vidya Nagari
                         Kalina, Santacruz East
                         Mumbai, Maharashtra 400098
                         E-mail: cirp.snd@gmail.com

Last date for
submission of claims:    October 13, 2022


SS AND COMP: CRISIL Lowers Rating LT/ST Debt Rating to D
--------------------------------------------------------
CRISIL Ratings has downgraded the rating on bank facilities of SS
And Comp Private Limited (SSCPL) earlier as SS & Company (SSC) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.  

                       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')

Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of SSC to CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is downgraded the rating on bank
facilities of SSCPL to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.  

The ratings reflect the delay in servicing of debt obligation due
to weak liquidity, susceptibility to tender-based business and
customer concentration in revenue. These weaknesses are partially
offset by the extensive industry experience of the management with
a long track record in material handling and logistics solution.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligation: The firm has delayed
servicing the interest and principal on its construction equipment
term loan. The company has also been charged penal interest for
bounced cheques due to unavailability of funds in their accounts.

* Susceptibility to tender-based operations: Revenue and
profitability of the firm entirely depend on its ability to win
tenders. Also, entities in this segment face intense competition,
thus requiring to bid aggressively to get contracts.

* Customer concentration in revenue: The risk of customer
concentration persists, with sales to the top two customers -
Hindustan Zinc Limited, Steel Authority of India Limited (SAIL) -
contributing 50-60% of SCC's revenue in fiscal 2022.

Strength:

* Experienced management with a long track record in material
handling and logistics solution: The management have been engaged
in operation and maintenance, waste management solutions and
related auxiliary business for more than two decades. This has
helped them maintain sufficient order book leading to revenue
visibility.

Liquidity: Poor

Bank lines were fully utilized on average in the 12 months through
August 2022. Delays were observed several times in the servicing of
term debt obligation in the last 12 months.

Rating Sensitivity factors

Upward factors:

* Increase in revenue by more than 25% and sustenance of operating
margin, leading to higher cash accrual
* Timely servicing of debt consistently for three months
* Improvement in liquidity profile of the firm

Founded in 2004, SSC (flagship concern of Sethi Group) is engaged
in providing material handling, mining and specialized services
such as placement of trade manpower, industrial housekeeping and
handling waste management. The company is promoted by Mr. Aman
Sethi and is supported by well qualified management.


SSIPL LIFESTYLE: CRISIL Withdraws B+ Rating on INR25.29cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of SSIPL Lifestyle Private Limited (SLS; a part of the SSIPL
group), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &          10        CRISIL B+/Stable/Issuer Not
   Working Capital                  Cooperating (Withdrawn)
   Demand Loan          

   Cash Credit &          19        CRISIL B+/Stable/Issuer Not
   Working Capital                  Cooperating (Withdrawn)
   Demand Loan          

   Cash Credit &          20        CRISIL B+/Stable/Issuer Not
   Working Capital                  Cooperating (Withdrawn)
   Demand Loan          

   Letter of credit      10         CRISIL A4/Issuer Not
   & Bank Guarantee                 Cooperating (Withdrawn)

   Proposed Fund-         5.85      CRISIL B+/Stable/Issuer Not
   Based Bank Limits                Cooperating (Withdrawn)

   Rupee Term Loan       25.29      CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Rupee Term Loan        3.79      CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Rupee Term Loan        4.9       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SLS for
obtaining information through letters and emails dated August 30,
2022, September 7, 2022 and September 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 SLS. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SLS is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SLS to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SLS on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SLS and SSIPL Retail Ltd
(SRL), together referred to as the SSIPL group, as the two
companies have common management, strong business linkages and are
in the same line of business.

                          About the Group

The SSIPL group is a specialty retailer of international sports and
lifestyle brands in India and has diversified into manufacturing,
retailing and distribution.

SRL is the flagship company of the SSIPL group and was established
in 1994 as Moja Shoes Pvt Ltd by Mr. Rishab Soni, Mr. Sunil Taneja
and Mr. Amit Mathur. It manufactures sports shoes for Puma

Lotto and its own brand, Mmojah, and operates several Nike stores.
The facilities are in Haryana, Uttarakhand and Himachal Pradesh.

SLS, incorporated in 2007, retails brands such as Lotto, Levis and
UCB; it also owns multi-brand outlets (Sports Station, Shoetree,
Value Station and Mmojah).


SSIPL RETAIL: CRISIL Withdraws B+ Rating on INR23.2cr Demand Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of SSIPL Retail Limited (SRL; a part of the SSIPL group), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &        23.2        CRISIL B+/Stable/Issuer Not
   Working Capital                  Cooperating (Withdrawn)
   Demand Loan          
                         
   Cash Credit &        19.3        CRISIL B+/Stable/Issuer Not
   Working Capital                  Cooperating (Withdrawn)
   Demand Loan          
           
   Letter of credit     10          CRISIL A4/Issuer Not
   & Bank Guarantee                 Cooperating (Withdrawn)

   Letter of credit      2          CRISIL A4/Issuer Not
   & Bank Guarantee                 Cooperating (Withdrawn)

   Long Term Loan        3.45       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan        8.64       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan       30          CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Fund-       29.41       CRISIL B+/Stable/Issuer Not
   Based Bank Limits                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SRL for
obtaining information through letters and emails dated August 30,
2022, September 7, 2022 and September 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 SRL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SRL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SRL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SRL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SRL and its fully owned
subsidiary, SSIPL Lifestyle Pvt Ltd (SLS), together referred to as
the SSIPL group, as the two companies have common management,
strong business linkages and are in the same line of business.

                          About the Group

The SSIPL group is a specialty retailer of international sports and
lifestyle brands in India and has diversified into manufacturing,
retailing and distribution.

SRL is the flagship company of the SSIPL group and was established
in 1994 as Moja Shoes Pvt Ltd by Mr. Rishab Soni, Mr. Sunil Taneja
and Mr. Amit Mathur. It manufactures sports shoes for Puma Lotto
and its own brand, Mmojah, and operates several Nike stores. The
facilities are in Haryana, Uttarakhand and Himachal Pradesh.

SLS, incorporated in 2007, retails brands such as Lotto, Levis and
UCB; it also owns multi-brand outlets (Sports Station, Shoetree,
Value Station and Mmojah).


SUNLIGHT PULP: CRISIL Lowers Rating on INR14.71cr Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sunlight Pulp & Paper Private Limited (SPPPL) to
'CRISIL D' from 'CRISIL BB-/Stable'.  The rating is driven by
delays in servicing of the term loan by SPPPL.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.29        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan           14.71        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating factors in delayed servicing by SPPPL of term loan
interest and repayment of principal for September 2022 and
below-average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoters in the
industrial paper industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: SPPPL has delayed servicing of term
loan interest and repayment of principal for September 2022 due to
poor liquidity. Further, one monthly installments of the term loans
have been delayed since very long, for that reason penal interests
are charged on continuous basus. Latest EMI delays are in
September-2022. Company has not paid EMI of INR5 lacs around till
date of GECL loan of INR1.58 Cr in September-22 where due date is
15th September,2022. In other two Term loans, EMIs are paid on 17th
September,2022 where due date is 15th September.

* Below-average financial risk profile: Financial risk profile
should remain constrained by low cash accrual. Networth was
negative at INR3.32 crore and total outside liabilities to adjusted
networth ratio negative at 12.70 times as on March 31, 2022. Debt
protection metrics were weak, with interest coverage and net cash
accrual to adjusted debt ratios of -0.90 time and -0.11 time,
respectively, for fiscal 2022.

Strength:

* Extensive experience of the promoters: The promoters have over a
decade of experience in the industrial paper industry; their strong
understanding of market dynamics and healthy relationships with
customers and suppliers should continue to support the business.

Liquidity: Poor

Current ratio was low at 0.80 time as on March 31, 2022. Negative
networth and profitability constrain financial flexibility.
However, need-based funding support from the promoters is expected
to continue.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least three months
* Significant improvement in the financial and liquidity risk
profiles

SPPPL, incorporated in February 2018, manufactures kraft paper at
its facility in Savli, Gujarat. Mr. Dhiraj Patel, Mr. Harilal Patel
and Mr. Vasant Patel are the promoters.


SUPRA PETRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Supra Petro Chemicals Private Limited
        Jegurupadu Village Kadiam Mandel
        Kadiam Guntur AP 533126
        IN

Insolvency Commencement Date: September 29, 2022

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: March 28, 2023

Insolvency professional: Mr. Nethi Mallikarjuna Setty

Interim Resolution
Professional:            Mr. Nethi Mallikarjuna Setty
                         Flat No. 101, Laurel Residency
                         Road no. 18, Pandravati Colony
                         Manikonda Hyderabad
                         Telangana 500089
                         E-mail: malliknethi@gmail.com
                         Mobile: 9963606444

                            - and –

                         Unit 113, 1st Floor
                         Manjeera Trinity Corporate
                         KPHB Phase-3, Kukatpally
                         Hyderabad 500072
                         Telangana, India
                         E-mail: ip.spcpl@gmail.com

Last date for
submission of claims:    October 15, 2022


V HOTELS: NCLT Allows RP to Resume Insolvency Process
-----------------------------------------------------
The Economic Times reports that a bankruptcy court has allowed the
resolution professional of V Hotels to resume the Corporate
Insolvency Resolution Process (CIRP) initiated against the company
and undertake a review of all transactions undertaken the past
three years.

This review will be conducted from the perspective of their being
preferential, undervalued, fraudulent or extortionate, and they
will file appropriate applications with the court against any such
transaction, ET relates. The company owes about INR2,391 crore to
its financial creditors, including INR1,068 crore to secured
financial creditors.

According to the report, the Mumbai bench of the National Company
Law Tribunal (NCLT) has also permitted the resolution professional
to recalculate the fair value and liquidation value of the company
as of Aug. 1, 2022, and use that value for all purposes of the
Insolvency and Bankruptcy Code (IBC).

The company was admitted into the insolvency process in May 2019.
This admission order was set aside by the National Company Law
Appellate Tribunal (NCLAT) on Dec. 11, 2019. However, the Supreme
Court set aside the NCLAT order and as a consequence, the company
has been remitted back to the CIRP.

"We are of the opinion that the applicant (resolution professional)
is duty-bound to perform his obligations as the resolution
professional and is allowed to take appropriate steps to proceed
with the CIRP. The corporate debtor (the company) is liable to be
readmitted into the rigours of CIRP and released from the control
of its directors and management who are at present at the helm of
affairs," ET quotes Justice PN Deshmukh and technical member Shyam
Babu Gautam as saying in the ruling.

The account of Tulip Star Hotels, which along with affiliate firm
Tulip Hotels owns V Hotels in the Juhu area of Mumbai, was declared
non-performing on Dec. 1, 2008. Bank of India, which had led a
consortium of lenders to the company, assigned its receivables to
the asset reconstruction company on December 31st of the same
year.

ET says the Supreme Court has set aside the ruling of the National
Company Law Appellate Tribunal (NCLAT) rejecting Asset
Reconstruction Company (India) Ltd's claim in Tulip Star Hotels'
insolvency case.

In this matter, the appellate tribunal accepted the hotel
operator's claim that the ARC filed its case against the company
under the IBC after the limitation period of three years from the
date of declaring the asset as non-performing.

But in its order from August 1, the Supreme Court noted that Tulip
Star Hotels had asked for more time to pay the arrears. It also
said that the entries of debt in a company's books of account and
balance sheets could be seen as an acknowledgement of the liability
and taken into account when setting the limitation period.

ET adds that the NCLT Mumbai bench in its latest order has also
allowed all stakeholders who had already filed their claims as of
May 31, 2019 to update their claims as of Aug. 1, 2022.

It has also permitted all persons dealing with the company during
the period from Dec. 11, 2019 to Aug. 1, 2022 and having any claims
to file their claims with the resolution professional.


VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibhav Farms
(VF) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        4.57       CRISIL D (Issuer Not
                                    Cooperating)

   Open Cash Credit      2.5        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility    0.82       CRISIL D (Issuer Not
                                    Cooperating)
   Working Capital
   Term Loan             1.11       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VF for
obtaining information through letters and emails dated June 20,
2022 and August 29, 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 VF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VF
continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2013 and based in Hyderabad (Telangana), VF is
engaged in the poultry business and produces hatching eggs. The
firm's poultry farms are located in Medak district, Telangana and
promoted and managed by Mr.Y Pavan Kumar Reddy.


VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VRC Agro
Farms Private Limited (VRC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.7        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.3        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with VRC for
obtaining information through letters and emails dated June 20,
2022 and August 18, 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 VRC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRC continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in
Hyderabad, Telangana by Mr. K Ramakrishna and reconstituted as a
private limited company in 2011, VRC cultivates and trades prawns.




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

FOX HOSPITALITY: Creditors' Proofs of Debt Due on Nov. 5
--------------------------------------------------------
Creditors of The Fox Hospitality Group Limited, Fox & Ferret
Shirley Limited and Fox & Ferret Riccarton Limited are required to
file their proofs of debt by Nov. 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 4, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


INNOVATE CIVIL: Court to Hear Wind-Up Petition on Nov. 11
---------------------------------------------------------
A petition to wind up the operations of Innovate Civil And
Construction Limited will be heard before the High Court at
Auckland on Nov. 11, 2022, at 10:00 a.m.

ICB Retaining & Piling Limited filed the petition against the
company on Sept. 13, 2022.

The Petitioner's solicitor is:

          James McMillan
          Dentons Kensington Swan
          18 Viaduct Harbour Avenue
          Auckland 1010


MANUKA HONEY: Creditors' Proofs of Debt Due on Nov. 28
------------------------------------------------------
Creditors of Manuka Honey NZ Limited are required to file their
proofs of debt by Nov. 28, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 28, 2022.

The company's liquidators are:

          Thomas Lee Rodewald
          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15543)
          Tauranga 3144


RIDS LIMITED: Court to Hear Wind-Up Petition on Oct. 25
-------------------------------------------------------
A petition to wind up the operations of Rids Limited will be heard
before the High Court at Hamilton on Oct. 25, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 25, 2022.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


ZION BUILDERS: Court to Hear Wind-Up Petition on Oct. 25
--------------------------------------------------------
A petition to wind up the operations of Zion Builders Limited will
be heard before the High Court at Hamilton on Oct. 25, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 22, 2022.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton




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

JRE GF: Creditors' Proofs of Debt Due on Nov. 6
-----------------------------------------------
Creditors of JRE GF Food Service Pte. Ltd. are required to file
their proofs of debt by Nov. 6, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2022.

The company's liquidator is:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


MARKETINGQED PTE: Members' Final Meeting Set for Nov. 7
-------------------------------------------------------
Members of Marketingqed Pte. Limited will hold their final meeting
on Nov. 7, 2022, at 10:00 a.m., at 80 Robinson Road, #02-00, in
Singapore.

At the meeting, Lee Wei Hsiung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PRIMEPOINT SERVICES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Primepoint Services Pte. Ltd., on Sept. 30, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SEN YUE: Outgoing CEO, Executive Director Flag Issues with JMs
--------------------------------------------------------------
The Business Times reports that the outgoing chief executive
officer (CEO) and executive director of Sen Yue Holdings have
flagged disagreements with how the Catalist-listed company's
judicial managers managed the affairs of the company.

According to the report, the grouses were made known in separate
bourse filings on Oct. 4 announcing that Neo Gim Kiong, 53, who was
appointed CEO in 2015, and Liew Nyok Wah, 61, who served as
executive director from 2014, will step down from Feb. 4, 2023.

The judicial managers were appointed after DBS, Sen Yue's bank
creditor, applied to the High Court for the waste management group
and its subsidiary, SMC Industrial (SMCI), to be placed under
judicial management, BT discloses. The judicial management orders
lapsed on Aug. 17.

In the latest disclosure, Neo flagged that no resolution came out
of a letter of demand SMCI sent to a company called SYH Resources
in August 2021 for outstanding amounts allegedly payable to SMCI in
relation to the sale of aluminium foil with cobalt and cobalt
powder and a profit-sharing arrangement for supplies from a
supplier, according to the report.

A tripartite agreement was signed between SMCI, SYH Resources and
the supplier, under which the supplier will be repaid in full, but
it did not lead to any resolution between SMCI and SYH Resources,
he said.

Neo suggested that Sen Yue commission a review to obtain a factual
sequence of events and documents leading to the tripartite
agreement.

Meanwhile, Liew raised an issue with an inconsistent classification
of goods to the National Environment Agency (NEA), BT reports.

Related to that, he noted that he made numerous requests for
correspondences between the judicial manager of SMCI and NEA, but
they were not provided, so he was forced to seek clarifications
from NEA directly, BT relays.

Among other issues, he also stated that the sale of goods
instructed by the judicial managers did not follow the company's
protocols. "Queries on the compliance of the protocols were not
answered. The financial impact has not been ascertained due to the
non-compliance," the disclosure read.

BT adds that Liew also said the profitability of the group and
group companies was not disclosed – an issue that could implicate
its white knight – Electroloy Metal – since new shares in the
company were issued to the white knight at a price that is well
below the indicative unaudited net asset value of the group.

Liew has recommended that the Board seek legal advice on whether it
had breached the Securities and Futures Act (SFA) as a result.

According to BT, Sen Yue on Oct. 4 issued a third bourse filing
carrying responses of the judicial managers.

They stated that they had "responded robustly" to disagree that
there was any issue on the classification of goods to NEA, adding
that they had already responded to Liew on this allegation
"previously and on June 30, 2022".

They pointed out as well that NEA had confirmed on Aug 16 that they
found no violations.

BT relates that tthe judicial managers also "strongly disagree"
that there was any non-compliance with protocols, adding that they
had already responded to Liew's allegations "previously and on
March 16, 2022".

They also "firmly disagree" with the SFA allegation, pointing out
that the provision which Liew raised was "irrelevant".

Turning to address Neo's concerns, they said the new controlling
shareholder, Electroloy, has been "amply briefed" on the tripartite
agreement, adding that Sen Yue has control over both SMCI and SYH
Resources.

"In this context, the JM thoroughly disagrees with Mr Neo. The JM
will however leave it to the Board to decide if it is relevant for
the Board to commission such a review," they stated.

Trading of Sen Yue's shares has been suspended since last year.

                       About Sen Yue Holdings

Sen Yue Holdings Limited is an investment holding company. The
Company is principally engaged in three business verticals: e-waste
management solutions, commodities trading, and surface coating and
related services. The Company provides holistic e-waste management
solutions to local and overseas customers. It offers e-waste
management solutions in Singapore to recycle lithium-ion batteries.
The Company's commodities trading and processing business
activities is an extension of its e-waste management business by
creating new value in metal scraps. Its surface coating and related
services offer protection from corrosion and extend the service
life of its customers' products and components, while staying
environmentally friendly.

In April 2021, Sen Yue Holdings and its subsidiary, SMC Industrial
(SMCI), were placed under interim judicial management (IJM).  Chee
Yoh Chuang and Lin Yueh Hung have been appointed as the joint and
several IJMs of Sen Yue and SMCI.



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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

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