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

                     A S I A   P A C I F I C

          Friday, September 27, 2024, Vol. 27, No. 195

                           Headlines



A U S T R A L I A

BESTON GLOBAL: First Creditors' Meeting Set for Oct. 2
CATERING AND HOSPITALITY: First Creditors' Meeting Set for Oct. 1
DIVERSIFIED RAIL: Second Creditors' Meeting Set for Oct. 1
ESSENTIAL INGREDIENT: Enters Voluntary Administration
LACHLAN HOTELs: First Creditors' Meeting Set for Oct. 2

QUASAR CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 1
STAR ENTERTAINMENT: To Cut Jobs, Sell Assets After AUD1.7BB Loss


C H I N A

COUNTRY GARDEN: Bondholders Approve Delays in Yuan Bond Payments


F I J I

FIJI: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Stable


I N D I A

A P F ESTATES: Insolvency Resolution Process Case Summary
A. GEERI: CRISIL Keeps B- Debt Ratings in Not Cooperating
A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
AADYA MOTOR: CRISIL Keeps D Ratings in Not Cooperating Category
AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating

BADRI KEDAR: CRISIL Keeps D Debt Ratings in Not Cooperating
BUOYANT TECHNOLOGY: Insolvency Resolution Process Case Summary
ESSEL INFRAPROJECTS: Insolvency Resolution Process Case Summary
GUINEA MOTORS: CRISIL Reaffirms B+ Rating on INR16.96cr Loan
HALLMARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary

HCP PLASTENE: CRISIL Withdraws D Rating on INR47.2cr Cash Loan
IBEXKAYENN PRIVATE: Insolvency Resolution Process Case Summary
LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
PHARMACEUTICAL PRODUCTS: Insolvency Resolution Process Case Summary
PHONIC ONLINE: Liquidation Process Case Summary

PIK RESOURCE: Liquidation Process Case Summary
POONA FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
POPULAR SPIRITS: Insolvency Resolution Process Case Summary
PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating
R. PRIYA: CRISIL Keeps B Debt Ratings in Not Cooperating Category

RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RIBBEL INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating

ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
SAMEER CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR7cr Loan
SHYAM GINNING: CRISIL Lowers Rating on INR27.5cr Cash Loan to D
SPICEJET LTD: Resolves Dispute with Engine Lease Amicably
SUPERTECH LTD: NBCC Moves SC to Complete Stalled Projects

SUPREME INFRA: Lenders Set to Recover 19% of Outstanding Principal
SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
TOUGH CASTING: Insolvency Resolution Process Case Summary
URBAN LAND: CRISIL Keeps B Debt Rating in Not Cooperating
UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating

VIBISHNAN P: CRISIL Keeps B Debt Ratings in Not Cooperating
VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIVANTA REALTY: CRISIL Keeps B+ Debt Rating in Not Cooperating


I N D O N E S I A

SAKA ENERGI: Fitch Affirms & Withdraws 'B+' IDR, Outlook Stable


M A L A Y S I A

GREENPRO CAPITAL: Falls Short of Nasdaq's Bid Price Requirement


N E W   Z E A L A N D

DU VAL PROPERTY: Owes Creditors NZD237MM, Says PwC
GEO LIMITED: McGrathNicol Appointed as Receivers
MINERVA HOLDINGS: Creditors' Proofs of Debt Due on Oct. 25
NEW SUNRISES: Creditors' Proofs of Debt Due on Oct. 18
PRECISION LATHING: Creditors' Proofs of Debt Due on Oct. 25

WELLINGTON COMBINED: First Creditors' Meeting Set for Oct. 4


S I N G A P O R E

ADVANCE APPROACH: Creditors' Meeting Set for Oct. 8
BOTANIQUE INVESTMENT: Creditors' Meeting Set for Oct. 9
GRACE OCEAN: U.S. Slams Attempt to Limit Liability Over Disaster
INTERASIA TRAVEL: Creditors' Meeting Set for Oct. 8
LA MEXICANA: Court to Hear Wind-Up Petition on Oct. 18

MAXEON SOLAR: Receives Nasdaq Delisting Notice, Seeks Hearing
XIN BAO: Commences Wind-Up Proceedings


S O U T H   K O R E A

TERRAFORM LABS: DOJ Slams Bankruptcy Plan
TERRAFORM LABS: To Shutdown Products, Services if No Buyers Step up

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BESTON GLOBAL: First Creditors' Meeting Set for Oct. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Beston
Global Food Company Limited will be held on Oct. 2, 2024 at 12:00
p.m. virtual meeting via Microsoft Teams.

Tim Mableson James Dampney, Gayle Dickerson and David Kidman of
KPMG were appointed as administrators of the company on Sept. 20,
2024.


CATERING AND HOSPITALITY: First Creditors' Meeting Set for Oct. 1
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Catering and
Hospitality Services Pty Ltd will be held on Oct. 1, 2024 at 11 :00
a.m. at the offices Vincents at Level 14, 25 Martin Place in Sydney
and via Zoom.

Henry McKenna of Vincents was appointed as administrator of the
company on Sept. 19, 2024.


DIVERSIFIED RAIL: Second Creditors' Meeting Set for Oct. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Diversified
Rail Services Pty Ltd has been set for Oct. 1, 2024 at 10:00 a.m.
via virtual meeting only.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 30, 2024 at 4:00 p.m.

Bradd William Morelli and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of the company on Sept
5, 2024.


ESSENTIAL INGREDIENT: Enters Voluntary Administration
-----------------------------------------------------
News.com.au reports that a major Australian food supplier, which
had been operating for 34 years, has collapsed.  

The companies trading as The Essential Ingredient, which was one of
Australia's most recognised speciality food brands, entered into
voluntary administration on Sept. 26, news.com.au discloses.

The Essential Ingredient was established in 1986 and is one of
Australia's leading suppliers of specialty ingredients, which are
sourced from local and international producers, including
professional cookware, kitchen equipment and culinary books.

It employs more than 60 staff and the company had been featured on
reality TV show MasterChef Australia.

The business operated three retail outlets, an online shop and a
wholesale business to the food services and retail industry.

Robert Ditrich, Rebecca Gill and Craig Crosbie of
PricewaterhouseCoopers (PwC) Australia have been appointed as
voluntary administrators.

They will continue to trade the businesses while undertaking an
immediate operational restructure and sale process.

According to news.com.au, the Essential Ingredient directors Syd
Weddell and Peter Walmsley said there was "enormous disappointment"
that the company had collapsed.

Despite post-Covid investments in growth, the company "faced
economic headwinds which have not enabled us to realise the
expectation of returning to pre covid profitability".

"We are committed to working with PwC and our talented staff to
continue servicing our highly valued customers," they added.

The Essential Ingredient is a long standing and high quality
providore in the food services industry, administrator Mr. Ditrich
added, news.com.au relays.

"It has faced a challenging economic and operating environment. The
legacy of stock losses during the covid closure and higher
operating costs has all taken a toll on profitability," news.com.au
quotes Mr. Ditrich as saying. "Our aim is to move quickly to
preserve the business and as many jobs as possible. We intend to
continue trading and sell the business and assets as a going
concern, with strong interest expected from prospective buyers."

The Essential Ingredient group is made up of five companies that
include Essential Wholesale NSW, J.S. & S Weddell, The Vital
Ingredient (Retail), Essential Distribution Australia and Essential
Franchise.


LACHLAN HOTELs: First Creditors' Meeting Set for Oct. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Lachlan
Hotels Pty Ltd will be held on Oct. 2, 2024 at 3:00 p.m. via Zoom
meeting.

Barry Kenneth Hamilton and Kiara Melaleuca Calvert of Hamilton
Calvert Advisory were appointed as administrators of the company on
Sept. 23, 2024.


QUASAR CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 1
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Quasar
Constructions (Commercial) Pty Limited will be held on Oct. 1, 2024
virtually via Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Sept. 23, 2024.


STAR ENTERTAINMENT: To Cut Jobs, Sell Assets After AUD1.7BB Loss
----------------------------------------------------------------
The Sydney Morning Herald reports that The Star Entertainment
Group's boss, Steve McCann, has flagged hundreds of job cuts and
the sale of assets such as hotels in Sydney, Brisbane and the Gold
Coast as part of a complicated cost-saving plan following a AUD1.69
billion loss for the 12 months to June 30.

According to SMH, the ailing casino operator finally delivered its
full-year results on Sept. 26, after Mr. McCann snagged a
last-ditch AUD200 million loan to abate the lethal combination of
low foot traffic and higher operating costs, which plunged it into
the red for a fifth consecutive year.

"The competitive environment has changed dramatically with the
combination of tighter regulations. I think it's important to
emphasise the objective here is to eliminate financial crime and
reduce problem gambling," SMH quotes Mr. McCann as saying. "This
business has clearly been on its knees. It's a tough environment to
achieve change when people are worried about their future. We've
got to reset the culture."

SMH notes that The Star has been thrown into financial turmoil in
recent months after a regulator's probe found it was unsuitable to
hold a casino licence. Its shares were suspended from trading last
month because it failed to issue its 2024 financial results within
the corporate reporting period.

According to SMH, Mr. McCann confirmed the group will cut 350
roles, freeze salary increases and reduce its spending on
consultants to reach a AUD100 million cost savings target. The
company did not say where the affected jobs are based.

SMH relates that Mr. McCann also said the group was committed to
selling assets, which may include hotels in Sydney, the Gold Coast
and its Treasury Brisbane assets.

The results filed with the ASX show The Star's revenue dropped 10
per cent over the year to AUD1.7 billion in the 12 months to June
30, while earnings before interest, tax, depreciation and
amortisation fell 45 per cent to AUD175 million, SMH discloses.
Revenue from its premium gaming floors fell by close to 30 per cent
on the year prior as high-rollers continue to avoid its casinos.
The loss was predominantly driven by a AUD1.4 billion write-down of
the value of its assets, with AUD819 million on its Brisbane
properties including its new flagship, Queen's Wharf Brisbane.

The Star confirmed on Sept. 25 it had received commitments from
lenders to issue a new loan of up to AUD200 million across two
tranches, the first of which is expected to be drawn from next
month to quell a cost blowout at its newest casino precinct in
Brisbane that is at the heart of its financial distress.

SMH says the emergency loan puts an end to extensive discussions
between Mr. McCann, lenders, investors and state governments after
a torrid period that brought the group to the brink of insolvency.

SMH adds that the group said revenue across Star Sydney's gaming
floor has dropped 10 per cent since the introduction of carded play
in its VIP gaming floor last month. The NSW government has already
staggered the rollout of mandatory carded play until October next
year to give the embattled business time to get its systems in
order, but McCann conceded the early signs look bleak.

The Star's pubs and clubs competitors operate 98 per cent of the
state's poker machines and are still able to accept cash.

"There is a possibility for a further impact," SMH quotes Mr.
McCann as saying. "We've run a range of scenarios in our modelling,
and we have sought to put ourselves in a position where our
liquidity can cover those scenarios. One of those scenarios is that
it gets worse given we're only in the first phase of it."

The Star's new loan comes with strict conditions, requiring the
company to come up with an additional AUD150 million - which could
mean selling off one of its properties - and a long-term strategy.

SMH says the Queensland government had been considering issuing
AUD60 million in tax relief to the struggling business, while NSW
has already delayed tax increases until the end of this decade.

But the negotiations between Queensland and The Star seem to have
broken down. On Sept. 26, Queensland Premier Steven Miles slammed
the group's leadership and said discussions had stalled over Mr.
McCann's refusal to waive executive bonuses.

"There will be no consideration of any kind of arrangement while
their executives insist on paying themselves performance bonuses,"
Mr. Miles said, notes the report. "And we're unlikely to reach one.
Frankly, I find it astounding."

Adam Bell, SC, was commissioned by the NSW casino regulator to
launch a second probe into The Star following concerns it had not
adequately committed to cultural reform since it was exposed for
extensive anti-money laundering and counter-terrorism failings in
2021.

The Star is due to write to the regulator by Sept. 27 with reasons
it should be able to continue operating following the inquiry, SMH
adds.

                   About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.



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COUNTRY GARDEN: Bondholders Approve Delays in Yuan Bond Payments
----------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co. has won
bondholders' approval to push back payments on its nine yuan bonds
by six months, according to people familiar with the matter, giving
the developer more time to map out an onshore debt overhaul.

According to Bloomberg, bondholders approved a payment extension on
Country Garden's 4.5% note due 2026 on Sept. 25 after its main
onshore unit delayed the voting deadline multiple times. Payment
delays on eight other bonds were granted earlier this month, the
people said, citing private conversations.

Bloomberg relates that the payment delays offer Country Garden some
breathing room as its seeks to draw up a fresh holistic
restructuring plan. But onshore bondholders will now have to wait
longer to recoup part of their losses from the defaulted developer.


Bloomberg says Country Garden sought the six-month extensions after
failing to secure enough cash to repay principal and interest on
the yuan notes.

Three of the bonds that were granted delays had already gotten
extensions twice before, including a 4.8% note, a 6.3% note and
another 4.8% bond.

Once China's biggest developer by sales, Country Garden has seen a
sharper slowdown than its peers during the nation's housing slump,
due to its focus on projects in smaller cities, Bloomberg says. Its
contracted sales plunged 78% in the first eight months of the year,
more than double the slide seen at the nation's 100 biggest
property firms.

Offshore, Country Garden won a six-month respite for separate
restructuring talks in July, when a liquidation hearing in Hong
Kong was adjourned until late January, Bloomberg recalls. The
company said at the time that it expected key creditor groups to
agree on a debt term sheet by the end of September. Country Garden
defaulted on its dollar debt in October last year.

                       About Country Garden

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.



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FIJI: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Stable
-----------------------------------------------------------------
On Sept. 25, 2024, S&P Global Ratings affirmed its 'B+' long-term
and 'B' short-term foreign- and local-currency sovereign credit
ratings on Fiji. The outlook is stable.

Outlook

The stable rating outlook reflects S&P's expectation that the
tourism-led economy will normalize and grow modestly over the next
few years. This will help stabilize fiscal and current account
deficits, and public debt.

Downside scenario

S&P could lower its ratings on Fiji if its fiscal or external
metrics deteriorate. This might be caused by disruptions to
international tourism, a severe natural disaster, or via softer
fiscal controls that contribute to weaker fiscal outcomes and
rising debt levels.

Upside scenario

S&P could raise its ratings on Fiji if economic growth and tourism
receipts recover faster than it projects. This could result in a
quicker pace of fiscal consolidation and declining debt.

S&P could also raise its ratings if it observes continued
improvements in Fiji's institutional and policy settings, providing
greater support for sustainable finances and balanced growth in the
medium term, or if Fiji's extensive foreign exchange restrictions
are unwound without detriment to its official reserves.

Rationale

Growth prospects are sound, at about 3% a year, for Fiji with the
tourism sector continuing to perform strongly. Visitor arrivals
surpassed pre-pandemic levels in 2023 and have reached 108% of 2019
levels in the first eight months of 2024. This could spur
additional investment in the sector and support growth.

The government is implementing revenue-raising measures, but the
process of budgetary repair will be gradual given spending
pressure. S&P forecasts the general government deficit will be
about 3.9% of GDP during fiscal years 2025-2027 (year ending July
31). Fiscal deficits around this level should see public net debt
stabilize at about 70% of GDP. Meanwhile, contingent liabilities
will also gradually reduce as a proportion of GDP. Public debt
surged to about 78% of GDP during the pandemic years of 2020-2022
when Fiji incurred average deficits of about 10% of GDP per year.

A new coalition government was elected in late 2022, marking the
first democratic transition of power since the 2006 military coup.
The process was peaceful and successful.

External buffers remain moderate. Fiji's current account deficit
narrowed significantly in 2023 and we project it to stay at average
6.4% of GDP over the next three years. The current account will
continue to be supported by tourism service receipts and healthy
remittances. Official foreign exchange reserves are sound and are
equivalent to about 4.5 months of current account payments.

Institutional and economic profile: Economy reliant on tourism;
institutional settings supported by reform implementation:

-- Economic growth will moderate over 2025-2027 as the economy
continues to normalize after the pandemic and global growth slows.

-- S&P forecasts growth of about 3.0% a year, supported by the
tourism sector.

-- Fiji's political landscape is steady with peaceful transfers of
power and stronger engagement with multilateral partners, who aid
with the implementation of reforms.

S&P said, "We project annual growth to normalize at about 3% over
fiscal years 2025-2027. The tourism sector will underpin growth. We
estimate growth in fiscal 2024 moderated to 2.8% due to mixed
sectoral performance; tourism remained resilient and certain
natural resource sectors contracted. The tourism sector is
benefiting from high demand in key source markets such as Australia
and New Zealand. Hotels are approaching full capacity, which may
spur additional investment in the sector.

"We estimate Fiji's GDP per capita at about US$6,600 in fiscal
2024. The national income is now greater than prepandemic highs set
in 2018. Fiji's economy rebounded strongly in fiscal years 2022 and
2023 after three years of contraction over 2019-2021. We estimate
that real GDP grew about 20% in fiscal 2022 and 8% in fiscal 2023
on the back of resurgent tourist inflows following the reopening of
Fiji's borders in late 2021. The economy contracted by more than
17% in fiscal 2020."

Fiji's economic base is somewhat narrow. Tourism is a key source of
employment, foreign exchange, and tax revenues. The country also
has a large subsistence agricultural sector, and its other
industries include garment manufacturing, gold mining, fishing, and
timber production.

Long-term demographics are favorable, thanks to a median population
age of about 27 years. However, Fiji's location in the Pacific
renders it vulnerable to natural disasters, especially cyclones and
floods. Tropical Cyclone Winston in February 2016 wreaked damage,
by some measures, equivalent to almost one-third of national GDP.

S&P believes institutional settings are stable. This is visible
with peaceful transfers of power following the December 2022
election, and subsequent political environment. The tripartite
coalition has undertaken public consultation for the budget and
national development plan, and in 2023 it repealed restrictive
media and freedom of movement laws. The government remains
committed to consolidating fiscal outcomes and maintaining strong
relations with international partners, which includes implementing
recommended reforms. Data quality and coverage continue to
improve.

General elections conducted in December 2022 saw the first peaceful
transfer of power in Fiji since a coup in 2006. The next election
is due in 2026. In recent years, there has been increased
engagement with multilateral bodies such as the Asian Development
Bank (ADB) and World Bank, which offer policy-based loans and
assist the government in implementing microeconomic reforms. Fiji
ranked 44th (out of 180 countries) in the 2024 edition of the Press
Freedom Index, up 45 places from the previous year, and 53rd (out
of 180 countries) in the 2023 edition of the Corruption Perceptions
Index.

Fiji's political and social settings have historically been marked
by tensions between its indigenous Fijian and minority Indo-Fijian
communities. There have been four military coups during the past 37
years. Following eight years of military rule, a new constitution
was promulgated in 2013 and democratic elections were held in 2014,
2018, and 2022.

Flexibility and performance profile: Fiscal deficits will be
moderate and elevated debt and interest burdens will stabilize:

-- S&P expects the budget to remain in modest deficits after the
release of 2024-2025 budget reflecting spending pressures. Debt
levels will stabilize at about 70% of GDP, down from 78% in 2021.

-- Fiji's current account deficit should stabilize at about 6.4%
of GDP over the next three years after narrowing from pandemic
highs. Foreign-exchange reserves are bolstered by strong inward
remittances and drawdowns on multilateral loans.

-- The central bank's flexibility is constrained by a pegged
exchange rate. Extensive foreign exchange restrictions may hinder
private investment.

S&P said, "We forecast Fiji's general government deficit, and
change in net debt, to rise to about 3.9% of GDP over fiscal years
2025-2027 from 2.8% in fiscal 2024. We expect the deficit to widen
because of higher infrastructure delivery and government spending
in the lead up to the 2026 election. Our estimated fiscal 2024
outcome incorporates a large infrastructure underspend." The fiscal
deficit averaged about 10% of GDP a year between fiscal years 2020
and 2022 when pandemic-induced border closures resulted in a plunge
in tax.

The government has publicly committed to an ambitious medium-term
fiscal consolidation strategy. The 2024-2025 budget incorporates
additional revenue reforms, including a further increase in excise
duty on alcohol and tobacco products, and export duty on sugar.
This builds on tax measures in the 2023-2024 budget, which aimed to
restore revenues to their prepandemic levels. These measures
include raising the value-added tax (VAT) rate on certain items to
15% from 9%, lifting the corporate tax rate to 25% from 20%, and
hiking departure taxes and excise duties. These measures were
partly offset by substantial new outlays on social protection
programs, student scholarships, and higher personnel costs.

S&P projects net general government debt to stabilize at about 70%
of GDP over fiscal years 2025-2027. The interest burden will be
elevated at about 13.7% of revenues during the next three years. To
lengthen its debt tenor and ease its interest burden, Fiji has
accessed concessional lending from the likes of the ADB, World
Bank, International Development Association, Asian Infrastructure
Investment Bank, and Australian Infrastructure Financing Facility
for the Pacific. The government recently borrowed about US$165
million of concessional loans from the ADB and the World Bank to
help finance its fiscal 2024 deficit. Fiji's public debt ratio
swelled by more than 30 percentage points of GDP during the
pandemic. Net debt peaked at 78% of GDP in 2021.

The government targets a domestic and foreign borrowing mix of
roughly 70:30. It has increased its proportion of foreign borrowing
in recent years. Fiji issues a range of bonds and bills in its
domestic market. The investor base is somewhat concentrated, with
about 37% of the total debt stock (and 57% of the domestic debt
stock) held by the Fiji National Provident Fund, the country's
defined-contribution pension scheme, as of April 2024. Fiji repaid
its sole US$200 million foreign currency eurobond in October 2020.

Contingent liabilities are reducing as a proportion of the economy.
Explicit guarantees of nonfinancial public enterprises stood at
about 7.8% of GDP as of April 2024 compared with about 11% between
fiscal years 2021 and 2022. The largest of these is a guarantee of
Fiji dollar (FJ$) 433 million over the borrowings of Fiji Airways,
which is a partially state-owned enterprise. There are also sizable
guarantees of Fiji Development Bank and Fiji Sugar Corp. (FSC). The
government extended its guarantee for FSC's domestic borrowings to
FJ$200 million in September 2024. FSC has struggled with debt
repayments in the past.

Overall external metrics are sound. Gross external financing needs
will average about 110% of current account receipts and usable
reserves during the next three years. S&P expects the current
account deficit to average about 6.4% of GDP from fiscal years
2025-2027. The high import content of tourism exports has hindered
a sharper improvement in the trade balance. Personal remittances
have continued to grow by about 5.2% in the year to July 2024.

S&P expects monetary policy will stay accommodative. The Reserve
Bank of Fiji (RBF) has kept its overnight policy rate at 0.25% for
the past four years. Annual headline inflation rose to 6.8% in July
2024. This reflected higher VAT rates, and minimum wages, and
fiscal duties announced in the budget.

Movements in Fiji's real effective exchange rate and inflation have
been moderate over the economic cycle. The latter is partly because
of widespread price controls set by the Fijian Competition and
Consumer Commission. The domestic banking system is relatively deep
compared with similarly rated peers; the RBF supervises Fiji's six
commercial banks and other financial intermediaries. As part of a
quantitative easing program, the RBF purchased about FJ$650 million
of government bonds in the primary market over 2020-2021. Its
exposure to the government is capped by law at 50% of average
government revenues over the past three years.

Extensive restrictions on foreign exchange can be a hindrance to
private investment and weigh on S&P's monetary assessment. In June
2024, the RBF slightly loosened exchange controls, after similar
relaxations a year prior, by increasing delegated limits to
deposits in external accounts, loan repayments, profit declared and
distributed to non-resident stakeholders to name a few. This comes
after the RBF tightened controls in 2020 to help protect its
reserves. Official reserves stand at a sound FJ$3.6 billion (US$1.6
billion) as of July 2024.

The Fijian dollar is pegged to a weighted basket of currencies
belonging to Fiji's major trading partners, i.e., Australia, New
Zealand, the U.S., Japan, and the eurozone. Weights are reviewed
annually. The RBF has twin monetary policy objectives of low
inflation and maintaining an adequate level of reserves. The last
devaluation occurred in 2009.




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A P F ESTATES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: A P F ESTATES PRIVATE LIMITED
5-9-45, AASHI TOWERS BASHEERBAGH,
        HYDERABAD, Telangana, India, 500063

Insolvency Commencement Date: August 28, 2024

Estimated date of closure of
insolvency resolution process: February 24, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Vijay P. Lulla
              201, Satchitanand Bldg.,
              12th Road, Opp. Ram Mandir,
              Khar (West), Mumbai - 400 052
              Email: vijayplulla@rediffmail.com

              203-B, Arcadia Building,
              2nd Floor, Nariman Point,
              Mumbai - 400021
              Email: apf.cirp@gmail.com
  
Last date for
submission of claims: September 16, 2024



A. GEERI: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. Geeri Pai
Gold and Diamonds (AGPGD) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20          CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.87       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.78       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         4.81       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         4.8        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Working Capital        3          CRISIL B-/Stable (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with AGPGD for
obtaining information through letter and email dated August 13,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of AGPGD continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

'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 AGPGD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGPGD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGPGD continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

AGPGD was set up in 1980 as a partnership firm of Mr. Sachithananda
S Pai, Ms Sheela S Pai, Mr. Ramesh S Pai and Mr. Vishnunarayana S
Pai. It retails jewellery through its showroom in Palarivattom,
Kerala.


A.G.S. RATHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.G.S. Rathna
Stores Private Limited (AGS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Secured Overdraft     6           CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with AGS for
obtaining information through letter and email dated August 12,
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 AGS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGS continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2013 by Mr S Ganesh, AGS runs two retail stores in
Chennai that sells consumer durables, household steel vessels, and
furniture.



AADYA MOTOR: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aadya Motor
Company India Private Limited (AMCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         12         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        20         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with AMCPL for
obtaining information through letter and email dated August 12,
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 AMCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, AMCPL, promoted by Mr. V Ramanand Rao, is the
authorised dealer for Porsche, with its showroom in Mumbai. The
company began operations in September 2012. The promoter also has
interests in auto dealerships of other brands through group
entities.


AGASTHYACODE RUBBER: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Agasthyacode
Rubber Traders (ART) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             13        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ART for
obtaining information through letter and email dated August 12,
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 ART, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ART
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ART continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2000 as a partnership between Mr Biju Lal and Mr Baiju
Lal, Kollam-based ART trades in rubber sheets and scrap rubber.


BADRI KEDAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Badri
Kedar Papers Private Limited (SBKPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           15          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.33       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.99       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              5.68       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBKPPL for
obtaining information through letter and email dated August 12,
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 SBKPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SBKPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SBKPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

SBKPPL was set up as a closely held company by Mr Arvind Kumar
Agarwal and his family in 1994. It manufactures kraft paper, and
has a capacity of 27,000 tonne per annum. The company utilised 78%
of the capacity in fiscal 2019. The manufacturing unit is in
Najibabad (Uttar Pradesh).


BUOYANT TECHNOLOGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Bouyant Technology Constellations Private Limited
C-5, Rich Homes, No 5/1, Richmond Road,
        Richmond Town, Bangalore, Bangalore North,
        Karnataka, 560025 India

Insolvency Commencement Date: August 23, 2024

Estimated date of closure of
insolvency resolution process: February 18, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Shaikhn Nafis Anjum
              A-34 Lower Ground Floor,
              Vikas Puri, New Delhi 110018
              Email: sn.anjum123@gmail.com

              C-4, 2nd Floor, Central Market,
              Lajpat Nagar 2, Delhi-110024
              Email: bouyanttechnology.cirp@rpmitra.in

Representative of
creditors in a class: Mr. Addanki Haresh
                      Mr. Raghuram Manchi
                      Mr. Suresh Kannan

Last date for
submission of claims: September 13, 2024


ESSEL INFRAPROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Essel Infraprojects Limited
513/A, 5th Floor, Kohinoor City,
        Kirol Road Kurla (West),
        Mumbai City, Mumbai,
        Maharashtra India, 400070

Insolvency Commencement Date: August 28, 2024

Estimated date of closure of
insolvency resolution process: February 24, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Hemant J. Mehta
              D613/614, Neelkanth Business Park,
              Nathani Road, Vidyavihar West,
              Mumbai, Maharashtra - 400086
              Email: mehtaatul@gmail.com
              Email: cirp.esselinfraprojectsltd@gmail.com
              Email: hemant@apmh.in  
  
Last date for
submission of claims: September 11, 2024


GUINEA MOTORS: CRISIL Reaffirms B+ Rating on INR16.96cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Guinea Motors Pvt Ltd
(GMPL).                           

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.12       CRISIL A4 (Reaffirmed)

   Cash Credit/         16.96       CRISIL B+/Stable (Reaffirmed)
   Overdraft facility   

   Electronic Dealer     9.00       CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)               

   Electronic Dealer     4.87       CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)                

   Electronic Dealer     1.13       CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)               

   Term Loan             2.14       CRISIL B+/Stable (Reaffirmed)

The ratings reflect sustained improvement in the credit risk
profile, supported by healthy operating performance. For the three
fiscals ended March 31, 2024, revenue has grown to INR124 crore,
from INR111 crore in fiscal 2022. The company has booked revenue of
INR64 crore till June 2024.

The ratings reflect the modest operating margin, susceptibility to
intense competition and the average financial risk profile of the
company. These weaknesses are offset by the extensive experience of
the promoters and the established market position of GMPL in the
automobile dealership business.

Analytical Approach

Unsecured loans from promoters (outstanding at INR3.44 crore as on
March 31, 2024) has been treated as debt based on the track record
of withdrawal of unsecured loans.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest operating profitability and susceptibility to intense
competition: The company has maintained a modest operating margin
of 3.50-4.25%. The automotive sector has a large number of players
in the mini, compact, mid-sized, executive, premium, and luxury
passenger car segments. GMPL also faces intense competition from
dealers of other established players and the unorganised used car
market.

* Average financial risk profile: Capital structure has been
moderate, given the higher reliance on external debt, as reflected
in gearing and total outside liabilities to adjusted networth
ratios of 2.57 times and 2.66 times as on March 31, 2024. Debt
protection metrics have also been comfortable, despite leverage,
due to moderately healthy profitability. Interest coverage and net
cash accrual to total debt ratios stood at 1.33 times and 0.04
time, respectively, for fiscal 2024, and are expected to remain at
a similar level over the medium term.

Strength:

* Extensive experience of the promoters and the established market
position in the automobile dealership business: The two-decade-long
experience of the promoters in the automobile dealership business
has helped the company GMPL establish its market position. The
company runs a dealership for vehicles of TATA Motors Ltd (TML;
'CRISIL AA+/Stable/CRISIL A1+'). TML's leadership in the commercial
vehicle segment further enhances the market position of GMPL, which
has continuously expanded its scale and reach by adding showrooms
and workshops.

Liquidity: Stretched

Bank limit utilisation was high averaging around 96% for the 12
months ended July 31, 2024. Expected cash accrual of INR1.56-1.61
crore should suffice to cover the term debt obligation of INR1.30
crore per fiscal over the medium term. Current ratio was moderate
at 1.22 times as on March 31, 2024. The promoters are likely to
extend support via equity and unsecured loans to cover the working
capital expenses and debt obligation.

Outlook: Stable

CRISIL Ratings believes GMPL will continue to benefit from the
extensive experience of its promoters in the automobile dealership
business.

Rating sensitivity factors

Upward factors:

* Sustained growth in revenue, leading to net cash accrual of over
INR1.80 crore
* Improvement in financial risk profile and liquidity profile.

Downward factors:

* Decline in revenue or operating margin, leading to net cash
accrual less than INR1.00 crore
* Increase in working capital requirement, larger-than-expected
debt-funded capital expenditure or huge capital withdrawal,
weakening the financial risk profile, particularly liquidity.

GMPL, incorporated in 2000, is an authorised dealer of TML, for its
entire range of passenger cars, spares and accessories. It also
provides servicing of passenger cars in Patna. GMPL has been
associated with TML since 2001. Day-to-day operations are looked
after by the promoter and director, Mr AK Gupta. The company has
one showroom and two service centres in Patna, Bihar.


HALLMARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: M/s Hallmark Infrastructure Private Limited
Suite A, No-43, Old No. 62/2,
        United Plaza Usman Road,
        T. Nagar, Chennai- 600 017
        Tamil Nadu

Insolvency Commencement Date: August 23, 2024

Estimated date of closure of
insolvency resolution process: February 19, 2025 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Shri. Pathukasahasram Raghunathan Raman
              #93, Ground Floor, Sivan Koil South Street,
              Vadapalani, Chennai -600 026
              Email: ramann_pr@yahoo.co.in
              Email: prramancirp@gmail.com

Representative of
creditors in a class: Mutharasapuram Ganesan Chandrasekaran
                      Vithal M. Dahake
                      T Ranganathan
  
Last date for
submission of claims: September 6, 2024

HCP PLASTENE: CRISIL Withdraws D Rating on INR47.2cr Cash Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of HCP Plastene Bulkpack
Limited (GPL; previously known as Gopala Polyplast Limited) to
'CRISIL D/CRISIL D Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of GPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the rating on
bank facilities of GPL to 'CRISIL D/CRISIL D'. The rating action is
in line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (ISSUER NOT
                                     COOPERATING) Withdrawn

   Cash Credit           47.2        CRISIL D (ISSUER NOT
                                     COOPERATING) Withdrawn

   Proposed Long Term
   Bank Loan Facility     1.46       CRISIL D (ISSUER NOT
                                     COOPERATING) Withdrawn

   Term Loan             27.41       CRISIL D (ISSUER NOT
                                     COOPERATING) Withdrawn

Originally incorporated in 1984 as a private limited company, GPL
was listed on the Bombay Stock Exchange in 1992-93 and
reconstituted as a public limited company. It manufactures
polypropylene woven sacks, primarily used for cement packaging. It
also produces woven labels used for manufacturing garments. Its
production units are in Gandhinagar and Silvassa.


IBEXKAYENN PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ibexkayenn Private Limited
#36/1, Subbaramachetty Road,
        Basavangudi, Bangalore,
        Karnataka - 560004

Insolvency Commencement Date: September 4, 2024

Estimated date of closure of
insolvency resolution process: March 2, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: B Akhila
              Flat no: B001, Opus Apartment no. 20,
              Second Cross, Vivekananda Nagar,
              Jai Bharath Nagar, Maruthi Sevanagar,
              Opposite to Sunshine Kids Play School,
              Bangalore, Karnataka - 560033
              Email: ip.akhilabolla@gmail.com
              Email: cirp.ibexkayenn@gmail.com
   
Last date for
submission of claims: September 19, 2024



LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Lakshmikantha Spinners Limited (SLSL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.86        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          19.14        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          27.85        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       38.94        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       26.21        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLSL for
obtaining information through letter and email dated August 12,
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 SLSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLSL continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2004 and based in Hyderabad (Telangana), SLSL
manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy
Reddy and his family, the day-to-day operations are managed by Mr.
Reddy's son, Mr. Chinnarappagari Rameswara Reddy.


PHARMACEUTICAL PRODUCTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: M/s Pharmaceutical Products of India Ltd
Plot No. D 312, TTC Industrial Area MIDC Turbhe,
        Mumbai-400705

Insolvency Commencement Date: September 2, 2024

Estimated date of closure of
insolvency resolution process: March 1, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Arihant Nenawati
       B 201-202, Sheraton Classic,
              Dr Charat Signh Colony Chakala,
              Andheri East, Mumbai City,
              Maharashtra-400069
              Email: arithantn@gmail.com

              -- and --

              410, 4th Floor, Blue Rose Industrial Estate
              Near Metro Mall, Borivali East,
              Mumbai, Maharashtra 400066
              Email: ppil.ibc@gmail.com
  
Last date for
submission of claims: September 16, 2024


PHONIC ONLINE: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Phonic Online Private Limited

Regd. Office:
        G-3, Ground Floor, Gedor House,
        51, Nehru Place, South Delhi
        New Delhi- 110019

        Principal Office:
        S Global Knowledge Park,
        l9A & l9B, Sector-125,
        Gautam Budh Nagar, Noida,
        Uttar Pradesh, India, 201301
  
Liquidation Commencement Date: September 4, 2024

Court: National Company Law Tribunal, New Delhi Bench-III

Liquidator: Mr. Mukesh Chand Jain
     F-703, MUNIRKA APARTMENTS
            SECTOR-9, PLOT-II, DWARKA,
            New Delhi,
            National Capital Territory of Delhi, 110075
            Email: mcjain.jmca@gmail.com
            Email: cirp.phonic@gmail.com

Last date for
submission of claims: October 10, 2024

PIK RESOURCE: Liquidation Process Case Summary
----------------------------------------------
Debtor: PIK Resources India Private Limited

Regd. Office:
        F-99, North Bombay CHS LTD,
        Juhu Tara Road, Vile-Parle (West)
        Mumbai 400049

        Factory:
        Plot No. 402, GIDC,
        Dist. Valsad, Gujarat, 396171

Liquidation Commencement Date: August 30, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:   Krishna Chamadia
              B-13, Anjani Complex
              Perara Hill Road
              Andheri East, Mumbai 400099
              Email: krishna@sphereadvisory.com
              Email: pripl.ibc@gmail.com

Last date for
submission of claims: October 7, 2024


POONA FORGE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Poona Forge
Private Limited (PFPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         4.8       CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letter and email dated August 12,
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 PFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 1979, Pune-based PFPL manufactures various forged
and machine components that find application in the automotive,
agricultural, and engineering industries. Mr Anil Javalekar is the
promoter.


POPULAR SPIRITS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Popular Spirits LLP
S-363, First floor,
        Greater Kailash Part-III,
        South Delhi, New Delhi,
        Delhi, India, 110048

Insolvency Commencement Date: July 31, 2024

Estimated date of closure of
insolvency resolution process: February 8, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Pankaj Kumar Tiwari
       Plot No-D9, Gali No 5,
              Mahavir Enclave Part-1,
              New Delhi-110045
              Email: ippankajtiwari@gmail.com
              Email: cirp.popularspiritsllp@gmail.com
  
Last date for
submission of claims: August 26, 2024



PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Purvi Bharat
Steel Limited (PBSL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with PBSL for
obtaining information through letter and email dated August 12,
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 PBSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1995, PBSL manufactures and trades in thermo-mechanically
treated (TMT) bars. The company is currently managed by Mr. Ganesh
Prasad Kandoi, Mr. Navin Kumar Kandoi, and their family members.


R. PRIYA: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. Priya (RP)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     0.37        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              1.63        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with RP for
obtaining information through letter and email dated August 12,
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 RP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RP
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RP, based in Chennai, was established in 2017 by Ms R Priya. The
firm rents out cameras and allied equipment used in the media
industry.


RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghav
Industries - Una (RI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letter and email dated August 12,
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 RI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RI, set up in 2010, is managed by the proprietor, Mr Bhushan
Sharma. The firm manufactures low-density polyethylene sheets and
rolls used for packaging in the automobile and textile industries.
It is based in Himachal Pradesh.


RAJ CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Ceramics
(RC) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.90        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Fund & Non Fund       0.16        CRISIL B+/Stable (Issuer Not
   Based Limits                      Cooperating)
      
   Long Term Loan        0.50        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Non-Fund Based        1.40        CRISIL B+/Stable (Issuer Not
   Limit                             Cooperating)

CRISIL Ratings has been consistently following up with RC for
obtaining information through letter and email dated August 12,
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 RC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RC was set up in 1982 as a partnership firm by Mr. Hari Prasad
Biyani and his brother, Mr. Champa Lal Biyani. In 2004, RRPL took
over the ownership of RC; the company has no other operations and
acts as a holding company. The promoters and their family members
are shareholders in RRPL. The group manufactures a wide range of
refractories, which include fireclay bricks, high alumina bricks,
magnesia carbon bricks, and bottom-poring refractories. Mr. Champa
Lal Biyani has experience of over 30 years in the refractory
manufacturing industry, while Mr. Hari Prasad Biyani had been
trading refractory products for 7 years. The group's unit at Hardag
(Jharkhand) has a total manufacturing capacity of 20,525 tonnes per
annum, and is utilised at around 60 per cent. The RC group exports
around 25 per cent of its production while the remaining is sold in
the domestic market.


RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Recore
Ceramic (Recore) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.75      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               6.75      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Recore for
obtaining information through letter and email dated August 12,
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 Recore, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Recore is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Recore continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Established in 2014, Recore was set up by the Morbi (Gujarat)-based
Savsani and Nagpara families. The firm manufactures digital wall
tiles. Recore commenced commercial operations in June 2015.


RIBBEL INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ribbel
International Limited (Ribbel) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Buyer Credit          2.65        CRISIL B+/Stable (Issuer Not
   Limit                             Cooperating)

   Cash Credit           1.00        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Export Packing        2.50        CRISIL B+/Stable (Issuer Not
   Credit                            Cooperating)

   Proposed Term Loan    6.35        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Ribbel for
obtaining information through letter and email dated August 12,
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 Ribbel, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ribbel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ribbel continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Ribbel was incorporated as a private limited company in 1992,
promoted by Mr R K Kanodia and Mrs Suman Kanodia, who have the
major shareholding.The company commenced commercial production from
1994. It manufactures high-precision surgical blades at its
facility in Sonipat, Haryana. In fiscal 2015, it diversified into
manufacturing Foley catheters at its Sonipat plant.


RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RM Dairy
Products LLP (RMDP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        8         CRISIL D (Issuer Not Cooperating)
   Term Loan         14.9       CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with RMDP for
obtaining information through letter and email dated August 12,
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 RMDP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMDP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMDP continues to be 'CRISIL D Issuer Not Cooperating'.

RMDP incorporated in April 2015 as limited liability partnership
firm by eight partners namely Mr. Ram Vinod Singh, Ms. Radha Singh,
Mr. Shishir Singh, Mr. Girish Goyal, Ms. Suman Goyal, Mr. Ravi
Singhal, Ms. Archana Singhal and Ms. Shally Singh. RMDP is
setting-up an integrated manufacturing plant of Skimmed Milk Power
(SMP), cream and Desi Ghee in Aligarh, Uttar Pradesh with an
installed capacity of around 4.0 lakh litres per day.


ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Royal Plaza
Inn (RPI) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RPI for
obtaining information through letter and email dated August 12,
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 RPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPI continues to be 'CRISIL D Issuer Not Cooperating'.

RPI was set up in 2010 by the proprietor, Mr. M P Shamsudheen. The
firm is currently constructing a 108-room hotel in Arayidathupalam
(Kozhikode; Kerala).


SAMEER CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR7cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Sameer Construction Company (SCC) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Overdraft Facility      7        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's large working capital
requirement and moderate scale of operations and low order book.
These weaknesses are partially offset by the extensive experience
of the proprietor in the construction industry.

Analytical Approach:

Unsecured loans of INR38 lakhs as on March 31, 2024 have been
treated as debt as these are expected to be paid over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: The operations of the company
are working capital intensive as can be seen with gross current
assets of 212 days as on March 31, 2024, driven by debtor days of
54-60 days and inventory of 80-90 days. This is on account of the
nature of the business, wherein the firm deals with government
entities and realization are often delayed. Going ahead, owing to
delay in payments and sizeable retention money, along with
accumulation of work in progress inventory the gross current assets
are expected to be in the range of 220-230 days in fiscal 2025.
Improvement in overall GCA days, leading to efficient management of
working capital cycle shall remain a key monitorable.

* Moderate scale of operations and low order book: Despite the
compounded annual growth rate of 16% estimated over the three
fiscals through March 2024, revenue of INR20.3 crore stood
moderate, on account of tender based operations as scalability is
directly impacted by company's ability to bid for new tenders and
execute them timely.  With an unexecuted order book of INR16 crores
as on date, SSC's revenue is expected to be INR19-21 crores in
fiscal 25. Going ahead, the firm's ability to bid for new orders
and its timely execution, leading to sustained improvement in
revenue amid prudent working capital management shall remain a key
monitorable.

Strength:

* Extensive industry experience of the proprietor: The proprietor
of the firm has over 18 years of experience in the civil
construction industry that has given him an in-depth understanding
of the market and industry dynamics. As a result, the company has
been able to establish healthy relationships with its suppliers and
customers. The company has timely executed its projects in the past
allotted by various government agencies, that has helped the
company register a compound annual growth rate of 16% in revenue
over the last three fiscals ending March 31, 2024, with operating
income estimated at INR20.3 crore. CRISIL Ratings believes that the
business risk profile of the company will further improve over the
medium term, however, sustained scalability and steady operating
margins will remain monitorable.

Liquidity: Poor

Bank limit utilization is moderate at around 78.51 percent for the
past twelve months ending June 2024.  Cash accruals are expected to
be over INR0.5-0.6 crores which are sufficient against term debt
obligation of INR0.1-0.5 crores over the medium term. In addition,
it will act as a cushion to the liquidity of the company. The
current ratio is healthy at 1.55 times on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes SCC will continue to benefit from the
extensive experience of its proprietor and established
relationships with clients.

Rating sensitivity factors

Upward factors:

* Sustained revenue growth and stable operating margin at 7-8%,
leading to higher cash accrual above INR1 crore
* Improvement in the working capital cycle leading to low gross
current assets days.

Downward factors:

* Decline in profitability or revenue leading to accruals below
INR0.4-0.5 crores
* Sizeable stretch in the working capital cycle, impacting the
financial risk profile, particularly liquidity

Established in 2005 and based in Delhi, SCC is owned and managed by
Mr Sameer Chawla. SCC is engaged in civil construction works, such
as construction of roads, bridges and buildings.


SHYAM GINNING: CRISIL Lowers Rating on INR27.5cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of SGPPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            27.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      2.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SGPPL for
obtaining information through letters and emails dated Sept. 11,
2023 among others; apart from telephonic communication. However,
the issuer has remained non-cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation 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 SGPPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes the rating action
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information and the NCLT (National Company Law
Tribunal) order, CRISIL Ratings has downgraded its rating on the
long-term bank facilities of SGPPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

The rating downgrade factors in the NCLT order issued against
SGPPL, which reflects the delay and inability of the company to
repay dues of INR98.91 crore of one of its financial creditors.

Incorporated in 1990 in Rajkot, Gujarat, and promoted Mr Bharatbhai
Wala, SGPPL undertakes engineering, procurement, and construction
of fire protection systems. It also gins and presses raw cotton to
make cotton bales. This is sold to various traders, while the
cotton seeds are sold to oil mills in the plant's vicinity.


SPICEJET LTD: Resolves Dispute with Engine Lease Amicably
---------------------------------------------------------
The Hindu BusinessLine reports that SpiceJet Ltd on Sept. 24 said
it has successfully resolved its dispute with Engine Lease Finance
Corporation (ELFC) through an amicable settlement.

BusinessLine relates that ELFC, which had previously claimed $16.7
million, has agreed to settle for an undisclosed amount, which is
lower than the initial claim, the Gurugram-based airline said in a
statement.

The airline, however, did not disclose the final amount that ELFC
has settled for under the pact.

The representatives of both parties will now formalise the
settlement agreement, with a view to withdrawing all ongoing
litigation and ending disputes between them, SpiceJet said.

"We have reached a mutually beneficial settlement with ELFC, which
enables us to move forward with a clean slate. This agreement not
only resolves past issues but also strengthens our position as we
embark on the next phase of growth and expansion," BusinessLine
quotes Ajay Singh, Chairman and Managing Director of SpiceJet, as
saying.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft, and AWAS entities from Ireland.

The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.

As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.

The plea of Aircastle is still pending.

Both Wilmington Trust and Willis Lease Finance have moved the
National Company Law Appellate Tribunal (NCLAT) challenging the
dismissal of their insolvency plea by NCLT, the Economic Times
said.

In May 2024, Engine Lease Finance BV filed an insolvency plea,
claiming unpaid rental dues totalling more than $16.72 million,
including interest, for eight leased engines, Livemint.com said.

The TCR-AP reported on Sept. 26 that the NCLT on Sept. 23 issued
notice to SpiceJet over the plea filed by one of its operational
creditors, Techjockey Infotech Pvt Ltd.

SUPERTECH LTD: NBCC Moves SC to Complete Stalled Projects
---------------------------------------------------------
The Economic Times reports that the National Buildings Construction
Corporation Ltd (NBCC) on Sept. 24 moved the Supreme Court seeking
to develop and complete Supertech Limited's 17 stalled or partially
built projects where around 27,000 hassled home buyers are stuck
for years. These 17 projects were launched in the National Capital
Region, Dehradun and Bengaluru but completion of the residential
units was hit due to financial crisis faced by the realty major
which led to insolvency proceedings since 2021.

ET relates that a bench of Justices Sanjiv Khanna and Sanjay Kumar
was told by advocate ML Lahoty, appearing for the hassled home
buyers, that the NBCC has come forward with a proposal to complete
these stalled projects having around 51,000 residential units.

According to ET, senior advocate Gopal Jain, appearing for NBCC,
said the public sector undertaking has filed an intervention
application in a matter related to insolvency proceedings of
Supertech Ltd to develop the stalled project on the lines of
Amrapali Group.

In the case involving Amrapali Group, the apex court had appointed
NBCC to complete the stalled projects after the realty firm faced
allegations of diversion and siphoning of huge amount of
homebuyers' money.

The bench, which agreed to list the matter on October 1, said it
will consider the NBCC proposal, ET relays.

"The applicant, pursuant to the orders of this court has
successfully handed over the flats to many of the distressed home
buyers in the Amrapali projects. Similarly, the applicant will
submit proposals/terms of reference for the feasible Supertech
projects on similar terms as in the Amrapali projects, subject to
the orders and directions of this court in the larger interest of
home buyers, banks/financial institutions, and in the interest of
execution and completion of the projects," the application of NBCC
said.

ET says the NBCC, in its recent application before the National
Company Law Appellate Tribunal (NCLAT), had submitted terms of
reference for undertaking the pending projects of Supertech Ltd.

According to ET, the public sector enterprise proposes to complete
the 17 projects in three phases. Under Phase 1, it proposes to
complete Eco-Village-2 (Greater Noida), Romano (Noida), Capetown
(Noida), Czar suites (Greater Noida), Eco-village-3 (Greater
Noida), Sports Village (Greater Noida) and Eco-citi (Noida).

Under Phase-2, the NBCC as per its application before NCLAT
proposes to undertake Northeye (Noida), Upcountry (Yamuna
Expressway), Eco-village-1 (Greater Noida), Meerut Sports City
(Meerut) and Green Village (Meerut).

For Phase 3, the NBCC will undertake Hilltown (Gurugram), Aravile
(Gurugram), Rivercrest (Rudrapur), Doon Square (Dehradun) and
Micasa (Bengaluru).

ET adds that the NCLAT has recently asked the 27,000 homebuyers and
other stakeholders to submit objections, if any, to a proposal by
NBCC to complete the stalled projects of Supertech Ltd.

                          About Supertech

Supertech Limited (STL), incorporated in 1995 was promoted by Mr.
R. K. Arora. The company is in the business of developing real
estate projects in the residential, commercial and retail segments
in the NCR region and other prominent places in Uttar Pradesh,
Uttarakhand and Bangalore.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2022, insolvency proceedings have been initiated against
Supertech Ltd after a National Company Law Tribunal (NCLT) bench on
March 25 admitted a petition filed by Union Bank of India for
non-payment of dues by the company.  An interim resolution
professional (IRP) has also been appointed for Supertech,
superseding the company's board.

SUPREME INFRA: Lenders Set to Recover 19% of Outstanding Principal
------------------------------------------------------------------
The Hindu BusinessLine reports that lenders will recover about 19
per cent of the principal amount and about 9 per cent of their
overall outstanding dues upfront from Supreme Infrastructure
Industries Ltd (SIIL) via a compromise settlement under Section 230
of the Companies Act. Over and above this, a portion of the bad
debt that has been converted into equity (lenders don't have to
infuse fresh funds for this acquisition) can give some of the
lenders, including the State Bank of India (SBI), an upside if the
company starts performing, said sources in the lenders'
consortium.

They emphasised that the compromise settlement was agreed to by 86
per cent of the lenders by value of their exposure, BusinessLine
says. Such settlements have to be approved by the National Company
Law Tribunal and once it is approved by the Tribunal, it becomes
binding on all the creditors/lenders. Some of the EPC (engineering,
procurement and construction) cases which were resolved under CIRP,
resulted in less than 5 per cent recovery for lenders.

The overriding factor for the settlement is to continue the company
as a going concern where all the stakeholders in the ecosystem -
employees, workers, vendors, dealers, logistics support providers
etc. continue and their livelihood is preserved, the sources, as
cited by BusinessLine, said.

This assertion by lenders comes even as Congress General Secretary
Jairam Ramesh, in a social media (X) post on Sept. 24, said, "In a
extraordinary move, the SBI has decided to convert its outstanding
debt into equity in Supreme Infrastructure India Limited (SIIL), a
firm that declared bankruptcy. The lenders, including SBI, took a
93.45 per cent haircut on the debt. This arrangement creates a
dangerous precedent in India's corporate debt landscape. . ."

According to BusinessLine, the sources underscored that the
compromise settlement offer by a company under Section 230 of the
Companies Act is a standard practise when it is staring down the
barrel and it is almost certain that the Corporate Insolvency
Resolution Process (CIRP) would result in its liquidation/winding
up.

SIIL became a non-performing asset (NPA) in lenders books in 2015,
BusinessLine notes. Three attempts to restructure/revive it during
the 2016-2020 under the then prevalent restructuring frameworks did
not yield results due to changes in regulations. Neither did
recovery bids via debt recovery tribunal, the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest (SARFAESI) Act, 2002, and sale to an asset reconstruction
company succeed.

As on March-end 2023, lenders, including SBI, Punjab National Bank,
Canara Bank, Union Bank of India, Bank of India and Central Bank of
India, collectively had an exposure (principal) of INR2,391 crore
to SIIL. Overall, including interest, they had an exposure of
INR4,952 crore, BusinessLine discloses.

SIIL commenced insolvency proceedings on Sept. 30, 2019.


SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya
Industries (SI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit          14           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    6.58        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             0.4         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letter and email dated August 12,
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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SI hulls and mills paddy and processes basmati rice. It was founded
by a group of locals in Ghubaya village in Jalalabad (Punjab) in
2000. In 2009, it was taken over by Mr. Subhash Chander and his
family members. Currently, it is being managed by Mr. Anil Josan
and Mr. Raman Josan.


TOUGH CASTING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: TOUGH CASTING PRIVATE LIMITED
E-68 MIDC SHIROLI KOLHAPUR MH 416122

Insolvency Commencement Date: September 3, 2024

Estimated date of closure of
insolvency resolution process: March 2, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Bharat Ramakant Upadhyay
              507, 5th floor, C2 Wing,
              Skyline Wealth Space, Skyline Oasis Complex,
              Premier Road, Near Vidyavihar Station,
              Ghatkopar - West, Mumbai 400086
              Email: brupadhyay@hotmail.com
              Email: cirptoughcastingpvtltd@gmail.com
              Email: brupadhyay.irp@gmail.com
  
Last date for
submission of claims: September 17, 2024


URBAN LAND: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Urban Land
Management Private Limited (ULM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with ULM for
obtaining information through letter and email dated August 12,
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 ULM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ULM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ULM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

ULM, incorporated in 2012, is promoted by Mr. Mukesh Yadav, Mr.
Trilok Sharma, and Mr. Dinesh Nagpal. The company's residential
project in Rewari (Haryana) is expected to be completed in April
2017.


UTOPIAN SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Utopian
Sugars Limited (USL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Sugar Pledge           13         CRISIL D (Issuer Not
   Cash Credit                       Cooperating)

   Term Loan              20.01      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              21.66      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              30.51      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              14.82      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with USL for
obtaining information through letter and email dated August 12,
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 USL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USL continues to be 'CRISIL D Issuer Not Cooperating'.

USL was incorporated in March, 2010 and is managed by Mr. Umesh
Paricharak and Mr. Mahesh Paricharak. The company processes sugar,
and molasses in Solapur, Maharashtra. It also has co-gen power
capacity. The company recently completed its distillery unit
project. The capacity of distillery unit is 45KLPD.


VIBISHNAN P: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibishnan P
(VP) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash         2.77        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Term Loan             4.48        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VP for
obtaining information through letter and email dated August 12,
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 VP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VP
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

VP was established in 1995 as proprietorship firm. It is engaged in
running poultry farm with 2 lakh layer birds and selling eggs. Its
poultry farm located in Namakkal- Tamil-Nadu and owned by P.
Vibishnan.


VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnushiva
Infrastructures (VI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Letter Of Guarantee     0.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VI for
obtaining information through letter and email dated August 12,
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 VI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

VI, incorporated in March 2008, is a partnership firm, promoted by
Mr. B S Rana and family members and engaged in mining of coal.


VIVANTA REALTY: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vivanta Realty
(VR) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          9.9        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VR for
obtaining information through letter and email dated August 12,
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 VR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VR
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2012, VR is a partnership firm promoted by Mr. Vasant
Kate, Mr. Vivek Joshi, and Mr. Suryakant Jadhav for developing a
residential real estate project, Vivanta Life Vishakha, in Pune. It
is currently implementing the project's first phase, which has 150
units.




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

SAKA ENERGI: Fitch Affirms & Withdraws 'B+' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed and subsequently withdrawn PT Saka
Energi Indonesia's Long-Term Issuer Default Rating (IDR) of 'B+'
with a Stable Outlook.

Saka's rating benefits from a two-notch uplift from its Standalone
Credit Profile (SCP) of 'b-'. This is based on Fitch's assessment
of parent PT Perusahaan Gas Negara Tbk's (PGN, BBB-/Stable)
'Medium' legal and operational incentive to provide support, in
line with Fitch's Parent and Subsidiary Linkage Rating Criteria.
The 'b-' SCP reflects the constraints of the small size of its
operations.

The ratings have been withdrawn for commercial reasons. Fitch will
therefore no longer provide ratings or analytical coverage on
Saka.

Key Rating Drivers

'Medium' Legal, Operational Incentive: Fitch believes PGN has
'Medium' legal incentive to support Saka, as PGN's loans include
joint several and cross-default clauses with subsidiaries. PGN has
also included Saka as a co-borrower in a debt facility for up to
USD50 million, reflecting its support commitment. PGN's control
over Saka's board and management drive its 'Medium' operational
incentive assessment.

Low Leverage: Fitch forecasts Saka's EBITDA net leverage will
improve to about 0.5x in 2024 (2023: 0.7x) after the repayment of
its US dollar bonds and USD120 million of shareholder loans to PGN
due in December 2024. Saka may start generating negative free cash
flow from 2025 onwards to support its rising capex, but Fitch
expects net leverage to stay low at around 1x-1.2x.

Saka Misaligned in Group Structure: Saka's position in PGN's group
structure remains uncertain. PGN has explicitly expressed its
intention to provide liquidity support to Saka, but there is still
lack of clarity about the subsidiary's position in the group after
a restructuring of state-owned oil and gas companies that
transferred the state's 57% ownership of PGN to PT Pertamina
(Persero) (BBB/Stable) in mid-2018. There has been no clarity from
PGN or Pertamina on Saka's position to date, resulting in its
'Weak' assessment of the parent's strategic incentive to support
Saka.

'b-' Standalone Profile: Saka's SCP reflects its small operating
scale, with proved reserves stable at 72 million barrels of oil
equivalent (mmboe) as of December 2023 (2022: 76mmboe) and proven
and probable reserves of 99mmboe (2022: 114mmboe). Saka added
6.8mmboe to its proved reserves against production of 10.7mmboe
during 2023 (2022 production: 12.2mmboe) through organic growth.

However, reserves and production are still at the lower end among
'B' rated peers. Saka's proved reserve life of 6.7 years at
end-2023 was based on its 2023 production volume. Fitch expects
production to range between 9 mmboe and 12mmboe per year over the
next three years. In the absence of inorganic growth, Saka is
likely to face challenges in sustaining its reserve profile over
the medium term.

Derivation Summary

Saka's 'b-' SCP is comparable with that of other small independent
rated oil and gas companies globally. The ratings of Colombia's
Gran Tierra Energy International Holdings Ltd. (GTE, B/Rating Watch
Positive) and Frontera Energy Corporation (B/Stable) are
constrained to the 'B' category, due to the inherent operational
risks from their small scale and the low diversification of their
oil and gas production profiles.

Saka's low production of about 30 thousand of barrels of oil
equivalent per day (mboepd) is among the lower end of 'B' rated
peers. Fitch expecta Saka's production to grow to about 35mboepd,
which is still lower than GTE's forecast production of an average
of 45mboepd and Frontera's 42mboepd. GTE and Frontera have proved
reserve lives of 4.0 years and 8.6 years, respectively. Saka is
smaller in scale comparatively and is likely to face greater
challenges in sustaining its reserve profile, which explains the
difference in their standalone assessments.

GTE was placed on Rating Watch Positive due to a pending
acquisition that could potentially increase its production towards
60mboepd and extend its reserve life.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Oil (Brent) price of USD80/barrel (bbl) in 2024, USD70/bbl in
2025 and USD65/bbl thereafter, in line with Fitch's oil and gas
price assumptions;

- Natural gas sales prices based on contracted Indonesian
production prices for the next three years; Henry Hub price of
USD2.25/thousand cubic feet (mcf) in 2024, USD3.0/mcf in 2025 and
USD2.75/mcf thereafter;

- Oil and gas production averaging 32mboepd between 2024 and 2026
(2023: 29mboepd);

- Capex of around USD134 million in 2024, USD170 million in 2025
and USD294 million in 2026 (2023: USD85 million).

RATING SENSITIVITIES

Rating sensitivities do not apply, as the ratings have been
withdrawn.

Liquidity and Debt Structure

Liquidity Support from Parent Required: Fitch expects Saka to tap
its USD50 million joint facility in 2024, to bridge its small free
cash flow deficit and repay its USD120 million shareholder loans
due in December 2024. Saka has another shareholder loan of USD163
million due in December 2025, which Fitch expects to be rolled over
if it requires financing help. Saka is also likely to increase its
leverage to support its capex programme and is in discussions on
funding options.

Issuer Profile

Saka, a wholly owned subsidiary of PGN, engages in oil and gas
exploration and production and acts as PGN's upstream arm.

Public Ratings with Credit Linkage to other ratings
Saka's ratings benefit from a two-notch uplift from its SCP based
on its assessment of moderate linkages with the parent.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt           Rating           Prior
   -----------           ------           -----
PT Saka Energi
Indonesia          LT IDR B+  Affirmed    B+
                   LT IDR WD  Withdrawn   B+



===============
M A L A Y S I A
===============

GREENPRO CAPITAL: Falls Short of Nasdaq's Bid Price Requirement
---------------------------------------------------------------
Greenpro Capital, Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
received notice from The NASDAQ Stock Market that, because the
closing bid price for the Company's common stock has fallen below
$1.00 per share for 30 consecutive business days prior to September
16, 2024, the Company no longer complies with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market
pursuant to the Nasdaq Listing Rule 5550(a)(2). However, the Nasdaq
Listing Rules also provide the Company a compliance period of 180
calendar days (i.e. by March 17, 2025) in which to regain
compliance.

If at any time during this 180-day period, the closing bid price of
the Company's common stock is at least $1.00 for a minimum of ten
consecutive business days, the Company will be provided with
written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance, it may be
eligible for additional time. To qualify, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
the Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, the Nasdaq will inform that
Company that it has been granted an additional 180 calendar days.
However, if it appears to the Staff that the Company will not be
able to cure the deficiency, or if the Company is otherwise not
eligible, its common stock will be subject to delisting.

The Company is considering actions that it may take in response to
this notification in order to regain compliance with the continued
listing requirements, but no decisions about a response have been
made at this time.

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 21, 2024, citing that for the year ended
December 31, 2023, the Company incurred a negative cash flow from
operating activities of $1,594,718 and an accumulated deficit of
$36,549,095. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

Net income was $1,049,699 for the year ended December 31, 2023,
while the net loss was $6,262,188 for the year ended December 31,
2022. As of June 30, 2024, Greenpro had $6,756,871 in total assets,
$1,711,612 in total liabilities, and $5,045,259 in total
stockholders' equity.



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

DU VAL PROPERTY: Owes Creditors NZD237MM, Says PwC
--------------------------------------------------
Stuff.co.nz reports that the Du Val Property Group owes NZD237.4
million according to the company's statutory managers PwC.

According to Stuff, the accountancy firm, which has taken over the
running of the property company since it was put into statutory
management by Cabinet on August 21, released a report on Sept. 26,
detailing some of its financial figures.

In the report, statutory managers John Fisk, Stephen White and Lara
Bennett from PwC state that on August 31, the Group owed NZD170.7
million to first-ranking secured creditors, investors were owed
NZD41.2 million, NZD18 million to unsecured creditors, and
preferential creditors were owed NZD7.5 million, Stuff discloses.

PwC reports put the estimated external obligations at
NZD236,607,000, relays Stuff.

However, co-founder of Du Val, Kenyon Clarke told Stuff on Sept. 19
that he refutes those figures.

Stuff relates that PwC's report said that on appointment as
statutory managers, it gave notice to parties with a registered
security interest, issued requests for information to the Group's
advisors, issued requests for books, record and information about
the affairs of the relevant entities to all directors, wrote to all
known investors, and briefed staff.

PwC said it is continuing to work with a wide range of stakeholders
of Du Val to seek positive outcomes for those who have been
impacted, Stuff notes.

Construction works on two of the three development sites active at
the date of its appointment have continued, with settlement of
pre-sale contracts occurring as units are completed. At the third
site, on which only civil works had commenced, proposals for
ongoing works are under consideration in consultation with the
secured funder, Stuff relates.

PwC said its investigations and analysis are ongoing and matters
remain before the Court, it is unable to comment further, according
to the report.

Stuff recalls that when Du Val was placed into statutory
management, Commerce and Consumer Affairs Minister Andrew Bayley
said it was to "protect investors and creditors from further
losses". But a group of minor shareholders of Du Val, which doesn't
include Kenyon or Charlotte Clarke disagree, Stuff relays.

In a letter to Minister Bayly on September 3, the shareholders
claim the situation with Du Val has worsened since August 21.

In response, Minister Bayly said: "I am conscious that the reasons
for my decision and the recommendation from the FMA have not yet
been made available to the public," he wrote.

"This is due to the ongoing court proceedings and FMA investigation
requiring a level of confidentiality."

                         About Du Val Group

Du Val Group develops large-scale residential projects in New
Zealand, renowned for their innovative design.

As reported in the Troubled Company Reporter-Asia Pacific in late
August 2024, the Financial Markets Authority on Aug. 21, 2024,
confirmed that the Governor-General, on the advice of the Minister
of Commerce and Consumer Affairs given in accordance with a
recommendation from the FMA, declared a number of entities within
the Du Val group be placed in statutory management under the terms
of the Corporations (Investigation and Management) Act 1989 (the
Corporations Act).

Statutory management for these entities was announced by the
Minister on Aug. 21, effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.

GEO LIMITED: McGrathNicol Appointed as Receivers
------------------------------------------------
Andrew Grenfell and Kare Johnstone of McGrathNicol on Sept. 24,
2024, were appointed as receivers and managers of Geo Limited.

The receivers and managers may be reached at:

          McGrathNicol
          Level 17, 41 Shortland Street
          Auckland


MINERVA HOLDINGS: Creditors' Proofs of Debt Due on Oct. 25
----------------------------------------------------------
Creditors of Minerva Holdings Limited are required to file their
proofs of debt by Oct. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2024.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


NEW SUNRISES: Creditors' Proofs of Debt Due on Oct. 18
------------------------------------------------------
Creditors of New Sunrises Limited are required to file their proofs
of debt by Oct. 18, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 18, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



PRECISION LATHING: Creditors' Proofs of Debt Due on Oct. 25
-----------------------------------------------------------
Creditors of Precision Lathing Limited are required to file their
proofs of debt by Oct. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2024.

The company's liquidators are:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042
          Christchurch


WELLINGTON COMBINED: First Creditors' Meeting Set for Oct. 4
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Wellington
Combined Taxis Limited, Combined Finance Limited and Wellington
Combined Properties Limited will be held on Oct. 4, 2024 at 2:00
p.m. at the offices of BDO at Level 1, 50 Customhouse Quay in
Wellington.

Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed as administrators of the company on Sept. 24, 2024.




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

ADVANCE APPROACH: Creditors' Meeting Set for Oct. 8
---------------------------------------------------
Advance Approach (S) Pte Ltd will hold a meeting for its creditors
on Oct. 8, 2024, at 4:00 p.m. at 133 New Bridge Road, #08-01
Chinatown Point, in Singapore and using audio visual conference
tool.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.



BOTANIQUE INVESTMENT: Creditors' Meeting Set for Oct. 9
-------------------------------------------------------
Botanique Investment Pte Ltd will hold a meeting for its creditors
on Oct. 9, 2024, at 3:00 p.m. at 8 Wilkie Road, #03-08 Wilkie Edge,
in Singapore through an audio-visual conference.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.


GRACE OCEAN: U.S. Slams Attempt to Limit Liability Over Disaster
----------------------------------------------------------------
In In re Grace Ocean Private Limited and Synergy Marine Pte Ltd.
(D. Md., Case No. 1:24-cv-00941), the United States filed a claim
and action on September 18, 2024, against Grace Ocean and Synergy,
as owner and technical manager, respectively, of M/V DALI, the
container cargo vessel registered in and sailing under the flag of
Singapore, which allided with and destroyed the Francis Scott Key
Bridge in Baltimore, Maryland, on March 26, 2024.

The United States brings its claim against Grace Ocean and Synergy
pursuant to the general maritime law of the United States; the
Rivers and Harbors Appropriation Act of 1899 ("Rivers and Harbors
Act"), 33 U.S.C. Sections 401 et seq., as amended; the Oil
Pollution Act of 1990, 33 U.S.C. Sections 2701-2762; and the law of
public nuisance, to recover the United States' costs and other
damages stemming from the disaster.

According to the United States, "Th[e] tragedy was entirely
avoidable. The electrical and mechanical systems on the DALI were
improperly maintained and configured in a way that violated safety
regulations and norms for international shipping. These problems
precipitated a power loss and then a cascading series of failures
that culminated in the allision. As events unfolded, and because of
the unseaworthy condition of the ship, none of the four means
available to help control the DALI-her propeller, rudder, anchor,
or bow thruster-worked when they were needed to avert or even
mitigate this disaster."

The United States further said that, "The ship's owner and
manager--who now ask the Court to limit their liability to less
than $44 million--sent an ill-prepared crew on an abjectly
unseaworthy vessel to navigate the United States' waterways. They
did so to reap the benefit of conducting business in American
ports. Yet they cut corners in ways that risked lives and
infrastructure. Those responsible for the vessel must be held fully
accountable for the catastrophic harm they caused, and punitive
damages should be imposed to deter such misconduct."

The United States said it incurred losses and damages as a result
of Petitioners' negligence in the total amount of approximately
$103,078,056.

                         *     *    *

"Those costs should be borne by the shipowner and operator, not the
American taxpayer," The New York Times quotes Benjamin Mizer, the
department's third-ranking official, who oversees the civil
division among others, as saying. He added that the department
would be seeking punitive damages as well, "to try to keep this
type of conduct from ever happening again."

In an email message on Wednesday morning [Sept. 18], Darrell
Wilson, a representative of Grace Ocean and Synergy Marine, said
that the government's action was anticipated, given the Sept. 24
deadline for filing such claims, NY Times relates.

"The owner and manager will have no further comment on the merits
of any claim at this time, but we do look forward to our day in
court to set the record straight," Mr. Wilson added, notes the
report.

Justice Department officials said they could not comment on the
status of a separate federal criminal investigation into the crash,
the NY Times relays.

The Dali, as long as the height of the Eiffel Tower, lost power and
slammed into the Key Bridge on March 26, causing the bridge to
collapse and killing six men who were repairing pavement on the
bridge, recounts NY Times.

On Sept. 17, the families of three of the men who were killed
announced that they, too, were suing the owner of the Dali, notes
the the NY Times.

A Justice Department official said Sept. 18 that the state of
Maryland would attempt to recoup the cost of rebuilding the bridge
through legal actions, adds the report.

INTERASIA TRAVEL: Creditors' Meeting Set for Oct. 8
---------------------------------------------------
Interasia Travel Goods Pte Ltd will hold a meeting for its
creditors on Oct. 8, 2024, at 3:00 p.m. at 133 New Bridge Road,
#08-01 Chinatown Point, in Singapore and using audio visual
conference tool.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.


LA MEXICANA: Court to Hear Wind-Up Petition on Oct. 18
------------------------------------------------------
A petition to wind up the operations of La Mexicana Pte Ltd will be
heard before the High Court of Singapore on Oct. 18, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 19, 2024.

The Petitioner's solicitors are:

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


MAXEON SOLAR: Receives Nasdaq Delisting Notice, Seeks Hearing
-------------------------------------------------------------
Maxeon Solar Technologies, Ltd. announced that it received a Staff
Determination letter from the staff of the Listing Qualifications
Department of the Nasdaq Stock Market LLC notifying the Company of
the Staff's determination to delist the Company's securities from
The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule
5810(c)(3)(A)(iii) because, as of September 16, 2024, the Company's
securities had a closing bid price of $0.10 or less for ten
consecutive trading days.

On September 20, the Company submitted a hearing request through
the Nasdaq Listing Center, which will automatically stay any
delisting action or filing of the Form 25-NSE pending such hearing
in accordance with Nasdaq Listing Rule 5815(a)(1).

On August 29, 2024, the shareholders of the Company at the Annual
General Meeting of Shareholders approved by ordinary resolution the
consolidation of every 100 existing issued ordinary shares
(including treasury shares) into one ordinary share of the Company.
The Company's board of directors is in the process of taking the
necessary actions to implement a reverse stock split which the
Company believes will bring the bid price for the Company's
ordinary shares above the US$1.00 per share minimum bid price
requirement as set forth by Nasdaq Listing Rule 5450(a)(1).

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.

XIN BAO: Commences Wind-Up Proceedings
--------------------------------------
Members of Xin Bao Pte Ltd on Sept. 16, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Mr. Goh Wee Teck
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: DOJ Slams Bankruptcy Plan
-----------------------------------------
Evan Ochsner of Bloomberg Law reports that Terraform Labs Pte.'s
liquidation plan contains expansive liability protections that
exceed the limits of bankruptcy law, the Justice Department's
bankruptcy watchdog said.

Under Third Circuit precedent, parties that receive liability
releases need to make a substantial contribution to the debtor's
bankruptcy plan, the US Trustee said. But Terraform's plan releases
people in positions that won't even exist until after its
bankruptcy plan becomes effective, including a plan administrator
and a wind down trustee.

Unless the US Bankruptcy Court for the District of Delaware
determines those parties made a substantial contribution, the
proposed releases can't be approved as part of the plan, the US
Trustee said in a Sept. 12 objection.

Terraform, a fallen digital asset firm, filed Chapter 11 in January
after saying it couldn't pay penalties sought by federal
regulators. In June, it agreed to pay $4.47 billion to resolve a US
Securities and Exchange Commission lawsuit over the firm's 2022
collapse.

The plan's exculpation provisions, which provide liability
protections for people who worked on the bankruptcy, are also
overly broad because they cover an advisory board that won't be
formed until after the plan's effective date, according to the
objection. The Third Circuit has held that exculpation provisions
can only cover conduct during bankruptcy, the US Trustee said.

"The Plan's definition of Exculpated Parties is inconsistent with
controlling case law because it is not limited to estate
fiduciaries," the US Trustee, which frequently objects to liability
protection provisions in bankruptcy plans, said.

Further, Terraform itself acknowledged that it isn't entitled to a
discharge barring debt collections, and discharges aren't permitted
in liquidation plans, the US Trustee said. But Terraform's plan
contains an injunction that would act as an impermissible
discharge, according to the objection.

"The Debtors should not be able to achieve something that is
expressly prohibited," the trustee said.

Terraform is represented by Weil, Gotshal & Manges LLP and Richards
Layton & Finger, PA.

                     About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor tapped Richards, Layton & Finger, P.A. as local counsel;
Weil, Gotshal & Manges LLP as attorney; Dentons US LLP as special
litigation counsel; WongPartnership LLP as special foreign counsel;
and Alvarez & Marsal North America, LLC as financial advisor.

TERRAFORM LABS: To Shutdown Products, Services if No Buyers Step up
-------------------------------------------------------------------
Cointelegraph.com reports that Terraform Labs will shut down a
number of products and services on Oct. 30 if no third parties step
up to take them over, the company warned on X on Sept. 25. The
selloff is part of Terraform's wind-down after settling with the
United States Securities and Exchange Commission (SEC) in June.

Terraform "continues with progress with 3rd party discussions," it
said. Apparently, the discussions are not going ideally, and the
tweet reminds both the Terraform community and prospective buyers
of Terraform products that their time to act is limited,
Cointelegraph.com relays.

According to Cointelegraph.com, Terraform listed four services and
four products that are under discussion. The services include the
foundation - the Luna Foundation Guard, of which Do Kwon remains
the director, the blockchain explorer and its application
programming interface (API) services.

Cointelegraph.com says the planned takeovers have been in the works
for a while. Terraform CEO Chris Amani announced the company's
intentions on June 12, after it reached its settlement with the
SEC.

According to Cointelegraph.com, the Terraform community would be
asked to take on some of the responsibility for meeting the terms
of the bankruptcy.

"The community will need to take over ownership of the chain. I
believe there are a couple teams and devs who want to do this and
you should be seeing information in the forums soon," Mr. Amani
said in June. The community would logically take over the network's
basic services.

Pisco testnet APIs shut down in early September in connection with
the Terraform bankruptcy plan, Cointelegraph.com notes. Pulsar
Finance may have a buyer already, as it is omitted from the list of
products for sale, even though its sale was mentioned in June.

                     About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor tapped Richards, Layton & Finger, P.A. as local counsel;
Weil, Gotshal & Manges LLP as attorney; Dentons US LLP as special
litigation counsel; WongPartnership LLP as special foreign counsel;
and Alvarez & Marsal North America, LLC as financial advisor.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***