/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/231206.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 Wednesday, December 6, 2023, Vol. 26, No. 244 Headlines A U S T R A L I A ART IN PARADISE: First Creditors' Meeting Set for Dec. 11 BSK PTY: First Creditors' Meeting Set for Dec. 11 KALIUM LAKES: Second Creditors' Meeting Set for Dec. 11 KRISTIN FISHER: First Creditors' Meeting Set for Dec. 12 MICHSUL PTY: First Creditors' Meeting Set for Dec. 11 VESTED CAPITAL: Director Charged After ASIC Investigation I N D I A ACCORD HYDROAIR: Insolvency Resolution Process Case Summary BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating BYJU'S: BCCI Initiates Insolvency Plea vs. Firm Over Unpaid Dues BYJU'S: Founder Pledges Homes to Raise Funds for Staff Salaries CONSOLE ECOMMERCE: Voluntary Liquidation Process Case Summary EXPO GAS: CRISIL Lowers Rating Long and Short Term Debts to D INDORE DEVAS: Insolvency Resolution Process Case Summary KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating MSX MALL PRIVATE: Liquidation Resolution Process Case Summary PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating REPUTE FOODS: CRISIL Lowers Rating on INR10cr Cash Loan to D ROLTA INDIA: Nine Bidders Submit Resolution Plans RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating SANWARIYA FURNACES: Liquidation Resolution Process Case Summary SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating SHREYAS PAPERS: Insolvency Resolution Process Case Summary SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating SIVA STONE: CRISIL Lowers Rating on INR20cr Cash Loan to D SPARROWHAWK INTERNATIONAL: Voluntary Liquidation Case Summary SPICEJET LTD: NCLT Rejects Willis Lease's Insolvency Plea ST. GEORGE: CRISIL Lowers Rating on INR9.50cr Term Loan to C THREE SEASONS: CRISIL Lowers Rating on INR15cr Term Loan to D VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D ALIGNMENTS PLUS: Court to Hear Wind-Up Petition on Dec. 12 F V TAWERA: Creditors' Proofs of Debt Due on Jan. 20 HTDB PAPATOETOE: Creditors' Proofs of Debt Due on Jan. 13 REMARKABLE HOLDINGS: Placed in Administration TUPOHO WHANAU: Court to Hear Wind-Up Petition on Dec. 14 WHOLY MAC: Creditors' Proofs of Debt Due on Dec. 22 P H I L I P P I N E S PH RESORTS: Seeks New Savior After Appleone Deal Fails S I N G A P O R E ADDVALUE TECHNOLOGIES: 4 Companies Placed on SGX Watch List ASIA DISCOVERY: Creditors' Proofs of Debt Due on Jan. 4 GROUP LEASE: Court to Hear Wind-Up Petition on Dec. 8 SEVONE SINGAPORE: Creditors' Proofs of Debt Due on Jan. 2 SIERRA TRADERS: Commences Wind-Up Proceedings TP ICAP: Creditors' Proofs of Debt Due on Jan. 4 - - - - - ================= A U S T R A L I A ================= ART IN PARADISE: First Creditors' Meeting Set for Dec. 11 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Art In Paradise Pty Ltd, formerly trading as Artvo, will be held on Dec. 11, 2023, at 11:00 a.m. via teleconference only. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on Nov. 29, 2023. BSK PTY: First Creditors' Meeting Set for Dec. 11 ------------------------------------------------- A first meeting of the creditors in the proceedings of BSK Pty Ltd, trading as Field Cuisine, will be held on Dec. 11, 2023, at 11:15 a.m. at the offices of P A Lucas & Co Pty Ltd, Level 3, 247 Adelaide Street, in Brisbane, Queensland. Peter Anthony Lucas of P A Lucas & Co was appointed as administrator of the company on Nov. 29, 2023. KALIUM LAKES: Second Creditors' Meeting Set for Dec. 11 ------------------------------------------------------- A second meeting of creditors in the proceedings of Kalium Lakes Limited has been set for Dec. 11, 2023, at 10:00 a.m. at the offices of KPMG, Level 8, 235 St Georges Terrace, in Perth, WA. 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 Dec. 8, 2023, at 4:00 p.m. Matthew David Woods and Clint Peter Joseph of KPMG were appointed as administrators of the company on Aug. 3, 2023. KRISTIN FISHER: First Creditors' Meeting Set for Dec. 12 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Kristin Fisher Eyebrows Pty Ltd will be held on Dec. 12, 2023, at 10:30 a.m. at the offices of Cor Cordis Perth, M Level, 28 The Esplanade, in Perth, WA via virtual meeting technology. Jeremy Joseph Nipps and Rahul Goyal of Cor Cordis were appointed as administrators of the company on Nov. 30, 2023. MICHSUL PTY: First Creditors' Meeting Set for Dec. 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Michsul Pty Ltd, trading as Bou Samras Fruit and Vegetables, will be held on Dec. 11, 2023, at 10:30 a.m. at the offices of P A Lucas & Co Pty Ltd, Level 3, 247 Adelaide Street, in Brisbane, Queensland. Peter Anthony Lucas of P A Lucas & Co was appointed as administrator of the company on Nov. 29, 2023. VESTED CAPITAL: Director Charged After ASIC Investigation --------------------------------------------------------- A former company director and undischarged bankrupt has been charged with numerous criminal offences in connection with multiple companies engaged in Gold Coast property development projects. Ian Omar Chester was a director of Vested Capital Pty Ltd and several other associated companies which were used as investment and development vehicles. On Dec. 4, 2023, Chester appeared in the Southport Magistrates Court charged with 15 counts of fraud, three counts of falsifying company books and records and two counts of providing false or misleading information to the members of a corporation in connection with his dealings with the Vested group companies. This matter is being prosecuted by the Commonwealth Director of Public Prosecutions. The maximum penalties for fraud offences range between 14 years to 20 years imprisonment depending on the circumstances of the offence. The maximum penalty for the falsification of company books is two years imprisonment or 100 penalty units or both. The maximum penalty for providing false information to members is five years imprisonment or a fine of AUD66,600 or both. On July 9, 2021, 14 companies associated with the Vested group were wound up. A further company was placed into voluntary administration and is now in liquidation. On July 13, 2021, ASIC took action against Mr. Chester and his wife to preserve certain assets. On July 26, 2021, asset preservation orders were made. On March 15, 2022, the preservation proceedings were discontinued. Mr. Chester presented a debtor's petition and was declared bankrupt on July 25, 2022. The next mention is listed for Feb. 5, 2024. ========= I N D I A ========= ACCORD HYDROAIR: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Accord Hydroair (Pilkhuwa) Private Limited Solid Waste Management Company Hinduwan Baroda, Mukimpur Tehsil-Hapur, Pilkhuwa Ghaziabad 245304 UP Insolvency Commencement Date: November 8, 2023 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: May 5, 2024 Insolvency professional: Bhim Sain Goyal Interim Resolution Professional: Bhim Sain Goyal 109-B, Pocket-F Mayur Vihar II Delhi 110091 E-mail: bsgoyal1@gmail.com - and - M-215, Rear Ground Floor Greater Kailash II New Delhi 110048 E-mail: cirpaccord@gmail.com Last date for submission of claims: November 21, 2023 BENARJEE POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Benarjee Poultry Farms (BPF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.4 CRISIL D (Issuer Not Cooperating) Term Loan 3.8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with BPF for obtaining information through letters and emails dated October 10, 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 BPF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPF continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2009 in Krishna district in Andhra Pradesh, Partners are Ms. Prathiba Bharathi and K Benarjee. BPF is engaged in the poultry business. BYJU'S: BCCI Initiates Insolvency Plea vs. Firm Over Unpaid Dues ---------------------------------------------------------------- The Economic Times reports that the Board of Control for Cricket in India (BCCI) has filed a corporate insolvency plea against Byju's for allegedly defaulting on the payment of INR158 crore. The case is related to the edtech firm terminating its title sponsorship rights deal, ET says. In November 2022, the BCCI had received an email from Byju's requesting the termination of their association after the T20 World Cup. The BCCI, however, asked Byju's to continue the partnership until at least March 31, 2023, according to ET. The complaint has been registered with the Bengaluru bench of the National Company Law Tribunal (NCLT). Justices K Biswal and Manoj Dubey have scheduled the next hearing for December 22. According to ET, the NCLT was informed that Byju's was sent a notice on January 6 over the payment of INR158 crore, excluding TDS (tax deducted at source). The tribunal issued a notice to Byju's and asked the company to file its reply within two weeks. "We are in discussions with the BCCI to settle the matter and we hope to achieve that soon," a Byju's spokesperson told ET on November 29. The edtech firm has been battling trouble on many fronts since the beginning of this year. Most recently, technology investor Prosus slashed Byju's valuation to below $3 billion from its peak of $22 billion, ET notes. ET adds that the company has also been sent a notice for alleged violations of the Foreign Exchange Management Act by the Enforcement Directorate. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 23, 2023, the Enforcement Directorate, India's federal financial crime-fighting agency, has issued a show-cause notice to education tech company Byju's for alleged violations of foreign exchange rules, the agency said in a statement on Nov. 11. Reuters said the agency alleged violations by the company worth over INR93 billion ($1.12 billion) under the Foreign Exchange Management Act (FEMA), and has sent notices to founder Byju Raveendran and parent company Think & Learn Pvt Ltd. Byju's violated FEMA norms by not submitting documents of imports against advance remittances made outside India, and failing to realize proceeds of exports, the Enforcement Directorate said. The company also delayed filing of documents against the foreign investment received and failed to allot shares against these, it added. According to Reuters, the reported allegations come amid a string of setbacks for the company, including investors cutting its valuation and its auditor and board members quitting. It has also been negotiating the repayment of a $1.2 billion loan in the last few months. BYJU'S: Founder Pledges Homes to Raise Funds for Staff Salaries --------------------------------------------------------------- Bloomberg News reports that Byju Raveendran, the eponymous founder of Indian edtech titan Byju's, has pledged his home as well as those owned by his family members to raise money for paying employees as the company battles a cash crunch, according to people familiar with the matter. Bloomberg relates that two homes owned by the former billionaire's family in Bengaluru, in southern India, and his under-construction villa in Epsilon - a plush gated community in the city - were offered as collateral to borrow $12 million, the people said, asking not to be named as the information is not public. The startup used the funds to pay salaries to 15,000 employees in Byju's parent firm, Think & Learn Pvt., on Dec. 4, they said. According to Bloomberg, the founder has been pulling all stops in his fight to keep the company afloat and to ease its financial pressures. Once India's most valuable tech startup, the firm is in the process of selling its US-based kids' digital reading platform for about $400 million. It is also locked in a legal battle with creditors over a missed interest payment on a $1.2 billion term loan, Bloomberg says. Raveendran, once worth almost $5 billion, has raised debts of about $400 million on a personal level, pledging all his shares in the parent company, according to the people, Bloomberg relays. He also plowed back into the company the $800 million he raised through share sales in the past couple of years, leaving him cash-strapped, they said. Last month, Byju's published its first results in years, which showed losses at Think & Learn narrowed marginally amid a pandemic-era boom in business, Bloomberg recalls. An Indian federal agency also concluded an investigation into the startup's overseas fundraising, and penalties, if any, are expected to be nominal, the company said in a statement last week. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 23, 2023, the Enforcement Directorate, India's federal financial crime-fighting agency, has issued a show-cause notice to education tech company Byju's for alleged violations of foreign exchange rules, the agency said in a statement on Nov. 11. Reuters said the agency alleged violations by the company worth over INR93 billion ($1.12 billion) under the Foreign Exchange Management Act (FEMA), and has sent notices to founder Byju Raveendran and parent company Think & Learn Pvt Ltd. Byju's violated FEMA norms by not submitting documents of imports against advance remittances made outside India, and failing to realize proceeds of exports, the Enforcement Directorate said. The company also delayed filing of documents against the foreign investment received and failed to allot shares against these, it added. According to Reuters, the reported allegations come amid a string of setbacks for the company, including investors cutting its valuation and its auditor and board members quitting. It has also been negotiating the repayment of a $1.2 billion loan in the last few months. CONSOLE ECOMMERCE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Console Ecommerce Services Private Limited House No. 49 1st Floor Pocket 11 Sector 5 Rohini North West Delhi 110085 India Liquidation Commencement Date: November 11, 2023 Court: National Company Law Tribunal, Bengaluru Bench Insolvency professional: Vighneshwar Bhat Interim Resolution Professional: Vighneshwar Bhat No. 202, A Block Sree Laxmi Nivas Apartments Wilson Garden 13th Cross Near Wilson Manor Apartments Bangalore, Karnataka 560027 E-mail: bhatvighnesh@gmail.com Tel: 919590252851 Last date for submission of claims: December 11, 2023 EXPO GAS: CRISIL Lowers Rating Long and Short Term Debts to D ------------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Expo Gas Containers Limited (EGCL) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (Downgraded from 'CRISIL BB-/Stable') Short Term Rating - CRISIL D (Downgraded from 'CRISIL A4+') The downgrade reflects delay in servicing of working capital term loan on account of weak liquidity. The rating continues to reflect delay in servicing of debt, large working capital. These weaknesses are partially offset by extensive experience of promoter. Analytical Approach For arriving at the ratings, CRISIL Ratings has treated unsecured loans of INR5 crore as on March 31, 2023 by its promoters as neither debt nor equity as the loans are expected to be retained in the business over the medium term Key Rating Drivers & Detailed Description Weaknesses: * Delay in Debt Servicing: Stretched liquidity has resulted in delay in servicing Debt. * Working capital-intensive operations: Although on an improving trend the operations of the company are working capital intensive as evidenced by GCA days of around 310 days in fiscal 2023 mainly due to high inventory days. Inventory days continue to remain high due to sizeable work in progress. This has resulted in high utilization of its fund-based bank limits. Strengths: * Extensive experience of the promoters and reputed clientele: The promoters have around 4 decades of experience in the fabrication and EPC industry resulting into better understanding of the industry dynamics and established track record for manufacturing wide range of process plant equipment's leading to better relations with clients. Liquidity: Poor Liquidity is poor reflected by delay in servicing of debt. Bank limit utilization is high at around 94% percent for the past 12 months ending Oct 2023 Rating Sensitivity factors Upward factors: * Proven track record of timely debt servicing of 90 days or more. * Significant improvement in working capital cycle resulting to moderate utilization of working capital limits EGCL was established in 1982 and is promoted by Mr Murtuza S Mewawala and Mr Hasanain S. Mewawala. The company manufactures a wide range of process plant equipment such as coded pressure vessels and deaerators and undertakes turnkey projects and in-plant piping. It is based in Mumbai. INDORE DEVAS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Indore Devas Tollways Ltd 6-2-1090, B-1, TSR Towers Rajbhavan Road, Somajiguda Hyderabad 500082 Telangana India Insolvency Commencement Date: October 31, 2023 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: April 28, 2024 Insolvency professional: Madhu Sudhanarao Mallipaddi Interim Resolution Professional: Madhu Sudhanarao Mallipaddi 502, H.No. 8-3-966/16 KOR Residency, Nagarjuna Nagar Srinagar Colony Behind State Bank of India Hyderabad 500073 E-mail: madhumallipaddi@gmail.com Last date for submission of claims: November 14, 2023 KARVY DIGIKONNECT: CRISIL Keeps C Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Karvy DigiKonnect Limited (KDK; a part of the Karvy Data Management Services Ltd (KDMSL) group) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL C (Issuer Not Cooperating) Term Loan 5 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KDK for obtaining information through letters and emails dated October 10, 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 KDK, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KDK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KDK continues to be 'CRISIL C Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has taken a consolidated view of KDK, along with its subsidiary Digicall Global Pvt Ltd (DGPL). This is because of operational synergies and inter-party transactions between these companies, operations handled by a common management, and fungible cash flows. About the KDK KDK, incorporated in 1994, provides a complete range of inbound, outbound, and back-office service solutions across multiple domains and industry verticals, such as telecom, banking, financial services, and insurance, retail, travel, hospitality, and healthcare. DGPL, wholly owned by KDK, is an international call centre that provides inbound and outbound support to its clients. About the KDMSL Incorporated in 2008, Hyderabad-based KDMSL is a stepdown subsidiary of KSBL. It provides business and knowledge process services. The company started off as a pure-play back office service provider and went on to add other verticals, such as e-governance, banking, telecom, and e-commerce. The company is an established player for government mandates such as Aadhar, PAN card, National Population Register, and e-tax deducted at source. It has strong relationship with several key government departments and enjoys support from the KDSML group. KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kharewali Steel Private Limited (SVIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SVIPL for obtaining information through letters and emails dated October 10, 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 SVIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SVIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVIPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr. Rajesh Grover and Mr. Narendra Sharma. Company is engaged in trading of MS structural steels (angles, plates, channels TMT bars etc.) and has started manufacturing of TMT bars. LEKH RAJ: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lekh Raj and Sons (LRS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Cash Credit 22 CRISIL D (Issuer Not Cooperating) Proposed Cash Credit Limit 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LRS for obtaining information through letters and emails dated October 10, 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 LRS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LRS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LRS continues to be 'CRISIL D Issuer Not Cooperating'. LRS was set up in 1984 as a partnership firm by members of Miglani family of Kaithal, Haryana. The firm mills, sorts, grades, and exports basmati and non-basmati rice. It also sells in the domestic market. MAHESH DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahesh Dyeing and Printing Mills Private Limited (MDPMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.18 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 4.72 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MDPMPL for obtaining information through letters and emails dated October 10, 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 MDPMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MDPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MDPMPL continues to be 'CRISIL D Issuer Not Cooperating'. MDPMPL, incorporated in 1997 at Surat (Gujarat), dyes and processes fabrics, catering mainly to textile players in Surat. Mr Nandkishore Rathi and family are the promoters. MANNA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manna Industries Limited (MIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 22 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with MIL for obtaining information through letters and emails dated October 10, 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 MIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2011 and based in Hyderabad (Telangana), MIL is engaged in granite and laterite mining. The Company is promoted and managed by Mr. U Kondal Rao. MEGHA GUM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Megha Gum and Chemicals (MGC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.25 CRISIL D (Issuer Not Cooperating) Cash Credit 0.75 CRISIL D (Issuer Not Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MGC for obtaining information through letters and emails dated October 10, 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 MGC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MGC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MGC continues to be 'CRISIL D Issuer Not Cooperating'. Set up as a proprietorship firm by Ms. Urmila Goyal, MGC commenced operations in 2005 by setting up a guar gum refining unit in Hisar, Haryana. Its cotton ginning and cotton oil refining unit began operations in November 2012. MGC is managed by Mr. Rajinder Goyal and Mr. Anuj Goyal. MILESTONE ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Milestone Enterprises (ME) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Cash 0.5 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ME for obtaining information through letters and emails dated October 10, 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 ME, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ME continues to be 'CRISIL D Issuer Not Cooperating'. MSE is a proprietorship firm promoted in 2015 by Mr Bhagat Singh. It is engaged in the manufacturing of corrugated boxes for packing automotive spare parts, fast-moving consumer goods, and agro-based products. The firm is also setting up a unit to manufacture rubber-related automotive spare parts. It also trades in auto parts. MILLENNIUM BUSINESS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Millennium Business Centre - Nashik (MBC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.7 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MBC for obtaining information through letters and emails dated October 10, 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 MBC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MBC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MBC continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 1999, MBC runs its restaurant, Yahoo in Nashik, Maharashtra. The hotel, being set up with 50 rooms, is also expected to commence operations at Nashik, in May 2019. Operations are managed by Mr Deepak Patil, Mr Mohan Patil and Mr Suhas Patil. MIRAZ MARINE: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Miraz Marine Food (MMF) continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL C (Issuer Not Cooperating) Packing Credit 3.6 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MMF for obtaining information through letters and emails dated October 10, 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 MMF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MMF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMF continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. MMF, set up in 2012 is a Kodamthuruthu (Kerala)-based partnership firm that exports processed marine products. The firm is managed by the partners - Mr. Baburaj and Mr. C B Hari. MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mogals Educational and Charitable Trust (MECT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 16 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MECT for obtaining information through letters and emails dated October 10, 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 MECT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MECT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MECT continues to be 'CRISIL D Issuer Not Cooperating'. MECT, based in Nagercoil (Tamil Nadu), was established in 2004 by Mr Mohamed Eakieem. The trust offers undergraduate, graduate, and post-graduate courses in engineering, and teacher training courses through MET College of Education, MET Engineering College, and MET Teacher Training College. MSX MALL PRIVATE: Liquidation Resolution Process Case Summary ------------------------------------------------------------- Debtor: MSX Mall Private Limited A-44, Ground Floor Shakarpur, East Delhi New Delhi 110092 Liquidation Commencement Date: November 14, 2023 Court: National Company Law Tribunal, Bench II, New Delhi Date of closure of insolvency resolution process: November 10, 2023 Insolvency professional: Gautam Singhal Interim Resolution Professional: Gautam Singhal C-35, Ground Floor Vivek Vihar, Phase-1 New Delhi 110095 E-mail: gautam@klfindia.com - and - Immaculate Resolution Professionals Private Limited Unit No. 112, First Floor Tower A, Spazedge Commercial Complex Sector-47, Sohna Road Gurgaon 122018 E-mail: rp.msxmall@gmail.com Last date for submission of claims: December 14, 2023 PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on the bank facilities of Pratibha Industries Ltd (PIL) continue to be on 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Short Term Loan 2.74 CRISIL D (Issuer Not Cooperating) Term Loan 11.86 CRISIL D (Issuer Not Cooperating) Term Loan 26.33 CRISIL D (Issuer Not Cooperating) Term Loan 3.58 CRISIL D (Issuer Not Cooperating) Term Loan 14.63 CRISIL D (Issuer Not Cooperating) Term Loan 6.31 CRISIL D (Issuer Not Cooperating) Term Loan 18.96 CRISIL D (Issuer Not Cooperating) Term Loan 27.16 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been following up with PIL for getting information through letters and emails, dated October 19, 2023, November 16, 2023 and November 21, 2023, apart from various telephonic communications. However, the issuer has continued to be 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 has not received any information on either the financial performance or strategic intent of the company, which restricts CRISIL Ratings' ability to take a forward-looking view on its credit quality. CRISIL Ratings believes that the rating action is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on the bank facilities of PIL continues to be on 'CRISIL D/CRISIL D Issuer Not Cooperating'. Also, the company has been under liquidation process since February 2021. Analytical Approach For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of PIL and its wholly-owned subsidiaries Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd, Pratibha Holding (Singapore) Pte Ltd and Pratibha Infra Lanka (Pvt) Ltd. Infrastructure projects, roads, bridges,water transmission, storage, treatment projects, mass housing etc About the Group Incorporated in 1982, PIL is promoted by Mr Ajit Kulkarni and undertakes infrastructure development with a focus on water supply and environment engineering assignments, and urban infrastructure projects. In the urban infrastructure segment, it is engaged in building and modernisation of airports and railway stations, and construction of roads, high-rise buildings, mass housing projects, and shopping malls. In the water supply segment, it executes laying of water pipelines; construction of sewerage treatment plants, water reservoirs, and water storage systems; and tunnelling projects. PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Pupneja Rice Mills (PRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.20 CRISIL D (Issuer Not Cooperating) Warehouse Financing 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PRM for obtaining information through letters and emails dated October 10, 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 PRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRM continues to be 'CRISIL D Issuer Not Cooperating'. PRM was established in 1982 as a partnership firm in Jalalabad, Punjab. The firm was founded by Mr. Suraj Chand, along with his son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In 2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm, and subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and Mr. Rajan Pupneja took over the business. PRM hulls and mills paddy rice. It has a processing mill with a capacity of 5 tonne per hour. R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R and M International Private Limited (RMIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.6 CRISIL D (Issuer Not Cooperating) Cash Credit 6.9 CRISIL D (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 1.1 CRISIL D (Issuer Not Cooperating) Term Loan 1.4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RMIPL for obtaining information through letters and emails dated October 10, 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 RMIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RMIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. RMIPL was incorporated in 2009 in Mumbai by Dr Rachna Rai and Mrs Meena Sarda. Subsequently Mrs Meena Sarda resigned and Dr Gopal Rai (husband of Dr Rachna Rai) joined the company as MD and CEO. The company undertakes repair and strengthening of civil structures using fibre wrapping and pre-stressing using carbon laminates. It also undertakes water proofing of civil structures. The company executes projects in Maharashtra, Karnataka, Andhra Pradesh, Gujarat, Bihar, Uttar Pradesh, Delhi, etc. REPUTE FOODS: CRISIL Lowers Rating on INR10cr Cash Loan to D ------------------------------------------------------------ CRISIL Ratings has downgraded the ratings on the bank facilities of Repute Foods Private Limited (RFPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with RFPL for obtaining information through letters and emails dated November 16, 2023, November 23, 2023 and November 24, 2023 and November 11, 2022 and November 16, 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 an information on either the financial performance or strategic intent of RFPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation and based on the latest available information in public domain, the ratings on the bank facilities of RFPL has been downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'. Incorporated in 2011, Repute Food Private Limited is involved in production and assortment of agricultural products like cashew, pista, wheat, etc. ROLTA INDIA: Nine Bidders Submit Resolution Plans ------------------------------------------------- The Economic Times reports that lenders to debt-laden software company Rolta India have received nine resolution plans under the ongoing bank-led insolvency process to settle more than INR14,000 crore in unpaid dues owed to secured and unsecured creditors. People aware of the development told ET that resolution plans have come from Rashmi Metaliks, United Biotech, Real Value Infotech Projects, Cyfuture India, Square Four Housing & Infrastructure Development, Ashdan Properties, Quant Efficient, and Yash Shares. One individual, Viren Jain, has also submitted a final bid. "Creditors had received 19 expressions of interests (EoIs) from prospective bidders in October, out of which these nine have finally submitted a plan," said one of the people cited earlier. "These plans will now be scrutinised to check whether they pass muster with the bankruptcy code and then assessed for their value." November 30 was the last day for submitting bids, ET notes. Kamal Singh-promoted Rolta is a defence-focussed software company which was admitted to the bankruptcy process in January 2023. It owes INR7,100 crore to a clutch of banks led by Union Bank of India (UBI), and another INR6,699 crore to unsecured foreign bond holders led by Citigroup. ET had reported earlier that the process to find a buyer for the company was restarted in October after only one bid was received from the dozen EoIs that the resolution professional, Mamta Binani, received in April. Rashmi Metaliks, the only bidder then, has also submitted a bid this time. Binani did not respond to an email from ET. The bidders could not be immediately contacted. "Rashmi Metaliks' bid in October was too low - below INR250 crore - so lenders had decided to scrap the process," said a person aware of the details, ET relays. "We are now in the second stage of the restarted process, and one hopes we will get better offers this time. The bidders are a mix of real estate and software companies." According to ET, Rolta's creditors are not very hopeful of getting a good value for the company's software assets, but are pinning their recovery expectations on selling its real estate properties across India, most of which are kept as collateral. Rolta had defaulted on foreign currency loans provided by Indian banks in 2016. It has avoided the bankruptcy process thrice -- first in May 2019, by seeking a six-month forbearance from lenders, then again after a UBI petition was dismissed by the National Company Law Tribunal (NCLT), and then in November 2019, after the Bombay High Court cancelled an admission stating that due procedures were not followed. Finally, in January this year, the tribunal admitted a petition filed by UBI in 2020, ET notes. UBI is the largest lender to Rolta with INR2,262 crore in unpaid dues, which accounts for more than 17% of the total dues to secured creditors. About Rolta India Rolta India is a technology company with operations in 40 locations across India, North America, Europe, the Middle East and Australia. It provides IT solutions to various federal, state and local governments; defense and security agencies; utilities; financial services, manufacturing, retail and healthcare companies; and others. As reported in the Troubled Company Reporter-Asia Pacific in January 2023, a bankruptcy court on Jan. 19 admitted Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm, according to The Economic Times. Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over INR1,413 crore to the lender. RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rubicon Inspection Systems Private Limited (RISPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.97 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 0.33 CRISIL D (Issuer Not Cooperating) Secured Overdraft 2 CRISIL D (Issuer Not Facility Cooperating) Working Capital 0.2 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with RISPL for obtaining information through letters and emails dated October 10, 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 RISPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RISPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RISPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Based in Delhi and promoted by Mr Inderjeet Singh in 2007, RISPL undertakes service contracts for drain maintenance, CCTV inspection of storm water drains and sewer lines, trenchless laying of gravity pipes and underground earthwork. The company's main customers include Tata Steel Ltd, Ahmedabad Municipal Corporation, UP Jal Board and other government entities and boards. RISPL has a fleet of truck-mounted machines and excavators, which are used to carry out the jobs it undertakes. The promoter has been in the same business since 1997 through his proprietorship firm Rubicon Inspection Systems, which was reconstituted as RISPL during 2007. SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sanjay Singhi (SS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Working 1.5 CRISIL D (Issuer Not Capital Facility Cooperating) CRISIL Ratings has been consistently following up with SS for obtaining information through letters and emails dated October 10, 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 SS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SS was established in 1990 as a partnership firm. It is engaged in civil construction activities such as road contractor for government construction projects located in Chhattisgarh and Madhya Pradesh. It is owned and managed by Mr. Sanjay Singhi and his wife Mrs. Rekha Singhi. SANWARIYA FURNACES: Liquidation Resolution Process Case Summary --------------------------------------------------------------- Debtor: Sanwariya Furnaces Private Limited F-642-643, Industrial Area Khuskera, Bhiwadi Rajasthan 301707 Liquidation Commencement Date: November 15, 2023 Court: National Company Law Tribunal, Jaipur Bench Date of closure of insolvency resolution process: October 31, 2023 Insolvency professional: Jayprakash Bansilal Somani Interim Resolution Professional: Jayprakash Bansilal Somani B-851, 1st Floor, Shivaji Marg Church Wali Gali New Ashok Nagar, Delhi East National Capital Territory of Delhi 110096 E-mail: jaysomani64@gmail.com - and - 1101, Dalamal Towers Nariman Point Mumbai 400021 E-mail: cirp.sfpl@decoderesolvency.com Last date for submission of claims: December 15, 2023 SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiv Tools Engineering Private Limited (STEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with STEPL for obtaining information through letters and emails dated October 10, 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 STEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on STEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STEPL continues to be 'CRISIL D Issuer Not Cooperating'. STEPL was set up in 1996 as a proprietorship firm by Mr Bhikkan Singh and was reconstituted as a private limited company in 2004. The company is managed by Mr Singh, his wife, and their two sons. STEPL initially manufactured dyes, paints, and tools for automobiles and tractors. It has now diversified into manufacturing external body parts for automobiles and tractors. Its registered office is in Faridabad (Haryana). SHREYAS PAPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Shreyas Papers Private Limited 51, Raj Nagar Hubli, Karnataka 580032 Insolvency Commencement Date: November 13, 2023 Court: National Company Law Tribunal, Bangalore Bench Estimated date of closure of insolvency resolution process: April 28, 2024 Insolvency professional: Narayana Kamma Interim Resolution Professional: Narayana Kamma E-1807, Brigade Gateway No. 26/1, Dr. Rajkumar Road Malleshwaram West Bangalore 560055 E-mail: kln6019@gmail.com cirp.shreyaspapers@gmail.com Last date for submission of claims: November 29, 2023 SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shyam Sunder Estates Private Limited (SSEPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SSEPL for obtaining information through letters and emails dated October 10, 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 SSEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSEPL continues to be 'CRISIL D Issuer Not Cooperating'. SSEPL, promoted by Mumbai based Darvesh group, is currently undertaking construction of residential project- 'Darvesh Grand' at Khar (West), Mumbai. SIVA STONE: CRISIL Lowers Rating on INR20cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has downgraded its rating on the bank facilities of Sri Siva Stone Exports India Private Limited (SSSPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating' based on publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B-/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with SSSPL for obtaining information through letter and email dated 16 November 2023 and 25 August 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 SSSPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSSPL is consistent with 'Assessing Information Adequacy Risk'. Incorporated in December 2013 in Ongole, Andhra Pradesh, and promoted by Mr. Siva Narayana and his family members, SIPL processes and exports granite slabs. The company is promoted by Mr. Siva Narayana who has been associated with the granite industry for over 10 years. SPARROWHAWK INTERNATIONAL: Voluntary Liquidation Case Summary ------------------------------------------------------------- Debtor: Sparrowhawk International Channels India Private Limited 833, West End Mall District Centre, Janakpuri New Delhi 110058, India Liquidation Commencement Date: November 17, 2023 Court: National Company Law Tribunal, Delhi Bench Insolvency professional: Mr. Sanjay Kumar Jha Interim Resolution Professional: Mr. Sanjay Kumar Jha 123/8, Gali No. 15 T-Point, Sant Nagar Burari, Delhi 110084 India E-mail: sanjayhafcs@gmail.com Mobile: 919811579790 Last date for submission of claims: December 16, 2023 SPICEJET LTD: NCLT Rejects Willis Lease's Insolvency Plea --------------------------------------------------------- Business Standard reports that in a relief to low-cost carrier SpiceJet, the National Company Law Tribunal (NCLT) on Dec. 4 dismissed an insolvency petition by aircraft lessor Willis Lease Finance Corporation which is claiming dues. A two-member Delhi-based NCLT bench rejected the plea moved by US-based Willis Lease Finance Corporation after SpiceJet questioned the maintainability of the petition, Business Standard says. According to the report, SpiceJet opposed the plea contending that Willis Lease Finance Corp has withdrawn its insolvency plea for the same dispute in March 2023 and has approached again with a new plea. During a hearing in July this year, the NCLT bench wanted to know from Willis Lease Finance Corp, as to how it filed a fresh petition again for a similar cause of action within a few months, without even sending a notice to SpiceJet as per the provisions of the Insolvency and Bankruptcy Code, 2016, Business Standard relays. Besides Willis Lease, SpiceJet is facing insolvency pleas filed by three other aircraft lessors -- Aircastle Ireland Ltd, Wilmington, and Celestial Aviation. During a hearing in September, the NCLT suggested settling with its lessors, which have filed a plea to initiate insolvency proceedings against it. In August, SpiceJet allotted over 48 million shares to nine aircraft lessors to clear its dues, Business Standard recalls. About Spicejet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second-biggest budget airline, after IndiGo. As recently reported in the Troubled Company Reporter-Asia Pacific, aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed a petition for initiating the corporate insolvency resolution process against SpiceJet. This is the third case filed against the airline, according to The Economic Times. Two other cases under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been filed by aircraft lessor Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance Corporation. Aircastle (Ireland) filed a CIRP petition against Spicejet on April 28, 2023, while Willis Lease Finance Corporation filed its petition on April 12, 2023. In August 2023, aircraft lessor Celestial Aviation Services Ltd had approached the tribunal to initiate insolvency proceedings against the low-cost airline for a default of $29.9 million for nine aircraft. ST. GEORGE: CRISIL Lowers Rating on INR9.50cr Term Loan to C ------------------------------------------------------------ CRISIL Ratings has downgraded the ratings on the long term bank facilities of ST. George Electronica Private Limited (STG) to 'CRISIL C Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating' while continued its rating on the short term bank facilities at 'CRISIL A4 Issuer Not Cooperating' due to delay in debt service obligations to its lenders as per publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 20.45 CRISIL A4 (Issuer Not Cooperating) Term Loan 9.50 CRISIL C (ISSUER NOT COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING) Term Loan 6.70 CRISIL C (ISSUER NOT COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING) Working Capital 12.05 CRISIL C (ISSUER NOT Facility COOPERATING; Revised from 'CRISIL B-/Stable ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with STG for obtaining information through letters and email dated November 23, 2023 and April 17, 2023, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of STGEPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on STGEPL is consistent with 'Assessing Information Adequacy Risk'. The company is engaged in trading of electrical and electronic appliances and has 6 retail stores in Chennai. It was established in 2014 at Thrissur in Kerala by Mr KT Jissy. THREE SEASONS: CRISIL Lowers Rating on INR15cr Term Loan to D ------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the bank facilities of Three Seasons Aquatech Private Limited (TSAPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' as the entity has delays in debt servicing. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with TSAPL for obtaining information through letters and emails dated November 23, 2023 and October 21, 2022 and December 15, 2022 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 TSAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TSAPL is consistent with 'Assessing Information Adequacy Risk'. TSAPL, incorporated in fiscal 2012, is setting up a unit for processing shrimp, which would be exported. The plant is in East Godavari district, Andhra Pradesh. Operations are expected to commence by April 2021. VRC AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VRC Agro Farms Private Limited (VRC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with VRC for obtaining information through letters and emails dated October 10, 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 VRC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VRC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VRC continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in Hyderabad, Telangana by Mr K Ramakrishna and reconstituted as a private limited company in 2011, VRC cultivates and trades prawns. VSC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of VSC Infra Private Limited (VSC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.05 CRISIL D (Issuer Not Cooperating) Bank Guarantee 4.06 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2.95 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Bank 0.94 CRISIL D (Issuer Not Guarantee Cooperating) CRISIL Ratings has been consistently following up with VSC for obtaining information through letters and emails dated October 10, 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 VSC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. VSC, incorporated in July 2008 at Hyderabad, undertakes power construction projects; drilling and blasting for rock excavation; lift irrigation projects; branch canals; earth work; excavation; embankment; structures of printed circuit board; track conversion in railways; and construction of embankment of dam project. Revenue is majorly generated from executing construction work for the Indian Railways and the Government of Telangana. ===================== N E W Z E A L A N D ===================== ALIGNMENTS PLUS: Court to Hear Wind-Up Petition on Dec. 12 ---------------------------------------------------------- A petition to wind up the operations of Alignments Plus Limited will be heard before the High Court at Wellington on Dec. 12, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 12, 2023. The Petitioner's solicitor is: Ashley Ashika Singh Legal Services 5th Floor, Asteron Centre 55 Featherston Street (PO Box 1462) Wellington F V TAWERA: Creditors' Proofs of Debt Due on Jan. 20 ---------------------------------------------------- Creditors of F V Tawera Limited are required to file their proofs of debt by Jan. 20, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 28, 2023. The company's liquidator is: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 HTDB PAPATOETOE: Creditors' Proofs of Debt Due on Jan. 13 --------------------------------------------------------- Creditors of HTDB Papatoetoe Limited are required to file their proofs of debt by Jan. 13, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 29, 2023. The company's liquidators are: Pritesh Patel PO Box 23296 Manukau City Auckland 2241 REMARKABLE HOLDINGS: Placed in Administration --------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland Limited on Dec. 4, 2023, were appointed as administrators of Remarkable Holdings (New Zealand) Limited. The administrators may be reached at: Tony Leonard Maginness Jared Waiata Booth Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 TUPOHO WHANAU: Court to Hear Wind-Up Petition on Dec. 14 -------------------------------------------------------- A petition to wind up the operations of Tupoho Whanau Trust (Incorporated) will be heard before the High Court at Whanganui on Dec. 14, 2023, at 9:30 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 9, 2023. The Petitioner's solicitor is: Tara Nicola Carr Legal Services 5th Floor, Asteron Centre 55 Featherston Street (PO Box 1462) Wellington WHOLY MAC: Creditors' Proofs of Debt Due on Dec. 22 --------------------------------------------------- Creditors of Wholy Mac Limited are required to file their proofs of debt by Dec. 22, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 21, 2023. The company's liquidator is: Heath Gair Palliser Insolvency PO Box 57124 Mana, Porirua 5247 ===================== P H I L I P P I N E S ===================== PH RESORTS: Seeks New Savior After Appleone Deal Fails ------------------------------------------------------ Bilyonaryo.com reports that Duterte crony Dennis Uy is back on the hunt for a much-needed white knight after his hardluck resort casino arm failed yet again to finalize a deal with a potential investor. In an announcement, Mr. Uy's PH Resorts revealed that the 60-day memorandum of understanding with AppleOne Properties, owned by bilyonaryo government contractor Ray Manigsaca, has expired without a "definitive agreement" in place, according to Bilyonaryo.com. Bilyonaryo.com relates that AppleOne, the developer of The Residences at Sheraton Cebu Mactan Resort, was initially slated to assume full control or, at the very least, secure a substantial majority stake in PHR's subsidiaries - Lapulapu Leisure and Lapulapu Land. The objective was to inject funds into the on-hold construction of the Emerald Bay project, located on a vast 12.4-hectare beachfront property in Mactan, Cebu. Despite the setback, PHR remains optimistic about finding a new white knight after over a year of searching. "Considering that the MOU was a non-exclusive engagement, PHR is having substantive discussions with other parties," stated PHR, Bilyonaryo.com relays. Ultra bilyonaryo Ricky Razon, owner of Solaire operator Bloomberry, withdrew from the deal to acquire PHR's casino projects in Cebu and Clark last March, after a 10-month due diligence process, recalls Bilyonaryo.com. After getting dumped by Mr. Razon, Mr. Uy announced he was working with "one foreign and one local investor" for Emerald Bay. Since Mr. Uy took the company public through a backdoor listing five years ago, PHR has accumulated PHP2.6 billion in losses, with P1 billion incurred in the first half of 2023, Bilyonaryo.com discloses. Recently, PHR secured a bailout deal with China Banking Corp., led by ultra bilyonaryo Hans Sy, to extend the payment on its PHP6 billion loans, Bilyonaryo.com notes. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As of end end-2022, SGV & Co. reported that the company has PHP2.6 billion in capital deficit, PHP11 billion in net liabilities payable in one year, and PHP146 million in cash deficit, according to Bilyonaryo.com. ================= S I N G A P O R E ================= ADDVALUE TECHNOLOGIES: 4 Companies Placed on SGX Watch List ----------------------------------------------------------- The Business Times reports that four companies have been placed on the Singapore Exchange Regulation's watch list on Dec. 5. They are Addvalue Technologies, Renaissance United, Telechoice International and Tiong Seng, BT discloses. Based on listing rules, mainboard-listed companies will be placed on the watch list if they record pre-tax losses for the three latest consecutive financial years, and fail to maintain an average daily market cap of at least SGD40 million over the last six months, BT notes. According to BT, Renaissance United, formerly Ipco International, is a developer, turnkey contractor and investor in oil and gas, power, transportation, water and environment, and industrial infrastructure projects. BT relates that the company said in a bourse filing that it was notified on Dec. 4 of the upcoming action by the bourse operator. Its board attributed the consolidated losses over three consecutive years to challenging trading conditions precipitated by the Covid-19 pandemic. Addvalue Technologies on Dec. 5 expressed confidence that its watch-list status would not derail the momentum of its business improvements achieved so far. The group recently announced it obtained orders worth US$4.7 million, which will be significantly fulfilled within the current financial year, it noted, BT relays. Separately, both Telechoice and Tiong Seng said business and operations will continue as usual. Construction group Tiong Seng said it is taking active measures to improve its financial health. BT adds that the failure to improve the financial position and market valuation would risk the listed companies being delisted or having the trading of their shares suspended with a view to being delisted. ASIA DISCOVERY: Creditors' Proofs of Debt Due on Jan. 4 ------------------------------------------------------- Creditors of Asia Discovery Emerging Companies Master Fund Pte Ltd are required to file their proofs of debt by Jan. 4, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 22, 2023. The company's liquidators are: Ong Kok Yeong David Tay Tuan Leng c/o Tricor Singapore 80 Robinson Road, #02-00 Singapore 068898 GROUP LEASE: Court to Hear Wind-Up Petition on Dec. 8 ----------------------------------------------------- A petition to wind up the operations of Group Lease Holdings Pte Ltd will be heard before the High Court of Singapore on Dec. 8, 2023, at 10:00 a.m. Jtrust Asia Pte Ltd filed the petition against the company on April 12, 2023. The Petitioner's solicitors are: Wong & Leow LLC 8 Marina Boulevard #05-01, Marina Bay Financial Centre Tower 1 Singapore 018981 SEVONE SINGAPORE: Creditors' Proofs of Debt Due on Jan. 2 --------------------------------------------------------- Creditors of Sevone Singapore Pte. Ltd. are required to file their proofs of debt by Jan. 2, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 24, 2023. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 SIERRA TRADERS: Commences Wind-Up Proceedings --------------------------------------------- Members of Sierra Traders Pte Ltd, on Nov. 24, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann c/o 3 Shenton Way #03-06C Shenton House Singapore 068805 TP ICAP: Creditors' Proofs of Debt Due on Jan. 4 ------------------------------------------------ Creditors of TP ICAP Holdings (Singapore) Pte. Ltd. are required to file their proofs of debt by Jan. 4, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 24, 2023. The company's liquidators are: Kon Yin Tong Aw Eng Hai Ow Xiu Jing c/o 1 Raffles Place #04-61 One Raffles Place Tower 2 Singapore 048616 ********* 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 ***