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

                     A S I A   P A C I F I C

          Monday, March 18, 2024, Vol. 27, No. 56

                           Headlines



A U S T R A L I A

CROSSLAND CARE: First Creditors' Meeting Set for March 25
DEEDS BREWING: Goes Into Voluntary Administration
JASON COLLINS: First Creditors' Meeting Set for March 20
LATITUDE AUSTRALIA: Fitch Assigns 'BB(EXP)sf' Rating on Cl. E Notes
PEPPER RESIDENTIAL 32: S&P Hikes Class E Debt Rating to BB+

RACELAB PTY: First Creditors' Meeting Set for March 22
REDSPEAR HOLDINGS: First Creditors' Meeting Set for March 21
SUETONIUS WEALTH: ASIC Cancels Company's AFS Licence
ZEGA HOLDINGS: First Creditors' Meeting Set for March 20


C H I N A

AONONG GROUP: Court Approves Creditors' Reorganization Request
CHINA: Pig Breeders Continue to Face Operating Pressure This Year
ZHONGZHI ENTERPRISE: China Police Take ‘Coercive Measures' vs Staff


H O N G   K O N G

SING TAO: Expect Annual Net Loss to Narrow by 64% in 2023


I N D I A

A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating
AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
AKASH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating

AKBAR INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
ANNALAKSHMI CATERING: CRISIL Keeps B Rating in Not Cooperating
BORKAR COLORPACKS: Liquidation Process Case Summary
BYJU'S: Hedge-Fund Founder Says He Fled U.S. Out of Fear
BYJU'S: Must Freeze $533 Million in Win for Lenders, Judge Says

DAIRY CROP: Voluntary Liquidation Process Case Summary
DEBTONE CORPORATE: Liquidation Process Case Summary
ECOVIA TECH: Voluntary Liquidation Process Case Summary
FIPOLA RETAIL: Liquidation Process Case Summary
INDO-KRISHNA GREEN: Liquidation Process Case Summary

JAYSURYA STEELS: Voluntary Liquidation Process Case Summary
KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
KOENIG SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
KOTTIYOOR METALS: CRISIL Keeps B Debt Rating in Not Cooperating

NEXUS HEALTH: Liquidation Process Case Summary
P. RAMU: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
PJM MINERALS: Liquidation Process Case Summary
POORVI HOUSING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
POS SOLUTIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

PRANAV ORGANICS: CRISIL Keeps B- Debt Rating in Not Cooperating
PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
PROPELLUM INFOTECH: CRISIL Keeps B Ratings in Not Cooperating
PUMARTH INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
R.P INFO : Insolvency Resolution Process Case Summary

RAJESH REAL: Insolvency Resolution Process Case Summary
SAGAR AND VIVAAN: Insolvency Resolution Process Case Summary
SHIVAM STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
SIDDHI VINAYAK: CRISIL Keeps B Debt Ratings in Not Cooperating
SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating

STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPER FORGINGS: Insolvency Resolution Process Case Summary
SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SWITCHGEARS LIMITED: Insolvency Resolution Process Case Summary

T.L. FASHION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TARA INVESTMENTS: CRISIL Keeps B Debt Ratings in Not Cooperating
TECHNO INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
TULASI SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VEMB LIFESTYLE: Insolvency Resolution Process Case Summary

VINDHYAVASINI STEEL: Liquidation Process Case Summary
VIVIAAN MULTISTRUCTURES: Insolvency Resolution Process Case Summary


I N D O N E S I A

AGUNG PODOMORO: Moody's Cuts CFR to Caa3, Outlook Remains Negative


N E W   Z E A L A N D

CORNERSTONE CORP: Court to Hear Wind-Up Petition on April 12
DKMASON COMMERCIAL: Court to Hear Wind-Up Petition on April 12
GARDEN CITY: Home Builder Placed Into Liquidation
GRASSE HOLDING: Court to Hear Wind-Up Petition on April 12
LCNZ NEWMARKET: First Creditors' Meeting Set for March 22

STRIPE STUDIOS: BDO Auckland Appointed as Receiver and Manager


S I N G A P O R E

CORNCASTLE COMPANY: Creditors' Proofs of Debt Due on April 15
GM INCORPORATION: Court Enters Wind-Up Order
GROUP LEASE: Court Enters Wind-Up Order
IMPRESSARIO INC: Court to Hear Wind-Up Petition on April 5
KINJA DIGITAL: Commences Wind-Up Proceedings


                           - - - - -


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

CROSSLAND CARE: First Creditors' Meeting Set for March 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Crossland
Care Pty Ltd will be held on March 25, 2024 at 2:00 p.m. at the
offices of Cor Cordis at Level 7 201 Charlotte Street in Brisbane.

Stephen Earel of Cor Cordis was appointed as administrator of the
company on March 13, 2024.


DEEDS BREWING: Goes Into Voluntary Administration
-------------------------------------------------
News.com.au reports that a popular Melbourne craft brewery has
entered voluntary administration, thrusting the jobs of about 50
people into question.

According to news.com.au, Deeds Brewing in Glen Iris appointed
administrators last week for its four associated businesses
including Deeds Group, Deeds Taproom, Deeds Brewing Company and
Future Proof Distilling.

Deloitte's David Orr and Glen Kanevsky have been appointed as joint
administrators, news.com.au discloses.

Claiming multiple awards at the 2023 Australian International Beer
Awards, Deeds Brewery won champion medium brewery and champion
Victorian brewery.

It boasts more than 23,000 followers on social media but has not
yet announced the administration plans, continuing as normal for
the time being.

University friends Patrick Ale and David Milstein opened the
brewery in 2012, news.com.au recalls.

They opened in a former car workshop in Glen Iris in 2015 and
brewed their first beer there in 2019.

Permission to build the onsite taproom and kitchen was granted in
April 2020.

During the Covid lockdown, the brewery made and sold its own hand
sanitiser, news.com.au notes.


JASON COLLINS: First Creditors' Meeting Set for March 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Jason
Collins Transport Pty Ltd will be held on March 20, 2024 at 10:00
a.m. via Zoom videoconferencing.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on March 8, 2024.


LATITUDE AUSTRALIA: Fitch Assigns 'BB(EXP)sf' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Latitude Australia
Credit Card Loan Note Trust Series 2024-1's floating-rate notes.
The issuance consists of notes backed by a pool of Australian
consumer sales finance and credit card receivables originated by
Latitude Finance Australia. The notes will be issued by Perpetual
Corporate Trust Limited in its capacity as trustee of Latitude
Australia Credit Card Master Trust.

   Entity/Debt             Rating           
   -----------             ------           
Latitude Australia
Credit Card
Master Trust

   2024-1 Class A1     LT  AAA(EXP)sf Expected Rating
   2024-1 Class A2     LT  AAA(EXP)sf Expected Rating
   2024-1 Class B      LT  AA(EXP)sf  Expected Rating
   2024-1 Class C      LT  A(EXP)sf   Expected Rating
   2024-1 Class D      LT  BBB(EXP)sf Expected Rating
   2024-1 Class E      LT  BB(EXP)sf  Expected Rating

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance has been
stable, with gross charge-offs averaging 4.7%, yield - excluding
merchant service fees - averaging 18.2%, and the monthly payment
rate (MPR) averaging 17.5% over the previous year. Fitch has
retained base cases of 5.25% for charge-offs, 13.0% for yield and
12.5% for the MPR based on past performance.

The Stable Outlook is supported by Australia's continued economic
growth and tight labour market, despite interest rate hikes in
2022-2023. GDP growth in the year to September 2023 was 2.1% and
unemployment was 4.1% in January 2024. Fitch expects GDP to slow to
1.5% in 2024, with unemployment rising to 4.2%. This reflects
Fitch's expectation of the impact of China's property downturn and
lagged effects of tighter monetary policy on consumption.

A summary of the steady states and rating stresses applied in the
cashflow modelling analysis is shown below:

Steady State:

Charge-offs: 5.25%

MPR: 12.50%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40% / 35% / 30% / 25% / 20%

Gross yield (% decrease): 35% / 30% / 25 % / 20% / 15%

Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%

Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with experience managing large consumer receivable
portfolios for more than a decade in Australia and New Zealand.
Latitude is not rated by Fitch and servicer risk is mitigated
through back-up arrangements. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.

Added Flexibility: The structure employs an originator variable
funding note (VFN) purchased and held by Latitude to add funding
flexibility that is typical and necessary for credit-card trusts.
It provides credit enhancement to the rated notes, adds protection
against dilution and is used to meet risk-retention requirements. A
separate VFN provides funding flexibility for the trust.

Mitigated Counterparty Risk: Latitude acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a nominated back-up servicer and a series-specific
liquidity reserve.

Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement.

RATING SENSITIVITIES

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

Unanticipated increases in charge-offs or reductions in payment
rates or yield could produce loss levels higher than Fitch's base
case and are likely to result in a decline in credit enhancement
and remaining loss coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Notes: Class A1 / A2 / B / C / D / E

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Increase charge-off steady state by 25%: AAAsf / AA+sf / AA-sf /
Asf / BBBsf / BBsf

Increase charge-off steady state by 50%: AAAsf / AA+sf / A+sf /
A-sf / BBB-sf / BB-sf

Increase charge-off steady state by 75%: AAAsf / AAsf / Asf /
BBB+sf / BB+sf / B+sf

Reduce MPR steady state by 15%: AAAsf / AA+sf / AA-sf / Asf / BBBsf
/ BBsf

Reduce MPR steady state by 25%: AAAsf / AAsf / A+sf / A-sf / BBB-sf
/ BBsf

Reduce MPR steady state by 35%: AAAsf / AA-sf / Asf / BBB+sf /
BB+sf / BB-sf

Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BB-sf

Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 75%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 100%: AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BB-sf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AAsf / A+sf / BBB+sf / BBB-sf / BB-sf

Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
A+sf / A-sf / BBB-sf / BBsf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: AA-sf /
A-sf / BBBsf / BB+sf / BB-sf / less than Bsf

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

Reduce charge-off steady state by 25%: AAAsf / AAAsf / AAAsf / AAsf
/ Asf / BBBsf

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction.

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

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


PEPPER RESIDENTIAL 32: S&P Hikes Class E Debt Rating to BB+
-----------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No.32. At the same
time, S&P affirmed its ratings on three classes of notes issued out
of the same trust.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. Credit support provided in
percentage terms has increased as the pool pays down. As of Jan.
31, 2024, the pool factor is 39.3%.

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transactions. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

S&P said, "We have also factored into our analysis the arrears
performance, the relatively high level of self-employed borrowers,
and low and alternative documentation loans in the pool. These
characteristics increase our expectation of loss for the
portfolio." The arrears performance generally has been higher
relative to the Standard & Poor's Performance Index (SPIN) for
nonconforming loans in the past six months. As of Jan. 31, 2024,
loans greater than 30 days in arrears represent 4.77% of the pool,
of which 1.68% is more than 90 days in arrears. There have been no
charge-offs to any of the notes.

The transaction is currently paying down on a sequential basis.
Credit support will continue to build up for the notes until the
pro rata tests are met. Once the pro rata triggers are met, the
class G notes' allocated principal is paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated rated notes. Therefore, the class F notes will
continue to benefit from an increase in the percentage of credit
support provided as the pool amortizes under a pro rata structure,
while for the remaining rated notes the percentage of credit
support will remain static.

The turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the rated tranches in both
transactions.

Borrower concentrations and the performance exhibited across the
portfolio are constraining factors limiting the degree of upgrades.
Additionally, the composition of the portfolio and the subset of
borrowers are likely to be more susceptible to changes in the
economy, particularly higher interest rates and cost-of-living
pressures.

These qualitative factors constrain S&P's ratings beyond
quantitative factors alone.

  Ratings Raised

  Pepper Residential Securities Trust No.32

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No.32

  Class A1-a: AAA (sf)
  Class A2: AAA (sf)
  Class F: B (sf)


RACELAB PTY: First Creditors' Meeting Set for March 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Racelab Pty
Ltd will be held on March 22, 2024 at 11:00 a.m. via virtual
meeting.

Ross Andrew Blakeley and Paul Stuart Harlond of FTI Consulting were
appointed as administrators of the company on March 12, 2024.


REDSPEAR HOLDINGS: First Creditors' Meeting Set for March 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Redspear
Holdings Pty Ltd will be held on March 21, 2024 at 10:00 a.m. via
videoconference only.

Leon D'Souza and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on March 12, 2024.


SUETONIUS WEALTH: ASIC Cancels Company's AFS Licence
----------------------------------------------------
On March 11, 2024, the Australian Securities & Investments
Commission (ASIC) cancelled the Australian Financial Services (AFS)
licence of Sydney based financial services provider, Suetonius
Wealth Management Pty Limited.

ASIC had suspended Suetonius' AFS licence from Nov. 17, 2023 to
Feb. 28, 2024, to give the provider the opportunity to lodge its
financial statements and audit reports for the years ending June
30, 2021 and June 30, 2022.

As of Feb. 29, 2024, Suetonius had still failed to lodge its
financial statements and audit reports for the financial years
ending June 30, 2021, June 30, 2022 and now, June 30, 2023.

Suetonius Wealth Management Pty Limited has held AFS licence
no.542772 since June 18, 2014.


ZEGA HOLDINGS: First Creditors' Meeting Set for March 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Zega
Holdings Pty Ltd will be held on March 20, 2024 at 11:00 a.m. at
Christie Spaces, 100 Walker St in North Sydney.

Tim Heesh and Mark Everingham of TPH Advisory were appointed as
administrators of the company on March 8, 2024.




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

AONONG GROUP: Court Approves Creditors' Reorganization Request
--------------------------------------------------------------
Yicai Global reports that a court approved the reorganization
request filed by the creditors of Aonong Group after the Fujian
province-based big breeder failed to pay matured debts.  Aonong
mentioned that it may face bankruptcy risks if the reorganization
fails.

Fujian Aonong Biological Technology Group Incorporation Limited
engages in the feed, pig raising, food, supply chain services,
agricultural internet, bio-pharmaceutical, and other businesses in
China and internationally. The company researches and develops,
produces, and sells feed products, such as pig feed, poultry feed,
aquatic feed, ruminant feed, and other products; operates pig
breeding farms; and engages in the pig slaughtering and processing
activities, as well as raw materials trade. It also provides
veterinary pharmaceutical preparations and additives, powders,
premixes, injections, oral liquids, solid disinfectants, liquid
disinfectants, and other products, as well as creates pig OK
management platform, meat sales traceability information system,
Internet of Things electronic scale, intelligent breeding
equipment, pig OK media, pig customer e-commerce, feed ERP
management system, and dealer management platform.  


CHINA: Pig Breeders Continue to Face Operating Pressure This Year
-----------------------------------------------------------------
Yicai Global reports that after racking up significant losses last
year, major Chinese pig breeders continued to face operating
pressure in the first two months of this year because of falling
live hog prices.

Muyuan Foodstuff sold pigs for CNY13.84 (USD1.93) per kilogram in
the two months ended Feb. 29, compared with costs of CNY15.80 per
kg, resulting in a loss of CNY2.3 billion (USD320.5 million), the
Beijing-based company recently announced, Yicai relays. Wens
Foodstuff Group was in a similar situation, selling pigs for
CNY14.02 per kg with costs of CNY15.6 per kg.

According to Yicai, hog prices will remain sluggish in the first
and second quarters of the year as the cash flow shortage will be
hard to ease in the short term, an industry analyst told Yicai,
adding that the rising losses will drive bid breeders to reduce
excessive capacity.

New Hope Liuhe, another leading Chinese pig breeder, reported
revenue of CNY1.8 billion in February, down 15 percent from the
previous month, Yicai discloses.

Some pig breeders in difficulties are even forced to reorganize or
sell their assets to replenish liquidity.

Yicai adds that Tech-Bank Food, a large agricultural and animal
husbandry firm with nearly CNY4 billion of short-term debts as of
Sept. 30 last year, announced on March 11 to sell some of its
shares in SciGene Biotechnology for CNY13 million (USD1.8 million).
The firm has already bagged CNY1 billion from selling SciGene Bio's
shares this year.

Tech-Bank sold 401,200 pigs last month, down 43 percent from
January, with its sales revenue down 31 percent to CNY442 million
(USD61.6 million), the company announced on March 6.


ZHONGZHI ENTERPRISE: China Police Take ‘Coercive Measures' vs Staff
---------------------------------------------------------------------
Bloomberg News reports that Chinese authorities said they took
"criminal coercive measures" against some employees at the money
management business of Zhongzhi Enterprise Group Co, weeks after a
Beijing court accepted the shadow banking giant's bankruptcy
application.

Police in Beijing said the recovery of "stolen goods" is under way,
as it took action against suspects which included executives,
according to a statement on WeChat on March 16, Bloomberg relates.
They asked the company's staff to actively cooperate with
investigations, and return all illegally-obtained gains to a
designated account, and urged investors to report wrongdoing or
provide leads.

Zhongzhi filed for bankruptcy in January, cementing the rapid
downfall of a firm that oversaw more than US$140 billion at its
peak before succumbing to the property crisis that has wreaked
havoc on the Chinese economy. Later that month, Beijing Dacheng Law
Offices was appointed as Zhongzhi's administrator.

According to Bloomberg, the police statement still didn't elaborate
on the crimes that may have been committed. Beijing police in
November opened criminal investigations against Zhongzhi's wealth
units, and took "criminal mandatory measures" against multiple
suspects, identifying one by the last name Xie. Xie Zhikun, the
group's founder, died in 2021, but several of his relatives are
currently executives at the company.

Chinese leaders have pushed for an unusually speedy resolution for
Zhongzhi, Bloomberg notes. Top officials concluded in October that
bankruptcy would be the most effective approach to limiting the
impact on financial markets, less than three months after Zhongzhi
and its units defaulted on dozens of wealth products sold to the
public, people familiar with the situation told Bloomberg then.

Zhongzhi first triggered concern in August 2023 after one of its
trust-company affiliates failed to make payments to customers on
high-yield investment products, Bloomberg notes. The group's
financial difficulties add to President Xi Jinping's challenges, as
officials grapple with a property crisis and a weak economy.

                     About Zhongzhi Enterprise

Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real
estate developer. The Company develops residential and commercial
areas. Zhongzhi Enterprise Group also provides trust investment,
highway operation, land reserve, and reservoirs treatment
services.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
8, 2024, Zhongzhi Enterprise Group has filed for bankruptcy
liquidation after failing to repay debt, as the firm grapples with
a deepening property market downturn.

Zhongzhi applied for bankruptcy on the grounds it could not pay its
due debts and its assets were insufficient to pay all its debts, a
court in China's capital Beijing said in a statement on Jan. 5.

Reuters reported that the court said it accepted Zhongzhi's
bankruptcy liquidation application in accordance with China's
enterprise bankruptcy law.



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

SING TAO: Expect Annual Net Loss to Narrow by 64% in 2023
---------------------------------------------------------
The Standard reports that Sing Tao News Corporation, the parent
company of The Standard, on March 14 said it expects its net loss
to narrow by 64 percent to no more than HK$50 million in 2023 from
the year before.

The Standard relates that the reduction was mainly the result of
effective cost control in both administration and operations, the
media group said in a filing.

In 2022, Sing Tao posted a net loss of HK$139 million.

Earlier, the company said its first-half loss in 2023 narrowed by
61 percent to HK$42.7 million from a year ago amid accelerated
transformation of its new media business, the Standard relays.
Revenue for the first six months rose 5.8 percent to HK$388.5
million from a year earlier, helped by growth in advertising
income.

Sing Tao's new media platform saw its total user numbers surge to
new highs during the period, it noted.

The Standard adds that Sing Tao said earlier it is pressing ahead
with the integration of traditional media and new media, with a
view to strengthening its leadership in the printed media sector
while enlarging its market share in digital media.

Sing Tao News Corp Ltd., through its subsidiaries, publishes
newspapers, magazines, books, recruitment media and multimedia
contents, and provides print media distribution, media and content
services. The Company also provides corporate training, broadband
content and distribution, E-learning and operates trading.




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

A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. K. Pipe
Fitting Private Limited (AKPFL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.25       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AKPFL for
obtaining information through letter and email dated February 15,
2024 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 AKPFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKPFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKPFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AKPFL was incorporated in 1997, by promoters, Mr Anil Kadakia, Mr
Bakul Kadakia, and Mr Kalpesh Kadakia. The company manufactures
precision seamless and welded pipe fittings, forged and screwed
fittings flanges, pipe spools, and long radius induction bends.


AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AG Conveying
Systems Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.85       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.8        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.85       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with AGCSPL for
obtaining information through letter and email dated February 15,
2024 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 AGCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
AGCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of AGCSPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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


AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agri Green
Fertilizers and Chemicals Private Limited (AG) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit             7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AG for
obtaining information through letter and email dated February 15,
2024 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 AG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AG
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

AG manufactures single super phosphate and trades in fertilisers
such as urea, diammonium phosphate, and muriate of potash. The
company, promoted and managed by Mr V Rami Reddy, is located in
Cuddapah (Andhra Pradesh).


AHALYA AGENCIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ahalya
Agencies (Ahalya) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.4        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Ahalya for
obtaining information through letter and email dated February 15,
2024 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 Ahalya, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ahalya is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ahalya continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in
the trading of kitchen utensils and crockeries in Kerala.


AKASH COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Cotex
(AC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

CRISIL Ratings has been consistently following up with AC for
obtaining information through letter and email dated February 15,
2024 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 AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AC was set up in 2013 at Rajkot (Gujarat) as a partnership between
Mr Rajesh Kasundra, Mr Shivlal Vashrambhai, Mr. Shaileshbhai
Vekariya and Mr. Kalpesh Gopani The firm gins and presses raw
cotton (kapas) to produce cotton bales.


AKBAR INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Akbar
International (AI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AI for
obtaining information through letter and email dated February 15,
2024 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

AI was set up in 1979, as a sole proprietorship of Mr Salim Uddin.
The firm manufactures and retails marble handicraft items, through
its two showrooms in Agra. It specialises in the 'Parchinkari' art
form that involves inlay of semi-precious stones in marble
artefacts.


ANNALAKSHMI CATERING: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Annalakshmi
Catering Services Private Limited (ACSPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               40        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ACSPL for
obtaining information through letter and email dated February 15,
2024 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 ACSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1996 in Chennai (Tamil Nadu), ACSPL is engaged in
providing catering services to various customers including
companies in the state. Day-to-day operations are managed by Mr
Natarajan Aravind, Mr. Chandrasekaran and Mrs.Padma.


BORKAR COLORPACKS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Borkar Colorpacks Private Limited
Alankar Building, Martaries Dias Road Malbhat,
        Margao, Goa, India, 403601

Liquidation Commencement Date: February 12, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Mr. Mangesh Vitthal Kekre
      607, Chetak Centre, RNT Marg,
             Near Hotel Shreemaya,
             Indore, Madhya Pradesh, 452001
             Email: ca.mangesh@gmail.com
                    ip.bcpl@mvkirp.com

Last date for
submission of claims: March 15, 2024


BYJU'S: Hedge-Fund Founder Says He Fled U.S. Out of Fear
--------------------------------------------------------
WSJ Pro Bankruptcy reports that a hedge-fund founder at the center
of a $1.2 billion legal battle between Indian education-technology
company Byju's and its lenders is staying outside the U.S. despite
a court order to return, saying he fears for his safety.

According to WSJ Pro, William Cameron Morton said in an interview
that he left the U.S. rather than comply with a court order to
divulge the whereabouts of nearly $540 million that Byju's invested
in his Florida-based hedge-fund firm, Camshaft Capital.

WSJ Pro relates that Mr. Morton faces the threat of jail time
because he hasn't turned over that information to investors that
lent $1.2 billion to Byju's, once India's most valuable startup
before its financial problems clouded the country's venture-capital
scene. Judge John Dorsey of the U.S. Bankruptcy Court in
Wilmington, Del., recently threatened Mr. Morton with "all possible
sanctions," including confinement, if he continued ignoring orders.


WSJ Pro says credit funds including Ares Management and Redwood
Capital allege that Mr. Morton helped Byju's move more than a
half-billion dollars out of their reach through his hedge fund,
which they have called a sham operation. Last month, an agent
acting on the lenders' behalf filed a chapter 11 petition for
Byju's Alpha, a shell entity named as the loan borrower, as part of
their efforts to track down the money it invested in Camshaft.
Byju's has said it wasn't required under its loan agreement to keep
its assets in cash and did nothing wrong by investing $540 million
with Camshaft.

A foreign trust connected to Byju's cashed out the company's
interest in a Camshaft hedge fund last month, court records show.
Mr. Morton has defied a court order to disclose the name and
location of that foreign trust.

"I declined because it's all I have to protect my life, and I can't
give that away," he said in the interview. Mr. Morton wouldn't say
where he is now located.

He also denied the lenders' allegation that Camshaft is a sham,
while saying that recent redemptions by Byju's and other investors
have left the firm, which he founded in 2020, with a fraction of
the assets under management it once had. The money invested by
Byju's made up the bulk of the $596 million that Camshaft was
managing as of last year.

According to WSJ Pro, Mr. Morton said that while hiking in the
woods near Montreal in January, he realized he was being followed
by another person, an "athletic man dressed in all black with a ski
mask and a backpack." Mr. Morton said he didn't know who the man
was or why he was there. A business associate of Mr. Morton's said
Mr. Morton had relayed the same account to him in January.

"I am out of the country now out of fear. I don't want to be doing
this," the report quotes Mr. Morton as saying. "I have an impending
bench warrant for incarceration, and I treat that seriously. This
is 180 degrees outside of my character and principles."

WSJ Pro relates that the company has accused the lenders of
exploiting a technical default under its credit agreement to extort
the company for a windfall, which they deny. It has also
characterized its purchase of a limited-partnership interest in
Camshaft in 2021 as a "commercially prudent investment" in
fixed-income assets. The company has said in court filings that it
moved its interest in Camshaft out of the U.S. last year before
redeeming that investment last month—just as Byju's Alpha filed
for chapter 11.

Mr. Morton's lawyers said at a hearing earlier this month that he
had left the U.S. and retained criminal-defense counsel. In
response, Judge Dorsey ordered him to appear in person at a
bankruptcy-court hearing scheduled for March 14 and show why he
shouldn't be held in contempt of court.  

WSJ Pro adds that Timothy Pohl, a restructuring professional
appointed by the lenders to run Byju's Alpha, has said in
bankruptcy filings that it had "no legitimate reason" to choose an
unknown and unproven hedge fund to manage so much capital. He has
sought court orders returning the funds, plus interest, from Byju's
and its affiliates.

The lenders also dispatched private investigators in recent months
to visit locations associated with Camshaft and to track down
friends and associates of Mr. Morton, WSJ Pro relays citing court
papers. The lenders' probe found that Camshaft misrepresented the
makeup of its management team on its website and had charged
above-market fees to investors, including a 3% management fee and
30% performance fee, more than most top-tier funds, Pohl said in a
recent filing. His filing said there is "no reason to believe" that
Byju's chose Camshaft for its investment acumen or track record or
to maximize a return on investment.

"If those were the goals, there were far superior options," Pohl's
filing said. "Rather, it appears Camshaft was selected in
furtherance of a deliberate scheme to hinder, delay, and defraud
creditors."

WSJ Pro adds that Mr. Morton said that his firm isn't a sham, has
robust compliance controls in place and returned over 17% in 2022
after accounting for its 3% management and 30% performance fees.

                            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.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in
January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.

Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199, according to Reuters.


BYJU'S: Must Freeze $533 Million in Win for Lenders, Judge Says
---------------------------------------------------------------
Bloomberg News reports that Think & Learn Pvt must freeze $533
million to protect the money for disgruntled lenders who claim the
cash should only be used to pay them, a US judge said March 14.

The decision by US Bankruptcy Judge John Dorsey was a mixed victory
for lenders, Bloomberg relays. They earlier demanded the money be
placed under the control of the federal court to prevent the cash
from being spent by the Indian education-tech firm, which operates
under the name Byju's.

Dorsey's order was aimed at Riju Ravindran, one of the company's
directors and the brother of founder Byju Raveendran, Bloomberg
says.

Bloomberg relates that Ravindran was also ordered to help solve one
of the central mysteries of the court dispute: where the money is
located. "I do not believe him when he says he cannot" learn the
location from Think & Learn, Dorsey said.

Ravindran's attorney, Sheron Korpus argued that the lenders are at
fault for any financial woes suffered by Think & Learn. The company
was justified in keeping the money away from the lenders because
they have been overly aggressive in claiming the debt was in
default, Korpus told Dorsey. Think & Learn is fighting the lenders
in state courts in Delaware and New York.

According to Bloomberg, lenders had previously seized control of a
holding company set up by Think & Learn to issue $1.2 billion in
debt. That unit, Byju's Alpha, is now in bankruptcy under Dorsey's
oversight. Ravindran is appealing a decision by Delaware's Chancery
Court approving that seizure.

At the start of the bankruptcy hearing on March 14 in Wilmington,
Delaware, Dorsey ordered the arrest of the founder of a small
Florida hedge fund for refusing to reveal where Think & Learn
allegedly hid the cash, Bloomberg relates. If he can be located by
US Marshals, William C. Morton will be locked up for contempt of
court under Dorsey's order. Morton must also pay $10,000 a day
until he provides details about the money, which was briefly placed
with the hedge fund Camshaft Capital Fund.

Bloomberg notes that the missing money is at the heart of a fight
between lenders owed more than $1.2 billion and Think & Learn. The
$533 million was transferred to Morton's hedge fund and then moved
to an unnamed, off-shore trust, Byju's Alpha lawyer Benjamin
Finestone said last week.

Byju's is in serious financial trouble and faces disputes with its
shareholders as well as court fights with its lenders, Finestone
said during the hearing, Bloomberg relays. Ravindran also testified
on March 14 that three of Think & Learn's six directors have
resigned, leaving only himself, his brother and his sister-in-law
in charge of the company.

"It is substantively important that we get these funds, because the
walls are crumbling," Mr. Finestone told Dorsey during the
hearing.

                            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.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in
January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.

Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199, according to Reuters.


DAIRY CROP: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Dairy Crop Technologies Private Limited
4-62/1F, Sneha Nagar, Hyderabad Habsiguda
        Telangana, India, 500007

Liquidation Commencement Date: February 19, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Mohd Nazim Khan
     MNK House, 9A/9-10, Basement,
            East Patel Nagar,
            New Delhi-110008, India
            Email: nazim@mnkassociates.com
                   dairycropvolnliq@outlook.com

Last date for
submission of claims: March 20, 2024


DEBTONE CORPORATE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Debtone Corporate Advisory Private Limited
        404, 4th Floor
        Kaveri Complex
        Behind Holiday Inn
        Jagannath Mandir Road
        Sakinaka, Mumbai 400072

Liquidation Commencement Date:

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Manish Lalji Dawda
            205-A, 2nd Floor, Plot No 408
            Hiren Light Industrial Estate
            Bhagoji Keer Marg
            Near Paradise Cinema
            Mahim, Mumbai City
            Maharashtra 400016
            Email: ip.dawdamanish@gmail.com
            Email: liquidator.dcapl@gmail.com

Last date for
submission of claims: April 4, 2024


ECOVIA TECH: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Ecovia Tech Private Limited
        Jalaram Terrece Coop Society Ltd.
        Flat No. 102 Near Kadiwala School
        Surat, Gujarat, India 395002

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Trupalkumar Patel
            C/505, The First B/H ITC Narmada
            Nr. Keshav Baug Party Plot
            Vastrapur, Ahmadabad, Gujarat 380015
            Email: trupal.ip@gmail.com

Last date for
submission of claims: March 28, 2024


FIPOLA RETAIL: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Fipola Retail (India) Private Limited
No. 5, Cenotaph Road, Teynampet,
        (Landmark-Lanson Toyota Building),
        Chennai, Tamil Nadu, India, 600018

Liquidation Commencement Date: February 8, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator:  Sankar  Varadharajan
      No. 6/12, Appavoo Gramani 1st Street,
             Mandaveli, Chennai- 600 028
             Mobile: 9791169369
             Email: advsankarirp@gmail.com

Last date for
submission of claims: March 9, 2024


INDO-KRISHNA GREEN: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Indo-Krishna Green Fields Limited
        4th Floor, Gupta Tower
        Temple Road, Vivil Lines
        Nagpur 440001 MS Bharat

Liquidation Commencement Date: February 21, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Charudutt Pandhrinath Marathe
            Gomed, 915, Khare Town
            Dharampeth, Nagpur 440010
            Email: CharuduttM@yahoo.com.in
            Email: irp.indo.krishna@gmail.com

Last date for
submission of claims: March 19, 2024


JAYSURYA STEELS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: SHREE JAYSURYA STEELS PRIVATE LIMITED
        No.161/A, Sadyankuppam Village
        Manali, Chennai, Tamil Nadu 600103

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Chandrasekar Lakshmishanker
            No.161/A, Sadyankuppam Village
            Manali, Chennai
            Tamil Nadu 600103
            Email: chan58ibc@gmail.com
            Tel: 044-25910149 /91-9840380972

Last date for
submission of claims: March 29, 2024


KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamal
Suitings Private Limited (KSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Standby Letter        0.5         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan             3.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KSPL for
obtaining information through letter and email dated February 15,
2024 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 KSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr.
Kapil Maheshwari. The company manufactures and markets synthetics
blended suiting cloth, which it supplies to wholesalers all over
the country.


KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kodai Cars
Private Limited (KCPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 in Tamil Nadu and promoted by Mr. Jayakumar
and his wife, Ms. Sunita Jayakumar, KCPL is an authorised dealer
for M&M's passenger car.


KOENIG SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Koenig
Solutions Private Limited (KSL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating      10.93       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with Koenig
Solutions Private Limited (KSL) for obtaining information through
letter and email dated February 15, 2024 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 KSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KSL was incorporated in 1993, by promoter, Mr Rohit Agarwal and his
family members. The company is primarily engaged in IT training,
both in the retail and corporate segments. In the retail division,
it offers training solutions related to software and infrastructure
management services, among others. In the corporate sector, the
company mainly provides staffing and training solutions to IT
companies.


KOTTIYOOR METALS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kottiyoor
Metals Private Limited (KMPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         10         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and email dated February 15,
2024 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 KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KMPL was incorporated in July 2017 by Mr M M Thomas and Mr Sunny
Cyraic. Its stone crushing plant at Kanoon, Kerala, has capacity of
50,000 CFT per day, and its products are used in various local
infrastructure projects.


NEXUS HEALTH: Liquidation Process Case Summary
----------------------------------------------
Debtor: Nexus Health & Beauty Care Private Limited

        Registered Office:
C/O Raj Kamal Singh Grewal, Karnani Mansion,
        1st Floor, Flat-114, 25a Park Street, Kolkata,
        Kolkata, West Bengal, India, 700016

        Books of Accounts are kept:
        Plot No. 96, EPIP Phase-1, Jharmajri H.P, Baddi,
        Himachal Pradesh, Himachal Pradesh, India, 173205

Liquidation Commencement Date: February 7, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator:  Manmohan Jhawar
             M Jhawar & Co
             203 Mahatma Gandhi Road,
             1st Floor, Kolkata, West Bengal, 700007
             Email: manmohanjhawar@yahoo.co.in
                    nexushealth.irp@gmail.com

Last date for
submission of claims: March 7, 2024


P. RAMU: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. Ramu (PR)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term      2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PR for
obtaining information through letter and email dated February 15,
2024 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 PR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PR
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

P Ramu, proprietorship firm executes road projects in Tamil Nadu.


PJM MINERALS: Liquidation Process Case Summary
----------------------------------------------
Debtor: PJM Minerals and Industries Private Limited
        Plot No. 14, Misal Layout
        Nagbhumi Society
        Jaripatka, Nagpur
        Nagpur, Maharashtra
        India 440014

Liquidation Commencement Date: January 31, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Rakesh Nathwani
            G504, Mystique Moods
            Behind Symbiosis College, Vimannagar
            Pune, Maharashtra 411014
            E Mail: rakesh@carmn.in

            -- and --

            AAA Insolvency Professionals LLP, E-10A
            Kailash Colony
            Greater Kailash-I
            New Delhi 110048
            E-Mail: rakesh@carmn.in
            E-Mail: cirp.pjmminerls@gmail.com

Last date for
submission of claims: March 20, 2024


POORVI HOUSING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Poorvi
Housing Development Company Private Limited (PHDC) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

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

   Proposed Term Loan      5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PHDC for
obtaining information through letter and email dated February 15,
2024 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 PHDC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PHDC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PHDC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2013, PHDC is engaged in residential real estate
construction in Bangalore (Karnataka). The promoters have been
associated with group entity Poorvi Developers and have completed
five projects in the South Bengaluru region. The day-to-day
operations of the company are managed by Mr. Prakash S Naik.


POS SOLUTIONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of POS Solutions
Private Limited (POS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with POS for
obtaining information through letter and email dated February 15,
2024 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 POS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on POS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
POS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

POS, incorporated in 2005 by Mr Sasikumar Parakuthh, sells
electronic equipment including terminal, printers, and barcode.
These equipment are used at point-of-sales to diversified end-user
industries such as food & beverages, retail, and entertainment. The
company has a warehouse in Bhiwandi, Maharashtra and six branch
offices across India.


PRANAV ORGANICS: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pranav
Organics (PO) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      5         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PO for
obtaining information through letter and email dated February 15,
2024 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 PO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PO is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PO
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

PO is a Hindu undivided family managed by Kartha, Mr Santosh
Siddiram Kolawar; the firm started operations from fiscal 2017. The
Hyderabad based firm undertakes wholesale trading of soybean,
maize, rice bran and ground nut de-oiled cake to customers in the
poultry and fishing industries across Andhra Pradesh.


PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prits Leather
Art (P) Ltd. (PLA) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bills Discount/         8         CRISIL D (Issuer Not
   Cheque Purchase                   Cooperating)

   Export Packing         2         CRISIL D (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with PLA for
obtaining information through letter and email dated February 15,
2024 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 PLA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PLA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PLA continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PLA was incorporated in 2006 as a private limited company. Promoted
by Mr. Ashwani Bhatia and his wife Ms. Seema Bhatia, the company
manufactures and exports leather garments, leather bags, and
accessories. PLA has manufacturing facilities located in Noida,
Uttar Pradesh and derives its revenue primarily through export of
leather garments and bags to European countries.


PROPELLUM INFOTECH: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Propellum
Infotech Private Limited (PIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            2         CRISIL B/Stable (Issuer Not
   Overdraft facility                Cooperating)

   Proposed Long Term     13.16      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated February 15,
2024 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 PIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PIPL (formerly, Zycus Software Pvt Ltd) was incorporated in June
2009 in Mumbai and is promoted by Mr. Aatish Dedhia. The company
provides job-wrapping services for job boards for customers in the
US and Canada.


PUMARTH INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pumarth
Infrastructure Private Limited (PIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.


                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       30        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated February 15,
2024 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 PIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PIPL, established in 1982 by Mr Manoj Sumati Kumar Kasliwal,
develops real estate and trades in shares and commodities. The
company primarily converts agricultural land into non-agricultural
status, provides the supporting infrastructure, divides it into
plots, and sells to end customers. It also develops row houses
based on customer requirements.


R.P INFO : Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: R.P.Info Systems Limited
20/1 C Lal Bazar Street, Bazar Street
        2nd Floor, Kolkata
        West Bengal 700001, India
  
Insolvency Commencement Date: February 19, 2024

Estimated date of closure of
insolvency resolution process: August 17, 2024  

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Ms. Ramanathan Bhuvaneshwari
       C-006, Pioneer Paradise, 24th Main Road,
              7th Phase, JP Nagar, Bengaluru-560078
              Email: bhoona.bhuvan@gmail.com
                     cirp.rpinfo@gmail.com

Last date for
submission of claims: March 4, 2024



RAJESH REAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rajesh Real Estate Developers Private Limited
        139, Seksaria Chambers
        Nagindas Master Road
        Fort, Mumbai
        Maharashtra 400023
        
Insolvency Commencement Date: February 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 25, 2024

Insolvency professional: Shouvik Kumar Roy

Interim Resolution
Professional: Shouvik Kumar Roy
              E 502 Raheja Heights
              Gen AK Vaidya Marg Dindoshi Malad East
              Near Sankalp Society
              Mumbai Suburban
              Maharashtra 400097
              Email: shouvikkumarroy@gmail.com

              -- and --

              106, 1st Floor Kanakia Atrrium 2
              Cross Road A, Chakala MIDC
              Andheri East, Mumbai 400093
              Email: cirp.rajeshrealestate@aegisipe.com

Last date for
submission of claims: March 13, 2024


SAGAR AND VIVAAN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sagar and Vivaan Constructions Private Limited
        Anaith Ward No-43
        Ara Urban-1
        Arrah Bhojpur Bihar 802163
        
Insolvency Commencement Date: February 29, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 28, 2024

Insolvency professional: Suman Kumar Verma

Interim Resolution
Professional: Suman Kumar Verma
              PLOT NO. WZ-D-9, KH. NO. 83/14
              GALI NO. 5, MAHAVIR ENCLAVE
              SULABH INTERNATIONAL, South West
              National Capital Territory of Delhi 110045
              Email: cirp.savcpl@gmail.com

Last date for
submission of claims: March 15, 2024


SHIVAM STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivam Steel
Corporation (SSC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      3         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SSC for
obtaining information through letter and email dated February 15,
2024 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 SSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SSC, set up in 2005, manufactures mild steel (MS) strips and black
pipes. Its manufacturing facility is in Raipur (Chhattisgarh) and
has an installed capacity of 100 tonne per day of MS strips. SSC is
managed by Mr Panna Lal Bansal, Mr Pawan Garg, and Mr Pradeep Kumar
Tantila.


SIDDHI VINAYAK: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhi
Vinayak Roller Flour Mills Private Limited (Siddhi Vinayak)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Proposed Long Term     2          CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1          CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Siddhi
Vinayak for obtaining information through letter and email dated
February 15, 2024 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 Siddhi Vinayak, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Siddhi Vinayak is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of Siddhi Vinayak continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

Siddhi Vinayak, established in April 2014 by Mr Inder Sain Jain and
family, processes wheat to produce wheat flour, maida, suzi, and
bran. Its flour rolling mill is located in Delhi and has installed
grinding capacity of 150 tonnes per day. The company started
operations in April 2015.


SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Skate Trades
and Agencies Private Limited (STAPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               13        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STAPL for
obtaining information through letter and email dated February 15,
2024 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 STAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STAPL continues to be 'CRISIL D Issuer Not Cooperating'.

STAPL, established in 2003, manages a hotel and restaurant in
Punjab. In 2015-16 (refers to financial year, April 1 to March 31),
STAPL obtained license for liquor wholesale distributorship and
retailing of Indian-made foreign liquor (IMFL) and country liquor.


STAR ORGANIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Organic
Foods Inc (SOFI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           3          CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.85       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.15       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SOFI for
obtaining information through letter and email dated February 15,
2024 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 SOFI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOFI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SOFI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Star Organic Foods Inc. (SOFI) is a partnership firm incorporated
in 2011 and engaged in exports of shrimps, providing cold storage
facilities for the group entities and shrimp pre-processing in
addition to sale to local traders for shrimp exports. The entity
was initially involved in trading of organic fruits in addition to
shrimps till April 2011. The firm is located in Nellore, Andhra
Pradesh (AP).


SUPER FORGINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Super Forgings & Steels Limited
        6 Lyons Range
        Kolkata - 700012
        West Bengal
        
Insolvency Commencement Date: January 1, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 28, 2024

Insolvency professional: Rajiv Kumar Agarwal

Interim Resolution
Professional: Rajiv Kumar Agarwal
              7, Grant Lane, Room No 317, 3rd Floor
              Kolkata, West Bengal 700012
              Email: rajiv@kvrassociates.in
              Email: cirp.sfsl@gmail.com

Last date for
submission of claims: January 14, 2024


SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Enterprises - New Delhi (SE) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     9.5        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and email dated February 15,
2024 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta, is
located in New Delhi. It was reconstituted as a partnership firm in
1991. SE trades in steel scraps and cold-rolled sheets; it sells
steel scraps to thermo-mechanically treated (TMT) steel bar
manufacturers, auto manufacturers, and casting units. The firm's
operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta, and Mr.
Arun Gupta.


SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SWE Fashions
Private Limited (SFPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.02        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      1           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.98        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             7           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letter and email dated February 15,
2024 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 SFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter director, Mr. S
Princeton, oversees the company's daily operations. The promoter
began operations through a proprietorship firm, Snow White
Enterprises, which was acquired by SFPL in April 2014.



SWITCHGEARS LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shri Ram Switchgears Limited
        Shri Ram Bhawan
        Goushala Road
        Ratlam  457001
        Madhya Pradesh
        
Insolvency Commencement Date: February 29, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 27, 2024

Insolvency professional: Rakesh Kumar Jindal

Interim Resolution
Professional: Rakesh Kumar Jindal
              H. No. 3656/6, Gali No. 6
              Narang Colony, Tri Nagar
              Near Rose Garden
              North West
              National Capital Territory of Delhi 110035
              Email: iprakesh.jindal@gmail.com

              -- and --

              70-D, 3rd Floor, Pocket-A
              Vikas Puri Extension
              New Delhi 110018
              Email: cirp-srsl@efficaxindia.com

Last date for
submission of claims: March 14, 2024


T.L. FASHION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T.L. Fashion
(TLF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term     5.0        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with TLF for
obtaining information through letter and email dated February 15,
2024 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 TLF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TLF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TLF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

T.L. Fashion (TLF) is a proprietorship firm formed by Kanpur (Uttar
Pradesh) based, Mr. Jai Kishan Jhamtani. The firm is engaged in the
trading and wholesaling for Raymond Suiting & Shirting and Aditya
Birla group's Linen Club.


TARA INVESTMENTS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tara
investments Limited (TIL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term               7         CRISIL B/Stable (Issuer Not
   Bank Facility                     Cooperating)

   Long Term Loan          8         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TIL for
obtaining information through letter and email dated February 15,
2024 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 TIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TIL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

TIL was incorporated in September 1974, promoted by Mr Sunil
Kanoria, Mr Anklesh Agarwal and Mr Abhey Hamirbhasia. The company
leases commercial properties West Bengal and proposes to set up a
multi-commodity cold storage facility in Chattarpur, Odisha.


TECHNO INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Techno India
College Of Technology (TICT) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line               19        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

CRISIL Ratings has been consistently following up with TICT for
obtaining information through letter and email dated February 15,
2024 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 TICT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TICT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TICT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2005, Rajarhat (West Bengal)-based TICT runs an
engineering and management college. It is a unit of The Institute
of Computer Engineers (India), established under the Societies Act,
1960.

TICT offers education in the fields of engineering, science, and
computer at the graduate (UG) and postgraduate (PG) levels. The
courses offered at the UG level are B Tech, BBA, and BCA. MCA is
offered at the PG level. The college plans to offer MBA and diploma
courses in the current fiscal. Mr Satyam Roy Choudhary, Mr Goutam
Roy Choudhary, and Prof TK Ghosh are the promoters.


TULASI SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tulasi Seeds
Private Limited (TSPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            26         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            10.75      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            13.25      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     18         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with TSPL for
obtaining information through letter and email dated February 15,
2024 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 TSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

TSPL was set up in 1992 by Mr. Tulasi Ramachandra Prabhu and his
family members. The company produces and sells Bacillus
Thuringiensis (BT) cotton hybrid seeds and vegetable seeds. It
sells the seeds under its own brand - 'Tulasi Seeds'.


VEMB LIFESTYLE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: VEMB Lifestyle Pvt Ltd
        Gala no. 13A, 1st Floor
        Zakaria Industrial Estate
        Marol-Maroshi Road
        Andheri (East), Mumbai - 400 059
        
Insolvency Commencement Date: February 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 25, 2024

Insolvency professional: Raman Devarajan

Interim Resolution
Professional: Raman Devarajan
              12 ICT SQ, RA Kidwai Road
              Matunga, Mumbai 400019
              Email id: devarajan.raman@gmail.com

              -- and --

              Off no 9, 2nd floor, 22 Rajabahadur Mansion,
              Mumbai Samachar Marg, opp. SBI Main
              Branch, Mumbai - 400001
              Email id: ip.vemblifestyle@gmail.com

Last date for
submission of claims: March 12, 2024


VINDHYAVASINI STEEL: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Vindhyavasini Steel Corporation Private Limited
        Flat No. 101, OG-III
        Oberoi Garden, Thakur Village
        Off Western Express Highway,
        Kandivali (E), Mumbai City MH 400101

Liquidation Commencement Date:

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Naren Sheth
            1014-1015, Prasad Chamber
            Tata Road No.1, Opera House
            Charni Road (East)
            Mumbai 400004
            Email: nvsheth@mkindia.com/mkindia58@gmail.com
            Email: cirp.vvsppl@gmail.com/nvsheth@mkindia.com

Last date for
submission of claims: March 21, 2024


VIVIAAN MULTISTRUCTURES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Viviaan Multistructures Limited
Office No. 14, Suyojit Modern Point,
        CTS S No. 6765, 6766, 6767, 6768,
        Opp. Police Parade Ground,
        Sharanpur Road, Nashik - 422 002
  
Insolvency Commencement Date: February 13, 2024

Estimated date of closure of
insolvency resolution process: August 11, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CMA Harshad Shamkant Deshpande
       403, Kumar Millennium, Shivatirtha Nagar Kaman,
              Opp Krishna Hospital, Paud Road,
              Kothrud, Pune - 411038
              Email: harshad_de@hotmail.com
                     cirp.vivaan@outlook.com

Last date for
submission of claims: February 27, 2024




=================
I N D O N E S I A
=================

AGUNG PODOMORO: Moody's Cuts CFR to Caa3, Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of Agung
Podomoro Land Tbk (P.T.) to Caa3 from Caa2.

At the same time, Moody's has downgraded the backed senior
unsecured rating of the 2024 notes issued by APL Realty Holdings
Pte. Ltd. to Ca from Caa3. APL Realty Holdings Pte. Ltd. is a
wholly-owned subsidiary of Agung Podomoro Land. The notes are
guaranteed by Agung Podomoro Land and some of its subsidiaries.

Moody's has also maintained the negative outlook on all ratings.

"The rating downgrades to Caa3/Ca reflect Agung Podomoro Land's
imminent refinancing needs given the upcoming US dollar bond
maturity in June 2024. The rating action also incorporates the
company's continued weak liquidity and unsustainable capital
structure," says Rachel Chua, a Moody's Vice President and Senior
Analyst.

"Agung Podomoro Land's bond rating is notched down to Ca to reflect
legal subordination risk for the noteholders. Secured borrowings
account for the large majority of the company's capital structure,"
adds Chua.

RATINGS RATIONALE

On a consolidated basis, Moody's estimates that debt maturities
over 2024 and 2025 will constitute around two-thirds of the
company's borrowings. The large debt maturity wall comprises over
IDR5 trillion, including the $132 million of US dollar bonds due in
June 2024, IDR1.9 trillion of loan maturities in January 2025,
IDR350 billion of medium-term notes due in August 2025 and other
amortizing loan maturities during the two years.

It is unclear how Agung Podomoro Land plans to address these
maturities. As such, Moody's believes a debt restructuring scenario
is likely.

The Caa3 CFR also reflects Agung Podomoro Land's unsustainable
capital structure. Over the next 12-18 months, Moody's estimates
the company's leverage will stay elevated at over 10x and its
interest coverage will remain very weak at lower than 0.5x.

Marketing sales has also continued to weaken over the past year.
The company reported marketing sales of IDR1.2 trillion in 2023,
relative to its full-year target of IDR2 trillion-IDR2.5 trillion.


In comparison, the company reported core marketing sales of IDR1.7
trillion and IDR2.7 trillion in 2022 and 2021, respectively.

Moody's expects the company's marketing sales for 2024 will remain
persistently weak at around IDR1.2 trillion.

Agung Podomoro Land's liquidity is weak. Based on its unaudited
financial statements, the company had a cash balance of IDR973
billion and restricted cash of around IDR1 trillion at December 31,
2023. Of the IDR973 billion of cash, only IDR180 billion is at the
holding company. Together with its operating cash flows (excluding
interest expenses) of IDR146 billion through mid-2024, the company
will not have enough cash to sufficiently address its interest
payments and upcoming bond maturity in June 2024 of over IDR2.0
trillion.

The negative rating outlook continues to reflect Agung Podomoro
Land's elevated refinancing risk over the next 12-18 months.

In addition, the negative outlook reflects the company's
persistently weak liquidity, funding requirements for the remaining
amount of its 2024 US dollar bonds as well as its ongoing
operational challenges.

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

Moody's is unlikely to upgrade Agung Podomoro Land's ratings or
revise its rating outlook to stable prior to the company
substantially improving its liquidity profile. An upgrade will
depend on the company meeting its refinancing needs over at least
the upcoming 12-18 months as well as establishing a sustainable
capital structure.

Moody's could downgrade Agung Podomoro's ratings further if the
risk of default increases materially higher than indicated by the
current ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Agung Podomoro Land Tbk (P.T.) (APL) is an integrated property
developer listed on the Indonesia Stock Exchange in 2010. The
company and its subsidiaries are engaged in the development,
management and operation of apartments, landed houses, retail
malls, office towers and hotel properties.

APL has a strong presence in Jakarta and developments in eight
other cities across Indonesia. APL is controlled by Trihatma Kusuma
Haliman and family, who held a stake of around 88% in the company
as of December 31, 2023.



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

CORNERSTONE CORP: Court to Hear Wind-Up Petition on April 12
------------------------------------------------------------
A petition to wind up the operations of Cornerstone Corporation 101
Limited will be heard before the High Court at Auckland on April
12, 2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2024.

The Petitioner's solicitor is:

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


DKMASON COMMERCIAL: Court to Hear Wind-Up Petition on April 12
--------------------------------------------------------------
A petition to wind up the operations of Dkmason Commercial
Management Limited will be heard before the High Court at Auckland
on April 12, 2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2024.

The Petitioner's solicitor is:

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


GARDEN CITY: Home Builder Placed Into Liquidation
-------------------------------------------------
Stuff.co.nz reports that a troubled home building company linked to
a crooked ex-cop has gone bust, owing hundreds of thousands of
dollars.

Garden City Homes was placed into liquidation at a hearing in the
High Court at Christchurch on March 14.

The court heard the building company owed the applicant, Affordable
Concrete and Paving, NZD27,600, Stuff discloses.

Lawyers for two supporting creditors, Gill Joinery and Window
Innovation, told the court the companies were owed NZD126,500 and
NZD56,300 respectively.

Garden City Homes was not represented at the hearing.

According to Stuff, Associate Judge Dale Lester made an order
placing the company into liquidation.

Grant Reynolds, from Reynolds and Associates, was appointed as the
liquidator.

Garden City Homes' sole director and shareholder is Mehak Kala, but
her husband, Sanjeev, was intimately involved in running the
business.

He quit the police after he conned a student into giving him
NZD1000 to help reduce a dangerous driving punishment and was
convicted of fraud in 2016. The former constable was a gambling
addict and had been banned from Christchurch Casino.

Last year, a Stuff investigation revealed Garden City Homes owed an
array of contractors and suppliers hundreds of thousands of dollars
and various home builds were months behind schedule.

At the time, the company insisted it was not in financial trouble,
had paid invoices as scheduled and any delays with projects were
due to issues outside its control.

However, in January, Garden City Homes was placed into receivership
after it defaulted on a NZD400,000 loan from Prime Finance Ltd. It
owed a similar amount another lender.

At the time, Mehak Kala said the appointment of the receivers had
"come as a shock".

According to Stuff, Ms. Kala said the company was making
arrangements to pay secured lenders and would work with the
receivers.

She said media articles about the company last year "caused
unnecessary stress" and affected the business.

Affordable Concrete and Paving applied to have Garden City Homes
placed into liquidation after it failed to pay for work completed
more than a year ago, Stuff says.

According to the Companies Office, Garden City Homes was
incorporated in July 2018.

Stuff relates that the company's financial woes appear to have
begun in late 2022, when contractors and suppliers began having to
chase it for payment and building materials weren't available as
required.

The Kalas went on holiday to Rarotonga about that time.

Debt collectors and lawyers were involved in efforts to recover
money the company owed to businesses, Stuff reported last year.

The Kalas had talked of building a 1,000 square meter home in
Rolleston, but in September they said they had no current plans to
build a large house.

Due to his fraud conviction, Sanjeev Kala could not be a director
or involved in the management of a company until December 2021.

Last year, the Ministry of Business, Innovation and Employment said
it received a complaint in November 2021 alleging he may have been
involved in the management of Garden City Homes. That complaint was
not substantiated, Stuff recalls.


GRASSE HOLDING: Court to Hear Wind-Up Petition on April 12
----------------------------------------------------------
A petition to wind up the operations of Grasse Holding Limited will
be heard before the High Court at Auckland on April 12, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2024.

The Petitioner's solicitor is:

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


LCNZ NEWMARKET: First Creditors' Meeting Set for March 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of LCNZ
Newmarket Pty Limited will be held on March 22, 2024 at 11:00 a.m.


Ryan Eathorne on March 12, 2024, was appointed as administrator of
the company.

The administrator may be reached at:

          InSolve Partners
          1 Albert Street
          Auckland CBD 1010


STRIPE STUDIOS: BDO Auckland Appointed as Receiver and Manager
--------------------------------------------------------------
Rees Logan and Andrew McKay of BDO Auckland on March 14, 2024, were
appointed as receivers and managers of Stripe Studios (Comedy)
Limited, Stripe Studios (Hoff) Limited and Stripe Studios (Sport)
Limited.

The receivers and managers may be reached at:

          BDO Auckland
          PO Box 2219
          Auckland 1140




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

CORNCASTLE COMPANY: Creditors' Proofs of Debt Due on April 15
-------------------------------------------------------------
Creditors of Corncastle Company Pte. Ltd. are required to file
their proofs of debt by April 15, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 8, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


GM INCORPORATION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 1, 2024, to
wind up the operations of GM Incorporation Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


GROUP LEASE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 4, 2024, to
wind up the operations of Group Lease Holdings Pte Ltd.

Jtrust Asia Pte Ltd filed the petition against the company.

The company's liquidator is:

          Mr. Cosimo Borrelli
          c/o Kroll Pte Limited
          10 Collyer Quay
          #05-04/05
          Ocean Financial Centre
          Singapore 049315


IMPRESSARIO INC: Court to Hear Wind-Up Petition on April 5
----------------------------------------------------------
A petition to wind up the operations of Impressario Inc Pte Ltd
will be heard before the High Court of Singapore on April 5, 2024,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 6,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


KINJA DIGITAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Kinja Digital Pte Ltd, on March 7, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tee Wey Lih
          c/o Guardian Advisory
          531A Upper Cross Street
          #03-118 Singapore 051531



                           *********


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 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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