/raid1/www/Hosts/bankrupt/TCRAP_Public/240620.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, June 20, 2024, Vol. 27, No. 124
Headlines
A U S T R A L I A
AFOLABIS PTY: First Creditors' Meeting Set for June 25
BOOKTOPIA GROUP: Halts Share Trading After Major Job Cuts
CENTRE OF MATHEMATICS: First Creditors' Meeting Set for June 26
LIFE STYLE STORE: Collapses Into Administration, 35 Jobs Axed
MARRICKVILLE PRESTIGE: First Creditors' Meeting Set for June 26
SALT AND LIME: First Creditors' Meeting Set for June 27
SHIELD MASTER: Federal Court Freezes Fund's Assets
UPALI'S BY NAWALOKA: First Creditors' Meeting Set for June 25
VIRAL GROUP: First Creditors' Meeting Set for June 26
C H I N A
DATASEA INC: All Three Proposals Approved at Annual Meeting
KAISA GROUP: Chairman Returns to Shenzhen to Meet Regulators
SHINECO INC: Three Top Executives Agree to Waive Compensation
I N D I A
ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
ANGAYARKKANNI ENTERPRISES: CRISIL Keeps B+ Ratings in Not Coop.
ASIAN EARTHMOVERS: CRISIL Keeps D Debt Rating in Not Cooperating
ATHENA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
AXON SYSTEMS: CRISIL Keeps B+ Debt Rating in Not Cooperating
BALAJI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
BALDVA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
BASRUR UNISEAL: Voluntary Liquidation Process Case Summary
DAVANI SILKS: Insolvency Resolution Process Case Summary
ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
K. N. MOTORS: CRISIL Keeps B Debt Rating in Not Cooperating
KALP DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
KARUPPASWAMY BUILDERS: CRISIL Keeps B+ Rating in Not Cooperating
KHANDELWAL GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
KRISHNANCHAL PULP: CRISIL Keeps B+ Ratings in Not Cooperating
KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
NSE INFOTECH: Voluntary Liquidation Process Case Summary
PANSY CONSTRUCTIONS: Liquidation Process Case Summary
PARTHAS TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating
PARVEEN TRAVELS: Insolvency Resolution Process Case Summary
PATWA ABHIKARAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PATWA AUTOMOTIVE: CRISIL Keeps D Debt Ratings in Not Cooperating
PELICAN BIOTECH: Insolvency Resolution Process Case Summary
PIPECANDY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
R. K. ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
RADHA KHADI: CRISIL Keeps B Debt Rating in Not Cooperating
RAJENDER PRASAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating
RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating
SAHNI AQUATECH: Insolvency Resolution Process Case Summary
SINDHU CARGO: Insolvency Resolution Process Case Summary
SOLITAIRIAN BUILDSPACE: Insolvency Resolution Process Case Summary
ULTIMATE INFOVISION: Insolvency Resolution Process Case Summary
WORLDS WINDOW: Insolvency Resolution Process Case Summary
ZEE ENTERTAINMENT: Finance Chief Rohit Gupta Resigns
M A L A Y S I A
1MDB: Auditor to Face Second Disciplinary Proceeding, Court Rules
N E W Z E A L A N D
DENTAL REVOLUTION: Creditors' Proofs of Debt Due on July 12
FRASER HOMES: Court to Hear Wind-Up Petition on June 27
LEOPARD LAND: Court to Hear Wind-Up Petition on June 27
METRO CONTAINER: Creditors' Proofs of Debt Due on July 15
TTE LIMITED: Grant Bruce Reynolds Appointed as Liquidator
WHITE ISLAND: Tour Company Liquidated After Reparations Paid
S I N G A P O R E
CATAHOULA INVESTMENT: Creditors' Proofs of Debt Due on July 19
CIL SINGAPORE: Company and Creditors' Meetings Set for July 19
KDY PTE: Court Enters Wind-Up Order
PRELUDIO PRIVATE: Creditors' Meeting Set for June 28
SOCIAL OUTCAST: Court to Hear Wind-Up Petition on July 5
S O U T H K O R E A
ASIANA AIR: Air Incheon Named as Preferred Bidder for Cargo Unit
- - - - -
=================
A U S T R A L I A
=================
AFOLABIS PTY: First Creditors' Meeting Set for June 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Afolabis
Pty Ltd, trading as Bibra Lake Medical Centre, will be held on June
25, 2024, at 10:00 a.m. via teleconference.
Alex Siu and Aaron Dominish of Hall Chadwick were appointed as
administrators of the company on June 13, 2024.
BOOKTOPIA GROUP: Halts Share Trading After Major Job Cuts
---------------------------------------------------------
The Guardian Australia reports that Australia's largest online
bookseller has entered into a voluntary share trading suspension,
just two weeks after axing 50 jobs and losing its chief executive.
According to Guardian Australia, Booktopia Group Ltd notified the
Australian Securities Exchange (ASX) on June 17, saying its
securities would be suspended from quotation immediately pending an
announcement on "further outcomes" from a strategic review,
"including its progress in seeking additional funding".
The suspension would remain in place until the commencement of
trading on June 24.
The Guardian Australia says Booktopia announced the strategic
review of its business in February after reporting a 21% fall in
revenue to AUD86.3 million for the second half of 2023, in
comparison to the same time period the previous year.
The company's net loss between July and December was AUD16.7
million, with net liabilities of more than AUD20 million, Guardian
Australia discloses.
At an investor presentation in February, Booktopia announced it had
reduced its sales aspirations by between AUD1 million and AUD3
million based on existing market conditions, citing BookScan
figures showing an 8.3% industry decline in January 2024.
Economic pressures affecting consumer spending, an increasingly
competitive landscape and the volatility of the book market were
cited as the reasons for the downturn, The Guardian relates.
On June 3, the company withdrew completely the already heavily
reduced sales expectations for 2024.
"With this decline in revenue and with the organisational
restructure about to be implemented, the company is no longer in a
position to provide guidance and withdraws the guidance provided to
the market in its announcement made on 9 February 2024," a company
statement said.
The Booktopia co-founder and board member Tony Nash told Guardian
Australia on June 18 he was unable to comment further at this
stage.
"We're in motion at the moment, so [an announcement] will be
probably more relevant towards the end of this week or early next
week," he said.
In the past fortnight Mr. Nash has stepped into the role of
executive director and sales director after the resignation of the
chief executive David Nenke on June 3, just 12 months into the
role, Guardian Australia recalls.
According to Guardian Australia, Booktopia is now in the process of
making at least 50 employees at its Rhodes headquarters in Sydney
redundant, funded in part by a AUD1 million revolving debt facility
secured externally.
Guardian Australia relates that the Booktopia chairman, Peter
George, said the redundancies would result in AUD6.1 million
annualised cost savings, which would be realised in 2025 and assist
with the company's restructure.
"The sustained volatility of the economic climate, in addition to
changing consumer spending behaviours, have continued to contribute
to business results that have been below our expectations," Mr.
George said in a statement issued earlier this month.
"The Board remains committed to building a profitable and
sustainable business in the short and long-term and as such, we
have regrettably had to make the very difficult decision to make a
large reduction in headcount . . . we recognise we will be losing
many talented staff in this process."
Booktopia Group Limited (ASX:BKG) -- https://www.booktopia.com.au/
-- operates as an online book retailer in Australia. It also sells
eBooks, audiobooks, magazines, games and puzzles, stationery, and
gift cards. In addition, the company offers books that cover
various subjects, such as animals and nature; art and
entertainment; biographies and true stories; business and
management; comedy and humor; computing and IT; cooking, food, and
drink; crafts and handiwork; family and health; fashion and style
guides; fitness and diet; gardening, green lifestyle, and
self-sufficiency; history; house and home; languages and
linguistics; mind, body, and sprit; politics and government; and
psychology, religion, and belief, as well as science; self help and
personal development; society and culture; sports and recreation;
and transportation, travel, and holidays. Further, it provides
books based on Australian stories, children's fiction, and
education and academies.
CENTRE OF MATHEMATICS: First Creditors' Meeting Set for June 26
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Centre of
Mathematics Pty Ltd will be held on June 26, 2024, at 10:30 a.m.
via Microsoft Teams Meeting.
Desmond Teng and John Refalo of Byrons Recovery were appointed as
administrators of the company on June 14, 2024.
LIFE STYLE STORE: Collapses Into Administration, 35 Jobs Axed
-------------------------------------------------------------
News.com.au reports that a home theatre store that turned over
AUD100 million in revenue over the past seven years has collapsed.
It has ceased to trade immediately and all staff have been stood
down.
An estimated 60 customers who have paid for goods and services have
also been impacted, the report says.
News.com.au can reveal that Life Style Store Pty Ltd, based in
Parramatta and which described itself as the "largest specialist
audio-visual retailer in Australia", has gone into administration.
The 35 staff who worked at Life Style Store now no longer have
jobs, news.com.au relates. It had been in business for 23 years.
Ken Whittingham and Mark Robinson of insolvency firm Fort
Restructuring were appointed as administrators last week.
In a statement to news.com.au, they said Life Style Store had
collapsed following a dispute between another business, which went
into liquidation earlier this year.
"We are at the early stages of what we expect will be a complex
administration," they told news.com.au.
According to news.com.au, two other sister businesses have also
been caught up in the wake of the company's collapse.
A recently established national chain called Theatre at Home was
linked to Life Style Store.
Theatre at Home separately went into liquidation earlier this
year.
Another business linked to the saga, ROQO Pty Ltd, was a
shareholder in the company and it too has collapsed, going into
liquidation last month, news.com.au notes.
On its social media, Life Style Store made strong references to the
dispute.
Earlier this year, the company wrote they had been in a fight with
a mortgagee who had exercised their rights to take possession of
the store.
"We are truly sorry for what has transpired and ask for your
patience and support as we continue to explore all options to see
how we can look after our Theatre at Home and Life Style Store
customers and will update you as the situation develops," the
company wrote in April.
MARRICKVILLE PRESTIGE: First Creditors' Meeting Set for June 26
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Marrickville
Prestige Smash Repairs Pty Ltd will be held on June 26, 2024, at
11:00 a.m. via teleconference only.
David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on June 14, 2024.
SALT AND LIME: First Creditors' Meeting Set for June 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Salt and
Lime Pty Ltd and Salt and Lime Funding Pty Ltd will be held on June
27, 2024, at 10:30 a.m. via virtual technology or at the offices of
PricewaterhouseCoopers, One International Towers, 100 Barangaroo
Avenue, in Barangaroo, NSW.
Daniel Walley, Adam Colley and Andrew Scott of
PricewaterhouseCoopers were appointed as administrators of the
company on June 17, 2024.
SHIELD MASTER: Federal Court Freezes Fund's Assets
--------------------------------------------------
The Australia Securities and Investments Commission (ASIC) has
obtained interim orders from the Federal Court freezing the assets
of the Shield Master Fund, a registered managed fund whose
responsible entity is Keystone Asset Management Ltd.
ASIC sought the orders to help protect investor funds while an
investigation is continuing.
Justice O'Callaghan ordered that Keystone is restrained from:
* removing property from Australia,
* selling, charging, mortgaging, dealing with or disposing of
property, incurring new liabilities, or
* withdrawing, transferring, disposing of, or dealing with
money held in bank accounts or with a financial institution
(subject to limited exceptions).
The Court made orders that Paul Chiodo surrender his passport and
be restrained from leaving Australia. ASIC sought these orders to
ensure Mr. Chiodo, as a former director of Keystone, remains in
Australia while ASIC continues its investigation.
As the hearing was held in their absence, Keystone and Mr. Chiodo
have not yet had the opportunity to respond to ASIC's application.
A further Court hearing is listed to take place on June 25, 2024.
This action follows previous action that ASIC took in February 2024
to halt new offers of investments in Shield. ASIC made interim stop
orders on four product disclosure statements for Shield.
Any queries can be sent by email to shield.queries@asic.gov.au.
UPALI'S BY NAWALOKA: First Creditors' Meeting Set for June 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Upali's By
Nawaloka Pty Ltd will be held on June 25, 2024, at 2:30 p.m. via
virtual meeting technology.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on June 17, 2024.
VIRAL GROUP: First Creditors' Meeting Set for June 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Viral Group
Holdings Pty Ltd will be held on June 26, 2024, at 3:00 p.m. via
Microsoft Teams.
Matthew Kucianski of Worrells was appointed as administrator of the
company on June 17, 2024.
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C H I N A
=========
DATASEA INC: All Three Proposals Approved at Annual Meeting
-----------------------------------------------------------
Datasea Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission on June 11, 2024, that on June 6, 2024, the
Company held its Annual Meeting at which the stockholders:
(1) elected Zhixin Liu, Fu Liu, Yan Yang, Chun Kwok Wong and
Michael J. Antonoplos, each to serve until the next
annual meeting of shareholders or until their respective
successors shall have been elected and qualified;
(2) ratified the appointment of Paris Kreit & Chiu CPA LLP as
the Company's independent registered public accounting firm
for the fiscal year ending June 30, 2024; and
(3) approved the Amendment No.3 to the Company's 2018 Equity
Incentive Plan.
About Datasea
Headquartered in Beijing, People's Republic of China, Datasea Inc.
is a technology company incorporated in Nevada, USA on Sept. 26,
2014, with subsidiaries and operating entities located in Delaware,
US and China, that provides intelligent acoustics (including
ultrasound, infrasound, directional sound, and Schumann resonance),
5G messaging and other products and services to various corporate
and individual customers. The acoustic business offers a wide
range of cutting-edge products including high-quality sonic air
disinfection solutions, skin repair and beauty solutions, as well
as sleep-aid devices. The Company's products find extensive
applications across various industries and sectors, including sonic
antivirus, sonic beauty, sonic medical treatments, and sonic
agriculture.
For the three months ended March 31, 2024 and 2023, the Company had
a net loss of approximately $4.14 million and $1.30 million,
respectively. For the nine months ended March 31, 2024 and 2023,
the Company had a net loss of approximately $6.00 million and $3.92
million, respectively. The Company had an accumulated deficit of
approximately $34.06 million as of March 31, 2024, and negative
cash flow from operating activities of approximately $5.95 million
and $2.33 million for the nine months ended March 31, 2024 and
2023, respectively. The Company said the historical operating
results including recurring losses from operations raise
substantial doubt about its ability to continue as a going
concern.
KAISA GROUP: Chairman Returns to Shenzhen to Meet Regulators
------------------------------------------------------------
Reuters reports that the chairman of defaulted Chinese developer
Kaisa Group returned to mainland China from Hong Kong for the first
time in almost a decade to get regulatory approval for an offshore
debt restructuring, two sources familiar with the matter said.
Reuters relates that Chairman Kwok Ying Shing travelled to the
southern city of Shenzhen, where Kaisa is based, for talks with
officials about two months ago and is still there, one of the
industry sources close to the company said.
"It is a critical step for the restructuring," the person said,
referring to Kwok meeting regulators as the company faces a
liquidation petition in a Hong Kong court on June 24. "It's a good
thing that he's willing to go back and sort things out."
According to Reuters, the Kaisa chairman had avoided the mainland
since 2015 when the developer became the first Chinese property
company to default on its dollar bonds after authorities blocked
sales at some of its Shenzhen projects, the two sources said.
Kaisa completed its first debt restructuring in 2016, but defaulted
again in late 2021 as China's property sector slipped into a debt
crisis, leading many other developers to default.
In 2022, it came under pressure from the Shenzhen government to
come up with a plan to repay investors $2 billion of onshore wealth
management products - a sensitive issue to Chinese authorities
because many mom-and-pop as well as family members of Chinese
officials are investors, Reuters says.
With $12 billion in offshore debt, Kaisa is China's second-largest
issuer among developers after China Evergrande Group whose
billionaire Chairman Hui Ka Yan is under investigation for
suspected crimes, according to Reuters.
Evergrande was also barred by regulators from issuing new dollar
bonds as part of its initial restructuring proposal, before the
world's most indebted developer was ordered to liquidate by a Hong
Kong court in January.
Kwok returned to Shenzhen to talk to a government committee and
onshore regulators about its debt revamp plan as it came close to a
deal with bondholders, the two sources said, Reuters.
A greenlight from Chinese regulators is crucial for a restructuring
plan to be implemented, the report notes.
Reuters adds a third source said Kwok had not been detained and was
free to move around in Shenzhen. The sources declined to be named
due to the sensitivity of the matter.
Reuters says the hearing on Kaisa's winding-up petition has been
adjourned several times pending progress of the restructuring plan,
and it is unclear whether Kaisa will be able to reach a
restructuring agreement with bondholders before June 24.
Citicorp International, the trustee of an ad hoc group of
bondholders, has been acting as petitioner since March after a
former petitioner withdrew.
The developer originally told the Hong Kong court in April that it
aimed to iron out the terms by end-May, Reuters says.
About Kaisa Group
Kaisa Group Holdings Limited is an integrated real estate company.
The Group focuses on urban development and operation. Kaisa Group's
real estate business covers the planning, development and operation
of large-scale residential properties and integrated commercial
properties.
As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Kaisa Group said on July 10 a winding-up petition has been
filed against it in a Hong Kong court in relation to CNY170 million
(US$23.50 million) non-payments on onshore bonds.
According to Reuters, Kaisa said the petition was filed by Broad
Peak Investment Pte Advisers Ltd at the Hong Kong High Court on
July 6, and the issuer of the yuan bonds is its wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.
Kaisa has been working on a debt restructuring for two years after
defaulting its $12 billion of offshore debt in late 2021, Reuters
said.
SHINECO INC: Three Top Executives Agree to Waive Compensation
-------------------------------------------------------------
Shineco Inc. announced June 14, 2024, that commencing June 1, 2024,
its Chief Executive Officer and Director, Jennifer Zhan, Chief
Operating Officer and Director, Xiqiao Liu, and Chief Financial
Officer and Director, Sai (Sam) Wang, willingly waived their
compensation, including, but not limited to, salary, bonus, stock
awards, option awards and any other compensation, and instead, each
would receive a nominal annual salary of $1 until the day the
Company's market capitalization reaches $1 billion.
The Company further announced that the waived compensation would be
used as an incentive to award outstanding employees who contribute
to the Company's development, especially in the aspects of
technology development, product innovation, management optimization
and market expansion.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a holding company incorporated in Delaware. As a holding
company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2022 and 2023, through the variable interest
entities and subsidiaries. The Company's shares of common stock
currently listed on the Nasdaq Capital Markets are shares of
Shineco's Delaware holding company. The Chinese regulatory
authorities could disallow its structure, which could result in a
material change in its operations and the value of its securities
could decline or become worthless.
Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
28, 2023, citing that the Company had net losses of US$13,956,031
and US$27,067,139, and cash outflow of US$5,390,594 and
US$5,712,562 from operating activities for the years ended June 30,
2023 and 2022, respectively. The Company also draw attention to
Note 19 of the financial statements, which describes the
uncertainty related to the outcome of the lawsuits filed against
it. These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company," said Shineco in its Quarterly Report
on Form 10-Q for the period ended March 31, 2024.
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I N D I A
=========
ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anant Ram
Bhatia Oils Private Limited (ABPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated May 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL D Issuer Not Cooperating'.
ABPL was originally established by Mr. Anant Ram as a proprietary
firm in 1950; the firm was reconstituted as a private limited
company in 2012. ABPL trades in rice, edible oil, Vanaspati, ghee,
sugar, and other commodities. It is planning to set up an oil
refinery in Khandsa, Haryana, in the near term, to produce refined
oil.
ANGAYARKKANNI ENTERPRISES: CRISIL Keeps B+ Ratings in Not Coop.
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Angayarkkanni
Enterprises (AE) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Working Capital
Term Loan 18.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AE for
obtaining information through letter and email dated May 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 AE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AE, set up in 1988, is a proprietorship firm established by Mr
Kannan. The firm undertakes civil works such as construction of
roads, bridges, canals, and water tanks for government agencies.
ASIAN EARTHMOVERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asian
Earthmovers (AE) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AE for
obtaining information through letter and email dated May 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 AE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2007 and based in Bellary (Karnataka), AE is the sole
authorised dealer for JCB's earth-moving equipment in North
Karnataka. The firm operates seven showrooms with sales, service,
and spares facilities. AE is promoted by Mr. Mukthar Ahmed K
Dasankop, his friend Mr. Syed Shahbuddin B, and brother-in-law Mr.
Mohamed Muktharuddin Khan.
ATHENA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Athena
Educational Trust (AET) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 6.4 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AET for
obtaining information through letter and email dated May 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 AET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AET continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AET was founded in 2010 to set up a school at Khanna under the DPS
franchise. The school was set up in 2010 and commenced operations
in April 2011. Mrs. Indermeet Bains, Mr. Hoshiar Singh Bains, and
Mr. Pahull Bains are trustees of AET.
AXON SYSTEMS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Axon Systems
Private Limited (ASPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated May 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 ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2015 and promoted by Mr. S k Jain, ASPL has
constructed an 87,000 square feet (sq ft) commercial building, of
which it has leased 61,650 sq ft to Best Koki Automotive Pvt Ltd
for 9 years.
BALAJI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji Rice
Industries - Nellore (Balaji) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 4.0 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Balaji for
obtaining information through letter and email dated May 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 Balaji, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Balaji is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Balaji continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Set up in 2011 as a partnership between Mr Lokesh and his family
members, Balaji is setting up a rice mill in Nellore (Andhra
Pradesh), with processing capacity of 8 tonne per hour.
BALDVA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baldva
Textiles Private Limited (BTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BTPL for
obtaining information through letter and email dated May 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 BTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTPL continues to be 'CRISIL D Issuer Not Cooperating'.
BTPL, established in 1987 by Mr Anil Baldva, is a Bhilwara
(Rajasthan)-based company that manufactures trouser fabrics.
BASRUR UNISEAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Basrur Uniseal Private Limited
2nd Floor, No. 20 3rd Cross
Malleswaram, Bangalore
Bangalore, Karnataka
India 560003
Liquidation Commencement Date: May 31, 2024
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Arun Gupta
S-34, LGF, Greater Kailash-II
New Delhi 110048
Email: arungupta2211@gmail.com
Email: basrur.vol.liq@gmail.com
Tel: 011-41066313
Last date for
submission of claims: June 30, 2024
DAVANI SILKS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Davani Silks Private Limited
Registered Address:
VIII/260A, Amritha Tower
Velloor Kunnammarket Po
Near Velloorkunnam Signal Junction
Ernakulam, Muvattupuzha
Kerala, India 686673
Insolvency Commencement Date: May 30, 2024
Court: National Company Law Tribunal, Kochi Bench
Estimated date of closure of
insolvency resolution process: November 26, 2024
Insolvency professional: Narender Reddy Banala
Interim Resolution
Professional: Narender Reddy Banala
3-7-406/PS/204, 2nd Floor, Flat # 204
Parkstone Apartments
Sirimalle Nagar Colony
Hyderguda, Aditya Pharmacy
Hyderabad, Telangana 500048
Email: bnreddy.acs@gmail.com
-- and --
c/o CS Arun Kannamangalam Kamalolbhavan
Door No. 1509(1)
George & Xaviers' Square
St. Benedict Cross Road
Ernakulam, North Kochi - 682018, Kerala
Email: ibc.davani@gmail.com
Last date for
submission of claims: June 13, 2024
ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Entrack
Overseas Private Limited (EOPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 15 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 10 CRISIL D (Issuer Not
Credit Cooperating)
Proposed Long Term 55 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with EOPL for
obtaining information through letter and email dated May 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 EOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, EOPL exports agricultural commodities to
Asian, European, and West Asian countries. The company, based is
Mangalore (Karnataka), is promoted by Ms. Sudha S Nayak and Mr. U
Aditya Nayak.
K. N. MOTORS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K. N. Motors
Private Limited (KNMPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 16 CRISIL B/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
CRISIL Ratings has been consistently following up with KNMPL for
obtaining information through letter and email dated May 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 KNMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1997 by Mr Mudit Narain and Mr Rajeev Narain, KNMPL
is an authorised dealer for Ford with one showroom and two
workshops in Lucknow. It has also opened a showroom with 3S (sales,
service, and spares) facilities in Faizabad (Uttar Pradesh);
operations at this unit commenced from April 2016.
KALP DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalp Diamonds
(Kalp) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4 CRISIL D (Issuer Not
Credit Cooperating)
Foreign Exchange 0.4 CRISIL D (Issuer Not
Forward Cooperating)
Post Shipment 11 CRISIL D (Issuer Not
Credit Cooperating)
Proposed Long Term 1.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Kalp for
obtaining information through letter and email dated May 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 Kalp, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Kalp
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Kalp continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1995, Kalp cuts and polishes
diamonds. The firm also trades in rough and polished diamonds. It
derives 85-90% of its revenue from processing of diamonds, and the
rest from trading. It has six partners: Mr Anandlal Shah, Mr Bhavik
Shah, Mr Jayesh Shah, Ms Diptiben Shah, Ms Geetaben Shah and Ms
Jigishaben Shah.
KARUPPASWAMY BUILDERS: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karuppaswamy
Builders Private Limited (KBPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KBPL for
obtaining information through letter and email dated May 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 KBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KBPL was set up in 2000 as a proprietary concern by Mr
Sivasaravanan and reconstituted as a private-limited company in
2016. The company develops residential real estate in Chennai.
KHANDELWAL GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khandelwal
Ginning and Pressing - Amarawati (KGP) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (Issuer Not
Cooperating)
Rupee Term Loan 3 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KGP for
obtaining information through letter and email dated May 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 KGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KGP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KGP, established in January 2016, is owned and managed by Mr
Murlimanohar Khandelwal and his family. The firm gins and presses
cotton at its facility in Amarawati, Maharashtra, with an installed
capacity of around 15,000 bales per season.
KRISHNANCHAL PULP: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishnanchal
Pulp And Papers Private Limited (KPPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 1.14 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KPPL for
obtaining information through letter and email dated May 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 KPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KPPL was set up in 2011 by Mr Javed Ali and Mr Usman Khan. It was
acquired in 2018 by Mr Prateek Bhatia, Mr Himanshu Bhatia, and Mr
Manish Bhatia. The company manufactures kraft paper that is used to
make corrugated boxes. Unit in Muzzaffarnagar, Uttar Pradesh, has
production capacity of 100 tonne per day.
KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kuber Metpack
Private Limited (KMPL, part of the Kevin Metpack Private Limited)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 41 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and email dated May 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 D Issuer Not Cooperating'.
Founded in 2007 by Mr Vikas Malu, KMPL was set up to manufacture
metallised cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging
industry.
NSE INFOTECH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: NSE Infotech Services Limited
Exchange Plaza, Plot C-1, Block G
Bandra-Kurla Complex,
Bandra (East), Mumbai,
Maharashtra, India, 400051
Liquidation Commencement Date: May 30, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Bharat Ramakant Upadhyay
507, 5th floor, C2 Wing,
Skyline Wealth Space,
Skyline Oasis Complex,
Premier Road, Near Vidyavihar Station,
Ghatkopar - West,
Mumbai - 400086
Ph. No.: 9833284483
Email: brupadhyay@hotmail.com
Email: brupadhyay.irp@gmail.com
Last date for
submission of claims: June 29, 2024
PANSY CONSTRUCTIONS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Pansy Constructions Private Limited
F NO-78-C PKT D-2
Kondali Gharoli Mayur Vihar Phase III
East Delhi, Delhi, Delhi, India, 110096
Liquidation Commencement Date: May 28, 2024
Court: National Company Law Tribunal, New Delhi
Liquidator: Sunita Umesh
M/s. UCC & Associates LLP,
Chartered Accountants,
1315, Ansal Tower, 38 Nehru Place
New Delhi-110019
Email: Sunita.umesh@uccglobal.in
-- and --
B1/02, Palm Grove Villa
Ardee City Gate No.1, Sector 52
Gurugram, Harayana 122011
Email: cirp.pansy@gmail.com
Last date for
submission of claims: June 27, 2024
PARTHAS TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parthas
Textiles (PT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 2.63 CRISIL B/Stable (Issuer Not
Cooperating)
Secured Overdraft 12.00 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with PT for
obtaining information through letter and email dated May 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 PT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PT
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2017 by Mr. Sreenath and Family, PT is engaged in
the trading of RMG and Fabrics. The firm is based out of Nagercoil,
Tamil Nadu.
PARVEEN TRAVELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: PARVEEN TRAVELS PRIVATE LIMITED
Registered Address:
148, Perambur Barrecks Road
Purasaiwalkkam, Chennai
Chennai TN 600007 IN
Insolvency Commencement Date: May 31, 2024
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: November 27, 2024
Insolvency professional: Madurai Sundaram Sankar
Interim Resolution
Professional: Madurai Sundaram Sankar
A 1206 S&S Sarvam
200 Feet Pallavaram
Thuraipakkam Radial Road
Pallikaranai, Chennai 600100
Email: m.s.sankar@outlook.com
-- and --
Shop No. 332, Plaza Centre
129, Cathedral Garden Road
Chennai 60006, TN IN
Email: parveenirp@rediffmail.com
Last date for
submission of claims: June 17, 2024
PATWA ABHIKARAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Patwa
Abhikaran Ratlam Private Limited (PARPL; part of the Patwa
Marketing group) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PARPL for
obtaining information through letter and email dated May 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 PARPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PARPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PARPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PARPL and Patwa Automobile
Pvt Ltd (PAPL). The two companies, together referred to as the
Patwa Marketing group, have common promoters, management team, and
business.
PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr
Surendra Patwa, a Madhya Pradesh-based businessman. The group is an
authorised dealer of passenger vehicles and light commercial
vehicles of M&M in Madhya Pradesh. The companies are managed by Mr
Anil Sharma (CEO) with support from professionals. The group also
distributes polymer products.
PATWA AUTOMOTIVE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Patwa
Automotive Private Limited (PAPL; part of the Patwa Marketing
group) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.29 CRISIL D (Issuer Not
Cooperating)
Cash Credit 31.71 CRISIL D (Issuer Not
Cooperating)
Inventory Funding 9.00 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with PAPL for
obtaining information through letter and email dated May 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 PAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PAPL and Patwa Abhikaran
Ratlam Private Limited (PARPL). The two companies, together
referred to as the Patwa Marketing group, have common promoters,
management team, and business.
PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr
Surendra Patwa, a Madhya Pradesh-based businessman. The group is an
authorised dealer of passenger vehicles and light commercial
vehicles of M&M in Madhya Pradesh. The companies are managed by Mr
Anil Sharma (CEO) with support from professionals. The group also
distributes polymer products.
PELICAN BIOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Pelican Biotech and Chemical Labs Private Limited
Registered Address:
3/117D, S.NO 98/11 A, Vayalar P.O.,
Cherthala Thaluk, Vayalar, Alappuzha,
Cherthala, Kerala, India, 688536
Insolvency Commencement Date: May 28, 2024
Court: National Company Law Tribunal, Kochi Bench
Estimated date of closure of
insolvency resolution process: November 24, 2024
Insolvency professional: Piyush Kisanlal Jani
Interim Resolution
Professional: Piyush Kisanlal Jani
Om Ashray, New Laxminagar
Behind Mazar Ring Road
Gondia, Maharashtra, 441614
Email: capiyushj@gmail.com
-- and --
G-19, Shreewardhan Complex,
Mezzanine Floor, Besides Landmark Building
Ramdaspeth, Wardha Road,
Nagpur, Maharashtra, 440010
Email: ip.pelicanbiotech@gmail.com
Last date for
submission of claims: June 12, 2024
PIPECANDY TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Pipecandy Technologies Private Limited
Old No 9, New No 17,
Seethammal Road,
Seethammal Colony,
Alwarpet, Chennai-600032
Liquidation Commencement Date: May 31, 2024
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Chitra Srinivas
ASTA AVM, Flat B4E,
P.V.Rajamannar Salai,
K.K.Nagar, Chennai 600078
Email: schitra18@gmail.com
Mobile No.: 9884355245
Last date for
submission of claims: June 30, 2024
R. K. ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. K.
Engineering Industries (RK) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.3 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 7.7 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RK for
obtaining information through letter and email dated May 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 RK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RK
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
RK, based out of Chennai, manufactures auto components for two
wheeler manufacturers. It has 2 manufacturing units in Chennai. The
firm's daily operations are managed by Mr. G. Rajasekaran, Managing
partner of the firm.
R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R.K.
Constructions - Parbhani (RKC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 3 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with RKC for
obtaining information through letter and email dated May 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 RKC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RKC was established as a partnership firm in 2000, by Mr Shaikh
Nazir and Mrs Sheela R Pawar. The firm executes government
contracts for civil construction work, related to road, bridges,
and buildings.
RADHA KHADI: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radha Khadi
Gramodhyog Bunkar Sewa Samiti (RKGB) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RKGB for
obtaining information through letter and email dated May 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 RKGB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKGB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKGB continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
RKGB was incorporated in Hathras, Uttar Pradesh. The society is run
by the trustee Mr Pankaj Kumar.
RAJENDER PRASAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajender
Prasad Pramod Kumar Jain (RPK) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Letter 17 CRISIL B+/Stable (Issuer Not
of Credit Cooperating)
Secured Overdraft 2.5 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with RPK for
obtaining information through letter and email dated May 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 RPK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPK continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
RPK was established as a proprietorship firm by Mr Rajender Prasad
Jain in 1960. Till December 2009, the firm traded in timber logs.
It started processing timber logs from January 2010 at its
facilities in Gandhidham (Gujarat) and Delhi. Operations are
managed by Mr Rajender Prasad Jain's sons, Mr Nitin Jain and Mr
Mohit Jain.
RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Kumar
Narwani (RKN) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RKN for
obtaining information through letter and email dated May 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 RKN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKN continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2001, RKN is a partnership firm that constructs roads and
minor bridges for various government departments in Madhya Pradesh.
The firm is owned and managed by Mr. Ram Kumar Narwani and family.
RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RK-CPR (JV)
(RK-CPR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RK-CPR for
obtaining information through letter and email dated May 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 RK-CPR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RK-CPR is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RK-CPR continues to be 'CRISIL D Issuer Not
Cooperating'.
Established in 2012, RK-CPR (JV) is engaged in residential real
estate construction business in Hyderabad, Telanagana. It is joint
venture between CPR Construction Pvt Ltd and R.K.Infracorp Pvt Ltd.
The firm has two on-going projects under the name 'Palmridge' and
'BellaVista'. The firm is promoted and managed by Mr. K V Chalapati
Reddy.
SAHNI AQUATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/S Sahni Aquatech Private Limited
Registered Address:
D-835 New Friends Colony
Delhi, India, 110065
Insolvency Commencement Date: May 29, 2024
Court: National Company Law Tribunal, New Delhi
Estimated date of closure of
insolvency resolution process: November 24, 2024
Insolvency professional: Mukesh Gupta
Interim Resolution
Professional: Mukesh Gupta
F-1, Milap Nagar, Uttam Nagar
New Delhi - 110059
Email: camukeship@rediffmail.com
Email: cirp.sahniaquatech@gmail.com
Last date for
submission of claims: June 12, 2024
SINDHU CARGO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sindhu Cargo Services Private Limited
Registered Address:
Block 3, No. 34, Nellakunte
Near MVIT College Bettahalasuru
Hunse Maranhalli - PO
Bangalore, Karnataka
India 562157
Insolvency Commencement Date: May 28, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: November 24, 2024
Insolvency professional: Shirley Mathew
Interim Resolution
Professional: Shirley Mathew
23, Fifth Cross Hutchins Road
St. Thomas Town
Bangalore, Karnataka 560084
Email: shirley@smathew.in
-- and --
#31 Wheeler Road Extension
St. Thomas Town
Bangalore 560084
Email: sindhu.cirp@gmail.com
Last date for
submission of claims: June 11, 2024
SOLITAIRIAN BUILDSPACE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/S Solitairian Buildspace Private Limited
Registered Address:
D-835, New Friends Colony
New Delhi, Delhi
Delhi, India, 110085
Insolvency Commencement Date: May 29, 2024
Court: National Company Law Tribunal, New Delhi
Estimated date of closure of
insolvency resolution process: November 24, 2024
Insolvency professional: Mukesh Gupta
Interim Resolution
Professional: Mukesh Gupta
F-1, Milap Nagar, Uttam Nagar
New Delhi - 110059
Email: camukeship@rediffmail.com
Email: cirp.sahniaquatech@gmail.com
Last date for
submission of claims: June 12, 2024
ULTIMATE INFOVISION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ultimate Infovision Private Limited
Registered Address:
403, 4th Floor, Shahpuri Tirath Singh Tower
C-58, Janakpuri, New Delhi 110058
Insolvency Commencement Date: May 29, 2024
Court: National Company Law Tribunal, Bench-VI, New Delhi
Estimated date of closure of
insolvency resolution process: November 25, 2024
Insolvency professional: Bharat Bhushan Sethi
Interim Resolution
Professional: Bharat Bhushan Sethi
G-21, Saket, South,
New Delhi 110017
Email: bbsethi.adv@gmail.com
-- and --
Immaculate Resolution Professionals Private Limited
Unit No. 112, First Floor, Tower-A
Spazedge Commercial Complex
Sector-47, Sohna Road, Gurgaon 122018
Email Id: cirp.ultimateinfovision@gmail.com
Last date for
submission of claims: June 12, 2024
WORLDS WINDOW: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Worlds Window Estate Private Limited
Registered Address:
Plot No. 25, DSIIDC Shed
Scheme-II, Basement
Okhla Industrial Area, Phase II
Okhla Industrial Area, Phase I
South Delhi 110020
New Delhi, Delhi, India
Insolvency Commencement Date: May 30, 2024
Court: National Company Law Tribunal, New Delhi
Estimated date of closure of
insolvency resolution process: November 26, 2024
Insolvency professional: Sunder Khatri
Interim Resolution
Professional: Sunder Khatri
GF-124&113 World Trade Centre
Babar Road, Lalit Hotel
Connaught Place, New Delhi
National Capital Territory of Delhi 110001
Email: sunder_khatri@yahoo.com
Email: ip.worldswindow@gmail.com
Last date for
submission of claims: June 13, 2024
ZEE ENTERTAINMENT: Finance Chief Rohit Gupta Resigns
----------------------------------------------------
Reuters reports that Zee Entertainment Enterprises said on June 18
that Chief Financial Officer Rohit Gupta has resigned due to
personal reasons and named company veteran Mukund Galgali as acting
CFO.
Gupta spent nearly six years at the broadcaster, Reuters says.
Mr. Galgali, the head of Zee's commercial and strategic
initiatives, has been with the group for 17 years. He will assume
responsibilities as acting CFO from June 19, Zee said.
Two months back, the media company said it would cut about 15% of
its workforce as part of a broader attempt to reduce costs to meet
a key profit target, Reuters recalls.
According to Reuters, Zee's business has struggled over the years,
with advertising revenue falling to $488 million in 2022-23 from
around $600 million five years earlier. Cash reserves also dropped
about 25% in that period.
However, the company swung to a profit in the latest quarter, from
a year-ago loss, helped by a rebound in advertising revenue.
About Zee Entertainment
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.
According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.
===============
M A L A Y S I A
===============
1MDB: Auditor to Face Second Disciplinary Proceeding, Court Rules
-----------------------------------------------------------------
Hafiz Yatim at theedgemalaysia.com reports that the second
disciplinary proceeding against Deloitte auditor, Ng Yee Hong, for
possible professional misconduct over his role in signing off on
the 1Malaysia Development Bhd audit reports ending March 31, 2013
and March 31, 2014 will proceed.
The second proceeding follows a complaint from former Damansara
Member of Parliament Tony Pua against Ng over his role in preparing
the audit report, theedgemalaysia.com relates.
According to the report, the Federal Court on June 19 dismissed
Ng's leave request to revisit the merits of his appeal to be heard
with regards to the second disciplinary committee proceeding by the
Malaysian Institute of Accountants (MIA) which had been put on hold
since 2019.
In civil proceedings, leave (permission) has to be gained first
before the merits of an appeal can be heard.
A three-member bench, led by Federal Court judge Datuk Zabariah
Mohd Yusoff, refused to grant leave to Ng to have five questions of
law to be heard on its merits, the report notes.
In the unanimous decision, Zabariah said the questions posed before
the apex court did not fulfil the threshold under Section 96 of the
Courts of Judicature Act.
"This court directs the second (disciplinary) proceeding to
proceed, and we move on from there.
"The motion is dismissed with no order as to costs," said Zabariah,
who sat with Federal Court judges Datuk Seri Hasnah Mohamed Hashim
and Datuk Vazeer Alam Mydin Meera.
theedgemalaysia.com relates that Ng's counsel, Datuk Malik Imtiaz
Sarwar, had argued before the bench that the second disciplinary
proceeding was res judicata as the disciplinary committee (DC) had
already found his client guilty in the first proceedings with
regards to the 2014 1MDB audit report following a complaint lodged
by Andrew Anand Solomon Devasahayam.
Ng was subsequently suspended for two years and fined MYR5,000 for
his action in signing or sanctioning the 2014 1MDB audit report.
Res judicata is a legal term meaning a matter that had been
adjudicated by a competent court and hence may not be pursued
further.
According to theedgemalaysia.com, Imtiaz said the second
proceeding, which had been stayed since 2019 after Pua had
testified, should not be held as action had already been taken
against his client.
Imtiaz further argued that the Court of Appeal decision to
reinstate the second proceeding did not address the issue of res
judicata.
However, MIA counsel Porres Royan replied that it was Ng who had in
the first place asked for the two proceedings to be separated,
theedgemalaysia.com relays.
"It was the applicant (Ng) who sought to defer the second
proceeding. They (Ng) had asked for the deferment, whereas both
sets of charges were presented at the same time," he added.
The DC, represented by John Matthew, argued that the second
proceeding concerns a complaint lodged by Pua over the 1MDB March
31, 2013, and March 31, 2014, audit reports, which was different
from the first proceeding.
Hence, he argued that the principle of res judicata did not apply
as the matters before the two proceedings are on two different
charges, theedgemalaysia.com relays.
On January 12 this year, the Court of Appeal reinstated the hearing
of Ng's second proceeding after the KL High Court had allowed Ng's
judicial review to quash the second hearing.
theedgemalaysia.com relates that Court of Appeal judge Datuk Azizah
Nawawi said the charges levelled against Ng by Pua are not
identical or the same as an earlier one lodged by Devasahayam, the
first complainant.
"The present case (Pua's complaint) is different from Devasahayam's
case, as they were proffered at the same time and would have been
heard together if Ng did not object to the consolidation.
"Ng had even requested for Pua's complaint to be deferred after the
hearing of Devasahayam's complaint. Therefore, there is no issue of
the disciplinary committee raising an identical complaint . . . Ng
himself had taken the position that Pua's complaint is not the same
as Devasahayam, that they are not identical," she said.
Azizah said since Ng had conceded that the two complaints are not
identical, the issue of res judicata raised by Ng's lawyers did not
arise.
Prior to this, the High Court had on May 11, 2022, allowed Ng's
application to strike out Pua's complaint dated Nov. 5, 2015, to
bar the DC from hearing Pua's complaint, resulting in this appeal,
theedgemalaysia.com says.
Following the two complaints lodged, the investigation committee
had on Sept. 28, 2017, issued separate reports and proposed three
distinct charges to be proffered against Ng on Devasahayam's
complaint, and another three charges following Pua's complaint.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
DENTAL REVOLUTION: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------------
Creditors of Dental Revolution Limited, Freedom Project Aotearoa
Limited and Instaspace Limited are required to file their proofs of
debt by July 12, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 10, 2024.
The company's liquidator is Kevyn Botes.
FRASER HOMES: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------------
A petition to wind up the operations of Fraser Homes Limited will
be heard before the High Court at Auckland on June 27, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 1, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
LEOPARD LAND: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------------
A petition to wind up the operations of Leopard Land Holdings
Limited will be heard before the High Court at Auckland on June 27,
2024, at 10:45 a.m.
The Brown Family Trust filed the petition against the company on
April 29, 2024.
The Petitioner's solicitor is:
Robert van Duin
c/- Dorrington Poole Lawyers
38 Denmark Street
PO Box 69, DX PC78002
Dannevirke
METRO CONTAINER: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------------
Creditors of Metro Container Transport Limited, Morgan Builders &
Homes Limited, Pomeroy Transport & Contracting Limited, Spraytech
Canterbury Limited and Future Ready Limited are required to file
their proofs of debt by July 15, 2024, to be included in the
company's dividend distribution.
Metro Container Transport Limited, Morgan Builders & Homes Limited,
Pomeroy Transport & Contracting Limited and Spraytech Canterbury
Limited commenced wind-up proceedings on June 12, 2024.
Future Ready Limited commenced wind-up proceedings on June 13,
2024.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
TTE LIMITED: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on June 13, 2024, was
appointed as liquidator of TTE Limited.
The liquidator may be reached at:
Reynolds & Associates Ltd
PO Box 259059
Botany
Auckland 2163
WHITE ISLAND: Tour Company Liquidated After Reparations Paid
------------------------------------------------------------
Waatea News reports that Ngati Awa Group Holdings director Paul
Quinn said its White Island Tours subsidiary has paid court-ordered
reparations of NZD5 million to victims of the Whakaari/White Island
eruption, but the NZD517,000 fine was a step too far.
The Whakatane-based company has declared insolvency and was put
into liquidation, the report says.
White Island Tours pleaded guilty last year to two charges laid by
WorkSafe relating to the eruption in December 2019 that killed 22
people and injured 25, Waatea News recalls.
"Fortunately we had taken out insurance cover to be able to meet
any reparations order of the court, which we were able to do, and
sadly we are the only party that has fronted in respect of the
reparations," the report quotes Mr. Quinn as saying.
As the company's sole business was taking tourists to the island,
the liquidation meant Ngati Awa Group Holdings had to write off the
NZD8 million loan it made to buy what had been a well-established
company.
Waatea News relates that Mr. Quinn said before the eruption White
Island Tours took comfort in annual audits by Work Safe New Zealand
which gave the tours a clean bill of health.
Ngati Awa Group Holdings has a successful motel operation and will
continue to invest in Tourism but he doesn’t see future
investment in White Island/Whakaari, adds Waatea News.
=================
S I N G A P O R E
=================
CATAHOULA INVESTMENT: Creditors' Proofs of Debt Due on July 19
--------------------------------------------------------------
Creditors of Catahoula Investment Pte. Ltd. and First Coast
Investment Pte. Ltd. are required to file their proofs of debt by
July 19, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 11, 2024.
The company's liquidators are:
Lin Yueh Hung
Goh Wee Teck
c/o 8 Wilkie Rd
#03-08 Wilkie Edge
Singapore 228095
CIL SINGAPORE: Company and Creditors' Meetings Set for July 19
--------------------------------------------------------------
Members and creditors of CIL (Singapore) Investments Holdings Pte
Ltd, International Yelin Pte Ltd, Nake Co. Pte Ltd and Xin Qiu
International Investment Pte Ltd will hold a meeting on July 19,
2024, at 10:00 a.m., 11:00 a.m., 2:00 p.m., and 3:00 p.m.,
respectively, at 7500A Beach Road, #05-303/304 The Plaza, in
Singapore.
At the meeting, Tan Eng Soon, the companies' liquidator, will give
a report on the wind-up proceedings and property disposal.
KDY PTE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on June 7, 2024, to
wind up the operations of KDY Pte Ltd.
Work Plus Store Pte Ltd filed the petition against the company.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
Technic Inter-Asia Pte Ltd
50 Havelock Road, #02-767
Singapore 160050
PRELUDIO PRIVATE: Creditors' Meeting Set for June 28
----------------------------------------------------
Preludio Private Limited will hold a meeting for its creditors on
June 28, 2024, at 3:00 p.m. at 11 Eunos Road 8 (Lobby A) #06-01 SSA
Academy, Lifelong Learning Institute, in Singapore.
Agenda of the meeting includes:
a. to receive a full statement of the Company's affairs
together with a list of creditors and the estimated amounts
of their claims;
b. to nominate liquidators or to confirm members' nomination of
liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
SOCIAL OUTCAST: Court to Hear Wind-Up Petition on July 5
--------------------------------------------------------
A petition to wind up the operations of The Social Outcast Pte Ltd
will be heard before the High Court of Singapore on July 5, 2024,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on June 12,
2024.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00 AIA Tower
Singapore 048542
=====================
S O U T H K O R E A
=====================
ASIANA AIR: Air Incheon Named as Preferred Bidder for Cargo Unit
----------------------------------------------------------------
The Korea Times reports that Korean Air has selected Air Incheon as
the preferred bidder for the sale of Asiana Airlines' cargo
freighter business, overcoming a major hurdle in the long-delayed
acquisition of Asiana, the company said June 17.
In a regulatory filing, the nation's flag carrier tapped Air
Incheon - the nation's sole all-cargo airline - as the preferred
bidder for the deal, the report relates. The sale of cash-strapped
Asiana Airlines' cargo unit was part of a precondition before the
European Union (EU) granted conditional approval for the
operational merger of the two airlines.
Korean Air took into consideration several key criteria before
selecting Air Incheon. This included the certainty of completing
the transaction, the ability to maintain and enhance the long-term
competitiveness of the air cargo business and the capability to
mobilize funds through a competent consortium, according to a
statement from the Korean Air, the Korea Times relays. The decision
was made during the Korean Air's board meeting on June 17.
The specific bidding price remains unknown, but the industry
estimates it was worth around KRW500 billion ($362 million), the
report says.
Air Incheon was founded in 2012 as the only cargo-focused airline
in South Korea. The airline focuses on Asia, but will be able to
strengthen its competitiveness in long-haul routes by utilizing
Asiana's network expertise in America and Europe, according to
Korean Air.
Korean Air plans to sign a framework agreement with Air Incheon in
July after reaching specific terms of conditions. The agreement is
also subject to review by the European Commission.
"The preferred bidder was selected through a comprehensive
evaluation of all factors crucial to the growth of the air cargo
industry, a key national industry, while maintaining the existing
competitive environment," the report quotes a spokesperson at
Korean Air as saying. "We are committed to quickly finalizing the
sales process through flexible negotiations, and completing the
acquisition of Asiana Airlines."
Air Incheon's acquisition of Asiana's cargo unit will help the
former rise to the nation's second-largest cargo business operator
after Korean Air, the Korea Times notes. Asiana's cargo business
accounted for 19.4 percent of its market share during the first
quarter by chalking up sales of KRW353 billion during the period.
The Korea Times says the latest announcement is also expected to
speed up Korean Air's acquisition of Asiana Airlines. A group of 13
out of 14 global authorities approved of the takeover, and the U.S.
Department of Justice is reviewing the case. Korean Air expects the
U.S. authority to grant approval before the end of October. The
airline hopes to finalize the remaining legal procedures by the end
of this year.
However, it will take a couple of years for Korean Air to launch a
new combined entity, the report states. Korean Air also plans to
combine three low-cost carriers - Jin Air, Air Busan and Air Seoul
- affiliated with Korean Air and Asiana Airlines.
About Asiana Airlines
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat. In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted. Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.
In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.
So far, 11 countries, including Britain, Australia and Singapore,
have approved the KRW1.8 trillion merger deal announced in 2020,
but the airlines have yet to receive approval from three key
markets: the European Union, the United States and Japan, according
to Yonhap.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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