/raid1/www/Hosts/bankrupt/TCRAP_Public/241226.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, December 26, 2024, Vol. 27, No. 259
Headlines
A U S T R A L I A
BST TOTAL: First Creditors' Meeting Set for Jan. 6
FAB BLOODSTOCK: Second Creditors' Meeting Set for Jan. 3
FLOSS BOTTOM: Second Creditors' Meeting Set for Jan. 6
MAMMOTH CIVIL: ASIC Bans Perth Property Developer for Four Years
C H I N A
POET TECHNOLOGIES: To Complete Offering of 5MM Units for $25-Mil.
WANDA GROUP: Isn't Obliged to Buy Back Unit's Shares From Sunac
I N D I A
ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
ADVANTAGE RAHEJA: Insolvency Resolution Process Case Summary
APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
DYNAMIX CHAINS: CRISIL Keeps D Debt Ratings in Not Cooperating
FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating
GATI INFRASTRUCTURE: Liquidation Process Case Summary
H.V. SYNTHETICS: Liquidation Process Case Summary
HARE KRISHNA: Insolvency Resolution Process Case Summary
MANGALDEEP RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
MARVELOUS METALS: Insolvency Resolution Process Case Summary
MEDICON LEATHER: CRISIL Keeps D Debt Rating in Not Cooperating
MSV CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
NORTH WESTERN: ICRA Keeps D Debt Rating in Not Cooperating
PARAS FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
REACHNET CABLE: Insolvency Resolution Process Case Summary
S.K. COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category
SCHEMA ENTERPRISES: Liquidation Process Case Summary
SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating
SHIVA FERRIC: ICRA Keeps B+ Debt Rating in Not Cooperating
SLV POWER: ICRA Withdraws D Rating on INR104.60cr Term Loan
TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIVENI SILK: ICRA Keeps B Debt Ratings in Not Cooperating
UNIGLOBAL VENTURES LLP: Insolvency Resolution Process Case Summary
VINAYAK IRON: Insolvency Resolution Process Case Summary
YANTRA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
YATIN STEELS: Liquidation Process Case Summary
I N D O N E S I A
REJEKI ISMAN: BNI Works With Creditors to Ensure Co's Continuity
REJEKI ISMAN: Furloughs 3,000 After Bankruptcy Appeal Rejected
M A L A Y S I A
1MDB: Files Suit vs Amicorp Seeking Over $1BB for Alleged Fraud
CAPITAL A: Submits Regularisation Plan Bursa to Exit PN17
N E W Z E A L A N D
ADAM STEWART: Creditors' Proofs of Debt Due on Jan. 16
PRIMAL REHAB: Court to Hear Wind-Up Petition on Feb. 25
TECHREC LIMITED: Court to Hear Wind-Up Petition on Feb. 10
S I N G A P O R E
JUST COLLECTION: Commences Wind-Up Proceedings
METIS PRESCHOOL: Court Enters Wind-Up Order
NTG HOLDINGS: Commences Wind-Up Proceedings
SEATOWN KINGFISHER: Creditors' Proofs of Debt Due on Jan. 20
YELLOW BOOTS: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
BST TOTAL: First Creditors' Meeting Set for Jan. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of BST Total
Pty Ltd will be held on Jan. 6, 2025 at 12:00 p.m. via Microsoft
Teams.
David Henry Sampson of BPS Resolved was appointed as administrator
of the company on Dec. 20, 2024.
FAB BLOODSTOCK: Second Creditors' Meeting Set for Jan. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Fab Bloodstock
Pty Ltd, Fab Holdings Australasia Pty Ltd, Fab Industrial Pty Ltd,
Fab Industrial Logistics Queensland Pty Ltd, Fab Industrial
Logistics Victoria Pty Ltd, Fab Industrial Logistics Western
Australia Pty Ltd, and Fab Australasia Pty Ltd has been set for
Jan. 3, 2025 at 10:00 a.m. and 11:30 a.m. respectively, at the
offices of Mackay Goodwin at Level 12, 20 Bridge Street in Sydney.
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 Jan. 2, 2025 at 4:00 p.m.
Domenico Alessandro Calabretta, Andrew Quinn and Liam Bellamy of
Mackay Goodwin were appointed as administrators of the company on
Dec. 26, 2024.
FLOSS BOTTOM: Second Creditors' Meeting Set for Jan. 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Floss Bottom
Pty Ltd and Furry Meatball Pty. Ltd. has been set for Jan. 6, 2025
at 3:00 p.m. at the offices of Cor Cordis Level 29, 360 Collins
Street in Melbourne and by Microsoft Teams video conference.
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 Jan. 5, 2025 at 5:00 p.m.
Rachel Burdett and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Nov. 27, 2024.
MAMMOTH CIVIL: ASIC Bans Perth Property Developer for Four Years
----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Allen Bruce Caratti, of Perth, Western Australia, from
managing corporations for a period of 4 years, after his
involvement in three failed companies.
Mr. Caratti was a director of three failed companies between 2005
and 2017:
* ACN 142 745 337 Pty Ltd (ACN 626 936 605) (formerly Mammoth
Civil Pty Ltd) ('Mammoth Civil');
* Whitby Land Company Pty Ltd (ACN 115 233 193) ('Whitby'); and
* MNWA Pty Ltd (ACN 101 717 177) ('MNWA').
The three companies operated in Perth, WA, where each of them
engaged in land development.
ASIC found there were significant failures of governance and
oversight by Mr. Caratti in the management of the three companies,
in that:
* Mammoth Civil failed to lodge an income tax return with the
Australian Taxation Office ('ATO') for the financial year
ending June 30, 2015 and failed to maintain proper business
records;
* Whitby failed to register for an Australian Business Number
or tax file number, to lodge business activity statements
between 2011 to 2012 and to lodge income tax returns for the
years 2011 to 2013. Whitby also provided the ATO with
inconsistent information on land development costs and failed
to report to the ATO part of the sales of land in one of the
company's land developments; and
* MNWA provided unsupported claims to the ATO for tax
deductions for the period July 1, 2009 to June 30, 2012 and
failed to maintain proper business records.
During ASIC's consideration of this matter, Mr. Caratti provided a
signed assurance that he would resign his director and secretary
positions of certain companies which did not actually occur, thus
he was either willingly or carelessly making false representations
to ASIC. ASIC found this supported the disqualification decision.
ASIC also found support for the disqualification decision having
regard to a conviction for failing to assist the liquidator in
respect of Whitby and for failing to tell the liquidator the
location of the business records in respect of MNWA.
In deciding to disqualify Mr. Caratti, ASIC relied upon statutory
reports lodged by Robert Kirman of McGrathNicol, Perth, WA, who was
the Registered Liquidator appointed for each of the three
companies. ASIC assisted Mr Kirman to prepare his supplementary
report for each of the three companies by providing funding from
the Assetless Administration Fund.
On Oct. 8, 2024, Mr. Caratti applied to the Administrative Appeals
Tribunal (now the Administrative Review Tribunal) for a review of
ASIC's disqualification decision, and a stay order in respect of
the disqualification decision as well as a stay order on ASIC
issuing a Media Release.
On Dec. 16, 2024, the Administrative Review Tribunal refused Mr.
Caratti's application for a stay order. The substantive review
application remains ongoing.
=========
C H I N A
=========
POET TECHNOLOGIES: To Complete Offering of 5MM Units for $25-Mil.
-----------------------------------------------------------------
Poet Technologies Inc. (TSXV: PTK; NASDAQ: POET) disclosed in a
Form 6-K filing with the U.S. Securities and Exchange Commission
that it intends to complete a non-brokered public offering of
5,000,000 units of the Corporation at a price of US$5.00 (C$7.08)
per Unit for aggregate gross proceeds to the Corporation of US$25
million.
Each Unit will be comprised of one common share of the Corporation
and one-half of one common share purchase warrant of the
Corporation, with each Warrant being exercisable to acquire one
Common Share at a price of US$6.00 (C$8.50) for a period of five
years from the date of issuance.
The Issue Price represents a premium over the closing price of the
Common Shares on the TSX Venture Exchange on Dec. 11, 2024. The
Corporation anticipates using the net proceeds of the Offering for
working capital and general corporate purposes. It is anticipated
that the Offering will close on or about December 19, 2024.
The Offering will be made by way of a prospectus supplement to the
short form base shelf prospectus of the Corporation dated September
6, 2024, which Prospectus Supplement will be prepared and filed by
the Corporation prior to the closing of the Offering with the
securities regulatory authorities in each of the provinces and
territories of Canada, as well as with the U.S. Securities and
Exchange Commission as part of the Corporation's U.S. registration
statement on Form F-10 ("Form F-10") (Registration No. 333-280553)
under the U.S.-Canada Multijurisdictional Disclosure System, with
such additions thereto and deletions therefrom as may be permitted
or required by Form F-10. The Offering is expected to be fully
subscribed by a single institutional investor in Canada that
qualifies as an "accredited investor" under National Instrument
45-106 Prospectus Exemptions of the Canadian Securities
Administrators.
The consummation of the Offering remains subject to the receipt of
all regulatory approvals, including the approval of the TSX Venture
Exchange (the "Exchange"), and the satisfaction of other customary
closing conditions. No commission or finder's fee will be paid in
connection with the Offering.
About POET Technologies Inc.
POET Technologies Inc. (TSX Venture: PTK; NASDAQ: POET) --
https://www.poet-technologies.com -- is a designer and developer of
the POET Optical Interposer(TM), Photonic Integrated Circuits
(PICs) and light sources for the data center, tele-communication
and artificial intelligence markets. POET's Optical Interposer
platform also solves device integration challenges in 5G networks,
machine-to-machine communication, self-contained "Edge" computing
applications, and sensing applications, such as LIDAR systems for
autonomous vehicles. POET is headquartered in Toronto, Canada, with
operations in Allentown, PA, Shenzhen, China, and Singapore.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations. These Conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
WANDA GROUP: Isn't Obliged to Buy Back Unit's Shares From Sunac
---------------------------------------------------------------
Yicai Global reports that Wanda Group has no contractual obligation
to repurchase CNY9.5 billion (USD1.3 billion) of a unit's shares
from Sunac Group, another cash-strapped Chinese developer,
following an alleged breach in an investment deal, according to an
insider.
Sunac has no contractual basis for seeking the equity repurchase,
as no so-called bet-on agreement was included in the contract, the
source at Wanda said, adding that Sunac's demand is therefore
without foundation, Yicai relates.
A bet-on agreement, also known as a Valuation Adjustment Mechanism
agreement, is a contractual arrangement between parties that
typically requires the obligated party to meet specific milestones
by a set date. If unmet, these clauses often trigger financial
consequences for the obligated party.
According to Yicai, Sunac filed for arbitration of the matter with
the China International Economic and Trade Arbitration Commission
in January and a case was opened in March, the person said. A
decision is expected soon.
The case results from a January 2018 deal in which Sunac,
Suning.Com, Tencent Holdings, and JD.Com invested CNY34 billion
(USD4.6 billion) in Dalian Wanda Commercial Management Group in
return for a 14 percent stake on the premise that Wanda would soon
take the unit public, The Paper reported on Dec. 19, Yicai relays.
Sunac spent CNY9.5 billion for a 3.9 percent shareholding.
The parties signed a bet-in agreement that the unit would be listed
on the stock market before Oct. 31, 2023, but this has yet to
happen, The Paper said, citing people familiar with the matter.
Both Sunac and Wanda are in financial difficulties, Yicai notes. In
the first half of the year, Tianjin-based Sunac reported a net loss
of CNY15 billion after revenue slumped 41 percent to CNY34.3
billion, Yicai discloses.
Yicai adds that Wanda has recently secured new investors, logging
net profit of CNY4.8 billion and revenue of CNY26.9 billion in the
first half. However, it had CNY69.1 billion of non-current
liabilities due within one year and cash reserves of around CNY10.5
billion as of June 30.
Founded in 1988 and headquartered in Dongying, Shandong, Wanda
Group Co., Ltd. is a privately-owned company operating multiple
business segments including (1) refining (mainly refineries of
diesel and gasoline); (2) tire production; (3) the manufacture of
electric cables; (4) the manufacture of chemical products,
including methacrylate butadiene styrene and polyacrylamide; and
(5) electronics, including the production of polyimide film.
=========
I N D I A
=========
ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhiraj
Corporation (AC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.05 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letter and email dated November 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D Issuer not cooperating'.
Set up in 2013 as a partnership firm, Ichalkaranji,
Maharashtra-based AC trades in yarn. Its operations are managed by
Mr Prathamesh Dhamane along with the partners Mr Ashok Jathar and
Mr Vijay Jadhav.
ADVANTAGE RAHEJA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Advantage Raheja Hotels Private Limited
4th floor, Raheja Chambers,
Linking Road and Main Avenue,
Santacruz-West, Mumbai,
Maharashtra, India, 400054
Insolvency Commencement Date: December 17, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 15, 2025
Insolvency professional: Jayesh Natvarlal Sanghrajka
Interim Resolution
Professional: Jayesh Natvarlal Sanghrajka
405-407, Hind Rajasthan Building,
D. S. Phalke Road, Dadar East,
Mumbai 400014
Email: jayesh.sanghrajka@incorpadvisory.in
Email: cirp.advantagerahejahotels@gmail.com
Last date for
submission of claims: December 31, 2024
APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Conveyor Private Limited (ACPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.95 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.90 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letter and email dated November 11,
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 ACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ACPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.
CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ceasan Glass
Private Limited (CGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Funded Interest 1.94 CRISIL D (Issuer Not
Term Loan Cooperating)
Long Term Loan 12.1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.46 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2.5 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with CGPL for
obtaining information through letter and email dated November 11,
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 CGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CGPL continues to be 'CRISIL D Issuer not cooperating'.
CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in
Ongole, Andhra Pradesh, the company manufactures figured,
patterned, or wired glass.
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Coastal
Consolidated Structures Private Limited (CCSPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCSPL for
obtaining information through letter and email dated November 11,
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 CCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
CCSPL, established in 1996 by Mr M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road and
ports work. It is headquartered in Vijayawada (Andhra Pradesh).
DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dwarikamayee
Bhandar (DB; part of Maa Kalika group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.7 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 5.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DB for
obtaining information through letter and email dated November 11,
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 DB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DB
continues to be 'CRISIL D Issuer not cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of DB, Kohenoor Industries
(KI), Shree Krushna Enterprises (SKE) and Maa Kalika Bhandar (MKB).
The firms, together referred to as the Maa Kalika group, are under
a common management with common customer and supplier base.
Moreover, the promoters treat the four entities as one single group
for funding and support.
The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.
DYNAMIX CHAINS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dynamix
Chains Manufacturing Private Limited (Dynamix) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 4.97 CRISIL D (Issuer Not
Term Loan Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Post Shipment Credit 9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 35.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.84 CRISIL D (Issuer Not
Cooperating)
Working Capital 15.89 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with Dynamix for
obtaining information through letter and email dated November 11,
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 Dynamix, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Dynamix is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Dynamix continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix Chains, SAY India Jewellers Pvt
Ltd (Say India), Lily Jewellery Pvt Ltd (Lily), Yash Jewellery Pvt
Ltd (Yash), Rolly Jewellery Pvt Ltd (Rolly), Dania Oro Jewellery
Pvt Ltd (Dania), Jewel America Inc (Jewel America) and Barjon Inc
(Barjon). This is because these entities, collectively referred to
as the Dynamix group, are under a common promoter group, in the
same line of business, and have operational synergies and fungible
cash flows among them.
About the Group
The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka. The group manufactures
gold, silver, and diamond-studded jewellery, which is mainly
exported to countries such as the US and the UK.
Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India, Lily,
Dania Oro and Yash (set up in May 1995, February 2004, February
2006, and November 2006, respectively), export diamond-studded gold
jewellery, while Rolly (established in January 2005) exports
light-weight electro-form jewellery. Jewel America, a leading
jewellery wholesaler in the US, was acquired by the group in
February 2009.
FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fenix Process
Technologies Private Limited (FPTPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Export Packing
Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.02 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.48 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FPTPL for
obtaining information through letter and email dated November 11,
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 FPTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPTPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr. M
V Rao. The company undertakes process engineering and
manufacturing, involving the provision of complete design,
engineering, and equipment solutions for distillation and other
mass-transfer operations.
GATI INFRASTRUCTURE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Gati Infrastructure Bhasmey Power Private Ltd
104/105, 4th Floor, Surya Towers,
Sardar Patel Road, Secunderabad
Hyderabad, Telangana - 500003,
Project At:
Rangpo-Rorthang Road,
Bhasmey East Sikkim – 737132
Liquidation Commencement Date: December 6, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: MS Mano Ranjani
Flat 122, Vasavi Indraprastha Street 1,
Czech Colony, Sanathnagar,
Hyderabad 50001 Telagana
Email: mano3ranjani@gmail.com
-- and --
@Metlaws
Unit 208, Fairmount Fortune One,
Near Erragadda Metro Station,
Czech Colony,
Sanathnagar, Hyderabad, Telangana 500018
Email: gatiinfra.ibc@gmail.com
Last date for
submission of claims: January 12, 2025
H.V. SYNTHETICS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: H.V. Synthetics Private Limited
225/2 Madhu Textile Mills Compound
B/H Asoaplav Hotel Near Narol Circle
Ahmedabad 382405
Liquidation Commencement Date: December 11, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Pinakin Surendra Shah
A/201 Siddhi Vinayak Towers,
Next to Kataria House,
Off S.G. Highway,
Makaraba, Ahmedabad-380051, Gujarat
Email: pinakincs@gmail.com
Email: liq.hvs@gmail.com
Last date for
submission of claims: January 10, 2025
HARE KRISHNA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Hare Krishna MediaTech Private Limited
Unit No. 1201, Aston,
Sundervan Complex Lokhandwala Road,
Andheri (West), Mumbai,
Maharashtra, India - 400053
Insolvency Commencement Date: December 12, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 10, 2025
Insolvency professional: CA Bharati Manoj Daga
Interim Resolution
Professional: CA Bharati Manoj Daga
94B, Palash Tower,
Veera Desai Rd,
Andheri West, Near Country Club,
Mumbai Suburban, Maharashtra 400053
Email: bharteedaga1008@gmail.com
Email: cirp.harekrishna@gmail.com
Last date for
submission of claims: December 26, 2024
MANGALDEEP RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangaldeep
Rice Mill Private Limited (MRM) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating, Withdrawn)
Term Loan 8.24 CRISIL D (Issuer Not
Cooperating, Withdrawn)
CRISIL Ratings has been consistently following up with MRM for
obtaining information through letter and email dated June 11, 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 MRM. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MRM continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has withdrawn its ratings on the bank facilities of
MRM on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of MRM.
MRM, incorporated in 2010-11 (refers to financial year, April 1 to
March 31), processes paddy. It has milling capacity of 4 tonnes per
hour and sells mainly to the Government of Bihar under the public
distribution system. It also sells in the local market.
MARVELOUS METALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Marvelous Metals Private Limited
E-3, MIDC, Gokul Shirgaon, Kolhapur,
Maharashtra, India - 416234
Insolvency Commencement Date: December 13, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 11, 2025
Insolvency professional: Anuj Bajpai
Interim Resolution
Professional: Anuj Bajpai
708, Raheja Centre,
Nariman Point, Mumbai City,
Maharashtra - 400021
Email: anuj19603@yahoo.co.in
-- and --
Resurgent Resolution Professionals LLP
602, 6th Floor, Central Plaza, 166 CST Road,
Kolivery Village, Vidya Nagari, Kalina,
Santacruz (East), Mumbai - 400098
Email: cirp.marvelous@resurgentrpl.com
Last date for
submission of claims: December 30, 2024
MEDICON LEATHER: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Medicon
Leather Private Limited (MLPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with MLPL for
obtaining information through letter and email dated November 11,
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 MLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MLPL continues to be 'CRISIL D Issuer not cooperating'.
MLPL was incorporated in 1987. It is engaged into manufacturing of
leather products such as belts, bags, wallets, etc. It has
manufacturing facility locate in Bommanahalli-Bangalore. It is
promoted by Mr. Sangieve Bulchandani and Neeta Bulchandani.
MSV CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSV continue
to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.51 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft Facility 10.90 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Bank 8.41 CRISIL D (ISSUER NOT
Guarantee COOPERATING)
Proposed Term Loan 3.1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with MSV for
obtaining information through letter and email dated November 11,
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 MSV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSV continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Karnataka-based MSV undertakes civil construction works, mainly
road works for government departments.
M S Venkatesh was set up in 1990 as a sole proprietorship concern
in Bengaluru. It is registered as a Class IA contractor with BBMP.
It was reconstituted as a partnership between M. S. Venkatesh, M V
Harshith Chowdary, Marappa Nayadu, K Vooha and M V Pruthvi Shree in
Oct 2020.
NORTH WESTERN: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of North
Western Karnataka Road Transport Corporation (NWKRTC) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 250.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NWKRTC, ICRA has been trying to seek information from the
entity so as to monitor its performance further, despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The NWKRTC was incorporated in November 1997 as an independent
entity under Section 3 of the Road Transport Corporation (RTC) Act,
1950 as a charitable trust, with the aim of providing a public
transport system to the commuters in the northwestern region of
Karnataka. As on March 31, 2020, with a fleet strength of around
5,071, NWKRTC has been operating close to 4662 schedules daily
through 51 depots and it has around 23,200 personnel on its
payrolls. In FY2020, on a provisional basis, the entity reported a
net loss of INR157.1 crore on an operating income of INR2019.0
crore compared to a net loss of INR89.1 crore on an operating
income of INR2027.6 crore in FY2019.
PARAS FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Paras
Foods in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Paras Foods, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in the 2005, Paras Foods is a partnership firm engaged
in processing and sorting of basmati and non basmati rice. The
firm's milling unit is based out of Karnal, Haryana, in close
proximity to the local grain market. The firmsells rice under its
registered brands in the domestic market - Malberry and Namstey
Jee. The firm is also involved in export of rice. The firm has two
sortex machines with sorting capacity of 5 tonnes per hour. The
management has increased its focus on sales of rice under its own
brand name in order to increase its realization. The focus on
branded rice sales is expected to increase further in the current
year. The entity tries to differentiate itself by selling branded
rice in the domestic rice which are sold in different packs of 5,
10, 25 and 40kg respectively.
R.S. AJIT: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating of R.S. Ajit Singh & Co.
(Automotives) Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with R.S. Ajit Singh & Co.(Automotives) Pvt. Ltd., ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
R.S. Ajit Singh & Co. (Automotives) Private Limited is an
authorized dealership of vehicles manufactured by Volvo Eicher
Commercial Vehicles Limited (VECV) in the Delhi region. The company
trades in Medium and Heavy Commercial vehicle (M&HCV), Light
commercial vehicle (LCV) and Busesfor VECV. The head office for the
company is located in Wazirpur Industrial Area, Delhi from where
all the sales activity is controlled. The day-to-day operations for
the company are looked after by Mr. Bhavinder Singh Khurana with
the support of other directors.
REACHNET CABLE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Reachnet Cable Services Private Limited
Unit No. 41A/44, Lagacy Building,
4th Floor 25A Shakespeare Sarani,
Kolkata, West Bengal, India 700017
Insolvency Commencement Date: December 13, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 11, 2025
Insolvency professional: CA Bharati Manoj Daga
Interim Resolution
Professional: CA Bharati Manoj Daga
94B, Palash Tower,
Veera Desai Rd,
Andheri West,
Near Country Club,
Mumbai Suburban, Maharashtra 400053
Email: bharteedaga1008@gmail.com
Email: cirp.reachnet@gmail.com
Last date for
submission of claims: December 27, 2024
S.K. COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of S.K.
Cotton Industries (SKCI) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B (Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SKCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
SKCI, promoted by Mr. Murtaza Shakir, Mr. Mohammad Shakir, and Mr.
Khujema Shakir and incorporated in 2011, is engaged in ginning and
pressing of cotton to produce cotton bales and cotton seeds. The
manufacturing unit of the firm is located in Jalgaon district in
Maharashtra with an installed capacity of 180 bales per day. The
plant has 24 Double Rolled gins.
SCHEMA ENTERPRISES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Schema Enterprises Private Limited
Soham House, Hari Om Nagar
Off. Eastern Express Highway,
Mulund (East), Mumbai
Maharashtra, India 400081
Liquidation Commencement Date: December 13, 2024
Court: National Company Law Tribunal, Mumbai Bench III
Liquidator: Arun Kapoor
G-601, Army Co-operative Housing Society
Sector-09, Nerul (East), Navi Mumbai
Maharashtra 400706
Email: arun.kapoor58@yahoo.in
-- and --
Arun Kapor
c/o Ancoraa Resolution-1412
14th Floor, Real Tech Park
Sector 30 A, Vashi
Navi Mumbai 400703
Email: liq.schema@ancoraa.com
Last date for
submission of claims: January 16, 2025
SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Shankaranarayan Jewellers (SJ) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 5.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SJ, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Shankaranarayan Jewellers (SJ) was established in 2001 by Mr. P V
Mahesh as a partnership firm, for manufacturing and wholesale of
gold Jewellery with operations based out of Bangalore. The firm
also operates in retail space through its outlet based in
Basavanagudi, Bangalore. The business operations are managed
jointly by Mr. P V Mahesh and his son, Mr. Tejas.
SHIVA FERRIC: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Shiva Ferric Pvt Ltd (SFPL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SFPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 2003, Shiva Ferric Private Limited (SFPL), formerly
Shiva Steels is a trading company engaged in trading of a host of
iron and steel products namely hot-rolled (HR) sheets/plates and
coils, cold-rolled (CR) sheets and coils, and other structural
steel products like angles, channels, beams, t-angles, TMT bars
etc. The company's warehouse is in Whitefield,
Bangalore. The company is in existence since 1993 in the form of a
proprietorship concern under the name – Shiva Steels, which was
later incorporated as a private limited company in 2003.
SLV POWER: ICRA Withdraws D Rating on INR104.60cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
SLV Power Pvt Ltd (SLVPPL), at the request of the company and based
on the No Due Certificate/Closure Certificate received from its
lenders. The Key Rating Drivers and their Description, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 104.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Withdrawn
Term Loan
Long Term- 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Withdrawn
SLVPPL is a private limited company promoted by Yenepoya Energy
Private Limited (YEPL) to develop, own and operate a run
of-the-river 24 MW hydro power project on the river Aniyur (a
tributary of Netravati river) near Neriya village in Dakshina
Kannada district. YEPL is part of Yenepoya group of companies
promoted by Yenepoya Mohammed Kunhi and Yenepoya Abdulla Kunhi with
Yenepoya Abdulla Javeed as director. The company has successfully
commissioned the hydropower plant on November 21, 2019 and has a
PPA with Mangalore Electricity Supply Company Limited for a period
of 35 years at a fixed tariff of INR4.16 per unit.
TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tapi
Prestressed Products Limited (TPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Letter of credit 24 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Letter of 5.5 CRISIL D (Issuer Not
Credit & Bank Cooperating)
Guarantee
CRISIL Ratings has been consistently following up with TPPL for
obtaining information through letter and email dated November 11,
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 TPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Set up as a closely held public limited company in 1986 by Mr M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.
TRIVENI SILK: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Triveni Silk Mills (TSM) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.50 [ICRA]B (Stable) ISSUER NOT
Fund-based COOPERATING; Rating continues
Term Loan to remain in the 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]B(Stable); ISSUER NOT
Fund based- COOPERATING; Ratings continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with TSM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Triveni Silk Mills (TSM), a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which is
used in making ladies suits, dress materials, shawls, etc. Both the
promoters have experience of more than three decades in the field
of textile business. While Mr. Bhupinder Jaggi handles the
operations and design functions of the firm, Mr. Shakti Jaggi takes
care of sales and finance functions. The firm's manufacturing unit
is located in Ludhiana and comprises of 7 looms, 30 embroidery
machines and 4 printing machines.
UNIGLOBAL VENTURES LLP: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Uniglobal Ventures LLP
A-25/58 Connaught Place,
Central Delhi, New Delhi
Insolvency Commencement Date: December 10, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 8, 2025
Insolvency professional: Umesh Chand Goyal
Interim Resolution
Professional: Umesh Chand Goyal
House No 897 Sector 28,
Faridabad, Haryana 121008
Email: goyaluc.ip@gmail.com
-- and --
AAA House, 64, Okhla Industrial Estate
Okhla Phase III, Near Modi Mill,
New Delhi 110020
Email: uniglobalventures.ibc.gmail.com
Last date for
submission of claims: December 28, 2024
VINAYAK IRON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vinayak Iron and Coke Private Limited
63 Rafi Ahmed Kidwal Road
Park Street
Kolkata, West Bengal,
India 700016
Insolvency Commencement Date: December 13, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 11, 2025
Insolvency professional: Sanjai Kumar Gupta
Interim Resolution
Professional: Sanjai Kumar Gupta
5A Akma Heights,
27A Bagmari Road,
Near Punjabi Garage
Kolkata, West Bengal 700054
Email: casanjaigupta@gmail.com
Email: cirp.vinayak@gmail.com
Last date for
submission of claims: December 27, 2024
YANTRA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
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CRISIL Ratings said the rating on bank facilities of Yantra Green
Power Private Limited (YGP) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 31.19 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with YGP for
obtaining information through letter and email dated November 11,
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 YGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
YGP continues to be 'CRISIL D Issuer not cooperating'.
YGP was set up in 2012 by Vivimed Labs Ltd, BBR Projects Pvt Ltd,
Mr. Santosh Varalwar, and Mr. Sandeep Varalwar. The company is
setting up a 5-megawatt solar photovoltaic-based power plant in
Hyderabad. The plant is expected to commence operations in October
2015.
YATIN STEELS: Liquidation Process Case Summary
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Debtor: Yatin Steels India Private Limited
1st Floor, 50A Iron Market, Baroda Street,
Near Hanuman Mandir, Camac Bunder,
Masjid Bunder (E) Mumbai City 400009
Liquidation Commencement Date: December 9, 2024
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sanjay Vijay Jeswani
Ground Floor, Plot No. 21,
Sheela Nagar, Gittikhadan,
Katol Road, Nagpur
440013 Maharshatra
Email: jeswanisanjay007@gmail.com
-- and --
Level 15, Dev Corpora
Eastern Express Highway
Thane West, Thane
Mumbai, Maharashtra 400601
Email: cirp.yatinsteel@gmail.com
Last date for
submission of claims: January 15, 2025
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I N D O N E S I A
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REJEKI ISMAN: BNI Works With Creditors to Ensure Co's Continuity
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Jakarta Globe reports that state-owned lender Bank Negara Indonesia
(BNI) has pledged to help coordinate with other creditors to keep
Sri Rejeki Isman (Sritex) operational after the Supreme Court
rejected the company's bankruptcy appeal.
According to the report, BNI President Director Royke Tumilaar said
the bank will continue discussions with the government, Sritex
management, and other stakeholders to explore strategic steps for
sustaining Sritex's business. "We will work closely with all
relevant parties to ensure the company's viability," Royke said in
a press release on Dec. 20.
Sritex, one of Indonesia's largest textile companies, faces
significant financial challenges after the Semarang District Court
declared it bankrupt in October 2024, following a lawsuit from
creditor Indo Bharat Rayon over unpaid debts. The company's appeal
was rejected by the Supreme Court, leaving it with limited legal
recourse. CEO Iwan Kurniawan Lukminto has announced plans to
request a judicial review, the final legal avenue available.
"We are committed to protecting our workers and the business," Iwan
said, emphasizing the importance of the company's 50,000 employees,
many of whom have been with Sritex for decades, Jakarta Globe
relays. The company is seeking to avoid layoffs during this
difficult period.
According to Jakarta Globe, the government has formed an
inter-ministerial team to address the situation and mitigate the
effects of the bankruptcy. BNI, meanwhile, has made adequate
provisions for potential credit risks related to Sritex, ensuring a
balanced approach that takes into account the interests of
creditors, shareholders, employees, and the wider community.
Royke is confident that cooperation between all parties would help
Sritex navigate this challenging period and support the continued
growth of the textile industry in Indonesia, Jakarta Globe adds.
About Sritex
PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.
The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, the decision in the
conference led by Chief Justice Muhammad Anshar Majid granted the
request of PT Indo Bharat Rayon as a debtor of PT Sritex.
REJEKI ISMAN: Furloughs 3,000 After Bankruptcy Appeal Rejected
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Jakarta Globe reports that Sri Rejeki Isman (Sritex), one of
Indonesia's largest textile companies, has furloughed 3,000
employees following the Supreme Court's rejection of its bankruptcy
appeal. The financially troubled company owes approximately Rp
14.42 trillion ($891.7 million) to 27 banks and Rp 220 billion to
three financing firms.
The decision comes after the Semarang District Court declared
Sritex bankrupt in October 2024. The ruling left Sritex struggling
to secure raw materials, further constraining its operations.
"Our operational flexibility is increasingly limited as some raw
materials, particularly chemicals, must be imported. We are now
exploring domestic alternatives," Jakarta Globe quotes CEO Iwan
Kurniawan Lukminto as saying on Dec. 21.
Jakarta Globe says the company's furlough policy, initiated in
November, aims to temporarily manage its workforce of 20,000
employees spread across Semarang, Boyolali, and Sukoharjo. Lukminto
clarified that the measure is not a mass layoff but a response to
material shortages. However, he warned that if supply chain issues
persist, more furloughs or even layoffs may follow.
Sritex plans to pursue a judicial review as a final legal recourse,
though Lukminto expressed disappointment with the court's decision.
"We are surprised by the Supreme Court's ruling. We believed our
legal arguments were strong, but the court sided with the initial
bankruptcy ruling," he said.
According to Jakarta Globe, the company's debt woes have raised
concerns, but Lukminto highlighted that Sritex has maintained
strong relationships with most creditors. Only Indo Bharat Rayon,
one of 20 creditors, initiated the legal proceedings leading to
bankruptcy.
About Sritex
PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.
The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, the decision in the
conference led by Chief Justice Muhammad Anshar Majid granted the
request of PT Indo Bharat Rayon as a debtor of PT Sritex.
===============
M A L A Y S I A
===============
1MDB: Files Suit vs Amicorp Seeking Over $1BB for Alleged Fraud
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Reuters reports that scandal-hit Malaysian state fund 1Malaysia
Development Berhad said on Dec. 23 it has filed a legal claim of
more than $1 billion against corporate services provider Amicorp
Group and its CEO, alleging the firm knowingly facilitated over $7
billion in fraudulent transactions.
Reuters relates that the claim, among one of the biggest filed by
1MDB related to the multibillion dollar graft scandal, was filed in
the British Virgin Islands against eight Amicorp entities and its
Chief Executive Officer Toine Knipping, alleging that they played a
vital role in enabling the sovereign wealth fund to be defrauded
between 2009 and 2014, 1MDB said in a statement.
Malaysian and U.S. investigators had previously estimated $4.5
billion was siphoned away from 1MDB following its inception in
2009, implicating former Prime Minister Najib Razak, Goldman Sachs
(GS.N) staff and high-level officials elsewhere. Najib is currently
in prison but has denied wrongdoing.
According to Reuters, 1MDB alleges Hong Kong-headquartered Amicorp
created and managed a complex conspiracy consisting of layers of
shell companies, sham transactions, and fraudulent financial
structures that obscured the true origin and destination of the
funds.
Stolen funds were purportedly routed through Singapore, Barbados,
Curacao, Hong Kong, and the British Virgin Islands, 1MDB said.
It further allege Amicorp provided access to the global financial
system through Amicorp Bank, a bank registered in Barbados, and
provided fund entities and banking services to allow the repeated
cycling of assets, giving the impression that 1MDB's assets had
been invested and generated returns when in fact they had been
misappropriated, Reuters relays.
Reuters adds 1MDB said it is seeking damages for the losses it
incurred from Amicorp's "dishonest" assistance in breaches of
fiduciary duty and conspiracy to commit unlawful acts, adding the
legal action was part of a global effort to recover stolen 1MDB
assets.
"There is, in our view, strong evidence to suggest that Amicorp –
at the highest levels - knew they were involved in a dishonest and
illegal money laundering scheme designed to transfer large sums of
cash away from its intended beneficiary - the people of Malaysia,"
Reuters quotes a spokesperson for 1MDB as saying in the statement.
As of September this year, Malaysia has recovered MYR27.17 billion
(US$6.06 billion) linked to 1MDB, state news agency Bernama
reported.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
CAPITAL A: Submits Regularisation Plan Bursa to Exit PN17
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Capital A Berhad on Dec. 23 announced the submission of its
Proposed Regularisation Plan to Bursa Malaysia Securities Berhad,
marking a pivotal step in its journey to exit the Practice Note 17
(PN17) status. This milestone represents Capital A's achievement in
strengthening its financial position and reaffirms its commitment
to driving long term growth from here onwards.
Chief Executive Officer of Capital A Tony Fernandes said, "It has
been a long time coming— we are beyond thrilled to take this
momentous step towards uplifting our PN17 status and paving the way
for a brighter future. The regularisation plan, which includes a
capital reduction of up to MYR6 billion, is designed to strengthen
our balance sheet by eliminating the losses incurred during the
Covid pandemic, and reflect the true value of our underlying assets
in Capital A.
"Not many companies successfully exit PN17, and those that do often
take many years to achieve it. What makes this milestone even more
remarkable is that we have reached it while navigating the
unprecedented challenges brought on by Covid. Once the plan is
approved, Capital A will follow AirAsia X's success in exiting PN17
almost a year ago. This will stand as one of the proudest moments
of my career—a testament to the resilience and determination of
our team.
"With all approvals in place, we are confident in executing our
strategy to deliver sustainable growth and long-term value,
building a stronger and more resilient Capital A."
Following the submission of the plan to Bursa Malaysia for
approval, these are the remaining steps committed by the Group to
complete:
1. Approval from Bursa Malaysia
2. An Extraordinary General Meeting: To be convened
following Bursa Malaysia's approval to seek
shareholder endorsement.
3. Approval from the High Court of Malaya: Upon shareholder
approval, the plan will be submitted to the High Court
of Malaya for confirmation.
4. PN17 Upliftment: Completion of these steps will enable
the Group to exit PN17 status, marking the successful
conclusion of its financial regularisation efforts.
The proposed PN17 plan is subject to the completion of the disposal
of aviation.
Capital A remains committed to regulatory compliance and will focus
on mitigating risks, including market competition and operational
disruptions. The Group is confident in its strategic direction and
its ability to execute the regularisation plan effectively, setting
the stage for a stronger and more resilient future.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
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N E W Z E A L A N D
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ADAM STEWART: Creditors' Proofs of Debt Due on Jan. 16
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Creditors of Adam Stewart Trustee Limited are required to file
their proofs of debt by Jan. 16, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 17, 2024.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
PRIMAL REHAB: Court to Hear Wind-Up Petition on Feb. 25
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A petition to wind up the operations of Primal Rehab Limited will
be heard before the High Court at Wellington on Feb. 25, 2025, at
10:00 a.m.
Standard 754 Limited filed the petition against the company on Dec.
5, 2024.
The Petitioner's solicitor is:
Ernest Gartrell
15 Edward Street
Wellington
TECHREC LIMITED: Court to Hear Wind-Up Petition on Feb. 10
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A petition to wind up the operations of Techrec LimiteD will be
heard before the High Court at Hamilton on Feb. 10, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 25, 2024.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
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S I N G A P O R E
=================
JUST COLLECTION: Commences Wind-Up Proceedings
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Members of Just Collection Pte Ltd and Just Global Pte Ltd on Dec.
13, 2024, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
METIS PRESCHOOL: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on Dec. 13, 2024, to
wind up the operations of Metis Preschool Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
NTG HOLDINGS: Commences Wind-Up Proceedings
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Members of NTG Holdings Pte. Ltd. on Dec. 16, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Jason Aleksander Kardachi
Alton Murray Chun-Wen Poon
Kroll Pte. Limited
10 Collyer Quay
#05-04/05 Ocean Financial Centre
Singapore 049315
SEATOWN KINGFISHER: Creditors' Proofs of Debt Due on Jan. 20
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Creditors of Seatown Kingfisher Pte. Ltd. are required to file
their proofs of debt by Jan. 20, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 13, 2024.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
YELLOW BOOTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 6, 2024, to
wind up the operations of Yellow Boots Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***