/raid1/www/Hosts/bankrupt/TCRAP_Public/230428.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
Friday, April 28, 2023, Vol. 26, No. 86
Headlines
A U S T R A L I A
AUSTRALIA POST: Online Retail Obsession Won't Save Postal Service
CONTINENTAL GLOBAL: Olvera Advisors Appointed as Administrators
FORM8 CONSTRUCTIONS: Placed in Administration
MENTOR EDUCATION: Second Creditors' Meeting Set for May 3
SHAPESHIFT DESIGN: Second Creditors' Meeting Set for May 4
STANLEY MACADAM: Second Creditors' Meeting Set for May 4
C H I N A
CHINA EVERGRANDE: Faces Over 1,300 Lawsuits Totaling US$45BB
CHINA EVERGRANDE: Fails to Deliver 2022 Annual Report on Time
JIAODA ONLLY: To Miss Results Deadline Due to Accounting Errors
I N D I A
A. K. MEHTA: CRISIL Keeps B+ Debt Rating in Not Cooperating
ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
ACUSIS SOFTWARE: Voluntary Liquidation Process Case Summary
AIRSTAR DIGITAL: Voluntary Liquidation Process Case Summary
AJITA SIL-CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
AJSG MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AKSHARA ENTERPRISES: Voluntary Liquidation Process Case Summary
AL-SUPER FROZEN: CRISIL Keeps D Debt Rating in Not Cooperating
ALLOY TECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ALTECH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ALTRADE MINERALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AMAR JYOTI: CRISIL Keeps B- Debt Ratings in Not Cooperating
AMISAL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
ASAN STEELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
ASIA RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ASIAN MULTIPLEXES: CRISIL Keeps B+ Ratings in Not Cooperating
ATLAS METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
BHARATH LAJHNA: CRISIL Keeps B CCR Rating in Not Cooperating
CHAHAL PARIVAHAN: Liquidation Process Case Summary
EDUCATIONAL TRUST: CRISIL Keeps B Debt Ratings in Not Cooperating
EMPIRE INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR12.5cr Loan
ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
GALAXY COTTON: Liquidation Process Case Summary
INDIA: 308 Real Estate Projects Under Insolvency, MahaRERA Says
J AND S CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
KIEON DEVELOPERS: Liquidation Process Case Summary
LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
MAHABALI INNOVATIVE: Liquidation Process Case Summary
NDO INDIA: Voluntary Liquidation Process Case Summary
NORTHSTONE FINTECH: Voluntary Liquidation Process Case Summary
PAPERHAT INDIA: Voluntary Liquidation Process Case Summary
PRAKASH INDUSTRIAL: CRISIL Withdraws D Rating on INR8.5cr Loan
RADHE METALIKS: Liquidation Process Case Summary
RELIABLE PAPER: Liquidation Process Case Summary
RELIANCE CAPITAL: Hinduja Emerges Sole Bidder With INR9,650cr Offer
SEZZLE FINTECH: Voluntary Liquidation Process Case Summary
J A P A N
UNIZO HOLDINGS: Files for Bankruptcy Protection
N E W Z E A L A N D
86 AUTO LIMITED : Creditors' Proofs of Debt Due on May 31
CLOVER TRANSPORT: Court to Hear Wind-Up Petition on May 17
COCOOIL GROUP: Creditors' Proofs of Debt Due on May 25
CORAGLEN LIMITED: Creditors' Proofs of Debt Due on May 19
VENI CONSTRUCTION: Court to Hear Wind-Up Petition on May 12
S I N G A P O R E
32 CAPITAL: Members' Final Meeting Set for May 26
CANTON-I PTE: Members' Final Meeting Set for May 25
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIA POST: Online Retail Obsession Won't Save Postal Service
-----------------------------------------------------------------
Emma Koehn at The Sydney Morning Herald reports that Australia Post
boss Paul Graham said the boom in e-commerce and parcels is not
enough to save the ailing business burdened with ballooning losses
in its letters business, with the fixed costs associated with
delivering mail daily too high to be sustainable.
SMH relates that Mr. Graham told an audience at an event for the
American Chamber of Commerce in Australia on April 27 that the
postal service was at a crossroads as it spent more and more money
to deliver fewer letters to Australians, while foot traffic was
declining across its post office network.
According to the report, Australia Post has been a beneficiary of
the nation's growing obsession with online shopping, with the group
delivering over 500 million parcels in the 2022 financial year. But
Mr. Graham said the boost wasn't enough to counter the mounting
costs of fulfilling Australia Post's obligations to deliver paper
mail across the country.
"We have a fixed cost network, we have community service obligation
[on] which we spend AUD348 million, primarily focused on the mail
business. Our whole organisation is geared towards meeting that
98.5 per cent on-time mail delivery," the report quotes Mr. Grahan
as saying.
"It sucks up a lot of resources, we are delivering to ever single
community, every single day. We have 15,000 street posting boxes
that have to be cleared every single day. A lot of those boxes are
empty because people aren't posting stuff."
Australia Post is careening towards a loss for this financial year
after losses from delivering letters increased to AUD189.7 million
over the past six months.
SMH notes that the future sustainability of the carrier is the
subject of a government review and a discussion paper on the
modernisation of Australia Post. Submissions on the discussion
paper closed at midnight on April 27.
The review will put a range of significant changes to postal
services on the table, including raising the price of stamps and
reducing the frequency of delivery.
One key issue up for discussion is whether requirements set out for
Australia Post in 1989's Australian Postal Corporation Act are fit
for purpose in a world where households are sending less and less
paper mail.
The act outlines the performance standards the carrier must meet in
terms of the frequency and accuracy of mail delivery across the
country.
Australia Post has already begun trimming fat at its head office,
confirming that 400 roles support centre roles will go as part of a
review of roles to streamline its processes.
SMH adds that Mr. Graham reiterated on April 27 that he doesn't
believe that cuts to front-line mail worker jobs will be necessary
as part of the industry's review.
"We have reaffirmed there are no front-line roles that are impacted
. . . We are very conscious of the key role that our frontline team
play in the community."
CONTINENTAL GLOBAL: Olvera Advisors Appointed as Administrators
---------------------------------------------------------------
Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera
Advisors on April 26, 2023, were appointed as administrators of
Continental Global Material Handling Pty Ltd.
The administrators may be reached at:
Olvera Advisors
Level 6
9 Barrack Street
Sydney, NSW 2000
FORM8 CONSTRUCTIONS: Placed in Administration
---------------------------------------------
Philip Newman of PCI Partners Pty Ltd on April 24, 2023, was
appointed as administrator of Form8 Constructions Pty Ltd.
The administrators may be reached at:
PCI Partners Pty Ltd
Level 9
179 Queen Street
Melbourne, VIC 3000
MENTOR EDUCATION: Second Creditors' Meeting Set for May 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Mentor
Education Pty Ltd has been set for May 3, 2023, at 10:30 a.m. via
Zoom conference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2023, at 4:30 p.m.
Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of the company on March 20, 2023.
SHAPESHIFT DESIGN: Second Creditors' Meeting Set for May 4
----------------------------------------------------------
A second meeting of creditors in the proceedings of Shapeshift
Design Technologies Pty Ltd has been set for May 4, 2023, at
11:00 a.m. via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 3, 2023, at 2:00 p.m.
Melanie Samantha Grohovaz of EMJ Consulting Pty Ltd was appointed
as administrator of the company on March 20, 2023.
STANLEY MACADAM: Second Creditors' Meeting Set for May 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Stanley Macadam
P&E Pty Ltd has been set for May 4, 2023, at 3:30 p.m. at the
offices of Hamilton Murphy Advisory, Level 8, 100 Creek Street, in
Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 3, 2023, at 4:00 p.m.
Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of the company on Feb.
16, 2023.
=========
C H I N A
=========
CHINA EVERGRANDE: Faces Over 1,300 Lawsuits Totaling US$45BB
------------------------------------------------------------
Nikkei Asia reports that China Evergrande Group is facing 1,317
lawsuits with combined claims of about CNY312.4 billion (US$45.1
billion), the company said.
The Nikkei relates that the company disclosed on April 25 an
overview of pending litigation with claims of CNY30 million or more
as of the end of February. Many of the lawsuits are likely from
builders and materials suppliers demanding payment.
Evergrande also revealed that as of the end of February, it had
defaulted on debts totaling around CNY237 billion, excluding
domestic and foreign bonds, and was overdue in commercial paper
totaling CNY247.9 billion, the report relays.
Additionally, as of the end of March, the company reported 154
cases of asset freezes at local affiliates.
According to the Nikkei, Evergrande's aggressive capital-raising
expansion strategy made it one of China's leading real estate
developers in the 2000s. But its finances started to falter after
Beijing began cracking down on the property sector in summer 2020
by restricting bank borrowing based on financial health.
The company decided to restructure by arranging a debt workout with
local governments. Evergrande said this month that some of its
creditors had signed on to a restructuring plan for its offshore
debt, the report relates.
Evergrande has made some progress in debt restructuring. But the
developer needs significant investment to continue operations in
its mainstay real estate business, and finding a new sponsor
remains a challenge.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
CHINA EVERGRANDE: Fails to Deliver 2022 Annual Report on Time
-------------------------------------------------------------
South China Morning Post reports that China Evergrande Group said
it will not be able to deliver its 2022 annual report on time,
citing major changes in the company's operating conditions since
the second half of 2021.
Evergrande made that disclosure on April 21 in a Shenzhen Stock
Exchange filing. The company said a large number of procedures have
been added to its audit process, leading to the expected delay in
completing its annual report by the end of April.
This setback comes nearly two weeks after US law firm White & Case
announced on April 10 an initiative that could complicate the
Chinese company's recent deal to restructure US$19.15 billion in
offshore debt, the Post says.
According to the Post, White & Case on April 14 organised a group
of Evergrande creditors holding offshore debt who are affected by
the restructuring to oppose that proposed scheme, which followed
"consultation and negotiation with a limited subset of its
creditors".
Those creditors have not signed off on the proposal, which grew out
of discussions with an ad hoc group of bondholders, according to a
report earlier this week by Chinese media Caixin, which cited
unnamed sources.
Evergrande said earlier this month that creditors, who represent
over a fifth of its US$13.9 billion existing bonds and a third of
the US$5.23 billion bonds guaranteed by the company, have signed
three separate agreements to "cooperate in order to facilitate the
implementation of the proposed restructuring," the Post recalls.
The Post says the Shenzhen-based developer's latest regulatory
lapse underscores the existential crisis at the company, which has
been grappling with almost 2 trillion yuan (US$290.4 billion) in
liabilities and defaulted on some US$20 billion in offshore
borrowing. The firm has also failed to submit its accounts to the
Hong Kong stock exchange since late 2021.
China's two main stock exchanges have also taken Evergrande to task
for breaching its listing obligations, as its major mainland
property development unit failed to publish its accounts in time
for shareholders and outside investors, the Post notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
JIAODA ONLLY: To Miss Results Deadline Due to Accounting Errors
---------------------------------------------------------------
Yicai Global reports that shares in Jiaoda Onlly plummeted on April
27 after the Chinese health supplement company said it will not be
able to meet the Shanghai stock exchange's deadline this week for
the submission of financial reports, putting it in jeopardy of
having its shares frozen, due to the discovery of accounting errors
in earlier reports.
Jiaoda Onlly's share price plunged by the exchange-imposed limit of
10 percent to CNY2.77 (USD0.40), Yicai Global discloses. The stock
has lost 27 percent of its value so far this year.
Jiaoda Onlly uncovered accounting errors in financial reports for
the years 2016 to 2021 after changing accounting firm on Jan. 30,
the Shanghai-based company said April 26, without going into any
detail about the sort of mistakes, Yicai Global relates.
According to the report, the inaccuracies greatly impact subsequent
annual results, and as a result, Jiaoda Onlly needs to re-compile
the annual reports for those six years and will not be able to
publish its 2022 and first-quarter 2023 earnings reports before the
April 30 deadline, it said.
Jiaoda Onlly is doing an audit and has not been served with any
lawsuits yet, a company staff member told Yicai Global on April
27.
Yicai Global adds Jiaoda Onlly changed accountants to Zhongxinghua
Certified Public Accountants from Wuyige Certified Public
Accountants in January, the firm said earlier, citing at the time a
failure to agree with Wuyige on some clauses and its auditing fee.
According to its most recent report, Jiaoda Only logged a 55.6
percent surge in net profit in the first three quarters of 2022
from a year earlier to CNY37 million (USD5.3 million), while
revenue edged up 1 percent to CNY264 million (USD38.1 million),
Yicai Global discloses.
Founded in 1997, Jiaoda Onlly mostly makes probiotics and
nutritional supplements. As of September last year, Shanghai public
transportation firm Dazhong Transportation Group was Jiaoda Onlly's
biggest shareholder with 14.4 percent equity.
=========
I N D I A
=========
A. K. MEHTA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. K. Mehta &
Co. (AKMC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 9 CRISIL A4 (Issuer Not
Cooperating)
Working Capital 1.75 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AKMC for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AKMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKMC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKMC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established as a partnership firm, AKMC undertakes civil
construction activities. It acts as piling contractor for
government construction works in Delhi and at Rohtak in Haryana. It
is owned and managed by Mr Ajay Kumar and Ms Poonam Mehta.
ABHIVYAKTI WELFARE: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abhivyakti
Welfare Society (AWS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 1 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with AWS for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AWS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AWS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AWS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged in
various schemes mandated by the state and central governments in
Aligarh and surrounding areas. These include providing education
support to 6-14-year-old students under the National Child Labour
Project and free meals under the Mid-Day Meal Scheme. It also
operates a family counselling centre and a day-care centre.
ACUSIS SOFTWARE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Acusis Software India Private Limited
17/2, Dollar Chamber, Lal Bagh Road,
Bangalore, Karnataka - 560027
Liquidation Commencement Date: March 29, 2023
Court: National Company Law Tribunal Bangalore Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main,
15th Cross Malleshwaram Bangalore 560055
Email: pragnya.cas@gmail.com
Tel No: 9845666596; 080-23565641
Last date for
submission of claims: April 28, 2023
AIRSTAR DIGITAL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Airstar Digital Finserv Private Limited
(Formerly known as Xiaomi Financial Services
India Private Limited)
Orchid Block E, Ground Floor to 4th Floor
Embasy Tech Village, Marathahalli,
Sarjapura Outer Ring Road, Benglauru - 560103
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal Bangalore Bench
Liquidator: C Dwarakanath
No. 31, Vidya Bhavan, 3rd Floor, Rear Block,
Opp. Karanji Anjaneya Temple,
West Anjaneya Temple Street,
Basavanagudi, Bengaluru - 560004
Email: dwarakanath.c@gmail.com
Tel No: 080-41203012
Last date for
submission of claims: April 24, 2023
AJITA SIL-CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajita
Sil-Chem Private Limited (ASCPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 13.25 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Bank 3.75 CRISIL B/Stable (Issuer Not
Guarantee Cooperating)
CRISIL Ratings has been consistently following up with ASCPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1987, ASCPL manufactures vitrified tiles at its plants in
Paliyad and Mudarada (both in Gujarat).
AJSG MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AJSG Motors
Private Limited (AJSG) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.8 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 0.42 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AJSG for
obtaining information through letters and emails dated January 28,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AJSG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AJSG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AJSG continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AJSG, is an authorised dealer for all the commercial vehicles of
BharatBenz (Daimler India Commercial Vehicles) for the city of
Bareilly in Uttar Pradesh. AJSG was incorporated in January 2018 by
Mr. Jitendra Pal Singh Gujral and his wife Mrs Kamaljeet Kaur
Gujral.
AKSHARA ENTERPRISES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Akshara Enterprises Private Limited
H. No. 11-25-71/A, Kothawada Warangal,
Telangana - 506002, India
Liquidation Commencement Date: March 28, 2023
Court: National Company Law Tribunal Hyderabad Bench
Liquidator: Racharla Ramakrishna Gupta
Flat No. T202, Technopolis, 1-10-74/B,
Above Ratnadeep Super Market,
Chikoti Gardens,
Bagumpet, Hyderabad
Telangana - 500016, India
Email: rp.ramakrishnagupta@gmail.com
Tel No: +91-9848019915
Last date for
submission of claims: April 27, 2023
AL-SUPER FROZEN: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Al-Super
Frozen Foods Private Limited (ASFF) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASFF for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASFF continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has taken a standalone
approach for the assessment of ratings as ASFF is now bought by the
promoters of Mirha Exports Pvt Ltd. Previously, ASFF used to be
part of the Al Nafees group and CRISIL had taken a consolidated
approach with its other group entities (mainly Al Nafees Frozen
Foods Pvt Ltd).
ASFF, promoted by Mirha Exports Pvt Ltd, processes and exports
buffalo meat. Its plant in Unnao (Uttar Pradesh) has capacity to
process 600 animals daily.
ALLOY TECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alloy Tech
(AT) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AT for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AT
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AT was set up in 1996 by Mr. G Shiva Kumar and Mr. M Gopal in
Bengaluru. It manufactures aluminium alloys using imported
aluminium scrap. Bosch India Ltd is one of the key customers of the
firm.
ALTECH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Altech
Infrastructure Private Limited (AIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 1.05 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 0.55 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AIPL was incorporated in 2006, by the promoters, Mr Anil Kumra, and
his sons, Mr Rohit Kumra and Mr Amit Kumra, who manage the daily
operations. Manufacturing facilities are located at Bhiwadi in
Rajasthan, and have a fabrication capacity of 2600 MT per month.
ALTRADE MINERALS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Altrade
Minerals Private Limited (AMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Export Packing 20 CRISIL B+/Stable (Issuer Not
Credit Cooperating)
Proposed Long Term 27.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Odisha-based AMPL, incorporated in 2006, exports iron-ore fines.
Its operations are looked after by the directors - Mr Anurag
Pattnaik and Mr Anshuman Pattnaik. The company has also installed
three wind energy units - one in Tamil Nadu and two in Rajasthan.
AMAR JYOTI: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amar Jyoti
Industries Private Limited (AJIPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 10.4 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AJIPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AJIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AJIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AJIPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2013, AJIPL is promoted by Mr. Amar Nath Pandey and
Mrs. Vinita Joy. The company is engaged in processing of paddy into
par-boiled rice with total capacity of 8 tonnes per hour (TPH). The
processing unit is located at Muzaffarpur (Bihar).
AMISAL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amisal
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 6.5 CRISIL B+/Stable (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with Amisal for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Amisal, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Amisal is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Amisal continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Established in 2006 as a proprietorship firm by Mr. K S Saluja,
Amisal manufactures and exports leather fashion accessories
(especially wallets) to the US and Mexico. The business was earlier
carried out under Saluja Carpets, set up in the 1980s.
ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankita Agro
and Food Processing Private Limited (AAFL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.49 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 6.51 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAFL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAFL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
AAFL, a private limited company, was incorporated in 2005 and is
promoted by Mr. Rajesh Kumar Jain. The company has set up a
manufacturing facility to manufacture oats in Neemrana (Rajasthan)
which are used as breakfast meals.
ASAN STEELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asan Steels
Private Limited (ASPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 2.5 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2009, ASPL has been manufacturing mild-steel ingots
since November 2012. The company has also established a forging
unit, where the commercial production commenced in June-July 2013.
It was acquired by its current promoter, Mr. Ram Dular Gupta, in
September 2012 from its founder promoters, Mr. Suresh Agarwal and
his family. ASPL is headquartered in Kolkata (West Bengal) and its
facilities are in Khasar (Chhattisgarh).
ASIA RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asia Resorts
Limited (ARL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 9.29 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 12.71 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ARL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ARL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ARL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ARL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up by Mr R K Garg in 1978, ARL operates three hotels in
Parwanoo: Timber Trail Resort, Timber Trail Heights, and Moksha -
The Himalaya Spa Resort. Operations are managed by Mr Garg and his
family.
ASIAN MULTIPLEXES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asian
Multiplexes Private Limited (AMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Overdraft Facility 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Asian Theatres Private
Limited (ATPL) and its subsidiary Asian Multiplexes Private Limited
(AMPL). This is because these entities, collectively referred to as
Asian group, are in related lines of business and have common
promoters.
Incorporated in 2005 and 2011, respectively, ATPL and AMPL are in
the movie exhibition business-ATPL in Telangana, and AMPL in
Hyderabad. Operations are managed by key promoter, Mr. Narayandas
Narang.
ATLAS METAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atlas Metal
Industries continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL A4 (Issuer Not
Cooperating)
Packing Credit 2 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Atlas for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Atlas, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Atlas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Atlas continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established in 1996, Atlas is a partnership firm of Gosrani group
and 10 others. It is an established manufacturer, supplier and
exporter of brass part components to reputed organisations in India
and abroad.
BHARATH LAJHNA: CRISIL Keeps B CCR Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Bharath
Lajhna Multi State Housing Co-Operative Society Limited (BLM)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Credit - CRISIL B/Stable (ISSUER NOT
Rating COOPERATING)
CRISIL Ratings has been consistently following up with BLM for
getting information. CRISIL Ratings requested cooperation and
information from the issuer through its letters dated January 31,
2023, and March 31, 2023, apart from telephonic communication.
However, the issuer has continued to be non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BLM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BLM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on BLM continues to be
'CRISIL B/Stable Issuer Not Cooperating'.
Bharath Lajhna Multi State Housing Co-operative Society Limited
(BLM) is multi state housing co-operative society develops lands
for residential, commercials and other business segments with
operations in 3 states namely Tamilnadu, Kerala and Pondicherry.
The society started its operations in Chennai in February 2006.
Society started its operations with property development for
residential, commercial, retail and hospitality sectors in South
India. This comprise of various aspect of housing development
activities such as land identification and acquisition, project
planning, designing, marketing and execution. At present, the focus
is on the development of residential projects in Chennai and other
key cities of Southern India.
CHAHAL PARIVAHAN: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Chahal Parivahan Private Limited
House No. 5 Shop No.-1, Block B-5
Model Town City
Delhi North West
DL 110009 India (as per MCA records)
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Mukesh Gupta
F-1, Milap Nagar, Utlam Nagar,
New Delhi - 110059
Email: camukeship@rediffmail.com
Email: liquidation.cppl@gmail.com
Last date for
submission of claims: April 28, 2023
EDUCATIONAL TRUST: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Educational
Trust (AET) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 6.4 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AET for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AET continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AET was founded in 2010 to set up a school at Khanna under the DPS
franchise. The school was set up in 2010 and commenced operations
in April 2011. Mrs. Indermeet Bains, Mr. Hoshiar Singh Bains, and
Mr. Pahull Bains are trustees of AET.
EMPIRE INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR12.5cr Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facility of Empire Infrastructure (EI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12.5 CRISIL B+/Stable (Assigned)
The rating reflects the exposure to risks associated with ongoing
projects and advance stage of projects with moderate offtake risk,
susceptibility to cyclicality inherent in the Indian real estate
industry. These weaknesses are partially offset by the extensive
experience of the partners in the real estate industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risks associated with ongoing projects and advance
stage of projects with moderate offtake risk: Operating performance
will remain susceptible to flow of advances from customers and
timely completion of the projects as the firm is constructing 132
commercial units in Morbi, out of which 67% of construction is
completed as it is at a nascent stage. The locality mostly consists
of commercial complexes. And as a result, off take risk is expected
to remain moderate as 1-2 units are booked against construction
cost of around 67% incurred for the project 'EI' till date.
* Susceptibility to cyclicality inherent in the Indian real estate
industry: The real estate segment in India is cyclical and affected
by volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, business risk profile will remain
susceptible to risks arising from any industry slowdown.
Strength:
* Extensive experience of the partners: Industry presence of over a
decade has helped the firm to establish itself in the real estate
market of Morbi, Gujarat. Furthermore, the partners have a
successful track record of implementing projects.
Liquidity: Stretched
Liquidity is constrained by funding the construction of its ongoing
projects as well as the upcoming projects through a mix of customer
advances, unsecured loans, and bank loan. The customer advances for
its ongoing have been modest, though cash flows from the project is
expected to remain sufficient to meet term debt obligation, any
unforeseen delay in project construction may result in cost
overrun, thereby affecting term loan repayment. Any delay in
receipt of advances from customers is also expected to
significantly impact liquidity.
Outlook: Stable
The firm will continue to benefit from the extensive experience of
its partners.
Rating Sensitivity factors
Upward factors:
* Traction in customer advances
* Increase in bookings to over 25%
Downward factors:
* Weak cash flow from operations because of subdued response and
delay in completion of projects, thereby weakening liquidity
* Drop in cash buffer ratio to less than 1 time
EI was established in 2021 by 19 partners, including Mr. Bhavesh
Kundariya, Mr Prakash Patel, Mr Prakashkumar Bhakshiram, Mr Bharat
Gami, Mr Dilip Gami, Mr Savji Sadathiya, Mr Jignesh Kela, Mr
Jignesh Sanghani, Mr Mehulkumar Dekhwadiya and Mr Hirendar
Sawariya.
The firm is developing a commercial project that comprises 132
units covering 4,633.92 square metres of land in Morbi. The project
began in March 2022 and is expected to be completed by
August-September 2023.
ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Entrack
Overseas Private Limited (EOPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 15 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 10 CRISIL D (Issuer Not
Credit Cooperating)
Proposed Long Term 55 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with EOPL for
obtaining information through letters and emails dated January 30,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, EOPL exports agricultural commodities to
Asian, European, and West Asian countries. The company, based is
Mangalore (Karnataka), is promoted by Ms. Sudha S Nayak and Mr. U
Aditya Nayak.
GALAXY COTTON: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Galaxy Cotton and Textiles Private Limited
Aditya Centre, Phulchhab Chowk,
Rajkot, Gurajat - 36001
Liquidation Commencement Date: August 29, 2022
Court: National Company Law Tribunal Ahmedabad Bench
Liquidator: Mr. Ramesh Kumar Totla
A-1/1007, Rudra Enclave, Althan-Bhimrad Road,
Althan, Opp, Nest Orchid, Surat, Gujarat-395007
Email: rtotlamandco@gmail.com
304, MetroTower, Ring Road,
Near Kinnary Cinema, Surat-395002
Email: Liquidation.gctpl@gmail.com
Last date for
submission of claims: September 29, 2022
INDIA: 308 Real Estate Projects Under Insolvency, MahaRERA Says
---------------------------------------------------------------
MoneyControl.com reports that a total of 308 real estate projects
are undergoing insolvency proceedings at the National Company Law
Tribunal (NCLT) in Maharashtra, of which 233 projects are in the
Mumbai Metropolitan Region (MMR), according to a list compiled by
the Maharashtra Real Estate Regulatory Authority (MahaRERA).
MoneyControl.com relates that MahaRERA, in a statement on April 26,
said that it has started taking steps for micro control of all the
projects, and as part of the same, it sourced the list of such
projects under insolvency from the website of NCLT.
As per the information on the NCLT website collated by MahaRERA,
various banks, financial institutions, and other credit providers
have initiated insolvency proceedings against 308 real estate
projects in Maharashtra, the report says.
MahaRERA, in the statement, said, "We have published this
information with names of the projects on our website to ensure
transparency and alert homebuyers to avoid being cheated. Hence, we
are appealing to the citizens that they should go through this list
before making a decision about home purchase."
According to MahaRERA, out of the total 308 projects under
insolvency, 115 are ongoing, while registrations for 193 projects
have lapsed.
Of the total 308 projects, 233 are in MMR, 63 in Pune, while
Ahmednagar has five such projects, followed by four projects in
Solapur, and one each in Ratnagiri, Chhatrapati Sambhaji Nagar, and
Nagpur, MoneyControl.com discloses.
According to MahaRERA, out of the 115 ongoing projects, 32 have
more than 50 percent booking, while 150 of the lapsed projects (out
of the total of 193) have more than 50 percent booking,
MoneyControl.com adds.
J AND S CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J and S
Construction (J&S) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with J&S for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of J&S, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on J&S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
J&S continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
J&S, set up in 2003, at Malappuram (Kerala), executes civil
contracts for the Public Works Department, Kerala. Daily operations
are managed by Mr N S Luka and Mr K M Salim.
KIEON DEVELOPERS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Kieon Developers Private Limited
Shop No. 2, Mathura of New Evershine Co. Op. Hsg. Soc.
Evershine Nagar, Malad West
Mumbai City MH 400064 India
Liquidation Commencement Date: March 25, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Devang P. Sampat
Bungalow No. 4, Shiv Pooja,
Plot 100, Sector 29, Vashi,
Navi Mumbai 400703
#615, Shiva Plaza, Plot 79/A3
Marol Cooperative Industrial Estate
Off. Andheri Kurla Road,
Marol Andheri (East), Mumbai 400059 India
Email: ip.kdpl@gmail.com
Email: dsampat@sampatassociates.in
Last date for
submission of claims: April 24, 2023
LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Livtar Singh
Bajaj And Company (LSB) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LSB for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LSB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LSB continues to be 'CRISIL D Issuer Not Cooperating'.
LSB was set up as a proprietorship concern in 2010 by Mr Livtar
Singh Bajaj, and was reconstituted as a partnership firm in April
2014 with the addition of Mr Charanjit Singh Bajaj and Mr Kamaljit
Singh Bajaj as partners. The firm retails Punjab-medium liquor and
Indian-made foreign liquor in Ludhiana and Nayagaon.
MAHABALI INNOVATIVE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Mahabali Innovative Technoligies Private Limited
Monarch House Mastermind II
Aaery Milk Colony
Mayur Nagar Goregaon (E)
Mumbai MH 400065 India
Liquidation Commencement Date: March 21, 2023
Court: National Company Law Tribunal Mumbai Bench-IV
Liquidator: Kairav Anil Trivedi
23 A 5TH Floor Jyoti Bldg,
Barquatali Dargah Margh,
Wadala (E), Mumbai, 400037
Email: kairavtrivedi2002@yahoo.co.in
413-414 SharamJeevan B 5
Opp Lodha New Cuffee Parade,
Wadala Truck Terminus
Mumbai 400037
Email: mahabaliquidation@gmail.com
Last date for
submission of claims: April 22, 2023
NDO INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: NDO India Private Limited
Vivekananda Nilaya, 41/A2, 3 cross,
Navy Layout Chikkabanavara - Post,
Bangalore Bangalore North KA 560090 India
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Anagha Anasingaraju
1-2, Aishwarya Sankul,
17 G.A Kulkarni Path,
Opp. Joshi's Railway Museum,
Kothrud Pune - 411038
Email: rp.anagha@kanjcs.com
Tel No: 020-25466265/65204591
Last date for
submission of claims: April 23, 2023
NORTHSTONE FINTECH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Northstone Fintech Private Limited
D-61, Basement, East of Kailash,
New Delhi, Delhi 110065 India
Liquidation Commencement Date: March 29, 2023
Court: National Company Law Tribunal New Delhi Bench
Liquidator: Ms. Manisha Rawat
A-1./B, Third Floor, T-02, Sector-16,
Noida, Uttar Pradesh - 201301
Email: manisharawatfcs@gmail.com
Tel No: 0120-4227699
Last date for
submission of claims: April 28, 2023
PAPERHAT INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Paperhat India Private Limited
Registered Office:
Level LG 02 & 03, Wing B, Art Guild House,
Phoenix Market City, LBS Marg, Kurla (W),
BKC Annexe, Mumbai - 400070,
Maharashtra, India
Liquidation Commencement Date: March 21, 2023
Court: National Company Law Tribunal Bangalore Bench
Liquidator: Amaranath Ambati Shivashankar
16/1, Gurukrupa, 10th Cross, 13th Main,
Srinagar, Bangalore - 560 050
Tel No: +91-98809-79996
Email: amaranathambati@gmail.com
Last date for
submission of claims: April 25, 2023
PRAKASH INDUSTRIAL: CRISIL Withdraws D Rating on INR8.5cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Prakash Industrial Infrastructure Private Limited (PIIPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.5 CRISIL D Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with PIIPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PIIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIIPL
is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of PIIPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not cooperating' due to delay in servicing
of debt based on the lender's feedback. Also, CRISIL Ratings has
withdrawn its rating on bank facility of PIIPL following a request
from the company and on receipt of a 'no objection certificate'
from the banker. This is in line with the CRISIL Ratings policy on
withdrawal of bank loan ratings.
Set up in 1975 as a partnership firm, Prakash Constructions, and
reconstituted as a private limited company in 2006, PIIPL is
promoted by Mr. Dinesh Agrawal and undertakes civil construction,
primarily for industrial projects, in the private sector.
RADHE METALIKS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Shree Radhe Metaliks Private Limited
Registered Office:
512, Ashirwad Building, 64/E, Ahmedabad Street,
Carnac Bunder, Masjid Bunder
East Mumbai-40009 India
Liquidation Commencement Date: March 24, 2023
Court: National Company Law Tribunal Mumbai Bench -IV
Liquidator: Prabhakar Kumar
Building No. 1, Shiva Enclave,
3rd Floor Pitampura, New Delhi-110034
Email: prabhakar_acs@rediffmail.com
18A, 3rd Floor, 84 Dholakawala Building,
Janmabhoomi Marg, Fort, Mumbai-400 001
Email: cirp.srmpl@gmail.com
Last date for
submission of claims: April 28, 2023
RELIABLE PAPER: Liquidation Process Case Summary
------------------------------------------------
Debtor: Reliable Paper (India) Limited
93, Dadi Sheth Agiyary Lane,
Off Kalbadevi Road,
Mumbai - 400002, Maharashtra
Liquidation Commencement Date: February 24, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Bijendra Kumar Jha
2B/1804, Dreams Complex, LBS Marg,
Bhandup (West), Mumbai - 400078
E-mail : cabkj12@gmail.com
Stress Credit Resolution Private Limited,
G-7, Satyam Shivam Sundaram CHS,
Sion Circle, Sion (E), Mumbai - 400022
Email: reliablepaper.liq@gmail.com
Last date for
submission of claims: April 22, 2023
RELIANCE CAPITAL: Hinduja Emerges Sole Bidder With INR9,650cr Offer
-------------------------------------------------------------------
The Economic Times reports that Hinduja Group entity IndusInd
International Holdings was the sole bidder for Reliance Capital at
the auction held on April 26 as part of bankruptcy proceedings,
said two people aware of the development. It submitted a INR9,650
crore upfront cash offer, they said.
Torrent Investments and Oaktree Capital didn't submit bids,
although they had indicated earlier that they would participate in
the process, the people said.
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.
SEZZLE FINTECH: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Sezzle Fintech Private Limited
175 and 176 Dollars Colony,
Phase 4, JP Nagar,
Bannerghatta Main Road,
Bangalore, Karnataka - 560078
Liquidation Commencement Date: March 28, 2023
Court: National Company Law Tribunal Bangalore Bench
Liquidator: Mr. Shivaganga Muralidhar Pramod
#4272, 2nd Floor, Saptagiri,
Vivekananda Park Road,
Near Seetha Circle, Girinagar,
Bangalore 560085
Email: pramod@adyananta.co.in
Tel No: +91-9845657072
Last date for
submission of claims: April 27, 2023
=========
J A P A N
=========
UNIZO HOLDINGS: Files for Bankruptcy Protection
-----------------------------------------------
Jiji Press reports that Unizo Holdings Co. filed for bankruptcy
protection with Tokyo District Court under the civil rehabilitation
law on April 26.
Unizo's debts totaled about JPY126.2 billion, making it the largest
bankruptcy in Japan this year, according to Teikoku Databank Ltd.,
a credit research firm, Jiji Press discloses.
According to the report, the company is planning to rebuild itself
with the help of Nippon Sangyo Suishin Kiko Ltd., a Japanese
investment firm.
Jiji Press says Unizo faced financing difficulties mainly due to
the poor business performance of its hotel business amid the
COVID-19 pandemic, as well as the repayment of funds for an
employee buyout program that took the company private in 2020.
The company was unable to secure funds to redeem JPY10 billion in
corporate bonds due next month, the report adds.
Unizo Holdings Company Limited is a holding company, which manages
operations for its subsidiaries. Group companies operate leasing
office buildings and managing golf course and hotel.
=====================
N E W Z E A L A N D
=====================
86 AUTO LIMITED : Creditors' Proofs of Debt Due on May 31
---------------------------------------------------------
Creditors of 86 Auto Limited (formerly Drive&Go Workshop Limited)
and Sangam Enterprises Limited are required to file their proofs of
debt by May 31, 2023, to be included in the company's dividend
distribution.
86 Auto Limited was placed into liquidation by order of the High
Court at Auckland on April 17, 2023.
Sangam Enterprises Limited was placed into liquidation by
resolution of the shareholders on April 17, 2023.
The company's liquidator is:
Benjamin Francis
Gerry Rea Partners
PO Box 3015
Auckland
CLOVER TRANSPORT: Court to Hear Wind-Up Petition on May 17
----------------------------------------------------------
A petition to wind up the operations of Clover Transport Limited
will be heard before the High Court at Auckland on May 17, 2023, at
10:00 a.m.
New Zealand Transport Agency filed the petition against the company
on March 29, 2023.
The Petitioner's solicitor is:
M. D. Arthur
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
COCOOIL GROUP: Creditors' Proofs of Debt Due on May 25
------------------------------------------------------
Creditors of Cocooil Group Limited are required to file their
proofs of debt by May 25, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 6, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
CORAGLEN LIMITED: Creditors' Proofs of Debt Due on May 19
---------------------------------------------------------
Creditors of Coraglen Limited (trading as Pit Stop Onehunga),
Lencar Limited (trading as Pit Stop Glenfield) and Insulation &
Ventilation Wellington Limited (trading as Premier Insulation
Wellington) are required to file their proofs of debt by May 19,
2023, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 14, 2023.
The company's liquidator is:
R. Mason-Thomas
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
VENI CONSTRUCTION: Court to Hear Wind-Up Petition on May 12
-----------------------------------------------------------
A petition to wind up the operations of Veni Construction Limited
will be heard before the High Court at Auckland on May 12, 2023, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 24, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
32 CAPITAL: Members' Final Meeting Set for May 26
-------------------------------------------------
Members of 32 Capital Pte. Ltd. will hold their final general
meeting on May 26, 2023, at 3:30 p.m., via Zoom.
At the meeting, Low Sok Lee Mona and Teo Chai Choo, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
CANTON-I PTE: Members' Final Meeting Set for May 25
---------------------------------------------------
Members of Canton-I Pte. Ltd., Jacksonville Bridge Pte. Ltd., and
Nan Fung (Singapore) Pte. Ltd. will hold their final meeting on May
25, 2023, at 11:00 a.m., 11:30 a.m., and 12:00 p.m., respectively.
At the meeting, Don M Ho and David Ho Chjuen Meng of DHA+ pac, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
*********
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
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***