/raid1/www/Hosts/bankrupt/TCRAP_Public/231102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 2, 2023, Vol. 26, No. 220
Headlines
A U S T R A L I A
ASHDOWN INVESTMENTS: First Creditors' Meeting Set for Nov. 6
IMMEDIATION PTY: First Creditors' Meeting Set for Nov. 8
JGC INVESTMENT: Second Creditors' Meeting Set for Nov. 8
NVN ENTERPRISES: Second Creditors' Meeting Set for Nov. 6
PERENTI LIMITED: Moody's Alters Outlook on 'Ba2' CFR to Positive
UNITED POP: First Creditors' Meeting Set for Nov. 6
C H I N A
CHINA EVERGRANDE: Offers Creditors Get 30% Equity Stake in Units
CHINA: Fin'l. Institutions Borrow at 50% Rate as Liquidity Squeezed
ORIGIN AGRITECH: Receives Non-Compliance Notice from Nasdaq
I N D I A
ADISHAKTI ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
ANANDALOK HOSPITAL: ICRA Keeps D Debt Ratings in Not Cooperating
ANI TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Remains Stable
ANSAL PROPERTIES: NCLT Admits Insolvency Plea Against Unit
ARAMBHAN HOSPITALITY: ICRA Keeps D Ratings in Not Cooperating
AUTO CREATES: Insolvency Resolution Process Case Summary
C BHANSALI DEVELOPERS: Insolvency Resolution Process Case Summary
CBC FASHIONS (ASIA): Insolvency Resolution Process Case Summary
CONVERTERTEC ENERGY: Voluntary Liquidation Process Case Summary
DDMS SIMULATIONS: Voluntary Liquidation Process Case Summary
DURGA AUTOMOTIVES: ICRA Keeps D Debt Rating in Not Cooperating
EBC BEARINGS: Liquidation Process Case Summary
EMERALD PERFORMANCE: Insolvency Resolution Process Case Summary
FLY EXPRESS: Insolvency Resolution Process Case Summary
INDRAPRASTHA STOCKS: Voluntary Liquidation Process Case Summary
INTERNATIONAL TRENCHING: Liquidation Process Case Summary
JASHANK IMPEX: Liquidation Process Case Summary
KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
KRSNA HOME: Insolvency Resolution Process Case Summary
LOK ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
MISTRY ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
MUMBAI METRO: IDBI Bank Files Insolvency Plea Against Operator
NORDIC WIRELESS: Voluntary Liquidation Process Case Summary
OME SREE: ICRA Keeps C Debt Ratings in Not Cooperating Category
PANSY CONSTRUCTIONS Insolvency Resolution Process Case Summary
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SANJAY RICE: ICRA Keeps D Ratings in Not Cooperating Category
SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category
SONARCH INTERNATIONAL: Liquidation Process Case Summary
SRI VISHNU: Liquidation Process Case Summary
SYSTOPIA INDIA: Liquidation Process Case Summary
TRISTAR INTERCONTINENTAL: ICRA Keeps D Ratings in Not Cooperating
U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
V.I.R FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
VIDHANT REALTY: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
ATKIN APARTMENTS: Baker Tilly Appointed as Receivers
AVETAR PROPERTIES: Court to Hear Wind-Up Petition on Nov. 9
CONTAINER CARRIERS: Creditors' Proofs of Debt Due on Dec. 1
FIVE8 SCAFFOLDING: Court to Hear Wind-Up Petition on Nov. 17
PAGEPACK GENERAL: BDO Auckland Appointed as Liquidators
SUPLIE LTD: Donor Provides Funding to Cover Workers' Wages
P A K I S T A N
PAKISTAN: Inflation Slows in October Amid Elevated Rates
S I N G A P O R E
EYOS SINGAPORE: Commences Wind-Up Proceedings
FUN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 30
GARYS PTE: Commences Wind-Up Proceedings
GNN CONTRACTOR: Court to Hear Wind-Up Petition on Nov. 17
GOOD LINK: Court to Hear Wind-Up Petition on Nov. 10
S R I L A N K A
SRILANKAN AIRLINES: Sri Lanka Seeks Bids in Divestment of Carrier
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A U S T R A L I A
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ASHDOWN INVESTMENTS: First Creditors' Meeting Set for Nov. 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ashdown
Investments Pty Limited will be held on Nov. 6, 2023, at 3:00 p.m.
via virtual meeting only.
Cameron Gray of DW Advisory was appointed as administrator of the
company on Oct. 25, 2023.
IMMEDIATION PTY: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Immediation
Pty Ltd, Immediation Platform Pty Ltd and Disputech IP Holdco Pty
Ltd will be held on Nov. 8, 2023, at 12:00 p.m. via online facility
only.
Joanne Emily Dunn and David Peter McGrath of FTI Consulting were
appointed as administrators of the company on Oct. 26, 2023.
JGC INVESTMENT: Second Creditors' Meeting Set for Nov. 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of JGC Investment
Holdings Pty Ltd has been set for Nov. 8, 2023 at 11:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 7, 2023 at 4:30 p.m.
Daniel Obrien and Danny Vrkic of DV Recovery Management were
appointed as administrators of the company on Oct. 5, 2023.
NVN ENTERPRISES: Second Creditors' Meeting Set for Nov. 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of NVN Enterprises
Pty Ltd has been set for Nov. 6, 2023 at 10:00 a.m. via virtual
meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2023 at 4:00 p.m.
Gaurav Mishra of Nest Advisory Group was appointed as administrator
of the company on Oct. 2, 2023.
PERENTI LIMITED: Moody's Alters Outlook on 'Ba2' CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Perenti Limited ("Perenti") and changed the outlook to
positive from stable. At the same time, Moody's has also affirmed
the Ba2 senior unsecured rating of Perenti Finance Pty Limited, and
changed the outlook to positive from stable.
RATINGS RATIONALE
The change in outlook to positive from stable reflects Perenti's
enhanced business and credit profile following its acquisition of
DDH1 Limited (unrated, "the acquisition" or "DDH1") on October 6,
2023.
Moody's projects Perenti's annualized revenues from the combined
businesses will increase to around AUD3.3 billion - AUD3.6 billion
from AUD2.9 billion in the fiscal year ended June 30, 2023 (FY
2023). Moody's estimates Perenti's adjusted EBITDA will also
increase to around AUD620 million - AUD690 million, from Perenti's
standalone EBITDA of AUD509 million in FY2023.
Perenti has been working to reweight its operations towards lower
risk jurisdictions, which Moody's views to be credit positive. The
acquisition of DDH1 will further reduce Perenti's exposure to
countries with higher sovereign risks and less developed
institutional environments. Based on FY2023 pro forma revenues,
Perenti's exposure to higher risk jurisdictions decreased to 32% of
FY2023 pro forma revenues, compared with 54% in FY2020.
The rating affirmation reflects Perenti's solid market position in
the global mining services industry, with a diversified range of
counterparties and strong capabilities in the attractive
underground mining segment. Perenti has a solid operating track
record of contract wins and retention rates, which illustrates its
technical capabilities and ability to execute the services it
provides. Perenti also benefits from its incumbent position at its
existing mine sites, as well as the logistical challenges posed to
mine owners if they want to change contractors.
Perenti's ratings are balanced by the cyclical nature of the mining
services sector and Moody's expectation that competition will
remain strong over the next 12-18 months.
However, Perenti's FY2023 pro forma commodity exposure is
diversified, with 59% of revenues from gold, which Moody's
considers to be a safe haven asset that is immune from mining cycle
volatility. Perenti also derived 24% of revenues from copper and
nickel. The acquisition of DDH1 provides Perenti with greater
commodity diversification and adds exposure to commodities that
Moody's expects will benefit from longer term decarbonization
trends.
Perenti has conservative financial policies with a publicly
articulated net leverage target of below 1.0x (as measured by net
debt/underlying EBITDA).
LIQUIDITY
Perenti has good liquidity. As of June 30, 2023, the company held
AUD307 million of cash and AUD300 million of undrawn revolving
credit facilities. Moody's expects these sources of liquidity,
combined with cash flow from operations, will be sufficient to
cover the company's capital spending and potential dividends
payouts over the next 12 months.
In June 2022, Perenti secured a new AUD420 million syndicated debt
facility, which it used to refinance the existing AUD400 million
facilities maturing in July 2023. The new facility comprises
different tranches that have maturity dates of 2 to 5 years.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if the company continues to
improve its operating performance and credit profile, including:
(1) continued reduction in exposure to higher risk mining
jurisdictions, (2) successful integration of the DDH1 business and
(3) maintaining compliance with its current stated financial
policies.
An upgrade would also depend on Perenti maintaining a track record
of strong cash flow generation and improved earnings, such that
adjusted debt/EBITDA is sustained below 1.5x over the next 12-18
months.
Given the positive outlook, a rating downgrade is unlikely over the
next 12-18 months. However, Perenti's ratings could come under
downward pressure if the company fails to renew material contracts
or win new contracts, or if operating conditions deteriorate
significantly, despite Moody's expectations of stable conditions,
and if adjusted debt/EBITDA exceeds 2.5x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Perenti was established in 1987 as a drill and blast company in the
Australian mining services sector and has expanded to becoming a
provider of contract mining, drilling services, mining services and
technology solutions. Headquartered in Perth and with offices and
operations across four continents, Perenti employs more than 11,000
people across Australia, Africa, North America, and Europe.
UNITED POP: First Creditors' Meeting Set for Nov. 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of United Pop
Australia Pty Ltd will be held on Nov. 6, 2023, at 10:30 a.m. via
electronic means.
Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on Oct. 25, 2023.
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C H I N A
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CHINA EVERGRANDE: Offers Creditors Get 30% Equity Stake in Units
----------------------------------------------------------------
Reuters reports that China Evergrande has proposed a new debt
restructuring plan for offshore bondholders, offering to swap their
debts into about a 30% equity stake in each of the developer's two
Hong Kong-listed subsidiaries, according to two sources familiar
with the matter.
According to Reuters, the property firm's offshore bondholders
holding about $19 billion of debt are likely to take a major
haircut on their investments if they agree to the new terms, said
the two sources who declined to be named because they were not
authorised to speak with media.
The property developer's dollar bonds last traded at about 2.25
cents on the dollar on Oct. 31, according to LSEG data, as
bondholders weigh the possible recoveries in the revised
restructuring plan against other options like a winding up.
A lawyer representing an ad hoc group of key bondholders told a
Hong Kong court on Oct. 30 the restructuring plan could have a
higher recovery rate for creditors than a liquidation scenario of
less than 3%.
Reuters relates that creditors would be given existing shares of
the two units, the first source said, in a deal that would need to
be approved by Chinese regulators.
According to Reuters, the new plan was raised with some bondholders
about two weeks ago, the first source added, after Evergrande's
original debt restructuring plan was thrown off course when its
billionaire founder Hui Ka Yan was in late September confirmed to
be under investigation for suspected criminal activities.
Evergrande was also banned from issuing new dollar bonds, a key
part of its original restructuring plan, while its flagship
mainland unit was being investigated by regulators, Reuters
states.
Reuters adds that the second source said the new plan was driven by
a work committee under the southern Guangdong provincial government
that has been overseeing Evegrande's restructuring since late 2021,
after the developer defaulted on its debts.
The renewed proposal will be key to Evergrande's survival as the
company was on Oct. 30 ordered by a Hong Kong court to form a
concrete debt restructuring plan before a liquidation hearing on
Dec. 4, which will decide whether it should be wound up, Reuters
notes.
Reuters says Evergrande's original plan, which was backed by the ad
hoc group of bondholders before it was thrown off course, offered
options including equity-linked instruments backed by the parent
Evergrande and the two Hong Kong-listed subsidiaries.
Creditors were allowed to either swap all of their holdings into
new notes with maturities of 10 to 12 years, or convert them into
different combinations of new notes with tenors of five to nine
years and equity-linked instruments, with no direct haircut.
The biggest challenge ahead for Evergrande will be convincing its
creditors and shareholders in the two Hong Kong-listed units that
the new proposal is worthwhile, industry experts said, Reuters
relays.
A key group of creditors, categorized as Class C by Evergrande,
including private lenders, some Chinese banks and pre-IPO investors
had opposed the old plan and demanded better terms before it
collapsed.
The ad hoc group of bondholders is unhappy about the revised terms
offering equity in the Hong Kong-listed subsidiaries, according to
sources, adds Reuters.
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.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.
CHINA: Fin'l. Institutions Borrow at 50% Rate as Liquidity Squeezed
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Reuters reports that overnight borrowing costs for some Chinese
financial institutions jumped to as high as 50% on Oct. 31, as a
month-end scramble for cash squeezed liquidity and stressed money
markets.
In addition to seasonal factors, the cash shortage was caused by an
upcoming flood of government bond issuance, and traders also
pointed to market fears of default by cash-strapped institutions,
Reuters relates.
According to Reuters, the highest overnight rate for pledged repo -
a short-term financing business - hit 50% on Oct. 30, according to
official interbank data, although the average rate remains modest
at roughly 3.6%.
Two-day repo rates jumped to as high as 30%, and the highest rate
for seven-day repos was 12%.
"The liquidity tightness caught me off the guard, the price
suddenly shot up," said a trader at a brokerage.
The jump in rates stirred memories of a June 2013 cash crunch when
the overnight repo rate leapt to a historic high of 30% in an event
that roiled global markets, Reuters notes.
Reuters relates that Rocky Fan, economist at Guolian Securities,
said that while the 2013 crisis had resulted from China's crackdown
on shadow banking, the current stress was likely due to a high
level of leveraged trades in the money market.
Several traders at small lenders were still seeking to borrow money
in later afternoon trading when contacted by Reuters. Some also
expressed concern over default in the market, without giving
details.
"Liquidity is extremely tight today," Caitong Securities wrote in a
note to clients.
The brokerage attributed the cash shortage to a "record supply" of
government bonds, as well as restricted channels for banks to
borrow money.
China last week approved 1 trillion yuan ($136.67 billion) of
sovereign bond sales to stimulate economic growth while local
governments are rushing to issue refinancing bonds to repay
existing debts.
"We expect tight liquidity to force authorities to speed up the
rollout of monetary easing measures," Caitong analysts wrote.
Reuters adds that Ming Ming, chief economist at Citic Securities,
expects repo rates to fall back in November as the central bank
will likely maintain loose monetary conditions, with a cut in
banks' required reserve ratio possible.
The average seven-day repo rate - a widely watched indictor of
short-term borrowing costs in China - remained modest at 2.0765% on
Oct. 31, meaning many institutions can still borrow money at
relatively low rates.
ORIGIN AGRITECH: Receives Non-Compliance Notice from Nasdaq
-----------------------------------------------------------
Origin Agritech Ltd. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a letter from
the NASDAQ Stock Market notifying the Company that it currently
does not meet the minimum market value of listed securities
requirements of having a market value of listed securities equal to
or greater than $35 million (based upon the total ordinary shares
outstanding multiplied by the closing bid price). Therefore, the
Company was not in compliance with the continued listing rules of
NASDAQ set forth in NASDAQ Listing Rules either 5550(b)(2). The
non-compliance period was from May 24, through July 7, 2023.
According to the letter, the Company has until Jan. 8, 2024 to
achieve compliance with the market value requirement for continued
listing. In the event the Company does not regain compliance with
the rule prior to the expiration of the compliance period, it will
receive additional written notification that its securities will be
subject to delisting. At that time, the Company may appeal the
delisting determination to a hearing panel.
If at any time prior to Jan. 8, 2024, the market value of the
listed securities equals $35 million or more for a minimum of 10
consecutive business days, the Company will regain compliance with
the particular continued listing requirement.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.
Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 13, 2023, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
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I N D I A
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ADISHAKTI ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Adishakti Alloys Pvt Ltd in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 14.45 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Adishakti Alloys Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Adishakti Alloys Pvt Ltd, incorporated in 1995, is involved in
manufacturing of aluminium alloy ingots and billets from recycled
aluminium scrap. AAPL's manufacturing facility is in West Bengal
and its products are used in power transmission, auto components
and other engineering units.
ANANDALOK HOSPITAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of Anandalok Hospital in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.10 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Anandalok Hospital, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 1989, Anandalok Hospital is a charitable society
established for offering medical treatment at affordable rates to
the economically weaker sections of the society. It runs six
hospitals, four of them in Kolkata, and one each at Baduria and
Raniganj, with a total capacity of 450 beds and a diagnostic centre
in Kolkata. All the hospitals are multispecialty in nature. The
society also undertakes other charitable activities. It distributes
books to poor students, provides food,clothes and shelter to the
poor people. Mr. Deo Kumar Saraf, a businessman, is the chairman of
the society and has been associated with it since its formation.
Mr. Arun Poddar, Ms. Jyotsna Poddar, Mr. R.P. Salarpuria, Mr. S.K.
Roy, Mr. B.L. Jajodia, Mrs. Jayshree Mohta, Mr. Pawan Kumar Dhoot,
Mr. Ashok Todi, and Mr. Lalit Beriwal, are some of the other
members on the society's managing committee.
ANI TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Remains Stable
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Moody's Investors Service has affirmed ANI Technologies Pvt Ltd's
(Ola) B3 corporate family rating and the B3 rating on the senior
secured term loan issued by OLA Netherlands B.V. and Ola USA Inc.
The loan is guaranteed by Ola and its subsidiaries engaged in
ride-hailing services.
At the same time, Moody's has maintained the stable outlook on all
ratings.
"The rating affirmation is driven by Moody's expectation that Ola
remains on track to generate positive cash flow from operations on
a full-year basis for the fiscal year ending March 2024, on the
back of consistent earnings from its India ride-hailing business,
growing contribution from the financial services segment as well as
a sustained reduction in its operating expenses," says Sweta
Patodia, a Moody's Assistant Vice President and Analyst.
"The stable outlook reflects Moody's expectation that Ola's
improving profitability and sustained free cash flow generation
will help bolster its liquidity profile over the next 12-18
months," adds Patodia, who is Moody's lead analyst for Ola.
RATINGS RATIONALE
Ola's B3 CFR reflects the company's leading market position within
India's ride-hailing industry, a sector that has good long-term
growth potential on the back of the country's favorable
demographics, increasing urbanization, growing smartphone
penetration and rising disposable incomes. Meanwhile, 'return to
office' trends will support demand for ride-hailing services over
the next 12-18 months.
Ola's financial services business, which sells insurance policies
for its ride-hailing segment and for electric two-wheelers (e2W)
sold by Ola Electric, will benefit from continued growth in Ola's
ride-hailing business as well as Ola Electric's rising market share
within the e2W segment in India.
Ola turned EBITDA positive for the first time during the fiscal
year ended March 31, 2023 (fiscal 2023), after incurring losses
since its inception. A combination of strong earnings from its
India mobility segment, its implementation of cost reduction
measures and the closure of its loss-making businesses since August
2022 led to a sustained improvement in the company's earnings and
cash flows. Consequently, Ola recorded an EBITDA of $3 million for
fiscal 2023, compared to an EBITDA loss of $40 million in the
previous year.
Moody's expects Ola's consolidated EBITDA to further increase to
around $35 million in fiscal 2024 in the absence of any loss-making
ventures and continued growth within its existing businesses.
Ola's interest burden will also decline significantly following the
buy-back of its outstanding term loan in two tranches since August
2022. At the same time, the company has limited working capital and
capital expenditure requirements, following the closure of its food
delivery business in August 2022 and vehicle commerce business
earlier in 2023. These factors underpin Moody's view that the
company will generate positive cash flow from operations of around
$15 million in fiscal 2024.
Notwithstanding, Ola's rating is constrained by its short history
of generating positive EBITDA and its relatively small size.
Frequent shifts in its operating strategy and the limited
visibility around the management's plans for the business also
weigh on the rating.
Ola's CFR incorporates Moody's expectation that transactions with
other group companies, including Ola Electric, will be conducted at
arm's length and as part of regular business activities. Any
significant increases in such transactions that lead to increased
organizational complexity will elevate Ola's governance risks and
negatively impact its credit profile.
Ola has very good liquidity. As of September 2023, it had cash and
cash equivalents of around $220 million, compared with Moody's
adjusted debt of around $130 million (including lease liabilities
of around $37 million). The company's existing cash and cash flow
from operations will remain sufficient to support its cash needs
over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Ola's rating if the company (1) improves its
scale to better weather economic challenges or competitive threats;
(2) significantly and sustainably improves its profitability; and
(3) maintains robust liquidity to cover its operating expenses and
debt service obligations.
Alternatively, Moody's could downgrade Ola's rating if the company
has insufficient liquidity to fund its operations and investments
over the next 12-18 months; or if increased competition or changes
in regulations, taxation or government policy weaken the company's
market position, cost profile or cash flow relative to the agency's
current expectations.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ANI Technologies Pvt Ltd (Ola) is a ride-hailing company based in
India. It was co-founded in December 2010 by Bhavish Aggarwal. Its
top shareholders include SIMI Pacific Pte Ltd, a subsidiary of
Softbank, Tencent, Warburg Pincus and Lazarus Holdings Pte Ltd.
ANSAL PROPERTIES: NCLT Admits Insolvency Plea Against Unit
----------------------------------------------------------
The Economic Times reports that the bankruptcy court in New Delhi
has admitted the Serene Residency Group Housing Project at Sector
ETA II after it defaulted on its dues of about INR257 crore. The
company is a subsidiary of listed real estate firm Ansal Properties
and Infrastructure Ltd.
According to ET, the New Delhi bench of the National Company Law
Tribunal (NCLT) has admitted the insolvency resolution application
filed by the Indian Bank against the company and also appointed
Navneet Kumar Gupta as interim resolution professional (IRP) for
the company.
In September 2013, the developer borrowed about INR150 crore from
state-owned lender to finance its Serene Residency Group Housing
Project in Greater Noida. In 2015, the parties agreed to extend the
loan for estimated project cost of INR528 crore.
ET relates that the division bench of judicial member Ashok Kumar
Bhardwaj and a technical member LN Gupta, while admitting the
company under the Corporate Insolvency Resolution Process, has
restrained all the parties from transferring, encumbering,
alienating, or disposing of any company's assets linked with the
Serene Project.
"The question of limitation is a mixed question of law and fact.
The period of limitation is 3 years in such cases," said Ashish K
Singh, managing partner of law firm Capstone Legal. The NCLT had to
decide whether the limitation period stood renewed upon payment
being made after the account was declared an NPA. After hearing
both sides, the NCLT took the view that the period of limitation
shall commence from the date of payment, even if it is just a
partial payment.
Ansal Properties and Infrastructure Ltd is engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group housing,
commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.
ARAMBHAN HOSPITALITY: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Arambhan
Hospitality Services Limited (Erstwhile Cawasji Behramji Catering
Services Limited) in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Arambhan Hospitality Services Limited (Erstwhile Cawasji
Behramji Catering Services Limited), ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Arambhan Hospitality Services Limited (AHSL; erstwhile Cawasji
Behramji Catering Services Ltd) was incorporated in 2009 and is
engaged in offshore catering and housekeeping services to various
Indian shipping and oil exploration companies.Prior to
the establishment of the company, the business was conducted in the
name of M/s Cawasji Behramji Catering Service (partnership firm), a
bonders and ship chandelling firm established in 1944. Between
2010-2015, the business was being routed through Cawasji Behramji
Catering Services Private Limited. The company went public and got
listed on the SME segment of Bombay Stock Exchange on October 19,
2015 and subsequently was renamed to Cawasji Behramji Catering
Services Ltd. (CBCSL).
AUTO CREATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Auto Creates (India) Private Limited
B-301, Amaltas Co-Operative Housing Society,
Juhu Versova Link Road, Anheri (W), Mumbai-400053
Insolvency Commencement Date: October 6, 2023
Estimated date of closure of
insolvency resolution process: April 3, 2024
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Shailesh Desai
708, Raheja Centre, Nariman Point,
Mumbai-400021 Maharshtra
Email: ip10362.desai@gmail.com
cirpautocreates@gmail.com
Last date for
submission of claims: October 20, 2023
C BHANSALI DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: C Bhansali Developers Private Limited
5 & 6, Shakti Arcade, Plot No. 5 Sector-19 D, Vashi,
Navi Mumbai Thane MH 400703 India
Insolvency Commencement Date: October 6, 2023
Estimated date of closure of
insolvency resolution process: April 3, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Neehal Mahamulal Pathan
Plot No. 27, R.S. No. 825, Sahjeevan Parisar,
Near TPM Church, Behind Circuit House,
Kolhapur 416 003 MH
Email: ca.neehal@gmail.com
cirp.bhansali @gmail.com
Last date for
submission of claims: October 20, 2023
CBC FASHIONS (ASIA): Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: CBC Fashions (Asia) Private Limited
11, C.B.C Building M.R. Nagar
K.N.P Colony (P.O), Dharapuram Road,
Tirupur-641608, Tamilnadu
Insolvency Commencement Date: September 25, 2023
Estimated date of closure of
insolvency resolution process: March 24, 2024
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Viswanathan Rajagopalan
Plot No. 4, 1/787/A, Deivanai Nagar II Street,
Madipakkam, Chennai-600091, Tamilnadu
Email: viswanathan.irp@gmail.com
cbcfashions.cirp@gmail.com
Last date for
submission of claims: October 14, 2023
CONVERTERTEC ENERGY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Convertertec Energy Solutions India Private Limited
Office 601, Pentagon, Magarpatta City, Building P 2,
Hadapsar, Pune-411028, Maharashtra, India
Liquidation Commencement Date: September 27, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sanjay Agrawal
A-1002, Amrapali Eden Park,
Sector-50, Noida-201301
Email: sanjayagrawal_sagrawal@yahoo.com
Phone Number:9811574106
Last date for
submission of claims: October 26, 2023
DDMS SIMULATIONS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: DDMS Simulations Software Consultants Private Limited
505/6, 47th A cross, 5th Block Jayanagar,
Bangalore, Karnataka, India, 560041
Liquidation Commencement Date: September 30, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: CS Thirupal Gorige
No. 87, 2nd Floor, 21st Cross,
7th Main, N.S. Palya, BTM 2nd Stage
Bangalore-560076, Karnataka, India
Cell No: +91 94483 84064
Telephone No: +080 79634233
Email: gthirupal@gmail.com
Last date for
submission of claims: October 30, 2023
DURGA AUTOMOTIVES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Durga
Automotives Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Durga Automotives Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Durga Automotives Pvt Ltd was incorporated in 1998. It is an
authorized dealer of HMIL for sales of passenger cars and an
authorized dealer of Piaggio for sales of commercial vehicles in
Siliguri, West Bengal. Apart from vehicle sales, DAPL is also
involved in sales of spare parts and accessories and providing
after sales services. DAPL started its operations with a single
showroom in Siliguri and has gradually expanded its operations.
EBC BEARINGS: Liquidation Process Case Summary
----------------------------------------------
Debtor: EBC Bearings (India Limited)
Plot No. 10, IDA Bollaram,
Jinnaram, Mandal, Hyderabad,
Jinnaram, Telangana India, 502325
Liquidation Commencement Date: September 25, 2023
Court: National Company Law Tribunal Hyderabad Bench-I
Liquidator: Gullapalli Kishore
11-11-169 Sowbhagyapuram,
Road No.1, Kothapet,
Hyderabad-500035, Telangana
Email: gkishorebabu@gmail.com
ebilcirp@gmail.com
Last date for
submission of claims: November 2, 2023
EMERALD PERFORMANCE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Emerald Performance Chemical Private Limited
231, 2nd Floor, Gala Complex Premises Co-op Soc. Ltd.
Deendayal Upadhyay Marg, Gala Industrial Estate,
Mulund-west, Mumbai, Maharashtra - 400 080
Insolvency Commencement Date: September 29, 2023
Estimated date of closure of
insolvency resolution process: March 27, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Neha Jain Nemani
2404-B, Parthenon Building, JP Road,
4 Bungalows, Andheri West,
Mumbai City, Maharashtra - 400053
Email: nehavkjain@gmail.com
Unit #207, Kshitij,
Near Azad Nagar Metro Station,
Veera Desai Road,
Andheri West, Mumbai - 400053
Email: cirpemerald@gmail.com
Last date for
submission of claims: October 13, 2023
FLY EXPRESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Fly Express Logistics Private Limited
Kesharvani Complex, Gojajali North,
Bareilly Road, Haldwani,
Nainital-263139 Uttarakhand
Insolvency Commencement Date: September 26, 2023
Estimated date of closure of
insolvency resolution process: March 27, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Krit Narayan Mishra
C-3, Ashoka Apartments, Plot No.8,
Sector-12, Dwarka, New Delhi-110078
Email: kritmassociates@gmail.com
Second Floor, Plot No. 65, Sector 12A,
Dwarka, New Delhi-110075
Email: ip.flyerexpresslogistics@gmail.com
Last date for
submission of claims: October 13, 2023
INDRAPRASTHA STOCKS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Indraprastha Stocks Private Limited
Indraparashtha, No. 9,
Kingston Street, Richmond Town,
Bangalore, Karnataka 560025
Liquidation Commencement Date: October 4, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor, Chitrapur Bhawan
8th Main, 15th Cross Malleshwaram
Bangalore 560055
Email: pragnya.cas@gmail.com
Mobile No: 9845666596
Mobile No: 080-23565641
Last date for
submission of claims: November 3, 2023
INTERNATIONAL TRENCHING: Liquidation Process Case Summary
---------------------------------------------------------
Debtor: International Trenching Private Limited
301 309 Third floor Vardhman Plaza-I,
J Block, Rajouri Garden, New Delhi 110027
Liquidation Commencement Date: October 4, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Rabindra Kumar Mintri
JD-18B, Near Ashiana Chowk,
Pitampura, Delhi-110034
Email: mintri_ca@rediffmail.com
itpl.liquidation2023@gmail.com
Last date for
submission of claims: November 3, 2023
JASHANK IMPEX: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Jashank Impex Private Limited
Landmark Empire Build-A, 5th Floor,
SH-516, Landmark Corpo,
Saroli Na Surat,
Surat-395010, Gujarat
Liquidation Commencement Date: September 18, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mr. Chandra Prakash Jain
D-501, Ganesh Meridian,
Opposite Gujarat High Court,
S.G Road, Ahmedabad-380060
Email: jain_cp@yahoo.com
Mobile No: 9824036127
Last date for
submission of claims: October 24, 2023
KRISH AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Krish Agro Farms Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.38 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Krish Agro Farms Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2013, KAFPL is involved in milling of paddy to
produce non-basmati parboiled rice. The company started its
operation (Unit-I) with a milling capacity of 60,000 metric tonne
per annum (MTPA) in December 2015. The overall milling capacity was
enhanced to 132,000 MTPA in May 2018 with the commissioning of
Unit-II. The production facilities of the company are in Hooghly
district of West Bengal. The company is promoted by Hooghly-based
Shaw family.
KRSNA HOME: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Krsna Home Products Private Limited
G-11,2nd Floor Garden Park Extension,
New Delhi-110016
Insolvency Commencement Date: September 27, 2023
Estimated date of closure of
insolvency resolution process: March 25, 2024
Court: National Company Law Tribunal, New Delhi Bench
Court-IV
Insolvency
Professional: Chetan Gupta
604-605, PP City Centre,
Road No. 44 Pitampura,
New Delhi-110034
Email: chetan.gupta@apacandassociates.com
krsna.cirp@gmail.com
Last date for
submission of claims: October 21, 2023
LOK ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long Term and Short-Term rating of Lok
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (1.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Lok Enterprises, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Established in 2002 as a partnership firm, LE is a trading house
engaged in trading of various forms of pulses and beans into the
domestic market. The firm has its registered office in Mumbai and a
warehouse facility located in Vashi, Navi Mumbai. The
firm undertakes import of pulses and beans and supplies it into
domestic markets. The agricultural products comprise of raw pulses
such as Masoor (split red lentils), Moong (split yellow lentil),
Chana (chickpeas), Black eye bean, Toor Whole, Pinto bean etc. The
traded goods are largely procured directly from international
market. About 75% of the materials are sourced from Africa, Canada,
USA, Argentina, Burma and Russia, while the remaining 25% are
procured domestically.
MISTRY ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Mistry Enterprises Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 27.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Mistry Enterprises Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2007, Mistry Enterprises Limited (MEL) is engaged
in heavy excavation and earthwork. It is part of the Mistry Group
which consists of other companies engaged in film exhibition, tower
leasing and textile trading. The company used to undertake mining,
excavation and earthwork as a sub contractor for Mistry
Construction Company Private Limited in Singrauli in MP.
MUMBAI METRO: IDBI Bank Files Insolvency Plea Against Operator
--------------------------------------------------------------
The Economic Times reports that IDBI Bank has petitioned the Mumbai
bankruptcy bench to initiate corporate insolvency against Mumbai
Metro One Pvt Ltd, which operates the metro line from Versova to
Ghatkopar. The lender is seeking recovery of INR133.37 crore,
including interest component, from Mumbai Metro One, ET relates
citing stock exchange disclosure.
Anil Ambani's Reliance Infrastructure owns a 74% stake in the metro
line operator, while the remaining 26% stake is held by Mumbai
Metropolitan Regional Development Authority (MMRDA).
NORDIC WIRELESS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Nordic Wireless India Private Limited
Plot No 99, Arul Nagar, 4th street,
Sivaprakasam Nagar, Soorapattu, Chennai,
Tamil Nadu, India, 600099
Liquidation Commencement Date: September 29, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: K. Gaurav Kumar
New No. 151, Old No. 68, TTK Road,
Alwarpet, Chennai, Tamil Nadu 600018
Phone No: 9884464319
Email: liquidation.nordic2023@gmail.com
Last date for
submission of claims: October 29, 2023
OME SREE: ICRA Keeps C Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of Ome Sree Sai Ganesh Poultries
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]C; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.85 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 1.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 1.65 [ICRA]C ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ome Sree Sai Ganesh Poultries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2015 as a partnership firm, Ome Sree Sai Ganesh
Poultries (OME) is engaged in commercial layer poultryfarming. The
poultry farm is located in West Godavari district of Andhra Pradesh
with a total installed capacity of 100,000- layer birds.
PANSY CONSTRUCTIONS Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pansy Constructions Private Limited
F. No-78-C, Pkt D-2, Kondali, Gharoli,
Mayur Vihar Phase-III, Delhi -110096
Insolvency Commencement Date: September 27, 2023
Estimated date of closure of
insolvency resolution process: March 25, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Vijender Kumar Jain
RZ-12A, Raj Nagar Part-1,
Near Delhi Jain Public School
Palam, Delhi-110045
Email: vijenderj@hotmail.com
46, Lower Ground Floor,
Jor Bagh, Delhi-110003
Email: cirp.pansy@gmail.com
Last date for
submission of claims: October 18, 2023
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of R.S. Ajit Singh &
Co.(Automotives) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with R.S. Ajit Singh & Co.(Automotives) Pvt. Ltd., ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.
R.S. Ajit Singh & Co. (Automotives) Private Limited is an
authorized dealership of vehicles manufactured by Volvo Eicher
Commercial Vehicles Limited (VECV) in the Delhi region. The company
trades in Medium and Heavy Commercial vehicle (M&HCV), Light
commercial vehicle (LCV) and Buses for VECV. The head office for
the company is located in Wazirpur Industrial Area, Delhi from
where all the sales activity is controlled. The day to day
operations for the company are looked after by Mr. Bhavinder Singh
Khurana with the support of other directors.
SAMRAT SEA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Samrat Sea Brines Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 2.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Samrat Sea Brines Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated on September 29th, 2011, Samrat Sea Brines Private
Limited (SSBPL) is engaged in manufacturing of iodized salt and
refined iodized salt. The company's manufacturing unit is located
at Santalpur (District- Patan), Gujarat. The promoters
and directors have past experience in salt manufacturing/trading
owing to their association in other concerns engaged in similar
operations.
SANJAY RICE: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Sanjay Rice
Mills Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.16 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 2.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 1.27 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 0.32 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Sanjay Rice Mills Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2011, SRMPL is engaged in milling non-basmati rice
with a de-husking capacity of 6 metric tonne per hour (MTPA). The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its commercial operation from
October 2014.
SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Shriram Sepl Composites Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.80 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.20 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Shriram Sepl Composites Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.
Shriram SEPL Composites Private Limited, formed by Shriram EPC
Limited and Strategic Engineering Private Limited, is involved in
the design, manufacturing, supply and installation of GRP products
such as pipes, fittings, tanks and cylinders. The company's
manufacturing facility is located in Singaperumal Koil, Chennai,
and has a capacity to produce 600 meters of 900mm diameter pipes
per. SSCPL uses imported CNC filament winding machines to
manufacture pipes of international standards like ASTM, AWWA, etc
and has an in-house lab for quality inspection. SSCPL has received
the ISO 9001-2008, ISO 14001-2004 & OHSAS
18001-2007 certifications.
SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Singhal
Strips Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 42.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Singhal Strips Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
SSL was incorporated as a private limited company in 1988 and then
subsequently converted into a public limited company in 1992. The
company manufactures cold-rolled stainless-steel strips at its
factory in Rohtak, Haryana. With an installed capacity of 15,000
MT, SSL manufactures ultra-thin CR strips i.e., 0.5 mm to 1.50 mm.
A part of revenues is also derived from trading of CR sheet/strips.
The company is also involved in job work, which includes the
reduction of thickness of coils and strips.
SKM INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of SKM Industries
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 1.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term– 5.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SKM Industries, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in the year 2007 by Kikani family, SKM Industries is a
partnership firm engaged in manufacturing and export of steel cable
drums. The firm also manufactures various railway products like
break beam, straps, bracket, body side panel etc. which find their
end application in manufacturing of Railway boogies. The firm has a
manufacturing facility in 2 Umbergaon, Gujarat.
SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sln Cnc Tech Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.16 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 2.59 [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.75 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sln Cnc Tech Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is
promoted by a team of members having varied background. Manufacture
precession components using most of the engineering materials to
the highest industry standards in our modern CNC machining
facility, along with the ability to assure quality of complex
fabricated assemblies. The company specializes in manufacturing of
aluminium, stainless steel, titanium, nimonic, inconel and cobalt
alloy products. It has a manufacturing facility located in Peenya
Industrial Estate with total area of 21000 sq. ft. The company
caters to customers in segments like aviation, automotive, space,
defence, power generation and telecommunication.
SONARCH INTERNATIONAL: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Sonarch International Private Limited
B-112, Hind Saurashtra Industrial Estate,
Marol Naka, Andheri (East)
Mumbai MH 400059 India
Liquidation Commencement Date: September 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Vimal Kumar Agrawal
Office No. 4, Ground Floor C Wing,
Shanti Jyot Building, Balaji Nagar,
Near Railway Station, Bhayander West,
Thane Pin 401101
E-mail: cirp.sonarch@gmail.com
vimal@vpagrawal.in
Last date for
submission of claims: October 17, 2023
SRI VISHNU: Liquidation Process Case Summary
--------------------------------------------
Debtor: Sri Vishnu Finance and Investment Pvt Ltd
P.N.79, R.NO.9, Jubille Hills,
Hyderabad- TG 500033
Liquidation Commencement Date: October 4, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Beena Nayar
15, SBI Colony, Bagh Amberpet,
Hyderabad-500013
Email: beenanayar@rediffmail.com
Mobile No: 9849986881
Last date for
submission of claims: November 3, 2023
SYSTOPIA INDIA: Liquidation Process Case Summary
------------------------------------------------
Debtor: Systopia India Private Limited
Flat No. 604, O-Block, Quartz - Rainbow Vista,
Hari Ramhills, Moosapet, Kukatpally
Hyderabad-500018,Telangana, India
Liquidation Commencement Date: September 30, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Malireddy Ramana Reddy
8-3191/155 (16A), Vaishnavis Sai Saurabh Residency,
Vengal Rao Nagar, Beside Sai Darshini Tiffin Centre
Hyderabad-500038, Telangana
Email: ramanareddycsrp@gmail.com
Email: systopiavoluntaryliquidation@gmail.com
Phone No: +91-9059779006
Last date for
submission of claims: October 29, 2023
TRISTAR INTERCONTINENTAL: ICRA Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Tristar
Intercontinental Pvt Ltd in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 9.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with Tristar Intercontinental Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 1985, and promoted by Mr. Pawan Aggarwal, Tristar
Intercontinental Private Limited (TIPL), erstwhile known as Tristar
Iron and Steel Company Private Limited, was mainly involved in the
business of dealing in iron and steel products.
However, the commercial operations of the company commenced from
1995, which included trading in woollen products and at present
TIPL is mainly involved in supplying scoured wool and yarn in the
domestic and international markets. The company has its head office
in Jogeshwari, Mumbai.
U GOENKA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of U Goenka Sons
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 27.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with U Goenka Sons Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
U Goenka Sons Private Limited (UGSPL) is a trading house engaged in
trading of all types of pulses and beans. The company currently
caters to the domestic markets. The major products include green
peas, chick peas, toor daal, black matpe and yellow peas. The
company largely imports the agro products which are then sold in
the domestic market.
V.I.R FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of V.I.R Foods Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 16.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with V.I.R Foods Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in the year 2005, V.I.R Foods Limited is a public
limited company involved in milling of basmati and nonbasmati rice.
The company's plant at Payal, Ludhiana (Punjab) has a milling
capacity of 15 tons/hour. The company sells its products under its
registered brand names "Nature Gold", and "Royal Taste of India".
VIDHANT REALTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vidhant Realty Private Limited
25, Floor-2, Plot-59/61 Arsiwala Mansion,
Nathalal Parikh Marg Colaba
Mumbai - 400005, Maharashtra
Insolvency Commencement Date: September 25, 2023
Estimated date of closure of
insolvency resolution process: March 27, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Modilal Dharnraj Pamecha
C-802 Padmarag,
J.B. Nagar Andheri (E),
Mumbai -400059, Maharashtra
Email: cirp.vidhant@gmail.com
camodilalpamecha@gmail.com
Last date for
submission of claims: October 13, 2023
=====================
N E W Z E A L A N D
=====================
ATKIN APARTMENTS: Baker Tilly Appointed as Receivers
----------------------------------------------------
Tony Leonard Maginness and Daniel Weidan Zhang of Baker Tilly
Staples Rodway Auckland were appointed as receivers and managers of
Atkin Apartments Limited and Treasure Plus Limited on Oct. 30,
2023.
The receivers and managers may be reached at:
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
AVETAR PROPERTIES: Court to Hear Wind-Up Petition on Nov. 9
-----------------------------------------------------------
A petition to wind up the operations of Avetar Properties Limited
will be heard before the High Court at Christchurch on Nov. 9,
2023, at 10:00 a.m.
Scott Alun Lucas filed the petition against the company on March
10, 2023.
The Petitioner's solicitor is:
C. L. Davidson
Canterbury Legal
Level 2, 205 Durham Street South
Christchurch
CONTAINER CARRIERS: Creditors' Proofs of Debt Due on Dec. 1
-----------------------------------------------------------
Creditors of Container Carriers Limited are required to file their
proofs of debt by Dec. 1, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Craig Sanson and Stephen White
of PwC as liquidators on Oct. 19, 2023.
FIVE8 SCAFFOLDING: Court to Hear Wind-Up Petition on Nov. 17
------------------------------------------------------------
A petition to wind up the operations of FIVE8 Scaffolding Limited
will be heard before the High Court at Auckland on Nov. 17, 2023,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 22, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PAGEPACK GENERAL: BDO Auckland Appointed as Liquidators
-------------------------------------------------------
Rees Logan and Andrew McKay of BDO Auckland on Oct. 24, 2023, were
appointed as liquidators of Pagepack General Partner Limited and
Pagepack LP.
The liquidators may be reached at:
BDO Auckland
Level 4, BDO Centre
4 Graham Street
Auckland 1010
SUPLIE LTD: Donor Provides Funding to Cover Workers' Wages
-----------------------------------------------------------
Radio New Zealand reports that an anonymous donor has made a
substantial cash donation to help staff from the collapsed
supermarket company Supie.
The online business has gone into voluntary administration, owing
NZD3 million, RNZ discloses.
According to RNZ, the Auckland-based independent virtual
supermarket launched more than two years ago in a bid to bring more
competition to a market dominated by two big players, but struggled
to achieve the scale necessary to be competitive and profitable.
RNZ says Supie group director Sarah Balle made the call to place
the company into administration after a key investor pulled the pin
on further funding.
Workers were called in for a meeting to learn they had lost their
jobs and would not be getting paid for their last two weeks of work
or for any annual leave they were owed.
The decision affected 120 people, the report notes.
Richard Nacey and Stephen White, of PwC New Zealand, were appointed
voluntary administrators.
In a statement on Nov. 1, PwC said the money that had been donated
had been given on the condition the full amount was used to pay
employees the wages they were owed, RNZ relays.
It expected to pay a substantial portion of all outstanding gross
wages and salaries early next week.
However, outstanding holiday pay and other claims might remain
unpaid at this stage, PwC said.
RNZ reports that former Supie director Ben Kepes told Checkpoint on
Oct. 31 the online supermarket's failure was tragic for everyone.
He said he and another director stepped down on Oct. 27 because
they were not based in Auckland where paperwork would need to be
signed and meetings held with the administrators.
He expressed his sympathy for the workers who had been left
jobless, but added they were not "actually at the bottom of the
food chain," RNZ relays.
RNZ adds that Supie's collapse has also prompted a reaction from
National's deputy leader Nicola Willis, who said she wanted to see
a third player in the grocery sector.
"If I do become the minister of finance in the next few weeks I
will want to seek advice on how do we ensure that we do get a third
entrant into this sector, and it doesn't have get the sort of
failure that we saw here."
The first meeting of creditors will take place on November 9, the
report adds.
===============
P A K I S T A N
===============
PAKISTAN: Inflation Slows in October Amid Elevated Rates
--------------------------------------------------------
Bloomberg News reports that Pakistan's inflation eased in October
as authorities slashed fuel prices and cracked down on currency
hoarders to tame prices.
Consumer prices slowed 26.89% in October from a year earlier,
Bloomberg discloses citing data released by the Pakistan Bureau of
Statistics on Nov. 1. That compares with a median estimate for a
26.30% gain in a Bloomberg survey and a reading of 31.44% in
September.
According to Bloomberg, the numbers are in-line with expectations
of the central bank that forecast a decline in price gains in
October due to downward adjustments in fuel prices and easing food
costs. Pakistan government reduced gasoline prices last month by 40
rupees a liter to lower the cost of living for citizens.
While volatility in global oil prices and an increase in gas
tariffs pose risks to the inflation trajectory, tight monetary and
fiscal policy will aid Pakistan's efforts to tame price-gains, the
nation's central bank said on Oct. 30, Bloomberg relays. The State
Bank of Pakistan held its benchmark interest rate for a third
straight meeting in October ahead loan review talks with the
International Monetary Fund.
Bloomberg says an IMF team will visit Pakistan on Nov. 2 to hold
talks for the release of a second payout of about $700 million
under a $3 billion aid program. The payout will be key to unlock
further funding and support Pakistan’s economy. Pakistan is
hopeful to complete the review after meeting its targets, caretaker
Prime Minister Anwaar-ul-Haq Kakar said this week.
Pakistan is still home to the fastest inflation in Asia, Bloomberg
notes. Transport prices jumped by 31.33% in October from a year ago
and food costs were 26.82% higher, official data showed. Housing,
water and electricity prices increased by 20.50%.
Recently, the government also launched operations against currency
hoarders and smugglers as the country faced surges in prices due to
shortages, Bloomberg adds. Pakistan's rupee has gained about 9%
since last month, the best performing currency globally, that has
eased price pressures, according to data tracked by Bloomberg.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.
In March 2023, Moody's Investors Service downgraded the Government
of Pakistan's local and foreign currency issuer and senior
unsecured debt ratings to Caa3 from Caa1. Moody's has also
downgraded the rating for the senior unsecured MTN programme to
(P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the
outlook to stable from negative. The decision to downgrade the
ratings is driven by Moody's assessment that Pakistan's
increasingly fragile liquidity and external position significantly
raises default risks to a level consistent with a Caa3 rating.
=================
S I N G A P O R E
=================
EYOS SINGAPORE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Eyos Singapore Pte Ltd, on Oct. 24, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Tee Wey Lih
Cheong Beng Sheng, Dean
c/o Guardian Advisory
531A Upper Cross Street
#03-118 Hong Lim Complex
Singapore 051531
FUN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------------
Creditors of Fun Technology Pte. Ltd. are required to file their
proofs of debt by Nov. 30, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 24, 2023.
The company's liquidator is:
Cheong Beng Sheng, Dean
c/o Guardian Advisory
531A Upper Cross Street
#03-118 Hong Lim Complex
Singapore 051531
GARYS PTE: Commences Wind-Up Proceedings
----------------------------------------
Members of Garys Pte Ltd, on Oct. 24, 2023, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidators are:
Tee Wey Lih
Cheong Beng Sheng, Dean
c/o Guardian Advisory
531A Upper Cross Street
#03-118 Hong Lim Complex
Singapore 051531
GNN CONTRACTOR: Court to Hear Wind-Up Petition on Nov. 17
---------------------------------------------------------
A petition to wind up the operations of GNN Contractor Pte Ltd will
be heard before the High Court of Singapore on Nov. 17, 2023, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 25, 2023.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
GOOD LINK: Court to Hear Wind-Up Petition on Nov. 10
----------------------------------------------------
A petition to wind up the operations of Good Link Engineering &
Construction Pte Ltd will be heard before the High Court of
Singapore on Nov. 10, 2023, at 10:00 a.m.
Asiatic Engineering (Private) Limited filed the petition against
the company on Sept. 29, 2023.
The Petitioner's solicitors are:
Vas Kumar & Co.
151 Chin Swee Road
#13-12 Manhattan House
Singapore 169876
=================
S R I L A N K A
=================
SRILANKAN AIRLINES: Sri Lanka Seeks Bids in Divestment of Carrier
-----------------------------------------------------------------
Reuters reports that Sri Lanka has invited bids for state-run
carrier SriLankan Airlines as the island nation looks to reduce
losses incurred by government-owned enterprises under a $2.9
billion International Monetary Fund (IMF) programme.
According to Reuters, the South Asian country secured a staff level
IMF agreement on the first review of its bailout recently but it
still needs approval from the IMF's Executive Board.
Reuters says the economy is gradually recovering from a crisis last
year caused by record low reserves, leading to sky-rocketing
inflation and currency depreciation.
The airline, one of Sri Lanka's biggest loss-making state
enterprises, has struggled in recent years with a fall in tourism
because of the COVID-19 pandemic and the economic crisis, Reuters
notes.
The finance ministry posted a notice inviting bids for the airline
by Dec. 5, Reuters says. It aims to complete the sale by June.
The government is in the process of restructuring the company's
debt, according to the bid notice.
SriLankan Airlines racked up operational losses of $575 million
since 2015 but posted an operational profit of $93 million this
year, financial information disclosed as part of the bid documents
showed.
International Finance Corporation (IFC), a member of the World Bank
Group, is the transaction adviser, Reuters notes.
The airline operates a fleet of Airbus aircraft on its global route
network of 111 destinations in 56 countries.
About SriLankan Airlines
SriLankan Airlines is the flag carrier of Sri Lanka and a member of
the Oneworld airline alliance. It is currently the largest airline
in Sri Lanka by number of aircraft and destinations and was
launched in 1979 as Air Lanka following the termination of
operations of the original Sri Lankan flag carrier Air Ceylon.
As reported in the Troubled Company Reporter-Asia Pacific in
February 2023, S&P Global Ratings lowered its long-term issue
rating on SriLankan Airlines' (SLA) foreign currency-denominated
bond maturing June 25, 2024, to 'D' (default) from 'CC'.
At the same time, S&P affirmed the other ratings on Sri Lanka,
including the 'SD' long-term foreign currency and 'CCC-' long-term
local currency sovereign credit ratings. The outlook on the
long-term local currency rating is negative.
The TCR-AP reported in May 2023 that Fitch Ratings has affirmed
SriLankan Airlines Limited's (SLA) USD175 million
government-guaranteed 7% unsecured bonds due June 25, 2024 at 'C'.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***