/raid1/www/Hosts/bankrupt/TCRAP_Public/230309.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, March 9, 2023, Vol. 26, No. 50
Headlines
A U S T R A L I A
ALLEGIANCE COAL: March 10 Deadline Set for Panel Questionnaires
ALLEGIANCE COAL: Wins Cash Collateral Access Thru March 24
BECKCON COMMERCIAL: Second Creditors' Meeting Set for March 10
BNY TRUST 2023-1: Moody's Assigns (P)B2 Rating to AUD4.6MM F Notes
FARM FRESH: First Creditors' Meeting Set for March 10
MACKAY CONSOLIDATED: Second Creditors' Meeting Set for March 8
MALIVER PTY: Investors, Caddick's Parents in Court Battle
MRS CLUCKS: Second Creditors' Meeting Set for March 10
NEWAY HOLDINGS: First Creditors' Meeting Set for March 9
C H I N A
SUNAC CHINA: To Publish Offshore Debt Revamp Plan by Month's End
I N D I A
AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
APEX BUSINESS: Insolvency Resolution Process Case Summary
DUFLON INDUSTRIES: CARE Lowers Rating on INR30cr LT/ST Loan to D
G. NAGESWARAN: CARE Keeps D Debt Rating in Not Cooperating
GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating
GOPINATH DAIRY: Insolvency Resolution Process Case Summary
HARSHA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
JAYPEE INFRATECH: NCLT OKs Suraksha Group's Bid to Acquire Firm
KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating
LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating
RELIANCE CAPITAL: Torrent Moves SC Over NCLAT 2nd E-Auction Order
RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
RELIANCE INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
S A MULLA: CARE Keeps C Debt Rating in Not Cooperating Category
S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
SAHA BUILDESTATES: Insolvency Resolution Process Case Summary
SBS TRANSPOLE: CARE Keeps D Debt Ratings in Not Cooperating
SIGMA-C INFRASTRUCTURE: Insolvency Resolution Process Case Summary
STARLITE JEWELS: Insolvency Resolution Process Case Summary
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
SUNSTRIKE TELECOM: Insolvency Resolution Process Case Summary
TETRAHEDRON LABORATORIES: Insolvency Process Case Summary
M A L A Y S I A
SAPURA ENERGY: High Court OKs Court-Convened Meetings Within 3 Mos
[*] MALAYSIA: Amendments to Insolvency Act to be Tabled Next Month
N E W Z E A L A N D
BLVCK VINTAGE: Court to Hear Wind-Up Petition on March 10
CALVARY SHEETMETALS: Creditors' Proofs of Debt Due on March 29
LATITUDE NEW ZEALAND 2021-1: Fitch Affirms 'BBsf' Rating on E Notes
OLD WAIROA: Creditors' Proofs of Debt Due on April 10
PEG APME: Court to Hear Wind-Up Petition on March 10
SV BUILDING: Creditors' Proofs of Debt Due on March 21
P A K I S T A N
PAKISTAN: Assurance Needed on Financing Balance of Payments Gap
S I N G A P O R E
HB GLASS: Court to Hear Wind-Up Petition on March 24
KARLAVE GENERAL: Court to Hear Wind-Up Petition on March 31
YANGZIJIANG SHIPPING: Court to Hear Wind-Up Petition on March 17
S R I L A N K A
SRI LANKA: IMF Board Poised to Approve US$2.9 Billion Bailout
- - - - -
=================
A U S T R A L I A
=================
ALLEGIANCE COAL: March 10 Deadline Set for Panel Questionnaires
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Allegiance Coal USA
Limited.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3ISlxGj and return by email it to
Timothy Fox -- Timothy.Fox@usdoj.gov -- at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Friday, March 10, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Allegiance Coal USA Limited
Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.
Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.
ALLEGIANCE COAL: Wins Cash Collateral Access Thru March 24
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Allegiance Coal USA Ltd. and its debtor-affiliates to use cash
collateral on an interim basis in accordance with the budget.
The Debtors require the use of cash collateral to, among other
things, fund the orderly continuation of their business, maintain
the confidence of their customers and vendors, pay their operating
expenses, and preserve their going-concern value.
As previously reported by the Troubled Company Reporter, as of the
Petition Date, the majority of the Debtors' liabilities consists of
senior secured funded indebtedness.
On May 24, 2022, Debtor ACUSA and non-Debtor AHQ entered into the
Convertible Note Agreement with Collins St Convertible Notes Pty
Ltd ACN 657 773 754, as trustee for The Collins St Convertible
Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the
Collins Note Agreement, ACUSA issued to the Prepetition Lender two
tranches of convertible notes:
(i) Tranche 1, with a face value of $30.7 million, and
(ii) Tranche 2, with a face value of $12.157 million.
As of the Petition Date, the aggregate principal amount outstanding
under the Collins Notes is approximately AUD42.857 million.
On October 26, 2020, NECC entered into the Promissory Note in favor
of Cline Mining Corporation in the amount of $35.120 million. The
Cline Note has a maturity date of July 1, 2030.
As of the Petition Date, the aggregate principal amount outstanding
under the Cline Note was approximately US$26 million.
As adequate protection, Warrior Met Coal Land, LLC and the
prepetition lender are granted replacement liens on the proceeds of
the Debtors' mineral leases and unencumbered assets, as well as
superpriority claims.
Warrior Met Coal Land, LLC also has valid, perfected security
interests, liens, or mortgages on the Debtor's cash collateral.
The Debtors' right to use cash collateral pursuant to the Interim
Order will terminate on any of the following:
a. March 24, 2023 (without prejudice to future or amended
orders granting extensions of such date); or
b. Any of the following happens in respect of the Debtors'
chapter 11 cases: (i) appointment of a chapter
11 trustee or examiner, or (ii) conversion of the cases to
chapter 7.
A copy of the order is available at https://bit.ly/41KUcP0 from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3msv1k9 from
PacerMonitor.com.
The Debtor projects total cash flow, on a weekly basis, as
follows:
$333,000 for the week ending March 10, 2023;
$2,073,000 for the week ending March 17, 2023; and
$1,871,000 for the week ending March 24, 2023.
About Allegiance Coal USA Limited
Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.
Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.
BECKCON COMMERCIAL: Second Creditors' Meeting Set for March 10
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Beckcon
Commercial Pty Ltd has been set for March 10, 2023 at 11:00 a.m. at
Level 11, 385 Bourke Street in Melbourne and via virtual meeting
technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 7, 2023 at 5:00 p.m.
Brent Leigh Morgan and Neil Stewart McLean of Rodgers Reidy were
appointed as administrators of the company on Feb. 3, 2023.
BNY TRUST 2023-1: Moody's Assigns (P)B2 Rating to AUD4.6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by BNY Trust Company of Australia Limited, as trustee
of Shift 2023-1 Trust.
Issuer: Shift 2023-1 Trust
AUD128.4 million Class A Notes, Assigned (P)Aaa (sf)
AUD25.4 million Class B Notes, Assigned (P)Aa2 (sf)
AUD10.6 million Class C Notes, Assigned (P)A2 (sf)
AUD7.0 million Class D Notes, Assigned (P)Baa2 (sf)
AUD11.4 million Class E Notes, Assigned (P)Ba2 (sf)
AUD4.6 million Class F Notes, Assigned (P)B2 (sf)
The AUD12.6 million of Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of commercial
equipment loans and leases originated by Shift Financial Pty Ltd
("Shift", formerly known as Get Capital Pty Ltd, and ACN 601 158
507 Pty Ltd, a subsidiary of Shift Financial Pty Ltd). Shift will
act as servicer of the transaction. This is Shift's inaugural
public ABS transaction.
Shift is an Australian SME lender providing, unsecured term loans,
working capital facilities, asset finance and trade payment
solutions to Australian businesses since 2014. As of December 31,
2022 Shift has lent circa $2.1 billion.
RATINGS RATIONALE
The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Shift as servicer; and the presence of
BNY Trust Company of Australia Limited as a standby servicer.
According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Shift is a relatively
new originator, with historical default data for its equipment
commercial loan book only available from 2016 and for its unsecured
business loans and line-of-credit facilites from 2015. As such, the
pool's performance could be subject to greater variability than the
observed data indicates.
The transaction's key features are as follows:
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 35.80%, 23.10%, 17.80%, 14.30%, 8.60%
and 6.30% of note subordination, respectively.
Once stepdown conditions (Class A to F) are satisfied, all notes,
excluding the Class G Notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 45%
subordination to the Class A Notes and no unreimbursed charge-offs.
Once stepdown criteria (Class G) are satisfied, all notes,
including the Class G Notes, will receive their pro-rata share of
principal. Step-down criteria G include all stepdown criteria and a
Class F subordination requirement of at least double the Class F
Notes Subordination Percentage at close.
A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortization of the portfolio.
BNY Trust Company of Australia Limited (BNY) is the back-up
servicer. If Shift is terminated as servicer, BNY will take over
the servicing role in accordance with the standby servicing deed
and its back-up servicing plan. BNY has delegated the standby
servicer function to Verofi, a specialist third-party standby
servicer, however BNY retains legal responsibility for the standby
servicer's contractual obligations.
Key portfolio features are as follows:
The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 1.0%.
The portfolio has a high yield of 10.5% which provides excess
spread to cure portfolio losses.
Heavy commercial vehicle loans are the largest component making up
49.2% of the portfolio, intangible tertiary assets such as
installations and fitouts are the second largest component making
up 14.9% of the portfolio.
Key model assumptions:
Moody's base case assumptions are a portfolio loss rate of 6.50%,
and a portfolio credit enhancement ("PCE") - representing the loss
that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario - of 38.00%.
To address the limited historical loss data on Shift's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
FARM FRESH: First Creditors' Meeting Set for March 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Farm Fresh
Foods Pty Ltd and Freshable Pty Ltd will be held on March 10, 2023,
at 10:00 a.m. and 10:30 a.m. respectively, via Microsoft Teams.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on March 1, 2023.
MACKAY CONSOLIDATED: Second Creditors' Meeting Set for March 8
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Mackay
Consolidated Industries Pty Ltd has been set for March 8, 2023 at
11:00 a.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 March 7, 2023 at 4:00 p.m.
Robert Smith and Keith Crawford of McGrathNicol were appointed as
administrators of the company on Nov. 2, 2022.
MALIVER PTY: Investors, Caddick's Parents in Court Battle
---------------------------------------------------------
ABC News reports that investors who were left out of pocket by
Melissa Caddick have appointed a representative and barrister to
contest the alleged fraudster's parents in a court battle over a
Sydney property.
Since Ms. Caddick disappeared in November 2020 amid an
investigation into a multi-million-dollar Ponzi scheme, receivers
have been untangling a web of finances and assets she left behind,
the report says.
ABC News says the 49-year-old's Dover Heights home, in Sydney's
east, was last year sold for AUD9.8 million, however the fate of
another property in Edgecliff has presented far more complicated
legal questions.
According to the report, Barbara and Ted Grimely, Ms Caddick's
parents, claim in court documents they contributed nearly AUD1.1
million to pay down the mortgage on the AUD2.25 million property,
where they lived since 2017.
A dispute has arisen as to whether proceeds from the Dover Heights
sale should be used to pay off the Edgecliff mortgage, and also
whether the Edgecliff property is among the assets to be used to
pay back investors.
ABC News relates that Barrister Vanessa Whittaker SC, representing
the receivers, on March 8 told the Federal Court the overwhelming
majority of 55 out-of-pocket investors have now voted to appoint a
representative, known as "Investor A", to act for all of them.
They also voted to distribute any funds from Edgecliff on a
"pari-passu" - or equal footing - basis, the court heard.
Ms. Whittaker said there were now "two camps"; out of pocket
investors "versus" the Grimleys.
This avoids possible disagreements between the investors about
rights to a particular pool of funds, due to the timing of their
investment.
According to ABC News, Barrister Nicholas Owens SC now acts for
Investor A and requested his client be joined as an interested
person in the proceedings.
"We say the utility of us being here is unquestionable," the report
quotes Mr. Owens as saying. "We should be in the same position as
the Grimleys, we are participating in the same dispute on opposite
sides of the ledger."
ABC News notes that Justice Brigitte Markovic gave the parties
until late April to exchange written submissions in support of
their respective positions about the Edgecliff property.
Ms. Caddick is alleged to have stolen some AUD23 million from
investors before she vanished.
The findings of an inquest into her disappearance and suspected
death are due to be handed down on April 27, the report notes.
As reported in the Troubled Company Reporter-Asia Pacific,
following a successful Australian Securities and Investments
Commission application, the Federal Court on Dec. 15, 2020, ordered
the appointment of receivers to the property of Melissa Louise
Caddick and provisional liquidators to Maliver Pty Ltd.
The federal court previously ruled that Ms. Caddick was operating
her financial services firm Maliver without having an Australian
financial services license.
MRS CLUCKS: Second Creditors' Meeting Set for March 10
------------------------------------------------------
A second meeting of creditors in the proceedings of Mrs Clucks Pty
Ltd has been set for March 10, 2023 at 9:00 a.m. at the offices of
Pilot Partners at Level 10, 1 Eagle 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 March 9, 2023 at 5:00 p.m.
Bradley Vincent Hellen of Pilot Partners was appointed as
administrators of the company on Feb. 3, 2023.
NEWAY HOLDINGS: First Creditors' Meeting Set for March 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Neway Holdings Pty. Limited;
- NT ACT Pty Ltd;
- NT Queensland Pty Ltd;
- N.T. Southaus Pty Ltd;
- NT Vic Pty Limited; and
- NT Westaus Pty Ltd
will be held on March 9, 2023, at 11:00 a.m. at the offices of BRI
Ferrier via virtual meeting technology.
Peter Paul Krejci and Andrew John Cummins of BRI Ferrier were
appointed as administrators of the company on Feb. 27, 2023.
=========
C H I N A
=========
SUNAC CHINA: To Publish Offshore Debt Revamp Plan by Month's End
----------------------------------------------------------------
Yicai Global reports that troubled Chinese property developer Sunac
China Holdings has reportedly received the support of its main
offshore creditors over a US dollar bond restructuring plan that
will likely be published by the end of the month.
In the restructuring plan, Sunac proposed to issue new US dollar
notes on the offshore market to replace the USD9.1 billion existing
ones and extend the maturity by between two and nine years, The
Paper reported on March 7, citing sources at the Beijing-based
firm, Yical Global relays.
According to the report, Sunac's Hong Kong-listed shares suspended
trading almost one year ago after the developer got stuck in a debt
crisis. By the end of 2021, the company owed CNY1.05 trillion
(USD150.7 billion), with a liability ratio of 89 percent, Yicai
Global discloses citing the long-delayed 2021 earnings report
released on Dec. 9, last year.
The creditors can apply to make proportional partial or complete
conversions of their US dollar bonds to shares of Sunac or its unit
Sunac Services Holdings, according to the plan. Sunac's Chairman
Sun Hongbin will still own 30 percent of the company's shares after
the restructuring, remaining its controlling shareholder.
With regards to Sunac's domestic debts, creditors of its subsidiary
Sunac Real Estate Group earlier voted to roll over 10 onshore bonds
worth CNY16 billion, with an weighted average extension period of
3.5 years.
Sunac has not yet disclosed its 2022 interim report, the report
notes. But according to February's sales data released on March 6,
the company realized sales of about CNY10.9 billion (USD1.6
billion) last month, bringing the total in the first two months of
the year to CNY18.1 billion.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn Sunac China
Holdings Limited's Ca corporate family rating and its C senior
unsecured ratings. Prior to the withdrawal, the rating outlook was
negative. Moody's has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.
=========
I N D I A
=========
AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AJR Infra &
Tolling Limited (AITL) formerly known as Gammon infrastructure
Projects Limited (GIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE has been seeking information from GIPL to monitor the
rating(s) vide e-mail communications/letters dated November 11,
2022, November 1, 2022 & October 22, 2022 among others and numerous
phone calls. However, despite repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
The rating on AITL.'s bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on December 6, 2021 the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
* Key Rating Weaknesses Ongoing delays in servicing of debt
Obligations: As per the interaction with the lender, there are
on-going delays and defaults in the servicing of debt obligations
and overdraws in fund-based cash credit limits owing to strained
liquidity position of the company. As per FY21 audit report
(standalone and consolidated), there are defaults at standalone
level as well as in various SPVs (Special Purpose Vehicles) where
the accounts are classified as non-performing accounts (NPA) and
some of the SPVs are undergoing Insolvency Resolution Process
(IRP). During FY20, the consolidated revenue of AITL declined to
INR395 crore as compared to INR526 crore in FY19 mainly on account
of subdued performance of Vizag port, shortage of supply of bagasse
during FY20 leading to lower power generation as well as poor toll
collections in the MP road project and RGBL. Besides, the
operations at the SPVs levels are stressed on account of delayed
execution and stalled projects along with debt burden leading to
constrained liquidity position of the company.
AITL, formerly known as (Gammon Infrastructure Projects Limited
(GIPL)) is an infrastructure project development company, promoted
by Gammon India Limited (GIL) (CARE D/ INC), one of the largest
construction companies in India. Incorporated in 2001, AITL
undertakes the development of infrastructure projects on a
public-private partnership (PPP) basis under separate
project-specific Special Purpose Vehicles (SPVs), having presence
in project development, project advisory and sector-specific
operations and maintenance. AITL is publicly listed entity on both
recognized stock exchanges i.e BSE and NSE and its presence is
pan-India with two decades of experience and technical expertise in
the multi-purpose infrastructure segments with diverse portfolio
across Roads, Power and Port sectors. The company is presently
engaged in the development of various infrastructure projects in
sectors like transportation, energy and urban infrastructure
through several special purpose vehicles (SPVs). It is also engaged
in carrying out operation and maintenance (O&M) activities for the
transportation sector projects. The current portfolio of the
Company comprises of four operational assets into Power, Ports and
Road and six projects under different stages of development with
majorly into Road projects. The Company's projects are spread
across seven states in India.
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aleph
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 30,
2021, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 15, 2022, November 25, 2022, December 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aleph Enterprises (AE) was established in 1996 as a proprietorship
concern for processing and exports of cashew. Mrs. Leelama John is
the proprietor. The operations are also supported by her husband
Mr. John. M. George. The firm owns three processing units located
in Mampuzha, Puthensagatm and Villur in Kerala with a combined
installed capacity of 2000 MT (80 kg per bag). All the three
processing units are semi-automated. APE also purchases and sells
cashew kernel from other processing units in Kerala when the
particular variety ordered by customers is not available with APE
and to fulfil the demand of customers in a timely manner. Some of
the cashew varieties processed is white wholes (W180, W210, W240,
W280, W320, and W450), butts, splits, pieces, small pieces, baby
bits etc. The products are packed in 25 and 50 pounds packs and
then into cartons and exported depending upon the requirement of
customers.
ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Angle
Infrastructure Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 24,
2021, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 9, 2022, November 29, 2022, February
23, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in April 30, 2010, Angle Infrastructure Private
Limited (AIPL) is engaged in the development of residential/group
housing project in Gurgaon (Haryana). AIPL is a part of Delhi based
Krrish Group, which has interests in liquor business in Delhi,
Haryana, Bihar, Jharkhand, U.P. and real estate business in
Gurgaon, Faridabad and Delhi in India and Colombo in Sri Lanka. The
group is present in liquor business for over three decades through
Frost Falcon Distilleries Limited. The group entered the real
estate business in 2011 by launching its first ultra -luxury
project Provence Estate (under Jasmine Buildmart Pvt. Ltd. (JBPL),
a 10 lsf residential project in Gurgaon.
APEX BUSINESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Apex Business Services Private Limited
26 Ground Floor
Linkway Estate, Link Road
Malad West, Mumbai 40064
Maharashtra
Insolvency Commencement Date: February 17, 2023
Estimated date of closure of
insolvency resolution process: August 16, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Anil Kashi Drolia
Park Side-1, Raheja Estate
Kulupwadi, Near National Park
Borivali-East, Mumbai 400066
Email: anildrolia.ip@gmail.com
- and -
203B, Arcadia Building
2nd Floor, Nariman Point
Mumbai 400021
Email: apex.cirp@gmail.com
Last date for
submission of claims: March 6, 2023
DUFLON INDUSTRIES: CARE Lowers Rating on INR30cr LT/ST Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Duflon Industries Private Limited (DIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.03 CARE D; Revised from CARE BB;
Facilities Stable
Long Term/ 30.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Revised from
Bank Facilities CARE BB; Stable/CARE A4
Short Term Bank 10.35 CARE D Revised from CARE A4
Facilities
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of DIPL
takes into consideration the qualification made by the auditors in
their audit report FY22 mentioning that there are delays in
repayment of principal and interest amount in case of multiple
lenders for period ranging from 1 to 24 days.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in liquidity position and delay free track record for
minimum period of three consecutive months.
Analytical approach: Standalone
Key weaknesses
* Delays in debt servicing: CARE Ratings has taken cognisance of
multiple instances of delays with various lenders as mentioned in
the audit report for FY22. The operating profitability has declined
to 10.65% in FY22 as compared to 13.55% in FY21 owing to rise in
input costs. During FY22, the company reported losses of INR 6.53
crores as compared to net gain of around 4.00 crores in FY21 owing
to write down of value of investments in unrelated business as well
as due to losses sustained owing to natural calamity.
Liquidity - Poor
The liquidity is marked as poor as average working capital limits
remain utilised to around 90-95% during the last twelve months
ended January 2023 as confirmed with the lenders.
Incorporated in the year 1988, DuFlon Industries Private Limited is
a leading processor of fluoropolymers, wherein it processes various
polymers, elastomers and manufactures products using stainless
steel through investment and sand casting methods. The company is
promoted by Mr. Shailesh Mehta (currently Chairman) and led by Mr.
Rajendra Bhatt (currently Managing Director). The corporate office
is located in Mumbai (Maharashtra) and has presence in overseas
markets through its subsidiaries and marketing offices. The
manufacturing units are located at Mahad (Raigad, Maharashtra) and
Kalol (Gandhinagar, Gujarat). The products manufactured by the
company has applications in various industries namely chemical
processing, oil, electrical and gas & petrochemical,
semi-conductor, medical & pharmaceutical, food & beverage, water &
environmental, automotive, hydraulic, laboratory equipment,
construction, pulp & paper, mining, general engineering.
G. NAGESWARAN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.
Nageswaran (GN) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 5,
2022, placed the rating(s) of GN under the 'issuer non-cooperating'
category as GN had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GN continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 21, 2022, December 1, 2022, December 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tamil Nadu based, G. Nageswaran (GN) was established as a
proprietorship firm in 1985 by Mr. G. Nageswaran he is a clause 1
contractor. GN is engaged in civil construction works like
construction of road, bridges, drains, culverts etc. related to
Tamil Nadu Public Works Department (TNPWD) and Chennai Corporation
Department (CCD) in the state of Tamil Nadu.
GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gali
Jagadish Chandra Prakash (GJCP) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.53 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 23,
2021, placed the rating(s) of GJCP under the 'issuer
non-cooperating' category as GJCP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GJCP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2022, November 18, 2022, November
28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, Gali Jagadish Chandra Prakash was established
as a proprietorship firm in the year 2002 and is
promoted by Mr. G. Jagadish Chandra Prakash. The firm is engaged in
providing ware housing services (lease/rental basis) to Andhra
Pradesh State Civil Supplies Corporation Limited (APSCSCL) under
the name of 'Jagadish Warehousing Corporation'. The warehouse is
built on total land area of 30 acres comprising of 2 warehouses
having a cumulative storage capacity of 10,000 MT and 18,000 MT
(proposed).
GOPINATH DAIRY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gopinath Dairy Products Private Limited
Plot no D-14/2 MIDC TTC Industrial Area
Turbhe, Thane MH 400614
Insolvency Commencement Date: February 9, 2023
Estimated date of closure of
insolvency resolution process: August 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Brijendra Kumar Mishra
Flat No. 202, 2nd Floor
Bhoj Bhavan, Plot No 18-D
Chembur, Mumbai 400071
Email: mishrabk1959@gmail.com
- and -
I-21/22, Paragon Centre
Pandurang Budhkar Marg
Worli, Mumbai 400013
Email: gopinathdairy.cirp@gmail.com
Last date for
submission of claims: March 2, 2023
HARSHA INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harsha
International (HI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE has been seeking information from HI to monitor the rating
vide email dated October 16, 2022, January 2, 2023, January 20,
2023, and February 8, 2023. However, despite repeated requests, the
firm has not provided requisite information for monitoring of
rating.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating of bank facilities of Harsha International (HI) factors
in continuing on-going delays in servicing its debt obligations due
to stretched liquidity position. As per term loan statements
received from the firm for the period August 2021 to November-2021,
delays are observed and lender has charged penal interest to the
firm towards the same. The rating also continues to be tempered by
small scale of operations and constitution of entity as the
partnership firm.
Analytical approach: Standalone
Detailed description of the key rating drivers
At the time of last rating on January 6, 2022 the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
* Ongoing delays in servicing debt obligations: The firm has
ongoing delays in servicing its debt obligations during the period
from August 2021 to November 2021. The delays is on account of
stretched liquidity position coupled with the slowdown in the
hospitality business amid Covid-19.
* Small scale of operations: The firm's commercial operations
started in January 2019 and it has registered a turnover of INR4.32
Cr in the FY21(Prov.) which is its first year of operations,
however total operating income has been lower when compared to the
expectations on account of lockdown due to covid -19.The hotel was
not operational in the first wave till mid of July 2020 and in the
second wave till July 2021.
* Constitution of entity as the partnership firm: The firm being a
partnership firm is exposed to inherent risk of capital withdrawal
by partners due its nature of constitution. Any substantial
withdrawals from capital account would impact the net worth and
thereby the gearing levels. However, in FY21(Prov.) the partners
have infused around INR0.63 Cr.
Key Rating Strengths
* Tie up with Concept Hospitality Private Limited (The Ferns
Hotels) for management of hotel operations: Harsha International
(HI) has entered an agreement with Concept Hospitality Private
Limited (The Ferns Hotel) to manage the day-to-day operations of
the hotel for 15 years and thereafter renewable with mutual consent
of parties hereto for further 15 years based on mutually agreed
conditions. HI will provide all the facilities for the operation of
hotel. The business model is based on the profit sharing between
the parties. The firm will make payment of interest and principal
on term loan through escrow account from the associate concern wind
mill projects.
Liquidity: Poor
Liquidity is marked by tightly matched accruals to repayment
obligations and low cash and bank balance of INR 0.06 crore as on
March 31, 2021 (Prov.). The firm has availed GECL loans of INR6.64
Cr in order to meet its operational liabilities effected due to
covid-19.
Harsha international (HI) was established in the year 2015. It is
promoted by is promoted by Mr Maharudrappa along with his spouse Ms
Annapurneswari. It operates hotel and restaurant in the name of
"Harsha The Fren" hotel in Shivamogga Karnataka having 88 rooms and
it offers he hotel offers a multi cuisine restaurant, lounge bar,
meeting & banquet halls with modern amenities for conferences and
social events.
IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Transportation Networks Limited (ITNL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2,241.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 890.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 230.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 225.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 390.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 425.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 250.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 27, 2019,
placed the ratings of ITNL under the 'issuer non-cooperating'
category as ITNL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating factors in continued delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 4, 2022 the following were the
rating strengths and weaknesses:
Key weaknesses
* Delay in debt-servicing obligations: As per disclosures on stock
exchanges, there have been continuous delays in servicing of debt
obligations. CARE has also not received NDS since June 2018.
Financial Services Financial Services Finance Holding Company IL&FS
Transportation & Networks Limited (ITNL) incorporated in 2000, is a
part of the IL&FS group. It is involved in the development,
operations and maintenance of surface transportation infrastructure
projects encompassing national and state highways, roads, tunnels,
flyovers and bridges with expertise in development of Build Operate
Transfer (BOT) road projects. ITNL also renders services in the
areas of project advisory and management, supervisory in the
capacity of lenders' engineer, operation and maintenance (O&M) and
toll collection services. On a standalone basis, ITNL has incurred
a loss (including other comprehensive income) of INR 974.57 crore
for FY20 and has net liabilities of INR 14859.70 crore for FY20. As
per FY20 audited report, matter is still pending with NCLT.
JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagadeesh
And Shashirekha (JS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 29,
2021, placed the rating(s) of JS under the 'issuer non-cooperating'
category as JS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 14, 2022, November 24, 2022, December 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jagadeesh And Shashirekha (JS) refers to Joint Borrowers namely Mr.
Jagadeesh and Smt. Shashirekha Jagadeesh. The said individuals have
come together to lease two ware houses with an aggregate area
189000 sq. ft. build-up area at Nelamangala Taulk, Bangalore which
has been leased out.
JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayaram
Textiles (JT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.36 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.18 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 5,
2022, placed the rating(s) of JT under the 'issuer non-cooperating'
category as JT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 21, 2022, December 1, 2022, December 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jayaram Textiles (JT) was established as a partnership firm in 1985
by Mr. P.M. Thirumoorthy, Mr. P.M. Balasubramaniam and Mr. P.M.
Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its weaving
operations to the current levels. The firm procures raw materials
from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The
present installed capacity is 12,000 spindles, 150 power looms and
32 suzler looms. The firm produces yarn in counts of 32's, 40's and
60's which is used for its own fabric production. The fabric
produced by JT finds application in linen, curtains etc. The firm
sells the fabric to a number of distributors and agents in the
markets like Tirupur, Jaipur, Ahmedabad, Mumbai, Kolkata and New
Delhi, who in turn sells the fabric to linen and garment
manufacturing units.
JAYPEE INFRATECH: NCLT OKs Suraksha Group's Bid to Acquire Firm
---------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT),
which was scheduled to govern on the Mumbai-based Suraksha group's
bid to acquire Jaypee Infratech Ltd through the insolvency process
on March 7, has authorised the group's bid to acquire the insolvent
Jaypee Infratech Ltd and complete construction about 20,000 flats
across various projects in the national capital region.
"Pursuant to Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (LODR) and in accordance
with the requirements of Schedule III, this is to inform that the
matter along with related matters is further listed for
order(s)/appropriate directions before Hon'ble National Company Law
Tribunal, Principal Bench, New Delhi on 7th March, 2023." said
Jaypee Infratech Ltd on March 6 in a regulatory filing,
Livemint.com relays.
On November 22 of last year, the tribunal had reserved its decision
regarding a petition submitted by the Jaypee Infratech Ltd. (JIL)
resolution professional asking for approval for Suraksha group's
bid to wrap up roughly 20,000 flats across numerous abandoned
projects in Noida and Greater Noida, Livemint.com recalls.
More than three months after the hearing concluded and the
resolution plan was adopted by a two-member Principal bench of the
NCLT under the direction of President Ramalingam Sudhkar.
In a regulatory filing, Jaypee Infratech Ltd informed that the
matter is "further listed for order(s)/appropriate directions
before Hon'ble National Company Law Tribunal, Principal Bench, New
Delhi on 7th March 2023," according to the report.
Livemint.com says the Committee of Creditors (CoC), which is made
up of banks and homebuyers, gave the Suraksha group authorization
to acquire JIL in June 2021. 20,000 homebuyers who had been
waiting to move into their flats in halted projects now had
optimism after the CoC's judgement. In August 2017, the JIL
corporate insolvency resolution procedure (CIRP) got underway.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis. The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway. The Healthcare business segment includes
hospitals. The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.
On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
KHANAPUR TALUKA: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khanapur
Taluka Co-Operative Spinning Mills Limited (KTCSML) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.31 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 23,
2021, placed the rating(s) of KTCSML under the 'issuer
non-cooperating' category as KTCSML had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KTCSML continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 8, 2022, November 18,
2022, November 28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
KTCSML is a not-for-profit co-operative society established in
1974. The society is engaged in the business of cotton spinning
with its sole manufacturing unit of spread over an area of 1 acre
located in Khanapur, Maharashtra.
LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi Oil
And Vanaspati Private Limited (LOVPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 28,
2021, placed the rating(s) of LOVPL under the 'issuer
non-cooperating' category as LOVPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LOVPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 13, 2022, December 3,
2022, February 21, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April
2003 as a private limited company. The company is engaged in
business of manufacturing of refined oil. The company also has a
packaging unit for the packaging the oil into pouch, tin, jar and
bottle for supply to distributors. The company primarily caters to
the wholesalers and suppliers of packaged refined oil. It holds the
FSSAI compliance certificates. The company also sells refined and
blended rice bran oil under the brand name of 'Parv' which is sold
by a distribution network in the rural markets of eastern Uttar
Pradesh, Madhya Pradesh and Bihar.
PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The
Panoramic Gateway (TPG) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.24 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 14,
2022, placed the rating(s) of TPG under the 'issuer
non-cooperating' category as TPG had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TPG
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2022, January 10, 2023, January 20,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The Panoramic Gateway (TPG) was established as a proprietorship
concern by Ms. Sona Bennett in December 2014. Ms. Sona Bennett, the
proprietor, has about 15 years of experience in hospitality
industry. The firm runs a resort which is located at Munnar, Kerala
and has facilities like helipad, swimming pools, restaurants, beer
and wine parlor, a large sitting area and 51 furnished rooms. The
resort is categorized as 'Five Star-Unofficial'.
RELIANCE CAPITAL: Torrent Moves SC Over NCLAT 2nd E-Auction Order
-----------------------------------------------------------------
Financial Express reports that Torrent Group has moved the Supreme
Court against the National Company Law Appellate Tribunal's (NCLAT)
order that permitted holding of an extended auction for Reliance
Capital, which is undergoing insolvency proceedings.
In its filing, the Gujarat-based firm has termed the
administrator's decision to hold another round of challenge process
"illegal", even as it sought a faster and time-bound conclusion of
the bankruptcy process, sources close to the development said, FE
relays.
According to the report, Torrent also wants the INR9,000-crore bid
of IndusInd International Holdings (IIHL), the firm through which
the Hinduja Group had placed bids, be declared "invalid", as the
offer was made after the completion of the first e-auction. The
group also wants its INR8,640-crore bid to be termed the final
one.
The apex court is expected to start hearing the matter next week.
FE says the committee of creditors (CoC) of RCap has decided to
hold the second round of e-auction, following the NCLAT order, on
March 20.
FE relates that the extended challenge mechanism is being conducted
to maximise the value through the insolvency process as the results
of the first challenge mechanism, according to the administrator
and the CoC, were "suboptimal and unsatisfactory".
On March 2, overturning a lower court's order, NCLAT permitted
holding a second e-auction as sought by lenders and the
administrator in an attempt to maximise value from the insolvency
process. The appellate tribunal had also told the CoC to take steps
for further negotiations with resolution applicants as per the
relevant clauses of the resolution plan.
The order enabled the CoC to negotiate and call for higher bids.
In February, the National Company Law Tribunal's (NCLT) Mumbai
bench had declared the proposed second e-auction a violation of
bankruptcy rules. Further, the bankruptcy tribunal had also named
Torrent Group the highest bidder under the first challenge
mechanism and directed the administrator to take the process to its
"logical conclusion".
In the first round of the challenge mechanism, Torrent had emerged
as the highest bidder with a bid amount of INR8,640 crore and IIHL
came in second with a INR8,110-crore bid, FE relates.
FE adds that the first round of the auction led to a legal tangle
after IIHL made an all-cash bid of INR9,000 crore, which was
challenged by Torrent before the NCLT's Mumbai bench. Torrent later
revised its bid of INR8,640 crore by offering the entire amount in
upfront cash against INR3,750 crore offered earlier in the
auction.
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 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Communications Limited (RComm) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9,322.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 8,034.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 750.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 103.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Short-Term 2,880.00 CARE D; ISSUER NOT COOPERATING
Instruments Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated November 28, 2018, placed the ratings of RComm under the
'issuer non-cooperating' category as RComm had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RComm continues to be non-cooperative despite
repeated requests through e-mails, phone calls and a letter dated
February 22, 2023, and has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE Ratings is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE Ratings has reviewed the rating on the basis of
best available information which, however, in CARE Ratings' opinion
is not sufficient to arrive at a fair rating. The ratings for the
bank facilities and instruments of Rcomm are denoted as 'CARE D;
ISSUER NOT COOPERATING'.
RComm has been undergoing corporate insolvency resolution process
(CIRP) and a resolution plan for the company is subjudice before
the National Company Law Tribunal, Mumbai Bench (NCLT). As
articulated by the company officials, RComm is not in a position to
provide additional information as the resolution process is under
way before the NCLT.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rating sensitivities: Not Applicable
Analytical approach: Considering the strong operational and
financial linkage with the subsidiaries, the consolidated
financials of RComm are considered for analysis purpose.
Detailed description of the key rating drivers
At the time of last rating on February 28, 2022, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Delay in servicing of debt obligation: RComm had delayed
servicing its debt obligations due to severe deterioration in the
financial and liquidity profile of the company, coupled with high
debt service obligations.
Liquidity: Poor
The liquidity position of the company is under stress due to weak
cash accruals vis-Ã -vis large debt obligations.
Founded by late Mr Dhirubhai H. Ambani, RComm is the flagship
company of Reliance Group, led by Mr Anil Dhirubhai Ambani. RComm
is one of India's integrated telecommunications service providers.
The services it provides include GSM (Voice; 2G, 3G, 4G), fixed
line broadband and voice, and Direct-To-Home (DTH), depending upon
its areas of operation in India. The company had to shut down its
business operations as a result of its high debt burden and a
failed merger with Aircel. RComm is currently under corporate
insolvency resolution process (CIRP) pursuant to the provisions of
the Insolvency and Bankruptcy Code, 2016. With effect from June 28,
2019, its affairs, business and assets are being managed by, and
the powers of the board of directors are vested in, the Resolution
Professional, Mr. Anish Niranjan Nanavaty, appointed by the Hon'ble
NCLT, Mumbai Bench, vide order dated June 21, 2019. On March 4,
2020, the committee of creditors of RComm, by way of voting share
of 100% of the committee of creditors, approved the resolution plan
submitted by UV Asset Reconstruction Company Limited (UVARCL).
According to the plan approved by lenders, RComm and its subsidiary
Reliance Telecom Limited (RTL), will go to UVARCL, whereas the
tower company Reliance Infratel will go to Reliance Jio for a total
consideration of around INR23,000 crore (out of the total
consideration, Reliance Jio will pay INR4,700 crore). On September
18, 2020, the Competition Commission of India approved UVARCL's
acquisition of the entire existing business operations and assets
of RComm and Reliance Telecom Limited.
RELIANCE INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Infrastructure Limited (RIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,654.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 600.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 600.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Non Convertible 103.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 4, 2021,
placed the ratings of RIL under the 'issuer non-cooperating'
category as RIL had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating takes into account delays in debt servicing.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above ratings.
Detailed description of the key rating drivers
At the time of last rating on February 28, 2022 the following were
the rating strengths and weaknesses:
Key weaknesses
* Ongoing delays in debt servicing: There are ongoing delays in
servicing of debt obligations of the company on account of weak
liquidity profile.
Macro Economic Indicator Sector Industry Basic Industry Industrials
Construction Construction Civil Construction
Reliance Infrastructure Limited (RIL) is the flagship company of
the Reliance ADAG (controlled by Mr. Anil D. Ambani). RIL is into
developing projects through various Special Purpose Vehicles (SPVs)
in sectors such as Power, Roads and Metro Rail in the
Infrastructure and the Defense sector. The company also provides
Engineering, Procurement and Construction (EPC) services for
developing power and road projects.
S A MULLA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S A Mulla
(SAM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 30,
2021, placed the rating(s) of SAM under the 'issuer
non-cooperating' category as SAM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 15, 2022, November 25, 2022, December
5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
S A Mulla was incorporated as a Partnership firm by Mr. Saifuddin
Appalal Mulla and Mr. Moinuddin Saifuddin Mulla in 2014. The firm
is engaged in the business of civil construction such as laying of
roads and construction of buildings and bridges in the states of
Karnataka and is registered contractor with Public Works Department
(PWD) and Road and Building Departments (R&B), Karnataka.
S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.D.S.
Electronics Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 27,
2021, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2022, November 22, 2022, December
2, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SDS was incorporated in 1993. The company is promoted and managed
by Mr Yogeshwar Sahdev and Mr Kuldeep Sahdev. SDS is engaged in the
manufacturing as well as trading of electronic security equipments,
Bomb Detection and Disposal Solution (BDDS) and Anti-sabotage
equipments which include the products like non-linear junction
detection, explosive detector, mine detector, deep search
metal/mine detector, bomb disposal suit, digital portable X-Ray
machine, multi zone walk through metal detector, search lights,
flash lights, search and rescue devices, etc. Its manufacturing
facility is located at Panchkula, Haryana.
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Rice
industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 30,
2021, placed the rating(s) of SRI under the 'issuer
non-cooperating' category as SRI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 15, 2022, November 25, 2022, December
5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
S.K. Rice Industries was Established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SRI is promoted by Mr. Syed Altaf Ahmed
(partner), Mr. Syed Israr Ahmed (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahmed has over two decades of
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka.
SAHA BUILDESTATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Saha Buildestates Private Limited
F-1, 1st Floor, Plot No. 1
Village Kilkori Ring Road
New Delhi 110014
- and -
B-4, Matrix Tower
Sector 132
Noida, U.P. 201301
Insolvency Commencement Date: February 15, 2023
Estimated date of closure of
insolvency resolution process: August 13, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Devendra Umrao
B-34A, 1st Floor, Kalkaji
New Delhi 110019
Email: devumraoibc@gmail.com
- and -
GF-14, Tower A
The Corenthum, Sector 62
Noida, U.P. 201301
Email: cirp.sahabuildestates@gmail.com
Representative of
Creditors in Class: Ashish Singh
Flot No. 901, Tower-A
Cleo Country, Sector 121
Noida, Uttar Pradesh 201301
Gaurav Srivasta
Flat No. 908, Charms Solitaire
Ahinsa Khand-2, Indiapuram
Ghaziabad, Uttar Pradesh 201012
Arvind Mittal
H. No. 1900, Phase-3
J J Colony, Madanpur Khaddar
Sarita Vihar, New Delhi 110076
Last date for
submission of claims: March 6, 2023
SBS TRANSPOLE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SBS
Transpole Logistics Private Limited (STLPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 116.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 16,
2021, placed the rating(s) of STLPL under the 'issuer
non-cooperating' category as STLPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. STLPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 1, 2022, November 11,
2022, November 21, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The company was incorporated in August, 2004 by the name of
Transpole Logistics Private Limited and is engaged in integrated
logistics services. Subsequently, in Oct, 2014; the name was
changed to the current one, SBS Transpole Logistics Private Limited
(STLPL). STLPL is promoted by Mr Anant Chaudhary and Mr. Vivek
Shukla and the company business segment offers general logistics,
including 3PL, international logistics, warehouse logistics and
various other multi-modal logistics solutions.
SIGMA-C INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Sigma-C Infrastructure Private Limited
52A, Shakespeare Sarani
Kolkata 700017
West Bengal
Insolvency Commencement Date: February 8, 2023
Estimated date of closure of
insolvency resolution process: August 6, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Ashish Giria
493/C/A, G T Road
Vivek Vihar, 5th Floor
Howrah 711102, West Bengal
Email: ashishgiria@gmail.com
18 Rabindra Sarani
Poddar Court, Gate No.1
5th Floor, Room No.549
Kolkata, West Bengal 700001
Email: cirp.sigma23@gmail.com
Last date for
submission of claims: February 22, 2023
STARLITE JEWELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Starlite Jewels Private Limited
203, Block I, 2nd Floor
Development SEEPZ
Jogeshwari Vikhroli Link Road
Mumbai (MH) 400093
Insolvency Commencement Date: February 9, 2023
Estimated date of closure of
insolvency resolution process: August 7, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Indrajit Mukherjee
Flat No. B 405, Siddhivinayak Twins
Plot No.9, Sector 17, Roadpali, Kalamboli
Navi Mumbai, Raigad
Maharashtra, 410218
Email: indrajitmukherjee15@yahoo.com
cirpstarlitejewels@gmail.com
Last date for
submission of claims: February 23, 2023
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sulochana
Export (SE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 24,
2022, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 10, 2022, December 20, 2022, December 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sulochana Export (SE) was established in 2015 as a partnership firm
and promoted by Mr. Madeswaran and his family members. The firm is
engaged in manufacturing of cotton fabrics. The manufacturing unit
is spread in total area of 45000 Sq. ft. located at Tiruchengode,
Namakkal District (Tamil Nadu). SE purchases its key raw material
(cotton yarn) from domestic market in Erode District, which is
famous for cotton production in south India. The firm sells the
cotton fabrics to the customers located at Tamil Nadu, Andhra
Pradesh and Gujarat. The firm has an installed capacity of 15000
meters per day. The firm is utilizing around 85% of capacity per
day. The lender has indicated that the firm has availed moratorium
from March to August 2020 amid covid-19 RBI guidelines.
SUNSTRIKE TELECOM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sunstrike Telecom Private Limited
WZ-207, Second Floor
Shiv Nagar Extn.
West Delhi 110058
Insolvency Commencement Date: February 10, 2023
Estimated date of closure of
insolvency resolution process: August 13, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Kamall Ahuja
A-5, 2nd Floor, Gurudwara Marg
Defence Colony
New Delhi 11024
Email: nclt.srassociates@lawmax.in
- and -
D-251, Ground Floor, Defence Colony
New Delhi-110024
Email: cirpsunstriketelecom@gmail.com
Last date for
submission of claims: February 28, 2023
TETRAHEDRON LABORATORIES: Insolvency Process Case Summary
---------------------------------------------------------
Debtor: Tetrahedron Laboratories Private Limited
201-A, Harmony, Netaji Subhash
Chandra Bose Road
Thane (West), Maharashtra 400601
Insolvency Commencement Date: February 15, 2022
Estimated date of closure of
insolvency resolution process: August 14, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Uday Shreeram Sakrikar
303 Rahul Vihar A, Lane Nos 8
Dahanukar Colony
Kothrud, Pune 411038
Email: ipudaysakrikar@gmail.com
cirptetrahedron@gmail.com
Last date for
submission of claims: March 6, 2023
===============
M A L A Y S I A
===============
SAPURA ENERGY: High Court OKs Court-Convened Meetings Within 3 Mos
------------------------------------------------------------------
Hafiz Yatim at theedgemarkets.com reports that the High Court on
March 8 granted Sapura Energy Bhd and its 22 subsidiaries fresh
orders to hold court-convened meetings with creditors within three
months.
The court also allowed a three-month restraining order (RO) on the
creditors, the report says.
Both orders granted by judge Atan Mustaffa Yussof Ahmad are
effective from Saturday [March 11], following proceedings conducted
on March 8.
The Sapura Energy subsidiaries are Sapura Marine Ventures Sdn Bhd,
Sapura Geosurvey Sdn Bhd, Sapura Drilling Probadi Sdn Bhd, Sapura
Subsea Services Sdn Bhd, Sapura Geoscience Sdn Bhd, Sapura Subsea
Corporation, Sapura Engineering (Offshore) Sdn Bhd, Sarku
Engineering Services Sdn Bhd, Sapura Technology Solutions Sdn Bhd,
Sapura Fabrication Sdn Bhd, Sapura Engineering Sdn Bhd, Sapura
Offshore Sdn Bhd, Sapura Petroleum Ventures Sdn Bhd, Sapura 1200
Ltd, Sapura Geotechnics Sdn Bhd, Sapura Pinewell Sdn Bhd, Sapura
TMC Sdn Bhd, Sapura 3500 Ltd, Sapura Dana SPV Pte Ltd, Sapura
Nautilus Sdn Bhd, Sapura 900 Pte Ltd, and Sapura Drilling Pte Ltd.
They filed an ex-parte application last Friday [March 3] where,
among others, they sought the court order to hold the
court-convened meetings and the RO, according to
theedgemarkets.com.
theedgemarkets.com says the ex-parte application was filed with a
certificate of urgency, and the matter was heard by Atan Mustaffa
on March 8.
Sapura Energy and its subsidiaries were represented by Saheran
Suhendran, Jack Yow, Kwong Chiew Ee and Neoh Jin Keat.
Last June, Sapura Energy and the 22 units obtained a nine-month RO
against creditors then granted by judicial commissioner Adlin Abdul
Majid, theedgemarkets.com adds.
About Sapura Energy
Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.
Sapura Energy Bhd announced on May 31 that it has been classified
as a PN17 listed issuer due to going concerns on its shareholders'
equity position less than 50% of its share capital.
Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50 per cent of its share capital
of MYR10.9 billion.
[*] MALAYSIA: Amendments to Insolvency Act to be Tabled Next Month
------------------------------------------------------------------
New Straits Times reports that the proposed amendments to the
Insolvency Act 1967, as announced in the revised 2023 Budget, will
be tabled in Parliament next month.
According to the report, Minister in the Prime Minister's
Department (Law and Institutional Reform) Datuk Seri Azalina Othman
Said said the amendments to the Act would improve the
administration and management of the country's bankruptcy system.
NST relates that Azalina said the government estimated at least
130,000 people of the total 260,000 bankruptcy cases recorded as of
early this year would be freed from bankruptcy when the amendments
were passed.
"This amendment is necessary.
"We are targeting at least 130,000 people, who are mostly youths
and Malays, to be freed from bankruptcy when the amendments are
passed.
"We had drafted the amendments earlier. However, we will draft
another round of amendments because releasing the bankrupts must be
done carefully since it will affect the credit rating at Bank
Negara," she told reporters after attending the financial literacy,
insolvency, and legal aid clinic ceremony at Felda Tunggal Semai
Bakti Hall on March 4.
When tabling the 2023 Budget last month, Prime Minister Datuk Seri
Anwar Ibrahim said the government would amend the Act to enable
bankrupts to be freed from bankruptcy soon.
As of January this year, Anwar said there were more than 260,000
bankruptcy cases, with the majority of them Malays, who could
contribute to the nation's economy.
Azalina had said the Insolvency Department has listed three
conditions for it to start the process to discharge bankrupt
individuals under the government's latest initiative, NST recalls.
NST says the first condition applied to those whose bankruptcy
declaration had exceeded five years from the date of the acceptance
order and the bankruptcy order.
Other conditions outlined by the department include that the amount
of outstanding debt does not exceed MYR50,000 and that there is no
court order, court proceeding and/or investigation being carried
out on the insolvent under the Act, adds NST.
=====================
N E W Z E A L A N D
=====================
BLVCK VINTAGE: Court to Hear Wind-Up Petition on March 10
---------------------------------------------------------
A petition to wind up the operations of Blvck Vintage Limited will
be heard before the High Court at Auckland on March 10, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 8, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
CALVARY SHEETMETALS: Creditors' Proofs of Debt Due on March 29
--------------------------------------------------------------
Creditors of Calvary Sheetmetals Limited and E&T Limited are
required to file their proofs of debt by March 29, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 23, 2023.
The company's liquidator is:
Kevyn Andrew Botes
I-Business Recovery Limited
PO Box 302612
North Harbour
Auckland
LATITUDE NEW ZEALAND 2021-1: Fitch Affirms 'BBsf' Rating on E Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 27 tranches across four
Latitude credit card trusts. The transactions are securitisations
of Australian and New Zealand credit card receivables originated by
Latitude Finance Australia entities.
Entity/Debt Rating Prior
----------- ------ -----
Australian
Sales Finance
and Credit
Cards Trust
A LT AAAsf Affirmed AAAsf
C LT Asf Affirmed Asf
D LT BBBsf Affirmed BBBsf
E LT BBsf Affirmed BBsf
Latitude
Australia
Credit Card
Master Trust
2017-VFN LT Asf Affirmed Asf
2018-1 Class A1
AU3FN0041513 LT AAAsf Affirmed AAAsf
2018-1 Class A2
AU3FN0041521 LT AAAsf Affirmed AAAsf
2018-1 Class B
AU3FN0041539 LT AAsf Affirmed AAsf
2018-1 Class C
AU3FN0041547 LT Asf Affirmed Asf
2018-1 Class D
AU3FN0041554 LT BBBsf Affirmed BBBsf
2018-1 Class E
AU3FN0041562 LT BBsf Affirmed BBsf
2019-1 Class A1
AU3FN0050035 LT AAAsf Affirmed AAAsf
2019-1 Class A2
AU3FN0050050 LT AAAsf Affirmed AAAsf
2019-1 Class B
AU3FN0050068 LT AAsf Affirmed AAsf
2019-1 Class C
AU3FN0050076 LT Asf Affirmed Asf
2019-1 Class D
AU3FN0050084 LT BBBsf Affirmed BBBsf
2019-1 Class E
AU3FN0050092 LT BBsf Affirmed BBsf
Latitude New
Zealand Credit
Card Master Trust
2021-1 A
NZLATD1006R4 LT AAAsf Affirmed AAAsf
2021-1 B
NZLATD1007R2 LT AAsf Affirmed AAsf
2021-1 C
NZLATD1008R0 LT Asf Affirmed Asf
2021-1 D
NZLATD1009R8 LT BBBsf Affirmed BBBsf
2021-1 E
NZLATD1010R6 LT BBsf Affirmed BBsf
New Zealand
Sales Finance
and Credit
Cards Trust
A LT AAAsf Affirmed AAAsf
B LT AAsf Affirmed AAsf
C LT Asf Affirmed Asf
D LT BBBsf Affirmed BBBsf
E LT BBsf Affirmed BBsf
KEY RATING DRIVERS
Stable Performance and Collateral Characteristics: Historical
performance has been stable since the last review, with steady
charge-offs over the past year. Gross charge-offs across both
Australian trusts averaged 3.5% and New Zealand trusts averaged
2.7%, and remained below Fitch's steady state of 5.25% and 4.25%,
respectively.
The monthly payment rate (MPR), a measure of how quickly consumers
are paying off their credit-card debt, averaged 16.1% in Australia
and 11.8% in New Zealand over the past year. Fitch maintains its
MPR steady state at 12.5% for Australia and 9.75% for New Zealand.
Yield remained steady across the transactions over the past year,
averaging 14.5% in Australia and 14.3% in New Zealand. Fitch
maintains a gross yield steady state at 13.0% in both countries.
The Stable Outlook is supported by Australia's continued economic
growth and tight labour market despite rising interest rates. GDP
growth was 2.7% for the year to December 2022 and unemployment was
3.7% for January 2023. Fitch expects GDP growth to slow to 1.5% in
2023, with unemployment increasing to 4.2%, reflecting high
inflation combined with its weaker outlook for China and the global
economy more generally. Fitch forecasts New Zealand GDP growth to
slow to 1.0% in 2023 with unemployment increasing to 4.8%.
A summary of the steady states and rating stresses for the
Australian and New Zealand trusts is shown below:
Australia
Steady States:
Charge-offs: 5.25%
MPR: 12.5%
Gross yield: 13.00%
Purchase rate: 100%
New Zealand
Steady States:
Charge-offs: 4.25%
MPR: 9.75%
Gross yield: 13.00%
Purchase rate: 100%
Rating Stresses (Australia and New Zealand):
Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf
Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x
MPR (% decrease): 40% / 35% / 30% / 25% / 20%
Gross yield (% decrease): 35% / 30% / 25 % / 20% / 15%
Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%
Updated cash flow modelling was not performed for this review in
line with criteria.
Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with experience managing large consumer receivable
portfolios for more than a decade in Australia and New Zealand.
Latitude is not rated by Fitch and servicer risk is mitigated
through back-up arrangements. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The performance of the transactions may be affected by changes in
market conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.
Downgrade Sensitivity:
Fitch evaluated the sensitivity of the ratings to decreased yields,
increased charge-offs and decreased MPRs over the life of the
transactions. The model indicates that note ratings are sensitive
to an increase in defaults and a reduction in MPRs, with less
sensitivity to lower yields.
The most recent sensitivities are available at: Fitch Assigns Final
Ratings to Upsized Latitude New Zealand Credit Card Master Trust
and Fitch Affirms Five Latitude Credit Card Trusts.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change of underlying asset quality, would
contribute to positive revisions in Fitch's asset assumptions. This
could positively affect the notes' ratings. Increased credit
enhancement ratios, which are able to fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would also be positive for the
ratings.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
reviewed origination files as part of its ongoing monitoring.
Prior to the transactions closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
OLD WAIROA: Creditors' Proofs of Debt Due on April 10
-----------------------------------------------------
Creditors of Old Wairoa Homes Limited are required to file their
proofs of debt by April 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 21, 2023.
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane
Auckland 1051
PEG APME: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------
A petition to wind up the operations of PEG APME Limited will be
heard before the High Court at Auckland on March 10, 2023, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 18, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SV BUILDING: Creditors' Proofs of Debt Due on March 21
------------------------------------------------------
Creditors of SV Building Limited are required to file their proofs
of debt by March 21, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 21, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
===============
P A K I S T A N
===============
PAKISTAN: Assurance Needed on Financing Balance of Payments Gap
---------------------------------------------------------------
Reuters reports that Pakistan will be required to give an assurance
that its balance of payments deficit is fully financed for the
fiscal year ending in June to unlock the next tranche of IMF
funding, the fund's resident representative said on March 6.
According to Reuters, the funding is critical for the South Asian
economy, which is facing a balance of payments crisis, with its
central bank foreign exchange reserves dropping to levels barely
able to cover four weeks of imports.
Reuters relates that the International Monetary Fund has been
negotiating with Islamabad since early last month to clear its
ninth review, which if approved by the board will issue $1.1
billion of a $6.5 billion bailout agreed in 2019.
That bailout ends at the close of this fiscal year, which concludes
June 30.
Finance Minister Ishaq Dar had said last week that the external
financing assurance was not one of the IMF's conditions for
clearance of the funding, Reuters relays.
"All IMF programme reviews require firm and credible assurances
that there is sufficient financing to ensure that the borrowing
member's balance of payments is fully financed . . . over the
remainder of the programme," the fund's Esther Perez Ruiz told
Reuters in an e-mailed response to questions. "Pakistan is no
exception."
Pakistan has completed almost all other measures needed except for
the external financing requirement, officials said.
Reuters relates that Dar said last week that Pakistan will need $5
billion external financing to close its financing gap this fiscal
year ending June 30, adding the IMF believed it should be $7
billion.
Longtime ally China is the only country that has so far committed a
refinancing of $2 billion, the report notes. Out of that $1.2
billion has already been credited to Pakistan's central bank.
Dar said hoped more external financing will be coming as Pakistan
signs the IMF deal this week, Reuters adds. The IMF has not given
any timeline.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on March
3, 2023, Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative.
The decision to downgrade the ratings is driven by Moody's
assessment that Pakistan's increasingly fragile liquidity and
external position significantly raises default risks to a level
consistent with a Caa3 rating.
=================
S I N G A P O R E
=================
HB GLASS: Court to Hear Wind-Up Petition on March 24
----------------------------------------------------
A petition to wind up the operations of HB Glass & Aluminium Pte
Ltd will be heard before the High Court of Singapore on March 24,
2023, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on March 1, 2023.
The Petitioner's solicitors are:
Allen & Gledhill LLP
1 Marina Boulevard, #28-00
One Marina Boulevard
Singapore 018989
KARLAVE GENERAL: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------------
A petition to wind up the operations of Karlave General Contractor
Pte Ltd will be heard before the High Court of Singapore on March
31, 2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 27, 2023.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
YANGZIJIANG SHIPPING: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------------
A petition to wind up the operations of Yangzijiang Shipping Pte
Ltd will be heard before the High Court of Singapore on March 17,
2023, at 10:00 a.m.
Trinity Seatrading S.A. filed the petition against the company on
Dec. 23, 2022.
The Petitioner's solicitors are:
Helmsman LLC
21A Duxton Hill
Singapore 089604
=================
S R I L A N K A
=================
SRI LANKA: IMF Board Poised to Approve US$2.9 Billion Bailout
-------------------------------------------------------------
Reuters reports that the International Monetary Fund on March 7
said Sri Lanka had secured financing assurances from China, India
and all its major bilateral creditors, paving the way for the IMF
board to consider approval of a long-awaited $2.9 billion bailout.
According to Reuters, the IMF said its board will meet on March 20
to review a preliminary four-year agreement first signed in
September, offering a lifeline to the South Asian country which
faces its worst financial crisis since independence from Britain in
1948.
Approval is expected as the board generally does not put items on
its agenda unless its members are ready to act. Sri Lanka would get
access to the first tranche of money shortly after board approval,
sources close to the talks said, Reuters relays.
IMF Managing Director Kristalina Georgieva welcomed the progress
made by Sri Lankan authorities in "taking decisive policy actions &
obtaining financing assurances from all their major creditors,
incl. China, India & the Paris Club," Reuters says.
Krishna Srinivasan, director of the IMF's Asia and Pacific
Department (APD) said the financing assurances paved the way for
the IMF board to consider approval of the staff-level agreement
reached on September 1, 2022 for a new Extended Fund Facility,
notes the report.
According to Reuters, the sources said China's EXIM had provided a
second letter offering "specific and credible" financing assurances
for Sri Lanka's debt restructuring with a specific link to the IMF
program, and clear language on debt sustainability, meeting the
IMF's requirements for moving forward.
Both the letter and some initial funds should be released shortly
after the March 20 board date, the sources said.
They said China had generally been more constructive in the process
in recent weeks after IMF and Sri Lankan officials underscored the
urgency of moving forward, given concerns about social unrest amid
high inflation and food and fuel shortages.
Reuters notes that the announcement on March 7 comes days after the
IMF praised Sri Lanka's surprise decision on March 3 to raise
interest rates and move toward a market-determined exchange rate as
evidence of a commitment to reducing inflation and enacting
reforms.
Sri Lanka, which has also been grappling with shortages of
medicines, has been waiting for more than 180 days for approval of
the loan, mostly due to IMF concerns over the quality of the
initial financing assurances offered by China and other bilateral
creditors, and its insistence on painful reforms.
Sri Lankan President Ranil Wickremesinghe told parliament the IMF
deal was crucial to ensure other creditors could also release
funds, and Sri Lanka had completed all prior actions required by
the IMF, Reuters relays.
An IMF program would give Sri Lanka foreign exchange funds to
purchase sorely-needed goods and ease inflation at home. It would
also unlock further funds from other important creditors, including
the Asian Development Bank and the World Bank, the sources said,
adds Reuters.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', And
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it Was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***