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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, December 28, 2022, Vol. 25, No. 253
Headlines
A U S T R A L I A
AARNA ANANTA: Second Creditors' Meeting Set for Jan. 11
COVE TRADING: Second Creditors' Meeting Set for Jan. 5
NEW CHAPTERS: Second Creditors' Meeting Set for Jan. 3
TOURICA TOURS: First Creditors' Meeting Set for Jan. 6
TUNNEL SHOW: First Creditors' Meeting Set for Jan. 3
C H I N A
FUYUAN BEAUTY: Chairmain Gets 16-Year Jail for Fundraising Fraud
XIAMEN 35.COM: Says It Is Branching Into Solar Cells
H O N G K O N G
BANK OF INDIA HONG KONG: $500M Bank Debt Trades at 16% Discount
I N D I A
ANANTHA PVC: ICRA Keeps B Debt Rating in Not Cooperating Category
CLASSIC COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating
GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
GURUKRUPA APPERALS: Insolvency Resolution Process Case Summary
GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
HARMONY FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
I-DZIRE HOSPITALITY: Insolvency Resolution Process Case Summary
JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating
KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating
KHAREWALI STEEL: Insolvency Resolution Process Case Summary
KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating
LOTUS OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHADEV INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MARIGOLD PAINTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MINOX METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating
NUCHEM LIMITED: Insolvency Resolution Process Case Summary
PHARMA TRADERS: Insolvency Resolution Process Case Summary
RAJESHWARANAND PAPER: Insolvency Resolution Process Case Summary
RAM CHARAN: Insolvency Resolution Process Case Summary
RAMALINGESWARA AQUA: ICRA Withdraws B+ Rating on INR6cr Loan
RELIANCE CAPITAL: Hinduja Group Raises Bid to INR9,000cr
RNP MARKETING: Insolvency Resolution Process Case Summary
SAI AKSHAR GRAPHICS: Insolvency Resolution Process Case Summary
SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
SUN ENTERPRISE: ICRA Lowers Rating on INR10cr Cash Loan to B+
SUN PSYLLIUM: ICRA Lowers Rating on INR10cr Cash Loan to B+
SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating
TECHNOKOLLA INDIA: Insolvency Resolution Process Case Summary
UNIK BAZAR: Insolvency Resolution Process Case Summary
VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
VENKATESWARA AQUA: ICRA Withdraws B+ Rating on INR12cr LT Loan
VHM INDUSTRIES: Insolvency Resolution Process Case Summary
YASHWANT SUGAR: Insolvency Resolution Process Case Summary
J A P A N
FTX TRADING: Plans to Sell LedgerX and Foreign Units in Bankruptcy
TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
N E W Z E A L A N D
LADY JOY: Creditors' Proofs of Debt Due on Jan. 26
PAC GROUP: Creditors' Proofs of Debt Due on Jan. 31
P H I L I P P I N E S
PLDT INC: More US Law Firms Probing on Budget Overrun
S I N G A P O R E
EC WORLD: Proposes Debt Repayment Plan, Seeks Deferment
VAULD: Faces Debt-Plan Deadline as Talks With Nexo in Limbo
VEEV INTERACTIVE: Creditors' Proofs of Debt Due on Jan. 29
- - - - -
=================
A U S T R A L I A
=================
AARNA ANANTA: Second Creditors' Meeting Set for Jan. 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Aarna Ananta
Pty Ltd has been set for Jan. 11, 2023 at 11:00 a.m. at the offices
of SV Partners at 22 Market Street in Brisbane.
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 Jan. 10, 2023 at 4:00 p.m.
Terrence John Rose and David Michael Stimpson of SV Partners was
appointed as administrator of the company on Sept. 29, 2022.
COVE TRADING: Second Creditors' Meeting Set for Jan. 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Cove Trading
Pty Ltd has been set for Jan. 5, 2023 at 2:00 p.m. at the offices
of PA Lucas & Co Pty Ltd at Level 3, 247 Adelaide Street in
Brisbane or via Teams or Zoom Webinar.
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 Jan. 4, 2023 at 4:00 p.m.
Peter Anthony Lucas of PA Lucas & Co was appointed as administrator
of the company on Nov. 29, 2022.
NEW CHAPTERS: Second Creditors' Meeting Set for Jan. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of New Chapters
New Beginnings Pty Ltd has been set for Jan. 3, 2023 at 1:30 p.m.
via virtual meeting only.
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 Dec. 30, 2022 at 12:00 p.m.
Melanie Samantha Grohovaz of EMJ Consulting was appointed as
administrator of the company on Dec. 22, 2022.
TOURICA TOURS: First Creditors' Meeting Set for Jan. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tourica
Tours Pty. Ltd. will be held on Jan. 6, 2023, at 11:00 a.m. at the
offices of Hamilton Murphy Advisory at Level 21, 114 William Street
in Melbourne and via virtual meeting technology.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Dec. 22, 2022.
TUNNEL SHOW: First Creditors' Meeting Set for Jan. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tunnel Show
Pty Ltd, Rpay Plus Pty Ltd, and National Australia Payment Pty Ltd
will be held on Jan. 3, 2023, at 12:00 p.m. via webinar facilities
from Level 17, 383 Kent Street in Sydney.
Philip Campbell Wilson and Matthew Byrnes of Grant Thornton
Australia were appointed as administrators of the company on Dec.
20, 2022.
=========
C H I N A
=========
FUYUAN BEAUTY: Chairmain Gets 16-Year Jail for Fundraising Fraud
----------------------------------------------------------------
Caixin Global reports that the owner of a hair salon chain in
eastern China's Jiangsu province was sentenced to 16 years in
prison for illegal public fundraising and fraud involving more than
CNY1 billion (US$143 million).
Caixin Global relates that a court in Nantong found that Fuyuan
Beauty Salon Chain Co. Ltd., which operated 300 stores and
franchised 3,000 other locations in several cities, illegally
raised more than CNY1 billion from the public and employees by
promoting high-return equity investment projects from 2013 to
2019.
XIAMEN 35.COM: Says It Is Branching Into Solar Cells
----------------------------------------------------
Yicai Global reports that shares in Xiamen 35.com Technology surged
by the exchange-imposed limit Dec. 26 after the Chinese developer
of software and online games, which has been losing money for
years, said it plans to invest CNY2.5 billion (USD358.3 million) to
build a solar cell factory as the firm actively seeks out new
streams of revenue.
35.com's share price jumped 20 percent to hit CNY8.75 (USD1.25).
Stocks listed on the Nasdaq-style ChiNext board have a maximum
fluctuation of 20 percent either way each day, as opposed to 10
percent on the main boards, Yicai Global relates.
Yicai Global relates that unit Tianjin 35.Com Mobile Communication
will build a facility for
heterojunction-with-an-intrinsic-thin-layer solar cells with a
yearly capacity of five gigawatts, 35.com said on Dec. 25, citing
the agreement inked with the local government of Danleng county,
under Meishan city in southwestern Sichuan province.
HJT solar cells boast higher energy output compared with
conventional photovoltaic cells, thereby lowering the costs of PV
power generation.
The factory will be built in two stages and should be ready by
December 2024, the Xiamen, southeastern Fujian province-based firm
said. The first phase, costing CNY1 billion (USD143.4 million),
will have an annual output of 2 GW and should be finished before
next December. The second phase, costing CNY1.5 billion, will have
a capacity of 3 GW, Yicai Global relays.
35.com intends to inject CNY272 million (USD39 million) into the
Tianjin unit and introduce 13 investors including PV firm New Hosun
Group which will bring in another CNY300 million, the parent firm
said in a separate statement Dec. 25, according to the report.
35.com's losses nearly tripled in the first three quarters from the
same period last year to CNY20.7 million (USD3 million), while
revenue slumped 2.1 percent to CNY139 million (USD19.9 million),
Yicai Global discloses citing latest earnings report. The firm has
been in loss since 2018.
=================
H O N G K O N G
=================
BANK OF INDIA HONG KONG: $500M Bank Debt Trades at 16% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which State Bank of
India/Hong Kong is a borrower were trading in the secondary market
around 84.1 cents-on-the-dollar during the week ended Friday,
December 23, 2022, according to Bloomberg's Evaluated Pricing
service data.
The $500 million facility is a term loan. It is scheduled to
mature on March 1, 2028.
State Bank of India/Hong Kong provides commercial banking services.
The Company offers loans, deposits, remittances, trade finance,
deposit protection schemes, and online banking services. State Bank
of India of Hong Kong conducts businesses across worldwide. The
Company's country of domicile is Hongkong.
=========
I N D I A
=========
ANANTHA PVC: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Anantha
PVC Pipes Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 7.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Anantha Pvc Pipes Private Limited was founded in 2002 as a
proprietorship concern which was converted to private limited
company in 2006. APPPL is a part of Nandi Group of companies,
promoted by Mr. Sajjala Sreedhar Reddy. The company is engaged in
the business of manufacturing of rigid PVC pipes and fittings with
installed capacity of 12,800 MTPA at its facilities located at
Hampapuram (Andhra Pradesh). The products are widely used in
irrigation, potable water supplies, construction industry, sewerage
and drainage etc. Nandi group, promoted by Shri S.P.Y Reddy, is a
South India based industrial house having diversified business
interest such as cement, dairy, PVC pipes, construction etc.
CLASSIC COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Classic Cotton Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 22.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.40 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2008 as a private limited company, Classic Cotton
Private Limited (CCPL) is engaged in the business of ginning and
pressing of raw cotton and crushing of cottonseeds. The company
mainly produces cotton bales, cottonseeds, cottonseed oil,
cottonseed oil cake and agro waste powder. The company is also
involved in bleaching of grey fabric on job work basis and
manufacturing of White coal (bio coal) by pressing ground nut
shells over fire since April 2016. The manufacturing facility of
the company is equipped with 36 ginning machines and one pressing
machine with an installed capacity to produce 13,600 MT of cotton
bales per annum. CCPL has also installed nine expellers, having
capacity of crushing 10 metric tonne (MT) of cottonseeds per day.
Further, the company has also installed 3 bio coal machines since
April 2016. The company also trades in cotton bales and
cottonseeds.
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of DNP Foods
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 16.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds and
spices, mainly guar gum splits. The company has set up a 12,000
metric tonnes per annum (MTPA) processing plant at Umbergam,
Gujarat, which commenced operations in April 2010. The plant,
equipped with fully automatic machinery, is capable of processing
seeds and spices of upto 99.99% purity. The process involves
sifting, de-stoning, removing metal particles, sorting as per
colour and size, and packaging the processed guar gum splits. Prior
to the commercialisation of the plant in April 2010, DNP was
engaged in the trading of seeds and spices. Mr. Devji N Palani, the
promoter of the company, has more than five decades of experience
in the field of seeds and spice exports, mainly guar gum exports.
He started his career by acting as a commission agent for guar gum
exports through his proprietorship firm, Maharashtra Traders. The
company is closely held by the Palani family and is not listed on
any of the stock exchanges in India.
GRIPWELL FORGING: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Gripwell Forging & Tools
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1948, Gripwell Forging and Tools, a proprietorship
concern, was started by Sardar Kesar Singh and is primarily
involved in the manufacturing and exporting of hand tools, having a
diversified product range under it. Mr. Gunit Singh Rana took over
the concern, acting as the executive director (also the proprietor)
along with Mr. Ajit Singh Rana, acting as the president. In 1998,
Gripwell Forgings & Tools obtained the ISO 9002 System & Procedures
certification. Subsequently, it upgraded to the ISO 9001:2008
Quality System with certifications from Intertek Group PLC.
Products such as Chrome Vanadium Steel Spanners and Steel Vices are
approved for safety and quality by TUV Rheinland-Germany and carry
the coveted GS mark. The concern has different products with
different SKUs under it, constituting primarily of vices, pliers,
pincers, wrenches, spanners, hammers, pipe tools, saw blades,
garden tools etc.
GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of GSR Textiles Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.77 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 4.22 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short-term 1.35 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in December 2005, GSR Textiles Private Limited is
primarily engaged in production of cotton yarn. The company has a
spinning mill located in Nandimpalem village in Guntur district
with an installed capacity of 15,072 spindles per annum. The
company's production facility can produce cotton and bended yarn in
counts ranging from 30s to 60s. The company commenced its
production in December 2006.
GURUKRUPA APPERALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Gurukrupa Apperals Pvt. Ltd.
Plot no. B/36-2, Zaveri Es
Nr. Gajanand Ind Estate
Kathwada, Daskroi
Ahmedabad 382430
Gujarat, India
Insolvency Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: June 12, 2023
Insolvency professional: Sanjay B. Shah
Interim Resolution
Professional: Sanjay B. Shah
B-303, Sanidhya Appt.
3-Marutinagar, Airport Road
Rajkot (Guj.) 360001
India
E-mail: ip@sbhah.in
cirp.gurukrupaaperals@gmail.com
Last date for
submission of claims: December 28, 2022
GURUKRUPA COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Gurukrupa
Cotton & Oil Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Gurukrupa Cotton & Oil Industries (GCOI) was incorporated in 2008
and is engaged in cotton ginning, pressing and crushing business.
The firm has 24 ginning machines, 1 pressing machine and 5
expellers. The management of the firm is handled by Mr. Rajesh,
Mr.Kailash, Mr.Samji and Mr.Amrut along with three other promoters.
The firm's manufacturing facility is located in Tankara (Dist.
Rajkot).
HARMONY FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Harmony Foods Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.62 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 13.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.88 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2004, Harmony Foods Private Limited (HFPL) is
involved in processing of wheat into food products such as maida,
rawa, atta and bran with an installed capacity of 350 TPD. The
manufacturing facility is located at Visakhapatnam. The products
manufactured by the company are primarily consumed in the bakery,
supermarkets etc. The bran is used as feed for livestock and also
included as an ingredient in making fish feed.
I-DZIRE HOSPITALITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s I-Dzire Hospitality Private Limited
145 A/9, Kishangarh
Visant Kunj, New Delhi 110070
Insolvency Commencement Date: December 15, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 13, 2022
(180 days from commencement)
Insolvency professional: Suman Kumar Verma
Interim Resolution
Professional: Suman Kumar Verma
S.K. Verma and Co.
Cost Accountants
RZ-28P/205E, Lane No. 10
Indra Park, Palam Colony
New Delhi 110045
E-mail: idzire.cirp@gmail.com
Last date for
submission of claims: December 29, 2022
JALARAM COTTON: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Jalaram
Cotton Ginning and Pressing Factory in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1993, Jalaram Cotton Ginning and Pressing factory is
a partnership firm engaged in the business of ginning and pressing
of raw cotton to produce cotton bales and cottonseeds. The
manufacturing facility of the firm is located near Vadodra,
Gujarat. The plant is equipped with 25 ginning machines having
capacity to produce 120 bales per day (24 hours operation). The
firm is owned and managed by Mr. Hitesh Thakkar and Mr Nilesh
Patel.
KARTIKEY RESORTS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kartikey
Resorts and Hospitality (P) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Kartikey Resorts and Hospitality Private Limited (KRHPL) was
incorporated in September 2006 and currently runs 22 room hotels,
namely Hotel Rajhans in Manali. KRHPL was also operating a hotel at
Kausauli however it's been closed since January 2015.
KAUSHALYA FIBERS: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shree
Kaushalya Fibers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shree Kaushalya Fibres (SKF) is a partnership firm promoted by the
Tayal family of Sendhwa, Madhya Pradesh and is engaged in cotton
ginning and pressing. The promoters have extensive experience in
the cotton ginning business through other group companies like
Mahesh Ginning Private Limited and Girijashankar Cotton Private
Limited.
KHAREWALI STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kharewali Steel Private Limited
519, Vyapar Bhawan
49, P D'Mello Road
Carnac Bunder, Mumbai
Mumbai City
MH 400009
IN
Insolvency Commencement Date: December 13, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 11, 2023
Insolvency professional: Mr. Mahesh Sureka
Interim Resolution
Professional: Mr. Mahesh Sureka
173, Udyog Bhavan
Sonawala Road
Goregaon East
Mumbai 400063
E-mail: mahesh@mrsureka.com
kharewalisteelpvtltd@gmail.com
Mobile: +919322581414
Last date for
submission of claims: December 31, 2022
KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Khedut
Cotex Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.77 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2015 as a private limited company, Khedut Cotex
Private Limited (KCPL) is engaged in ginning and pressing of raw
cotton. The company's manufacturing unit, located at Jafrabad,
Amreli, is equipped with 48 ginning machines and 1 pressing machine
with an intake capacity of 216 MT per day (considering 22 hours of
operations per day). The commercial operations commenced in
February 2016. The promoters have extensive experience in cotton
industry.
LOTUS OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Lotus Overseas in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.15 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in May 2017, Lotus Overseas (LO) is a partnership firm
promoted and managed by Mr. Manish Pipaliya and Mr. Chhagan
Pipaliya. The firm is involved in processing and trading in
agro-commodities such as groundnuts, sesame and cumin. The firm's
commercial operations commenced from October 2017. Its
manufacturing facility is located at Junagadh in Gujarat. The
promoters have experience of more than a decade in the
agro-commodity sector.
MAHADEV INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahadev
Industries in the 'Issuer Not Cooperating' category. The rating are
denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 22.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Fund Based- 5.00 [ICRA]A4 ISSUER NOT
Inventory COOPERATING; Rating continues
Funding to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Mahadev Industries was established in the year 2000 with Mr. Kapil
Kumar, Mr. Kulbhusan Lal, Mr. Chaand Dhawan, and Mr. Kunal Dhawan
and Mr. Vikas Kumar as its partners. It has an installed milling
capacity of 4 metric tonnes per hour and sorting capacity of 4
metric tones per hour. It is into rice milling of both, basmati and
non-basmati rice while 75% of the revenue derived from basmati and
rest from non-basmati rice.
MANGALORE SEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Mangalore
Sea Products in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Mangalore Sea Products was bought by Mr. Abdul Khader from Mr. H.S.
Nissar on January 28, 2014. It is a partnership firm closely held
by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The firm
manufactures and sells fish meal and fish oil. The firm has a
manufacturing unit at Ullal, Mangalore with capacity to process 200
tonne of fish per day. The firm started its operations in May 2014.
The firm has its corporate office in Mangalore.
MARIGOLD PAINTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Marigold
Paints Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- (0.05) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in April 1987, Marigold Paints Pvt. Ltd. (MPPL) is
engaged in manufacture of industrial paints as well as ancillary
products such as primer, resin, putty, thinner etc. It has also
integrated backwards to manufacture resins, such as alkyd, amino,
poly vinyl butyral resins, which are consumed captively for
manufacture of paints as well as sold to other players. The company
was erstwhile managed by Mr. Bhanu Patel from whom Mr. Davinder
Mittal took over in 2001. In April 2015, Snowcem Paints Private
Limited acquired 51% stake in the company and became a majority
stakeholder.
MINOX METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Minox Metal Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 45.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 20.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2005, Minox Metals Private Limited (MMPL) (formerly
Mysore Steel Suppliers, a proprietorship firm) is involved in
processing and trading of stainless steel sheets and coils in all
major grades, sizes and finishes including high-end architecture
finishes, color etched, embossed and mirror which are primarily
used in elevators and escalators. The company has two
stainless-steel processing units in Bangalore with facilities for
slitting, cuttolength and sheet polishing. The current combined
capacity of the processing plant is 27,000 MTPA (Metric Tons
PerAnnum). The company's stocking and selling units are located at
Bangalore, Ahmadabad, and Chennai. In FY2017, the company has
forayed into trading of stainless steel pipes which find its
application in architecture, furniture and kitchen appliances.
However, revenue contribution from this segment remains minimal.
NOMAX ELECTRICAL: ICRA Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Nomax Electrical Steel
Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 17.33 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.46 [ICRA]C; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was converted into a private limited
company in 2007 and was renamed Nomax Electrical Steel Private
Limited. The company manufactures Cold Rolled Grain Oriented (CRGO)
steel laminations, which are primarily used in making transformers,
stabilisers, etc. The company carries out its operations from its
two units located at Dakhin Hathiara, Kolkata.
NUCHEM LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Nuchem Limited
54, Industrial Area
NIT, Faridabad
Haryana 121001
Insolvency Commencement Date: November 24, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 23, 2023
Insolvency professional: Sandeep Kumar Agrawal
Interim Resolution
Professional: Sandeep Kumar Agrawal
523, Pocket-E
Mayur Vihar Phase-2
National Capital Territory of Delhi
110091
E-mail: ipsandeepagrawal@gmail.com
cirp.nuchem@gmail.com
Last date for
submission of claims: December 8, 2022
PHARMA TRADERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Pharma Traders Private Limited
18/2, Lasudia Mori Dewas Naka
A.B. Road, Indore
MP 452010
Insolvency Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: June 13, 2023
(180 days from commencement)
Insolvency professional: Pratibha Khandelwal
Interim Resolution
Professional: Pratibha Khandelwal
T 5/1001, Rangoli Greens
Maharana Pratap Marg
Panchyawala, Vaishali Nagar
Jaipur 302021, Rajasthan
E-mail: cspratibhak@gmail.com
cirp.pharma@gmail.com
Last date for
submission of claims: December 29, 2022
RAJESHWARANAND PAPER: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Shree Rajeshwaranand Paper Mills Limited
Bharuch, Jhagadia Road
Govali, Gujarat 392022
IN
Insolvency Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Surat Bench
Estimated date of closure of
insolvency resolution process: June 12, 2023
Insolvency professional: CA Vineeta Maheshwari
Interim Resolution
Professional: CA Vineeta Maheshwari
3rd Floor, Reegus Business Centre
New Citylight Road
Above Mercedes Benz Showroom
Bharthana-Vesu, Surat 395007
E-mail: ipvineetak@gmail.com
ip.srpml@gmail.com
Last date for
submission of claims: December 28, 2022
RAM CHARAN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ram Charan Company Private Limited
No. 505, Fifth Floor, Delta Wing
Raheja Towers, Old No. 113-134
New No. 177, Anna Salai
Chennai 600002
Insolvency Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Division Bench-II, Chennai
Estimated date of closure of
insolvency resolution process: June 11, 2023
(180 days from commencement)
Insolvency professional: Kathiresan Nachimuthu
Interim Resolution
Professional: Kathiresan Nachimuthu
'RAJI' 2B1, 3rd Floor, Gaiety Palace
No. 1L, Blackers Road
Mount Road, Chennai 600002
Tamil Nadu
E-mail: cirpcc@gamil.com
Last date for
submission of claims: December 27, 2022
RAMALINGESWARA AQUA: ICRA Withdraws B+ Rating on INR6cr Loan
------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Sri Ramalingeswara Aqua Feeds at the request of the company and
based on the No objection certificate (NOC) received from the
bankers, and in accordance with ICRA's policy on withdrawal of
credit ratings. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable); Withdrawn
Fund Based-
Cash Credit
The Key Rating Drivers, Liquidity Position, Rating Sensitivities
and Key financial indicators have not been captured as the rated
instruments are being withdrawn.
Founded in 1999 as a partnership firm, Sri Ramalingeswara Aqua
Feeds (SRAF) trades in shrimp feed. The feed is procured from AFL
and CPFIPL within Andhra Pradesh. SRAF's registered office is
located in Penuguduru village of East Godavari district in Andhra
Pradesh. The firm's operations are overseen by the Managing
Partner, Mr. Chirla Satyanarayana Reddy, who has been involved in
the aquafeed industry for around two decades. The firm operates
several branches within the East Godavari district in Andhra
Pradesh.
RELIANCE CAPITAL: Hinduja Group Raises Bid to INR9,000cr
--------------------------------------------------------
Livemint.com reports that in a surprising turn of events, the
Hinduja group raised its offer for Reliance Capital's assets to
INR9,000 crore, topping Torrent Group's previous highest bid of
INR8,640 crore, according to two people familiar with the matter.
When bids for Reliance Capital closed on Dec. 21, the Hinduja
group, led by IndusInd International Holdings, was placed second,
with an offer of INR8,110 crore. In its revised offer, the Hinduja
group has offered upfront cash of INR8,800 crore, significantly
higher than the INR4,000 crore offered by the Torrent group, the
people said, requesting anonymity, Livemint.com relays.
During the e-auction held on December 21, Ahmedabad-based Torrent
Group submitted the highest total bid of INR8,640 crore among the
two bidders.
According to Livemint.com, Torrent is offering to pay the lenders
the remaining INR4,640 crore at zero interest over 3, 4, and 5
years.
Livemint.com relates that the auction process for Reliance Capital
has been marked by several twists and turns, with two frontrunners,
Oaktree and the Cosmea-Piramal consortium, withdrawing from the
race at the last minute.
Hinduja's revised bid has caught the Reliance Capital lenders by
surprise as the e-auction process concluded on Dec. 21.
"The Hindujas' bid has come outside of the timeline. If the lenders
agree to this, then Torrent could challenge this in the court, and
this could further delay the resolution process," said the first
official on condition of anonymity.
The National Company Law Tribunal has set January 31 as the
deadline for the resolution of Reliance Capital, the report notes.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.
RNP MARKETING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: RNP Marketing and Cargo Private Limited
Room No. F-203, Nandanvan Apts
Dahanukar Wadi, New Link Road
Opp. Lalji Pada Police Station
Kandivali West, Mumbai 400067
Maharashtra
Insolvency Commencement Date: December 16, 2022
Court: National Company Law Tribunal, Mumbai Bench, Court-I
Estimated date of closure of
insolvency resolution process: June 14, 2023
(180 days from commencement)
Insolvency professional: Mr. Jitender Kothari
Interim Resolution
Professional: Mr. Jitender Kothari
702, Orchid A Wing
Evershine Park CHS
Off Veera Desai Road
Andheri (West)
Mumbai 400053
E-mail: jitenderkothari@rediffmail.com
irp.jitenderkothari@gmail.com
Last date for
submission of claims: December 30, 2022
SAI AKSHAR GRAPHICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sai Akshar Graphics Private Limited
220 Hiranandi Ind. Estated
Opp. Kanjur Marg Railway Station
Kanjur Marg, Mumbai
Maharashtra 400078
Insolvency Commencement Date: December 16, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
Insolvency professional: Mr. Ashish Vyas
Interim Resolution
Professional: Mr. Ashish Vyas
B-1A Viceroy Court CHS
Thakur Village (East)
Mumbai Suburban
Maharashtra 400101
E-mail: ashishvyas2006@gmail.com
- and -
A-402 Suashish IT Park
Dattapada Road
Borivali (East)
Mumbai 400066
E-mail: cirp.sagpl@gmail.com
Last date for
submission of claims: December 30, 2022
SHREERAM AND SONS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Shreeram
and Sons in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (3.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2012, Shreeram and Sons (SAS) is an apparel
manufacturing firm, which caters to both the export and the
domestic markets. It manufactures and exports apparels to the US,
Korea and European countries. It specialises in manufacturing of
shirts and bottom wear for all age groups and for both men and
women. It procures fabric from customerapproved suppliers based in
India. It then partners with the client to design the product or
manufactures the same based on the specifications provided by the
customer.
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Siddarth
Intercrafts Private Limited in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]C/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term/ 7.50 [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term– COOPERATING; Rating Continues to
remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies' garments, kids
garments, scarfs and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercraft Private Limited. The factory is geared up to
deliver 2 million Garments annually. The company is engaged in
manufacturing and trading of garments primarily for women (such as
kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants,
leggings & salwar kameez).
SUDHIR AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Sudhir
Agro Oils Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 16.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1993, SAOPL is engaged in the trading of edible
oils. It trades primarily in Crude Palm Oil, Mustard Oil, Cotton
Seed Oil, Sunflower Oil and Soya Oil. The company does not have any
warehousing facility for storage of traded products. The promoter
Mr. Prem Kumar's family has been involved in the edible oil trading
business for three generations.
SUN ENTERPRISE: ICRA Lowers Rating on INR10cr Cash Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Sun
Enterprise, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 10.00 [ICRA]B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating downgraded
From [ICRA]BB- (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Fund Based– 2.00 [ICRA]B+ (Stable) ISSUER NOT
Standby Limit COOPERATING; Rating downgraded
from [ICRA]BB- (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Fund Based–
Packing Credit 10.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating Continues
To remain under issuer not
cooperating category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sun Enterprise performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
As part of its process and in accordance with its rating agreement
with Sun Enterprise, ICRA has been trying to seek information from
the entity so as to monitor its performance and ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due but despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Established as a partnership firm in 1995, Sun Enterprise is
promoted by members of the Patel family, who have extensive
experience in the agro-commodity business. The firm manufactures
psyllium husk from psyllium seeds (Isabgol), and also trades in
fennel seeds, cumin seeds and other agro commodities.
SUN PSYLLIUM: ICRA Lowers Rating on INR10cr Cash Loan to B+
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Sun
Psyllium Industries, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 10.00 [ICRA]B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating downgraded
From [ICRA]BB- (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Fund Based– 2.00 [ICRA]B+ (Stable) ISSUER NOT
Standby Limit COOPERATING; Rating downgraded
from [ICRA]BB- (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Fund Based– 10.00 [ICRA]A4; ISSUER NOT
Packing Credit COOPERATING; Rating Continues
To remain under issuer not
cooperating category
Rationale
The rating downgrade is because of lack of adequate information
regarding Sun Psyllium Industries performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade As part of its process and in
accordance with its rating agreement with Sun Psyllium Industries,
ICRA has been trying to seek information from the entity so as to
monitor its performance and ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.
Established as a partnership firm in 1989, Sun Psyllium Industries
is promoted by members of the Patel family, who have extensive
experience in the agro-commodity business. The firm manufactures
psyllium husk from psyllium seeds (Isabgol), and also trades in
fennel seeds, cumin seeds and other agro commodities. The partners
are also associated with Sun Enterprise, which is also involved in
the similar business.
SURAT WOVENSACKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Surat Wovensacks
Industries LLP in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in October 2015, Surat Wovensacks Industries LLP
(SWIL), manufactures high density poly ethylene and poly propylene
(HDPE & PP) woven fabrics (laminated and non-laminated). The firm
started its commercial operations in August 2016 from its
manufacturing facility at Magrol, in Surat, with an installed
capacity to manufacture 3960 Metric Tonnes (MT) fabrics. The firm
is managed by Mr. Anil Pugliya and Mr. Harjeet Singh Chhabra In
FY2017, the company on a provisional basis reported a net loss of
INR0.70 crore on an operating income of INR10.96 crore.
TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Tamilnadu State Transport
Corporation (Kumbakonam) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 24.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
TNSTCK, headquartered in Kumbakonam and wholly owned by GoTN,
provides passenger transport services to many districts in Tamil
Nadu. Its operating network spans across Ariyalur, Karur,
Nagapattinam, Perambalur, Pudukottai, Ramanathapuram, Sivagangai,
Thanjavur, Thiruvarur, Tiruchirapalli and Karaikal regions. As on
March 31, 2018, TNSTCK had a fleet of 3,350 buses operating in 1850
routes daily through 60 depots, employing around 23,500 personnel.
The average effective distance covered per day is close to 16.3
lakh kilometres, carrying about 27.9 lakh passengers.
TECHNOKOLLA INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Technokolla (India) Private Limited
1/1, Unnat Nagar No. 1
Opp. M.G. Road
Goregaon (W), Mumbai 400042
Insolvency Commencement Date: December 17, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
Insolvency professional: Sandeep Kr Bhatt
Interim Resolution
Professional: Sandeep Kr Bhatt
83B, Pocket-IV
Mayur Vihar Phase-I
Delhi 110091
E-mail: skbmica@gmail.com
cirp.technokolla@gmail.com
Last date for
submission of claims: Decembner 31, 2022
UNIK BAZAR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Unik Bazar Limited
A-213, Ground Floor
Shanti Gopal Chambervikas Marg
Shakarpur Delhi, East Delhi
Delhi 110092
Insolvency Commencement Date: November 24, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: June 17, 2023
Insolvency professional: Anish Agarwal
Interim Resolution
Professional: Anish Agarwal
605A, R.S. Tower
Circular Road
Lalpur, Ranchi
Jharkhand 834001
E-mail: ip.cispl@gmail.com
rp.unikbazar@gmail.com
Last date for
submission of claims: January 2, 2023
VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Vanshika
Sugar & Power Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 14.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The company Vanshika Sugar and Power Industries Limited (VSPIL),
incorporated in 2012, is engaged in the business of manufacturing
of White Crystal Sugar and sale of its by-product. The company's
cane processing plant is at Narsinghpur in Madhya Pradesh with an
installed capacity of 2,500 tonnes of canes crushed per Day (TCD).
VENKATESWARA AQUA: ICRA Withdraws B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Sri Venkateswara Aqua Culture at the request of the company and
based on the No objection certificate (NOC) received from the
bankers, and in accordance with ICRA's policy on withdrawal of
credit ratings. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable); Withdrawn
Fund Based-
Cash Credit
The Key Rating Drivers, Liquidity Position, Rating Sensitivities
and Key financial indicators have not been captured as the rated
instruments are being withdrawn.
Founded in 2000 as a partnership firm, Sri Venkateswara Aqua
Culture (SVAC) tradesin shrimp feed from AFL and CPFIPL within
Andhra Pradesh. The registered office is located in Penuguduru
village of East Godavari district in Andhra Pradesh. The firm's
operations are overseen by the Managing Partner, Mr. Chirla
Satyanarayana Reddy, who has been involved in the aquafeed industry
for around two decades. The firm operates several branches within
the East Godavari district in Andhra Pradesh.
VHM INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. VHM Industries Limited
614-616, Floor-6, Shah & Nahar Industrial Estate
Laxminar Singh Papan Marg
Off Dr. E. Moses Road
Worli Mumbai City
Maharastra 400018
IN
Insolvency Commencement Date: December 16, 2022
Court: National Company Law Tribunal, Mumbai, Maharashtra Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
(180 days from commencement)
Insolvency professional: Sunil Kumar Agarwal
Interim Resolution
Professional: Sunil Kumar Agarwal
Tower 6/603, Devnandan Heights
Near Podar School
New CG Road, Chandkheda
Ahmedabad, Gujarat 382424
E-mail: ANIL91111@hotmail.com
- and -
G/805, Akruti Orchid Park
Sakinaka, Andheri East
Mumbai 400072
E-mail: cirp.vhm@gmail.com
Last date for
submission of claims: January 2, 2023
YASHWANT SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Yashwant Sugar and Power Private Limited
Plot No. 350, Vasant Market Yard Sangli
Sangli MH 416416
Insolvency Commencement Date: December 16, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
(180 days from commencement)
Insolvency professional: Mr. Kamal Kishor Gurnani
Interim Resolution
Professional: Mr. Kamal Kishor Gurnani
Flat No. 402, Building No. 23E
Palazzio CHS Ltd.
Mahada Housing Society
Powai, Mumbai 400076
E-mail: kamalgurnaniip@gmail.com
- and -
Unit No. 101, Kanakia Atrium-2
Cross Road 'A', Chakala MIDC
Andheri East, Mumba 400059
E-mail: cirp.ysppl@rirp.co.in
Last date for
submission of claims: December 30, 2022
=========
J A P A N
=========
FTX TRADING: Plans to Sell LedgerX and Foreign Units in Bankruptcy
------------------------------------------------------------------
FTX Trading has moved to put several of its businesses on the
auction block, including LedgerX, its Japanese and Singaporean
cryptocurrency exchanges, and its European digital assets and
derivatives business.
Prior to the filing of their chapter 11 cases, the Debtors operated
one of the largest cryptocurrency exchanges in the world (through
the FTX.com platform), operated a U.S. exchange for spot trading in
digital assets and tokens (through FTX US), operated quantitative
trading funds specializing in crypto assets (through Alameda
Research LLC and its affiliates) and conducted diverse private
investment and other businesses.
On Nov. 19, 2022, the Debtors announced that as part of the chapter
11 process, they would be launching a strategic review of their
global assets to begin maximizing recoverable value for
stakeholders. Based on their preliminary review, the Debtors own
or control a number of subsidiaries and assets that are regulated,
licensed and/or largely not integrated into the Debtors'
operations, within and outside of the United States. The Debtors
believe a number of these entities have solvent balance sheets,
independent management and valuable franchises. It is a priority of
the Debtors to explore sales, recapitalizations or other strategic
transactions with respect to such subsidiaries and assets.
By this Motion, the Debtors seek approval of bid procedures for,
and the sale of, these businesses of the Debtors, in each case,
including any associated contracts, rights or other property of the
Debtors:
* Embed Business: Non-Debtor Embed Financial Technologies Inc.,
a Delaware corporation, together with its wholly-owned non-Debtor
subsidiary, Embed Clearing LLC, a Delaware limited liability
company, operate a correspondent clearing and custody platform that
provides registered investment advisors, broker-dealers and other
financial institutions with APIs and brokerage services. Embed
Technologies was acquired in September 2022 by WRS, which continues
to directly own 100% of the common stock of Embed Technologies.
Embed Clearing is registered with the U.S. Securities and Exchange
Commission as a clearing broker-dealer and is a member of the
Financial Industry Regulatory Authority, Inc. ("FINRA"), The Nasdaq
Stock Market LLC, Investors Exchange LLC, The Depository Trust
Company, the National Securities Clearing Corporation and the
Options Clearing Corporation. The Debtors are soliciting bids for
the disposition of 100% of the common stock of Embed Technologies
held by WRS;
* LedgerX Business: Non-Debtor LedgerX LLC, a Delaware limited
liability company, is a digital currency futures and options
exchange and clearinghouse regulated by the Commodity Futures
Trading Commission (the "CFTC"). LedgerX offers and clears
futures, options and swaps contracts on digital assets and other
commodities primarily for U.S. persons and is registered with the
CFTC as a Designated Contract Market ("DCM"), Derivatives Clearing
Organization ("DCO") and Swap Execution Facility ("SEF"). LedgerX
was acquired in October 2021 by WRS, which continues to indirectly
own 100% of the interests of LedgerX through a holding company,
Debtor Ledger Holdings Inc., a Delaware corporation. The Debtors
are soliciting bids for the disposition of 100% of the interests in
LedgerX held by Ledger Holdings;
* FTX Japan Business: Debtor FTX Japan Holdings K.K., a Japanese
company, is the holding company for its wholly-owned subsidiaries
Debtor FTX Japan K.K. ("FTX Japan"), which operates a registered
cryptocurrency exchange providing residents of Japan the ability to
trade crypto and crypto derivatives, and Debtor Quoine Pte Ltd.
("FTX Singapore"), which operates a cryptocurrency exchange in
Singapore under exemption while its license application is being
processed, among certain other subsidiaries with limited
operations. FTX Japan is subject to the regulatory supervision of
the Financial Services Agency of Japan (the "JFSA") and is
registered as a Crypto-Asset Exchange Service Provider and Type I
Financial Instruments Business Operator. Previously known as
Liquid Group Inc., FTX Japan Holdings was acquired in April 2022 by
FTX Trading, which continues to directly own 100% of the equity
interests of FTX Japan Holdings. The Debtors are soliciting bids
for the disposition of the FTX Japan Business, which may involve a
sale of 100% of the interests in FTX Japan Holdings held by FTX
Trading or separate sales of 100% of the interests in FTX Japan or
FTX Singapore held by FTX Japan Holdings; and
* FTX Europe Business: Debtor FTX Europe AG, a Swiss corporation
limited by shares, is the holding company for a number of operating
and non-operating subsidiaries constituting the Debtors’
European digital assets and derivatives business (not including the
Debtors’ crypto exchange). FTX Europe provides a technology
platform and exchange for crypto and equity derivatives trading for
EU institutional and retail investors and offers single asset
derivative contracts linked to equities or crypto assets, as well
as index-based futures contracts. FTX Europe's Cyprus subsidiary,
Debtor FTX EU Ltd., holds a license (currently suspended) as an
investment firm allowing it to provide its services in the European
Union member states, and has opted into the United Kingdom's
Temporary Permission Regime. FTX Europe's UAE subsidiary, Debtor
DAAG Trading, DMCC, is regulated as an exchange in Dubai (license
currently suspended). Formerly Digital Assets DA AG, FTX Europe
was acquired by FTX Trading in November 2021, which continues to
directly own 100% of the equity interests of FTX Europe. The
Debtors are soliciting bids for the disposition of the FTX Europe
Business, which may involve a sale of 100% of the interests in FTX
Europe held by FTX Trading or sales of stock and/or assets of FTX
Europe and/or its subsidiaries.
For organizational purposes, the Debtors consider the Embed
Business and the LedgerX Business as part of the "WRS Silo", and
the FTX Japan Business and the FTX Europe Business as part of the
"Dotcom Silo", as described in the First Day Declarations.
Since the commencement of the Chapter 11 Cases, each of the
Businesses has experienced regulatory pressures which merit an
expeditious sale process. The Debtors and/or the Businesses have
been in active conversations with a number of regulators for the
Businesses, including FINRA with respect to Embed, the CFTC with
respect to LedgerX's registrations as a DCM, SEF and DCO, the JFSA
with respect to FTX Japan, and the Swiss Financial Market
Supervisory Authority ("FINMA") and the Cyprus Securities and
Exchange Commission ("CySEC") with respect to FTX Europe. The
licenses held by FTX Europe have been suspended along with its
operations, and FTX Japan is subject to business suspension and
business improvement orders. The longer operations are suspended,
the greater the risk to the value of the assets and the risk of a
permanent revocation of licenses.
In addition, each of the Businesses has experienced significant
customer and employee attrition pressures. Customer and employee
attrition is likely as long as the companies are owned by the
Debtors. The Debtors believe that a sale to an approved buyer may
allow the Businesses to continue and/or restart operations as going
concerns and, as a result, maximize the value of the Businesses to
the Debtors' estates.
Because each of the Businesses was acquired by the Debtors fairly
recently, but before the Debtors commenced the Chapter 11 cases,
the Businesses have each operated on a generally independent basis
from the Debtors' other operations, holdings and investments. Each
of the Businesses has maintained segregated customer accounts. In
addition, each of the Businesses has a separate management team
from the Debtors' other businesses, Embed, LedgerX and FTX Europe
each maintain separate IT systems and Embed, FTX Europe and FTX
Japan Holdings each maintain separate headquarters. The relative
independence of each of the Businesses' operations from the
remainder of the Debtors' core business operations make a potential
sale process for each of the Businesses relatively less complex.
Since the commencement of the FTX Chapter 11 cases and the
announcement of the Debtors' strategic review of certain assets,
there has been significant interest expressed by third parties in
acquiring the Businesses. Having received dozens of unsolicited
inbound inquiries for the Businesses, the Debtors anticipate that a
broader marketing process will yield multiple offers for the
purchase of the Businesses. Considering the interest expressed by
third parties in the Businesses, the value of the Businesses and
the other rationales for selling the Businesses on an expeditious
timeline, the Debtors have determined that pursuing one or more
sales (the "Sale(s)") of the Businesses is important to preserve
and maximize the value of the Debtors' estates. No final decision
has been made to sell any of the Businesses, and any Sale will be
subject to the approval of the independent directors of the Debtors
as well as the approval of the Court.
To ensure that each of the Businesses is sold for the highest or
otherwise best bid(s), the Debtors have developed bid and auction
procedures to govern the sale of the Businesses. The Debtors
submit that the Bid Procedures are reasonable and designed with the
objective of generating the greatest level of interest in, and best
value for, the Businesses and that the time periods proposed in the
Bid Procedures will provide all parties with sufficient time and
information to formulate competitive bids for each of the
Businesses, while ensuring that the sale occurs in an expeditious
manner that preserves and maximizes the value of the Businesses.
The Debtors further submit that the Bid Procedures and the other
relief requested herein satisfy the requirements of section 363 of
the Bankruptcy Code and will facilitate the sale of the Businesses
for the highest or otherwise best value for the benefit of all of
the Debtors' stakeholders through a fair, open and transparent
process.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein and
Alexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve as
the Debtors' counsel.
Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.
Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.
Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.
TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on November 25, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Toyobo Co., Ltd.
Headquartered in Osaka, Osaka, Japan, Toyobo Co., Ltd. manufactures
and sells natural and synthetic fibers.
=====================
N E W Z E A L A N D
=====================
LADY JOY: Creditors' Proofs of Debt Due on Jan. 26
--------------------------------------------------
Creditors of Lady Joy Home Limited and Living Well Nominees Limited
are required to file their proofs of debt by Jan. 26, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2022.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
PAC GROUP: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------
Creditors of The Pac Group Limited are required to file their
proofs of debt by Jan. 31 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 15, 2022.
The company's liquidator is:
Mohammed Tazleen Nasib Jab
Liquidation Management Limited
PO Box 50683
Porirua 5240
=====================
P H I L I P P I N E S
=====================
PLDT INC: More US Law Firms Probing on Budget Overrun
-----------------------------------------------------
BusinessWorld reports that more US law firms said that they would
investigate, on behalf of investors, possible violations by PLDT
Inc. of federal securities laws after it disclosed a P48-billion
budget overrun.
According to BusinessWorld, New York-based Kirby McInerney LLP
announced on Dec. 23 that it was "investigating potential claims
against PLDT."
PLDT, a Philippine telecommunications company, has shares of common
stock listed on the Philippine Stock Exchange and American
Depositary Shares listed on the New York Stock Exchange.
"The investigation concerns whether PLDT and/or certain of its
officers have violated the federal securities laws and/or engaged
in other unlawful business practices," Kirby McInerney LLP said in
a statement.
US law firm Kirby McInerney LLP focuses on cases involving
securities, antitrust, whistleblower, and consumer litigation.
On Dec. 20, Robbins Geller Rudman & Dowd LLP also announced an
investigation into "potential violations" of federal securities
laws by the Pangilinan-led company, BusinessWorld relays.
BusinessWorld relates that the investigation would focus on
"whether PLDT and certain of its top executive officers made false
and misleading statements and/or failed to disclose material
information to investors," the law firm said in a statement.
Robbins Geller Rudman & Dowd LLP describes itself as "one of the
world's leading complex class action firms representing plaintiffs
in securities fraud cases."
PLDT disclosed on Dec. 16 a PHP48-billion budget overrun
representing about 12.7% of its PHP379-billion capital expenditure
(capex) over the past four years, BusinessWorld recalls.
According to BusinessWorld, the company said that it was
undertaking a management reorganization process and had initiated
improvements in its processes and systems to address weaknesses.
"The price of PLDT shares declined by $6.35, or approximately
23.69%, from $26.81 per share to close at $20.46 on Dec. 19," the
law firm of Kirby McInerney LLP said.
In the Philippines, PLDT shares closed 19.35% lower at PHP1,192
apiece on Dec. 19.
The law offices of Glancy Prongay & Murray LLP, Howard G. Smith,
Frank R. Cruz, Johnson Fistel LLP, and The Schall Law Firm have all
announced that they would look into PLDT, BusinessWorld notes.
About PLDT
PLDT Inc. (NYSE:PHI), formerly Philippine Long Distance Telephone
Company, -- https://main.pldt.com/ -- provides telecommunications
services across the fiber optic, cellular and fixed-line networks.
The company offers cellular services, wireless broadband, voice
services, and data services. It also provides a range of fixed-line
services, including local exchange, international long-distance,
data and other networks, and miscellaneous services. The company
markets its services through various brands, including TNT,
SmartBro, Sun Broadband, PLDT, Smart, and Sun Cellular. It offers
these services to corporate, retail, and SME clients. The company
has a business presence in the Philippines, British Virgin Islands,
Cayman Islands, and Singapore.
PLDT Inc.'s working capital deficit was PHP150,343 million at
December 31, 2021. The deficit was PHP126,099 million as of
December 31, 2020.
At December 31, 2021, the Company had total current assets of
PHP73,931 million and total current liabilities of PHP224,274
million. At December 31, 2020, the Company had total current
assets of PHP87,438 million and total current liabilities of
PHP213,537 million.
=================
S I N G A P O R E
=================
EC WORLD: Proposes Debt Repayment Plan, Seeks Deferment
-------------------------------------------------------
The Business Times reports that the manager of EC World Real Estate
Investment Trust is currently in discussions over a proposed debt
repayment plan for existing onshore and offshore bank loans.
The Reit may risk defaulting on its loan obligations should the
manager and its lenders fail to come to an agreement by Dec. 31,
2022, it was announced in a bourse filing on Dec. 26, BT relates.
Under the proposed debt repayment plan, EC World Reit's sponsor
will finance part of a mandatory repayment due by Dec. 31, with the
remainder deferred to the first quarter of 2023, according to the
report.
The mandatory payment due Dec. 31 represents some 25 per cent of
the Reit's outstanding onshore and offshore loans.
BT notes that the latest proposal is on the back of continued
delays to divestment plans of two Chinese logistics assets, to the
tune of some CNY2.03 billion (SGD392.7 million). Part of the
divestment proceeds were earmarked for the Reit to repay its
outstanding loans.
According to BT, EC World Reit's manager said the delay in
completing the divestment was due to the Covid-19 situation in
China.
"The lenders are in the process of obtaining the relevant internal
approval for the repayment plan," said the Reit's manager in the
filing.
"The manager expects an outcome by Dec 31, 2022, and will update
unitholders with the details relating to the repayment plan in due
course."
EC World Real Estate Investment Trust is a Singapore-based real
estate investment trust (REIT). The Company is engaged in investing
principally, directly or indirectly, in a diversified portfolio of
income-producing real estate which is used primarily for
e-commerce, supply-chain management and logistics purposes, as well
as real estate-related assets, with an initial geographical focus
on the People's Republic of China (the PRC). It operates through
three segments: Port logistics, Specialized logistics and
E-commerce logistics. Its portfolio comprises eight properties
located in Hangzhou and Wuhan, the PRC, with an aggregate net
lettable area of over 960,461 square meters. Its properties include
Fu Heng Warehouse, Stage 1 Properties of Bei Gang Logistics, Wuhan
Meiluote, Hengde Logistics, Chongxian Port Investment, Chongxian
Port Logistics, Fu Zhuo Industrial and Fuzhou E-Commerce. The
Company is managed by EC World Asset Management Pte. Ltd.
VAULD: Faces Debt-Plan Deadline as Talks With Nexo in Limbo
-----------------------------------------------------------
Bloomberg News reports that acquisition talks between crypto
lenders Nexo and Vauld haven't yet resulted in an agreement, as
Vauld stares down a Jan. 20 deadline to present a restructuring
plan to creditors.
Discussions with Nexo "had unfortunately not come to fruition,"
Vauld wrote on Dec. 26 in an email to creditors, Bloomberg relays.
According to Bloomberg, Nexo said that it had submitted a revised
proposal for the acquisition to Vauld on Dec 2. In a letter to
Vauld creditors, it cited "challenges" during the months of talks,
including "defamation" and "the spread of misinformation on social
media."
"We remain dedicated to offering the creditors the most favorable
recovery path forward," Nexo wrote. "Nexo is determined to continue
working for the benefit of the creditors and to support the
development of the blockchain ecosystem."
Vauld and Nexo entered talks about a deal in July after
Singapore-based Vauld froze withdrawals and hired advisers to
explore a potential restructuring, Bloomberg recall.
Bloomberg says crypto lending has been devastated this year amid
the collapse of entities like hedge fund Three Arrows Capital and
the FTX/Alameda empire. Celsius Network, Voyager Digital and
BlockFi are among firms that have filed for bankruptcy.
One stumbling block to an agreement is Nexo's announcement on Dec.
5 that it would phase out service in the US, Bloomberg notes.
Bloomberg relates that Vauld said more than 40 per cent of its US
customers wouldn't have full access to the benefits of the
acquisition, and that Nexo hasn't responded to questions about the
issue.
Vauld is a Singapore-based crypto lending and trading platform.
Vauld was founded in 2018 by Darshan Bathija and Sanju Kurian to
enable crypto investors earn and borrow cryptocurrencies using
their own assets. The start-up is backed by popular investors
including Coinbase Ventures, PayPal co-founder and billionaire
investor Peter Thiel's Valar Ventures, CMT Digital, Gumi Cryptos,
Robert Leshner and Cadenza Capital.
As of July 2022, Vauld had assets worth around $330 million and
liabilities worth $400 million, Moneycontrol disclosed.
VEEV INTERACTIVE: Creditors' Proofs of Debt Due on Jan. 29
----------------------------------------------------------
Creditors of Veev Interactive Pte. Ltd. are required to file their
proofs of debt by Jan. 29, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 19_, 2022.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
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