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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, August 4, 2023, Vol. 26, No. 156

                           Headlines



A U S T R A L I A

AUSTRALIAN PRESTRESSING: First Creditors' Meeting Set for Aug. 7
BRUNEL CHAUFFEUR: Collapses Into Liquidation, Owing AUD11.7MM
CIVIL WEST: Second Creditors' Meeting Set for Aug. 7
FENTON & FENTON: Placed Under External Administration
G C B CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 7

JAWAGASH PTY: First Creditors' Meeting Set for Aug. 9
MASTER PAINTERS: First Creditors' Meeting Set for Aug. 8
NWQ CAPITAL: ASIC Suspends AFS Licence


C H I N A

CHINA EVERGRANDE: Services Unit Shares Halve as Trading Resumes


I N D I A

AARTI TRADERS: CRISIL Lowers Rating on INR6.5cr Cash Loan to D
AXISON VITRIFIED: CRISIL Lowers Rating on INR9.87cr Loan to B
BD AND P HOTELS: Insolvency Resolution Process Case Summary
CALL EXPRESS: CRISIL Lowers Rating on INR50cr LT Loan to D
CALL EXPRESS: Insolvency Resolution Process Case Summary

DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating
DEWAN CHAND CRISIL Moves D Debt Ratings to Not Cooperating
DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
DRISH SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating
ECOPHOS GNFC: Insolvency Resolution Process Case Summary

GREENLEAF COMMERCE: Insolvency Resolution Process Case Summary
KANTE WAKED: CRISIL Cuts Rating on INR146.61cr Term Loan to D
KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating

L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating
ND'S ART WORLD: NCLT Allows Insolvency Proceedings Against Firm
ORBIT AYAS: Insolvency Resolution Process Case Summary
PARAGON APPAREL: CRISIL Moves B+ Debt Rating to Not Cooperating
PAVITHRA CONSTRUCTIONS: CRISIL Lowers Rating on LT/ST Debts to D

PC JEWELLER: NCLT Seeks Reply From Firm Over SBI's Insolvency Plea
PRACHIN FOUNDATION: CRISIL Keeps D Ratings in Not Cooperating
RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating
RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
RAO EDUSOLUTIONS: Insolvency Resolution Process Case Summary

RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
SANDHYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
SARASWATI DYNAMICS: CRISIL Withdraws B+ Rating on INR3.5cr Loan
STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating

STARCARE HOSPITAL: CRISIL Reaffirms B- Rating on INR14cr Loan
SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating
TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAY WIRE: Insolvency Resolution Process Case Summary
VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating

VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
WILSON GREEN: CRISIL Lowers Rating on LT/ST Debts to D


N E W   Z E A L A N D

EPIC BREWING: Creditors' Proofs of Debt Due on Aug. 30
MO'S HOME: Court to Hear Wind-Up Petition on Aug. 10
PARKERS BEVERAGE: Heath Gair Appointed as Administrator
PUTNEY ROOFING: Creditors' Proofs of Debt Due on Aug. 25
VEHICLE COMPLIANCE: Court to Hear Wind-Up Petition on Aug. 24



P H I L I P P I N E S

CARITAS HEALTH: IC Placed HMO Under Receivership


S I N G A P O R E

ATHOS INVESTMENTS: Commences Wind-Up Proceedings
MOLA MOLA: Court to Hear Wind-Up Petition on Aug. 18
RG CAMGEN: Creditors' Proofs of Debt Due on Sept. 1
SHENTON CHARITABLE: Creditors' Proofs of Debt Due on Sept. 2
THREE ARROWS: Davies Challenges Jurisdiction of Bankruptcy Court


                           - - - - -


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

AUSTRALIAN PRESTRESSING: First Creditors' Meeting Set for Aug. 7
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Prestressing Services Pty Ltd, Australian Prestressing Services
(Engineering) Pty Limited, Australian Prestressing Services (VIC)
Pty Ltd, and APS Southern Pty Ltd will be held on Aug. 7, 2023, at
11:00 a.m. at Level 40, 2-26 Park Street in Sydney and via virtual
meeting technology.

Sule Arnautovic and John Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of the company on July
26, 2023.


BRUNEL CHAUFFEUR: Collapses Into Liquidation, Owing AUD11.7MM
-------------------------------------------------------------
News.com.au reports that a handful of employees at a major limo
service have been left reeling by the company's collapse, which has
left them AUD4.14 million out of pocket.

News.com.au can reveal that on July 13, Brunel Chauffeur Drive and
Limousines Pty Ltd went into liquidation.

Michael Hogan and Christian Sprowles of insolvency firm
HoganSprowles have been appointed as the liquidators.

The company offered premium passenger transport in every state
capital and also the Gold Coast, the Sunshine Coast and Cairns and
was headquartered in Sydney. Some of its customers were private jet
passengers who drivers picked up at the airport.

According to the report, Brunel Chauffeur Drive had been struggling
for some time, with its financial woes dating all the way back to
the Black Summer Bushfires of 2019.

Its descent into liquidation has left 107 creditors cumulatively
owed AUD11.7 million, according to liquidation documents obtained
by news.com.au.

Among them is the Australian Taxation Office (ATO), seeking AUD5.1
million in unpaid taxes stretching as far back as March 2018.

But perhaps those who have lost the most in this scenario are the
staff.

It appears the business had not been paying employees their
superannuation for some time, the report states.

According to the ATO's proof of debt claim, Brunel Chauffeur
Drive's outstanding superannuation total came to AUD1,867,091
including penalties, news.com.au discloses.

Seven staff members are owed tens of thousands of dollars in
salary, annual leave, superannuation, redundancy and payment in
lieu of notice.

One worker is owed AUD31,000 in unpaid super. The lowest amount of
superannuation owed is AUD7000.

Another employee is owed AUD35,000 in annual leave. Someone else is
owed AUD22,000 in holiday entitlements.

The most owed to one employee was AUD92,000, followed by AUD79,000,
followed by AUD75,000.

News.com.au says the employees will qualify for a government
compensation scheme called the Fair Entitlements Guarantee (FEG),
which seeks to pay back staff caught up in a company collapse.

Unfortunately there is a cap on the amount of money that can be
paid, making it unlikely staff will emerge from this ordeal
entirely unscathed, news.com.au notes.

Unpaid wages and long service leave are only paid up to 13 weeks
while only up to five weeks redundancy pay is offered.

Additionally, unpaid superannuation is not part of the FEG and
therefore employees are unlikely to get a single cent back on that
front.

News.com.au adds that the liquidators noted "Pursuant to section
556 of the Act, the priority awarded to related party employee
entitlements are capped at AUD2,000 for wages and superannuation
and AUD1,500 for annual leave and retrenchment entitlements."

Brunel Chauffeur Drive has some assets including a fleet of 44
motor vehicles and six trailers, the report says.

The company had 16 vehicles not under finance estimated to be worth
AUD406,000.

There was only AUD8.17 left in its bank account when liquidators
took over, news.com.au relays.

"We have accepted an offer for certain assets of the Group,
including intellectual property and vehicles, with the remainder of
the assets likely to be sold at auction," liquidators, as cited by
news.com.au, noted.

The company was established in 2003 and at its height in 2018,
generated revenue of AUD27 million.

But in the years after that, things went rapidly downhill, the
report notes.

Brunel's core customers included large airlines and hotels like
Emirates, Qantas, Shangri La and Four Seasons Hotels.


CIVIL WEST: Second Creditors' Meeting Set for Aug. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Civil West
Construction Pty Ltd has been set for Aug. 7, 2023 at 10:00 a.m.
via electronic meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2023 at 4:00 p.m.

Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on July 3, 2023.


FENTON & FENTON: Placed Under External Administration
-----------------------------------------------------
Jack Evans at news.com.au reports that Fenton & Fenton, a
much-loved Australian homewares boutique that garnered a massive
following over the years, has collapsed.

According to the report, the once-thriving business in the trendy
suburb of Prahran in Melbourne's inner southeast has been placed
under external administration.

News.com.au relates that the merchant's website, now defunct,
features a brief statement announcing the liquidation: "Fenton &
Fenton Pty Ltd (In Liquidation) is now in Liquidation with Adam
Nikitins and Stewart McCallum of EY appointed liquidators."

Lucy Fenton, the director of the business, begun the journey in
2008 with a small showroom on High Street, Prahran, the report
says.

Describing the company's unique niche as "part interiors boutique,
part gallery," she had created a treasure trove of furniture,
homewares, and art from a vibrant array of colours and patterns
sourced both locally and globally.

Fenton & Fenton quickly rose in popularity, riding the wave of
Melbourne's interior design boom.

The business's success led to expansion, and in May 2019, a second
showroom was opened in Collingwood.

However, the online store was considered the backbone of the
business, shipping their products across Australia and New
Zealand.

News.com.au says the company's Instagram page, boasting a colourful
display of its in-house range and the work of artists and furniture
designers on their roster, had amassed more than 350,000 followers
and was still posting updates as recently as July 31.

Among the followers were prominent Australian celebrities such as
Carrie Bickmore, Kyly Clarke, Pip Edwards, Sonia Kruger and Sylvia
Jeffries.

The company has yet to release an official statement however
customers online have expressed concern over outstanding store
credit and orders, news.com.au relays.


G C B CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of G C B
Constructions Pty Ltd will be held on Aug. 7, 2023, at 10:30 a.m.
at Helensvale Cultural Centre, 62 Sir John Overell Drive in
Helensvale and via virtual meeting technology.

David Michael Stimpson and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on July 26, 2023.


JAWAGASH PTY: First Creditors' Meeting Set for Aug. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Jawagash Pty
Ltd will be held on Aug. 9, 2023, at 10:30 a.m. at the offices of
Worrells, at Level 15, 300 Queen Street, in Brisbane, Qld and via
virtual meeting technology.

Nikhil Khatri of Worrells was appointed as administrator of the
company on July 28, 2023.


MASTER PAINTERS: First Creditors' Meeting Set for Aug. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Master
Painters Accessories Pty Ltd will be held on Aug. 8, 2023, at 9:30
a.m. at the offices of Master Painters Accessories Pty Ltd. at 165
Camberwell Road, in Hawthorn East, VIC.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on July 28, 2023.


NWQ CAPITAL: ASIC Suspends AFS Licence
--------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of NWQ
Capital Management Pty Ltd (NWQ) until Jan. 25, 2024.

ASIC suspended the licence because NWQ failed to maintain financial
requirements required of an AFS licence holder by not having
sufficient net assets to meet the conditions of its licence.

NWQ provides portfolio management services and is the trustee of
two wholesale unregistered managed investment schemes, the NWQ
Global Markets Fund and the NWQ Diversified Equity Fund (together,
the Schemes).

The licence suspension means that NWQ cannot provide financial
services including issuing any new interests in the Schemes.
However, it may continue to provide financial services that are
necessary for, or incidental to the day-to-day operation,
winding-up or appointment of a replacement trustee to the Schemes.

NWQ may apply to the Administrative Appeals Tribunal for a review
of ASIC's decision.

NWQ Capital Management Pty Ltd has held AFS licence no. 318835
since Jan. 9, 2008. The licence authorises NWQ to deal in financial
products, provide financial advice and custodial or depository
services to wholesale clients.




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

CHINA EVERGRANDE: Services Unit Shares Halve as Trading Resumes
---------------------------------------------------------------
Reuters reports that shares of Evergrande Property Services Group
shed 50% of their value on Aug. 3 when trading resumed after 16
months, following the release of its financial results and the end
of an investigation into misused funds involving its parent.

Reuters relates that the property services firm was dragged into
financial troubles after its parent, China Evergrande Group, the
world's most indebted property developer, became embroiled in a
debt crisis in mid-2021 that later spread across the sector.

Shares of Evergrande Services had been suspended since March 21,
2022, the report notes. Its sister company, China Evergrande New
Energy Vehicle Group, resumed trading last week after a 16-month
halt, sinking as much as 69% on the first day of trade. The
parent's shares, however, remain suspended.

According to Reuters, the resumption of trading in all three
companies is crucial for Evergrande Group, because its offshore
debt restructuring plan includes swapping part of the debt into
equity-linked instruments backed by the parent and the two
subsidiaries.

Reuters relates that Evergrande Services said on Aug. 2 it had
sufficient assets for its business operations and expected to
maintain a level of revenue and net profit growth comparable to
that of property service industry leaders.

The company said it had carried out remedial measures such as
internal control reviews and staff training regarding CNY13.4
billion ($1.86 billion) of seized deposits used as collateral for
pledge guarantees by its parent.

Evergrande Services said it believed that was sufficient to address
the issues and prevent similar incidents in the future, adding that
all of the directors involved in the pledge guarantee had resigned
so there were no regulatory concerns, Reuters relays.

Reuters adds that the company said it was actively taking various
actions to recover its losses, including negotiation with
Evergrande Group on a repayment proposal, as well as considering
the feasibility of litigation.

Evergrande Services in June posted its long-overdue financial
results, reporting a 46.4% plunge in its fiscal 2022 profit when
compared with fiscal 2020.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.




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

AARTI TRADERS: CRISIL Lowers Rating on INR6.5cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Aarti Traders (AT) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' due to delay in repayment
of term debt obligations.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Fund-         0.5        CRISIL D (ISSUER NOT
   Based Bank Limits                 COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with AT for
obtaining information through letter and email dated June 15, 2023
and July 25, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AT is
consistent with 'Assessing Information Adequacy Risk'

The ratings on the bank facilities of AT has been downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delay in repayment of term debt obligations.

Set up in 1992 as a proprietorship firm by Mr Suresh Keswani, AT
manufactures embroidered clothes and also trades in readymade
garments. It is based in Mumbai.


AXISON VITRIFIED: CRISIL Lowers Rating on INR9.87cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Axison
Vitrified Private Limited (AVPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL A4 (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     0.93       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              9.87       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Working Capital Loan   3.70       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with AVPL 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 AVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2012, AVPL is promoted by Mr Ashwin Khodasara, Mr
Chetan Vadgasiya and Mr Kirit Bhalodiya. The company manufactures
digital porcelain vitrified tiles at its facility in Morbi
(Gujarat), which has a current capacity of 5500 boxes per day.


BD AND P HOTELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s BD and P Hotels (India) Private Limited
D8 Central, Maulana Azad Road, Rangwala Compound,
        Jacob Circle, Mumbai 400011

Insolvency Commencement Date: June 23, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Birendra Kumar Agrawal
       1602 Tower A, Rurwal Elegante,
              Lokhandwala Complex,
              Veeia Desai Road, Andheri West,
              Mumbai 400053, Maharashtra
              Email: bk@bhamaconsulting.com

              913, Corporate Annexe, Sonawala Lane,
              Near Udyo Bhavwan,
              Goregaon East, Mumbai 400063, Maharashtra
              Email: cirp.niipl@gmail.com

Last date for  
submission of claims: July 14, 2023


CALL EXPRESS: CRISIL Lowers Rating on INR50cr LT Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded the rating of Call Express
Construction India Private Limited (CECPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         50         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Term Loan      5         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with CECPL 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 CECPL, which restricts CRISIL
Ratings to take a forward looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on CECPL is
consistent with Assessing Information Adequacy Risk

Based on the latest publicly available information, CRISIL Ratings
has downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company account and clarity about the same from the management and
bankers is continuing to remain awaited.

CRISIL Ratings also notes that one of the trade creditors has filed
for initiation of corporate insolvency resolution Process (CIRP)
against CECPL.

Set up in 2006, CECPL is into developing residential real estate
project at Chennai. The company is promoted by Mr. Ramesh and his
family.


CALL EXPRESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Call Express Construction (India) Private Limited
No 20, Poes Road, I Street, Teynampet
        Chennai 600018

Insolvency Commencement Date: July 6, 2023

Estimated date of closure of
insolvency resolution process: January 2, 2024 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Subramaniam Aneetha
       A2, Sarada Apartments,
              17/6, Sringeri Mutt Road,
              Mandaiveli, Chennai -600028
              Email: aneethaca@gmail.com
              Email: irpcallexpress@gmail.com

              1. Mrs.Chitra Perinkulam Ragavan
                 10 Dr. Old No. 16, New No. 7, Appadurai Street,
                 Seethamma Colony, Teynampet,
                 Chennai, Tamil Nadu ,600018
                 Email: chitraprc@yahoo.com

              2. Ms. R. Lalitha
                 Flat F, Hanumanthpuri Apts,
                 No 2 Bharathi Colony,
                 Thiru Nagar, Valasaravakam,
                 Chennai, Tamil Nadu , 600087
                 Email: lalitharca@gmail.com

              3. Mrs. Bhagyalakshmi Ramesh Boosam
                 10 Dr. Radhakrishnan Street,
                 Charles Nagar, Pattabiram,
                 Chennai, Tamil Nadu, 600072
                 Email: blassociates2003@gmail.com

Last date for  
submission of claims: July 20, 2023


DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Daksha
Property Developers India Private Limited (SDPDIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     10.25       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               4.75       CRISIL D (Issuer Not
                                      Cooperating)

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

SDPD, set up in 2010 and based in Coimbatore, is a real estate
developer. Its operations are managed by the promoter, Mr R Mohan.
Company currently has 6 ongoing projects.


DEWAN CHAND CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Dewan
Chand (DC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        4.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit/          2.5        CRISIL D (ISSUER NOT
   Overdraft                        COOPERATING; Rating Migrated)
   facility              
                                    
   Proposed Fund-        2.0        CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DC for
obtaining information through letter and email dated June 16, 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 DC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DC is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of DC to 'CRISIL D/CRISIL D Issuer not cooperating'.

DC was established in as a proprietorship concern and was
reconstituted in 2009as a partnership firm. The firm constructs
buildings in the National Capital Region. It is classified as a
'Class A' contractor by the Public Works Department of Delhi and
has bid for various contracts involving construction of government
buildings since its inception. The firm has completed prestigious
contracts, such as Indian Oil Bhawan, police headquarters, Prastha
Bhawan and World Health House. The firm is managed by Mr Vikram
Kumar.


DRASHTI INNOVATIVE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Drashti
Innovative Syncotex Private Limited (DISPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund Based             24.0       CRISIL D (Issuer Not
   Facilities-LT                     Cooperating)

   Non-Fund Based          1.0       CRISIL D (Issuer Not
   Facilities-ST                     Cooperating)

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DISPL and Gauri
International Pvt Ltd (GIPL). This is because the two companies,
together referred to as the Gauri group, have common promoters, are
in the same business, and have business and operational synergies.

Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.


DRISH SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Drish Shoes
Limited (DSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         71.66      CRISIL D (Issuer Not
   Credit                            Cooperating)

   Letter of credit       14         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Term Loan               3.34      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              11         CRISIL D (Issuer Not
                                     Cooperating)

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

DSL, incorporated in 1987, is promoted by Mr I S Paul and Mr Atma
Ram Singh. It manufactures leather footwear and finished leather.
The manufacturing facilities are at Nalagarh in Himachal Pradesh,
Jalandhar in Punjab, and Panchkula in Haryana.


ECOPHOS GNFC: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ecophos Gnfc India Private Limited
P.O Narmadanagar - 392015, Bharuch,
        Gajurat, India

Insolvency Commencement Date: July 6, 2023

Estimated date of closure of
insolvency resolution process: January 2, 2024  

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Manish Santosh Buchasia
       306, 3rd floor, "Gala Mart"
              Nr Sobo centre,
              Above SBI/Union bank,
              South Bopal, Ahmedabad - 380058, Gujarat
              Email:manishbuchasiacs@gmail.com
        Email: manishbuchasiacs@gmail.com
              Email: http://buchasia.com/ip/

Last date for  
submission of claims: July 21, 2023


GREENLEAF COMMERCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Greenleaf Commerce Private Limited
Shop No. 6, Rama Smruti, B wing, Ground Floor,
        Plot H-11, Sector 14, Diwale/Belapur,
        Navi Mumbai

Insolvency Commencement Date: November 25, 2022

Estimated date of closure of
insolvency resolution process: May 25, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench-II

Insolvency
Professional: Mr. Pranav Damania
       407, Sanjur Enclave,
              Opposite PVR Milap Cinema, S.V. Road,
              Kandivali (West), Mumbai - 400067
              Email: pranav@winadvisors.co.in
              Email: greenleafcirp@gmail.com

Last date for  
submission of claims: May 31, 2023


KANTE WAKED: CRISIL Cuts Rating on INR146.61cr Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Kante Waked Multi Projects Pvt Ltd (KWMPPL) to
'CRISIL D' from 'CRISIL BBB/Stable'. KWMPPL is a hybrid annuity
project of Roadway Solutions India Infra Ltd (RSIIL; 'CRISIL
BBB+/Stable/CRISIL A2').

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     11         CRISIL D (Downgraded from
                                     'CRISIL BBB/Stable')

   Rupee Term Loan       146.61      CRISIL D (Downgraded from
                                     'CRISIL BBB/Stable')

   Rupee Term Loan       140.04      CRISIL D (Downgraded from
                                     'CRISIL BBB/Stable')

   Rupee Term Loan       227.35      CRISIL D (Downgraded from
                                     'CRISIL BBB/Stable')

The rating action is driven by delay in interest servicing by
KWMPPL to its lenders for the month of June 2023 (over 3 weeks of
delay). This is in line with the CRISIL Ratings' criteria on
'Approach to recognising default'.

Information with respect to delay in servicing of interest by
KWMPPL was shared by its lenders with CRISIL Ratings on July 21,
2023.

As per information shared by the company's management on July 24,
2023, RSIIL is in discussion with M/s HAN Infra Pvt Ltd (the EPC
contractor for this project) for transfer of the entire project
through harmonious substitution, subject to approval by the
authority and lenders. However, there are delays in terms of
completion of the aforementioned transaction. CRISIL Ratings
understands from KWMPPL's management that the delay in interest
servicing was owing to this ongoing transaction. KWMPPL has
serviced the overdue interest amount to the lenders on July 25,
2023 as confirmed by the management to CRISIL Ratings.

Analytical Approach

CRISIL Ratings has rated KWMPPL on standalone basis and not
factored the benefit of Corporate Guarantee support of the parent
(RSIIL) due to delay in meeting debt obligations, management's
stated intent of monetising this asset and also as the guarantee is
likely to fall off after COD or receipt of 1st annuity of the
project.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to implementation and funding risks: The project was
stalled for around three years. Subsequently, through execution of
an endorsement agreement with Ministry of Road Transport & Highways
(MoRTH) on April 19, 2022, the project was transferred to a new
sponsor, RSIIL, following which construction resumed. The scheduled
COD (SCOD) of the project is December 31, 2023, and physical
progress as of April 2023 was 32.16% (vis-à-vis scheduled progress
of 57.7%). The delay in physical progress was on account of delay
in takeover from weak EPC player, hindrances in land acquisition
and extended monsoon last year in that belt.

Total term loan for the project was INR513.99 crore, of which
INR119.47 crore was outstanding as on March 31, 2023, and INR394.52
crore was undrawn. The company is exposed to funding risk because
as per the sanctioned terms, non-payment of any instalment of the
principal amount of the term loan or interest thereon may trigger
an event of default and lenders have the right to cancel their
commitment until the relevant event of default is cured. This may
lead to delays in project execution.

Strength:

* Inherent benefits of hybrid annuity model (HAM): Benefits of HAM
include stable cashflow by way of semi-annual annuities during the
operations phase, mobilisation advance up to 10% of the bid project
cost (BPC), cost-escalation assurance provided by MoRTH in the
construction and operational phases, provision of termination
payment from the authority in case of termination on account
concessionaire as well as authority. HAM also allows for
provisional commercial operations date (PCOD) to be issued upon
completion of construction on the land made available up to 146
days from the appointed date, allowing full annuity to be paid as
if the project has been completed. The concessionaire must complete
construction on the remaining land whenever it is made available
post PCOD. Furthermore, the HAM concession agreement allows change
in scope on land not available within 180 days of the appointed
date, reducing completion cost and the corresponding annuity and
operations and maintenance (O&M) payments while facilitating timely
completion of the project. Other benefits include indexation done
to the BPC and O&M cost to the extent of inflation and interest
payments on residual annuity payments in the operational phase.

Liquidity: Poor

The delay in meeting interest obligation is owing to poor
liquidity.

Rating Sensitivity factors

Upward factors

* Track record of timely servicing of debt obligations
* Completion of the project on or before time (SCOD 31-12-2023)
within the revised budgeted cost
* Creation of Full DSRA

Incorporated on November 2, 2021, KWMPPL is a special-purpose
vehicle promoted by RSIIL set up for implementing a road project
involving development of the existing two lanes of Kante Waked road
from km 281.300 to km 332.200 (total length: 50.90 km) and
construction of additional two lanes on either side under HAM.

RSIIL holds 80% of the equity interest in KWMPPL while the
remaining stake is held by the promoters. The project pavement is
rigid (concrete).

The concession agreement was signed by MEP Sanjose KanteWaked Road
Private Limited (MSKWPL) with MoRTH on June 28, 2016. The appointed
date was received on November 13, 2017, and construction period was
two years (730 days) from the appointed date with SCOD of November
13, 2019, and operation period of 15 years from COD. However, as
the project was stalled owing to inability of the previous sponsor
to meet debt obligation, there has been delay in completion of the
project. With the execution of endorsement agreement with KWMPPL by
MoRTH on April 19, 2022, harmonious substitution is approved. As
per the Independent Engineer of the project, for completion of the
balance work, 22 months are required. Considering the new appointed
date is April 19, 2022, SCOD is December 31, 2023.

About the Sponsor

RSIIL is a leading engineering and construction company with around
15 years of experience in construction of roadways. The company
undertakes projects under BOT (build-operate-transfer) and HAM.

It has 10 ongoing projects in the roads and highways sector (five
EPC and five HAM). The company recently bagged three HAM projects
amounting to INR4,300 crore on the Vadodara-Mumbai Expressway.
These projects are in preliminary stage. RSIIL has orders worth
INR6,500 crore under EPC as well as HAM mode.


KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kohinoor
Eximtex Private Limited (KEPL: Part of the Kohinoor group) continue
to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Cash          9          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

CRISIL Ratings has consolidated the business and financial risk
profiles of KEPL, Enigma Ventures Pvt Ltd (EVPL), Energetic
Globetex Pvt Ltd (EGPL) and Kapadia Textiles (KT), collectively
referred to as the Kohinoor group, as these entities are engaged in
similar line of business and have operational linkages.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Konnecting
India (KI) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             12        CRISIL D (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 D Issuer Not Cooperating'.

KI, based in Mumbai and established in 2008 by Mr. Anmol Samat and
his mother Ms. Sapna Samat, trades in technical textile fabrics.


KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kritika
Enterprises (KRE) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

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

KRE, based in Jamshedpur (Jharkhand), trades in iron and steel
products such as iron rod ingots, pig iron, sponge iron, polled
iron, sulphur, hot-rolled coils, and cold-rolled coils. Mr.
Amarnath Singh, Mr. Uday Sankar Prasad, Mr. Suresh Kumar Sharma,
and Mrs. Rita Gupta are partners in the firm and manage its
operations.


L R N FINANCE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities and debt
instruments of L R N Finance Limited (LRN Finance) Finance continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       10         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Non Convertible        30         CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)

   Non Convertible        30         CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)


   Non Convertible        25         CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)

CRISIL Ratings has followed up with LRN Finance for obtaining
information through letter and email dated June 26, 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

On September 4, 2017, CRISIL had assigned 'CRISIL D' rating based
on an email communication received from the debenture trustee
stating that debenture holders had not received the redemption
amount, indicating delay in debt servicing by the issuer. The
company has remained closed since Sep 2017 and all the debt
obligations till August 2021 have remained unpaid as per email
communication received from debenture trustee. Despite repeated
attempts to engage with the management, CRISIL Ratings failed to
receive any information on either the updated business or financial
performance or track record of debt servicing of LRN Finance, which
restricts CRISIL Ratings' ability to take a forward-looking view on
the entity's credit quality. CRISIL believes information available
on LRN Finance is consistent with the 'Assessing Information
adequacy risk'.

Based on the last available information and no updated information
that debt is now being serviced, the ratings on the bank facilities
and debt instruments of LRN Finance continues to be 'CRISIL D
Issuer Not Cooperating'.

LRN Finance was registered as a non-banking financial company. The
Reserve Bank of India cancelled the certificate of registration of
LRN Finance via an order dated September 27, 2016 prohibiting the
company to transact the business of a non-banking financial
institution, as defined in clause (a) of Section 45-IA of the RBI
Act, 1934. Adequate information about the company is also not
available in public domain as the company has last filed returns
with the Ministry of Corporate Affairs (MCA) on October 13, 2014.


ND'S ART WORLD: NCLT Allows Insolvency Proceedings Against Firm
---------------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT) Mumbai recently had allowed an application filed by
Edelweiss Asset Reconstruction Company Limited and initiated
corporate insolvency proceedings against well known art director
Nitin Desai's ND's Art World Pvt Ltd over a debt of INR252 crore.

Edelweiss had filed the company petition last year to initiate
Corporate Insolvency Resolution Process against the Corporate
Debtor for unresolved financial debt of INR252 crore, TOI recalls.
"The Financial Creditor has successfully proved the existence of
"debt" and "default" through the record of default issued by the
NESL (National E-Governance Services Ltd) apart from other security
documents and loan documents," said NCLT in its July 25 order
passed by H V Subba Rao, Member (Judicial) and Anu Singh, member
(Technical).

According to TOI, Edelweiss said the dues were over INR200 crore
under a First Loan Agreement and almost INR49 crore under the
Second Loan Agreement. The company petition was originally filed by
CFM Asset Reconstruction pvt ltd as a financial creditor under the
Insolvency and Bankruptcy Code and during its pendency the debt was
reassigned to Edelweiss Asset Reconstruction Company.

ND's Art World incorporated in December 2002 had been engaged in
the business of organizing and maintaining operating replicas of
historical monuments and providing facilities and services related
to hotels, theme restaurants, shopping malls and recreation
centres, the NCLT order noted, TOI relays.

In 2016 it sought a loan of INR150 crore from a finance company and
along with loan agreement "various security documents securing the
loan were also executed by the Corporate Debtor, Nitin Chandrakant
Desai and Naina Nitin Desai and KND Investments and Finance Private
Limited." It later availed a second loan of INR31 crore, making the
debt INR181 crore, according to TOI.

Opposing the company petition, ND's Art World said it had obtained
the loan from ECL Finance Ltd and questioned the rights of
Edelweiss as the ‘Financial Creditors' to invoke insolvency law
to recover the alleged outstanding dues from it based on a claim of
having been assigned the debt in 2020, TOI relates.

The NCLT appointed Jitender Kothari as insolvency interim
resolution professional and prohibited the institution of suits or
continuation of pending suits or proceedings against the corporate
debtor (ND's Art World) including transferring or selling by
Desai's company, thus setting into motion, a moratorium till
competition of corporate insolvency process, TOI discloses.


ORBIT AYAS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Orbit Ayas Private Limited
404, 4th Floor, Ashirwad Premises
        Co-Operative Soc. Ltd.
        64/E Ahmedabad Street, Carnac Bunder
        Mumbai MH 400009

Insolvency Commencement Date: June 22, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Sanjay Kathane
       Plot No. 73, Venuvan Housing Colony,
              Near Friends Colony,
              Katol Road, Nagpur-440013,
              Email: sanjaykathane@yahoo.com
              Email: orbitayas.cirp@gmail.com

Last date for
submission of claims: July 17, 2023


PARAGON APPAREL: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Paragon Apparel Private Limited (PAPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit          4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PAPL for
obtaining information through letter and email dated June 19, 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 PAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PAPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

PAPL, incorporated in 1995, manufactures readymade garments such as
T-shirts, tops, shorts, and track pants for men, women, and
children. The company has capacity to manufacture 700,000 pieces
per month. Mr Roshan Baid and family are the promoters.


PAVITHRA CONSTRUCTIONS: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sri Pavithra Constructions
(SPC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating.  Consequently, CRISIL Ratings has downgraded its ratings on
the bank facilities of SPC to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating      -           CRISIL D (Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating     -           CRISIL D (Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

The downgrade is on account of delay in servicing term debt in
March 2023 owing to weak liquidity. Liquidity was impacted by
delays in realisation of receivables from counterparties.

The ratings reflect the firm's weak liquidity on account of
irregularity in its account conduct and modest scale of operations.
These weaknesses are partially offset by the extensive experience
of the promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Irregularity in servicing term debt: There was a delay in meeting
debt obligation in March 2023 on account of weak liquidity and
insufficient cash flow. The same was regularised in five days.

* Modest scale of operations: The firm witnessed growth in topline
to INR59 crore in fiscal 2023. However, despite the improvement,
the revenue was modest. The firm has orders worth more than INR150
crore to be executed in fiscal 2024, which provide revenue
visibility. Sustenance of improvement in revenue amid prudent
working capital management will be closely monitored.

Strength:

* Extensive experience of the promoters: The promoters have
experience of over 1.5 decades in the civil construction industry.
This has given them an understanding of market dynamics and helped
to establish relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilisation was high at 80% on average for the 12 months
through June 2023. Cash accrual, expected at INR2-2.5 crore per
annum, will sufficiently cover yearly term debt obligation of
INR0.70 crore over the medium term.

Rating Sensitivity Factors

Upward factors:

* Timely repayment of debt obligation for at least 90 days
* Growth in revenue by 20% and sustenance of operating margin
leading to higher cash accrual.

Based in Kadapa, Andhra Pradesh, SPC is a partnership firm of Mr
Pitchi Reddy and Mr Praveen Reddy. The firm undertakes construction
and repair works for Indian Railways, which include gauge
conversion works, repairs to bridges and platforms, building
subways in lieu of unmanned level crossings and construction of
staff quarters.


PC JEWELLER: NCLT Seeks Reply From Firm Over SBI's Insolvency Plea
------------------------------------------------------------------
RepublicWorld.com reports that The National Company Law Tribunal
(NCLT) on August 2 sought response from PC Jeweller in connection
with an insolvency plea filed against it by the State Bank of India
(SBI). The case is expected to come up for hearing on August 21.

The country's largest lender had moved an insolvency plea against
PC Jeweller Limited at NCLT and the plea was taken up by the
tribunal on July 26, the report says. A notice was issued and the
case was listed for August 2, 2023. As PC Jeweller sought time to
file a response, the NCLT has accordingly deferred the hearing of
the case.

In February 2023, when banks decided to recall loans advanced to PC
Jeweller, it was revealed that the company had defaulted on loans
worth INR3,466 crore from banks and financial institutions, the
report discloses. A loan recall is a process where the source
lender requests the return of the amount advanced to the recipient
or borrower.

A loan recall notice is a type of formal communication between the
lender and the borrower where the former is requesting an immediate
repayment of the outstanding loan balance, often before the
agreed-upon maturity date. A loan repayment notice is typically
triggered by specific circumstances, such as a breach of loan
covenants, a significant change in the borrower's financial
situation, or a violation of the terms of the loan agreement.

Simply put, when lenders see problems in a borrower's financial
situation, they may decide to recall loans.

As per the annual report filed by PC Jeweller for fiscal 2021-22,
the company had borrowed money from 14 banks, including SBI, Indian
Bank, Union Bank and Punjab National Bank, the report says.

In the annual report, the company said it owed the banks INR3,278
crore, which included the interest and the base amount. As per the
filing, PC Jewellers has an outsanding debt of INR1,060 crore with
the SBI, INR530 crore with Union Bank of India, INR478 crore with
Punjab National Bank, and INR266 crore with Indian Bank.

RepublicWorld.com says the company has also found itself in trouble
with the Securities Exchange Board of India (SEBI) over insider
trading allegations. On February 2 this year, SEBI had sought a
clarification from PC Jeweller on its price movement in the market,
after the company's shares fell from INR48 at the start of the
trading session to INR43.50 at the end of the session.

Established in 2005, Delhi-based PCJ manufactures, retails, and
exports jewellery. The product range includes gold, diamond, and
other jewellery and silver articles. The company is promoter by Mr.
Balram Garg and family. PCJ is listed on Bombay Stock Exchange
(BSE) and National Stock Exchange (NSE).

The company has four subsidiaries: PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Jeweller DMCC (incorporated in Dubai).


PRACHIN FOUNDATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prachin
Foundation (Prachin) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.09       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.91       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Prachin, based in Hyderabad (Telangana), was established by Mr. G
Satyanarayana in June 2009. The society has a franchisee agreement
with GIFL, Singapore, to manage the Global Indian International
School. The school offers education from pre-school to high school
level. Its operations are managed by Mr. A Venkateswara Rao.


RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radha Rukmani
Spinners Private Limited (RRSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2007, RRSPL trades in yarn and textiles. The
company, based in Mumbai, is promoted by Mr. Pradeep Kumar Goyal.


RAM COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Cotex (SRC) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              2.75       CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2015 as a partnership firm, SRC gins and presses
cotton at its facility in Wardha (Maharashtra). Its day to day
operations are looked after by Mr. Sanjay Goyal and Mr Dilip
Goyal.


RAO EDUSOLUTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rao Edusolutions Private Limited
A-113, First Floor, "Boomerang",
        Chandivali Farm Road,
        Andheri (East), MUMBAI – 400 072

Insolvency Commencement Date: July 7, 2023

Estimated date of closure of
insolvency resolution process: January 3, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Viral Vora
       3, Shanti Kunj, Lajpatrai Road,
              Vile Parle (West), Mumbai – 400056.
              Email: ipviral.vora@gmail.com

              301-302, Poonam Pearl,
              Opp. New India Assurance Colony,
              Juhu Lane, Andheri West, Mumbai – 400 058
              Email: cirp.raoedusolutions@gmail.com

Last date for  
submission of claims: July 21, 2023


RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rythu Mitra
Fertilizers Private Limited (RMF) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.75        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.25        CRISIL D (Issuer Not
                                     Cooperating)

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

RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.


SANDHYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sandhya
Poultry Farm (SPF) continue to be 'CRISIL D Issuer Not
Cooperating'.
                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        12          CRISIL D (Issuer Not
                                     Cooperating)

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

Registered in 1997, SPF is a family-run poultry farm in Telangana.
It is managed by members of the Narsi family and was started by Mr
A Narsimulu. The firm has a poultry farm with a capacity of 4 lakh
chickens.


SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saomya Fortune
Infra Ventures (SFIV) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               15        CRISIL D (Issuer Not
                                     Cooperating)

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

SFIV is a partnership firm between Leofortune Infrabuildcon Pvt.
Ltd and Saomya Infra Pvt. Ltd. The firm is undertaking development
of a residential complex, 'Fortune Belleza' in Panvel, Navi
Mumbai.



SARASWATI DYNAMICS: CRISIL Withdraws B+ Rating on INR3.5cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Saraswati Dynamics Private Limited (SDPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.5        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Buyer Credit Limit     1.5        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            3.5        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Overdraft Facility     2.0        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SDPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 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 SDPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
continued the ratings on the bank facilities of SDPL to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

SDPL, established in 1989 by Mr. S P Gupta, manufactures electro
dynamic vibration testing systems and environmental chambers. The
company is currently managed by Mr. Mukesh Goel and Mr. Arjun Goel.
Its headquarters and manufacturing plant are in Roorkee
(Uttarakhand), spread over 22,000 square meters.


STA-CO NUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sta-co Nutra
Products Private Limited (SNPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5.4        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2013 by Mr Shivaji Sankpal and Ms Rohini Satkar,
SNPPL is setting up a unit in Ranjangaon, Pune, to manufacture
allopathic and ayurvedic lozenges and oncology active
pharmaceutical ingredients.


STARCARE HOSPITAL: CRISIL Reaffirms B- Rating on INR14cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank loan facilities of Starcare Hospital Kozhikode
Pvt Ltd (SHKPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)

   Overdraft Facility     4.3       CRISIL B-/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       9.6       CRISIL B-/Stable (Reaffirmed)

   Term Loan             14         CRISIL B-/Stable (Reaffirmed)

   Term Loan              4         CRISIL B-/Stable (Reaffirmed)

   Term Loan              1.1       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
below-average financial risk profile and exposure to geographic
concentration risk. These rating weaknesses are partially offset by
the extensive experience of the promoters in the healthcare
industry and their funding support.

Analytical Approach

Unsecured loans extended by the promoters (around INR17 crore as on
March 31, 2023) have been treated as neither debt nor equity as the
funds are likely to remain in business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenues are estimated to be INR55-60
crore for fiscal 2023. SHKPL's business profile is constrained by
its scale of operations due to small scale and low occupancy.
Modest scale will continue to limit operating flexibility.

* Susceptibility to geographic concentration risk: With presence
restricted to Kozhikode in Kerala, the hospital caters to a limited
customer base.  The company thus remains exposed to single market
dynamics and increased competition from large regional players and
hospitals set up by nationwide chains in the nearby regions.

* Below-average financial risk profile: Due to losses incurred in
previous fiscal years has resulted in erosion of networth. This has
impacted the overall capital structure highlighted by expected
gearing and total outside liabilities to adjusted net worth
(TOLANW) of -1.15-1.20 times and – 2 to -2.5 times as on March
31,2023. Though the financial risk profile is expected to improve
over the medium term, with improvement in operating profitability,
it should continue to remain subdued.

Strengths:

* Extensive experience of promoters: SHKPL is part of the Starcare
Group, promoted by Dr Sadik Kodakat, an anesthesiologist and
healthcare entrepreneur, based out of Dubai. The promoters have
infused need-based funds to ensure timely serving of debt. SHKPL
will continue to benefit from its experienced management team and
need based funding support from promoters.

* Funding support from the promoters: Steady fund funding support
via equity, preference shares and unsecured loans provided by the
promoters, will help the company cover losses, if any and service
term debt in a timely manner.

Liquidity: Poor

Liquidity is poor, marked by tightly matched accrual INR4.5-6 crore
expected in fiscals 2024 and 2025, against term debt of INR8-8.5
crore over the medium term. Any cash flow mismatch will be met via
funding support from the promoters. Fund-based limit of INR4.30
crore has been almost fully utilised over the 12 months ended April
30, 2023.

Outlook: Stable

CRISIL Ratings believes SHKPL will continue to benefit from the
extensive experience of its promoters in the healthcare industry

Rating Sensitivity factors

Upward factors:

* Sustained growth in revenue and a stable operating margin,
leading to cash accrual higher than Rs. 9 crores
* Improvement in the financial risk profile, and liquidity profile

Downward factors:

* Decline in revenue and profitability resulting in cash accrual of
less than INR2 crore
* Further stretch in liquidity causing delay in debt servicing

Incorporated in 2015, SHKPL is part of the Starcare UK group, a
well-known healthcare provider in Oman, promoted by Dr Sadik
Kodakat and other family members. The company operates a 290-bed
multi-speciality hospital in Kozhikode, Kerala.


SWADISHT OILS: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swadisht Oils
Private Limited (SOPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

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

   Cash Credit             5         CRISIL C (Issuer Not
                                     Cooperating)

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

On February 22, 2016, Mr Tilak Raj Sharma (and family; referred to
as the TRS group) bought out the stake of Mr Dinesh Arora (and his
family; referred to as the DA group) and took full control from
them. Commercial operations were restarted from December 2016.
Swadisht undertakes solvent extraction of varieties of edible and
nonedible oil seeds such as soy and mustard with the capacity of
300 tonne per day (tpd) at Rania, Kanpur. Beside this, the company
has an oil refining unit with refining capacity of 100 tpd.


TULSI ROCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tulsi Rocks
Private Limited (TRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan        15          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2013 and promoted by Mr. Prabhat Bhandari and his
family, TRPL is engaged in granite processing in Hyderabad
(Telangana).


VINAY WIRE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Vinay Wire and Poly Products Private Limited
16/40 Civil Lines, Kanpur,
        Uttar Pradesh, 208001

Insolvency Commencement Date: July 6, 2023

Estimated date of closure of
insolvency resolution process: January 2, 2024 (180 Days)

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Avneesh Srivastava
       310, 3rd Floor, Plaza Kalpana,
              Birhana Road, Kanpur Nagar,
              Uttar Pradesh, 208001
              Email: caavneesh11@gmail.com

              206-207, 2nd Floor, Gopala Chambers,
              Parade, Kanpur-208001
              Email: cirp.vwknp@gmail.com

Last date for  
submission of claims: July 25, 2023


VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vintegrate
Technology Private Limited (VTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5.7        CRISIL D (Issuer Not
                                     Cooperating)

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

Vintegrate is constructing a commercial property in Panchkula,
Chandigarh. The property is expected to have lease space of around
1 lakh sq. ft and is expected to be completed in 2018.


VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnushiva
Infrastructures (VI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter Of Guarantee     0.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

VI, incorporated in March 2008, is a partnership firm, promoted by
Mr. B S Rana and family members and engaged in mining of coal.


WILSON GREEN: CRISIL Lowers Rating on LT/ST Debts to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Wilson Green Industries Private Limited (WGIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

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

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

The rating downgrade is driven by delays in meeting debt obligation
by the company on account of weak liquidity.

The ratings reflect the modest scale of operations of the company
and its large working capital requirement. These weaknesses are
partially offset by the extensive experience of the promoters in
the printing industry

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition constrains
scalability, as reflected in modest revenue of INR38.65 crore in
fiscal 2022. The business risk profile will remain constrained by
the modest scale of operations over the medium term.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 244 days as on March 31, 2022, driven by
receivables and inventory of 152 days and 82 days respectively. The
working capital cycle was partly supported by payables of 103 days.
GCAs are estimated at 300 days as on March 31, 2023. The working
capital requirements will remain large over the medium term.

Strengths:

* Extensive experience of the promoters, and established
relationships with customers and suppliers: The promoters have
experience of more than four decades in the printing industry.
Their expertise and strong relationships with customers and
suppliers will continue to support the business.

Liquidity: Poor

Expected cash accrual of around INR3.00 crore per annum is tightly
matched to cover yearly term debt obligation of around INR2.5
crores over the medium term along with bank limit utilisation was
95% on average for the five months through June 2023.

The company derives fixed rental income from leased property in
Changodar, Gujarat; timely receipt of rental income will be a key
monitorable

Rating Sensitivity Factors

Upward factors

* Timely servicing of debt obligation for at least 90 days
* Improvement in the business risk profile augmenting liquidity

Incorporated in 1995, WGIPL is promoted by the Ahmedabad-based Mr
Gunvantrail Dave and his family members. The company provides
printing services. Its printing press is in Sanand.




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

EPIC BREWING: Creditors' Proofs of Debt Due on Aug. 30
------------------------------------------------------
Creditors of Epic Brewing Company Limited are required to file
their proofs of debt by Aug. 30, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 25, 2023.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


MO'S HOME: Court to Hear Wind-Up Petition on Aug. 10
----------------------------------------------------
A petition to wind up the operations of Mo's Home Improvement
Limited will be heard before the High Court at Whanganui on Aug.
10, 2023, at 9:30 a.m.

The Carters Building Supplies Limited filed the petition against
the company on June 30, 2023.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          KPMG Building, Level 7
          85 Alexandra Street
          Hamilton 3240


PARKERS BEVERAGE: Heath Gair Appointed as Administrator
-------------------------------------------------------
Heath Gair of Palliser Insolvency on July 28, 2023, was appointed
as administrator of Parkers Beverage Company Limited and
Bootleggers Bottling Company Limited.

The administrator may be reached at:

          Palliser Insolvency Limited
          Level 2, 40 Lady Elizabeth Lane
          Wellington


PUTNEY ROOFING: Creditors' Proofs of Debt Due on Aug. 25
--------------------------------------------------------
Creditors of Putney Roofing Limited are required to file their
proofs of debt by Aug. 25, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 27, 2023.

The company's liquidators are:

          Craig William Melhuish
          Christine Jane Johnston
          Nexia New Zealand
          Level 4, 123 Victoria Street
          PO Box 4160
          Christchurch 8140


VEHICLE COMPLIANCE: Court to Hear Wind-Up Petition on Aug. 24
-------------------------------------------------------------
A petition to wind up the operations of Vehicle Compliance Doctor
Limited will be heard before the High Court at Auckland on Aug. 24,
2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 31, 2023.

The Petitioner's solicitor is:

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




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

CARITAS HEALTH: IC Placed HMO Under Receivership
------------------------------------------------
The Insurance Commission (IC) has placed Caritas Health Shield,
Inc., under Receivershp pursuant to Section 4(i) of Executive Order
No. 192 series of 2015 effective Aug. 1, 2023.  The Commission said
the company may still submit a proposal for rehabilitation within
ninety (90) calendar days from the appointment of interim
ex-officio Receiver of the company, otherwise CHSI will be placed
under liquidation.

In line with this, Atty. Jay A. Ramirez, Attorney I of
Conservatorship, Receivership and Liquidation (CRL) Division of the
Insurance Commission is designated as Interim Ex-officio Receiver
of CHSI.

Moreover, the Commission issued a revised Notice of Stay Order
effective Aug. 1, 2023, against CHSI in order to consolidate,
preserve and protect the assets of CHSI for the benefit of the
members and creditors while undergoing receivership proceedings.

Concerned members, creditors, and interested parties are advised to
address their claims and concerns to the Interim Ex-officio
Reciver, Atty. Jay A. Ramirez at CRL Division of the Insurance
Commission at 1071 United Nations Avenue, Manila with email address
crl@insurance.gov.ph or the Office of the Receiver at Caritas
Corporate Center, 97 E. Rodriguez Sr. Avenue, Quezon City.




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

ATHOS INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Athos Investments Pte Ltd, on July 25, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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


MOLA MOLA: Court to Hear Wind-Up Petition on Aug. 18
----------------------------------------------------
A petition to wind up the operations of Mola Mola Aquatic Pte Ltd
will be heard before the High Court of Singapore on Aug. 18, 2023,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on July 25, 2023.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


RG CAMGEN: Creditors' Proofs of Debt Due on Sept. 1
---------------------------------------------------
Creditors of RG Camgen Pte. Ltd. are required to file their proofs
of debt by Sept. 1, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 28, 2023.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


SHENTON CHARITABLE: Creditors' Proofs of Debt Due on Sept. 2
------------------------------------------------------------
Creditors of Shenton Charitable Company Limited are required to
file their proofs of debt by Sept. 2, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2023.

The company's liquidator is:

          Mr. Lim Yeong Seng
          13A Mackenzie Road
          Singapore 228676


THREE ARROWS: Davies Challenges Jurisdiction of Bankruptcy Court
----------------------------------------------------------------
Cryptopolitan.com reports that in an intriguing twist to the
ongoing legal proceedings surrounding the collapsed crypto hedge
fund, Three Arrows Capital (3AC), co-founder Kyle Davies has filed
documentation with the U.S. Bankruptcy Court, asserting that he is
a full citizen of Singapore and not the United States. The move
comes as Mr. Davies seeks to distance himself from the jurisdiction
of U.S. courts.

Cryptopolitan.com relates that Mr. Davies' filing, submitted on
August 1, contained notarized and Apostilled copies of the form he
submitted for the renunciation of his U.S. citizenship on December
15, 2020. According to the documentation, he was granted
Singaporean citizenship in January 2021, and he is now contending
that he is no longer subject to the authority of U.S. courts,
Cryptopolitan.com relays. The court documents reveal that Mr.
Davies decided to renounce his U.S. citizenship after getting
married to a Singaporean national in 2017. He subsequently obtained
permanent residency status in the country and now has two children
there.

Singapore's policy against dual nationality compelled him to
relinquish his U.S. citizenship, the report notes. This legal
maneuver by Mr. Davies follows a subpoena issued at the behest of
3AC's liquidators, who are seeking to gather information about the
fund's collapse, according to the report. Mr. Davies, along with
his co-founder Su Zhu, had been subpoenaed through Twitter (now
known as X) in January, as their whereabouts were unknown. However,
Mr. Davies chose to ignore the order, and this action has led to
arguments about whether he should be held in contempt of court.

Cryptopolitan.com says Mr. Davies' legal team argues that he cannot
be validly served with the legal process as a non-party in the
case, citing his lack of U.S. citizenship since well before the
case commenced. They contend that since he is not a U.S. citizen,
the court does not possess personal jurisdiction over him, leading
them to call for the Service Order and Compel Order to be vacated.
The controversy surrounding the whereabouts of both Mr. Davies and
Zhu has captivated the cryptocurrency community ever since 3AC's
bankruptcy filing in July 2022. Lawyers representing Mr. Davies
have appeared before the bankruptcy court on his behalf.

According to Cryptopolitan.com, the revelation of Mr. Davies'
Singaporean citizenship has the potential to complicate the legal
proceedings further. At the heart of the matter lies the pursuit of
recovering approximately $1.3 billion in funds from Mr. Davies and
Zhu, with reports indicating that 3AC owes creditors a staggering
$3.5 billion. The situation has sparked intense online discussions,
particularly among crypto users directly affected by the market
crash, the report says.

Notably, in the wake of the turmoil surrounding 3AC's collapse, Mr.
Davies and Zhu introduced a platform named Open Exchange. This
platform facilitates the trading of claims against bankrupt
cryptocurrency firms, aiming to address the aftermath of such
financial crises. Additionally, pieces from a nonfungible token
collection that was once owned by the 3AC founders have been
auctioned by Sotheby's.

According to the report, the upcoming hearing on August 8 will
provide a platform for the bankruptcy court to delve into the
intricate details of Mr. Davies' citizenship status and its
potential implications on the legal proceedings. As stakeholders
eagerly await the court's decision, the case continues to highlight
the complexities and challenges that can arise in the realm of
cryptocurrency, particularly within the context of legal battles
and financial crises.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***