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

                     A S I A   P A C I F I C

          Friday, July 21, 2023, Vol. 26, No. 146

                           Headlines



A U S T R A L I A

ACURA BIO: First Creditors' Meeting Set for July 25
ATHENA TRUST 2021-1PP: Fitch Ups Rating on Cl. F Notes to 'BB-sf'
BIG VILLAGE: To Seek Plan Confirmation on Aug. 24
CHOCOLATE AND CONFECTIONERY: 2nd Creditors' Meeting Set for July 25
CROWN RESORTS: Blamed Previous Fines, Raised Spectre of Bankruptcy

GENESIS CARE: Seeks to Tap Jackson Walker as Conflicts Counsel
GENESIS CARE: Taps Herbert Smith Freehills as Foreign Counsel
MASSIVE LABS: First Creditors' Meeting Set for July 26
PAYLAB: Worker Engagement Fintech Enters Voluntary Administration
PINT CLUB: First Creditors' Meeting Set for July 25

SANS DRINKS: Enters Voluntary Administration
URBAN METRO: First Creditors' Meeting Set for July 25


C H I N A

HAINAN AIRLINES: Creditors to Swap USD25.1 Million Debt for Equity
[*] CHINA: Dairy Farmers Face Dark Times Amid Supply Glut


H O N G   K O N G

DALIAN WANDA: S&P Lowers LongTerm ICR to 'B+' on Weaker Liquidity


I N D I A

COASTAL PROJECTS: Auction Notice Under Liquidation
CYPERUS MULTITRADE: Insolvency Resolution Process Case Summary
JIVA STEELS: Insolvency Resolution Process Case Summary
KARUNYA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
KESHRANAND COTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KHADKESHWAR HATCHERIES: Insolvency Resolution Process Case Summary
KISHORI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
KUMAR COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
KUMAR INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
KUMAR INFRATRADE: CRISIL Keeps B Debt Rating in Not Cooperating

LAKSHMI NARAYANA: CRISIL Keeps B Debt Ratings in Not Cooperating
LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
LAXMI VISHNU: CRISIL Keeps B Debt Ratings in Not Cooperating
LIFE STYLE: CRISIL Keeps B Debt Ratings in Not Cooperating
MAHA SAI: CRISIL Keeps B Debt Ratings in Not Cooperating Category

MALOLA MANAGEMENT: Insolvency Resolution Process Case Summary
NEESA INFRASTRUCTURE: Insolvency Resolution Process Case Summary
PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
PURNA FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating

R. P. INDUSTRIES: CRISIL Lowers Rating on INR10cr Cash Loan to B
RAAJMAHAL DEVELOPERS: CRISIL Keeps B Ratings in Not Cooperating
RAIPUR KERALA: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAIPUR MOTOR: CRISIL Keeps B Debt Rating in Not Cooperating
RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating

RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAJPROTIM AGENCIES: Liquidation Process Case Summary
RAVISHANKAR VIDYA: CRISIL Withdraws B Rating on INR15cr Term Loan
RUDRASIVA INFRACON: Liquidation Process Case Summary
SANYO LSI: Voluntary Liquidation Process Case Summary

SHYAMA IRON: Liquidation Process Case Summary
V V MULTIPLEX: Insolvency Resolution Process Case Summary
V.I.R. FOODS: Insolvency Resolution Process Case Summary
VEEKESY SLIPPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
VJTF INFRASCHOOL: CRISIL Keeps B+ Debt Rating in Not Cooperating



N E W   Z E A L A N D

DZD NZ: Court to Hear Wind-Up Petition on Aug. 18
LENNY'S LIMITED: Creditors' Proofs of Debt Due on Aug. 10
RAINBOW CORNER: Creditors' Proofs of Debt Due on Aug. 30
STRIKERS INSTALLATION: Court Enters Wind-Up Order
VASIST PROPERTY: Court to Hear Wind-Up Petition on Aug. 8



P A K I S T A N

PAKISTAN: May Have to Restructure Debt if Goals Not Met, IMF Warns


P H I L I P P I N E S

PH RESORTS: SEC Rejects Bid for Shareholder OK on Asset Sale Plan


S I N G A P O R E

AUSGROUP LTD: Court Enters Wind Up Order; Discharged From JM
DERMATOLOGY & SURGERY: Court to Hear Wind-Up Petition on Aug. 28
OKH ENTERPRISE: Creditors' Meetings Set for Aug. 23
OSTARA INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 21
REVBUILD ASIA: Court Enters Wind-Up Order

TRANSIT AIR: Commences Wind-Up Proceedings


V I E T N A M

AN BINH: Moody's Puts 'B1' Issuer Rating on Review for Downgrade

                           - - - - -


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A U S T R A L I A
=================

ACURA BIO: First Creditors' Meeting Set for July 25
---------------------------------------------------
A first meeting of the creditors in the proceedings of Acura Bio
Pty Ltd will be held on July 25, 2023, at 10:30 a.m. via virtual
meeting only.

Anthony Norman Connelly, William James Harris and Mark Alfred
Holland of McGrathNicol were appointed as administrators of the
company on July 13, 2023.


ATHENA TRUST 2021-1PP: Fitch Ups Rating on Cl. F Notes to 'BB-sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded eight note classes and affirmed another
six from three Athena RMBS transactions. The transactions are
backed by pools of first-ranking Australian conforming residential
full-documentation mortgage loans originated by Athena Mortgage Pty
Limited. The notes were issued by Perpetual Corporate Trust Limited
in its capacity as trustee.

The upgrades are supported by the build-up of credit enhancement
(CE) since the closing of the transactions. Athena 2021-1PP Trust's
class F notes have been upgraded by one notch to 'BB-sf' as it is
constrained by one notch due to a large obligor concentration
test.

ENTITY/DEBT      RATING   PRIOR
----------                      ------          -----
Athena 2021-1PP Trust

A AU3FN0062709  LT  AAAsf    Affirmed AAAsf
B AU3FN0062717  LT  AAAsf    Upgrade AA+sf
C AU3FN0062725  LT  AAsf     Upgrade A+sf
D AU3FN0062733  LT  Asf      Upgrade BBB+sf
E AU3FN0062741  LT  BBB-sf   Upgrade BB+sf
F AU3FN0062758  LT  BB-sf    Upgrade B+sf

Athena 2021-2PP Trust

A AU3FN0065389  LT  AAAsf    Affirmed AAAsf
B AU3FN0065397  LT  AA+sf    Upgrade AAsf
C AU3FN0065405  LT  A+sf     Upgrade Asf
D AU3FN0065413  LT  BBB+sf   Upgrade BBBsf
E AU3FN0065421  LT  BBsf     Affirmed BBsf
F AU3FN0065439  LT  Bsf      Affirmed Bsf

Olympus 2022-1 Trust

A1L AU3FN0071882 LT  AAAsf   Affirmed AAAsf
A2 AU3FN0069647  LT  AAAsf   Affirmed AAAsf

KEY RATING DRIVERS

Resilient Asset Performance: The 30+ and 90+ day arrears at
end-June 2023 for Athena 2021-1PP were both 0.2%, well below
Fitch's 1Q23 Dinkum RMBS Index's 0.98% and 0.46%, respectively. The
were no loans in arrears for Athena 2021-2PP Trust or Olympus
2022-1 Trust. The hardship loans not in arrears are not included in
the arrears.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
Athena 2021-1PP is 5.9%, driven by the WA unindexed loan/value
ratio (LVR) of 48.9% and, under Fitch's methodology, investment
loans of 17.3% of the pool. The 'AAAsf' WA recovery rate (WARR) of
32.7% is driven by the portfolio's WA indexed scheduled LVR of
49.4% and constrained by the application of the portfolio loss
floor.

The 'AAAsf' WAFF for Athena 2021-2PP is 6.2%, driven by the WA LVR
of 48.6% and, under Fitch's methodology, investment loans of 15.9%
of the pool. The 'AAAsf' WARR of 35.1% is driven by the portfolio's
WA indexed scheduled LVR of 52.3% and constrained by the
application of the portfolio loss floor.

Asset and cash flow modelling were not performed for this review of
Olympus 2022-1, in line with Fitch's APAC Residential Mortgage
Rating Criteria. All 'AAAsf' rated notes have subordination that is
at least 1.7x the 'AAAsf' portfolio loss from the asset model
analysis at closing.

Liquidity Risk Mitigated: Structural features for all trusts
include liquidity facilities sized at 1.5% of the rated note
balance (A to F for Athena 2021-1PP and 2021-2PP, and A1 to E notes
for Olympus 2022-1, other than the redraw notes), with a floor of
AUD450,000. This is sufficient to mitigate Fitch's payment
interruption risk. The rated notes can withstand the relevant Fitch
stresses applied in Fitch cash flow analysis. Athena 2021-1PP is
sequential only which means CE will continue to build up while
keeping dollar subordination the same. Athena 2021-2PP and Olympus
2022-1 transactions are currently paying sequential building up
subordination, until all pro rata triggers are met. The trusts have
arrears and charge-off triggers in place which support the
transaction by ensuring a switch to sequential pay down of notes
should the performance of receivables deteriorate. During the
pro-rata period the most junior note does not receive principal and
hence subordination will continue being built up.

Originator Adjustment due to Limited Performance Data: Athena is a
non-bank mortgage lender established in 2017 with operations in
Sydney, Australia. Fitch undertook an operational review and found
that the operations of the originator and servicer were comparable
with market standards. Fitch has applied a 5% increase to its base
foreclosure frequency due to limited originator-specific
performance data.

Tight Labour Market to Support Outlook: Performance is supported by
Australia's continued economic growth and tight labour market,
despite increasing interest rates. GDP growth for the year to March
2023 was 2.3% and unemployment was 3.6% in May 2023. Fitch expect
GDP growth to slow to 1.5% in 2023, with unemployment reaching
4.0%, reflecting high inflation combined with a slowdown in
consumer spending.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The performance of the transactions may be affected by changes in
market conditions and economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Downgrade Sensitivity

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in CE
and remaining loss-coverage levels available to the notes.
Decreased CE may make certain note ratings susceptible to negative
rating action, depending on the extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Athena 2021-1PP

Notes: Class A / B / C / D / E / F

Current rating: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BB-sf

Increase defaults by 15%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf /
BB-sf

Increase defaults by 30%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf /
BB-sf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / A-sf / BB+sf /
BB-sf

Reduce recoveries by 30%: AAAsf / AAAsf / AA-sf / BBB+sf / BBsf /
B+sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA-sf / BBB+sf / BBsf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AA+sf / Asf / BBB-sf / B+sf / Bsf

Athena 2021-2PP

Notes: Class A / B / C / D / E / F

Current rating: AAAsf / AA+sf / A+sf / BBB+sf / BBsf / Bsf

Increase defaults by 15%: AAAsf / AAsf / Asf / BBBsf / B+sf / less
than Bsf

Increase defaults by 30%: AAAsf / AA-sf / Asf / BBB-sf / B+sf /
less than Bsf

Reduce recoveries by 15%: AAAsf / AAsf / Asf / BBBsf / B+sf / less
than Bsf

Reduce recoveries by 30%: AAAsf / AA-sf / A-sf / BB+sf / Bsf / less
than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AA-sf / Asf / BBB-sf / Bsf / less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf / A+sf
/ BBBsf / BBsf / Bsf / less than Bsf

Olympus 2021-1

Fitch's previous rating sensitivities for the transactions were
discussed in the following:

-- rating action commentary published on September 12, 2022.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of CE that would fully compensate
for credit losses and cash flow stresses commensurate with higher
rating scenarios, all else being equal. Athena 2021-1PP's class A
and B notes, Athena 2021-2PP's class A notes and Olympus 2022-1's
rated notes are at the highest level on Fitch's scale and cannot be
upgraded. Therefore, upgrade sensitivity stresses are not relevant

Athena 2021-1PP's class F notes are constrained from upgrade by the
large-obligor concentration test. Prepayments to the loans with the
largest obligor loss exposure, which result in the notes passing
Fitch's concentration test, could lead to positive rating action
for this class of notes, all else being equal.

Upgrade Sensitivity

Athena 2021-1PP

Notes: Class C / D / E / F

Current rating: AAsf / Asf / BBB-sf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AA-sf / BBB+sf / BBBsf

Athena 2021-2PP

Notes: Class B / C / D / E / F

Current rating: AA+sf / A+sf / BBB+sf / BBsf / Bsf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf/ AAsf/
Asf /BBB-sf/ BBsf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for these transactions.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis,
according to its applicable rating methodologies, indicates that it
is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


BIG VILLAGE: To Seek Plan Confirmation on Aug. 24
-------------------------------------------------
Judge Craig T. Goldblatt has entered an order approving Big Village
Holding LLC, et al.'s Combined Disclosure Statement and Joint
Chapter 11 Plan on an interim basis for solicitation purposes under
Bankruptcy Code.

The Plan confirmation hearing is scheduled for Aug. 24, 2023, at
1:00 p.m. (prevailing Eastern Time).

Objections to approval and confirmation of the Combined Disclosure
Statement and Plan on any grounds, including the adequacy of the
disclosures therein, if any, must be filed and served no later than
4:00 p.m. (prevailing Eastern Time) on August 15, 2023.

To be counted as votes to accept or reject the Combined Disclosure
Statement and Plan, a Ballot must be properly executed, completed,
and delivered, by mail, overnight courier, personal delivery, or by
submitting a properly completed E-Ballot to the Voting Agent in
accordance with the instructions on the Ballot or E-Ballot so that
it is actually received no later than 4:00 p.m. (prevailing Eastern
Time) on August 15, 2023.

The Debtors must, if they deem necessary in their discretion, and
any other party-in-interest may, file a reply to any objections or
brief in support of approval of the Combined Disclosure Statement
and Plan by no later than noon (prevailing Eastern Time) on August
23, 2023 (or 1 business days prior to the date of any adjourned
Confirmation Hearing).

                         Chapter 11 Plan

Big Village Holding LLC, et al., submitted a Combined Disclosure
Statement and Joint Chapter 11 Plan.

The Plan provides for the liquidation of the Debtors' remaining
assets and distribution of the proceeds of the assets to the
holders of allowed claims against the Debtors.

The Debtors' paramount goal in the Chapter 11 Cases is to maximize
the value of the estates for the benefit of the Debtors' creditor
constituencies and other stakeholders through the sale of
substantially all of the Assets.  On the Petition date, the Debtors
filed a motion seeking authority to proceed with a bidding and
auction process to consummate a sale or series of sales that the
Debtors expect will generate maximum value for their assets.

To facilitate the Sale Process, the Debtors, in consultation with
Stephens and their other professional advisors, proposed certain
customary bidding procedures (the "Bidding Procedures") to preserve
flexibility in the Sale Process, generate the greatest level of
interest in the Debtors' assets, and result in the highest or
otherwise best value for those assets. Given the Debtors' liquidity
situation at the outset of the Chapter 11 Cases, the Debtors
believed that a timely sale of their assets would maximize value to
the greatest extent possible under the circumstances of these
Chapter 11 Cases, and generate the highest possible recoveries in
the most efficient and expeditious manner possible, which will
inure to the benefit of the Debtors' creditors and other
stakeholders. The Debtors also believed that it would ensure, to
the benefit of their estates, that the market has certainty around
the parameters of the Sale Process. As set forth in the Bidding
Procedures Motion, the Debtors, in consultation with Stephens and
their other professional advisors worked extensively to implement a
robust and expeditious Sale Process. On March 13, 2023, the
Bankruptcy Court entered the Bidding Procedures Order, approving
the Bidding Procedures and establishing, among other things, April
3, 2023, as the bid deadline, April 4, 2023, as the auction date,
and April 6, 2023, as the hearing to approve the Sales.

The Stalking Horse Purchase Agreements served as the baseline for
all prospective bidders to negotiate from, and were be subject to
higher or otherwise better bids for the Assets pursuant to the
Bidding Procedures. To this end, shortly after the Petition Date,
Stephens commenced the formal post-petition marketing process for
all Assets by circulating a "teaser" to various prospective
strategic, financial and hybrid buyers. The teaser included a brief
description of the Assets and the Sale Process, and was accompanied
by a form NDA. In addition, prior to the Petition Date, Stephens
finalized a confidential information memorandum for the Assets, and
populated the Data Room with related diligence information. After
the Petition Date, Stephens contacted or received inbound interest
from 24 potentially interested parties, including various parties
that had been contacted prior to the Petition Date, regarding the
Assets related to the Agency and Insight business. As to the
Debtors' EMX business, Stephens contacted or received inbound
interest from 45 parties through the postpetition marketing
process, including various parties that had been contacted prior to
the Petition Date. Stephens continued its efforts to market the
Assets and ensure that the Debtors were able to obtain the highest
and best value for the Assets through the commencement of the
auction. Prior to the commencement of the auction, all potentially
interested parties received an updated process letter outlining the
sale and auction process and there were over 23 parties who were
granted access to the Data Room.

The Debtors ultimately received bids from the following bidders:
ZStream Acquisition, LLC (Stalking Horse), InMarket Media, LLC,
NMMB, Inc. (Stalking Horse), Bright Mountain Media, Inc., MDC
Corporate (US) LLC, CPX Interactive LLC, Cadent LLC, InMarket
Media, LLC, BH Acquisition LLC, Did-It.com LLC, Insticator, Inc.

The Debtors commenced an auction on April 4, 2023, which lasted two
days. During the course of the first day of the auction on April
4th, the Debtors worked with the bidders to align all of the bids
to be on largely comparable terms on comparable assets in order to
maximize the Debtors' ability to realize the largest bid increases
during live auction bidding. Following several off-the-record
working sessions with the bidders and spirited live-auction bidding
- which included 38 rounds of bidding on the Agency and Insights
businesses alone - the following parties were declared as the
winning bidders:

   a. Agency and Insights Businesses (together): Bright Mountain
      Media, Inc. for $19,274,000.

   b. Managed Services Business: ZStream Acquisition, LLC
      (the EMX Stalking Horse), for the stalking horse purchase
      price of $2.1 million, plus 100% of the accounts receivable
      for the managed services business estimated at approximately
      $1.5-1.6 million.

   c. Balihoo Business: Insticator, Inc. for $900,000

As a result of the first day of the auction, the Debtors were able
to realize $8.174 million in cash value over and above the stalking
horse bid for the Agency, Insights and Balihoo businesses and
approximately $3.6-3.7 million in cash value for the managed
services business. These cash values do not include any assumed
liabilities and/or cure claims, which the Debtors' estimate to be
an additional $8-9 million in sale consideration. On April 5, 2023,
the Debtors commenced the second day of the Auction for the SSP
Sale. The winning bidder for the Assets related to the SSP business
was Cadent LLC for a cash purchase price of $4,900,000 plus a cash
payment equal to 70% of the SSP business's accounts receivable,
which the Debtors estimate to be $2,184,000, for a total purchase
price of $7,084,000. Notably, the Debtors had no stalking horse
purchaser for these assets. The Bankruptcy Court held a hearing and
approved the Sales on April 6, 2023, and entered orders approving
each of the Sales on April 10, 2023, and April 12, 2023. The Sales
closed between April 14 and April 22, 2023.

The Committee, the Prepetition Lenders, Lake Capital, and the
Debtors engaged in extensive, detailed good faith and arm's-length
negotiations to resolve any outstanding issues and to formulate a
fully consensual chapter 11 plan supported by the Committee and the
Prepetition Lenders. Shortly before filing this Plan, the
Committee, Prepetition Lenders, Lake Capital, and the Debtors
finalized those discussions and ultimately agreed to the terms of
the Global Settlement, the terms of which are:

   i. The Committee supports this Plan, including but not limited
      to the release and exculpation provisions set forth in
      Article XIV hereof.

  ii. $795,000 of the Prepetition Lenders' Cash Collateral (as
      defined in the Final Cash Collateral Order) shall be carved
      out of the Prepetition Lenders' Class 3 recovery and
      contributed to fund the GUC Cash Allocation.

iii. Under the Plan, all of the available sale proceeds and
      available Cash shall be distributed to the Prepetition
      Lenders after funding of any reserves required under
      the Plan and payment of allowed administrative expenses
      and priority claims in full, subject to the following.

  iv. The GUC Cash Allocation shall be reserved for the sole
      and exclusive purpose of satisfying Allowed General
      Unsecured Claims in accordance with this Plan, which
      Allowed General Unsecured Claims against each of the
      Debtors shall be consolidated for purposes of voting,
      allowance, and distribution provided, however, that the
      Prepetition Lenders waive the Prepetition Loan Deficiency
      Claim and shall not participate in any Distributions from
      of the GUC Cash Allocation, and provided further, that the
      Lake Capital Claims shall also not participate in any
      Distributions from of the GUC Cash Allocation.

   v. Any and all Avoidance Actions shall be waived and
      extinguished upon the Effective Date.

  vi. The Debtors, in consultation with the Committee shall
      exercise commercially reasonable efforts prior to the
      Effective Date to administer and reconcile General
      Unsecured Claims so that (a) the pool of allowed general
      unsecured claims is determined as soon as possible (taking
      into account that distributions will represent a small
      percentage of projected Allowed General Unsecured Claims),
      and (b) distributions can be made by the Debtors out of the
      GUC Cash Allocation promptly following the Effective Date
      of the Plan. The Debtors shall provide draft claim
objections
      to the Committee 3 days prior to filing, and will make
      appropriate personnel and advisors available to address
      any questions or concerns regarding such claim objections.

  vi. All approved fees and expenses of the Committee's
      professionals shall be paid in full through the Effective
      Date of this Plan in accordance with the approved budget
      set forth in the Final Cash Collateral Order.

Since the closing of the sales, the Debtors have focused on
efficiently winding down their businesses, preserving Cash held in
the Estates, and monetizing their remaining Assets. The remaining
Assets currently consist of, among other things, Cash, certain
deposits, prepayments, credits and refunds, insurance policies or
rights to proceeds thereof, accounts receivables, and Retained
Causes of Action. This combined Plan and Disclosure Statement
provides for the Assets, to the extent not already liquidated, to
be liquidated over time and the proceeds thereof to be distributed
to holders of Allowed Claims in accordance with the terms of the
Plan and the treatment of Allowed Claims described more fully
herein. The Plan Administrator will effect such liquidation and
distributions. The Debtors will be dissolved as soon as practicable
after the Effective Date.

Under the Plan, Class 4 General Unsecured Claims total $63,993,127
and will receive such Holder's pro rata share of the GUC Cash
Allocation, solely on account of the Global Settlement, provided,
however that the Lake Capital Claims and the Prepetition Loan
Deficiency Claim shall not participate in any Distributions from
the GUC Cash Allocation.  Creditors will recover 1-2% of their
claims. Class 4 is impaired.

"GUC Cash Allocation" shall mean the reserve of $795,000 funded
into escrow within five Business Days of the Effective Date for the
sole and exclusive purpose of satisfying Allowed General Unsecured
Claims in accordance with this Plan, provided, however, that the
Lake Capital Claims and the Prepetition Loan Deficiency Claim shall
not participate in any Distributions from the GUC Cash Allocation.

All consideration necessary to make all monetary payments in
accordance with the Plan will be obtained from the remaining Cash,
and cash equivalents of the Debtors and their Estates, or their
subsidiaries, and the proceeds of Plan Administration Assets to be
monetized through the Plan Administrator.

Counsel for the Debtors:

     Michael R. Nestor, Esq.
     Joseph Barry, Esq.
     Joseph M. Mulvihill, Esq.
     Heather P. Smillie, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     1000 North King Street, Rodney Square
     Wilmington, DE 19801
     Tel: (302) 571-6600
     Facsimile: (302) 571-1253
     E-mail: mnestor@ycst.com
             jbarry@ycst.com
             jmulvihill@ycst.com
             hsmillie@ycst.com

A copy of the Order dated July 12, 2023, is available at
https://tinyurl.ph/vZRRf from PacerMonitor.com.

A copy of the Combined Disclosure Statement and Joint Chapter 11
Plan dated July 12, 2023, is available at https://tinyurl.ph/JWTQe
from PacerMonitor.com.

                    About Big Village Holding

Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia.  They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.

Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.

BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Steven Golden, Esq.


CHOCOLATE AND CONFECTIONERY: 2nd Creditors' Meeting Set for July 25
-------------------------------------------------------------------
A second meeting of creditors in the proceedings of Chocolate and
Confectionery Company Pty Ltd and CCC Operations Pty Ltd has been
set for July 25, 2023 at 11:00 a.m. at Garden 03, Novotel Melbourne
Preston, 215 Bell St in Preston and via electronic facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2023 at 4:00 p.m.

Alan Walker and Glenn Livingstone of WLP Restructuring were
appointed as administrators of the company on June 20, 2023.


CROWN RESORTS: Blamed Previous Fines, Raised Spectre of Bankruptcy
------------------------------------------------------------------
ABC News reports that disgraced gambling giant Crown used its
history of egregious law-breaking to argue down the third-largest
corporate fine in Australian history.

The ABC relates that new figures reveal "high-risk customers" -
some with known links to criminal organisations - brought AUD2.3
billion in revenue through the doors as Crown wooed them with
private jets and rounds of golf.

Last week, the Federal Court ordered the gambling giant to pay
AUD450 million for at least 546 breaches of anti-money laundering
and counter-terrorism financing laws between 2016 and 2022, an
action brought by financial crimes agency AUSTRAC, the report
says.

According to the ABC, in a legal document used in the court
process, previously only viewed in summary form, chief financial
officer Alan Frank McGregor exposed the Crown operation as having:

   * Paid AUD966 million in commissions to people and programs
     that lured "high-risk customers"

   * Made AUD155 million in profit from junkets and those dubious
     customers

   * Entertained them with AUD39 million in "golf, jet and travel"
     costs

   * Written off AUD69 million in bad debts from "high-risk
     customers"

   * Told the court it would face "significant financial hardship"
     if a larger fine was applied

With the company now owned by a private equity firm, it is probably
the last time such intricate details of Crown's finances will be
made public under the current owners, although the company will
still be required to lodge annual accounts that will be published
by corporate regulator ASIC, the ABC states.

It will also need to file an annual affidavit on its financial
position to determine whether the penalty payments can be
accelerated.

After detailing losses due to COVID lockdowns and the slow return
of tourism, Mr. McGregor said that had "been compounded by
substantial costs, penalties and provisions," the ABC relays.

The ABC adds that the affidavit showed Crown used the issue of
heavy penalties - received from state regulators in the wake of
multiple inquiries and two royal commissions - to argue for an
interest-free payment plan that had the effect of reducing the real
value of a fine from AUSTRAC over breaches of laws that aim to stop
criminals and terrorists from moving money.

Monash University's Dr Charles Livingstone, one of the nation's
foremost experts on gambling, is gobsmacked, the ABC says.

"It's a bit like pleading for a reduced fine for drink-driving
because you'd been fined a lot for it lately," the ABC quotes Dr.
Livingstone as saying.

"It's a logic that says you shouldn't be penalised again because
you've been penalised in the past for the same thing.

"It's crazy. No one else could possibly get away with such a
proposition."

The ABC relates that Dr. Livingstone said Crown's way of operating
had been a "catastrophe" for huge numbers of ordinary people, their
families and loved ones.

"It has fostered a culture of regulatory failure and institutional
corruption and decay, bringing the system of gambling regulation
into significant disrepute," he argued.

"It knowingly allowed the worst of criminals to launder their money
with impunity.

"If they can't pay their fines, they should fold. But they
certainly shouldn't be getting discounts."

According to the report, barristers for Crown and AUSTRAC turned up
to the Federal Court in Sydney last week jointly seeking approval
from Justice Michael Lee to put Crown out of its misery by imposing
a AUD450 million fine.

Both parties had spent months closely negotiating, but Justice Lee
was far from impressed, the ABC notes.

Crown's two-year, interest-free payment plan was "misleading", he
said, and would effectively give Crown a 10% discount. (Without
paying AUSTRAC interest, the penalty is effectively AUD406
million), the ABC relays.

In his sworn affidavit, Crown's chief financial officer Mr.
McGregor said the company might run out of cash if it had to pay
the full amount up-front, according to the ABC.

"Historically, Crown Resorts Treasury Policy had required
management to maintain a minimum AUD500 million of liquidity
[available cash]," he wrote.

But in February this year, the new board approved a new minimum of
AUD400 million. In late March, an audit committee of the board
"approved a temporary amendment to the minimum liquidity buffer" of
just AUD250 million.

"Because it was forecast that, in June 2023, liquidity levels would
fall below the AUD400 million liquidity buffer requirement," he
wrote.

Crown was listed on the stock market but was de-listed when private
equity giant Blackstone bought all the stock in June 2022.

Headquartered in Melbourne, Australia, Crown Resorts Limited
(ASX:CWN) -- https://www.crownresorts.com.au/ -- wholly owns and
operates two of Australia's leading gambling and entertainment
complexes, Crown Melbourne and Crown Perth.


GENESIS CARE: Seeks to Tap Jackson Walker as Conflicts Counsel
--------------------------------------------------------------
Genesis Care Pty Limited and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Jackson Walker, LLP as co-counsel and conflicts counsel.

The firm will render these services:

(a) provide legal advice and services regarding local rules,
    practices, and procedures, including Fifth Circuit law;

(b) provide certain services in connection with administration of
    the Chapter 11 cases;

(c) review and comment on proposed drafts of pleadings to be filed

    with the bankruptcy court;

(d) at the request of the Debtors, appear in court and at any
    meeting with the United States Trustee, and any meeting of
    creditors at any given time;

(e) perform all other services assigned by the Debtors to the
    firm as bankruptcy local and conflicts co-counsel; and

(f) provide legal advice and services on any matter on which
    Kirkland may have a conflict or as needed based on
    specialization.

The hourly rates of Jackson Walker's counsel and staff are as
follows:

     Partners          $750 - $1,075
     Associates          $475 - $750
     Paraprofessionals   $230 - $250

In addition, the firm will seek reimbursement for expenses
incurred.

The Debtors paid an initial retainer to the firm in the amount of
$295,000 for services performed and to be performed in connection
with the filing of these Chapter 11 cases. Prior to the filing of
these cases, the firm received a payment in the aggregate amount of
$198,646.50 from the Debtors.

Jackson Walker provided the following in response to the request
for additional information set forth in Paragraph D.1 of the U.S.
Trustee Fee Guidelines.

  Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?

  Answer: No. The firm and the Debtors have not agreed to any
variations from, or alternatives to, the firm's standard billing
arrangements for this engagement. The rate structure provided by
the firm is appropriate and is not significantly different from (a)
the rates that the Debtors charge for other non-bankruptcy
representatives or (b) the rates of other comparably skilled
professionals.

  Question: Do any of the firm professionals in this engagement
vary their rate based on the geographical location of the Debtors'
Chapter 11 cases?

  Answer: No. The hourly rates used by the firm in representing the
Debtors are consistent with the rates that the firm charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.

  Question: If the firm has represented the Debtors in the 12
months prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.

  Answer: My hourly rate is $1,045.00. The rates of other
restructuring attorneys in the firm range from $475 to $1,075 an
hour and the paraprofessional rates range from $230 to $250 per
hour. The firm represented the Debtors during the weeks immediately
before the petition date using the foregoing hourly rates.

  Question: Have the Debtors approved the firm's budget and
staffing plan, and if so, for what budget period?

  Answer: The firm has not prepared a budget and staffing plan.

Matthew Cavenaugh, a partner at Jackson Walker, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Matthew D. Cavenaugh, Esq.
     Jackson Walker, LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     Email: mcavenaugh@jw.com

                      About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90614) on June
1, 2023. In the petition signed by Richard Briggs, as authorized
signatory, the Debtor disclosed up to $10 billion in both assets
and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsels; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Kramer Levin serves as the committee's legal counsel.


GENESIS CARE: Taps Herbert Smith Freehills as Foreign Counsel
-------------------------------------------------------------
Genesis Care Pty Limited and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Herbert Smith Freehills as special foreign counsel.

The firm will render these services:

(a) directors' duties, insolvent trading, and similar issues
    applicable to the Australian debtor entities (or where
    applicable their Australian subsidiaries);

(b) general restructuring strategy;

(c) formal insolvency filing options for the Australian Debtor
    entities in Australia (or where applicable their Australian
    subsidiaries);

(d) Australian legal issues including in respect of the Debtors'
    regulatory requirements in Australia (or where applicable
    their subsidiaries);

(e) local creditor enforcement steps in Australia;

(f) cross-border insolvency recognition and assistance in
    Australia;

(g) funding and related security in Australia;

(h) due diligence in connection with restructuring options;

(i) Australian law aspects of any restructuring;

(j) restructuring implementation under Australian law;

(k) evaluating Australian law claims by and against the group or
    claims against Australian Debtors (or where applicable their
    Australian subsidiaries);

(l) other Australian law matters arising in connection with the
    ongoing trading of the Australian Debtors through their
    Chapter 11 cases;

(m) advice in respect of the sale of CRO;

(n) various matters engaged by certain of the Debtors prior to
    the petition date as set out in Schedule III of the Engagement
    Letter; and

(o) performing all other necessary legal services in connection
    therewith.

The firm received payments and advances in the aggregate amount of
AUD1,607,830.46.

From July 1, the firm's standard hourly rates are as follows:

     Partners and Counsel           AUD880 - AUD1,320
     Associates and Solicitors      AUD418 - AUD935

In addition, the firm will seek reimbursement for expenses
incurred.

The Debtors paid an initial retainer to the firm in the amount of
$295,000 for services performed and to be performed in connection
with the filing of these Chapter 11 cases. Prior to the filing of
these cases, the firm received a payment in the aggregate amount of
$198,646.50 from the Debtors.

Herbert Smith Freehills provided the following in response to the
request for additional information set forth in Paragraph D.1 of
the U.S. Trustee Fee Guidelines.

  Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?

  Answer: No.

  Question: Do any of the professionals in this engagement vary
their rate based on the geographical location of the bankruptcy
case?

  Answer: No.

  Question: If the firm has represented the Debtors in the 12
months prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.

  Answer: The firm represented some of the Debtors in various
matters ("Matters") in the 12 months prior to the petition date.
Each of the Matters were subject to the firm's standard hourly
rates at the relevant time but with a client discount rate of 10%
which applied in relation to all legal services provided by the
firm to the relevant Debtors. For the 12 months commencing on July
1, 2022, the firm's standard AUS hourly rates were AUD814 -
AUD1,210 (inclusive of GST) for partners and counsel, and AUD396 -
AUD869 (inclusive of GST) for associates and solicitors (i.e. with
the 10% discount, the firm's standard AUS hourly rates were AUD733
-AUD1,089(inclusive of GST) for partners and counsel, and AUD356.00
-AUD782.00 (inclusive of GST) for associates and solicitors). From
1 July 2023, the firm's standard AUS hourly rates were AUD880 -
AUD1,320 (inclusive of GST) for partners and counsel, and AUD418 -
AUD935 (inclusive of GST) for associates and solicitors. The firm's
billing rates increased on July 1, 2023 in accordance with its
standard annual rate increase. The firm does not apply client
discount rates to insolvency and restructuring engagements and
therefore the 10% discount is not being applied to this Chapter 11
engagement.

  Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

  Answer: The firm is developing a prospective budget and staffing
plan for these Chapter 11 cases. The firm and the Debtors will
review such budget following the close of the budget period to
determine a budget for the following period.

Paul Apathy, Esq., a partner at Herbert Smith Freehills, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Paul Apathy, Esq.
     Herbert Smith Freehills
     ANZ Tower 161 Castlereagh Street
     Sydney, NSW 2000
     Telephone: +61 2 9225-5097
     Email: paul.apathy@hsf.com

                      About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90614) on June
1, 2023. In the petition signed by Richard Briggs, as authorized
signatory, the Debtor disclosed up to $10 billion in both assets
and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsels; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Kramer Levin serves as the committee's legal counsel.


MASSIVE LABS: First Creditors' Meeting Set for July 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Massive Labs
Pty Ltd will be held on July 26, 2023, at 1:00 p.m. via online
conference facilities.

Catherine Conneely and Rahul Goyal of KordaMentha were appointed as
administrators of the company on July 14, 2023.


PAYLAB: Worker Engagement Fintech Enters Voluntary Administration
-----------------------------------------------------------------
David Adams at SmartCompany reports that Australian employee
engagement fintech Paylab has entered voluntary administration,
raising questions about its future and the status of workers using
its pay-in-advance feature.

Documents shared by the Australian Securities and Investments
Commission show Bruce Gleeson and Daniel Robert Soire, both of
Jones Partners Insolvency & Restructuring, were appointed as joint
administrators on July 14, SmartCompany discloses.

A first meeting of creditors will be held on July 26.

Originally founded as Wagesplitter, the Paylab platform promises
businesses increased employee engagement through brand savings
deals and early access to accrued wages, according to
SmartCompany.

SmartCompany says the Paylab 'gold' tier allows workers to earn
rewards with brands including Woolworths, Harvey Norman, Bunnings
Warehouse, and Uber Eats, which accumulate each time an employee
shops through the Paylab app.

Paylab earns a commission from the retailer each time a sale is
processed through its app.

Its 'platinum' tier goes a step further, allowing workers at
participating businesses to instantly access a portion of their
earned wages ahead of payday, relates SmartCompany.

Paylab automatically recoups those pay advances come payday by
integrating with a business' payroll system, and takes a service
fee worth 2.5% of the pay used in advance.

"It sounds too good to be true - without Paylab it would be!" the
Paylab website states.

Speaking to SmartCompany on July 19, joint administrator Bruce
Gleeson confirmed the platform's voluntary administration.

While the administrators intend to carry on operations, its
long-term fate, and the way employees will be allowed to access
those brand bonuses and pay-in-advance features, is uncertain,
SmartCompany relays.

"We are presently trading the Company, however, such trading is
being assessed on an ongoing basis," SmartCompany quotes Mr.
Gleeson as saying.

The joint administrators are currently eyeing a sale of the
company, or a recapitalisation through a Deed of Company
Arrangement, SmartCompany adds.


PINT CLUB: First Creditors' Meeting Set for July 25
---------------------------------------------------
A first meeting of the creditors in the proceedings of Pint Club
Incorporated will be held on July 25, 2023, at 10:30 a.m. via
virtual meeting/teleconference.

S G Reid and S G Reid of Rodgers Reidy were appointed as
administrators of the company on July 13, 2023.


SANS DRINKS: Enters Voluntary Administration
--------------------------------------------
David Adams at SmartCompany reports that Sans Drinks, the
pioneering retailer which helped kickstart Australia's
non-alcoholic beverage boom, has collapsed into voluntary
administration, owing to what founder Irene Falcone called a brutal
environment for discretionary retail and gatecrashing by big
business competitors.

Founded in 2020 by Ms. Falcone, the entrepreneur behind AUD20
million online beauty retailer Nourished Life, Sans Drinks was one
of the first specialty retailers to offer drinkers high-quality,
non-alcoholic alternatives to wine, beer, and spirits.

It emerged during a widespread improvement to the quality of
non-alcoholic alternatives, and a growing consumer appetite for
booze-free options, spearheaded by the Dry July movement,
SmartCompany says.

In 2021, Sans Drinks expanded its online operations to a
brick-and-mortar shop in Sydney's Freshwater - Australia's first
physical store dedicated to boutique booze alternatives - and later
decamped to the Westfield Warringah shopping complex, SmartCompany
recalls.

By July 2022, it also completed a merger with Craftzero, a digital
competitor in the non-alcoholic retail space, with Ms. Falcone
forecasting as much as AUD15 million in revenue for the 2023
financial year.

Those projections would not come to pass, SmartCompany notes.

According to SmartCompany, Ms. Falcone appointed Andrew John Spring
and Peter John Moore of Jirsch Sutherland as joint administrators
on July 14 after it became clear Sans Drinks sales had stumbled.

SmartCompany says the acquisition of Craftzero, which has now been
sold on, and attempts to establish Sans Drinks' in-house brands
further reduced the business' working capital.

The Sans Drinks online store remains online and open for business,
as the joint administrators review its financial position and work
with Ms. Falcone, its primary creditor, on a pathway forward.

Speaking to SmartCompany on July 20, Ms. Falcone said Sans Drinks
has been affected by the "current economic environment where retail
has slumped, particularly in more trendy, niche, discretionary
products".

Sans Drinks let its Westfield Warringah lease expire and terminated
its casual staff contracts in June before administrators were
appointed, SmartCompany states.

Ms. Falcone described "red flags" in the lead-up to Dry July,
traditionally an annual high point for non-alcoholic beverage
sales.

In 2022, Sans Drinks saw a four-fold increase in sales between June
and July, as shoppers opted for non-alcoholic options to support
their month-long abstinence, recalls SmartCompany.

But low foot traffic in June this year, combined with
slower-than-expected sales through Sans Drinks' e-commerce channel
meant, "the dial did not turn" from sales volumes recorded in April
and May, Ms. Falcone said.

Andrew Spring, joint administrator and partner at Jirsch
Sutherland, acknowledged the cost of living pressures have
"impacted consumers' discretionary spending habits".

The post-lockdown return to in-person shopping has also contributed
to what Spring called a "dramatic decrease in sales" for the
business and its core digital operation.

While macroeconomic factors altered shopping habits, rapid changes
have also swept through the market for non-alcoholic drinks.

According to SmartCompany, Ms. Falcone was an early evangelist for
the new wave of high-quality non-alcoholic beverages, and Sans
Drinks catered to a small but ascendant market category.

It mirrored Ms. Falcone's earlier success with Nourished Life,
which championed natural beauty products, once seen as a niche
category, before its acquisition by cosmetics giant BWX in 2017.

"I was incredibly lucky with my first business, as it took a really
long time for the majors to follow," SmartCompany quotes Ms.
Falcone as saying.  "In this business, I am shocked how fast the
big boys jumped on it, my little idea."

SmartCompany says grocery giants Woolworths and Coles are now major
stockists for leading non-alcoholic brands, while Dan Murphy's, the
nation's most well-known bottle shop chain, even trialed its own
non-alcoholic pop-up shop early last year.

The way bigger competitors have crashed into the market is
disappointing, Ms. Falcone said, given the way she backed the
business with her own capital.

Ms. Falcone is Sans Drinks' largest creditor and is estimated to
have injected AUD1 million into the business, SmartCompany
discloses.

It is unlikely the business will be sold as a going concern, and
Ms. Falcone is optimistic it will live on in a new, restructured,
and right-sized format.

One potential pathway for Sans Drinks is to downsize while honing
in on boutique products unlikely to receive nationwide distribution
through the supermarket titans, adds SmartCompany.


URBAN METRO: First Creditors' Meeting Set for July 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Urban Metro
Civil Pty Ltd will be held on July 25, 2023, at 11:00 a.m. at Level
30, 140 William Street in Melbourne and via Zoom.

Glenn Anthony Crisp of Jirsch Sutherland was appointed as
administrators of the company on July 13, 2023.




=========
C H I N A
=========

HAINAN AIRLINES: Creditors to Swap USD25.1 Million Debt for Equity
------------------------------------------------------------------
Yicai Global reports that Hainan Airlines Group said it has agreed
with creditors to pay back around CNY180 million (USD25.1 million)
of outstanding loans using the Chinese carrier's shares.

Yicai Global relates that the creditors will trade the debt for
about 56.19 million shares priced at CNY3.18 (44 US cents) each,
which account for about 0.13 percent of its total share capital,
the Haikou-based firm said on July 18. The debt was mainly incurred
in aircraft leasing contracts and supplementary deals that units
penned during the airline's bankruptcy reorganization, it added.

If the value of the shares is less than the debt after creditors
have held them for two years, Hainan Airlines will pay the
difference, it noted, but added that if the equity value is higher,
the surplus will be used to offset leasings, Yicai Global relays.

According to the report, Hainan Airlines has used debt-to-equity
swaps several times before, totalling CNY2.5 billion (USD348.6
million) before the latest deal, with the shares priced at CNY3.18
apiece this year.

Strategic investor Liaoning Fangda Group Industrial became Hainan
Airlines' actual controller on in December 2021 after its
restructuring, Yicai Global recalls.

Hainan Airlines expects its net loss to have shrunk to between
CNY1.5 billion and CNY2.1 billion in the six months ended June 30,
from CNY12.8 billion a year earlier, according to Yicai Global. The
figure includes CNY2.5 billion to CNY2.8 billion in foreign
exchange losses.

Most of Hainan Airlines' leasing and some loans are denominated in
foreign currencies, and its foreign currency expenditure on
operations is higher than its foreign currency income, so changes
in the yuan have a big impact on its earnings, it added.

Based in Haikou, Hainan Province, the People's Republic of China,
Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in
1993, is the fourth-largest carrier in China and the largest
non-government-owned airline in China.  Hainan Airlines is known
for its award-winning customer service, impeccable safety record
and on-time performance.  Hainan Airlines carries more than 14
million passengers annually.  Hainan Airlines currently flies to
more than 60 domestic and international cities, including the
capitals of every Chinese province.  Hainan Airlines' international
flights include Budapest, Brussels, Osaka and St. Petersburg.


[*] CHINA: Dairy Farmers Face Dark Times Amid Supply Glut
---------------------------------------------------------
Yicai Global reports that China's dairy farming industry is
experiencing its darkest period in over 15 years as an oversupply
of raw milk means that many are running at a loss and there appears
to be no end in sight to the bleak situation.

Over 60 percent of China's dairy farms are operating at a deficit
and some of the smaller ones are even having to slaughter their
cattle to reduce their losses, Yicai Global learnt at an industry
forum held July 19.

This year there is likely to be more than 1.1 million tons of
excess raw milk and this is keeping prices depressed, Li Shengli,
chief scientist at the semi-official National Dairy Industry and
Technology System, said at the forum.

The average price of raw milk in 10 major milk producing regions,
including Inner Mongolia Autonomous Region and Hebei province, was
CNY3.77 (USD0.52) per kilogram in the last week of June, according
to the latest data from the Ministry of Agriculture and Rural
Affairs. This was a 5 percent drop from March and a 13.5 percent
dive from the high of CNY4.36 per kilogram in August 2021.

Yicai Global relates that the oversupply is forcing milk processors
to turn the excess raw milk into milk powder for storage, Li said.
Between 4,000 and 5,000 tons of fresh milk is being turned into
milk powder each day, he added.

This is still an improvement from the worst month of February, when
processors were turning 17 percent of the fresh milk they purchased
from dairy farmers into milk powder every day, amounting to 10,800
tons, Li said.

The high cost of animal fodder, which accounts for around 65
percent to 70 percent of farmers' costs, is also putting the entire
sector under pressure, Yicai Global notes.

Only the biggest can survive, Yicai Global says. It costs large
ranches with no debts around CNY3.80 (USD0.50) to produce one
kilogram of milk, said Song Huiting, chair of Jiangsu Jiahui
Biotechnology. Given the current price of milk, only the top 20
percent to 30 percent of dairy farms that have high production
volumes are able to stay afloat.

"My farm is now slaughtering cows that are less productive and
selling the meat to cover part of operating losses," Yicai Global
quotes Xu Gang, who runs a large ranch in Hebei province, as
saying. "Trying to survive" is the most important thing, he added.

As a result, the size of herds at dairy ranches is beginning to
shrink. In May, the average number of cows in dairy farms that have
business relations with the National Dairy Industry and Technology
System dropped by 3.4 percent from the same period of last year, Li
said, Yicai Global relays. And for smaller dairy farms with fewer
than 3,000 cows, the herds contraction rate fell by 6.2 percent.

Hot weather and drought are keeping the price of grain grown in the
summer high. And the next few months are the time when ranches fill
their silos. Those with cash flow difficulties will be forced to
close down, Li said.

China's dairy sector is now experiencing its most difficult period
since 2008, said Gao Hongbin, honorary chairman of the Dairy
Association of China, according to Yicai Global.

However, the supply glut can also reshape China's dairy sector as
it enters an era of "survival of the fittest," Gao said. There are
now only 587 dairy companies above a designated size in the country
and the market is likely to become more centralized in the future.

Yicai Global notes that China's dairy sector has always experienced
cyclical ups and downs. From 2014 to 2018, half of the country's
ranches suffered losses, resulting in them 'pouring away milk and
slaughtering cattle." Dairy herds slumped to 4.7 million in 2019
from 8.5 million in 2014.

After 2018, the price of fresh milk started to rise, and dairy
farmers began to expand production capacity, leading once again to
overcapacity, Yicai Global relates.




=================
H O N G   K O N G
=================

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

S&P expects to resolve the CreditWatch once it has details to
assess the likelihood of the listing of Zhuhai Wanda and Wanda
Commercial's other back-up plans. S&P will also assess the credit
profiles, especially liquidity position, of Wanda Commercial and
DWG.

The liquidity buffer of Dalian Wanda Commercial has weakened after
the company repaid maturities with internal resources. This is
given rising uncertainties over the listing of subsidiary Zhuhai
Wanda Commercial Management Group Co. Ltd. by end-2023. The China
Securities Regulatory Commission (CSRC) has yet to approve the
listing.

S&P downgraded Wanda Commercial due to greater uncertainties over
Zhuhai Wanda's initial public offering (IPO). Zhuhai Wanda had
submitted additional materials at end-June 2023 to CSRC in response
to the financial regulator's questions on June 2, 2023. CSRC has
yet to reply, while time is shortening for Zhuhai Wanda to list by
end-2023.

Recent frequent share freezes on DWG and Wanda Commercial by the
court have also cast more shadow on whether Zhuhai Wanda can
complete its IPO by end-2023. As of July 17, 2023, 14.92% of its
shares that Wanda Commercial holds in Zhuhai Wanda remained frozen
under pre-trial asset preservation procedures. This was due to
disputes with some financial institutions. At the same time, about
70% of Zhuhai Wanda's shares were recently unfrozen after
negotiations.

Financial disputes over a property development project under Wanda
Properties Group Co. Ltd. (Wanda Properties) have also led to
substantial share freezes of DWG's shares in Wanda Commercial and
the subsidiaries of Wanda Properties, although some of the shares
have been unfrozen after negotiations.

These unresolved share freezes could slow down the IPO process, in
S&P's view. The financial regulator's feedback on the listing could
add to the delay. For instance, CSRC could ask more questions for
clarification. Subsequent hearings by the Hong Kong stock exchange
and the appetite of equity investors may create additional delays
and lead to higher uncertainties to a listing date by end-2023.

S&P's believe Wanda Commercial's liquidity buffer is weakening. Due
to delays in the IPO process, Wanda Commercial has repaid bond
maturities totaling Chinese renminbi (RMB) 9.58 billion since the
second quarter of 2023 with internal resources. Given the
suspension of the company's RMB6.0 billion corporate bond
application in June 2023 and the financial disputes with some
financial institutions, the company's financing channels could be
narrowing.

Wanda Commercial will have to repay senior unsecured notes of
US$400 million and an onshore bond of RMB560 million this July with
internal resources as well. This will further weaken the company's
liquidity buffer.

Meanwhile, negotiations with pre-IPO investors on divestments
remain ongoing. If Zhuhai Wanda fails to be listed by end-2023 and
the negotiations with pre-IPO investors fail to reach a
satisfactory outcome, Wanda Commercial and DWG may need to buy back
all the pre-IPO shares and compensate the investors investment
returns totaling more than RMB40 billion by the first quarter of
2024.

Additionally, Wanda Commercial has bought a substantial amount of
financial products with limited transparency. This amount was RMB49
billion at end-2022 and further increased (no detailed number) in
the first quarter of 2023, compared with the company's total cash
balance of RMB30.5 billion at end-March 2023. S&P believes the
company may not be able to access all the financial products for
debt repayment in a short period.

S&P said, "As such, we consider Wanda Commercial's liquidity as
less than adequate by qualitative assessment. We revised downward
our assessment of the company's stand-alone credit profile by two
notches to 'bb' from 'bbb-'."

The weaker credit profile of DWG constrains the rating on Wanda
Commercial. Risk of loan repayment acceleration has increased amid
delays in the IPO application and downgrades on ratings. Any
trigger of loan repayment acceleration could test DWG's repayment
capacity and further weigh on the funding channels of DWG and Wanda
Commercial. DWG's property development business also continues to
face weak property sales in lower-tier cities in China. The
financial disputes over a property development project at Wanda
Properties may worsen DWG's liquidity.

A mitigating factor is that the Chinese government recently
extended some of the policies in its 16-Point Plan to bolster the
property market. The extensions include extensions for construction
loans and trust loans due end-2024 for another year. S&P expects
this to help with the liquidity of DWG's property development
business.

DWG was able to refinance most of its US$275 million private debt
that matured in June 2023 and repaid the remainder with internal
resources. The company is also trying to ease its liquidity strain
by disposing of assets. For instance, it has disposed of 13.86% of
shares in listed Wanda Film Holding Co. Ltd. in 2023, for a total
consideration of about RMB3.4 billion.

That said, DWG could take months to proceed with other asset
disposals. Whether the company can continue to refinance its
borrowings and boost its liquidity through asset sales are critical
to S&P's assessment of its credit profile.

CreditWatch

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

"We may lower the ratings on Wanda Commercial if we confirm that
Zhuhai Wanda is unlikely to list by the end of 2023, and Wanda
Commercial and DWG fail to implement practical alternatives to
maintain their liquidity. We may also lower the ratings if DWG's
credit profile deteriorates, possibly due to weak property sales, a
further narrowing of financing channels, and loan acceleration.

"Alternatively, we may affirm the ratings if Zhuhai Wanda completes
its IPO, or if Wanda Commercial and DWG can implement a back-up
plan to resolve the liquidity issues and maintain solid financing
channels in the event Zhuhai Wanda fails to list by end-2023."

ESG credit indicators: To E-2, S-2, G-4; From E-2, S-2, G-3

Governance factors are a negative consideration in our credit
rating analysis of Wanda Commercial. Historically aggressive,
acquisition-fueled overseas expansion, and asset rationalization
indicate a significant influence of its major shareholder.
Additionally, S&P considers the company's risk management to be
inadequate. This can be seen in the frequent share freezes recently
as a result of financial disputes, and slower progress than we
expect in negotiations with Zhuhai Wanda's pre-IPO investors.

Environmental and social factors are an overall neutral
consideration. Following a full unwinding of its development
activities since 2019, Wanda Commercial has comparable exposure to
environmental factors as the broader real estate operator industry.
The company's rental business now contributes more than 95% to its
EBITDA. The company faces fewer safety issues than property
developers, although it is exposed to shifts in consumer behavior
and economic trends. Tempering this is its good geographic
diversity across China.




=========
I N D I A
=========

COASTAL PROJECTS: Auction Notice Under Liquidation
--------------------------------------------------
Debtor: Coastal Projects Limited

Registered Office: Plot No 237, 2nd Floor,
        Bapuji Nagar, Bhubaneswar, Khurda Or, 751009, India

        Principle Office: Plot No. 304-0, Road No. 78,
        Film Nagar, Jubilee Hills Hyderabad 500033

Liquidation Commencement Date:  December 6, 2018

Date of Issue of Auction Notice: July 11, 2023

Last Date of submission of
EMD (including extension):  August 2, 2023

Liquidator: Mr. Ravi Sankar Devarakonda
            Email: liquidator.cpl@in.ey.com

Nature of Assets
to be Auctioned:  Sale of the Corporate Debtor as a going concern.

                  Assets consist of plant and machinery, land and
                  financial assets.

Interested persons can seek details from liquidator.

CYPERUS MULTITRADE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Cyperus Multitrade Private Limited
        17 Rajlaxmi BNO 6 Sujata Layout Indraprastha
        Nagr, Nagpur-440022, Maharashtra, India

Insolvency Commencement Date: June 16, 2023

Estimated date of closure of
insolvency resolution process: December 19, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Arun Kishanlal Bagaria
       701, Stanford Building,
              Junction of S. V. Road
              and C D Burfiwala Marg,
              Andheri (W) Mumbai-400058
              Email: arun@bagariaco.com
                     bagaria.arun@gmail.com

Last date for
submission of claims: July 5, 2023

JIVA STEELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jiva Steels Private Limited
35-330/B, Beside BSNL Office main Road
        Shapur Nagar, IDA,
        Jeedimetla Hyderabad - 500055

Insolvency Commencement Date: June 19, 2023

Estimated date of closure of
insolvency resolution process: December 19, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Vakiti Vineeth Reddy
       Flat No 301, Plot No 426, Radhamohan Enclave,
              Mathrusreenagar, Miyapur, Ranga Reddy District,
              Hyderabad, Telangana, 500049
              Email: vineethreddy.vakiti@gmail.com

              2nd Floor, 8-2-684/11/8, Kanaka Durga Temple Street,
              Road No. 12, Bhavani Nagar, Banjara Hills,
              Hyderabad, Telangana, 500034
              Email: cirp.jivasteels@gmail.com

Last date for
submission of claims: July 6, 2023

KARUNYA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karunya
Educational and Research Trust (KITS) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             8.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan            26.35        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KITS for
obtaining information through letter and email dated June 15, 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 KITS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KITS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KITS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KITS was set up by Dr D G S Dhinakaran in 1986 in Coimbatore. It
manages institutes, including schools, and offers graduate and
post-graduate courses in diverse streams such as engineering and
management.


KESHRANAND COTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keshranand
Cotex Private Limited (KCPL; part of the Keshranand group) continue
to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     10         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated June 15, 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of KCPL and Keshranand Ginning
and Pressing Factory Pvt Ltd (KGPFPL). This is because the two
companies, together referred to as the Keshranand group, belong to
the same promoters, are in the same line of business, and have
business and financial linkages.

Established in 2010, KCPL undertakes cotton ginning and pressing,
and extracts oil from cotton seeds. The company commenced
production at its facility in Dhule, Maharashtra, in October 2012.
Incorporated in 2005, KGPFPL is in the same line of business. It
also sells dried oil cakes. Its manufacturing facility at Dhule has
a ginning and pressing capacity of 350 bales per day; it commenced
operations from November 2005. The Keshranand group is owned and
managed by Mr. Dyaneshwer Bhamre and his family.


KHADKESHWAR HATCHERIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Khadkeshwar Hatcheries Limited
Gut No. 37, Bokud Jalgaon, Tq. Paithan,
        Aurangabad-431105 (MH)

Insolvency Commencement Date: June 20, 2023

Estimated date of closure of
insolvency resolution process: December 17, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Amit Chandrashekhar Poddar
       Akshat, 7, Vijay Nagar, Katol Road,
              Nagpur Maharashtra-440013
              Email: amitpoddar.ca@gmail.com

              3rd Floor, Meera Apartments, Above Durva Restaurant,

              Opp. Yeshwant Stadium, Dhantoli Nagpur-440012
              Email: cirp.khl@gmail.com

Last date for
submission of claims: July 4, 2023

KISHORI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kishori
Industries (KI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letter and email dated June 15, 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2003 as a partnership firm by Mr Sharad Sarda and Mr
Rameshlal Sarda, KI gins and presses cotton and extracts cotton
seed oil at its unit in Beed.


KUMAR COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kumar Cold
Storage (KCS) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        5.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-        2           CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with KCS for
obtaining information through letter and email dated June 15, 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 KCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KCS, a proprietorship concern of Mr Subhash Saha, is setting up a
cold storage unit with 10000 metric tonne capacity for storage of
potato/fruits. Commercial operations are set to commence from March
2019.


KUMAR INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kumar
Industries (KI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        0.65        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    4.85        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letter and email dated June 15, 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KI was set up in 2007 as a proprietorship and got reconstituted as
a partnership between Mr Raj Kumar and his family members; Mr Raj
Kumar and his son, Mr Vivek Kumar, are the key partners. This
Jalalabad (Punjab)-based firm processes paddy into basmati rice,
rice bran, broken rice, and husk.


KUMAR INFRATRADE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kumar
Infratrade Enterprises Private Limited (KIEPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              11         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KIEPL for
obtaining information through letter and email dated June 15, 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 KIEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2010 in Patna and promoted by Mr. Sunil Kumar and
family, KIEPL operates a 108-room five-star hotel, Lemon Tree
Premium Hotel, which began operations from June 2017. The hotel
also has 8 banquet halls and 2 restaurants.


LAKSHMI NARAYANA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Narayana Enterprises (LNE) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.1        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.9        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LNE for
obtaining information through letter and email dated June 15, 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 LNE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LNE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LNE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1987 in Guntur, Andhra Pradesh, as a proprietorship firm
by Mr Sambi Reddy, LNE has a raw cotton ginning and pressing
capacity of 1000 quintals per day. LNE processes raw cotton
(kappas) into cotton bales and cotton seeds for sale in Andhra
Pradesh and North India.


LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Poultry Farm - Vijayawada (LPF) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.10       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.05       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.85       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LPF for
obtaining information through letter and email dated June 15, 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 LPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LPF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

LPF was set up in year 2015. LPF is engaged in poultry and hatchery
business. LPF is owned & managed by Mrs. Vallabhaneni Usha Rani.


LAXMI VISHNU: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi Vishnu
Cotton Industries (LVCI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LVCI for
obtaining information through letter and email dated June 15, 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 LVCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LVCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LVCI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2014 as a partnership firm, LVCI gins and presses
cotton. Based in Bhainsa, Telangana, the firm is promoted and
managed by Mr Vishnu Prakash Bajaj, Mr Rohit Bajaj, Mr Rahul Bajaj
and Ms Nikita Bajaj.


LIFE STYLE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Life Style
Properties Private Limited (LSP) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LSP for
obtaining information through letter and email dated June 15, 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 LSP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LSP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

LSP is promoted by Mr. Partho Biswal and Mr. Asthika Biswal and was
set up in 2009 in Bhubaneswar. The company is a real estate
developer, executing construction of residential buildings in
Odisha.


MAHA SAI: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maha Sai
Laboratories (MSL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Bank          6         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with MSL for
obtaining information through letter and email dated June 15, 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 MSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2012, MSL is a partnership concern of Mr C N
Narsimha Reddy and Mr M Madhusudan Reddy. Based in Hyderabad, the
firm is engaged in manufacturing, supplying and trading a wide
range of liquid solvent, mix solvent, chemical solvent and liquid
chemicals.


MALOLA MANAGEMENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Manola Management Consulting Services Private Limited
262/441, Poonamallee High Road, Aminjikarai,
        Chennai, Tamil Nadu 600029

Insolvency Commencement Date: June 20, 2023

Estimated date of closure of
insolvency resolution process: December 17, 2023 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: S Dehaleesan
       4/22 First Cross Street,
              Raghavan Colony,
              Ashoknagar, Chennai 600083
              Email: rp@valuesolve.in
                     cirp.mmcspl@gmail.com

Last date for
submission of claims: July 5, 2023


NEESA INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Neesa Infrastructure Limited
Block No. 278/279, Panchratna Industrial Estate,
        Changodar Dist-Ahmedabad Gujarat 382213

Insolvency Commencement Date: June 19, 2023

Estimated date of closure of
insolvency resolution process: December 16, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Premraj Ramratan Laddha
       304, Abhijit-3, Above Pantaloon,
              Mithakhali - Law Garden Road,
              Ellis Bridge, Ahmedabad (Guj.) 380006
              Email: premladdha@yahoo.com
                     neesainfra.insol@gmail.com

Last date for
submission of claims: July 5, 2023

PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prayosha
Healthcare Private Limited (PHPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan        3.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PHPL for
obtaining information through letter and email dated June 15, 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 PHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PHPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PHPL was incorporated in 2005, promoted by Mr. R.M. Patel, Mr.
Tushar Patel and Ms. Chetnaben Patel. The company, based in
Ankleshwar, Gujarat, is into manufacturing of Active Pharmaceutical
Ingredient (API).


PURNA FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Purna
Fisheries Private Limited (PFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      4         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letter and email dated June 15, 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 PFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in fiscal 2014, PFPL is promoted by Mr Nagre. The
company is engaged in fish farming at Yeldar reservoir on the Purna
River in Parbhani, Maharashtra, spread across 6272 hectare (16,000
acre).


QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quality
Hybrid Seeds Company (QHSC) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               0.88      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with QHSC for
obtaining information through letter and email dated June 15, 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 QHSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QHSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QHSC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2000 as a proprietorship firm by Mr Naresh Agarwal,
QHSC processes different types of seeds at its units in Hisar,
Haryana, which have total capacity of 16 tonne per hour.


R. P. INDUSTRIES: CRISIL Lowers Rating on INR10cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P.
Industries (RPI) Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     ‘CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING’)

   Proposed Fund-          6         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     ‘CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING’)

CRISIL Ratings has been consistently following up with RPI for
obtaining information through letter and email dated June 15, 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 RPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPI Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

Established in 2006 by by Mr. Ishawarbhai Mali and his wife Mrs.
Gomti Mali. RPI manufactures pharmaceutical intermediates.


RAAJMAHAL DEVELOPERS: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raajmahal
Developers (RMD) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             27          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             10          CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMD for
obtaining information through letter and email dated June 15, 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 RMD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMD continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2013, RMD is engaged in the construction of real
estate projects both residential and commercial. The firm is based
out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar
and Mr. Akhil Bhattar.


RAIPUR KERALA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raipur Kerala
Samajam (RKS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RKS for
obtaining information through letter and email dated June 15, 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 RKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RKS presently operates three coeducational schools, under the name
Adarsh Vidyalaya, in Devendra Nagar, Tatibandh, and Mowa, all near
Raipur, Chhattisgarh. The schools in Devendra Nagar and Tatibandh
are affiliated to the Chhattisgarh Board of Secondary Education
whereas the school in Mowa is affiliated to the CBSE. Mr. N P
George Kutty is the president of the society.


RAIPUR MOTOR: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raipur Motor
Engineering Works (RMEW) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMEW for
obtaining information through letter and email dated June 15, 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 RMEW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMEW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMEW continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RMEW was set up in 1930 by the Late Mr Narayan Pithalia as an
automobile workshop. Since July 1989, the firm has been an
appointed dealer of SML Isuzu Ltd.'s products in Chhattisgarh. The
partners are Kishore Pithalia, Kailash Pithalia, Jayesh Pithalia,
Hitesh Pithalia, Bhupesh Pithalia, and Bharat Pithalia.


RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Traders -
Shahjahanpur (RT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          0.50       CRISIL B/Stable (Issuer Not  
   Credit Limit                      Cooperating)

   Proposed Cash          0.75       CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Fund-         2.13       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Proposed Term Loan     0.62       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RT for
obtaining information through letter and email dated June 15, 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 RT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RT
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RT, set up in 2016 at Shahajahanpur (Uttar Pradesh), trades in
mobile phones; it is also starting a manufacturing unit to make
non-polythene carry bags. Mr Anuj Agarwal and family are the
promoters.


RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajpal Cargo
Movers Private Limited (RCMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.23       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RCMPL for
obtaining information through letter and email dated June 15, 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 RCMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RCMPL was incorporated in 2000 as Rajpal Cargo Movers South Pvt Ltd
by Mr. Surinder Singh and his family members and was renamed as
Rajpal Cargo Movers Pvt Ltd in 2004. It provides inland logistics
(by road) services, mainly to steel manufacturing companies in
Karnataka and Maharashtra.


RAJPROTIM AGENCIES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Rajprotim  Agencies Private Limited
49/89, Prince Golam Mohammad
        Rogolf Garden, Kolkata-700033
  
Liquidation Commencement Date: June 22, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Pratim Bayal
     18/1 Tarapukur Main Road,
            Ghosh Para, Agarpara,
            Kolkata, West Bengal-700109
            Email: pratimbayal@gmail.com

            Resurgent Resolution Professionals LLP
            Central Plaza, 7th Floor,
            Room No. 708, 2/6, Sarat Bose Road,
            Kolkata-700020
            Email: cirp.rpapls@resurgentrp.com

Last date for
submission of claims: July 22, 2023

RAVISHANKAR VIDYA: CRISIL Withdraws B Rating on INR15cr Term Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Sri Sri Ravishankar Vidya Mandir Trust (Unit-Sri Sri University) on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

                           Amount
   Facilities           (INR Crore)    Ratings
   ----------           -----------    -------
   Proposed Long Term        4.59      CRISIL B/Stable/Issuer Not
   Bank Loan Facility                  Cooperating (Withdrawn)

   Secured Overdraft         4.50      CRISIL B/Stable/Issuer Not
   against term deposits               Cooperating (Withdrawn)
                                      
   Term Loan                15         CRISIL B/Stable/Issuer Not
                                       Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Unit-Sri Sri
University for obtaining information through letters and emails
dated December 24, 2022 and February 17, 2023, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

SSU is a subsidiary of the SSRVMT, founded in 1999 by Sri Sri
Ravishankar as the educational wing of the Art of Living
foundation. Based in Cuttack, SSU offers MBA courses in general
management, agricultural business, and entrepreneurship.


RUDRASIVA INFRACON: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Rudrasiva Infracon Private Limited
Office No. 1, 2nd Floor, "I" The Address,
        Near Sola Bridge,
        Ahmedabad-380060 Gujarat

Liquidation Commencement Date:  June 19, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Dhaval C Khamar
     1012, Shilp Zaveri,
            Shyamal Cross Road, Satellite,
            Ahmedabad, 380015 Gujarat
            Email: ca.dhavalkhamar@gmail.com
                   liq.rudrasiva@gmail.com

Last date for
submission of claims: July 19, 2023

SANYO LSI: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Sanyo LSI Technology India Private Limited
No. 591, 10A Main Road, 5th Block, Jayanagar,
        Bangalore Karnakata 560041, India

Liquidation Commencement Date:  June 22, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Kondisetty Kumar Dushyantha
     No. 404/2, 7th Main, 9th Cross,
            Jayanagar II Block, Bangalore-560011
            Email: dushyanthak@gmail.com
            Mobile: +91 9900003149

Last date for
submission of claims: July 21, 2023

SHYAMA IRON: Liquidation Process Case Summary
---------------------------------------------
Debtor: Shyama Iron & Alloys Pvt. Ltd
1, British India Street, Room-202,
        Kolkata-700069, West Bengal

Liquidation Commencement Date:  April 18, 2023

Court: National Company Law Tribunal Kolkata Bench-Court II

Liquidator: Mr. Uttam Tekriwal
     35, Dhakuria Station Road, Kolkata-700031
            Email: ip.uttamtekriwal@gmail.com
                   liquidator.shyamairon@gmail.com

Last date for
submission of claims: May 18, 2023

V V MULTIPLEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: V V Multiplex Private Limited
        (formerly known as Vikas Multiplex Developers Private
Limited

        Registered Office: F.F.-53, First Floor,
        Ansal Fortune Arcade (AFA)
        Sector-18 Noida Gautam
        Buddha Nagar UP 201301

Insolvency Commencement Date: June 15, 2023

Estimated date of closure of
insolvency resolution process: December 12, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Sandeep Mahajan
       C2/288, Janak Puri, New Delhi-110058
              Email: sandeep8mahajan@gmail.com

              Flat No 409, 4th Floor Ansal Bhawan,
              16, K G Marg, Connaught Place,
              New Delhi-110001
              Email: vvmultiplex.ibc@gmail.com

Last date for
submission of claims: June 29, 2023

V.I.R. FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: V.I.R Foods Limited
Cabin No. 111, SCO 35, 2nd Floor,
        Sector 7C, Chandigarh, 160019

        Barmalipur Road, VillagePayal, Tehsil Payal
        Distt Ludhiana, Panjab-141416

Insolvency Commencement Date: June 1, 2023

Estimated date of closure of
insolvency resolution process: November 28, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Adesh Kuamr Singla
       House No 324, Sector 12 A, Panchkula
              Email: aso22208@gmail.com
                     aso22208virfoods@gmail.com

Last date for
submission of claims: June 15, 2023

VEEKESY SLIPPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veekesy
Slippers India Private Limited (VSIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3.1        CRISIL B/Stable (Issuer Not
                                     Cooperating)
   Proposed Fund-
   Based Bank Limits      5.27       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VSIPL for
obtaining information through letter and email dated May 17, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative and the ratings on bank
facilities of VSIPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.

'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 VSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2012, VSIPL is a part of the VKC group (Division
II) of companies and is based in Vijayawada, Andhra Pradesh.
Promoted by Mr Abdul Razak, the company manufactures polyurethane
footwear.


VJTF INFRASCHOOL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of VJTF
Infraschool Services (Udaipur) Private Limited (VJTF Udaipur)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Lease Rental          15          CRISIL B+/Stable (Issuer Not
   Discounting Loan                  Cooperating)

CRISIL Ratings has been consistently following up with VJTF Udaipur
for obtaining information through letter and email dated June 15,
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 VJTF Udaipur, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on VJTF Udaipur is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of VJTF Udaipur continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

VJTF Udaipur is a special purpose vehicle floated by Cerestra
Infrastructure Trust (CIT; part of the Cerestra group) which owns
the assets (land, buildings, and other fixed assets) of Witty
International School – Udaipur (part of Witty Global Education
Trust (WGET)). The assets were leased by VJTF Udaipur (lessor) to
WGET (lessee).




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

DZD NZ: Court to Hear Wind-Up Petition on Aug. 18
-------------------------------------------------
A petition to wind up the operations of DZD NZ Limited will be
heard before the High Court at Auckland on Aug. 18, 2023, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2023.

The Petitioner's solicitor is:

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


LENNY'S LIMITED: Creditors' Proofs of Debt Due on Aug. 10
---------------------------------------------------------
Creditors of Lenny's 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 July 11, 2023.

The company's liquidators are:

          Victoria Toon
          Corporate Restructuring Limited, Chartered Accountants
          PO Box 10100
          Dominion Road
          Auckland 1446


RAINBOW CORNER: Creditors' Proofs of Debt Due on Aug. 30
--------------------------------------------------------
Rainbow Corner Educational Trust Bayfair Limited and The Rainbow
Corner Educational Trust Bethlehem Limited are required to file
their proofs of debt by Aug. 30, 2023, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidator on June 30, 2023.


STRIKERS INSTALLATION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court at Dunedin entered an order on June 1, 2023, to wind
up the operations of Strikers Installation Limited.

The company's liquidator is:

          Iain Andrew Nellies
          Insolvency Management Limited
          PO Box 1058
          Dunedin 9054


VASIST PROPERTY: Court to Hear Wind-Up Petition on Aug. 8
---------------------------------------------------------
A petition to wind up the operations of Vasist Property Limited
will be heard before the High Court at Wellington on Aug. 8, 2023,
at 10:00 a.m.

Josie Lee Brough and Robert Peter Calder filed the petition against
the company on June 9, 2023.

The Petitioner's solicitor is:

          Elspeth Jinny Horner
          Mahony Horner Lawyers
          9, 3–11 Hunter Street
          Wellington




===============
P A K I S T A N
===============

PAKISTAN: May Have to Restructure Debt if Goals Not Met, IMF Warns
------------------------------------------------------------------
Bloomberg News reports that the International Monetary Fund (IMF)
said Pakistan's external debt has swelled to $100 billion, warning
the nation could well become the next country to restructure its
debt if it doesn't hit bailout program goals.

Risks to debt sustainability has become more pronounced due to the
scarcity of international financing and large funding needs, the
IMF said in a report published on July 18, Bloomberg relays.
Pakistan finally secured a $3 billion loan with the multilateral
lender last week after months of delay.

Bloomberg relates that the South Asian nation needs to stick to IMF
program goals to make sure debt is sustainable given the overall
risk of sovereign stress is high, the Washington-based lender said
in a report published on July 18. "Any further downward revisions
to the baseline could push debt towards unsustainability," it
added.

Pakistan's top finance managers have twice talked about
restructuring bilateral debt without giving details in the past
year but didn't follow through due to a lack of consensus,
according to Bloomberg. In the latest instance, the Finance
Minister Ishaq Dar made an announcement last month but the central
bank denied such a move was needed or that any talks were planned.

The South Asian country's external debt has increased from $85
billion at the start of the previous program in 2019 due to low
revenue and high debt payments, Bloomberg discloses.

Bloomberg says Pakistan has increased tax revenues and energy
prices to meet IMF demands but it has not been able to make
progress on long-term structural issues such as privatizing
state-owned enterprises.

Bloomberg adds that the IMF also said Pakistan's central bank will
need to continue its tightening cycle given inflationary pressures
are expected to persist over the coming year. The stock market is
likely to factor in a further 100 to 150 basis points hike for the
monetary policy meeting on July 31, said Faisal Bilwani, a trader
at Alfalah CLSA Securities.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.

In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.




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

PH RESORTS: SEC Rejects Bid for Shareholder OK on Asset Sale Plan
-----------------------------------------------------------------
Bilyonaryo.com reports that in a significant blow to PH Resorts
(PHR), the casino and hospitality arm of Duterte ally Dennis Uy,
the Securities and Exchange Commission (SEC) has rejected the
company's bid to seek shareholders' approval for its asset disposal
plan.

The move comes as the firm faces mounting financial pressures and
seeks ways to raise capital, the report says.

According to Bilyonaryo.com, the SEC's Market and Securities
Regulation Department specifically instructed PHR to fully disclose
the rejection of its appeal to include the asset disposal in the
agenda for the upcoming annual stockholders' meeting on July 26.

Bilyonaryo.com says the disposal of assets was not initially part
of PHR's agenda submitted to the SEC on May 31. The main items on
the agenda were PHR's plan to increase its authorized capital stock
from PHP8 billion to PHP15 billion and granting the board, chaired
by Mr. Uy, the authority to offer new shares (to be paid through
cash or properties) in order to raise additional funds.

Bilyonaryo.com relates that the denial of shareholders' approval
for the asset disposal plan places PHR's cash-raising efforts in
jeopardy, hindering the firm's ability to pay off its maturing
debts and address its precarious financial situation.

As of end end-2022, SGV & Co. reported that PHR has PC2.6 billion
in capital deficit, PHP11 billion in net liabilities payable in one
year, and PHP146 million in cash deficit, Bilyonaryo.com
discloses.

Since Mr. Uy took over the shell company in a backdoor listing five
years ago and injected his under-construction Emerald Bay casino
hotel project in Cebu, PHR has accumulated PHP2.5 billion in total
losses (of which PHP1.14 billion was incurred in 2022 alone).

According to Bilyonaryo.com, Mr. Uy has been desperately trying to
raise capital for PHR since ultra bilyonaryo Ricky Razon walked
away from Bloomberry's plan to buy out his casino projects last
March.

As a result of financial constraints, PHR has been forced to slow
down construction on the casino-hotel project and delay its opening
while Mr. Uy re-enters discussions with other investors for the
potential sale of its Cebu and Clark casino projects,
Bilyonaryo.com adds.




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

AUSGROUP LTD: Court Enters Wind Up Order; Discharged From JM
------------------------------------------------------------
Felicia Tan at The Edge Singapore reports that the Singapore High
Court has ordered Australia-based but Singapore-listed engineering
firm AusGroup to wind up on July 18. The company has also been
ordered to be discharged from judicial management with its joint
judicial managers released from liability.

AusGroup had filed an application to wind up the company in May as
it was unable to service its debt, The Edge recalls. The company
had already filed for judiciary management in November last year.

According to the report, the memorandum of understanding (MOU)
entered into between AusGroup and Arion Agrophotovoltaic has also
been terminated given that no definitive agreements were executed
between both parties by the long stop date, which is on July 18.

AusGroup and Arion Agrophotovolatic had entered into an MOU on June
8. The MOU sought to explore the restructuring of AusGroup by way
of transferring its listing status to Arion Agrophotovoltaic or to
a new Singapore company that is directly or indirectly holding the
latter.

Arion Agrophotovoltaic is a company that focuses on the investment,
development, and operation of agrophotovoltaic thin film and solar
tube plant(s) in Singapore and in the Asia Pacific region.

Trading of AusGroup's shares were suspended in November 2022, The
Edge notes.

Headquartered in West Perth, Australia, AusGroup Limited (SGX:5GJ)
-- https://www.ausgroupltd.com/ -- provides construction and
maintenance services. The Company offers mechanical, welding,
surface protection, industrial insulation, and refractory services.
AusGroup serves customers in Asia.


DERMATOLOGY & SURGERY: Court to Hear Wind-Up Petition on Aug. 28
----------------------------------------------------------------
A petition to wind up the operations of Dermatology & Surgery
Clinic (Orchard) Pte Ltd will be heard before the High Court of
Singapore on Aug. 28, 2023, at 10:00 a.m.

Cameron Lindsay Duncan and David Dong-Won Kim filed the petition
against the company on June 28, 2023.

The Petitioner's solicitors are:

          Oon & Bazul LLP
          36 Robinson Rd
          #08-01/06, City House
          Singapore 068877


OKH ENTERPRISE: Creditors' Meetings Set for Aug. 23
---------------------------------------------------
OKH Enterprise Pte. Ltd and Lijing Holidays Pte. Ltd will hold a
meeting for its creditors on Aug. 23, 2023, at 11:30 a.m. and 1:30
p.m., respectively, via Zoom Platform.

Agenda of the meeting includes:

   a. to lay an account before the creditors showing how the
      winding up has been conducted and an explanation of the
      account;

   b. to approve the Final Statement of Account, provisions for
      the finalization expenses, and the application to the Court
      for the release of the Joint & Several Liquidators and the
      dissolution of the Company;

   c. to resolve that the books, accounts and documents of the
      Company be destroyed pursuant to Section 195(2) of the
      Insolvency, Restructuring and Dissolution Act 2018 (No. 40
      of 2018);

   d. to appoint solicitors to assist the Joint & Several
      Liquidators; and

   e. any other business.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


OSTARA INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 21
------------------------------------------------------------
Creditors of Ostara Investments (Singapore) Pte. Ltd. are required
to file their proofs of debt by Aug. 21, 2023, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 12, 2023.

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore
          80 Robinson Road #02-00
          Singapore 068898


REVBUILD ASIA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 14, 2023, to
wind up the operations of Revbuild Asia Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          Mr. Leow Quek Shiong
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


TRANSIT AIR: Commences Wind-Up Proceedings
------------------------------------------
Members of Transit Air Cargo Singapore Pte Ltd, on July 12, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mr. Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591




=============
V I E T N A M
=============

AN BINH: Moody's Puts 'B1' Issuer Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed An Binh Commercial Joint Stock
Bank's (ABBank) B1 long-term (LT) foreign (FC) and local (LC)
currency bank deposit and issuer ratings, as well as the bank's b2
Baseline Credit Assessment (BCA) and Adjusted BCA on review for
downgrade.

Moody's has also placed ABBank's Ba3 LT FC and LC Counterparty Risk
Ratings (CRR) and Ba3(cr) LT Counterparty Risk Assessment (CR
Assessment) on review for downgrade.

At the same time, Moody's has affirmed the bank's NP short-term
(ST) FC and LC CRR, ST FC and LC bank deposit ratings, ST FC and LC
issuer ratings and NP(cr) ST CR Assessment.

Moody's has also changed the outlook on ABBank's LT bank deposit
ratings and LT issuer ratings to ratings under review from stable.

RATINGS RATIONALE

The review for downgrade reflects Moody's view that ABBank's
funding structure could deteriorate further because of tight
funding conditions in Vietnam, which would hurt its profitability.
The review for downgrade also reflects uncertainty on the bank's
ability to maintain its profitability while reducing reliance on
trading and investment income.

ABBank's funding deteriorated in the first quarter of 2023 as
reflected by elevated deposit rates compared to similarly rated
Moody's peers in Vietnam, outflow of some corporate deposits and an
increased reliance on market funds. The share of high quality
liquid assets, as measured by cash and government securities, also
worsened. Persistent deposit outflow will weaken the bank's deposit
franchise and its liquidity.

Moody's also expects ABBank's profitability to decrease because
higher funding costs will narrow its net interest margins, while
credit costs will increase due to stress in the Vietnamese real
estate market. The bank management's focus on reducing reliance on
trading and investment income will also dampen profitability in the
short-term, although earnings quality will improve.

ABBank's stronger-than-peer average capitalization is a credit
strength. However, a decrease in profitability coupled with strong
loan growth could reduce its capital.

During the review, Moody's will assess the bank's ability to (1)
improve its funding and liquidity by growing sticky deposits and
the stock of high-quality liquid assets and (2) maintain
profitability at current levels.

The rating also reflects governance risk under Moody's
environmental, social and governance (ESG) framework because
frequent changes in the ABBank's top management are complicating
the implementation of a long-term and steady strategy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given ABBank's ratings are under review for downgrade, a rating
upgrade is unlikely over the next 12-18 months. Nevertheless,
Moody's could confirm the ratings if the bank improves the quality
of its funding and stock of liquid assets, while its capitalization
and profitability remain stable.

Moody's would downgrade ABBank's ratings and BCA if funding stress
persists, as reflected by further deposit outflows or higher
reliance on market funds. A decline in tangible common
equit/risk-weighted assets below 9.5% or a drop in net income as a
percentage of tangible assets below 0.9% will also be negative for
the bank's BCA. Moody's would also downgrade ABBank's deposit and
issuer ratings if the rating agency assesses that government
support for the bank has weakened.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

An Binh Commercial Joint Stock Bank, headquartered in Hanoi,
reported total assets of VND130 trillion as of December 31, 2022.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***