/raid1/www/Hosts/bankrupt/TCRAP_Public/240329.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, March 29, 2024, Vol. 27, No. 65
Headlines
A U S T R A L I A
ARISE RESIDENTIAL 1: Fitch Affirms 'B+sf' Rating on Class F Notes
CITY GARDEN: First Creditors' Meeting Set for April 4
CROWN WEALTH: ASIC Cancels AFS Licence After Administration
FORGE PIZZERIA: First Creditors' Meeting Set for April 4
LEEUWIN OCEAN: Emerges From Voluntary Administration
MAINTAIN BUILDING: First Creditors' Meeting Set for April 3
MOUNT EVELYN: First Creditors' Meeting Set for April 4
RAF ABS 2024-1: Moody's Assigns Ba2 Rating to AUD4.9MM F Notes
RAF ABS 2024-1: S&P Assigns B(sf) Rating on A$9.80MM Class F Notes
THINK PROJECT: First Creditors' Meeting Set for April 4
THINK TANK 2024-1: S&P Assigns Prelim. B(sf) Rating on F Notes
C H I N A
CHENQI TECH: Files IPO; Expects to Lose Money for Three More Years
CHINA VANKE: Fitch Lowers LongTerm Foreign Currency IDR to 'BB+'
LGD GAMING: Reportedly Facing Bankruptcy
RADIANCE HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
SHIMAO GROUP: Bondholders 'Firmly Opposes' Debt Revamp Proposal
I N D I A
ARMORBLOX PRIVATE: Voluntary Liquidation Process Case Summary
B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
BHOWANIPUR ENGINEERING: Liquidation Process Case Summary
DENTORTH INDIA: Liquidation Process Case Summary
FERTILE INDIA: Insolvency Resolution Process Case Summary
FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating
HANUMAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
HARI KRIPA: ICRA Keeps D Debt Ratings in Not Cooperating Category
HKMEDIAGO SOLUTIONS: Voluntary Liquidation Process Case Summary
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
KSK MAHANADI: ICRA Keeps D Debt Ratings in Not Cooperating
MACQUARIE FINANCE: Voluntary Liquidation Process Case Summary
NAVMI STEEL: Insolvency Resolution Process Case Summary
NKR REALTY: Insolvency Resolution Process Case Summary
SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating
SANT DEEPAK: ICRA Keeps D Debt Ratings in Not Cooperating
SHRIVALLABH PITTIE: Insolvency Resolution Process Case Summary
SNEHANJALI AND S.B. DEVELOPERS: Insolvency Process Case Summary
SPECTRUM ONCOLOGY: Voluntary Liquidation Process Case Summary
STARENT NETWORKS: Voluntary Liquidation Process Case Summary
STELLENCE PHARMSCIENCE: Insolvency Resolution Process Case Summary
SUPREME INNOVATIVE: Insolvency Resolution Process Case Summary
SUPREME STAR: Insolvency Resolution Process Case Summary
TRUEVALUE ENGINEERING: ICRA Keeps D Ratings in Not Cooperating
VAS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
VICHARE EXPRESS: Insolvency Resolution Process Case Summary
WESTSTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary
J A P A N
TK HOLDINGS: District Court Won't Revive Gonzales Claim
N E W Z E A L A N D
HOMEBUILD DIRECT: Creditors' Proofs of Debt Due on May 9
INNER MONGOLIA: Court to Hear Wind-Up Petition on April 16
JONESES LIMITED: Court to Hear Wind-Up Petition on April 12
KAGE KINGSLAND: Creditors' Proofs of Debt Due on April 17
RANK PROPERTIES: Grant Bruce Reynolds Appointed as Liquidator
S I N G A P O R E
DYNAOPTICS LTD: Placed in Provisional Liquidation
LIME HOUSE: Placed in Creditors' Voluntary Liquidation
ONE WAY: Commences Wind-Up Proceedings
SANIDA HOLDINGS: Creditors' Proofs of Debt Due on April 23
- - - - -
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A U S T R A L I A
=================
ARISE RESIDENTIAL 1: Fitch Affirms 'B+sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed six tranches from Arise Residential
Mortgage Trust Number 1. The transaction is backed by a pool of
first-ranking Australian conforming and non-conforming residential
mortgage loans, originated and serviced by BNK Bank. The notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of Arise Residential Mortgage Trust Number 1.
Entity/Debt Rating Prior
----------- ------ -----
Arise Residential
Mortgage Trust
Number 1
A AU3FN0073789 LT AAAsf Affirmed AAAsf
B AU3FN0073771 LT AAsf Affirmed AAsf
C AU3FN0073763 LT Asf Affirmed Asf
D AU3FN0073755 LT BBBsf Affirmed BBBsf
E AU3FN0073748 LT BBsf Affirmed BBsf
F AU3FN0073730 LT B+sf Affirmed B+sf
KEY RATING DRIVERS
Deteriorating Asset Performance: The transaction's 30+ and 90+ day
arrears as of end-February 2024 were 6.6% and 3.3%, respectively.
These tracked above Fitch's 3Q23 non-conforming Dinkum RMBS index
of 3.45% and 1.37%. The arrears were attributed to a combination of
borrower serviceability pressure of higher mortgage repayments and
living costs as well as BNK pausing collections-related calls
between late December and mid-January. Loans in hardship are
included in arrears reporting.
The 'AAAsf' weighted-average (WA) foreclosure frequency of 21.0% is
driven by the foreclosure frequency floor applied to loans in
arrears, the WA unindexed current loan/value ratio of 61.5%,
self-employed borrowers making up 96.7% of the pool and, under
Fitch's methodology, low documentation, non-conforming and
investment loans comprising 95.7%, 13.1% and 34.8%, respectively.
The 'AAAsf' WA recovery rate of 57.0% is driven by the WA indexed
scheduled loan/value ratio of 62.7%.
Sufficient Credit Enhancement: The transaction has built up credit
enhancement through sequential principal repayment since closing,
which has offset the elevated arrears, supporting the current
ratings in the cash flow model. Furthermore, recent increases in
house prices since closing could limit potential losses as loans
with 90+ day arrears progress through the foreclosure process.
There have been no losses reported since transaction closing.
Liquidity Risk Mitigated: Payment interruption risk is mitigated by
a liquidity facility sized at 1.0% of the aggregate note balance,
excluding class G, with a floor of AUD300,000. Other structural
features include a post-call amortisation amount that diverts
excess available income net of tax to repay note principal in
sequential order. The transaction is currently paying sequentially,
building up credit enhancement, until the pro rata test is
satisfied.
Originator Adjustment Applied: BNK began originating its near-prime
resident loan portfolio in 2021, which results in limited
originator-specific performance data. Fitch also found that the
assessment rate used for mortgages from other lenders in the
serviceability calculation differs from standard market practice.
Fitch believes these factors may affect credit risk and has
therefore continued to apply an originator adjustment of 1.15x.
This has increased foreclosure frequency. Fitch may amend the
originator adjustment if information received over time indicates
the effect may be higher or lower than assumed.
Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes during 2022-2023. GDP
growth in 2023 was 1.5% and unemployment was 3.7% in February 2024.
Fitch expects economic conditions to stabilise in 2024, with a
slight deceleration of the GDP growth rate to 1.4% and an increase
in unemployment to 4.2%. This reflects Fitch's anticipated effects
of China's property downturn and the ongoing impact of recent
monetary tightening on consumer spending.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
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 the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.
The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WA foreclosure frequency or WA recovery rate - are modified,
while holding others equal. The modelling process uses the
modification of default and loss assumptions to reflect asset
performance in up and down environments. The results should only be
considered as one potential outcome, as the transaction is exposed
to multiple dynamic risk factors.
Notes: Class A / B / C / D / E / F
Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf
Increase defaults by 15%: AA+sf / A+sf / A-sf / BB+sf / B+sf / Bsf
Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BBsf / Bsf / Less
than Bsf
Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BBsf / Less than
Bsf / Less than Bsf
Reduce recoveries by 30%: AA+sf / Asf / BBBsf / Bsf / Less than Bsf
/ Less than Bsf
Increase defaults by 15% and reduce recoveries by 15%: AA+sf / Asf
/ BBB+sf / BB-sf / Less than Bsf / Less than Bsf
Increase defaults by 30% and reduce recoveries by 30%: AA-sf /
BBB+sf / BBsf / Less than Bsf / Less than Bsf / Less than Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.
The class A note is at the highest level on Fitch's sale and cannot
be upgraded.
The rating on class F is constrained by the large obligor
concentration test that limits the rating at 'BBB-sf'; one-notch
lower than the sensitivity model-implied rating. Prepayments to the
loans with the largest obligor exposure, which result in the notes
passing Fitch's concentration test, could lead to positive rating
action for the notes, all else being equal.
Upgrade Sensitivity
Notes: Class A / B / C / D / E / F
Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf
Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAsf
/ Asf / A-sf / BBB+sf / BBB-sf
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
Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction.
Fitch reviewed a small targeted sample of the originator's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.
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.
CITY GARDEN: First Creditors' Meeting Set for April 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of City Garden
Australia Pty Ltd (ATF The Ming Tian City Garden Unit Trust) will
be held on April 4, 2024 at 10:00 a.m. via Microsoft Teams.
Desmond Teng and John Refalo of Byrons were appointed as
administrators of the company on March 21, 2024.
CROWN WEALTH: ASIC Cancels AFS Licence After Administration
-----------------------------------------------------------
Australian Securities & Investments Commission (ASIC) has cancelled
the Australian financial services licence of Crown Wealth Group Pty
Ltd after it was placed into voluntary administration.
On March 13, 2024, Sule Arnautovic of Salea Advisory was appointed
as voluntary administrator of Crown Wealth.
Under the Corporations Act, ASIC may suspend or cancel an AFS
licence without a hearing if the licensee is under administration
or is being wound up.
Prior to its cancellation, the licence authorised Crown Wealth to
provide advice to retail and wholesale clients about products
including superannuation, securities, deposit and payment products,
interests in managed investment schemes and life products, and to
deal in those products.
Crown Wealth has the right to apply to the Administrative Appeals
Tribunal for a review of ASIC's decision.
Crown Wealth held AFS licence number 494274 since March 28, 2017.
On March 5, 2024, Crown Wealth changed its name to A.C.N. 603 037
510 Pty Ltd.
FORGE PIZZERIA: First Creditors' Meeting Set for April 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Forge
Pizzeria Pty Ltd will be held on April 4, 2024 at 10:30 a.m. via
virtual meeting.
Robyn Erskine and Adrian Hunter of Brooke Bird were appointed as
administrators of the company on March 22, 2024.
LEEUWIN OCEAN: Emerges From Voluntary Administration
----------------------------------------------------
The largest sail-training ship of its kind in Australia, the
Leeuwin is owned and operated by the registered charity, Leeuwin
Ocean Adventure Foundation (LOAF), which on March 26 announced it
had come out of voluntary administration, Minderoo Foundation said
in statement.
Minderoo Foundation, through a AUD3.5 million grant, along with
partners the Department of Communities, the Department of Primary
Industries and Regional Development and Fremantle Ports will
support the Leeuwin to stay afloat.
Minderoo Foundation Chair and Co-Founder, Dr Andrew Forrest AO,
said: "It is wonderful to see the Leeuwin set free and sailing into
the future. We want to see this incredible organisation continue to
provide benefits to all West Australians including young people.
"The Leeuwin not only provides young West Australians with the
opportunity to develop and demonstrate leadership, courage and
resilience, it forges a deep appreciation of the ocean. That's why
we are providing support to stabilise operations and calling on
others to lean in and do the same."
The Leeuwin is a working ship and since 1986 has provided sailing
adventures for more than 40,000 people. All participants become
part of the ship's team, including sailing, steering, navigating,
cleaning the ship and even climbing the mast.
"Young Western Australians, and indeed people from around the
world, have enjoyed a life-changing stint on the Leeuwin and we
feel it's important that experience remains accessible for future
generations," Minderoo Foundation Co-Founder Nicola Forrest AO
said.
"It is a State treasure which needs the continued support of the
corporate and philanthropic community to continue to make a
difference."
"To support the LOAF moving forward, a new board of directors will
be appointed, led by new Chairperson Jay Weatherill AO, the former
Premier of South Australia," Minderoo Foundation said.
LOAF chief executive Annette Harwood thanked her staff, volunteers
and partners for continuing to support LOAF.
"I would like to acknowledge our dedicated team at Leeuwin for
their hard work and commitment to successfully relaunching the
voyages we offer," Ms Harwood said. "Our incredible volunteers
serve as fantastic role models for the community and selflessly
give up their time to provide young people with this incredible
experience.
"Thanks to our partners, we now have an opportunity to explore new
ways to engage young people and provide them with memorable
experiences that they can carry into the future, and do this in a
sustainable manner."
Fremantle Ports manager of communications and community Neil
Stanbury said his organisation had been a proud major sponsor of
the LOAF for many years.
"We recognise and value how the organisation supports and provides
a life-changing experience for young people, building resilience
and boosting their employability and opportunities for the future,"
he said. "As part of our sponsorship commitment, STS Leeuwin II is
proudly berthed on Victoria Quay and is a wonderful tourist
attraction."
John Bumbak and Richard Tucker of Kordamentha were appointed as
administrators of the company on Aug. 21, 2023.
MAINTAIN BUILDING: First Creditors' Meeting Set for April 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Maintain
Building & Civil Pty Ltd will be held on April 3, 2024 at 10:30
a.m. via electronic means.
Liam William Paul Bellamy and Trajan John Kukulovski of RRI
Advisory were appointed as administrators of the company on March
21, 2024.
MOUNT EVELYN: First Creditors' Meeting Set for April 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mount Evelyn
Logistics Pty Ltd will be held on April 4, 2024 at 10:30 a.m. via
electronic means.
Liam William Paul Bellamy and Trajan John Kukulovski of RRI
Advisory were appointed as administrators of the company on March
22, 2024.
RAF ABS 2024-1: Moody's Assigns Ba2 Rating to AUD4.9MM F Notes
--------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to notes issued by
RMC Fiduciary Services Pty Ltd, as trustee of RAF ABS Series
2024-1.
Issuer: RAF ABS Series 2024-1
AUD261.45 million Class A Notes, Assigned Aaa (sf)
AUD24.85 million Class B Notes, Assigned Aa2 (sf)
AUD16.45 million Class C Notes, Assigned A1 (sf)
AUD12.95 million Class D Notes, Assigned Baa1 (sf)
AUD9.80 million Class E Notes, Assigned Baa3 (sf)
AUD4.90 million Class F Notes, Assigned Ba2 (sf)
The AUD19.60 million of Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of commercial
auto and equipment loans originated by Resimac Asset Finance Pty
Ltd ("RAF"). Resimac Limited (Resimac) will act as manager and
servicer of the transaction. This is RAF's inaugural ABS
transaction.
Resimac is a large Australian non-bank lender with AUD13.5 billion
in total assets as of December 31, 2023, historically specialising
in non-conforming and prime residential mortgage lending. In 2020,
Resimac expanded its lending into asset finance by acquiring a
controlling stake of IA Group and rebranded it to Resimac Asset
Finance by taking full ownership in February 2021. As of January
2024, RAF's auto and equipment loan portfolio was approximately
AUD500 million.
RATINGS RATIONALE
The ratings take into account, among other factors, Moody's
evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of outstanding balance of all receivables, the
legal structure, the experience of Resimac as servicer; and the
presence of Perpetual Trustee Company Limited as security trustee,
standby servicer and backup service provider.
According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. Key challenges in the transaction are the limited
historical data available for the portfolio and the lack of
operational independence of the trustee. However, Moody's view
operational and governance risks as effectively mitigated by the
securitisation experience and long track record of Resimac as trust
manager and servicer, and by the roles of Perpetual as the Security
Trustee (through P.T. Limited, a subsidiary of Perpetual), standby
servicer and backup service provider.
RAF is a relatively new originator in asset finance, with
historical default data for its auto and equipment loan book only
available from 2021. As such, the pool's performance could be
subject to greater variability than the observed data indicates.
The transaction's key features are as follows:
-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 25.30%, 18.20%, 13.50%, 9.80%, 7.00% and
5.60% of note subordination, respectively.
-- Once stepdown conditions are satisfied, all notes, excluding
the Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, the Class A
subordination percentage of at least 43.0%, the payment date is on
or after 12 months following the closing date and no unreimbursed
charge-offs.
-- A swap provided by Westpac Banking Corporation
(Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
scheduled amortization of the portfolio.
-- Perpetual Trustee Company Limited (Perpetual) is the standby
servicer. If Resimac is terminated as servicer, Perpetual will take
over the servicing role in accordance with the standby servicing
deed.
Key portfolio features are as follows:
-- The portfolio is diversified both at an obligor level and a
geographical level.
-- The portfolio has a high yield of 9.0% which provides excess
spread to cure portfolio losses.
-- Cars and light commercial vehicles are the largest component
making up 62% of the portfolio. Heavy commercial vehicle loans,
including trucks and trailers, make up 38% of the portfolio
Key model assumptions:
Moody's base case assumptions are a portfolio loss rate of 5.00%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 26.00%. The assumed recovery
rate is 20%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.
To address the limited historical loss data on RAF's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
RAF ABS 2024-1: S&P Assigns B(sf) Rating on A$9.80MM Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
asset-backed securities (ABS) issued by RMC Fiduciary Services Pty
Ltd. as trustee of RAF Trust in respect of RAF ABS Series 2024-1.
The notes are backed by a pool of commercial chattel mortgage
agreements secured by motor vehicles and wheeled and nonwheeled
equipment originated by Resimac Asset Finance Pty Ltd. (RAF).
This is the first securitization of auto and equipment assets
originated by RAF. The ratings reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support available are commensurate with the ratings
assigned. Credit support for the rated notes is provided in the
form of subordination.
All contract payments, including balloon payments, are an
obligation of the borrower. As a result, the trust is not exposed
to any market-value risk associated with the sale of the underlying
assets financed (on performing receivables), which is a risk that
can be associated with other products, such as operating leases.
The issuer can meet timely payment of interest and ultimate payment
of principal under the rating stresses commensurate with the
ratings assigned. Key rating factors are the level of subordination
provided to the rated notes and liquidity support in the form of
principal collections and a liquidity facility.
The legal structure of the issuer, which is established as a
special-purpose entity, meets our criteria for insolvency
remoteness.
The counterparty exposure is to Westpac Banking Corp. as bank
account provider, interest-rate swap provider, and liquidity
facility provider. The transaction documents include downgrade
language consistent with S&P's S&P Global Ratings' counterparty
criteria.
Ratings Assigned
RAF ABS Series 2024-1
Class A, A$261.45 million: AAA (sf)
Class B, A$24.85 million: AA (sf)
Class C, A$16.45 million: A (sf)
Class D, A$12.95 million: BBB (sf)
Class E, A$9.80 million: BB (sf)
Class F, A$4.90 million: B (sf)
Class G, A$19.60 million: Not rated
THINK PROJECT: First Creditors' Meeting Set for April 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Think
Project Services Pty. Ltd. will be held on April 4, 2024 at 11:00
a.m. at Benefit Group, 303, 5 Celebration Drive.
Darrin Paine of TI Group was appointed as administrator of the
company on March 22, 2024.
THINK TANK 2024-1: S&P Assigns Prelim. B(sf) Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of residential mortgage-backed, floating-rate
pass-through notes to be issued by BNY Trust Co. of Australia Ltd.
as trustee of Think Tank Residential Series 2024-1 Trust.
Think Tank Residential Series 2024-1 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).
The ratings reflect the following factors.
S&P said, "We have considered the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.
"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for each
class of rated note."
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.
There is an extraordinary expense reserve of A$150,000, funded from
day one by Think Tank, available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.
S&P said, "Our ratings also reflect the legal structure of the
trust, which has been established as a special-purpose entity and
meets our criteria for insolvency remoteness.
"We have also considered the counterparty exposure to Commonwealth
Bank of Australia as bank account provider and National Australia
Bank Ltd. as liquidity facility provider. The transaction documents
for the bank account and liquidity facility include downgrade
language consistent with our counterparty criteria."
Preliminary Ratings Assigned
Think Tank Residential Series 2024-1 Trust
Class A1-S, A$100.00 million: AAA (sf)
Class A1-L, A$300.00 million: AAA (sf)
Class A2, A$60.00 million: AAA (sf)
Class B, A$11.75 million: AA (sf)
Class C, A$10.75 million: A (sf)
Class D, A$7.50 million: BBB (sf)
Class E, A$4.50 million: BB (sf)
Class F, A$3.00 million: B (sf)
Class G, A$2.50 million: Not rated
=========
C H I N A
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CHENQI TECH: Files IPO; Expects to Lose Money for Three More Years
------------------------------------------------------------------
Yicai Global reports that OnTime, a leading Chinese ride-hailing
and robotaxi services provider, has refiled for an initial public
offering in Hong Kong and forecast three more years of losses.
According to Yicai, OnTime's operator Chenqi Technology did not
disclose how much it aims to raise from the IPO in documents
submitted to the Hong Kong Stock Exchange on March 25. Set up by
carmaker by GAC Group and Tencent Holdings in 2019, the firm made
its first IPO application last August. That filing expired last
month.
OnTime's net loss widened 11 percent to CNY692.8 million (USD95.9
million) in 2023, while revenue jumped 58 percent to CNY2.2 billion
(USD304.4 million), Chenqi Technology disclosed. The
Guangzhou-based firm also said it does not expect to turn a profit
for the three more years.
"Our growth in revenue may not be able to fully cover the various
costs and expenses incurred in the near future, and we expect to
continue incurring net loss and net operating cash outflow in 2024,
2025, and 2026," it said, Yicai relays.
OnTime will remain dedicated to cementing the foundation for
long-term success instead of pursuing short-term financial returns,
it added.
OnTime mainly offers ride-hailing services in the Guangdong-Hong
Kong-Macao Greater Bay Area, where its market share exceeded 45
percent last year. It completed 97.7 million orders last year, up
47 percent on the previous year, with a total transaction value of
CNY2.7 billion.
According to Yicai, about 40 percent of the IPO proceeding will be
used to research and develop self-driving technologies and robotaxi
services, 20 percent to upgrade travel services and enhance
operational efficiency, and 20 percent to boost market share, while
the rest will go on investments, mergers and acquisitions, and
general purposes. That is in line with its first application.
GAC and its parent company own 35.2 percent of OnTime, while
Tencent holds an 18.4 percent stake. State-owned Guangzhou Public
Transport and autonomous driving startup Pony.ai have 5.7 percent
and 5.3 percent, respectively.
CHINA VANKE: Fitch Lowers LongTerm Foreign Currency IDR to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder China Vanke Co.,
Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'BB+', from 'BBB'. Fitch also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'BB', from 'BBB', and downgraded Vanke
HK's senior unsecured rating and the rating on the outstanding
senior notes to 'BB', from 'BBB'. Fitch has placed all the ratings
on Rating Watch Negative.
The downgrade reflects China Vanke's weakened sales performance,
while capital market volatility has curtailed its funding access.
Fitch believes these factors could lead to a sustained
deterioration in financial flexibility amid upcoming maturities.
Fitch expects China Vanke to repay its CNY13 billion capital market
debt due for the remainder of 2024 and CNY36 billion in 2025 using
mostly cash on hand and internal cash flow generation via sales and
asset monetisation, with sales stabilizing over 2024. However,
continued weakness in the industry or the company's sales
performance could weaken China Vanke's liquidity buffer.
The Rating Watch Negative captures the uncertainties relating to
the sector and the company's sales prospects as well as the timing
and progress of its asset monetisation and new funding plans.
KEY RATING DRIVERS
Weakened Funding Access: Fitch believes China Vanke's access to
onshore bond financing has deteriorated amid weakness in the
industry and the company's sales performance. However, Fitch
believes onshore bank funding access remains intact and is
supported by shareholder relationships with state-owned Shenzhen
Metro Group Co. Ltd. and Shenzhen Investment Holdings Co., Ltd.
(A+/Stable). Both entities are controlled by the Shenzhen Municipal
People's Government State-owned Assets Supervision and
Administration Commission.
Lower Sales Forecast: China Vanke has maintained its market-leading
position, as the 43% yoy plunge in total contracted sales in 2M24
was slightly better than most of its rated peers whose sales were
down by about 50% yoy. However, the company's sales were below its
expectations. As such, Fitch has revised its forecast and now
expect total contracted sales to decline by 20% in 2024, from 5%
previously. Fitch is monitoring the company's sales performance and
whether it can maintain its market position amid the market
volatility.
Significant Capital Market Maturities: China Vanke has large
capital-market debt maturities in 2024, when about CNY19.4 billion
of onshore and offshore bonds mature. Of this, CNY6.6 billion was
repaid in 1Q24. China Vanke also has CNY36 billion in
capital-market debt due in 2025. Fitch believes the company will
repay these maturities using free cash flow, bank loans and cash on
hand in light of its limited access to onshore and offshore capital
markets. Potential asset disposals, spin-offs via Chinese real
estate investment trusts and new loans from existing investment
properties (IPs) may buffer cash flow.
Manageable Working Capital Outflow: Fitch expects China Vanke to
generate free cash flow in 2024 amid fewer land acquisitions and
lower construction cash outflow. Fitch believes China Vanke was
unable to generate positive free cash flow during 2021-2023, as it
incurred high construction outflow to complete the properties it
presold during 2019-2021, when sales were at the peak. Property
completions in 2024 should significantly reduce, after total
contracted sales declined by 34% in 2022.
IP Loans Provide Liquidity: Fitch believes China Vanke will be able
to access IP loans as a liquidity buffer. Its debt structure
remains largely funded by unsecured bank loans and the over CNY100
billion book value of its IPs are largely unencumbered. Fitch
expects China Vanke's IP loans to expand and to be used to
refinance some of its capital market debt.
Subsidiary Ratings Notched Down: Fitch has reassessed linkages
between China Vanke and its wholly owned subsidiary, Vanke HK - its
sole offshore financing platform - under its Parent and Subsidiary
Linkage Rating Criteria. Fitch assesses the operational incentive
for China Vanke to provide support as 'Medium', from 'High'
previously, as offshore funding is likely to form a smaller part of
Chinese property developers' funding mix in the longer term.
The ratings of Vanke HK are rated one-notch below that of its
parent, based on its assessment of 'Medium' legal, strategic and
operational incentives for the parent to provide support.
DERIVATION SUMMARY
Fitch believes China Vanke's development property business profile
is similar to that of Poly Developments and Holdings Group Co.,
Ltd. (BBB/Stable). However, China Vanke's ratings are constrained
by its liability profile and funding access amid sizable and rising
capital-market debt maturities in 2024 and 2025. Without effective
market access, the company's liquidity buffer will likely reduce.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Sales to drop by 20% in 2024 and stay flat in 2025 (2023: 10%
drop).
- Gross profit margin of 15%-17% (2022: 19%) and EBITDA margin of
5%-10% (2022: 15%) in 2023-2025.
- Construction cash outflow at 68% of sales proceeds in 2023, 63%
in 2024 and 58% in 2025.
- Land acquisition outflow declining to below 10% of sales proceeds
in 2024-2025, compared with 20%-25% in 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Evidence of weakening access to onshore bank funding and
liquidity
- Further deterioration in contracted sales
For Vanke HK, the rating could be downgraded if there was a
weakening of incentives for China Vanke to support Vanke HK.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Positive action is unlikely in the near-term, as the ratings are on
Rating Watch Negative.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: China Vanke had about CNY60 billion of
available cash, excluding regulated pre-sale funds of CNY42
billion, at end-September 2023. This was sufficient to cover
short-term debt of CNY53 billion, including asset-backed
securities. Fitch expects China Vanke to refinance its onshore bank
loans and repay its capital market maturities by generating free
cash flow in 2024.
ISSUER PROFILE
China Vanke is one of China's top-three developers by contracted
sales with a nationwide footprint. Its main businesses are
real-estate development and property services. Vanke HK is China
Vanke's main offshore fundraising entity.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch revalued China Vanke's investment in GLP Pte. Ltd.
(BB/Stable) to the latest transaction value, which resulted in an
increase of CNY19 billion in joint-venture investment value in
2022.
The fair value of China Vanke's investment properties at CNY116
billion was included in the calculation of its net property assets
value in 2022. This treatment was in line with peers in the
sector.
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.
Entity/Debt Rating Prior
----------- ------ -----
China Vanke Co., Ltd. LT IDR BB+ Downgrade BBB
LC LT IDR BB+ Downgrade BBB
Vanke Real Estate
(Hong Kong) Company Ltd LT IDR BB Downgrade BBB
senior unsecured LT BB Downgrade BBB
LGD GAMING: Reportedly Facing Bankruptcy
----------------------------------------
Betus.com reports that LGD, a Chinese esports team, was regarded as
the region's dominant Dota 2 team, but there have been rumors
circulating for the past week suggesting that the company may be
close to filing for bankruptcy. A YouTube video featuring a montage
of words from Wang "Ame" Chunyu, Yang "Chalice" Shenyi, Lin
"planet" Hao, and other former and current Dota 2 players
affiliated with LGD Gaming was uploaded on March 24, 2024. The
statements alluded to the organization's impending bankruptcy,
Betus.com says. The main contention of these claims was that gamers
of LGD Gaming were not getting paid in a timely manner.
Furthermore, Pan Fei, general manager of LGD Gaming, gave a
statement that strengthened the current accusations.
Betus.com relates that the investigation lists several alleged
financial issues that LGD allegedly encountered. Among the main
issues brought up were LGD's operating expenditures, which
increased to $20 million annually during the pandemic, a
substantial rise from the organization's pre-pandemic spending of
only $9 million annually. Numerous variables were identified as the
cause of this financial burden. Among these are higher running
costs and lower sponsorship income, which fell from $10 million to
$3 million a year, Betus.com notes.
RADIANCE HOLDINGS: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------------
Moody's Ratings has withdrawn the Ca corporate family rating and C
senior unsecured ratings of Radiance Holdings (Group) Co. Ltd.
Prior to the withdrawal, the outlook on Radiance was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
COMPANY PROFILE
Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of June 30, 2023, it had a total land bank
of 24.4 million square meters across different geographic regions
in China.
SHIMAO GROUP: Bondholders 'Firmly Opposes' Debt Revamp Proposal
---------------------------------------------------------------
Reuters reports that a group of major bondholders of defaulted
Shimao Group said on March 27 it "firmly opposes" the firm's
proposal to revamp $11.5 billion of offshore debt, clouding its
prospects amid a deepening crisis in the property sector.
"The ad hoc creditor group firmly opposes Shimao's restructuring
proposal, (and) will unequivocally vote against it and other scheme
creditors ought to do the same," the offshore creditor group's
financial adviser Houlihan Lokey said in a statement.
The group did not cite any reason for the opposition, but three
Shimao creditors told Reuters they were not happy about the steep
haircut in the proposal, as well as a lack of upfront payments and
cash payments in the next four to six years.
Shimao, which defaulted on its offshore debt in 2022 after an
unprecedented liquidity crisis hit the sector in mid-2021, on March
25 laid out detailed restructuring terms to revamp its offshore
debt with an aim to cut its debt by 60%.
Shimao would require approval from more than 75% in creditor value
to pass its restructuring proposal. The ad-hoc bondholder group
holds more than 25% of Shimao's outstanding $6.8 billion dollar
bonds.
A separate bank creditor group, advised by Deloitte, holds around
$4.7 billion of loans.
A source close to the bank group said the group was also not happy
with the latest terms, which they think give worse treatment to the
group than when they first started negotiation in 2022.
Separately, Deutsche Bank is preparing a liquidation lawsuit in
Hong Kong against Shimao, Reuters reported early this month.
Creditors in both the bondholder and bank groups said after
Shimao's proposal this week that a winding-up petition could be
useful to the negotiation process, Reuters says.
Reuters notes that Shimao's creditors would receive a total of 1.1%
consent fee based on the outstanding principal of their debts if
they agreed to support the restructuring by end of April, and 0.6%
by end of May.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As reported in the Troubled Company Reporter-Asia Pacific in July
2022, Shimao Group has missed the interest and principal payment of
a US$1 billion offshore bond due on July 3, 2022.
=========
I N D I A
=========
ARMORBLOX PRIVATE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Armorblox Private Limited
201, Prestige Sigma, #3
2nd Floor, Prestige Sigma
Vittal Mallya Road, Bangalore
Karnataka 560001 India
Liquidation Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Vasudevan Gopu
18/30, Ramani Street
KK Pudur, Saibaba Colony
Coimbatore 641038
Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com
Email: vasudevanacs@gmail.com
Telephone: 0422-4347063
Last date for
submission of claims: April 11, 2024
B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of B.K.
Threshers Pvt. Ltd (BKTPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 120.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 110.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with BKTPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2009, BKTPL is promoted by Mr. Bellam Kotaiah and
is involved in threshing and re-drying of tobacco in addition to
carrying tobacco exports. The Company setup a 12 TPH (tons per
hour) threshing plant at Kalikivai, near Tangutur, Andhra Pradesh
and the plant commenced operations from April 2012. The company
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes and
sells it to domestic/overseas clients.
BHOWANIPUR ENGINEERING: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Bhowanipur Engineering Pvt Ltd
1/1 B, Rupnarayan Nandan Lane
Kolkata, West Bengal 700025, India
Liquidation Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Subrata Ghosh
Shibalay, P-130, Usha Park
Near Usha Play Ground
Kolkata 700084
Email: subhomusic@gmail.com
-- and --
Intelligent IP Management Solutions Pvt Ltd
2nd Floor, YMCA Building,
25 Jawaharlal Nehru Road
Kolkata - 700087
Email: cirp.bepl@gmail.com
Last date for
submission of claims: April 11, 2024
DENTORTH INDIA: Liquidation Process Case Summary
------------------------------------------------
Debtor: Dentorth India Private Limited
No. 677, 1st Floor, Suite # 123,
27th Main 13th Cross,
HSR Layout, Sector 1,
Bangalore, Karanataka,
India, 560102
Liquidation Commencement Date: March 13, 2024
Court: National Company Law Tribunal, Bangaluru Bench
Liquidator: S Vijay Mahindhran
B 908 Central Park Apartments,
Saravanampatti,
Near Amman Koil Stop,
Coimbatore, Tamil Nadu, 641035
Email: svjmcs@gmail.com
Email: denorth.cirp@gmail.com
Last date for
submission of claims: April 12, 2024
FERTILE INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Fertile India Agrotech Limited
Registered Address:
Kaddon Payal Road
Doraha, Tehsil Payal
District Ludhiana
Doraha 141421 India
Insolvency Commencement Date: March 13, 2024
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: September 9, 2024
Insolvency professional: Dharmendra Kumar Bhasin
Interim Resolution
Professional: Dharmendra Kumar Bhasin
191, Mamta Enclave
Behind Nimantran Banquet Hall
Dhakoli, Zirakpur
Sahibzada Ajit Singh Nagar
Punjab 140603
E-mail: ipdkbhasin@gmail.com
Email: cirp.nachiketa@gmail.com
Last date for
submission of claims: March 27, 2024
FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Short-Term rating of Fine Facets India Private
Limited (Fine Facets) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 14.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- (5.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Fine Facets, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2005, Fine Facets India Pvt. Ltd. (Fine Facets) is
engaged in trading certified and uncertified cut and polished
diamonds primarily for exports. The company has its marketing
office in Opera House, Mumbai.
HANUMAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Hanuman Foods in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Hanuman Foods, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Hanuman Foods was established in the year 1998 as a partnership
firm with Mr. Sanjeev Kumar & Mr. Surender Kumar as partners in
equal ratio. As per the management it has a milling capacity of 6
tonnes/hr for paddy. Hanuman Foods is engaged in the business of
processing and trading of basmati rice in domestic market as well
as exporting to countries in Middle East, Saudi Arabia, Dubai,
Europe and Kuwait. Firm sells its product under the brand name of
"Good luck". Company is having its manufacturing unit at Nadana
Road, Taraori, Karnal.
HARI KRIPA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Hari Kripa
Business Ventures Private Limited (HKBV) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Non Fund Based 3.00 [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with HKBV, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Hari Kripa Business Venture Private Limited (HKBV) was established
in 2008 at Kaladera in Jaipur. The company started its commercial
production in September 2012. The company is promoted by Mr.
Mahendra Kumar Agarwal, Mr. Raghuveer Agarwal along with the other
members of the family. HKBV manufactures Mild Steel (MS)
ingots/billets, pipes, and flats. In FY2013, the company forward
integrated and commenced the manufacturing of MS flats and other
rolled products, wherein the key raw materials (billets and ingots)
used were captively produced.
HKMEDIAGO SOLUTIONS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Hkmediago Solutions India Private Limited
5m/655, Ground Floor, Ombr Layout,
Banaswadi, Bangalore North,
Bangalore, Karnataka,
India 560043
Liquidation Commencement Date: March 18, 2024
Court: National Company Law Tribunal Bangalore Bench
Liquidator: CS Srinivas Thatikonda
Flat No. 006, Nanda Ashirward Apartments No.1,
Canara Bank Colony, 2ND main,
Chandra Layout,
Bengaluru - 560 072
Karnataka, India
Landline: +91 80 23390132
Mobile No: +91 9538869662
Email: Srinivas@srinivasthatikonda.com
Last date for
submission of claims: April 17, 2024
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Hydrobaths Ramco Marketing Private Limited (HRMPL) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D;ISSUER NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 9.43 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with HRMPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in
2009, is involved in the trading of products like sanitary ware
(bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure,
bathroom furniture, steam baths, spas), faucets, tiles and others
which are largely procured from international manufacturers from
countries like Thailand, Italy and China. The promoters were
initially involved in the manufacturing of bathtubs through a
proprietorship firm (set up in 1992). Later in 1999, another
proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC)
was set up and in the year 2000, the firm started importing
products like sanitary ware and faucets. In 2009, Hydrobaths 2
Ramco Marketing Private Limited, was incorporated which took over
the business of HRMC. HRMPL procures products from international
manufacturers like Guangzhou Metal & Mineral Imp Exp Limited, SIAM
Cement Group, Ceramic Atlas Concorde Spa Italy and others and sell
in domestic market. HRMPL sells its through distributors, dealers,
own retail showroom and also project sales (sale to institutional
clients).
KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of KLR
Industries Ltd. (KLRIL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 28.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 12.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KLRIL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
KLR Industries Limited (KLRIL) was initially established as a small
unit—KLR Universal-by Mr. K. Laxma Reddy in 1985. KLR Universal
was engaged in manufacturing button bits, a tool used in water well
drilling applications, before being incorporated as KLR Industries
Limited in January 2002. The company has a manufacturing facility
at Cherlapally, Hyderabad. KLRIL is engaged in the business of
manufacturing drilling equipments such as drilling rigs, hammers,
and bits, for the application of water wells, mining, piling,
geological survey, construction, etc.
KSK MAHANADI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of KSK Mahanadi
Power Company Limited (KMPCL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1120.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 12952.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 857.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 733.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Non Fund Based Cooperating' Category
As part of its process and in accordance with its rating agreement
with KMPCL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative.
In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.
KMPCL promoted by KSK Energy Ventures Limited (KSKEVL), is
developing a 3600 MW (6 x 600 MW) domestic coal-based power project
at Nariyara village, Janjgir-Champa District of Chhattisgarh. The
company has commissioned three out of the six units. The project
cost was revised to Rs. 27080 crore from the initial appraised cost
of Rs. 16190 crore. The project cost including the cost of
ancillary infrastructure such as water intake system and railway
siding stands at Rs. 28430 crore. KSK Group promoted by Mr. K.A.
Sastry and Mr. S. Kishore, is involved in development and operation
of power projects.
MACQUARIE FINANCE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Macquarie Finance (India) Private Limited
Level 9, 2 North Avenue Maker Maxity, Bandra Kurla Complex,
Bandra (East) Mumbai-400051, Maharashtra
Liquidation Commencement Date: March 18, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Kumudhi Bhalerao
Ecslasy
803,/804, 9th Floor
City of Joy, J.S.D Road
Mulund(W) Mumbai 400 080
Email: kumudiniparanjape@mmjc.in
Tel No: +91 9819087717
Last date for
submission of claims: April 17, 2024
NAVMI STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Navmi Steel Traders Private Limited
B-410, 4th Floor, Steel Chamber
Kalamboli Business & Office Premises
KWC Steel Market
Navi Mumbai, Mumbai
Maharashtra 410218
Insolvency Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 10, 2024
Insolvency professional: Arun Nandlal Agrawal
Interim Resolution
Professional: Arun Nandlal Agrawal
Opp. Kshrisagar Hospital
R P Road, JALNA
Maharashtra 431203
Email: irparun@gmail.com
Email: cirp.navmisteels@gmail.com
Last date for
submission of claims: March 29, 2024
NKR REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: NKR Realty Private Limited
47A Kali Krishna Tagore Street, 2nd Floor
Kolkata 700007
Insolvency Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 8, 2024
Insolvency professional: Bimal Kanti Choudhury
Interim Resolution
Professional: Bimal Kanti Choudhury
77A/50 Raja S.C. Mallick Road,
8 S.P.B.Block, Kolkata 700092
Email: bimalkantichoudhury@gmail.com
Email: ip.nkrreality@gmail.com
Last date for
submission of claims: March 26, 2024
SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the ratings for the Non-Convertible Debentures (NCD)
of Saisons Trade & Industry Private Limited (STIPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 5.00 [ICRA]D; ISSUER NOT
Debenture (NCD) COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Saisons Trade & Industry Private Limited, ICRA has been trying
to seek information from the entity to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of the requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
Incorporated in 1999, STIPL manufactures electrical panels, fire
panels and accessories, wire harness, telecom products and various
fabricated products. It ventured into merchant exports of agro
commodities and chemicals in FY2018. The company's manufacturing
facility is in Bhiwandi (Thane district in Maharashtra) and its
registered office is in Mumbai.
SANT DEEPAK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of Sant Deepak Education and
Charitable Trust (SDECT) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 11.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 1.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SDECT, ICRA has been trying to seek information from the
entity to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of the
requisite information and in line with the aforesaid policy of
ICRA, the rating has been moved to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Global Research Institute of Management & Technology, Radaur is
located in the state of Haryana in the Yamuna Nagar district. The
institution was established in year 2008 with the approval of
AICTE, affiliation of Kurukshetra University, Kurukshetra and DTE,
Panchkula. The institute is functioning under the aegis of Sant
Deepak Educational & Charitable Trust (SDECT) with a Managing
Committee to look after routine management functions. The broad
areas of administration, e.g. planning, student amenities &
welfare, faculty development, staff welfare, infrastructure
development etc. are entrusted to various committees for the smooth
functioning. The institute follows the academic calender of
Kurukshetra University, Kurukshetra. The trust is organized by a
group of professionals. The chairman of the trust Mr. Sanjay Jindal
is a chartered accountant and has experience of 25 years of
profession, finance & accounts. Further, he also looks after many
other group companies which are mainly involved in Power Generation
Companies, Printing & Packaging, Brass Sheet Manufacturing and
various others. Further, the secretary of the Trust Mr. Deepak
Dhawan is also chartered accountant.
SHRIVALLABH PITTIE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shrivallabh Pittie Industries Ltd
Registered Address:
97, Maker Tower F
Cuffe Parade
Mumbai 400005
Insolvency Commencement Date: March 7, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 3, 2024
Insolvency professional: Mukesh Verma
Interim Resolution
Professional: Mukesh Verma
B 1506, Sunteck City Avenue 2
Goregaon West, Mumbai 400104
Email: ip.mukeshverma@gmail.com
Email: cirp.svpil@gmail.com
Last date for
submission of claims: March 22, 2024
SNEHANJALI AND S.B. DEVELOPERS: Insolvency Process Case Summary
---------------------------------------------------------------
Debtor: Snehanjali and S.B. Developers Private Limited
Registered Address:
Ground Floor, Rajpipla Linking Road
Santacruz West
Mumbai, Maharashtra
India, 400054
Insolvency Commencement Date: March 7, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 3, 2024
Insolvency professional: Dinesh Kumar Deora
Interim Resolution
Professional: Dinesh Kumar Deora
B-202, ABT Apartment
Rani Sati Marg, Malad (East)
Near Navjivan School,
Malad (East), Mumbai
Maharashtra 400097
E-mail: dinesh.deora@yahoo.com
-- and --
205, 2nd Floor, Nadiadwala Market
Near SM Lal, Poddar Road
Malad (East), Mumbai 400097
Email: o2snehanjali.cirp@gmail.com
Last date for
submission of claims: March 21, 2024
SPECTRUM ONCOLOGY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Spectrum Oncology Private Limited
Ofc No 1, Sadhana Bldg,
Gr Flr 207, David Barreto Rd,
Opp Wadala Stn,
Wadala West, Mumbai,
Maharashtra, India 400031
Liquidation Commencement Date: March 16, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Mr. Hemanshu Lalitbhai Kapadia
Office no. 201, 2nd Floor, A-Wing,
Jeevan Prabha Society,
Chandavarkar Road,
Borivali (West), Mumbai - 400 092
Email: hemanshu@hkacs.com
Tel No: 022 31759100
Last date for
submission of claims: April 15, 2024
STARENT NETWORKS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Starent Networks India Sales and Services Private Limited
Unit A 602, 6th Floor
One BKC, C-66, G Block
Bandra Kurla Complex
Bandra East, Mumbai City
Mumbai, Maharashtra 400051 IN
Liquidation Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Vasudevan Gopu
18/30, Ramani Street
KK Pudur, Saibaba Colony
Coimbatore 641038
Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com
Email: vasudevanacs@gmail.com
Telephone: 0422-4347063
Last date for
submission of claims: April 11, 2024
STELLENCE PHARMSCIENCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Stellence Pharmscience Private Limited
Registered Address:
No. 456, 1A and 1B
Industrial Area Jigani
Bangalore, Karnataka
India 562106
Insolvency Commencement Date: March 6, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: September 2, 2024
Insolvency professional: Naveen Kumar Jain
Interim Resolution
Professional: Naveen Kumar Jain
2236 Sector 46
Gurugram Haryana 122001
Email: insolvencyprofessional@rediffmail.com
-- and --
Unit No. M-04, 1st Floor, Shree Complex
St. John's Road, Ulsoor, Bengaluru 560042
Email: cirp.stellence@gmail.com
Last date for
submission of claims: March 20, 2024
SUPREME INNOVATIVE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Supreme Innovative Building Projects Private Limited
Registered Address:
Sharma Bungalow
Behind Lake Castle Building
Hiranandani Garden, Powai
Mumbai, Maharashtra 400076 India
Insolvency Commencement Date: March 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 2, 2024
Insolvency professional: Anup Kumar Singh
Interim Resolution
Professional: Anup Kumar Singh
4th Floor, Flat 4A, Bidyaraj Niket
22/28A, Manohar Pukur Road
Near Deshapriya Park
Kolkata, West Bengal 700029
Email: anup_singh@stellarinsolvency.com
-- and --
Stellar Insolvency Professionals LLP
Suite-1B, 1st Floor, 22/28A
Manoharpukur Road
Deshopriya Park
Kolkata 700029
Email: supremestarvilla@gmail.com
Last date for
submission of claims: March 20, 2024
SUPREME STAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Supreme Star Villa Private Limited
Registered Address:
Supreme House, Plot No. 94/C
Opp. I.I.T., Powai, Mumbai
Maharashtra, India 400076
Insolvency Commencement Date: March 6, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 2, 2024
Insolvency professional: Anup Kumar Singh
Interim Resolution
Professional: Anup Kumar Singh
4th Floor, Flat 4A, Bidyaraj Niket
22/28A, Manohar Pukur Road
Near Deshapriya Park
Kolkata, West Bengal 700029
Email: anup_singh@stellarinsolvency.com
-- and --
Stellar Insolvency Professionals LLP
Suite-1B, 1st Floor, 22/28A
Manoharpukur Road
Deshopriya Park
Kolkata 700029
Email: supremestarvilla@gmail.com
Last date for
submission of claims: March 20, 2024
TRUEVALUE ENGINEERING: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Truevalue
Engineering Private Limited (TEPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 28.05 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with TEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1999, Truevalue Engineering Private Limited was
promoted by Mr. Rajendrakumar Choudhary. TEPL is engaged in trading
of flat steel products like hot rolled and cold rolled coils,
galvanised steel, colour coated steel, mild steel etc. The trading
operations of the company gained momentum only upon the sanction of
its working capital facilities in 2010. The firm has its registered
office in Mumbai.
VAS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vas Infrastructure Limited
Madhav Niwas CHSL, Flat No B-1B
First Floor, Natakwala Lane
Opp S. V. Road
Borivali West, Mumbai
Maharashtra, India 400092
Insolvency Commencement Date: March 11, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 7, 2024
Insolvency professional: Ashok Kumar Golechha
Interim Resolution
Professional: Ashok Kumar Golechha
Flat No. B 703/704, Seventh Floor
River Park CHS Ltd.
Dattani Park Road
Thakur Village, Kandivali (East)
Mumbai 400101
Email: akgolecha@gmail.com
Email: cirpvas@yahoo.com
Mobile: +91 9674117201
Last date for
submission of claims: March 25, 2024
VICHARE EXPRESS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vichare Express & Logistics Private Limited
407-408 Kesar Plaza
A Wing, 4th Floor, Plot No. 239
RDP-6 Charkop Kandivali (West)
Mumbai, Maharashtra 400067
Insolvency Commencement Date: March 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 8, 2024
Insolvency professional: Vishal Ghisulal Jain
Interim Resolution
Professional: Vishal Ghisulal Jain
D-1902, Palm Beach Residency
Amey CHS Ltd
Plot No. 24-29, Sector-4, Nerul (West)
Navi Mumbai, Maharashtra 400706
Email: vishal@resolvegroup.co.in
-- and --
c/o Resolve-IPE Private Limited
Office No. V-3073
Akshar Business Park, Sector-25
Vashi, Navi Mumbai 400705
Email: vichare@resolvegroup.co.in
Last date for
submission of claims: March 26, 2024
WESTSTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Weststar Constructions Private Limited
No-51 Furniture Block
Kirti Nagar, New Delhi 110015
Insolvency Commencement Date: March 6, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 11, 2024
Insolvency professional: Saurab Sharma
Interim Resolution
Professional: Saurab Sharma
B-204, First Floor Back Side
T-Extension, Street No 7
Vishwas Park Extn
Uttam Nagar, Delhi 110059
Email: sk04sharma@gamil.com
Email: cirp.wscpl@gmail.com
Last date for
submission of claims: March 29, 2024
=========
J A P A N
=========
TK HOLDINGS: District Court Won't Revive Gonzales Claim
-------------------------------------------------------
The Hon. Richard G. Andrews of the U.S. District Court for the
District of Delaware entered a Memorandum Opinion affirming a lower
court decision denying a motion for reconsideration filed by Eric
D. Green, trustee of PSAN/PI/WD Trust d/b/a the Takata Airbag Tort
Compensation Trust Fund, et al.
In the chapter 11 case of TK Holdings, Inc., and its affiliated
debtors, Dina Gonzales filed a proof of claim against the Debtors
alleging injuries and loss of income sustained in a motor vehicle
collision during which her vehicle's airbag system failed to
deploy.
Following an evidentiary hearing, the Bankruptcy Court issued an
order on Oct. 20, 2020, expunging a subset of claims which included
Gonzales' claim. Two and half years later, on March 14, 2023,
Gonzales filed a motion in the Bankruptcy Court seeking
reconsideration of the Expungement Order on the grounds of newly
discovered evidence that would affect the evidentiary basis upon
which the Bankruptcy Court expunge her claim. The Motion for
Reconsideration also sought relief from the Expungement Order of
Sec. 502(j) of the Bankruptcy Code.
The Bankruptcy Judge concluded that Gonzales points to no "clearly
erroneous findings of fact," "errant conclusion of law," or
"improper application of law to fact" in the Memorandum Order.
Rather, Gonzales focuses on her efforts to understand and counter
elements of the Claim Objection(s) and the interest of justice.
According to Judge Andrews, while the Court does not doubt
Gonzales' good faith and efforts to navigate the chapter 11 process
on her own, Gonzales had notice of the Claim Objection(s), choose
to proceed pro se, and is not entitled to revisit long settled
rulings on the grounds presented. While the Court's is "not
unmindful of the remedial nature of Fed.R.Civ.P. 60(b), there is no
abuse of discretion here, Judge Andrews said, where the request for
the reconsideration is untimely, based on evidence that could have
been discovered years earlier with reasonable diligence, and where
the standard for excusable neglect was not met.
A full-text copy of the District Court's decision is available for
free at https://tinyurl.com/38f6c3mx
About TK Holdings
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures, and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats, and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide. The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China, and other countries. Takata Corp. filed for bankruptcy
protection in Tokyo and the U.S., amid recall costs and lawsuits
over its defective airbags. Takata and its Japanese subsidiaries
commenced proceedings under the Civil Rehabilitation Act in Japan
in the Tokyo District Court on June 25, 2017.
Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017. Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.
Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.
On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act. The Canadian Court
appointed FTI Consulting Canada Inc. as information officer. TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.
The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel. The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel. The
Official Committee of Tort Claimants selected Pachulski Stang Ziehl
& Jones LLP as counsel. Gilbert LLP will evaluate the insurance
policies. Sakura Kyodo Law Offices is serving as special counsel.
Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.
Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the
Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as
Takata's counsel in the Chapter 15 cases. In February 2018, the
U.S. Bankruptcy Court confirmed the Fifth Amended Chapter 11 Plan
of Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main
U.S. subsidiary, and certain of TKH's subsidiaries and affiliates.
=====================
N E W Z E A L A N D
=====================
HOMEBUILD DIRECT: Creditors' Proofs of Debt Due on May 9
--------------------------------------------------------
Creditors of Homebuild Direct Limited are required to file their
proofs of debt by May 9, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 21, 2024.
The company's liquidators are:
Lynda Smart
Derek Ah Sam
Rodgers Reidy
PO Box 39090
Harewood, Christchurch 8545
INNER MONGOLIA: Court to Hear Wind-Up Petition on April 16
----------------------------------------------------------
A petition to wind up the operations of Inner Mongolia Rider Horse
Industry (NZ) Limited will be heard before the High Court at
Auckland on April 16, 2024, at 11:45 a.m.
Anthony John Gavigan filed the petition against the company on Feb.
22, 2024.
The Petitioner's solicitor is:
26 St Mary's Road
St Mary's Bay
Auckland 1011
JONESES LIMITED: Court to Hear Wind-Up Petition on April 12
-----------------------------------------------------------
A petition to wind up the operations of The Joneses Limited will be
heard before the High Court at Auckland on April 12, 2024, at 10:00
a.m.
Hire Staff Limited filed the petition against the company on Jan.
8, 2024.
The Petitioner's solicitor is:
Bruce Pamatatau
Barrister
Level 6, 5 Short Street
Newmarket
Auckland
KAGE KINGSLAND: Creditors' Proofs of Debt Due on April 17
---------------------------------------------------------
Creditors of Kage Kingsland Limited are required to file their
proofs of debt by April 17, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 15, 2024.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road
Auckland 1446
RANK PROPERTIES: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on March 21,
2024, was appointed as liquidator of Rank Properties Limited.
The liquidator may be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
=================
S I N G A P O R E
=================
DYNAOPTICS LTD: Placed in Provisional Liquidation
-------------------------------------------------
Tan Wei Cheong and Lim Loo Khoon of Deloitte were appointed as
Joint & Several Provisional Liquidators of Dynaoptics Ltd. on March
21, 2024.
The Provisional Liquidators may be reached at:
Tan Wei Cheong
Lim Loo Khoon
Deloitte
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
LIME HOUSE: Placed in Creditors' Voluntary Liquidation
------------------------------------------------------
Hubert Jen Wei Chang of AP Transaction Services on March 18, 2024,
were appointed as liquidators of Lime House Pte. Ltd.
The liquidator may be reached at:
Hubert Jen Wei Chang
c/o AP Transaction Services
138 Cecil Street
#10-01 Cecil Court
Singapore 069358
ONE WAY: Commences Wind-Up Proceedings
--------------------------------------
Members of One Way Constructions Pte Ltd on March 18, 2024, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Seah Chee Wei
60 Paya Lebar Road
#04-23 Paya Lebar Square
Singapore 409051
SANIDA HOLDINGS: Creditors' Proofs of Debt Due on April 23
----------------------------------------------------------
Creditors of Sanida Holdings Pte. Ltd. are required to file their
proofs of debt by April 23, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 18, 2024.
The company's liquidator is:
Chee Fung Mei
110 Middle Road #05-03
Singapore 188968
*********
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.
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
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