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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, June 7, 2023, Vol. 26, No. 114

                           Headlines



A U S T R A L I A

BASANITE PTY: Second Creditors' Meeting Set for June 9
DANIEL PARKINSON: Second Creditors' Meeting Set for June 9
DAY CARE: Second Creditors' Meeting Set for June 9
HARVEY TRUST 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
M8 SUSTAINABLE: McGrathNicol Appointed as Deed Administrators

MCW CORPORATION: Second Creditors' Meeting Set for June 9
MEDALLION TRUST 2018-1: S&P Raises Cl. E Notes Rating to 'BB+(sf)'
PLANET SALES: Second Creditors' Meeting Set for June 12


C H I N A

DALIAN WANDA: Holds Talks With Douyin on Payments Unit
DALIAN WANDA: S&P Cuts ICR to 'BB' on Parent's Weakening Liquidity
FOSUN INT'L: Nanjing Iron and Steel Group Joins Shagang's Lawsuit
SICHUAN LANGUANG: Delisted from Shanghai Stock Exchange


I N D I A

9PLANETS PRODUCTS: Insolvency Resolution Process Case Summary
AISHWARYA HEALTHCARE: Ind-Ra Assigns BB+ Long Term Issuer Rating
ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
ANKIT DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANUGRAH STOCK: CRISIL Keeps D Debt Ratings in Not Cooperating

ARHAM IRON: CRISIL Keeps D Debt Rating in Not Cooperating
ASHRO TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
ATLAS CONVERTING: Voluntary Liquidation Process Case Summary
AUTOCOP INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
AUTOLINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category

B D AGRICARE: CARE Keeps C Debt Ratings in Not Cooperating
BANGALORE INSTITUTE: CRISIL Keeps D Ratings in Not Cooperating
BEE KAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
BHAGWAT PARDESHI: CRISIL Keeps D Debt Rating in Not Cooperating
CELOGEN PHARMA: Insolvency Resolution Process Case Summary

EMBEDINFO TECHNOLOGIES: Voluntary Liquidation Process Case Summary
FUTURE LIFESTYLE: RP Gets Claims of INR2,156cr from 12 Creditors
GATEWAY FABRICS: CARE Lowers Rating on INR13.25cr LT Loan to D
GILBERT TWEED: Voluntary Liquidation Process Case Summary
GO AIRLINES: Insolvency Resolution Process Case Summary

GO FIRST: NCLT Asks IRP to File Reply to Lessors' Plea in One Week
HARIVALLABI SPINNERS: CRISIL Cuts Rating on LT/ST Loan to D
ITM FABRICATION: Voluntary Liquidation Process Case Summary
M. M. PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHA ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating

MANGALDEEP RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
MARK INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
MYP ENTERPRISES: Insolvency Resolution Process Case Summary
PAHARIA TEXTILE: Insolvency Resolution Process Case Summary

PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating
R-BRANDS LIFESTYLE: Insolvency Resolution Process Case Summary
RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
RADIUS PROJECTS: Insolvency Resolution Process Case Summary
REAL VALUE: Insolvency Resolution Process Case Summary

SAHARA INDIA: SBI Life to Take Over Policy Liabilities, Assets
SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category
SONI E: Insolvency Resolution Process Case Summary
SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category
SREE SANKARA: Insolvency Resolution Process Case Summary

SRI RAGHAVENDRA: Insolvency Resolution Process Case Summary
UNIPLY INDUSTRIES: Liquidation Process Case Summary
UNITED NEWS: Insolvency Resolution Process Case Summary
UNIVERSAL TUBE: CRISIL Keeps D Debt Ratings in Not Cooperating
USHDEV ENGITECH: Insolvency Resolution Process Case Summary



N E W   Z E A L A N D

AHURA TRADERS: Creditors' Proofs of Debt Due on July 6
DL DIGGERS: Creditors' Proofs of Debt Due on July 28
GOLD STANDARD: Court to Hear Wind-Up Petition on June 9
LIVING SPACE: Court to Hear Wind-Up Petition on July 6
ZIEGWEST LIMITED: Creditors' Proofs of Debt Due on June 19



P H I L I P P I N E S

BANGKO PANGASINAN: MB Orders Closure of Rural Bank
RURAL BANK OF SAN JUAN: MB Closes Bank; PDIC Takes Over


S I N G A P O R E

CLUNY LODGE: Creditors' Proofs of Debt Due on July 6
COMGATEWAY (S) PTE: Placed in Interim Judicial Management
EAST MARINE: Commences Wind-Up Proceedings
EQONEX LIMITED: Court Enters Wind-Up Order
KEONG INDUSTRIES: Court to Hear Wind-Up Petition on June 16

[*] SINGAPORE: 10 Companies Added to SGX RegCo Watch List

                           - - - - -


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BASANITE PTY: Second Creditors' Meeting Set for June 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Basanite Pty.
Ltd. has been set for June 9, 2023 at 10:00 a.m. virtually via
teleconference.

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 June 8, 2023 at 12:00 p.m.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on May 18, 2023.



DANIEL PARKINSON: Second Creditors' Meeting Set for June 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Daniel
Parkinson Heating & Cooling Pty Ltd has been set for June 9, 2023
at 1:00 p.m. via virtual meeting only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2023 at 4:00 p.m.

Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on May 5, 2023.


DAY CARE: Second Creditors' Meeting Set for June 9
--------------------------------------------------
A second meeting of creditors in the proceedings of Day Care
Services NSW Pty Ltd has been set for June 9, 2023 at 11:00 a.m.
via Zoom and telephone conferencing facilities.

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 June 8, 2023 at 4:00 p.m.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of the company on May 5, 2023.


HARVEY TRUST 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for
Series 2023-1 Harvey Trust. Series 2023-1 Harvey Trust is a
securitization of prime residential mortgage loans originated by
Great Southern Bank (GSB; a business name of Credit Union Australia
Ltd.).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio at transaction close, including the fact that this is a
closed portfolio, which means that no further loans will be
assigned to the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. The credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
21.2% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread, principal draws, and a
liquidity facility equal to 1.0% of the aggregate invested amount
of the notes are sufficient under our stress assumptions to ensure
timely payment of interest.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by GSB to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the floating-rate notes. National
Australia Bank Ltd. will act as standby swap provider.

  Preliminary Ratings Assigned

  Series 2023-1 Harvey Trust

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$20.00 million: AAA (sf)
  Class B, A$8.50 million: AA (sf)
  Class C, A$5.75 million: A (sf)
  Class D, A$2.35 million: BBB (sf)
  Class E, A$1.65 million: BB (sf)
  Class F, A$1.75 million: Not rated


M8 SUSTAINABLE: McGrathNicol Appointed as Deed Administrators
-------------------------------------------------------------
The Voluntary Administrators of M8 Sustainable Limited advised that
on June 1, 2023, M8S executed the pooled Deed of Company
Arrangement (DOCA) reported to creditors in the Administrators
Report to Creditors dated May 4, 2023 and proposed at the second
meeting of creditors held on May 11, 2023.

Execution of the DOCA has the effect of appointing Rob Kirman, Rob
Brauer and Jonathan Henry of McGrathNicol as Deed Administrators of
M8S, and its wholly owned subsidiary, Fernview Environmental Pty
Ltd (Deed Administrators). The Deed Administrators are responsible
for the administration of the DOCA, while the Voluntary
Administrators' appointment has come to an end.

Messrs. Kirman, Brauer and Henry were appointed Administrators of
M8S and Fernview on Feb. 13, 2023 and Feb. 14, 2023 respectively.

M8 Sustainable Limited (ASX:M8S) -- https://m8sustainable.com.au/
-- provides waste management services to domestic, industrial, and
local government clients in Australia. It operates through three
segments: Waste Management, Operations and Maintenance, and
Landfill Operations. The company offers waste recycling and
resource recovery services. It also operates and maintains
household waste treatment facilities; and construction and
demolition, and commercial and industrial waste recycling
facilities, as well as develops a landfill facility at Gingin
located to the north of Perth.  


MCW CORPORATION: Second Creditors' Meeting Set for June 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of MCW Corporation
Pty Ltd has been set for June 9, 2023 at 10:30 a.m. at Suite 6.02,
Level 6, 109 St Georges Terrace at Perth and via virtual meeting
technologies.

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 June 8, 2023 at 4:00 p.m.

Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on May 5, 2023.


MEDALLION TRUST 2018-1: S&P Raises Cl. E Notes Rating to 'BB+(sf)'
------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of RMBS notes
issued by Perpetual Trustee Co. Ltd. as trustee for Medallion Trust
Series 2018-1. At the same time, S&P affirmed its ratings on the
other two classes of notes. The transaction is a securitization of
prime residential mortgages originated by Commonwealth Bank of
Australia.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio. As of April 30, 2023, the
pool has a current balance of about A$1.03 billion and a pool
factor of 63.4%. The portfolio's characteristics have strengthened,
with a weighted-average current loan-to-value ratio of 51.9% and
weighted-average seasoning of 78.5 months. For all rated notes,
credit support is consistent with our estimate of loss at the
respective rating level.

"Loan performance has been strong. We have factored into our
analysis the arrears performance, which is performing below the
Standard & Poor's Performance Index (SPIN). As of April 30, 2023,
loans greater than 30 days in arrears make up 0.61% of the current
balance, of which 0.39% are more than 90 days in arrears." Losses
to date have been minimal and all are covered by lenders' mortgage
insurance (LMI) or excess spread.

The transaction benefits from high levels of credit support
provided to each class of rated notes and the credit support
provided in percentage terms is likely to build up over time under
the current sequential pay structure. Credit support provided to
the notes also includes LMI to approximately 15.6% of the loans in
the pool.

The transaction's cash flows support the timely payment of interest
and ultimate payment of principal to noteholders under S&P's rating
stress assumptions.

S&P believes the various mechanisms to support liquidity within the
transaction, including principal draws, and an amortizing liquidity
facility equal to 0.8% of the invested amount of all notes, are
sufficient to ensure timely payment of interest.

The rating actions also take into account the fixed- to
floating-rate interest-rate swaps, which are provided by
Commonwealth Bank to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS.

For the lower-rated note tranches, S&P has not raised its ratings
on the class C and class D notes to a level that models alone
support. This is due to moderating factors such the outlook for
arrears to increase across the sector and the level of credit
support available to these notes.

  Ratings Raised

  Medallion Trust Series 2018-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to A- (sf) from BBB+ (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Medallion Trust Series 2018-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)


PLANET SALES: Second Creditors' Meeting Set for June 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Planet Sales
Pty Ltd has been set for June 12, 2023 at 9:00 a.m. at Quest East
Perth, 176 Adelaide Terrace in East Perth.

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 June 9, 2023 at 5:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on May 5, 2023.




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DALIAN WANDA: Holds Talks With Douyin on Payments Unit
------------------------------------------------------
Reuters reports that ByteDance's short video app Douyin said on May
31 that it has held preliminary talks with Dalian Wanda Group over
the conglomerate's payments unit.

Bloomberg reported on May 31, citing people familiar with the
matter, that Wanda was in talks with prospective buyers including
China's ByteDance to sell its digital payments licence for about
CNY1 billion ($144 million), Reuters relays. It added, however,
that the price could be lower based on talks.

According to Reuters, Wanda has been trying to improve its
liquidity as it has yet to receive a greenlight from Chinese
regulators for a planned IPO of its Zhuhai Wanda Commercial
Management Group Co unit in Hong Kong.

Wanda Chairman Wang Jianlin, once China's richest man, told an
internal meeting last week that the IPO was facing difficulties,
and that it would stop acquiring land and halt new property
management projects in order to cut debt in the next two years,
sources told Reuters.

Wanda bought its payments licence in 2014 from 99Bill in a deal
that allowed visitors to Wanda's venues, from department stores to
cinemas, to pay online, Reuters notes.

ByteDance launched a third-party payment service for Douyin in 2021
after acquiring another payment licence the previous year.

                         About Dalian Wanda

Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.

As reported in the Troubled Company Reporter-Asia Pacific in early
May 2023, Moody's Investors Service has downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to Ba2 from Ba1.



DALIAN WANDA: S&P Cuts ICR to 'BB' on Parent's Weakening Liquidity
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based Dalian Wanda Commercial Management Group Co. Ltd.
(Wanda Commercial) to 'BB' from 'BB+'. At the same time, S&P
lowered the long-term issuer credit rating on Wanda Commercial
Properties (Hong Kong) Co. Ltd. (Wanda HK) and the long-term issue
rating on the senior unsecured notes Wanda HK guarantees to 'BB-
from 'BB'. All the ratings remain on CreditWatch, where they were
placed with negative implications on April 28, 2023.

S&P said, "We expect to resolve the CreditWatch once we have
details that allow us to assess the likelihood of the listing of
Zhuhai Wanda and Wanda Commercial's other back-up plans. We will
also assess the credit profile, especially liquidity position, of
Wanda Commercial and DWG.

"We downgraded Wanda Commercial due to its parent's weakening
liquidity. We see heightened risks from DWG's narrowing financing
channels due to extended delay in Zhuhai Wanda's IPO. Weaker
property sales than we expected for Wanda Properties Group Co. Ltd.
(Wanda Properties), a sister company of Wanda Commercial, have
worsened the situation for the group."

The liquidity of Dalian Wanda Group (DWG), the parent of
China-based Dalian Wanda Commercial Management Group Co. Ltd.
(Wanda Commercial), has weakened. This is amid rising uncertainty
on the listing of Zhuhai Wanda Commercial Management Group Co. Ltd.
(Zhuhai Wanda, a subsidiary of Wanda Commercial) and headwinds for
the property development business.

Six weeks have passed since the CSRC accepted Zhuhai Wanda's
overseas listing application. The processing time has already
exceeded 20 working days, which is the standard time based on the
overseas listing policy in China (effective March 31, 2023). On
June 2, 2023, Zhuhai Wanda was required to provide additional
information to CSRC. This includes explanations on related party
transactions, commitment on usage of IPO proceeds, reasonableness
of cash dividend policy, credibility of mall operating data,
controlling shareholder's short-term debt servicing risk, and so
on. S&P has no clear guidance on the timing of the regulator's
final feedback. As a result, when and whether Zhuhai Wanda would
obtain IPO approval is now more uncertain compared with its
previous review.

The extended waiting period for the IPO result has put DWG and
Wanda Commercial's relationships with banks and other financial
institutions to test. DWG has an overall weaker credit profile than
Wanda Commercial. It is therefore facing more liquidity pressure,
in S&P's view. S&P believes DWG's financing channels could further
narrow if no positive feedback is received on Zhuhai Wanda's IPO
for an extended period.

DWG's property development business is also facing operational
headwinds amid a prolonged downturn in lower-tier cities in China.
Weaker property sales and strict regulations on accessing
project-level cash have weighed on Wanda Properties. The company is
seeking extensions on its single-fund trusts with unitholders and
short-term project loans with banks to ease the liquidity strain.
This is under China's 16-point plan for stabilizing the property
sector. Several asset disposal plans at the DWG level are also
under consideration to boost liquidity.

S&P said, "We kept the ratings on CreditWatch to reflect the
uncertainties related to Zhuhai Wanda's IPO. If Zhuhai Wanda fails
to be listed by end-2023, Wanda Commercial and DWG may have to buy
back all the pre-IPO shares and compensate investment returns. The
total funding for this will be more than Chinese renminbi (RMB) 40
billion, which we treat as debt in our analysis. The pace and
outcome of Wanda Commercial and DWG's negotiations with pre-IPO
investors will be crucial to our view of the companies' credit
profiles, especially their liquidity. Meanwhile, Wanda Commercial
and DWG's relationships with financial institutions will also be
critical."

CreditWatch

S&P said, "We expect to resolve the CreditWatch as soon as
practicable. Once we have more details, we will be better placed to
assess the likelihood of the listing of Zhuhai Wanda as well as
Wanda Commercial's other back-up plans. Such plans may include
negotiations with pre-IPO investors and accessing other financing
channels. More details will also allow us to assess the liquidity
and credit profile of Wanda Commercial and DWG.

"We may lower the rating on Wanda Commercial if we confirm that
Zhuhai Wanda's IPO is unlikely to happen, and Wanda Commercial and
DWG fail to implement practical alternatives to maintain their
liquidity. We may also lower the rating if DWG's credit profile
deteriorates, possibly due to weak sales of the property
development business and further narrowing financing channels.

"We may affirm the rating if Wanda Commercial and DWG can maintain
their liquidity by implementing solid backup plans and sustaining
solid financing channels, in the event that Zhuhai Wanda's IPO
fails or is significantly delayed."

ESG credit indicators: E-2, S-2, G-3


FOSUN INT'L: Nanjing Iron and Steel Group Joins Shagang's Lawsuit
-----------------------------------------------------------------
Yicai Global reports that Nanjing Iron and Steel Group has joined
the lawsuit Jiangsu Shagang Group filed against Fosun International
over the contested sale of a stake in Nanjing Iron and Steel
United.

Yical relates that the Jiangsu Provincial High People's Court gave
Nanjing Iron and Steel Group the possibility to participate in the
lawsuit as a third party with independent claims on May 30, Nanjing
Iron and Steel, the listed arm of Nanjing Iron and Steel United,
said on May 31.

Last October, Shanghai-based Fosun announced that it intended to
sell 60 percent of Nanjing Iron and Steel United to Shagang for as
much as CNY16 billion (USD2.3 billion), Yicai recalls. In March
this year, the two parties formally signed the transfer agreement,
replacing the investment framework deal signed in October, and
decided on a price of CNY13.6 billion.

On April 2, Nanjing Iron and Steel Group, which owns 40 percent of
Nanjing Iron and Steel United, announced its decision to exercise
its pre-emptive rights, after it received an injection of CNY13.6
billion from Citic Pacific Special Steel Group, the world's largest
specialist steelmaker. This terminated the equity transfer
agreement between Fosun and Shagang.

Yical relates that Fosun said it had fully refunded the CNY8.3
billion (USD1.2 billion) principal and interest to Shagang on April
4 and that the framework deal had expired. But Shagang released a
statement on April 21, claiming that Fosun had failed to honor the
framework agreement, and so it filed suit against Fosun.

Yicai Global learned that Nanjing Iron and Steel Group's exercise
of pre-emptive rights is subject to review by national antitrust
regulators, so there are still uncertainties about the deal.

                     About Fosun International

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings revised its rating outlook to stable from
negative on Fosun International Ltd. At the same time, S&P affirmed
its long-term issuer and issue credit ratings on Fosun at 'BB-'.

The stable rating outlook reflects S&P's expectation of moderating
refinancing risk and further deleveraging via asset recycling over
the next 12-18 months.  


SICHUAN LANGUANG: Delisted from Shanghai Stock Exchange
-------------------------------------------------------
Yicai Global reports that Languang Development, once the biggest
property developer in China's southwestern Sichuan province, was
removed from the stock exchange on June 6 after its low share price
breached the rules, with several other listed Chinese builders
likely to follow suit.

Stocks should be booted from Chinese mainland exchanges if their
price stays below CNY1 (14 US cents) for 20 straight trading days,
according to regulations. Shares of Languang closed below CNY1 on
April 6 and had failed to recover by May 9, when it closed at 40
Chinese cents (6 US cents) and suspended trading, Yicai notes.

On May 23, Languang hired financial services provider Shanxi
Securities to prepare its entrance into the National Equities
Exchange and Quotations, an over-the-counter stock market in
Beijing, after its planned removal from the Shanghai Stock
Exchange, Yicai says.

Other listed developers, including Yango Group, Tahoe Group, and
China Calxon Group have recently reminded investors of potential
delisting risks because of low stock prices, according to Yicai.

Yicai relates that many defaulted developers face removal, and such
a crisis was expected, according to Liu Shui, corporate research
director at China Index Academy. They should reach debt
restructuring deals as soon as possible and resume normal business
to defuse the risk of delisting by generating operating cash flow,
Liu added.

Chengdu-based Languang defaulted in 2021, Yicai notes. Its
liabilities total more than CNY42 billion (USD5.9 billion) as of
April 4.

The firm's sales rose to over CNY100 billion (USD14.1 billion) in
2019 from CNY30 billion in 2016. Its property management spin-off,
Languang Justbon Services Group, went public on the Hong Kong Stock
Exchange in 2019.

Sichuan Languang Development Co., Ltd. engages in the development
and operation of real estate.




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9PLANETS PRODUCTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: 9Planets Products Private Limited
38, Mittal Chambers, Nariman Point,
        Mumbai MH 400021 India

Insolvency Commencement Date: May 9, 2023

Estimated date of closure of
insolvency resolution process: November 6, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Manoj Kumar Mishra
       Room No. 1406, Building 4B,
              New Hind Mil Mhada Sankul,
              Ram Bhau Bhogle Marg, Ghodapdev,
              Mumbai City, Maharashtra, MH 400033, India
              Email: manojkmishra95@gmail.com

              Office No. 18, 3rd Floor,
              84/ Dholakawala Building,
              Janmabhoomi Marg,
              Fort, Mumbai, MH 400001,
              Maharashtra, India
              Email: cirp.9planetsproductspvtltd@gmail.com

Last date for
submission of claims: May 24, 2023

AISHWARYA HEALTHCARE: Ind-Ra Assigns BB+ Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aishwarya
Healthcare's (AHC) bank facilities as follows:

-- INR310 mil. Cash credit assigned with IND BB+/Stable/IND A4+
     rating; and

-- INR40 mil. Term loan due on March 2029 assigned with IND BB+/
     Stable rating.

ANALYTICAL APPROACH Ind-Ra has taken a consolidated view of AHC and
its group concerns, Aishwarya Lifesciences (ALS) and Celebrity
Biopharma Limited (CBL), collectively known as the Aishwarya group,
to assign the ratings, on account of the strong legal, operational
and strategic linkages between them.

Key Rating Drivers

The ratings reflect the Aishwarya group's consolidated weak credit
metrics, as  accumulated losses until FY21 resulted in a decline in
the consolidated net worth. Based on the provisional numbers
provided by the company, Ind-Ra estimates the  metrics to have
improved in  FY23 owing to  an increase in the operating profits,
with consolidated net  leverage (total debt/EBDITA) of 3.3x-3.4x
(FY22: 4.48x; FY21: 6.22x), and consolidated interest coverage  of
3x-3.3x (2.83x;  1.57x). The total debt of the group was estimated
to be around INR1,500 million as on 31 March 2023; of this, about
INR520 million was outstanding long-term debt, including guaranteed
emergency covid loan, and unsecured loans of about INR196 million.
In addition, the group has been recording high utilization of
working capital limits. Any deterioration in the operating
profitability or any large debt-funded capex, resulting in
deterioration in the credit metrics, will be a key monitorable in
the medium term. In FY23, on a standalone basis, AHC is estimated
to have recorded leverage of 3x-3.2x (FY22: 4.38x; FY21: 7.98x) and
interest coverage of 2.8-2.9x (2.51x; 1.04x).

Liquidity Indicator -Stretched: The group reported high utilization
levels of working capital limits of around 94% for the 15 months
ended March 2023. The cash credit limits of all the units were
utilized over 95% for a major portion of the year, along with
ad-hoc limits being availed by the group during the year. Thus,
there is very limited cushion to fall back on, in the event of any
liquidity crunch. Also, the working capital cycle of the group has
been elongated, and is estimated to have stretched to 170-180 days
in FY23 (FY22: 110 days; FY21: 87days)   due to an increase in the
debtor days to 147-150 days  (FY19-FY22: 87-96 days). The group
also maintains inventory of two-to-three months. The working
capital is partially supported by elongated creditor days, which
stood at 130-135 days in FY23 (FY22: 89 days; FY21: 107 days). The
consolidated cash flow from operations is estimated to have
increased to INR140 million-150 million in FY23 (FY22: INR98.50
million; FY21: INR106.63 million), led by  improved profitability.
The consolidated cash and cash equivalent is estimated to have been
around INR5 million at FYE23  (FYE22: INR10.07 million ; FYE21:
INR10.90 million). The group has debt obligations of INR160
million-180 million  in FY24  and INR150 million-160 million in
FY25.

The rating also factors in the group's medium scale of operations,
with estimated consolidated revenue (net of inter-group
transactions) of INR3,000 million-3,100 million in FY23 (FY22:
INR3,459 million;  FY21:  INR2,454 million). The consolidated
revenue declined by about 11% yoy in FY23 primarily because
deliveries were impacted by the restructuring of the internal
supply chain undertaken by the group to de-risk the supplier base.
However, the reassessment with respect to demand-supply management
has been completed, and as the Indian pharmaceutical industry
regains stability, the group is likely to grow in the medium term.
The management has been continuously adding new product to the
group's portfolio, which comprises diverse products  including
injections, intravenous fluids, powder injections, nasal spray,
respules, and eye and ear drops, and other medicines catering to
the orthopedic, gynecology, super-specialty and critical care
segments. The newly launched government institutional business  and
specialty business would also support revenue growth in the medium
term. With annual price hikes of 8%-10% likely on an annual basis,
Ind-Ra believes the group would grow by  at least 11%-12% yoy in
FY24, in line with the growth expectations of the pharmaceutical
industry, backed by increase in elective surgeries, revenue
contribution from medical tourism, increase in occupancy, part of
the pent-up demand for elective surgeries and price hikes. AHC's
standalone revenue (net of inter group transactions) is estimated
to have been INR1,000 million-1,100 million in FY23 (FY22: INR1,358
million; FY21: INR963 million).

The ratings factor in the group's average EBITDA margin.  The
margin is estimated to have increased to 14.0%-14.5% in FY23 (FY22:
10.09%; FY21: 10.03%), supported by the stabilization in raw
material costs, particularly that of low density poly ethylene,
restructuring of the internal supply chain measure, which enabled
the group to source materials at competitive prices through global
supply chain sourcing measures, and re-evaluation of investments in
the loss-making businesses. The group's ROCE is estimated to have
been 12.0-12.5% in FY23 (FY:8.7%). Until FY21, the group had been
reporting weak operating margins and was ultimately generating net
losses,  mainly because of brought-forward losses and cash loss
being incurred at the Sikkim plant since its inception, as it had
not yet scaled up its operations. Sustained improvement in the
operating margins, with portfolio/ overhead cost optimization and
regular price revisions, will be a key monitorable in the medium
term. AHC's standalone EBITDA margin is estimated to have been
around 17% in FY23 (FY22: 10.80%).

The ratings are supported by the group's pan-India presence, with
more than 0.15 million pharmacies supplying its trade generics as
well as branded generics medicines. The group has an established
stockist network across all Indian cities, with 34 owned and
outsourced warehousing facilities in the country. Furthermore, the
group has been associated with major Indian pharmaceutical players,
including Macleods Pharmaceuticals, Alkem Laboratories Ltd, FDC
Ltd, Aurobindo Pharma Ltd, and Lupin Ltd, for around two decades in
the realm of contract research and manufacturing business.
Moreover, the group sells its own branded products and has been
following a direct-to-market strategy to build its customer base
and increase its market share in new segments such as sub chronic
and chronic therapy areas. In addition, the management is planning
to expand the group's geographical presence, and it is in the
nascent stage of entering the European and Latin American markets.
The group expects to  receive the pending approvals from the
authorities in the medium term

The rating is supported by promoters' extensive industry
experience, as they have been  involved in the  business of
pharmaceutical research, manufacturing and marketing since 2006.

Rating Sensitivities

Negative: The following developments collectively could lead to a
downgrade:

-- deterioration in profitability of the group or further stretch
in the working capital, resulting in weakened liquidity.

-- Large debt-funded capital expenditure, resulting in weakening
of the credit metrics, as indicated by the interest coverage
remaining below 4x on a sustained basis.

Positive: Sustaining the operating margins and improvement in
working capital management, leading to an improvement in the
liquidity position, as indicated by moderation in the bank limit
utilization, and the leverage falling below 3x, on a sustained
basis, would lead to a positive rating action.

Company Profile

AHC, ALS and CBL are promoted by Niraj Kumar Nir. The group is
primarily known for its intravenous fluids and injectables. AHC,
which was started in 2006 as a partnership firm, is involved in the
manufacturing of quality liquid medicines. Its manufacturing
facility is equipped with two Rommelag machines that are
specialized in blow-fill-seal technology and the machines function
without any human intervention. The facility is situated in Baddi,
Himachal Pradesh. The company also has a manufacturing facility in
Sikkim, which was established in 2016. This unit has 15
manufacturing lines.

ALS is also a partnership firm and was established in 2009. Its
manufacturing facility is situated in Baddi, Himachal Pradesh, and
it is equipped with four Rommelag machines. CBL was created with
the acquisition of Celebrity Biopharma in 2013.  The plant is
situated in Baddi, Himachal Pradesh, and it manufactures oral
medicines.


ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alvi Tech
Services Private Limited (ATSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating(s) of ATSPL under the 'issuer non-cooperating'
category as ATSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ATSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2023, April 19, 2023, April 29, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Alvi Tech Services Private Limited (ATSPL) was incorporated as a
private limited company in the year 2006 by Mr. Krishnanand Trivedi
and Mr. Alok Trivedi who are having more than two decades of
experience in EPC contracts. ATSPL has taken over proprietorship
company namely Alvi Tech Services in 2006. Company is engaged in
erection, commissioning and procurement (EPC) work in the field of
electrical instrumentation for offshore projects for Oil & Gas
companies through tender bidding process. ATSPL's registered office
is located at Kalyan while workshop is situated at Dombivali.

ANKIT DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankit
Diamonds (Ankit; part of the Ankit Diamonds group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          3         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Discounting    42         CRISIL D (Issuer Not
   Bill Purchase                     Cooperating)

CRISIL Ratings has been consistently following up with Ankit for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 Ankit, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ankit
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ankit continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Ankit Diamonds was set up in 1983 as a partnership firm by Mr.
Kirit Shah and his family members. The firm is engaged in cutting
and polishing of diamonds. It currently has two partners - Mr.
Kirit Shah, and Mr. Rikin Shah.


ANUGRAH STOCK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anugrah Stock
And Broking Private Limited (Anugrah) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    14.0        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Anugrah for
obtaining information through letter and emails dated February 28,
2023 and April 29, 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 Anugrah, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Anugrah is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Anugrah continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Incorporated in 1996, Mumbai-based Anugrah undertakes retail equity
broking. The company operates through five branches and 300
franchises. Its margin financing business is carried out through a
promoter-related company. Mr Paresh Kariya is the promoter of
Anugrah.


ARHAM IRON: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arham Iron and
Steel Industries (AISI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft      6.1        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with Arham Iron
And Steel Industries (AISI) for obtaining information through
letter and emails dated February 25, 2023 and April 29, 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 AISI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AISI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AISI continues to be 'CRISIL D Issuer Not Cooperating'.

AISI was set up in 2005 by the proprietor, Mr Davendra Kumar
Parakh. This Hyderabad-based firm trades in steel and iron
products, including mild steel (MS) channels, MS angles and
thermo-mechanically-treated bars.


ASHRO TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashro
Textiles Private Limited (ATPL; part of the Ashro group) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        2.3         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.7         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Working Capital       1           CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with ATPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 ATPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATPL continues to be 'CRISIL D Issuer Not Cooperating'.

CRISIL Ratings has combined the business and financial risk
profiles of RA Fashions Pvt Ltd (RAFPL) and ATPL. This is because
the companies, collectively referred to as the Ashro group, have
common management and are in the same line of business, leading to
operational and financial linkages.

ATPL and RAFPL were incorporated in 2011 by Mr Ravinder Agarwal.
The group manufactures readymade garments for men and women. The
weaving unit is in Wada (Thane) and the stitching unit in
Bengaluru.


ATLAS CONVERTING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor:   Atlas Converting Equipment (India) Private Limited
          303, Borivali Rakhi Sra CHS Ltd,
          Kaikasturba Road No. 3,
          Near Jagruti CHSL,
          Borivali (East) - 400066

Liquidation Commencement Date:  May 22, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Kashyap Shah
            Insolvency Professional
     B-203, Manubhai Towers,
            Opp. M S University,
     Sayajigunj, Vadodara 390020
            Email: kashyap.cs@gmail.com
            Telephone No: 0265-2362244

Last date for
submission of claims: June 21, 2023

AUTOCOP INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Autocop India
Private Limited (AIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           26          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           26          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan     1.23       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1991 and promoted by Mr Umesh Deshpande, AIPL
manufactures, markets, and distributes car security products. The
company has two manufacturing units, one in Nashik, Maharashtra,
and the other in Baddi, Himachal Pradesh. It also has in-house
advanced research and development centres in Bengaluru and Pune,
Maharashtra.


AUTOLINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Autoline
(Autoline) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.9        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.09       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with Autoline for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 Autoline, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Autoline is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Autoline continues to be 'CRISIL D Issuer Not
Cooperating'.

Autoline, promoted by the Desphande, Vyas, and Kulkarni families,
was established in 1996 in Kolhapur (Maharashtra). The firm
manufactures auto components and components for diesel pumps.


B D AGRICARE: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of B D
Agricare Private Limited (BDAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.05       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           1.18       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of BDAPL under the 'issuer non-cooperating'
category as BDAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BDAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Uttar Pradesh based B.D. Agricare Private Limited (BDAPL) was
incorporated as a private limited company in August 2011.The
company commenced its operations in August, 2013 and is currently
being managed by Mr. Adarsh Gupta. It is engaged in processing rice
and its by-products by processing paddy, in its processing unit
located in Village Gaukhor, Basti.


BANGALORE INSTITUTE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bangalore
Institute of Gastroenterology Private Limited (BIG) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      2         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BIG for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 BIG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIG continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2013, BIG has set up a 100-bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.


BEE KAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bee Kay
Precision India Private Limited (Bee Kay Precision) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Bee Kay
Precision for obtaining information through letters and emails
dated February 25, 2023 and April 29, 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 Bee Kay Precision, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Bee Kay Precision is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Bee Kay Precision
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Bee Kay Precision was originally established as a proprietorship
concern in Kanpur (Uttar Pradesh). This firm was reconstituted as a
private limited company in 2006. Bee Kay Precision manufactures
sheet metal and machined components.


BHAGWAT PARDESHI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhagwat
Pardeshi Realty (BPR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              7.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BPR for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 BPR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPR continues to be 'CRISIL D Issuer Not Cooperating'.

Bhagwat Pardeshi Realty (BPR) was set up on Jan 28, 2013 by Bhagwat
and Pardeshi family of Pune. The firm is the part of Janki
construction group and Bhama Constructions group and is engaged in
real estate development largely in Pune.


CELOGEN PHARMA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Celogen Pharma Private Limited
B-106, Techno City, X-4/1 TTC Area MDC,
        Mahape, Navi Mumbai - 400706 Maharashtra

Insolvency Commencement Date: April 28, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Anil Jitendra Jhumkhwala
       B 402, Saraswati Towers, Parsi Panchyahet Road,
       Opp. Sona Udyog, Andheri East, Mumbai
              Suburban, Maharashtra, 400069
              Email: anil.jhumkhawala@gmail.com

              1221, Maker Chamber V, Nariman Point
              Mumbai-400021
              Email: ip.celogenpharma@gmail.com

Last date for
submission of claims: May 16, 2023


EMBEDINFO TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Embedinfo Technologies India Private Limited
S-7 Manish Chambers, Plot No. 7, Sector-12,
        Dwarka, Delhi-110075

           - and -
   
        Third Floor, Tower C,
        DLF Infinity Towers
        DLF Cyber City, Phase II
        Gurugram-122002

Liquidation Commencement Date:  May 11, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Mr. Dr. Lekhraj Bajaj
     107, Agarwal Prestige Mall, Adjoining to M2K,
            Pitampura, New Delhi-110034
            Email: embedinfo.llq@gmail.com
            Telephone No: 9810109335

Last date for
submission of claims: June 10, 2023

FUTURE LIFESTYLE: RP Gets Claims of INR2,156cr from 12 Creditors
----------------------------------------------------------------
Financial Express reports that Future Lifestyle Fashions, a Future
Group firm that is under insolvency proceedings, has received
claims totalling INR2,155.53 crore from 12 financial creditors,
including State Bank of India. Claims worth INR2,117 crore have
been admitted, while those worth INR38.5 crore are under
verification.

Centbank Financial Services, Bank of India, Bank of Baroda, IDBI
Bank, HSBC and HDFC Bank are also among the financial creditors to
submit claims, FE discloses citing a stock exchange filing by
Future Lifestyle's resolution professional.

FE relates that the resolution professional also said that the
first meeting of the CoC will be held on June 6.

According to the report, SBI has the highest voting share of 22.51%
in Future Lifestyle's Committee of Creditors (CoC), followed by
Centbank Financial Services at 21.01%, Bank of India (19.71%) and
Bank of Baroda (14.02%). The list of financial creditors is as of
May 29, the filing said.

The resolution professional has provisionally admitted SBI's claim
worth INR476.59 crore and those from Centbank for INR444.76 crore,
Bank of India for INR417.33 crore and Bank of Baroda for INR296.79
crore.

On May 4, the National Company Law Tribunal's Mumbai bench had
admitted Future Lifestyle for the Corporate Insolvency Resolution
Process (CIRP) on a petition filed by Bank of India following
payment defaults. The tribunal had appointed Ravi Sethia as the
resolution professional.

Future Lifestyle became the third company of the Kishore Biyani-led
Future Group - after Future Retail and Future Enterprises - to be
admitted for bankruptcy, FE notes.

It was one of the Future Group companies that was to be transferred
to Reliance Industries under the INR24,713 crore deal signed in
2020, FE says. However, the deal became entangled in legal tussles
after US e-commerce major Amazon opposed it, citing a 2019
agreement with Future Group.

Amazon, which had acquired a 49% stake in Future Coupons, the
promoter entity of Future Retail, for about INR1,500 crore, alleged
violation of certain terms in the 2019 deal. Later, RIL cancelled
the deal after Future Group failed to secure shareholders' and
lenders' approval.

Future Lifestyle Fashions Ltd (FLFL) is the apparel retail venture
of the Future group. It was established by combining apparel retail
formats and fashion brands that were demerged from Pantaloon Retail
India Ltd and Future Ventures India Ltd, respectively. The company
has a portfolio of brands that cover a range of fashion categories,
including apparel and footwear. It has Central and Brand Factory
stores, along with exclusive Brand Factory outlets. Central
operates primarily in the premium apparel, footwear, watches and
fashion accessories segment, while Brand Factory operates mainly in
the off-price apparel retailing (discount-based) segment.


GATEWAY FABRICS: CARE Lowers Rating on INR13.25cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gateway Fabrics (GF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and revised from
                                   CARE B; Stable

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 13, 2022,
placed the rating(s) of GF under the 'issuer non-cooperating'
category as GF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 2023, May 9, 2023, May 19, 2023, May 24, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of GF have been revised
on account of ongoing delays in debt servicing recognized from
lender's feedback.

Coimbatore based, Gateway Fabrics (GF) was established on December,
2010 as a partnership concern by Mr. S. Sethuramasamy and Mr. A.
Sanmugasundaram. GF is engaged in manufacturing of yarn.


GILBERT TWEED: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Gilbert Tweed Associates Private Limited
        B-20, Maharani Bagh, New Delhi-110065

Liquidation Commencement Date:  May 5, 2023

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Bhim Sain Goyal
     M-215, Rear Ground Floor,
            Greater Kailash-II, New Delhi-10048
            Contact No: 9811081491
            Email: bsgoyal1@gmail.com

Last date for
submission of claims: June 4, 2023

GO AIRLINES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Go Airlines (India) Limited

Registered Office Address:
        Britannia Industries Limited,
        A-33, Lawrence Road Industrial Area,
        New Delhi 110035 (India)

       Principal Office Address:
       4th Floor Kaledonia Building
       Sambhaji Nagar Sahar Road
       Andheri E Mumbai MH 400069

Insolvency Commencement Date: May 10, 2023

Estimated date of closure of
insolvency resolution process: November 6, 2023 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Abhilash Lal
       C 192, Belvedere Towers, DLF Phase II,
              Gurgaon 122002
              Email: abhilash.lal@gmail.com

              c/o Alvarez & Marsal India Professionals Services
LLP,
              Unit 601/602, 6th Floor, Tower 2A
              Off Senapati Bapat Marg,
              Lower Parel, Mumbai 400013
              Email: gofirstcirp@gmail.com

Last date for
submission of claims: May 24, 2023


GO FIRST: NCLT Asks IRP to File Reply to Lessors' Plea in One Week
------------------------------------------------------------------
ABP News reports that the National Company Law Tribunal (NCLT) on
June 5 directed the interim resolution professional of Go First to
file a reply within one week over petitions filed by three lessors
seeking possession of their aircraft and engines from the Wadia
group company. The three lessors, which approached the NCLT, are
BOC Aviation (Ireland), Jackson Square Aviation Ireland, and Engine
Lease Finance BV, the report says.

A two-member bench of the NCLT has directed the IRP (interim
resolution professional) to file a reply within 2 weeks and a
rejoinder, if any, by the lessors. It had directed to list the
matter on June 15 for the next date of hearing, ABP News relates.

According to ABP News, Jackson Square Aviation Ireland has leased
around 8 aircraft while Engine Lease Finance BV leased four engines
to Go First. The lessors had moved to the NCLT after the appellate
tribunal NCLAT had last month directed them to approach the
insolvency tribunal over issues regarding the moratorium on their
planes.

Earlier, the NCLT on May 10, 2023, admitted the plea of Go First to
initiate voluntary insolvency resolution proceedings and appointed
an interim resolution professional (IRP) to suspend the board of
the company.

This was challenged by the lessors before the National Company Law
Appellate Tribunal (NCLAT), which had on May 22 upheld the NCLT
order and directed the aircraft lessors and IRP of the Wadia group
firm to approach the NCLT over a moratorium over the planes, whose
lease was terminated before the insolvency, the report states.

Disposing of their pleas through a 40-page-long common order, the
NCLAT said lessors are at "liberty to file" appropriate application
before the NCLT under Section 65 of the Insolvency & Bankruptcy
Code (IBC) with "appropriate pleadings and material" regarding
their claims.

"The appellants, as well as IRP, are at liberty to make appropriate
Application before the Adjudicating Authority (NCLT) for
declaration with regard to the applicability of the moratorium on
the aircraft with regard to which Leases in favour of the Corporate
Applicant (Go First) were terminated prior to admission of Section
10 Application, which Application needs to be considered and
decided by the Adjudicating Authority in accordance with the law,"
the NCLAT had said.  

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.  

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

On May 10, the National Company Law Tribunal (NCLT) accepted Go
First's voluntary insolvency petition.  The NCLT bench appointed
Abhilash Lal as the interim resolution professional to look after
the affairs of Go First and also suspended its board as part of the
insolvency resolution process.


HARIVALLABI SPINNERS: CRISIL Cuts Rating on LT/ST Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Shrie Harivallabi Spinners Private Limited (SHSPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.  The rating
reflects the delay in servicing of term debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Short Term Rating       -        CRISIL D (Downgraded from
                                   'CRISIL A4+')

The ratings reflect the extensive experience of SHSPL's promoters
in the textile industry and their established customer
relationships and the company's moderate financial risk profile.
These rating strengths are partially offset by the company's modest
scale of operations in an intensely competitive industry and
exposure to supplier concentration risk.

Analytical Approach

Unsecured loans of INR4.97 crore, extended by the promoters as on
March 31, 2022, have been treated as 75% equity and 25% debt, since
these funds carry low rate of interest, and are expected to be
retained in the business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a fragmented industry: Scale of
operations is moderate as reflected in gross sales of Rs.82.24
crore. Furthermore, the spinning industry is highly fragmented with
presence of large number of organized and unorganized players,
leading to intense competition. This leads to pricing pressures,
adversely impacting the company's operating margin.

* Exposure to supplier concentration risk: As the entire raw
material requirement (viscose fibre) is procured from Grasim
Industries Ltd (rated'CRISIL AAA/Stable/CRISIL A1+'), SHSPL is
exposed to the risk of significant supplier concentration. However,
longstanding relationships with the supplier mitigates this risk

Strengths:

* Extensive experience of the promoters in the textile industry:
The key promoter, Mr Shelappan Raju, has experience of over 20
years in the textile industry, which has enabled him to establish
healthy relationships with both traders and end-users (weavers),
leading to assured offtake from their customers.

* Moderate financial risk profile: Debt protection metrics were
comfortable, as indicated by interest coverage and net cash accrual
to total debt ratios of 2.15 times and 0.09 time, respectively, in
fiscal 2022. Gearing and networth were moderate at 2.53 times and
Rs.14.62 crore, respectively, as on March 31, 2022.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of term debt
obligations.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days
* Sustained improvement in scale of operations and operating
margins leading to higher cash accruals

Incorporated in 2006, SHSPL manufactures viscose staple fibre (VSF)
yarn. It was founded by Mr. Shelappan Raju and his wife, Ms. R
Vasanthi. Their son and the company's executive director, Mr. R
Krishnamoorthy, manages daily operations. The company is based in
Erode, Tamil Nadu.


ITM FABRICATION: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: ITM Fabrication Industries Limited
6th Floor Dhiraj Chambers 9,
        Hazarimal Somani Marg
        Fort, Mumbai
        Mumbai City MH 400001 IN

Liquidation Commencement Date: May 18, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Sandeep Jawaharlal Singhal
     313/314, Giri Shikhar,
     Plot No. 8891, Opposite Goenka Hall
     JB Nagar, Andheri (East)
            Mumbai City, Mahatashtra-400059
            Email: sandeepjsinghal@hotmail.com
            itm.vlibc@gmail.com
            Contact No.: 9820060027

Last date for
submission of claims: June 17, 2023


M. M. PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. M.
Projects (MMP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MMP for
obtaining information through letters and emails dated February 28,
2023 and April 29, 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 MMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MMP was set up in 2007 as a proprietorship firm by Mr. Mutchu
Mithi. The firm undertakes construction of roads and bridges and is
based in Itanagar, Arunachal Pradesh.


MAHA ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maha
Electronics Private Limited (MEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEPL continues to be 'CRISIL D Issuer Not Cooperating'.

MEPL was set up as a partnership firm, Maha Electronics Service, in
1994 by Mr. S Venkateswarulu and his wife Mrs. S Punyavathy; the
firm was reconstituted as a private limited company and it got its
current name in 2002. MEPL is an authorized service partner for HP
and has also started erection and installation of towers. The
company is based out of Hyderabad, Telangana.


MANGALDEEP RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangaldeep
Rice Mill Private Limited (MRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              8.24       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MRM for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 MRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRM continues to be 'CRISIL D Issuer Not Cooperating'.

MRM, incorporated in 2010-11 (refers to financial year, April 1 to
March 31), processes paddy. It has milling capacity of 4 tonnes per
hour and sells mainly to the Government of Bihar under the public
distribution system. It also sells in the local market.


MARK INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mark
Infrastructure Private Limited (MIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     5          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1998 by Mr Vemuri Ravi Kiran, Hyderabad-based MIPL
undertakes civil construction works related to construction of
buildings.


MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha Plast
Private Limited (MPPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 MPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2002, Meghalaya-based MPPL commenced operations in
November 2005. Mr Trilokchand Agrawal, Mr Suresh Agrawal, and Mr
Ayush Agrawal are the promoters, while Mr Sohan Gupta (the
director) manages the operations. The company manufactures PP/HDPE
bags for cement companies in northeast India.


MYP ENTERPRISES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: MYP Enterprises Limited
702, 7th Floor, Bombay Market Building,
        Near A.C. Market, 78 Tardeo Road,
        Mumbai-400034, Maharashtra

Insolvency Commencement Date: May 9, 2023

Estimated date of closure of
insolvency resolution process: November 7, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Gaurang Chhotalal Shah
       Flat 204 A Wing Raj Vaibhav1 CHS,
              Dahanukar Wadi Mahavir Nagar Kandivali (W)
              Mumbai-400067
              Email: fcsgaurang.shah@gmail.com

              1204/1221, Maker Chamber V,
              Nariman Point, Mumbai-400021
              Email: ip.myenterprises@gmail.com

Last date for
submission of claims: May 25, 2023

PAHARIA TEXTILE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Paharia Textile Mills Private Limited
Jai Hind Estate No-2A, 2nd Floor,
        Dr. A M Road, Mumbai City-400062

Insolvency Commencement Date: May 16, 2023

Estimated date of closure of
insolvency resolution process: November 13, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Arun Chadha
       727, Brahmpuri, Meerut
       Uttar Pradesh, 250002
              Email: chadharun@yahoo.com

              E-95/2, Naraina Vihar,
              New Delhi-110027
              Email: chadharun@yahoo.com

Last date for
submission of claims: June 1, 2023

PRIMUSS PIPES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Primuss
Pipes & Tubes Limited (PPTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
had reaffirmed the ratings of PPTL under the 'issuer
not-cooperating' category as PPTL had failed to provide information
for monitoring of the rating. PPTL continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and emails dated April 26, 2023, April 27, 2023, May 1,
2023 and May 2, 2023. In line with the extant SEBI guidelines, CARE
Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on May 24, 2022, the following were the
rating weakness.

Key weaknesses

* Poor liquidity position: As per the Q3FY20 published results on
February 21, 2020, two applications are filed against the company
before the Honourable National Company Law Tribunal, Allahabad
bench. One under section 9 of the Insolvency and Bankruptcy Code
2016 by an operational creditor and the other under section 7 by
the Financial Creditor (the bank), both the matters are pending
before the Honourable Tribunal.

The plant of the company closed since May 2019 for major
maintenance and up gradation and could not be resumed on account of
severe working capital shortage. The closing stocks of raw material
and finished goods have also been written down to estimated
realizable value and difference is charged as consumption/changes
in inventory for the quarter resulting into substantial operational
losses and hence, the production and sales during this quarter is
lower in comparison to the same quarter in the previous financial
year. The manufacturing facilities will take some more time to be
operational. Also, there are sizable differences in cash in hand
and the turnover reported as per GSTR (1) and GSTR (3b) which are
under reconciliation. On account of severe working capital
shortage, statutory liabilities of substantial amounts towards GST,
TDS, EPF and ESI are also outstanding beyond due dates. Owing to
dead lock in the operations, substantial amounts have been stuck in
receivables and loans and advances.

The company is making efforts for the recovery and provision for
the Bad Debts shall be made at the end of the FY 2019-20. Interest
on Unsecured Loans also shall be provided at the end of FY
2019-20.

Kanpur (Uttar Pradesh) based, Premier Pipes Limited (PPL) was
incorporated in 1975 as Quality Steel Tubes Private Limited (QST
Ltd.). However, subsequently, in 2009, QST Ltd was acquired by
Premier Group. With the acquisition and refurbishment of all plant
and machineries, the company re-commenced its commercial operations
from 2011. In 2010, the company has changed its name from QST Ltd.
to PPL. Subsequently in FY19, it has changed its name from PPL to
PPTL. PPTL is engaged in manufacturing of steel tubes, pipes and
tubular poles, scaffolding, solar module mounting in mild steel as
well as galvanized variants and greenhouse structure. The
manufacturing facility of the company is situated in an area of
more than 15 acres at Bindki Road at Fatehpur, Uttar Pradesh.


R-BRANDS LIFESTYLE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: R-Brands Lifestyle Private Limited
C-204, Neelkanth Business Park,
        Near Vidyavihar Station,
        Vidyavihar (West), Mumbai 400086

Insolvency Commencement Date: May 2, 2023

Estimated date of closure of
insolvency resolution process: October 29, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Hemant Shripad Shetye
      206, 2nd Floor, Tantia Jogani Industrial Estate,
             J.R. Boricha Marg, Opp. Lodha Excelus,
             Lower Parel East, Mumbai - 400011
             Email: irp@hspnassociates.in
                    rbrands.cirp@gmail.com

Last date for
submission of claims: May 17, 2023

RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhadevi
Industries (RDI) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         1.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RDI for
obtaining information through letter and emails dated February 25,
2023 and April 29, 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 RDI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDI continues to be 'CRISIL D Issuer Not Cooperating'.

RDI was set up in 2005 by Mr. Bosukunda Radhakrishna and his family
members. The firm manufactures forged components for the automobile
industry. It is based in Kakinada, Andhra Pradesh.


RADIUS PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/S Radius Project Developers LLP
ONE BKC, A Wing 1401,
        Plot No. C-66, G Block,
        Bandra Kurla Complex, Bandra (East),
Mumbai Bandra suburban Maharashtra 400051

Insolvency Commencement Date: May 17, 2023

Estimated date of closure of
insolvency resolution process: November 14, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Arun Nandlal Agrawal
       Opp. Kshrisagar Hospital,
              R.P. Road, Jalna,
              Maharashtra-431203
              Email: irparun@gmail.com
                     radius.cirp@gmail.com

Representative of
Creditors in a Class:

              Vishnu Kant Kabra
              Manish Jaju
              Ashish Vyas

Last date for
submission of claims: June 2, 2023


REAL VALUE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Real Value Promoters Private Limited
Ambojini, No. 17, Poes Road, II Street,
Teynampet Chennai-600018

Insolvency Commencement Date: May 10, 2023

Estimated date of closure of
insolvency resolution process: November 6, 2023 (180 days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: CA. Mahalingam Suresh Kumar
       SPP & Co., Chartered Accountants
       No. 27/9, Nivedh Vikas
              Pankaja Mill Road,
              Puliyakulam, Coimbatore-641045
              Mobile: +91 7373052341
                      9488810404
              Email: msureshkumar@icai.org
                     rvppl.cirp@gmaiLcom

Last date for
submission of claims: May 26, 2023

SAHARA INDIA: SBI Life to Take Over Policy Liabilities, Assets
--------------------------------------------------------------
BQ Prime reports that regulator IRDAI on June 2 directed SBI Life
Insurance Company to takeover the policy liabilities of around two
lakh policies along with assets of Sahara India Life Insurance Co
Ltd (SILIC) with immediate effect.

According to the report, the decision was taken at the meeting of
the Insurance Regulatory and Development Authority of India in view
of deteriorating financial health of the Sahara India Life
Insurance.

"The Authority has identified SBI Life Insurance Company Limited
(SBI Life), which is one of the largest life insurers in the
country with satisfactory financials, as the acquirer insurer of
the life insurance business of SILIC.

"SBI Life shall take over the policy liabilities of around two lakh
policies of SILIC, backed by the policyholders' assets, with
immediate effect", IRDAI said in its order, notes the report.

In a statement, the IRDAI said it has also taken necessary steps to
ensure the smooth transition for all policyholders of SILIC, BQ
Prime relates.

A committee comprising of Member (Actuary), Member (Life), and
Member (F&I) has been constituted for implementation of the order
in a time-bound manner, the report notes.

"SBI Life has been directed to take adequate steps to reach out to
the policyholders of SILIC, with regard to servicing of policies,
including setting up of a dedicated cell to address the queries of
the policyholders of SILIC, and also publish necessary details on
their website", it said.

Sahara India Life Insurance was granted a Certificate of
Registration in 2004 to transact the business of life insurance, BQ
Prime recalls.

In view of the certain serious issues on the financial propriety
and governance aspects of the insurer, the authority had appointed
an administrator to manage the business of the insurer in 2017,
IRDAI said.

The insurer was also not allowed to underwrite new business.
Thereafter, further directions were issued to the insurer to meet
the regulatory requirements.

"Despite being provided ample opportunities and sufficient time to
ensure compliances, SILIC has failed to comply with directions of
the authority and take any affirmative steps to protect the
interests of its policyholders", the regulator said, BQ Prime
relates.

Further, the policy data of SILIC reveals that the company's
portfolio is showing run-off trend. The financial position has been
deteriorating with rising losses and higher percentage of claims to
total premium.

"If the trend is allowed to continue, the situation will worsen and
lead to erosion of capital and SILIC may not be able to discharge
its liabilities towards policyholders, thereby endangering the
interest of its policyholders", IRDAI said, notes the report.

It said the action against SILIC has been taken after due
consideration of all the facts and circumstances.

The authority added in its meeting held on June 2, 2023 that the
action was warranted to protect the interest of the policyholders
of SILIC.

IRDAI further said it will continue to monitor the situation and
also issue necessary directions as required in the interest of the
policyholders of SILIC, the report adds.

SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivam
Pipe Industries (SPI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 11, 2022,
placed the rating(s) of SPI under the 'issuer non-cooperating'
category as SPI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2023, April 6, 2023, April 16, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Guwahati based Shivam Pipe Industries (SPI) was established as a
partnership firm in 2009. However, it has commenced its operation
from April 2012. The firm has been engaged in manufacturing of ERW
pipes and steel tubular pole (MS & GI) with a production capacity
of 12,000 MTPA and 5,000 MTPA respectively at its plant located at
Kamalpur in Guwahati.


SONI E: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: Soni E Vehicle Private Limited
A-41, DSIDC Complex, Kirti Nagar
        New Delhi 110015 India

Insolvency Commencement Date: May 1, 2023

Estimated date of closure of
insolvency resolution process: October 27, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: C Ranjan Chakraborti
       1/22, second Floor, Asaf Ali Road, New Delhi,
              National Capital Territory Of Delhi-110002
              Email: ranjanns@gmail.com

              17/D/522, Konark Enclave, Vasundhara,
              Ghaziabad, UP 201012
              Email: cirp.soni@gmail.com


Last date for
submission of claims: May 15, 2023

SONI SOYA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Soni Soya
Products Limited (SSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 27, 2022,
has reaffirmed the rating of SSPL under the 'issuer
not-cooperating' category as SSPL had failed to provide information
for monitoring of the rating. SSPL continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and emails dated April 26, 2023, April 27, 2023, May 1,
2023 and May 2, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Analytical approach: Consolidated

Consolidated financials of the company include financials of Soni
Soya Products Limited (SSPL) and its subsidiary i.e. Soni Soya
Products LLC (SSP) (Holding 51%). SSPL is engaged in trading and
processing of organic and non-GMO agricultural products while SSP
is engaged in providing warehousing services for US based customers
of SSPL. The company has prepared consolidated financials for SSPL
for the first time in FY19 including its subsidiary company namely
Soni Soya Products LLC (SSP).

Detailed description of the key rating drivers:

At the time of last rating on April 27, 2022, the following were
the rating weakness:

Key weaknesses

* Irregularities and over drawls in debt servicing as cited vide
resignation letter of auditor: As per SSPL's letter to stock
exchange, the company had given intimation about the resignation of
its statutory auditor wherein the reasons for resignation, as
provided by statutory auditor to SSPL, mentions about
irregularities and over drawl in loan account with bank and NBFCs
owing to its poor liquidity. Further, the company had not paid its
major income tax liability for the financial year ended on March
31, 2019 and not paid/short paid its income tax liability, TDS
liability and other outstanding for the year ended March 31, 2020
as cited by the statutory auditor. Also, the auditor had stated
that with above cited issues and lake of transactions, pending
litigations and liquidity crises during the current period created
uncertainty into the affairs of the company which might affect the
going concern status of the entity as a part of reason for the
resignation of statutory auditor from his services. Further, as per
audited financials of FY20 auditor has mentioned about
irregularities in its loan accounts. During the last rating action
done on August 12, 2020, the banker had informed about the
moratorium availed by the company for interest payment towards its
cash credit facility starting March-2020 till August-2020

Indore based (Madhya Pradesh) Soni Soya Products Limited (SSPL,
CIN: L51225MP2014PLC033203) was incorporated by Mr. Dilip Kumar
Soni. The company, however, was originally incorporated as "Soni
Soya Products Private Limited" on Sept. 17, 2014. Subsequently, the
company was converted into Public Limited Company on August 02,
2017 and name changed to Soni Soya Products Limited (SSPL). The
company got listed on SME NSE on April 12, 2018. The company is
primarily engaged in processing and trading of organic as well as
Non-Genetically Modified Organism (non-GMO) and agricultural
products such as Soya, Maize, Wheat, and Flax seeds, Mustard Oil,
Rice, Pulses, Herb and Spices etc. The company exports its product
to Canada, Dubai, South Korea, Sri Lanka and USA. Further, its
subsidiary company namely Soni Soya Products LLC was incorporated
in June 15, 2018 and is engaged in business of warehousing, selling
and marketing of Soya and Soya Products in USA as well as trading
and processing of agro products.


SREE SANKARA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sree Sankara Community for Ayurveda Consciousness Limited
452/XIX Sree Sankara Buildings
        Perunna, East Changanacherry
        Kottayam KL 686102 India

Insolvency Commencement Date: May 4, 2023

Estimated date of closure of
insolvency resolution process: October 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. K.P. Dileep
       Veluthedath House, Ponnurunni,
              Vytilla P.O. Kochi 682019
              Kerala Mobile: 9947357200
              Email: kpdileep57@gmail.com
                     sreesankararp@gmail.com

              Flat No. 8A, Paradiso Apartments
              Paradise Road
              Vytilla P.O. Kochi - 682019

Last date for
submission of claims: May 18, 2023

SRI RAGHAVENDRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sri Raghavendra Ferro Alloys Private Limited
19-55, Vasavi Nagar, Nakrekal Nalgonda - 508211,
        Telangana

Insolvency Commencement Date: May 1, 2023

Estimated date of closure of
insolvency resolution process: October 27, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Sreedhar Nukala
       #6-3-252/A/8&9, Flat No. 203,
              Mount Castle Apts,
              Erramanzil Colony,
              Near Taj Deccan, Hyderabad - 500082
              Phone: 9848146369
              Email: Sreenuka_1@yahoo.com
                     cirp.srfapl@gmail.com

Last date for
submission of claims: May 18, 2023

UNIPLY INDUSTRIES: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Uniply Inustries Limited
37, T.T.K Road, C.I.T Colony,
        Alwarpet Chennai - 600018

Liquidation Commencement Date:  May 9, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: L V Shyam Sundar
     No. 113/52, 3rd Floor, AnkurPlaza,
            Gopathy Narayanswami Chetty Road
     Parthasarathi Puram,
            T. Nagar Chennai-600017
            Email: shyam.ascend@gmail.com
                   uniplyrp@pkfrevival.com
            Landline No.: 044-43535657
            Mobile No: 9884882326
            Office: 9380284913

Last date for
submission of claims: June 8, 2023

UNITED NEWS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: United News of India
        9 Rafi Marg, New Delhi-110001

Insolvency Commencement Date: May 19, 2023

Estimated date of closure of
insolvency resolution process: November 15, 2023

Court: National Company Law Tribunal, New Delhi Bench-II

Insolvency
Professional: Pooja Bahry
       59/27 Prabhat Road
       New Rohtak Road, New Delhi-110005
              Email: pujabahry@yahoo.com
                     cirp.unitednewsofindia@gmail.com

Last date for
submission of claims: June 2, 2023


UNIVERSAL TUBE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Tube Accessories Private Limited (UTAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.68        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        4.32        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with UTAPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 UTAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UTAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UTAPL continues to be 'CRISIL D Issuer Not Cooperating'.

UTAPL, incorporated in 2011 by Mr Dayanand Petkar, manufactures
plastic pipe fittings used in oil and gas industries; it also
produces plastic packaging material for paint and chemical
industries, and food products. The production facility at Jejuri
MIDC (Pune) has installed capacity of 3.6 lakh sets per annum.


USHDEV ENGITECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ushdev Engitech Limited

        Registered Office:
Shop No. A9, First Floor, (Old No. 18),
        Parsn Commercial Complex, No. 600,
        Mount Road, Chennai,
        Tamil Nadu, 600006 India

        Corporate Office:
6th Floor, Appejay House, Mumbai
        Samachar Marg, Fort,
        Mumbai, Maharashtra, 400023 India

Insolvency Commencement Date: April 26, 2023

Estimated date of closure of
insolvency resolution process: October 23, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Sudip Bhattacharya
       903 Queensgate CHS, Hiranandani Estate,
              Off Ghodbander Road, Thane West,
              Maharashtra 400607
              Email: resolutionsudip@gmail.com
                     ushdev.cirp@gmail.com
  
Last date for
submission of claims: May 10, 2023



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

AHURA TRADERS: Creditors' Proofs of Debt Due on July 6
------------------------------------------------------
Creditors of Ahura Traders Limited and Credomax Limited are
required to file their proofs of debt by July 6, 2023, to be
included in the company's dividend distribution.

Ahura Traders Limited commenced wind-up proceedings on May 26,
2023.

Credomax Limited commenced wind-up proceedings on May 31, 2023.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


DL DIGGERS: Creditors' Proofs of Debt Due on July 28
----------------------------------------------------
Creditors of DL Diggers Limited are required to file their proofs
of debt by July 28, 2023, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Garry Whimp of Blacklock Rose
Limited as liquidator on June 1, 2023.



GOLD STANDARD: Court to Hear Wind-Up Petition on June 9
-------------------------------------------------------
A petition to wind up the operations of Gold Standard Scaffolding
Limited will be heard before the High Court at Christchurch on June
9, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 5, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


LIVING SPACE: Court to Hear Wind-Up Petition on July 6
------------------------------------------------------
A petition to wind up the operations of Living Space Developments
Limited will be heard before the High Court at Christchurch on July
6, 2023, at 10:00 a.m.

Hirepool Limited filed the petition against the company on April
21, 2023.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          United Legal Limited, Lawyers
          300 Richmond Road
          Grey Lynn
          Auckland 1021


ZIEGWEST LIMITED: Creditors' Proofs of Debt Due on June 19
----------------------------------------------------------
Creditors of Ziegwest Limited are required to file their proofs of
debt by June 19, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 1, 2023.

The company's liquidator is:

          Richard Anthony Johnston
          Level 1, One Jervois Road
          Auckland




=====================
P H I L I P P I N E S
=====================

BANGKO PANGASINAN: MB Orders Closure of Rural Bank
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Bangko Pangasinan - A Rural Bank, Inc. from doing
business in the Philippines through MB Resolution No. 694.A dated
June 1, 2023, which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.

The PDIC took over the bank on June 2, 2023.

Bangko Pangasinan - A Rural Bank, Inc. is a five-unit rural bank
with Head Office located in ET Gonzales Bldg., MacArthur Highway,
MH Del Pilar St., Mayombo, Dagupan City, Pangasinan. Its four
branches are located in Alaminos City, Burgos, Aguilar, and
Bolinao, all in Pangasinan. Latest available records show that as
of December 31, 2021, Bangko Pangasinan - A Rural Bank, Inc. has
3,828 deposit accounts with total deposit liabilities of PHP273.2
million, of which 91.2% or PHP249.2 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with Bangko Pangasinan
– A Rural Bank, Inc. are not required to file deposit insurance
claims. These individual depositors must ensure that they have
complete and updated addresses with the bank. Depositors may update
their addresses by submitting a Mailing Address Update Form (MAUF)
until June 19, 2023 either through the drop box available at the
bank premises, or by sending a scanned copy of said Form and valid
ID to email address, pangasinan-pad@pdic.gov.ph. MAUF will be made
available at the bank premises or may be downloaded from the PDIC
website at www.pdic.gov.ph. Insurance payments for valid deposits
with balances of PHP100,000.00 and below will be made through
postal money order and targeted to be sent via mail starting on
June 30, 2023.

For business entities and all other depositors, filing of claims
for insured deposit is targeted to start by July 10, 2023.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Bangko Pangasinan – A Rural Bank,
Inc. and to transact only with designated PDIC representatives.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum scheduled on June 28-30, 2023. Details
of the Forum i.e., time and venue, will be announced later.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating Bangko Pangasinan – A Rural Bank, Inc.
Letters of intent should be submitted within 60 days from takeover
date subject to compliance with the requirements prescribed under
the Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

To ensure the safety of all concerned and observance of health
protocols, all clients of the bank may communicate with PDIC
through any of the following modes: Public Assistance Hotline
during office hours at (02) 8841-4141, Toll-Free Hotline at
1-800-1-888-PDIC (7342) during office hours for those outside Metro
Manila, e-mail to pangasinanpad@ pdic.gov.ph or Facebook private
message. For visits to the PDIC Public Assistance Center, clients
are highly encouraged to request for an appointment, observe health
protocols and present their vaccination cards. Appointment schedule
may be secured through telephone, e-mail or Facebook private
message.


RURAL BANK OF SAN JUAN: MB Closes Bank; PDIC Takes Over
-------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of San Juan (Southern Leyte), Inc. from doing
business in the Philippines through MB Resolution No. 662.B dated
May 25, 2023 which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.

The PDIC took over the bank on May 29, 2023.

Rural Bank of San Juan (Southern Leyte), Inc. is a single-unit
rural bank located in San Jose Poblacion, San Juan, Southern Leyte.
Latest available records show that as of September 30, 2021, Rural
Bank of San Juan (Southern Leyte), Inc. has 1,007 deposit accounts
with total deposit liabilities of PHP37.0 million, of which 56.20%
or PHP20.8 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with Rural Bank of San
Juan (Southern Leyte), Inc. are not required to file deposit
insurance claims. These individual depositors must ensure that they
have complete and updated addresses with the bank. Depositors may
update their addresses by submitting a Mailing Address Update Form
(MAUF) until June 6, 2023 either through the drop box available at
the bank premises, or by sending a scanned copy of said Form and
valid ID to email address, sanjuan-pad@pdic.gov.ph. MAUF will be
made available at the bank premises or may be downloaded from the
PDIC website at www.pdic.gov.ph. Insurance payments for valid
deposits with balances of PHP100,000.00 and below will be made
through postal money order and targeted to be sent via mail
starting on June 16, 2023.

For business entities and all other depositors, filing of claims
for insured deposit is targeted to start by June 26, 2023.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Rural Bank of San Juan (Southern
Leyte), Inc. and to transact only with designated PDIC
representatives.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum scheduled on June 14, 2023. Details of
the Forum i.e., time and venue, will be announced later.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating Rural Bank of San Juan (Southern Leyte),
Inc. Letters of intent should be submitted within 60 days from
takeover date subject to compliance with the requirements
prescribed under the Guidelines in Pre-qualifying Proponents and
Evaluating the Proposals for Purchase of Assets and Assumption of
Liabilities Mode of Liquidating Closed Banks which can be accessed
in the PDIC website.

To ensure the safety of all concerned and observance of health
protocols, all clients of the bank may communicate with PDIC
through any of the following modes: Public Assistance Hotline
during office hours at (02) 8841-4141, Toll-Free Hotline at
1-800-1-888-PDIC (7342) during office hours for those outside Metro
Manila, e-mail to sanjuan-pad@pdic.gov.ph or Facebook private
message. For visits to the PDIC Public Assistance Center, clients
are highly encouraged to request for an appointment, observe health
protocols and present their vaccination cards. Appointment schedule
may be secured through telephone, e-mail or Facebook private
message.




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

CLUNY LODGE: Creditors' Proofs of Debt Due on July 6
----------------------------------------------------
Creditors of Cluny Lodge Pte. Ltd. are required to file their
proofs of debt by July 6, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 30, 2023.

The company's liquidators are:

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


COMGATEWAY (S) PTE: Placed in Interim Judicial Management
---------------------------------------------------------
Mr. Sajjad Ahmad Akhtar of PKF-CAP Advisory Partners has been
appointed as Interim Judicial Manager of Comgateway (S) Pte Ltd.

EAST MARINE: Commences Wind-Up Proceedings
------------------------------------------
Members of East Marine Pte Ltd, on May 26, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Ng Kian Kiat
          Ms. Yap Hui Li
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


EQONEX LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 26, 2023, to
wind up the operations of Eqonex Limited.

Luke Anthony Furler filed the petition against the company.

The company's liquidator is:

          Luke Anthony Furler
          Quantuma (Singapore)  
          137 Amoy Street
          #02-03, Far East Square
          Singapore 049965


KEONG INDUSTRIES: Court to Hear Wind-Up Petition on June 16
-----------------------------------------------------------
A petition to wind up the operations of Keong Industries Pte Ltd
will be heard before the High Court of Singapore on June 16, 2023,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on May 26,
2023.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


[*] SINGAPORE: 10 Companies Added to SGX RegCo Watch List
---------------------------------------------------------
The Business Times reports that nine companies were placed on the
Singapore Exchange Regulation (SGX RegCo) watch list on June 6,
while Trek 2000 - the company that invented the ubiquitous thumb
drive - has been included since June 5.

This comes as SGX RegCo recommences its half-yearly review of the
watch list, starting from June 1, 2023, BT says.

It suspended the reviews in June and December for both 2020 and
2021. This was to allow issuers to overcome business and economic
challenges, and deal with any resultant liquidity issues caused by
the Covid-19 pandemic on business operations.

The nine companies are trading company Intraco; investment holding
companies Jadason Enterprises, and British and Malayan; offshore
and marine companies Beng Kuang Marine and Amos Group; Datapulse
Technology, which is mainly involved in the media storage business;
property company IPC; vessel chartering company CH Offshore; and
offshore company Jasper Investments, BT discloses.

The companies had accumulated losses in their last three financial
years, the report notes. The Singapore Exchange requires the nine
companies to take active steps to meet requirements set out under
Rule 1314(1) of the Listing Manual to be removed from the watch
list within 36 months from Jun 6.

Similarly, Trek 2000 is expected to meet the requirements set out
under Rule 1314(1) of the Listing Manual to be removed from the
watch list within 36 months from June 5.

According to BT, the referenced rule stated that a watch-list
company has to record consolidated pre-tax profit for the most
recently completed financial year, based on the latest full-year
consolidated audited accounts; it will also need to have an average
daily market capitalisation of SGD40 million or more over the
preceding six months.

If the company fails on these counts, it will be delisted, or the
trading of its shares will be suspended with a view to a delisting.


Intraco, Jadason Enterprises, Beng Kuang Marine, Datapulse
Technology, British and Malayan, CH Offshore, Jasper Investments
and Trek 2000 have in the meantime told their respective
shareholders and business partners that business will continue as
usual, and that trading of their shares will also continue unless a
trading halt or suspension is effected, BT relays.

BT relates that the companies noted that they will provide
quarterly updates on their efforts and progress in meeting the
watch list's exit criteria. This includes their financial
situation, future direction, or other material development that may
have a significant impact on their financial positions.

BT adds that Intraco, IPC, Beng Kuang Marine, Amos Group and CH
Offshore also said that their respective board and management "will
endeavour to comply with the financial exit criteria within 36
months", and that they will release necessary announcements where
appropriate.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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