/raid1/www/Hosts/bankrupt/TCRAP_Public/230707.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, July 7, 2023, Vol. 26, No. 136
Headlines
A U S T R A L I A
CENTRAL CITY: First Creditors' Meeting Set for July 12
CIVIL WEST: First Creditors' Meeting Set for July 13
DIFFERENT TECHNOLOGIES: First Creditors' Meeting Set for July 11
DRAWBRIDGE PHARMA: Second Creditors' Meeting Set for July 12
HOUR HOUSE: Second Creditors' Meeting Set for July 10
STUNNING WEDDING: Brisbane Bridal Shop Shuts Down Permanently
[*] Richard Ernst Auricht Liquidator Registration Cancelled
C H I N A
SHIMAO GROUP: US$1.8 Billion Distressed Asset Gets No Bids
SINO-OCEAN GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'
ZHONGWANG GROUP: Founder in Legal Restraint Amid Group Bankruptcy
I N D I A
CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
CHOTTA SHIMLA: ICRA Keeps D Debt Ratings in Not Cooperating
ETHNIC AGROS: Liquidation Process Case Summary
ETHNIC SPICES: Liquidation Process Case Summary
ETHNIC TOBACCO: Liquidation Process Case Summary
GO FIRST: Court Allows Lessors to Access Aircraft for Inspection
INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
IND TOB INTERNATIONAL: Liquidation Process Case Summary
KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
LAS CARGO : Insolvency Resolution Process Case Summary
MAHABUBNAGAR MUNICIPALITY: ICRA Downgrades Issuer Rating to B+
NUCON PNEUMATICS: ICRA Keeps C+ Debt Ratings in Not Cooperating
PANCARD CLUBS: NCLAT Junks Sebi Plea Seeking to Block Insolvency
PEPSU ROAD: ICRA Keeps B+ Debt Ratings in Not Cooperating
PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
PUNJ LLOYD: NCLT Adjourns Claim Pleas Against Firm to Aug. 23
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
RIDDHI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
SAHUWALA CYLINDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SESA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating
SPICEJET LTD: Repays INR100 cr Loan to City Union Bank
ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUNRISE SEAFOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TELAWNE POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
TUBE TURN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
TUFFWARE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VAISHNAV METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
WINTOP VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
N E W Z E A L A N D
CRIFFEL DEER: Placed in Receivership
FIX MY PROPERTY: Grant Bruce Reynolds Appointed as Liquidator
HAPPY VALLEY: McGrathNicol Appointed as Administrators
NORTHERN HOME: Creditors' Proofs of Debt Due on July 28
NZ FINTECH: Creditors' Proofs of Debt Due on Aug. 10
S I N G A P O R E
COMGATEWAY (S): Placed in Judicial Management
GEO MILLENIUM: Court Enters Wind-Up Order
LOWI PTE: Court to Hear Wind-Up Petition on July 14
PIL SINOSOAR: Creditors' Proofs of Debt Due on Aug. 7
SNOWDROP CAPITAL: Creditors' Proofs of Debt Due on Aug. 4
THREE ARROWS: Co-Founders to Donate Future Earnings to Creditors
T H A I L A N D
STARK CORP: Regulator Files Fraud Charges vs Largest Shareholder
- - - - -
=================
A U S T R A L I A
=================
CENTRAL CITY: First Creditors' Meeting Set for July 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Central City
Limited will be held on July 12, 2023, at 10:00 a.m. via
teleconference.
Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of the company on June 30, 2023.
CIVIL WEST: First Creditors' Meeting Set for July 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Civil West
Construction Pty Ltd will be held on July 13, 2023, at 11:00 a.m.
at the offices of Hamilton Murphy Advisory and via virtual
technology.
Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on July 3, 2023.
DIFFERENT TECHNOLOGIES: First Creditors' Meeting Set for July 11
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Different
Technologies Pty Ltd will be held on July 11, 2023, at 3:00 p.m.
vrtually via Microsoft Teams meeting.
Amanda Coneyworth and James Stewart of KPMG were appointed as
administrators of the company on June 29, 2023.
DRAWBRIDGE PHARMA: Second Creditors' Meeting Set for July 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Drawbridge
Pharmaceuticals Ltd has been set for July 12, 2023 at 10:30 a.m.
via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 10, 2023 at 5:00 p.m.
Adrian Robert Hunter and Robyn Erskine of Brooke Bird were
appointed as administrators of the company on June 6, 2023.
HOUR HOUSE: Second Creditors' Meeting Set for July 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Hour House Pty
Ltd has been set for July 10, 2023 at 11:00 a.m. via webinar.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2023 at 4:00 p.m.
Duncan Edward Clubb and Andrew Thomas Sallway of BDO were appointed
as administrators of the company on June 2, 2023.
STUNNING WEDDING: Brisbane Bridal Shop Shuts Down Permanently
-------------------------------------------------------------
News.com.au reports that a third Australian bridal shop has
collapsed in as many weeks, impacting brides just months out from
their weddings.
Last week, brides started to grow alarmed when the social media
pages and the website of Brisbane-based bridal shop Stunning
Wedding Dress disappeared, notes the report.
One person who did not want to be named even sent a relative to
visit the store's location in Paddington which deepened their
concerns. "The store had been completely gutted, there was a couch
and empty racks, but no dresses," they told news.com.au.
On June 30, their worst fears were confirmed.
Stunning Wedding Dress sent an email to customers confirming that
the shop had shut down for good, citing "circumstances beyond our
control," news.com.au relates.
News.com.au says Stunning Wedding Dress assured customers there was
no need to "panic" as all dresses had been completed and would be
delivered to them in due course.
"You don't need to panic, your wedding dress has now been completed
and will be delivered direct to your home address or wherever you
designate," the email read, the report relays. "We thank you for
your support and looking forward to seeing photos of you in your
Stunning Wedding Dress".
However, news.com.au understands some brides have received
incomplete orders.
The Brisbane-based firm was operated under a sole trader
registration by Oleksandra 'Sasha' Manteit who did not respond to
requests for comment.
Her sole trader licence has been registered since 2018.
As Stunning Wedding Dress is a sole trader business and not a
proprietary limited company, that means any outstanding debts will
have to be settled personally by Ms. Manteit, news.com.au notes.
It comes as last month, two other bridal shops collapsed just days
apart, with one of them plunging nearly 100 weddings into jeopardy,
news.com.au says.
[*] Richard Ernst Auricht Liquidator Registration Cancelled
-----------------------------------------------------------
On June 28, 2023, a liquidator disciplinary committee (the
Committee) decided that Richard Ernst Auricht's registration as a
liquidator should be cancelled.
The Australian Securities and Investments Commission (ASIC)'s
referral to the Committee alleged Mr. Auricht was not a fit and
proper person to be registered as a liquidator, as he had failed to
carry out adequately and properly his duties as a liquidator by
drawing remuneration without creditor or court approval, was not
lodging documents with ASIC, and no longer had the required
qualifications, experience, knowledge and abilities.
In handing down its decision, the Committee noted that Mr.
Auricht's failure to follow proper processes around the drawing of
his fees has the potential to bring the entire profession into
disrepute. It also noted the requirement for registered liquidators
to make a number of lodgements across the course of an appointment,
which helps to ensure accountability and transparency of the
liquidation process and allows ASIC to perform its regulatory
functions.
The Committee's decision reinforces the high standard of conduct
expected of registered liquidators, including that they have
sufficient skills to lodge documents electronically.
In addition to cancelling Mr. Auricht's registration, the Committee
also decided that ASIC should publish its report.
ASIC has given effect to that decision by cancelling Mr. Auricht's
registration as a liquidator.
=========
C H I N A
=========
SHIMAO GROUP: US$1.8 Billion Distressed Asset Gets No Bids
----------------------------------------------------------
Bloomberg News reports that a US$1.8 billion project by defaulted
Shimao Group Holdings failed to find a buyer at a forced auction,
underscoring the lack of investment appetite amid a weakening
economy.
No buyers bid for a land portfolio spanning an area equivalent to
34 football fields, even though the asset was offered at a price
20% lower than its appraised value, Bloomberg relates citing
results posted on online auction site JD.com.
Investors have become more cautious about acquisitions after the
country's real estate sector failed to sustain a recovery, the
report says.
Globally, commercial property markets from New York to Hong Kong
are struggling due to a fragile economic outlook and work-from-home
preferences.
Last week, China's second-largest developer by sales, China Vanke
Co, said the nation's home market is "worse than expected", joining
a chorus of investors and analysts who have become bearish on the
real estate sector, Bloomberg relays.
Goldman Sachs Group now projects a higher default rate for Chinese
high-yield property dollar bonds, according to Bloomberg.
Shimao's onshore commercial property unit purchased the land in
2017 for CNY24 billion, a record in Shenzhen at the time.
Its original plan was to build a landmark complex with a 500m-tall
skyscraper known as the Shimao Shenkong International Centre.
The project ran into trouble in 2022 after the company missed some
payments on high-yield trust products used to raised money for the
construction, Bloomberg recalls.
Citic Trust, which manages the trust project, seized the asset and
sued Shimao's unit, according to auction documents and Shimao's
company filing, adds Bloomberg.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific on July
5, 2022, Shimao Group has missed the interest and principal payment
of a US$1 billion offshore bond due on July 3, 2022.
SINO-OCEAN GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'
----------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Sino-Ocean
Group Holding Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'B-' and its senior unsecured rating to
'CCC+' with a Recovery Rating of 'RR4', from 'B-'. Fitch has also
downgraded Sino-Ocean's USD600 million subordinated perpetual debt
to 'CCC-', with a Recovery Rating of 'RR6', from 'CCC'. Fitch has
removed all the ratings from Rating Watch Negative. Fitch has
simultaneously withdrawn the ratings.
The downgrade is driven by a further revision in Sino-Ocean's
Standalone Credit Profile (SCP) to 'ccc' from 'ccc+', which is
mainly driven by Sino-Ocean's low margin of safety in liquidity
against its high level of debt maturities over the short to medium
term.
Sino-Ocean is rated one notch above its SCP, benefitting from
support from its largest shareholder, China Life Insurance Company
Limited (A/Stable), in accordance with Fitch's Parent and
Subsidiary Linkage Rating Criteria.
The ratings have been withdrawn for commercial reasons.
KEY RATING DRIVERS
Significant Debt Maturities: Sino-Ocean's available cash balance
dropped sharply to CNY4.6 billion by end-2022, from CNY14.6 billion
at 1H22, after sales dropped and it repaid debt and supply-chain
asset-backed securities. We believe its latest available cash on
hand may not sufficiently cover capital-market debt, excluding
syndicated loans, due over the next 12 months, equivalent to about
CNY14.6 billion over 2H23-1H24.
Refinancing on Syndicated Loans: We estimate Sino-Ocean has about
CNY5 billion (equivalent) of syndicated loans due June 2023. The
company said it has secured a three-month extension and is in the
process of further refinancing with potential credit enhancement.
We believe China Life has strong relationships with major domestic
financial institutions and is actively assisting Sino-Ocean in its
negotiation. Fitch notes that Sino-Ocean has received approval from
over two-thirds of its syndicated loan creditors on the waiver of
performance-related covenant breaches based on 2022 results.
Reliant on Asset Disposals: Selling or financing against its
investment property (IP) portfolio has been one of Sino-Ocean's
major funding channels to repay capital market debt over the past
year. The company still has a number of quality IP assets available
for sale, including commercial and office assets in Beijing,
Hangzhou and Shenzhen. However, we believe there is high execution
risk and uncertainty over the timing of receiving cash from the
asset sales.
Sales Underperform the Market: Sino-Ocean's total sales were down
by 2% in 5M23, weaker than the 8% increase for the overall market,
based on National Bureau of Statistics of China data. We think the
company's project launch schedule may have affected its
year-to-date sales performance and expect 2023 sales to drop by 5%
yoy due to a higher base in 2H22.
Fitch notes that homebuyers continue to prefer state-owned
developers over most private developers. Negative developments in
the company's liquidity situation may also affect homebuyer
confidence, which could result in downside risks to our sales and
cash flow forecasts.
One-Notch Support: China Life and its related entities have
supported the homebuilder by subscribing to its onshore and
offshore bonds, contributing to asset acquisitions and
participating in project financing. China Life's management has
also publicly confirmed its willingness to support Sino-Ocean. We
expect China Life to increase its supervision over Sino-Ocean's
operations and financing after some changes are made to
Sino-Ocean's board of directors. The materiality and sustainability
of China Life's support are key to maintaining the one-notch
support.
RATING SENSITIVITIES
Rating sensitivities are not applicable, as the ratings have been
withdrawn.
ISSUER PROFILE
Sino-Ocean is a multi-regional property developer headquartered in
Beijing, with a focus on higher-tier cities. The company is listed
on the Hong Kong Stock Exchange and its major shareholders include
China Life and Dajia Life Insurance Co., Ltd.
ESG CONSIDERATIONS
Sino-Ocean has an ESG Relevance Score of '5' for Group Structure as
some of its JVs and associates have an aggressive approach to
financial management, which could lead to cash flow pressure.
Sino-Ocean also has an ESG Relevance Score of '5' for 'Financial
Transparency' due to an undisclosed amortisation arrangement on
syndicated loans and an auditor investigation on related-party
receivables. These have a negative impact on Sino-Ocean's credit
profile and are highly relevant to the rating.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Following the withdrawal of Sino-Ocean's ratings, Fitch will no
longer be providing the associated ESG Relevance Scores.
Entity/Debt Rating Prior
----------- ------ -----
Sino-Ocean Group
Holding Limited
LT IDR CCC+ Downgrade B-
LT IDR WD Withdrawn CCC+
senior unsecured LT CCC+ Downgrade RR4 B-
senior unsecured LT WD Withdrawn CCC+
Sino-Ocean Land
Treasure Finance I Limited
senior unsecured LT CCC+ Downgrade RR4 B-
senior unsecured LT WD Withdrawn CCC+
Sino-Ocean Land
Treasure III Limited
Subordinated LT CCC- Downgrade RR6 CCC
Subordinated LT WD Withdrawn CCC-
Sino-Ocean Land
Treasure IV Limited
senior unsecured LT CCC+ Downgrade RR4 B-
senior unsecured LT WD Withdrawn CCC+
Sino-Ocean Land Treasure
Finance II Limited
senior unsecured LT CCC+ Downgrade RR4 B-
senior unsecured LT WD Withdrawn CCC+
ZHONGWANG GROUP: Founder in Legal Restraint Amid Group Bankruptcy
-----------------------------------------------------------------
Caixin Global reports that Mr. Liu Zhongtian, who founded Zhongwang
Group and built it into Asia's biggest maker of aluminum extrusion
products while launching himself onto the Forbes list of China's
richest billionaires, now finds himself under legal restraint with
his company in bankruptcy and much of his wealth evaporated.
According to the report, Zhongwang was set to file a reorganisation
plan on June 20, nine months after creditors applied for a
bankruptcy restructuring of the manufacturer's hundreds of
subsidiaries and affiliates.
Caixin relates that creditors are eager to find out what assets
remain for the conglomerate, which is based in Liaoyang, a city in
China's northeast Liaoning province. At its peak, the company had
50,000 employees and assets exceeding CNY500 billion ($69 billion).
Its main unit, China Zhongwang Holdings, has not reported financial
results since 2021, resulting in its delisting from the Hong Kong
Stock Exchange on April 13.
People close to the company estimate creditors are exposed to about
CNY200 billion of risk to Zhongwang through financing to its
numerous shell companies and investment affiliates, Caixin relays.
It is also unclear how much off-the-books assets and liabilities
are tied to the 59-year-old Liu.
In September, a Shenyang court ordered a merger and restructuring
of Zhongwang's 253 subsidiaries and affiliates, Caixin recalls.
During the bankruptcy process, many fraudulent transactions
surfaced, raising doubts about how much of the group's business is
real and about Liu's credibility.
Many of the subsidiaries are shell companies that appear to be
unrelated to Zhongwang but had billions of yuan of fraudulent
transactions with other affiliates in order to obtain bank
financing or inflate the parent company's financial results,
according to Caixin.
Liu, who ranked eighth on the Forbes 2009 list of China's richest
billionaires, has dropped off the list. He told Caixin in June 2020
that he owned 4 million tons of aluminum ingots detained by
Vietnamese customs worth more than CNY60 billion. He said he also
owned land in China valued at CNY75 billion. Liu has pledged to
sell his overseas assets to repay bank debt.
"Zhongwang is not insolvent," he told Caixin. "In the worst
scenario, we [file for] bankruptcy, and divide the assets to
everyone."
But Liu has never sold any overseas assets. He later said these
businesses were handled by his nephew, but now he cannot find his
nephew, Caixin adds.
China Zhongwang Holdings Limited is principally engaged in the
manufacturing and sales of aluminum products. The Company operates
through four business segments: aluminum extrusion products for
industrial markets, aluminum deep-processed products, aluminum
extrusion products for construction markets and aluminum
flat-rolled products. The Company is also involved in the
investment holding, the manufacturing of machinery and special
vehicle and parts, as well as the provision of financial services
through its subsidiaries.
=========
I N D I A
=========
CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Chandri
Paper & Allied Products Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 21.25 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
CPAPPL was incorporated in the year 2003 with an objective of
manufacturing and trading paraffin wax from slack wax and had
established its manufacturing facilities at Tarapur (Maharashtra)
with a capacity to produce 3,600 MT of paraffin wax annually. Since
inception, CPAPPL has been supplying paraffin wax primarily to the
local customers engaged in the manufacture of candles. In 2008, the
company forayed into the business of trading base oil, wherein it
imported base oil from oil refining companies based in Iran,
Hongkong, and Singapore and sold them in the domestic market to
companies involved in manufacturing of oil related products such as
vaseline, grease, engine oil, and transformer oil.
CHOTTA SHIMLA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Chotta Shimla Projects
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.14 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.75 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2010, CSPPL is a special purpose vehicle (SPV)
promoted by Mr. Parmod Sood, and Mr. Kawaljeet Singh Duggal formed
for implementing a multilevel vehicle parking cum commercial
development project in the Chotta Shimla, Secretariat area of
Shimla (Himachal Pradesh) on design, building, operation and
transfer (DBOT) basis. The project involves construction of an
8-storey building, in which the bottom three floors will be
designed for the commercial property, whereas the top five floors
will be used as parking facility, canteens and other services. The
project involved a total cost of INR20.04 crore, which was funded
by INR15 crore from term loan and the remaining INR5.04 crore from
promoters. The project has a concession period of 30 years,
including the construction period.
ETHNIC AGROS: Liquidation Process Case Summary
----------------------------------------------
Debtor: M/s Ethnic Agros Limited
D. No 6-23-6/C, JayacTowers 5th Lane,
4th Cross Road, Arundalpet
Guntur AP 522002 India
Liquidation Commencement Date: March 27, 2023
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kasi Srinivas
1-2-37/4B, Flat No 4B, Jains Bhavani Residency,
St No 3, Katkatiya Nagar
Habsiguda, Hyderabad-500001
Email: Srinivaskashyap111080@gmail.com
Flat No 104, Kavuri Supreme Enclave,
Kavuri Hills, Hyderabad-500003,
Telangana
Email: cirp.ethnicargos@gmail.com
Last date for
submission of claims: May 2, 2023
ETHNIC SPICES: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s Ethnic Spices Private Limited
6-23-6/B, Jaya Towers 5/4, Arundelpet
Guntur AP 522002 India
Liquidation Commencement Date: March 27, 2023
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kasi Srinivas
1-2-37/4B, Flat No 4B, Jains Bhavani Residency,
St No 3, Katkatiya Nagar
Habsiguda, Hyderabad-500001
Email: Srinivaskashyap111080@gmail.com
Flat No 104, Kavuri Supreme Enclave,
Kavuri Hills, Hyderabad-500033, Telangana
Email: cirp.ethnicspices@gmail.com
Last date for
submission of claims: May 2, 2023
ETHNIC TOBACCO: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Ethnic Tobacco (India) Limited
D. No 6-23-6/C, Jaya Towers 5th Lane,
4th Cross Road, Arundalpet
Guntur AP 522002 India
Liquidation Commencement Date: March 27, 2023
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kasi Srinivas
1-2-37/4B, Flat No 4B, Jains Bhavani Residency,
St No 3, Katkatiya Nagar
Habsiguda, Hyderabad-500001
Email: Srinivaskashyap111080@gmail.com
Flat No 104, Kavuri Supreme Enclave,
Kavuri Hills, Hyderabad-500003,
Telangana
Email: cirp.ethnictobacco@gmail.com
Last date for
submission of claims: May 2, 2023
GO FIRST: Court Allows Lessors to Access Aircraft for Inspection
----------------------------------------------------------------
Reuters reports that an Indian court on July 5 allowed leasing
companies to access aircraft leased to Go First for inspection and
maintenance, though they were still unable to repossess them while
the airline's operations remain stalled.
According to Reuters, lessors of Go First, which was granted
bankruptcy protection on May 10, have made several attempts to
reclaim planes for missed payments, filing over 50 requests with
the watchdog to allow repossession.
Reuters says the lessors argue the airline has no rights over
planes as the leases have been terminated, but India's government,
and the airline, say the bankruptcy law imposes an asset freeze.
Reuters relates that the Delhi High court judge said on July 5 that
the leasing companies can "access the airport" and inspect
aircraft, carrying out all interim maintenance at least twice a
month.
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.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, the 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.
INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Incas
International (Incas) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Packing Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 11.82 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Incas for
obtaining information through letter and email dated March 25, 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 Incas, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Incas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Incas continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incas was set up as a proprietorship concern of Mr Vikas Kalra in
2000. The firm manufactures leather garments and accessories such
as bags, gloves, and belts and exports primarily to Europe. It has
two plants, one each at Gurgaon and Manesar (both in Haryana).
IND TOB INTERNATIONAL: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: M/s. Ind Tob International Private Limited
Door No. 6-5-15, 5th Line 4th Cross Road
Arundulpet Guntur AP 522002 India
Liquidation Commencement Date: March 27, 2023
Court: National Company Law Tribunal, Amaravati Bench
Liquidator: Kasi Srinivas
1-2-37/4B, Flat No 4B, Jains Bhavani Residency,
St No 3, Katkatiya Nagar Habsiguda, Hyderabad-500001
Email: Srinivaskashyap111080@gmail.com
Flat No 104, Kavuri Supreme Enclave, Kavuri Hills,
Hyderabad-500033, Telangana
Email Id: cirp.indtob@gmail.com
Last date for
submission of claims: May 2, 2023
KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Kailash Trading Corporation in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.27 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 6.10 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term– 0.13 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 4.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2001, Kailash Trading Corporation (KTC) is primarily
engaged in trading of engineering polymers which includes
polyacetal, polycarbonate and hostaform of different grades and
these products find application in automobiles, electronic devices,
consumer appliances, ATM machines, printers etc. KTC sources its
products in bulk majorly from the international markets including
USA, Germany and China and sells the products in the South Indian
market to various customers. Apart from engineering polymers, KTC
also Brief Business Description undertakes consignment sale of
commodity polymers for its principal – LG Polymers India Private
Limited, Vishakapatanam and sells to various customers. KTC forms
part of the KTC Group which was promoted by Shri. K. Lakshmi
Narayana. After his demise his son Mr. K Chandrasekhar is heading
the group and KTC is managed by Mr. Amarnath who has a Chemical
Engineering qualification from Anna University, Master of Science
from Central Institute of Plastic Engineering and Technology,
Guindy and MBA from Anna Malai University and he has 15 years of
rich experience in the plastic engineering industry.
KANYAKA CORPORATION: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Kanyaka Corporation in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable)/ [ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.15 [ICRA]B (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.85 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Kanyaka Corporation is a proprietorship firm incorporated in the
year 2009 by Mr. Subhrahmanyam. The firm is engaged in trading
chemicals and solvents used largely in pharmaceutical industry,
followed by printing and packaging industry, agro, and textile
industry. The firm sells its products in Telangana and Andhra
Pradesh state only. The firm has its head office in Hyderabad, a
branch office in Visakhapatnam, followed by a godown in Hyderabad
and Visakhapatnam. The firm is authorized dealer for Grasim
Industries.
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Lakshmidurga Textiles
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.05 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Lakshmidurga Textiles Private Limited, incorporated in 2010, is
involved in ginning and pressing of cotton lint, trading of cotton
lint and seed, and has 48 ginsto process 350 bales of cotton per
day. The company islocated in Chilakamarri village of Nalgonda
district in Telangana.
LAS CARGO : Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Las Cargo Private Limited
5, 1st Floor, 235/2327, Piramal Mansion,
Dadabhan Nawroji Road, Handloom House,
Fort, Mumbai Mumbai City-400 001
Maharashtra, India
Insolvency Commencement Date: June 9, 2023
Estimated date of closure of
insolvency resolution process: December 6, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Pramodkumar Ramesh Ladda
106, B-Wing Sr. No. 55, Sukniwas
15th August Chowk, Mangalwar Peth,
Pune-411 011 Maharashtra, India
Email: csladdaji@gmail.com
ladda.cirplcpl@gmail.com
Last date for
submission of claims: June 23, 2023
MAHABUBNAGAR MUNICIPALITY: ICRA Downgrades Issuer Rating to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Mahabubnagar Municipality, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
continues to remain under
Issuer Not Cooperating
Category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding Mahabubnagar Municipality performance and in
turn, the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the same
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.
As part of its process and in accordance with its rating agreement
with "Mahabubnagar Municipality", ICRA has been trying to seek
information from the entity to monitor its performance. Further,
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Mahabubnagar Municipality provides civic services to the
Mahabubnagar city, located in the Mahabubnagar district, Telangana,
located around 100 km from the state capital, Hyderabad. The
Municipality was established in 1952 and initially covered an area
of 13.24 sq. km. In 2012, ten surrounding gram panchayats, namely
Bandmeedipally, Doddalonipally, Timmasanipally, Palakonda,
Christianpally, Chinadarpall, Yenugonda, Apanapally, Boyapally and
Yedira were merged with the MM, thus increasing the overall area
covered to 98.64 sq.km. The city had a total population of 2,17,942
as per the 2011 Census and is divided into 49 wards. The major
functions of the MM involve water supply, solid waste management,
repair and maintenance of roads and street lighting in its area. An
elected body, headed by a chairperson, administers the
municipality. The Commissioner acts as the executive head and
overseas the day-to-day functioning of the ULB.
NUCON PNEUMATICS: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short term ratings for the bank
facilities of Nucon Pneumatics Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]C+/ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.23 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 8.03 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term/ 4.77 [ICRA]C+/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 5.97 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Nucon Pneumatics Private Limited was incorporated in the year 1972
under the name Nucon Industries Private Limited as a provider of
pneumatic solutions and compressed air treatment solutions.
Subsequently in the year 2010 the company diversified into
manufacturing of aerospace applications (missile guidance systems)
and later in the year 2012 both the divisions were demerged into
two different entities. The company is managed by Mr. Hemant Jalan
and his family. NPPL is currently engaged in providing pneumatic
solutions and the plant is located in Patancheru Hyderabad.
PANCARD CLUBS: NCLAT Junks Sebi Plea Seeking to Block Insolvency
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed market regulator Securities and
Exchange Board of India's plea to block insolvency proceedings of
Pancard Clubs, as per a court order reviewed by ET.
Sebi had approached the appellate court for quashing of the
insolvency proceedings because it has been investigating the
company for running an unregistered collective investment scheme
and has attached its properties, the report says.
An insolvency court admitted Pancard Clubs Ltd to the Corporate
Insolvency Resolution Process (CIRP) on Sept. 9, 2022, based on a
joint petition filed by about 100 shareholders and appointed Rajesh
Sureshcandra Sheth as interim resolution professional (IRP).
PEPSU ROAD: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term ratings of Pepsu Road Transport
Corporation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Pepsu Road Transport Corporation (PRTC) was established by the GoP
in October 1956 under the provision of the Road Transport
Corporations (RTC) Act, 1950 with a view to provide efficient,
adequate, economic and properly co-ordinated operation system of
Road Transport Services in the southern region (erstwhile PEPSU -
Patiala and East Punjab States Union) of Punjab. Apart from
providing services in the districts of Patiala, Bathinda,
Kapurthala, Barnala, Sangrur, Budhlada, Farid kot and Ludhiana, it
also provides interstate services to the neighbouring states of
Haryana, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Uttar
Pradesh, Uttaranchal, Delhi and Chandigarh. As on September 30,
2020, the PRTC had a fleet strength of 1113, which also includes
150 hired buses. Currently, the PRTC has a total staff of around
3,970, of which around 80% are contractual.
PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Petal Motocon Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2005, Petal Motocon Private Limited (PMPL) is
involved in auto dealership. Petal Motocon Private Limited is a
part of the Planet Petal Group promoted by Mr. Sukhbir Bagga, along
with his family members. The promoters of PMPL have been in the
automobile industry since 2003 with dealership of Yamaha
two-wheelers. Later, it diversified into the car auto dealership
business of Hyundai Motors India Limited (HMIL) by incorporating
Planet Automotive Private Limited in financial year 2005.
PUNJ LLOYD: NCLT Adjourns Claim Pleas Against Firm to Aug. 23
-------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on July 5 adjourned the petitions filed by the Airports
Authority of India and Gail India Limited against Punj Lloyd to
August 23. Airports Authority of India said that the liquidator had
not responded to its claims.
In the case of the invocation of bank guarantee by Mitsubishi Heavy
Industries Limited, the bench part heard the matter and listed it
for July 12, ET says. Mitsubishi claims there was a 10-month delay
in completion, and the corporate debtor had failed to conduct
repairs either. The counsel cited examples of IOCL and GAIL for
invocation of bank guarantee.
According to ET, the bench asked for further clarification from the
counsel appearing for the liquidator on Section 14(3)(b) of the
Insolvency and Bankruptcy Code, 2016, allowing invocation. The
bench allowed Punj Lloyd to file written submissions through the
registry.
Last month, the court granted 6 months till December 31 to the
liquidator of Punj Lloyd to complete the process, the report notes.
Punj Lloyd liquidator has set a reserve price of INR1,061 crore for
the company, after approval from the Shareholders Consultative
Committee and the auction is to take place on July 10.
About Punj Lloyd
Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, is an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.
In March 2019, the Principal Bench of the National Company Law
Tribunal (NCLT) had admitted an insolvency plea against the company
filed by ICICI Bank.
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RDC
Automobile Private Limited (RDC) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.6 CRISIL D (Issuer Not
Overdraft Facility Cooperating)
Electronic Dealer 15.0 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
CRISIL Ratings has been consistently following up with RDC for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RDC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDC continues to be 'CRISIL D Issuer Not Cooperating'.
RDC, incorporated in 2015, is an authorized dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authoriszed dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.
RIDDHI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Riddhi
Agro Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Unallocated 0.94 [ICRA]B+(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING; Rating
continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in August 2006, Riddhi Agro Industries(RAI) processes
bengal gram (chana dal), yellow peas(matar dal), and pigeon pea
(tuar dal) with an annual production capacity of 21,000 metric
tonnes (MT). The firm also processes red lentil (masoor dal) with
an annual production capacity of 7,200 MT. The plants are located
at Raipur in Chhattisgarh. RAI is promoted by the Raipur-based Jain
family who have a long experience in the pulses-processing
industry.
S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K. Hitech
Industries (SKHI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 7.98 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKHI for
obtaining information through letter and email dated March 25, 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 SKHI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKHI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKHI continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end of
September 2016. Managing partner, Mrs. Syyed Rehana and her family
manage operations.
SAHUWALA CYLINDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Sahuwala Cylinders Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 31.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sahuwala Cylinders Private Limited (SCPL) is a manufacturer of LPG
Cylinders and supplies to public sector oil companies like Indian
Oil Corporation Limited (Crisil AAA/A1+), Hindustan Petroleum
Corporation Limited (Crisil AAA/A1+) and Bharat Petroleum
Corporation Limited (Crisil AAA/A1+). The company was incorporated
in 1982 and started commercial operations in 1983. The company also
supplies LPG cylinders to private sector clients. The company also
sells to private sector clients. Since year 2001, SCPL has also
commenced manufacturing of Auto LPG Containers used in automobiles
and supplies to clients like Bajaj, Tata, Maruti, Hyundai, etc.
SESA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sesa
Minerals Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 35.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term– 20.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- (35.80) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2007, SML trades in steel products such as iron ore
pellets, steel scrap, sponge iron, steel billets, wire rods, angle,
channel, round and TMT bars. The company mainly operates in West
Bengal, however, it has commenced exports to Nepal, Bangladesh etc.
in FY2019.
SIDDHESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Siddheshwar Sahakari Sakhar Karkhana Limited - Kumathe-Solapur
(SSSSKL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 200 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 56.21 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 16.64 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 27 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Sugar Pledge 25.15 CRISIL D (Issuer Not
Cash Credit Cooperating)
CRISIL Ratings has been consistently following up with SSSSKL for
obtaining information through letter and email dated March 25, 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 SSSSKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSSKL continues to be 'CRISIL D Issuer Not
Cooperating'.
SSSSKL was established in 1971 by Late Mr Appasaheb Kadadi. The
society is managed by Mr Dharmraj Kadadi along with an elected
board of directors. The society is based in Solapur and has a plant
at Kumthe, Maharashtra, with installed capacity of 7,500 tonne
crushing per day (TCD). It also has a distillery with 20 kilolitre
per day capacity. The society entered into an agreement with
Maharashtra State Electricity Distribution Company Ltd to set up
and operate a 38-MW co-gen plant, which commenced commercial
operations in fiscal 2018.
SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha
Marketing (SM) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.95 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 6 CRISIL D (Issuer Not
of Credit Cooperating)
Proposed Long Term 0.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SM for
obtaining information through letter and email dated March 25, 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 SM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SM
continues to be 'CRISIL D Issuer Not Cooperating'.
SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of highimpact polystyrene
(HIPS) and general-purpose polystyrene (GPPS) products of LG
Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.
SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Solace
Healthcare Private Limited (SHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18.7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2011, SHPL has set up a 125-bed super speciality
hospital in Vadodara (Gujarat). The company has started its
operations in April 2015.
SOMATHEERAM AYURVEDIC: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-term ratings of Somatheeram Ayurvedic
Hospital and Yoga Centre Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.80 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.95 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1994, Somatheeram is a strong brand in the
Ayurvedic tourism segment and runs an Ayurvedic resort in Chowara,
South of Kovalam, Trivandrum. The resort has 80 cottages, including
10 rooms in the nearby property, Samana, and has other amenities
like a private beach, swimming pool, yoga centres etc in its
property. The company offers several Ayurvedic treatment packages
such as those for slimming, rejuvenation, anti-ageing, skin
diseases and body purification to name a few. It has 16 doctors for
Ayurvedic treatments, 51 therapists and three yoga masters, apart
from 200 administrative staff. Bookings are made online on the
company's website and through the marketing arm in Germany or
through its agents. Almost the entire clientele is from overseas,
with over 60% of them from Germany, primarily from the high-income
category. Apart from Somatheeram, the promoters have interest in
four other entities – two private limited companies and two
partnership firms. Two of these entities are shell entities without
any operations – one operates an Ayurvedic shop inside the
Somatheeram campus, and the other owns cardamom plantations in
Munnar.
SPICEJET LTD: Repays INR100 cr Loan to City Union Bank
------------------------------------------------------
The Economic Times reports that SpiceJet Ltd on July 3 said it has
successfully completed the settlement of a loan payment worth
INR100 crore to City Union Bank. The last tranche of INR25 crore
was paid on June 30, 2023, successfully closing the entire loan
account which was taken in 2012, the airline company said in a
release.
"The repayment of the loan amount releases all securities that had
been pledged with the bank," it added.
Notably, the repayment to City Union Bank follows a successful
settlement agreement with Nordic Aviation Capital (NAC), a major
lessor for SpiceJet's Q400 aircraft, ET relates.
According to the report, the agreement with NAC settled all past
liabilities for the Q400s leased by NAC to SpiceJet. It will pave
the way for the return and induction of three additional planes
into the SpiceJet fleet.
SpiceJet said it remains committed to finding amicable settlements
with all its creditors as the airline builds back its fleet and its
business, ET relays.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.
This is the third case filed against the airline, according to The
Economic Times. Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.
Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.
ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Nicholas
Cashew Exports (SNCE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Packing Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SNCE for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SNCE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNCE continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a proprietorship concern by Mrs Neethu Rajan, the firm
processes raw cashew nuts and is based in Kollam, Kerala.
SUNRISE SEAFOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short term ratings for the bank
facilities of Sunrise Seafoods India Private Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 9.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sunrise Seafoods India Private Limited (SSIPL) (formerly known as
Sunrise Aqua Food Exports) was started as a proprietorship concern
in 2015; converted into partnership firm in 2016 and converted into
a private limited company effective from December 01, 2017. The
company is promoted by Mr. Irrinki Surya Rao and Mrs. Irrinki
Bhavani who have more than two decades of experience in this
business. SSPL is a merchant packer for sea food (shrimp); the
processing and storing is completely done at a group company,
Suryamitra Exim Private Limited.
TELAWNE POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Telawne
Power Equipments Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.30 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in January 2004, TREPL is engaged in manufacture and
repair of industrial transformers. The company is equipped for
manufacturing and repairing of different type of transformers up to
50MVA 132KV class transformers. The products are sold under the
brand name of 'Telawne' in domestic as well as overseas market. The
factory is located in Rabale, Navi Mumbai across an area of 38,000
sq.ft. The factory is ISO 9001- 2008 and ISO 14001:2004 certified
and the company has received approvals for its products from
agencies such as Electrical Research and Development Association
and Central Power Research Institute.
TUBE TURN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Tube Turn
India Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 10.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Set up in 1995 by Mr. Ashit Kadakia, Tube Turn (India) Private
Limited (TTIPL) is engaged in the manufacturing of steel pipe
fittings. These fittings are primarily used in the construction of
new plants in the oil & gas, chemicals, power, steel and textiles
industry. The company currently manufactures pipe fittings in
seamless and welded construction (butt welded and socket welded)
and flanges. The pipe fittings are fabricated from carbon steel,
alloy steel and stainless steel, of which carbon steel is the most
commonly used material.
TUFFWARE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tuffware
Industries (TI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.05 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 6.44 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 1.56 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 0.26 CRISIL D (Issuer Not
Cooperating)
Packing Credit 4.75 CRISIL D (Issuer Not
Cooperating)
Proposed Short Term
Bank Loan Facility 0.54 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TI for
obtaining information through letter and email dated March 25, 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 TI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TI
continues to be 'CRISIL D Issuer Not Cooperating'.
TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and
non-stick cookware. It sells its products primarily to Latin
American and African countries through agents and traders based in
these countries. TI has its manufacturing unit at Vasai,
Maharashtra.
VAISHNAV METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Vaishnav Metal and Power Private Limited (SVMPPL) 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 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 31.27 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 13.73 CRISIL D (Issuer Not
Cooperating)
Term Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVMPPL for
obtaining information through letter and email dated March 25, 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 SVMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVMPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SVMPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
SVMPPL, incorporated in 2005 by the Agarwal family, is engaged in
galvanisation and fabrication. Its manufacturing facilitates are in
Wada (Maharashtra) and registered office is in Mumbai.
WINTOP VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Wintop Vitrified Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.07 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- (1.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Others to remain under 'Issuer Not
Cooperating' Category
Long Term/ 7.63 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Wintop Vitrified Private Limited (WVPL) was incorporated in January
2011 as private limited Company promoted by Mr. Kamleshbhai Panara.
The company is involved in the business of manufacturing vitrified
tiles consisting of GVT and Nano polished tiles. The manufacturing
unit of the company is located at Morbi with an installed capacity
of producing 56575 MT of vitrified tiles per annum. The company
commenced commercial production of 600X600 mm vitrified tiles in
March 2012.
=====================
N E W Z E A L A N D
=====================
CRIFFEL DEER: Placed in Receivership
------------------------------------
Colin Anthony Latham Gower and Diana Clare Matchett of BDO
Christchurch on June 21, 2023, were appointed as receivers and
managers of Criffel Deer Limited.
The receivers and managers may be reached at:
BDO Christchurch
Awly Building
Level 4
287–293 Durham Street North
Christchurch 8013
FIX MY PROPERTY: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on June 30,
2023, were appointed as liquidators of Fix My Property Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
HAPPY VALLEY: McGrathNicol Appointed as Administrators
------------------------------------------------------
Andrew Grenfell and Kare Johnstone of McGrathNicol on July 5, 2023,
were appointed as administrators of Happy Valley Nutrition Limited
and Five Redland Road Limited.
The administrators may be reached at:
McGrathNicol
Level 17
41 Shortland Street
Auckland
NORTHERN HOME: Creditors' Proofs of Debt Due on July 28
-------------------------------------------------------
Creditors of Northern Home Development Limited are required to file
their proofs of debt by July 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2023.
The company's liquidators are:
Gareth Russel Hoole
Clive Robert Bish
Ecovis KGA Limited, Chartered Accountants
PO Box 37223
Parnell
Auckland 1151
NZ FINTECH: Creditors' Proofs of Debt Due on Aug. 10
----------------------------------------------------
Creditors of NZ Fintech Group Limited are required to file their
proofs of debt by Aug. 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 22, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
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S I N G A P O R E
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COMGATEWAY (S): Placed in Judicial Management
---------------------------------------------
Sajjad A. Akhtar of PKF-CAP Advisory Partners Pte. Ltd. on June 28,
2023, was appointed as Judicial Manager of Comgateway (S) Pte Ltd.
GEO MILLENIUM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 30, 2023, to
wind up the operations of Geo Millenium System Pte. Ltd.
Tan Kiah Wee filed the petition against the company.
The company's liquidators are:
Mr. Abuthahir s/o Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
144 Robinson Road
#14-02, Robinson Square
Singapore 068908
LOWI PTE: Court to Hear Wind-Up Petition on July 14
---------------------------------------------------
A petition to wind up the operations of Lowi Pte Limited will be
heard before the High Court of Singapore on July 14, 2023, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
June 19, 2023.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
PIL SINOSOAR: Creditors' Proofs of Debt Due on Aug. 7
-----------------------------------------------------
Creditors of PIL Sinosoar Holdings Pte. Ltd. are required to file
their proofs of debt by Aug. 7, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 28, 2023.
The company's liquidators are:
Robert Yam Mow Lam
Messrs Robert Yam & Co PAC
190 Middle Road
#16-01 Fortune Centre
Singapore 188979
SNOWDROP CAPITAL: Creditors' Proofs of Debt Due on Aug. 4
---------------------------------------------------------
Creditors of Snowdrop Capital Pte. Ltd. are required to file their
proofs of debt by Aug. 4, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 22, 2023.
The company's liquidator is:
Farooq Ahmad Mann
c/o Mann & Associates PAC
3 Shenton Way #03-06C
Shenton House
Singapore 068805
THREE ARROWS: Co-Founders to Donate Future Earnings to Creditors
----------------------------------------------------------------
Cointelegraph reports that the co-founders of collapsed crypto
hedge fund Three Arrows Capital (3AC) have pledged to donate a
portion of earnings from their newest crypto venture to creditors
who lost money in the fund's 2022 collapse.
In a July 3 Twitter Space, 3AC co-founder Kyle Davies said it would
be "good karma" to "donate" the potential earnings from Open
Exchange (OPNX) to 3AC's creditors, Cointelegraph relates.
According to the report, Mr. Davies described the proposed payback
scheme as a "shadow recovery process," independent of the official
liquidation process currently managed by global consulting firm
Teneo.
Touting the process as the "first" of its kind, Mr. Davies claimed
it would allow himself and Su to donate funds to 3AC creditors, but
only if they were "early and supporting" of OPNX.
He claimed there are already a "number of creditors" that have been
made whole. "If there are some that don't want to deal with us,
then they don't have to," he added.
When pressed on how he could be working on a new venture while his
now-bankrupt hedge fund was still in the midst of a liquidation
process, Mr. Davies claimed that creditors only stand to "benefit"
from the new company, according to Cointelegraph.
Messrs. Davies and Su courted controversy when they announced the
launch of OPNX on April 4, with some crypto community members
criticizing the pair for coming up with a new venture while
seemingly shirking their responsibilities concerning the collapse
of their hedge fund, Cointelegraph says.
Three Arrows Capital filed for Chapter 15 bankruptcy protection on
July 1, 2022, with subsequent court documents revealing that the
collapsed fund owes some $2.8 billion to more than 20 firms,
Cointelegraph recalls.
Cointelegraph notes that the pair's location remains unconfirmed,
with liquidators even forced to serve them with subpoenas through
Twitter on Jan. 5 due to difficulties tracking them down. A recent
New York Times report claims that Messrs. Davies and Su had been
spending most of their time surfing in Bali.
Most recently, on June 27, liquidators announced they are seeking
to recover $1.3 billion in lost funds from the 3AC co-founders.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
===============
T H A I L A N D
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STARK CORP: Regulator Files Fraud Charges vs Largest Shareholder
----------------------------------------------------------------
Bangkok Post reports that the Securities and Exchange Commission
(SEC) has filed charges against the largest shareholder and others
involved in the management of Stark Corporation Public Company
Limited, the industrial cable maker at the centre of an accounting
scandal and debt default.
The Bangkok-based SEC filed charges of financial misconduct against
10 combined entities and individuals, including Stark's largest
holder Vonnarat Tangkaravakoon, with the Department of Special
Investigation (DSI), according to the regulator's statement, the
report relays.
Bangkok Post relates that the charges come after Stark faced a
criminal investigation and also a class-action lawsuit following
its revelations of irregularities in past accounting. Restated
financial results showed it made a net loss in the past two years,
and that its liabilities exceeded assets, the report notes. The
company last month defaulted on some of its THB39 billion in
liabilities. The shares were suspended after sinking 99% this
year.
Headquartered in Bangkok, Thailand, Stark Corporation Public
Company Limited -- https://www.starkcorporation.com/ -- together
with its subsidiaries, engages in the electric wire and cable
business in Thailand and internationally. It manufactures,
distributes, trades in, and provides service test for wire products
made from copper and aluminum, which are used in electrical
transition, telecommunications, and construction applications. The
company also offers manpower services; human resource management
and recruitment services for the petroleum industry; warehouses
rental services; transportation services; and consultancy services
related to petroleum business. In addition, it engages in the
manufacture of electric wires, cables and non-ferrous; import and
manufacture copper and aluminuium for cable wire; tolling of copper
rod; sales and distribution of accessories for energy and
telecommunication applications; and develop the infrastructure
relating to energy and digital technology, as well as trading of
other materials. The company was formerly known as Siam Inter
Multimedia Public Company Limited and changed its name to Stark
Corporation Public Company Limited in July 2019.
*********
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
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*** End of Transmission ***