/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230505.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, May 5, 2023, Vol. 26, No. 91 Headlines A U S T R A L I A 8-10 DAVIES: First Creditors' Meeting Set for May 9 ARMORGALV (AUST): Second Creditors' Meeting Set for May 10 BOOZEBUD HOLDINGS: In Administration; First Meeting Set for May 9 JENNY CRAIG: Continues to Operate Amid Looming US Bankruptcy KINZU BRANDS: First Creditors' Meeting Set for May 12 NATROS PTY: Second Creditors' Meeting Set for May 10 PINDAN ASSETS: First Creditors' Meeting Set for May 11 REDMOND SAWMILL: To Close by End of June Ahead of Logging Ban B A N G L A D E S H REGENT AIRWAYS: To be Liquidated Over Unpaid Aircraft Lease I N D I A AAJ KA ANAND: Liquidation Process Case Summary AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating ARROWLINE ORGANIC: Insolvency Resolution Process Case Summary AZAM RUBBER: Insolvency Resolution Process Case Summary BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating BHRIGU INFRA: Liquidation Process Case Summary CROWN PROMOTERS: ICRA Keeps D Debt Ratings in Not Cooperating EZEEGO ONE: Liquidation Process Case Summary FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category HEMA AUTOMOTIVE: Liquidation Process Case Summary IMPERIAL CONSULTANTS: Insolvency Resolution Process Case Summary JKS CONSTRUCTION: Liquidation Process Case Summary LAKE DISTRICT: Insolvency Resolution Process Case Summary MEGAFIN SECURITIES: Insolvency Resolution Process Case Summary MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating NIRWANA HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating OIL INDIA: Voluntary Liquidation Process Case Summary PADIGELA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating PRIYARANJANI FIBRES: Insolvency Resolution Process Case Summary R M BHUTHER: Insolvency Resolution Process Case Summary RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating RAYAT & BAHRA: ICRA Keeps D Debt Ratings in Not Cooperating RELIANCE CAPITAL: Credit Suisse Wants Insolvency to be Put on Hold RIGA SUGAR: Liquidation Process Case Summary SAMTEX DESINZ: Liquidation Process Case Summary SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating SANJEEVINI MEDLIFE: Insolvency Resolution Process Case Summary SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating SHYAMJI AGRICO: ICRA Keeps D Debt Ratings in Not Cooperating SICAL IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category SICAL SAUMYA: ICRA Keeps D Debt Ratings in Not Cooperating SOVEREIGN INDUSTRIES: Insolvency Resolution Process Case Summary SUPERTECH GROUP: Homebuyer Frustrated Over Non-Possession of Flat SWANI MOTORS: Insolvency Resolution Process Case Summary SWASTIK LLOYDS: Insolvency Resolution Process Case Summary TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating TUSHARA ENERGY: Liquidation Process Case Summary VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ZENICA CARS: ICRA Keeps D Debt Ratings in Not Cooperating M A L A Y S I A AXIATA GROUP: Places Thailand Unit Under Voluntary Liquidation MCOM HOLDINGS: Auditor Raises Going Concern Concern Doubt N E W Z E A L A N D ACCURO HEALTH: A.M. Best Cuts Financial Strength Rating to B(Fair) AUCKLAND TUATARA: Court to Hear Wind-Up Petition on May 16 AUTARCH LIMITED: Iain Andrew Nellies Appointed as Liquidator LITTLE RED: Creditors' Proofs of Debt Due on June 16 MK DEVELOPMENTS: Creditors' Proofs of Debt Due on May 27 PRECISION CAD: Creditors' Proofs of Debt Due on May 27 S I N G A P O R E KS AGRI RESOURCES: Court Enters Wind-Up Order KS NATURAL: Court Enters Wind-Up Order PANORAMA (S84): Court Enters Wind-Up Order ROOFTOP GROUP: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= 8-10 DAVIES: First Creditors' Meeting Set for May 9 --------------------------------------------------- A first meeting of the creditors in the proceedings of 8-10 Davies St Pty Ltd will be held on May 9, 2023, at 10:30 a.m. at the offices of SV Partners at Level 17, 200 Queen Street in Melbourne and via virtual meeting technology. Michael Carrafa and Peter Gountzos of SV Partners were appointed as administrators of the company on April 27, 2023. ARMORGALV (AUST): Second Creditors' Meeting Set for May 10 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Armorgalv (Aust) Pty Limited has been set for May 10, 2023 at 11:30 via Zoom 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 9, 2023 at 4:00 p.m. Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was appointed as administrator of the company on March 23, 2023. BOOZEBUD HOLDINGS: In Administration; First Meeting Set for May 9 ----------------------------------------------------------------- News.com.au reports that Australian online bottle shop BoozeBud has collapsed – becoming the latest in a growing list of casualties for the retail sector. News.com.au relates that the company announced it was no longer taking orders on its website and had appointed Michael Brereton and Sean Wengel of William Buck as joint administrators on May 2. According to the report, Mr. Brereton said the administrators are undertaking an urgent assessment of the business' financial position. "We have made the difficult decision that the company has insufficient funds to continue operating," he told news.com.au. "We have accordingly been forced to stop taking future orders via the online portal . . . We have also, made the difficult decision to lay off staff." News.com.au says the administrators did not reveal how many staff were impacted but were urgently exploring a sale of the business and assets or are seeking an investment of funds for the brand with expressions of interest sought by May 9. "BoozeBud Holdings has seen the majority of the board of directors resign over the course of the past few months," Mr. Brereton also revealed. "Interestingly, the sole director of BoozeBud Holdings Ltd was only appointed as a director of the company on Wednesday 26 April 2023. The remaining directors then resigned on 27 April 2023. Further inquires are being made in this regard." BoozeBud's collapse comes after it acquired Get Wines Direct back in December 2021 in a deal that gave it access around 200,000 active customers and AUD80 million in combined annual revenue, the report notes. Get Wines Direct operates as an independent business outside of Boozebud and is not believed to be impacted, news.com.au adds. The first creditor's meeting for BoozeBud will be held on May 9 and the future of the company will be decided by creditors at the second meeting, Mr. Brereton said. JENNY CRAIG: Continues to Operate Amid Looming US Bankruptcy ------------------------------------------------------------ The Sydney Morning Herald reports that weight-loss company Jenny Craig has played down concerns that its local operations will fold after news overnight that its US parent company is closing its doors and will terminate jobs by the end of the week. In a statement, Jenny Craig said its Australia and New Zealand operations were "currently [continuing] to operate and support our clients" despite the US business "intending to file for bankruptcy," SMH relays. "While this is unfortunate news for our colleagues in the USA, the Jenny Craig operations here in Australia and New Zealand do act independently," the statement said. Jenny Craig was founded in Melbourne in 1983 by Jenny Craig and her husband, Sidney Craig, as a weight management and nutrition company that provides weight-loss coaching with frozen meals. The pair set up operations in the US two years later and became a household name, with more than 600 centres across the world, including Australia, New Zealand and the US. Over the decades, the company has changed hands a number of times. Miami-headquartered private equity firm HIG Capital acquired the Jenny Craig business, including Australian operations, in 2019, but has reportedly been pursuing a sale since early March this year and had plans to move to an online model, according to Bloomberg. SMH says documents lodged to the Australian Securities and Investments Commission show the local business has been in trouble for at least two years. Jenny Craig Australia's most recent annual report showed net profits after income tax was less than AUD1.4 million for the financial year ending December 31, 2021, a sharp drop from the AUD6.9 million posted the year prior. Net cash from operating activities also reduced by 90%, from AUD11.9 million to AUD1.2 million, SMH discloses. Auditor BDO, which compiled the report, warned that the company's future was in doubt, according to SMH. "These conditions indicate a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern," said the report signed by BDO director James Mooney. Jenny Craig's parent company had "irrevocably confirmed that they will provide sufficient financial support to enable the company ... until at least 12 months from the date on which the directors' report is signed", the report, as cited by SMH, stated. "Should the company be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than the ordinary course of business." Jenny Craig's Australian operations include more than 60 centres and 441 employees. Jenny Craig management told US workers in an email that the business was closing "due to its inability to secure additional financing", NBC reported, SMH relays. Corporate and salaried employees' final day will be on May 5, whereas hourly paid centre workers worked their last day on May 2. SMH adds that Jenny Craig had been seeking a buyer as it struggled amid increased competition, including against much-hyped new weight-loss drugs and the impact of the COVID-19 pandemic, as customers stayed home. About Jenny Craig Based in Carlsbad, California, Jenny Craig, Inc. -- http://jennycraig.com/-- often known simply as Jenny Craig, is an American weight loss, weight management, and nutrition company. The company has more than 700 weight management centers in Australia, the United States, Canada, and New Zealand. KINZU BRANDS: First Creditors' Meeting Set for May 12 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Kinzu Brands Pty Ltd will be held on May 12, 2023, at 10:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on May 2, 2023. NATROS PTY: Second Creditors' Meeting Set for May 10 ---------------------------------------------------- A second meeting of creditors in the proceedings of Natros Pty Ltd has been set for May 10, 2023 at 2:30 p.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 9, 2023 at 4:00 p.m. Mitchell Ball and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on March 24, 2023. PINDAN ASSETS: First Creditors' Meeting Set for May 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Pindan Assets Pty Ltd will be held on May 11, 2023, at 1:00 p.m. virtually via Microsoft Teams. Samuel John Freeman and Colby Rhys O'Brien of Ernst & Young were appointed as administrators of the company on May 1, 2023. REDMOND SAWMILL: To Close by End of June Ahead of Logging Ban ------------------------------------------------------------- ABC News reports that another sawmill in southern WA will close before the official ban of native logging comes into effect in 2024. Redmond Sawmill, based near Albany, will shut its doors at the end of June after nearly 30 years of business, with its current owner having invested an estimated AUD12 million, ABC News says. The logs processed at the sawmill are used to make floorboards, decks and other timber products. According to ABC News, managing director Corey Matters said the company had not been supplied enough logs to stay afloat through the winter. Under the company's contract with Forest Products Commission, it was scheduled to receive 8,000 tonnes of material by December, averaging 660 tonnes per month. In the lead-up to winter, Mr. Matters said he had expected more than the monthly average. "During the warmer months, they're supposed to deliver above 660 tonnes [per month] to ensure that we have stock available for those wet months," the report quotes Mr. Matters as saying. "This year, they haven't done that. That's despite the fact that two large sawmills have closed. "We can't stay open, we can't continue to run with no logs, we can't wait around until September . . . for more logs to come in," Mr. Matters said. About 20 workers will be made redundant due to the closure, the report notes. "The feedback I've been getting is that [the workers will] take a significant pay cut, there's not a lot of high-paying work in Albany for an ex-sawmill type person," Mr. Matters said. "There'll be a significant change for their livelihoods." He said the business was allocated about AUD1.4 million in compensation from the government as part of the transition package, but it was not enough, adds ABC News. =================== B A N G L A D E S H =================== REGENT AIRWAYS: To be Liquidated Over Unpaid Aircraft Lease ----------------------------------------------------------- ch-aviation reports that Regent Airways (Dhaka) will be wound up over an unpaid aircraft lease. The airline, which ceased flight operations in March 2020, is one of eleven companies owned by Dhaka's Habib Group that are now being liquidated after Wilmington Trust Company initiated legal action against them in Bangladesh's High Court, the report says. ch-aviation, citing Bangladesh's Business Standard outlet, relates that Wilmington applied to wind up the companies after Regent Airways defaulted on its aircraft lease payments. The other ten companies had reportedly gone guarantor for Regent Airways. Besides Wilmington, the 11 companies owe a total of BDT30 billion taka (USD283.2 million) to assorted creditors, aviation and non-aviation related. However, a search of the High Court's database suggests the dispute between Wilmington and Regent Airways goes back some years, with the matter of Wilmington Trust company vs Regent Airways and others (company matter 242/2020) having its first hearing back in November 2020. "Because this issue is before the courts, Wilmington Trust has no comment on the matter," ch-aviation quotes a Wilmington Trust spokesman as saying. Aside from Regent Airways, the companies now being liquidated are Habib Steels Limited; Diamond Cement Limited; Legacy Fashion Limited; Regent Spinning Mills Limited; Regent Textile Mills Limited; Siam Superior Limited; HG Aviation; MTS Re Rolling Mills Limited; Anwara Paper; Mills Limited; and Regent Power Limited. All are controlled by the Habib Group, a Bangladeshi industrial conglomerate now on the downhill slide whose directors, including chairman Yakub Ali, managing director Yasin Ali, and Mashroof Habib, Salman Habib, and Tanveer Habib, all decamped from Bangladesh last year. According to ch-aviation, Regent Airways began scheduled passenger services in Bangladesh in 2010 using two B737-700s leased from ILFC. It gradually expanded its fleet and network, including to international destinations. In early 2020, the airline paused operations due to the outbreak of Covid-19. Since then, reports have emerged of it attempting to restart but that never happened. As it stands, B737-800 S2-AIO (msn 28644) and DHC-8-Q300s S2-AHA (msn 521) and S2-AHB (msn 543) currently stand derelict at Dhaka airport, the ch-aviation fleets advanced module shows. Wilmington's lawyers have not disclosed the amount owed but the Business Standard report implies Regent Airways had over the years, leased more than one aircraft from them. Justice Khizir Ahmed Choudhury reportedly accepted the winding up application on March 29, 2023, ch-aviation notes. Regent Airways was a Bangladeshi airline owned by HG Aviation Ltd, a fully owned subsidiary of Habib Group. It is based at Hazrat Shahjalal International Airport. ========= I N D I A ========= AAJ KA ANAND: Liquidation Process Case Summary ---------------------------------------------- Debtor: Aaj Ka Anand Papers Limited 365, Shivaji Nagar, Aaj Ka Anand Building, Pune 411005 Liquidation Commencement Date: April 12, 2023 Court: National Company Law Tribunal Mumbai Bench Liquidator: Jitender Kumar Jain Level 11, Platina, C-59, G Block, BKC, Bandra (East), Mumbai 400051, India Email: jit1.jain@gmail.com Email: akapl.liq@gmail.com Last date for submission of claims: May 13, 2023 AARCOT CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term and Short-Term ratings of Aarcot Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 4.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in November 2013, Aarcot Ceramic Pvt. Ltd. (ACPL) is promoted by Mr. Lakhaman Zalariya, Mr. Ramesh Jain and Mr. Nirmal Gami. It manufactures digital wall tiles in sizes 10"X 15", 10"X 12", 12"X 12" and 12"X 18". Its facility, located at Morbi in Gujarat, has an installed capacity of producing ~5,500 boxes per day (~18,500 MTPA). ARROWLINE ORGANIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Arrowline Organic Products Private Limited No. 101, Tower 8, Unitech Uni World City, Nelikuppam Road, Nallambakkam Kandigai, Chengalpattu Kancheepuram TN 600127 Insolvency Commencement Date: April 13, 2023 Estimated date of closure of insolvency resolution process: October 10, 2023 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Tharuvai Ramachandran Ravichandran G3, Block II, Shivani Apartments, 40 East Coast Road, Thiruvanmiyur, Chennai 600041 Email: trravichandran@yhaoo.com Email: arrowlineorganiccirp@gmail.com Last date for submission of claims: April 27, 2023 AZAM RUBBER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Azam Rubber Products Private Limited AL 9, Sector 13, GIDA Industrial Area, Gorakhpur, Uttar Pradesh - 273209 Insolvency Commencement Date: April 13, 2023 Estimated date of closure of insolvency resolution process: October 10, 2023 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Rajeev Ranjan Singh Flat No. 14049, 16 Avenue, Gaur City 2, Greater Noida West, Gautam Buddha Nagar, Uttar Pradesh - 201310 Email: ip.rajeevsingh@gmail.com 532, 5th Floor, Somdatt Chamber-II, Bhikaji Cama Place, New Delhi-110066 Email: azamrubber.ibc@gmail.com Last date for submission of claims: April 27, 2023 BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Balaji Raw And Parboiled Rice Mills Private Limited (SBRPRM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Warehouse Financing 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SBRPRM 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 SBRPRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SBRPRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBRPRM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Set up in June 2013 by Mr. Viswanadham and his family, SBRPRM mills and processes paddy into rice; it also generates by-products, such as broken rice, bran, and husk. The mill is in Vijayawada. BHRIGU INFRA: Liquidation Process Case Summary ---------------------------------------------- Debtor: M/s Bhrigu Infra Private Plot No. 1246, Vamsiram Jubilee Casa, Road No. 26, Lane Beside Krishna Jewellers, Jubilee Hills, Hyderabad TG 500038 India Liquidation Commencement Date: April 10, 2023 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Pavan Kankani #302, 3-6-140/A, 3rd Floor, City Centre, Himayat Nagar, Hyderabad - 500029, Telangana Email: ippavankankani@gmail.com Email: liquidator.bhrigu@gmail.com Last date for submission of claims: May 9, 2023 CROWN PROMOTERS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term rating of Crown Promoters and Developers in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 6.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 4.70 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Crown Promoters and Developers is a partnership firm and part of Delhi based Crown group. The firm is developing an integrated township project, 'Crown City' in Village Gharaunda district in Karnal, Haryana. The township is spread over area of 50 acres and primarily consists of residential plots. Apart from residential plots, there are also areas marked for commercial development, primary school and nursing home. EZEEGO ONE: Liquidation Process Case Summary -------------------------------------------- Debtor: Ezeego One Travel & Tours Limited (In liquidation) 1st Floor, Cecil Court, Lansdowne Road, Colaba Mumbai, MH - 400039 Liquidation Commencement Date: April 13, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Gaurav Ashok Adukia Anand Bhavan, Jamnadas Adukia Road, Kandivali West, Mumbai City, Maharashtra-400067 Email: gauravadukia@hotmail.com Sumedha Management Solutions Private Limited C-703, Marathon Innova, Lower Parel West, Mumbai - 40013, Maharashtra Email: ezeego@sumedhamanagement.com Last date for submission of claims: May 13, 2023 FAIRDEAL MULTIFILAMENT: ICRA Keeps D Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term rating of Fairdeal Multifilament Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 4.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 12.24 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 1.26 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2014, Fairdeal Multifilament Private Limited (FMPL) is promoted by Mr. Manoj Sanklecha, Mr. Sneh Shah and Ms. Khushboo Modi. It manufactures high tenacity polyester yarn, which finds application in various industries such as automobile, pipe, construction, FIBC and medical. The company's manufacturing facility is located at the Chacharwadi village of Ahmedabad (Gujarat), and has an installed capacity of 3600 MTPA. The company is a part of the Fairdeal Group, which is involved in a similar industry. In FY2020, the company reported a net loss of INR0.7 crore on an OI of INR27.5 crore, as compared to a net profit of INR0.1 crore on an OI of INR39.2 crore in FY2019. GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ganco Energy India Private Limited (GANCO) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 7.65 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Ganco 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 GANCO, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GANCO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GANCO continues to be 'CRISIL D Issuer Not Cooperating'. It is engaged in manufacturing of solar panels and modules such as batteries & street light pole. It is Visakhapatnam, Andhra Pradesh based company and promoted by Mr. G. Appala Naidu and Mrs. G Chinni Kumarilakshmi. GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Ganesh Agro Industries - Parbhani (SGAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SGAI 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 SGAI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGAI continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2007 by Daga family, SGAI gins and presses raw cotton, and extracts oil from cotton seeds. H.K. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the long term and Short-term rating of H.K. Agro Impex in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 2.38 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term– 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 3.62 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2014, H.K Agro Impex is a proprietorship firm managed by Mr. Mohammed Ansari. The firm is engaged in processing cashew kernels from raw cashew nuts. The firm has its processing unit in Mangalore, Karnataka with an installed capacity of processing 60 bags of raw cashew nuts per day as on August 2016. HEMA AUTOMOTIVE: Liquidation Process Case Summary ------------------------------------------------- Debtor: Hema Automotive Private Limited Sachidanand Farmhouse Kishangarh Vill, Opp. Swimming Pool DDA Sports Complex, Lane Green Avenue Vasant Kunj, New Delhi - 110070 India Plot No. SP-17A, RIICO Industrial Area, Phase-1, Opp. Telephone Exchange, Neemrana, Alwar (Rajasthan) Liquidation Commencement Date: April 11, 2023 Court: National Company Law Tribunal New Delhi Bench-VI Liquidator: Umesh Gupta Ground Floor, 221-A/19, Onkar Nagar-B, Tri Nagar, North West, National Capital Territory of Delhi, 110035 Email: umesh@vamindia.in Immaculate Resolution Professionals Private Limited Unit No. 111-112, First Floor, Tower-A, Spazedge Commercial Complex, Sector-47 Sohna Road, Gurgaon - 122018 Email: cirp.hemaautomotive@gmail.com Last date for submission of claims: May 11, 2023 IMPERIAL CONSULTANTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Imperial Consultants and Securities Limited Registered Office: A S K Building 1st Floor Room No. 2 Old No. 44, New No. 57 C P Ramaswamy Road Abhiramapuram, Chennai Chennai TN 600018 India Other Address: 202, United Business Park Wagle Industrial Estate Thane MH 400605 India Insolvency Commencement Date: April 13, 2023 Estimated date of closure of insolvency resolution process: October 10, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Vishal Ghisulal Jain D-1902, Palm Beach Residency, Amey CHS Ltd., Plot No. 24-29, Sector-4, Nerul West, Navi Mumbai, Maharashtra 400706 Email: vishal@resolvegroup.co.in CA. Vishal Jain c/o Resolve-IPE Private Limited 1003, Satra Plaza, Sector-19D, Vashi, Navi Mumbai - 400703 Email:imperial@resolvegroup.co.in Last date for submission of claims: April 28, 2023 JKS CONSTRUCTION: Liquidation Process Case Summary -------------------------------------------------- Debtor: J.K.S Construction Private Limited No 12, Sammandam Street, Bharathipuran, Chromepet, Chennai - 600 044 Liquidation Commencement Date: September 8, 2022 Court: National Company Law Tribunal Chennai Bench Liquidator: Raghu Babu Gunturu 1st Floor, Golden Heights, Plot No. 9, Opp: Raheja IT Mindspace, HUDA Techno Enclave, Madhapur, Hyderabad, Telangana - 500081 Email: raghu@ezresolve.in Email: jksconstruction@ezresolve.in Last date for submission of claims: October 8, 2022 LAKE DISTRICT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Lake District Realty Private Limited Bunglow No. 10, Staveley Road, Near Jeos Mess, Pune - 411001, Maharashtra Insolvency Commencement Date: April 12, 2023 Estimated date of closure of insolvency resolution process: October 9, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Kiran Martin Golla Flat No. 1704, T-3, Raheja Tipco Heights, Rani Sati Marg, Malad-E, Mumbai - 400097, Maharashtra Email: lakedistrict.cirp@gmail.com Last date for submission of claims: April 28, 2023 MEGAFIN SECURITIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Megafin Securities Limited Flat No. 205, 6-366 Lumbini Enclave Punjagutta Hyderabad TG 500082 India Insolvency Commencement Date: April 11, 2023 Estimated date of closure of insolvency resolution process: October 8, 2023 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Mummaneni Vazra Laxmi Flat No. 107,V.V.Vintage Residency, Sommajiguda, Hyderabad-500082 Email: emailtolak@gmail.com Email: cirpmegafin@gmail.com Last date for submission of claims: April 28, 2023 MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Miraj Metals in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 13.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in August 2010, Miraj Metals (MM) is a proprietorship concern, promoted by Mr. Hiten D Mehta and is engaged in the business of trading of non-ferrous metal scrap. The concern has its registered office in Vile Parle, Mumbai, a branch office in Bhavnagar and a godown in Bhiwandi. MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Motilal Dhoot Infrastructure Private Limited (MDIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.25 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.15 CRISIL D (Issuer Not Cooperating) Term Loan 1.60 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MDIPL 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 MDIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MDIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MDIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and was acquired by its current promoters, Mr Sushil Dhoot and family, in fiscal 2010. MDIPL manufactures ready-mix concrete and supplies aggregates such as crushed stone and dust obtained from stone crushing. It also undertakes civil construction activities. NIRWANA HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long term and Short-term rating of Nirwana Hotels and Resorts Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 7.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 0.02 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1993, NHRPL is engaged in hospitality services through a single, 59-room resort, "Hoysala Village Resort" ("the resort") located in Hassan, Karnataka, about 200 km from Bangalore. The resort is spread over seven acres completely owned by the promoters, with about 30 cottages, 10 suites, nine villas and 10 palace rooms. Apart from lodging, Hoysala Village Resort offers a variety of other facilities to its guests like a swimming pool, indoor sports, massage and trekking options. The resort also has multi-cuisine restaurant, a spa, a souvenir shop and a café to cater to varied preferences of its domestic and foreign guests. The company is promoted by Mr. K. R Alwa and his family. The promoters have a presence across real estate and agricultural businesses through their other companies, such as Civic India Housing Private Limited and Civic India Mphar Private Limited. OIL INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Oil India International Limited Unit No. 603, 6th Floor, NBCC Centre, Okhla Phase I, New Delhi - 110020 Liquidation Commencement Date: September 30, 2019 Court: National Company Law Tribunal New Delhi Bench Liquidator: CS Parveen Kumar Garg 105-B/2, Pal Mohan Plaza, D.B Gupta Road, Karol Bagh, New Delhi, 110005 Email: pkgcosec@rediffmail.com Contact: 9871133379 Last date for submission of claims: October 29, 2019 PADIGELA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Padigela Ginning Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 0.10 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 7.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 4.40 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Padigela Ginning Industries was founded in 2009 as a partnership firm. PGI is in Bhainsa, Adilabad District, Telangana and is involved in the ginning & pressing of raw cotton to produce cotton lint & seeds and processing of cotton seeds to produce cotton seed oil & cakes. The firm has 36 gins and one pressing unit. The current capacity of the plant is 300 bales of lint per day. The operations are currently managed by its managing partner, Mr. P. Srinivas and his family members who has more than 6 years of experience in Ginning Industry. POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the Long-Term ratings and Short-Term ratings of Polyplastics Automotive India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 5.80 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term/ 1.20 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Cash Credit Cooperating' Category Short-term 0.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category Long-term– 9.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. PAIPL is a manufacturer of injection molded plastic auto components for the automobile (four-wheeler passenger vehicles and two wheelers) industry. The company manufactures auto components such as wheel covers, wheel caps, radiator grills (for passenger vehicles) and garnish cowl, rear cowl centre, gear speedo meter, side cover, handle cover, wheel cap, throttle lever, inner door handle, fuse box and cover, etc (for two wheelers) at its manufacturing facility located at Industrial Growth Centre in Bawal (Rewari, Haryana). The unit has 20 injection moulding machines and painting facilities, which include body colour paint shop, automatic wheel cover paint shop and conventional paint shops. The company's client list includes Maruti Suzuki India Limited, Honda Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd., apart from other OEMs and Tier-1 suppliers. PRIYARANJANI FIBRES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Priyaranjani Fibres Limited Raipole Village Ibrahimpatnam Ranga Reddy Telangana - 50158, India Insolvency Commencement Date: March 24, 2023 Estimated date of closure of insolvency resolution process: September 20, 2023 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Mr. Raghu Babu Gunturu 1st Floor, Golden Heights, Plot No. 9, Opp: Raheja IT Mindspace, Huda Techno Enclave, Madhapur, Hyderabad, Telangana - 500081, India Landmark - Near Raidurg Metro Station Email: raghu@ezresolve.in Email: priyaranjani@ezresolve.in Last date for submission of claims: April 10, 2023 R M BHUTHER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: R M Bhuther and Company Limited 104, Bajaj Bhawan, Nariman Point, Mumbai Maharashtra 400021 Insolvency Commencement Date: March 3, 2023 Estimated date of closure of insolvency resolution process: October 14, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Sandeep D. Maheshwari 1, Shree Ram Laxmi Niwas CHS Near Anthony Bakery Kolbad, Thane (West) 400601 Email: ayunish@yahoo.com Stress Credit Resolution Private Limited G-7, Satyam Shivam Sunderam CHS, Sion Circle, Sion East, Mumbai 400022 Email: rmbhuther.cirp@gmail.com Last date for submission of claims: May 1, 2023 RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ratnagiri Chemicals Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Packing Credit 4.5 CRISIL D (Issuer Not Cooperating) Post Shipment 2 CRISIL D (Issuer Not Credit Cooperating) CRISIL Ratings has been consistently following up with RCPL 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 RCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in the manufacturing of specialty chemicals and antioxidant additives, which find application in food processing, petrochemical, and pharmaceutical industries. The company has its manufacturing facilities at Parshuram (Ratnagiri) with a total installed capacity of around 2500 MT per annum. RAYAT & BAHRA: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-Term ratings of Rayat & Bahra Group of Institutes: An Educational and Charitable Society in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 3.20 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 2.19 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term– 36.61 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 36.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Operational since 2005, RBGI is a part of Punjab-based Rayat-Bahra Group. RBGI operates 12 colleges through its two campuses located in Mohali and Hoshiarpur. While the Mohali campus became operational in 2005, the Hoshiarpur campus came into existence in 2008. The society through these two campuses offers various courses like engineering and technology, pharmacy, law, nursing, management and senior secondary education courses. RELIANCE CAPITAL: Credit Suisse Wants Insolvency to be Put on Hold ------------------------------------------------------------------ Financial Express reports that Credit Suisse Group AG, a financial creditor to Reliance Capital, wants the former Anil Ambani group firm's insolvency process to be put on hold till its claims are settled. According to the report, the company had earlier moved the bankruptcy court seeking INR660 crore of dues, after the resolution professional rejected it. In a legal notice sent to RCap's administrator, the Swiss bank said as the case is pending before the National Company Law Tribunal's Mumbai bench, it should not proceed with the resolution process, "much less its finalisation". Credit Suisse's Mumbai branch is also the onshore security trustee acting on behalf of the bank's Singapore branch, Federal Bank and Far Eastern International Bank. The letter, dated May 3, was sent to RCap administrator Nageswara Rao Y by legal firm Juris Corp on behalf of Credit Suisse, FE says. The claim (of INR660 crore as of Dec. 6, 2021) was rejected by administrator in a letter dated Feb. 24, 2022, following which Credit Suisse challenged it before the NCLT, FE recalls. "Furthermore, our client is admittedly a secured creditor against the first ranking pari passu (equal footing) pledge validity created over the corporate debtor's entire shareholding held in Reliance General Insurance Company (RGICL) in favour of IDBI Trusteeship Services acting as trustee, security agent for the secured parties (including our client) as defined in the restated pledge agreement," the letter said. Given the pendency of the claim rejection, and the decision awaited in RGICL custody, the Swiss bank wanted the committee of creditors (CoC) not to proceed with the resolution plan as it would be utter breach of Corporate Insolvency Resolution Process (CIRP), FE notes. The NCLT's claim will also have a bearing on the constitution of the CoC, consequent voting rights vis-à-vis the approval of the resolution plan and distribution of the proceeds, among others, it added. Approval of any resolution plan would not only be bad in law but "travesty of justice" and go against the intent of the Insolvency and Bankruptcy Code, the letter said, adding that a decision on the resolution plan should be taken only after the NCLT's decision. Earlier on April 26, the Hinduja Group quoted INR9,650 crore for RCap, with it offering the entire amount in upfront cash, as other bidders stayed away from the second e-auction, FE relates. The bid amount was much lower than the bankrupt firm's liquidation value of INR13,000 crore. Hinduja Group, which placed its bids through a group firm IndusInd International Holdings (IIHL), has assured there will be no deferred payment. 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. RIGA SUGAR: Liquidation Process Case Summary -------------------------------------------- Debtor: Riga Sugar Company Limited 14, Netaji Subhas Road (2nd Floor) PS Hare Street, Kolkata 700 001 Liquidation Commencement Date: April 11, 2023 Court: National Company Law Tribunal Kolkata Bench-II Liquidator: Mr. Neeraj Jain 4, Synagogue Street, Suite 205, 2nd floor, Facing Brabourne Road, Kolkata 700 001 Email: reachneerajjain@gmail.com Chatterjee International Centre Unit 1, Floor 14, 33A, Jawaharlal Nehru Road, Kolkata 700 071 Email : cirp.rigasugar@gmail.com Last date for submission of claims: May 11, 2023 SAMTEX DESINZ: Liquidation Process Case Summary ----------------------------------------------- Debtor: Samtex Desinz Private Limited Unit No. 125, First Floor Block-11 Tribhuwan Complex, Ishwar Nagar New Delhi South Delhi DL 110065 India Liquidation Commencement Date: April 11, 2023 Court: National Company Law Tribunal Delhi Bench VI Liquidator: Vimal Kumar V-1104 Hyde Park Sector 78 Noida-201301 Email: maidvimal1@rediffmail.com Email: liq.samtex@gmail.com Last date for submission of claims: May 10, 2023 SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sancheti Ornaments Private Limited (SOPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SOPL 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 SOPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SOPL continues to be 'CRISIL D Issuer Not Cooperating'. CRISIL Ratings consolidates the business and financial profile of SOPL, Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited (OJPL) as all the entities are in similar line of business and are managed by the same management. Sancheti Group is promoted by Mr Ashok Sancheti and his family. The three group companies, SOPL, SJPL and OJPL were setup in 2011 in Mumbai to manufacture and wholesale gold jewellery. The promoters have been in business since 1988. SANJEEVINI MEDLIFE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sanjeevini Medlife Hospitals (India)Private Limited No. 760, 7th Main, Last Bus Stop, Mahalakshmi Layout, Bangalore - 560086 Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 27, 2023 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Suresh Kannan 4th Floor, 4/1, Krishna Reddy Colony, Domlur Layout Bengaluru - 560071 Email: sureshkannan10@gmail.com AAA Insolvency Professionals LLP E-10A, Lower Ground Floor, Kailash Colony, 110048 Email: sanjeevinimedlife.ibc@gmail.com Last date for submission of claims: April 19, 2023 SARASWATI EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Saraswati Education Society Kharghar in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 41.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SESK is a public charitable trust, incorporated in the year 1997. The trust began its operation in the field of education with Saraswati College of Engineering in 2004 in Maharashtra. Since then, the society has established and acquired various other educational institutions such as ReVera Institute of Technology, Kharghar and Dongarai Shikshan Sanstha, Kadepur. These institutes, recognized and affiliated to concerned authorities, are spread across two campuses in the state of Maharashtra. SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SGM Packaging Industries (SGM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SGM 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 SGM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan, SGM manufactures wooden crates, corrugated paper boxes, and plastic pallets at its facility in Gurgaon. SHARANAMMA DIGGAVI: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sharanamma Diggavi Memorial Educational Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 6.29 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.71 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Sharanamma Diggavi Memorial Education Trust (SDME) was formed and registered as a Trust in the year October, 2006. SDME was established by the educationist Mr. Basawaraj Diggavi, the Chairman of SDME. SDME operates three educational institutions comprising of one primary school, one high school and one pre-university college. SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shiva Energy Resources Private Limited (SERPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 14.9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SERPL 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 SERPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SERPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SERPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SERPL owns a 3.5-megawatt hydropower generation project. It has entered into a 40-year PPA with Himachal Pradesh State Electricity Board at INR3.08 per unit. Operations began in May 2018. SHYAMJI AGRICO: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term ratings of Shri Shyamji Agrico Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 15.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 5.72 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.28 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SAEPL is a closely held company and was incorporated in 2014 after taking over D.S International (partnership firm). After the above-mentioned take-over, all the assets and liabilities of D.S. International were transferred to SAEPL. The 1 100 lakh = 1 crore = 10 million 2 For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating Publications 2 partners of D.S. International have become the promoters of the company. The company is engaged in milling and processing of basmati rice at its plant located at Karnal, Haryana which has a milling capacity of 13 tons per hour. SICAL IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Sical Iron ore Terminals Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 40.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 500.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 60.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- (175.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short Term- (175.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SIOTL was incorporated as a special purpose vehicle in September 2006 by the consortium of SLL and L&T Infrastructure Development Projects Limited (L&T IDPL). A concession agreement (CA) was signed between SIOTL and Kamarajar Port Limited (KPL, erstwhile Ennore Port Limited) on September 23, 2006, to implement an iron ore terminal at Ennore Port, Tamil Nadu on a build-operate-transfer (BOT) basis for a total period of 30 years (including the terminal construction period). The project was planned towards setting up an iron ore terminal of capacity 6 MMTPA in Phase I to reach 12 MMPTA in phase II. At present, SLL holds 63% in the JV, while MMTC Limited and L&T IDPL hold 26% and 11%, respectively. Despite completion, the operations did not commence due to the Supreme Court's ban on iron ore mining operations in Karnataka in 2011. Post this, SIOTL sought approval from the Ministry of Shipping for conversion into a coal handling terminal. Subsequently, SIOTL received the approval from the Ministry of Shipping. The company received the letter of award from KPL in July 2016 for conversion of terminal to handle coal with a capacity of 12 MTPA. The terminal received the final environmental clearance and at present the project is only ~80% complete and currently on hold due to lack of funding. Sical Logistics Limited has an investment amounting to Rs 82.90 Crore and has an outstanding loan amounting to Rs 851.07 Crore due from SIOTL. SICAL SAUMYA: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Sical Saumya Mining Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 41.83 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term– 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Sical Saumya Mining Limited (SSML) is a subsidiary of Sical Logistics Limited (SLL) and is engaged in the business of overburden extraction and transportation. The company was formed as a JV with Saumya Mining Limited (SML) for the purpose of securing overburden removal contracts in association with the coal removal contracts that Sical is undertaking in Mahanadi Coalfields Limited (MCL). Currently the company is executing two contracts – the operations are handled by SLL through a subcontract. SOVEREIGN INDUSTRIES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Sovereign Industries Limited 2nd Floor, Trivent Complex, Yadwad Road Mudhol Bagalkot -587313 Karnataka Insolvency Commencement Date: March 28, 2023 Estimated date of closure of insolvency resolution process: September 24, 2023 Court: National Company Law Tribunal, Bangalore Bench Insolvency Professional: Konduru Prasanth Raju B-804, Shriram Suhaana Apartments Harohalli, Nagenahalli Gate, Yelahanka Bangalore, Karnataka - 560064 Email: ipkpraju@gmail.com No. 12, Raheja Chambers, Museum Road, Bangalore - 560001, Karnataka Last date for submission of claims: April 28, 2023 SUPERTECH GROUP: Homebuyer Frustrated Over Non-Possession of Flat ----------------------------------------------------------------- India Today reports that a Noida resident who is a homebuyer awaiting possession of her flat from builder Supertech Group has sought intervention from the President of India. In a series of tweets in the last couple of months, the homebuyer, Paramita Banerjee, has been demanding redressal and justice for her late 'husband's hard-earned money' from the President as the real estate developer was declared bankrupt in the concerned project in Uttar Pradesh. The homebuyer told India Today that she was struggling to meet monthly expenses, staying in a rented flat with her daughter, who's a class IV student. Banerjee mentioned she lost her spouse during the pandemic and that ordeal knew no bounds. She also said that her daughter had written a letter addressed to the prime minister in this regard. "After the Real Estate Regulatory Authority (RERA) was formed d by the government, my husband and I were quite confident and we booked a flat at Supertech's Sports City in Greater Noida on a 40:60 payment basis. We belong to a middle-class family so we sold our gold and managed to pay 40 per cent of the amount. The builder had promised to deliver the flat by 2019. However, it went bankrupt," the report quotes Paramita as saying. "We used to visit the builder's office only to get fake promises again and again. Now we are hoping that the court or the government will do something in our favour. After I lost my husband to Covid, I am left with my 7-year-old daughter in this city. I do not want to give up the fight. It was my dead husband's hard-earned money that the builder has taken. I have decided to stay back in Noida and fight for justice," said Paramita. "The President of India is a woman and she can understand the pain of a single mother struggling to pay her only daughter's school fees and being forced to live in a rented apartment despite spending life's savings on buying a flat," she said. "What has happened to all the government agencies like CBI, EOW and ED? Why can't they find the address of Supertech's owners? Why are we getting no justice at all," said Paramita, who broke down during the conversation. India Today says the homebuyer, in one of her tweets on the subject, mentioned seeking a 'mercy death' from the President of India. Subsequently, police personnel visited her home and counselled her not to take any self-harming steps. "The police officers spoke to the resolution professional (IRP). They know about my situation but they can't do anything else but ask me not to commit suicide," she told India Today. Acting on a petition filed by the Union Bank of India for non-payment of around INR432 crore worth of dues, the bankruptcy court had ordered the initiation of insolvency proceedings or Corporate Insolvency Resolution Process (CIRP) against the real estate firm of the entities of Supertech group, the report notes. Supertech Ltd is a Noida-based property developer. As reported in the Troubled Company Reporter-Asia Pacific, insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal (NCLT) bench on March 25 admitted a petition filed by Union Bank of India for non-payment of dues by the company. An interim resolution professional (IRP) has also been appointed for Supertech, superseding the company's board. SWANI MOTORS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Swani Motors Services Private Limited Registered Office: 698-Gurdev Nagar, Pakhowal Road Ludhiana, Punjab 152024 Other Address: SCO-12 Feroze Gandhi Market, Ludhiana, Punjab - 141001 Insolvency Commencement Date: October 28, 2022 Estimated date of closure of insolvency resolution process: September 26, 2023 (180 Day) Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Akhil Ahuja B-29, LGF, Lagpat Nagar III, New Delhi, South, National Capitol Territory Of Delhi 110024 Email: caakhilahuja@gmail.com Email: cirp.swanimotors@gmail.com Last date for submission of claims: April 25, 2023 SWASTIK LLOYDS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Swastik Lloyds Engineering Private Limited Rangwalla Building, Shop No. 258, Islampura Street Mumbai - 400004 MH Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 28, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr Vimal Kumar Agrawal Office No. 4, Ground Floor C Wing, Shanti Jyot Building, Balaji Nagar, Near Railway Station, Bhayander West, Thane Pin 401101 E-mail: vimal@vpagrawal.in E-mail: cirp.swastiklepl@gmail.com Last date for submission of claims: April 15, 2023 TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Texplas India Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 11.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 3.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. TIPL was incorporated in September 1975 and is managed by Mr. J. C. Jain, his son Mr. Shriyance Jain and his wife Mrs. Sunita Jain. The company manufactures composite materials, plastic moulding and polymer-based insulators. The products find application industries like thermal power, home appliances, chemical industry and general engineering industries. TUSHARA ENERGY: Liquidation Process Case Summary ------------------------------------------------ Debtor: M/s Tushara Energy Ventures Private Limited Plot No. 34/B, Electronics Complex, Kushaiguda Hyderabad TG 500062 India Liquidation Commencement Date: March 16, 2023 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Pavan Kankani #302, 3-6-140/A, 3rd Floor, City Centre, Himayat Nagar, Hyderabad - 500029, Telangana Email: ippavankankani@gmail.com Email: liquidator.bhrigu@gmail.com Last date for submission of claims: April 15, 2023 VIJ AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vij Agro Exports Private Limited (Vij Agr) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 60 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Vij Agr 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 Vij Agr, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Vij Agr is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Vij Agr continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of Vij Agro and K L Sons. This is because both the companies, together referred to as the Vij group, are in similar lines of business and have the same promoters. Incorporated in 1999, the Vij group mills and processes basmati rice (Pusa 1121 quality). The group is promoted by Mr. Sunil Kumar Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and their mother, Mrs. Naresh Kumari Vij. Its processing unit is in Ferozepur, Punjab. VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VPR Constructions (VPR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.8 CRISIL D (Issuer Not Cooperating) Secured Overdraft 12 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with VPR 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 VPR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VPR, which was set up as a partnership firm in 1993, undertakes civil construction projects, primarily roads and bridges, for the Panchayat Raj departments of the state governments of Andhra Pradesh and Telangana. Operations are managed by Mr Paramdhami Reddy. ZENICA CARS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the long term rating of Zenica Cars India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 150.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in October 2013, KBR is a partnership firm with Mr. Bhagwan Dass Singla, Mr. Krishan Murari and Mrs Adesh Singla as partners. The firm is involved in the milling, processing and trading of Basmati and non-Basmati rice. KBR's plant is located at Jundla near Karnal (Haryana). =============== M A L A Y S I A =============== AXIATA GROUP: Places Thailand Unit Under Voluntary Liquidation -------------------------------------------------------------- theedgemarkets.com reports that Axiata Group Bhd said it has placed its 65%-owned unit in Thailand, Suvitech Co Ltd, under voluntary liquidation. According to the report, the group said Xpand Investments (Labuan) Ltd, a company wholly-owned by Axiata via Axiata Business Services Sdn Bhd (ABS), had registered Suvitech's voluntary liquidation on May 1. In a bourse filing on May 2, Axiata said it is repositioning and restructuring ABS to refocus on core products and operating markets. "The consolidation of the ABS business and decision to exit the sub-scale Thailand market, led to the voluntary liquidation of Suvitech," it added. theedgemarkets.com relates that Axiata said Suvitech's voluntary liquidation would not have any material financial or operational impact on the group for the year ending Dec. 31, 2023. Suvitech, an information technology solutions and service company, was incorporated in Thailand in May 2002. Its present authorised capital is THB100 million, comprising 10 million shares of THB10 each. In May 2017, ABS entered into an agreement for the acquisition of 65% of the issued share capital of Suvitech for US$11.05 million, the report recalls. "The voluntary liquidation of Suvitech is normally expected to be completed approximately within three months from the date of registration of the liquidator with the Department of Business Development of Thailand," said Axiata. Axiata Group Bhd. is an investment holding company, which engages in the provision of mobile communication, telecommunication infrastructure, and digital services. The company was founded on June 12, 1992 and is headquartered in Kuala Lumpur, Malaysia. MCOM HOLDINGS: Auditor Raises Going Concern Concern Doubt --------------------------------------------------------- theedgemarkets.com reports that LEAP-market listed MCOM Holdings Bhd said its external auditor has raised a material uncertainty on the group's ability to continue as a going concern with regards to its business activities for the financial year ended Dec. 31, 2022 (FY2022). Auditor UHY noted that MCOM incurred a net loss of MYR3.06 million for FY2022 at the group level, and MYR525,414 at the company level, theedgemarkets.com discloses citing the digital marketing solutions provider's bourse filing. theedgemarkets.com says MCOM's net current liabilities amounted to MYR4.88 million and MYR614,695 respectively, and they had a deficit in shareholders' equity of MYR239,626 and MYR549,370 respectively. "These conditions indicate the existence of an uncertainty which may cast doubt about the group's and the company's ability to continue as a going concern. Our opinion is not modified in respect of this manner," MCOM quoted the auditor as saying. In response to the opinion, MCOM proposed to settle a debt of MYR2 million owing to executive director and vice president Chew Lee Poh via the issuance of new MCOM shares at an issue price of 28 sen, theedgemarkets.com relays. It is also looking into the voluntary winding up of the group's 85%-owned subsidiary M-Media to enable MCOM to streamline the group's structure and to exit from loss-making operations. "[This is] taking into consideration that M-Media has ceased operations after recording consecutive losses over the historical years," said MCOM. Based on the latest audited financial statements for FY2022, M-Media recorded a deficit net liabilities position of MYR6.21 million, theedgemarkets.com adds. MCOM Holdings Berhad operates as a holding company. The Company, through its subsidiaries, offers digital marketing, campaigning, mobile advertising, and payment platform development solutions. MCOM Holdings serves customers in Malaysia. ===================== N E W Z E A L A N D ===================== ACCURO HEALTH: A.M. Best Cuts Financial Strength Rating to B(Fair) ------------------------------------------------------------------ AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb" (Fair) from "bbb-" (Good) of Accuro Health Insurance Society Limited (Accuro) (New Zealand). The outlooks of these Credit Ratings (ratings) have been revised to stable from negative. The ratings reflect Accuro's balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating downgrades reflect a deterioration in AM Best's view of Accuro's balance sheet fundamentals. The company's risk-adjusted capitalization for fiscal-year ended 31 August 2022, as measured by Best's Capital Adequacy Ratio (BCAR), fell to adequate from strong at the previous year end. Accuro's risk-adjusted capitalization is expected to fall to the weak level over the near term, primarily as a result of underwriting growth outpacing the growth in tangible capital. The company has undertaken a substantial investment to upgrade its policy administration system in recent years, which gave rise to material intangible assets relative to its capital base of NZD 11.8 million as of 31 August 2022. Accuro's prospective capital adequacy is highly sensitive to changes in the development and implementation costs arising from this infrastructure investment, as well as to variations in future earnings. AM Best expects Accuro's regulatory solvency position to remain appropriate, although the company is expected to record a weaker solvency position than previously indicated at fiscal year-end 2023, due to a cyber incident that adversely impacted its cashflow position. AM Best considers Accuro's financial flexibility to be limited, given its status as a member-owned organization. However, the company has the ability to make rate adjustments on relatively short notice to support profitability, if required. AM Best views Accuro's operating performance as adequate with a five-year average return-on-equity ratio of 5.6% (fiscal-years 2018-2022). The company's combined ratio has typically tracked at the break-even level, reflective of Accuro's status as a not-for-profit organization that provides health insurance in New Zealand. In fiscal-year 2022, Accuro recorded a favorable return-on-equity ratio of 15.1%, primarily as a result of a fall in claims frequency due to the impact of the COVID-19 pandemic. However, claims are now returning to more usual frequencies following the removal of COVID-19-related restrictions in the country. AUCKLAND TUATARA: Court to Hear Wind-Up Petition on May 16 ---------------------------------------------------------- A petition to wind up the operations of Auckland Tuatara GP Limited Will be heard before the High Court at Wellington on May 16, 2023, at 10:00 a.m. Streamshop Limited filed the petition against the company on March 22, 2023. The Petitioner's solicitor is: Stewart Lloyd Germann Stewart Germann Law Office Ground floor, 2 Princes Street Auckland 1010 AUTARCH LIMITED: Iain Andrew Nellies Appointed as Liquidator ------------------------------------------------------------ Iain Andrew Nellies of Insolvency Management Limited on March 30, 2022, was appointed as liquidator of Autarch Limited. The liquidator may be reached at: Insolvency Management Limited PO Box 1058 Dunedin 9054 LITTLE RED: Creditors' Proofs of Debt Due on June 16 ---------------------------------------------------- Creditors of Little Red Fox Ece Limited and Little Red Fox Elc Golden Bay Limited are required to file their proofs of debt by June 16, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2023. The company's liquidator is: Garry Whimp Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 MK DEVELOPMENTS: Creditors' Proofs of Debt Due on May 27 -------------------------------------------------------- Creditors of MK Developments Limited and PPJS Limited are required to file their proofs of debt by May 27, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2023. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 PRECISION CAD: Creditors' Proofs of Debt Due on May 27 ------------------------------------------------------ Creditors of Precision Cad Cam Limited are required to file their proofs of debt by May 27, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 27, 2023. The company's liquidator is: Greg Sherriff Sherriff Consulting 2/24 Fields Parade Oteha Auckland 0632 ================= S I N G A P O R E ================= KS AGRI RESOURCES: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on April 28, 2023, to wind up the operations of KS Agri Resources Pte. Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. filed the petition against the company. The company's liquidators are: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 KS NATURAL: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on April 28, 2023, to wind up the operations of KS Natural Resources Pte. Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. filed the petition against the company. The company's liquidators are: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 PANORAMA (S84): Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on April 21, 2023, to wind up the operations of Panorama (S84) Pte. Ltd. Goh Thiam Chwee filed the petition against the company. The company's liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 ROOFTOP GROUP: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on April 28, 2023, to wind up the operations of Rooftop Group international Pte. Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. filed the petition against the company. The company's liquidators are: Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 ********* 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. 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