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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, December 27, 2024, Vol. 27, No. 260

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2019-1: Amendment No Impact on Moody's 'B2' F Notes
AVEX BUILDING: Commences Wind-Up Proceedings
AZORA ABS 2024-1P: Moody's Assigns B2 Rating to AUD4MM Cl. F Notes
EAST AND WEST CORP: Commences Wind-Up Proceedings
MEA CORP: TPH Advisory Appointed as Liquidators

MNN MANAGEMENT: Graeme Robert Beattie Appointed as Liquidator
RAMS HOME: Trips to AUD18.6MM Loss as Parent Mothballs Business
THIESS GROUP: Moody's Withdraws 'Ba1' Corporate Family Rating
V & D MERCHANT: Commences Wind-Up Proceedings


C H I N A

BAODING TIANWEI: To Sell Entire Stake in Loss-making Indian Unit
JINKE PROPERTY: Reveals Details of Court-Supervised Debt Plan
NEW WORLD: Lenders Lower Company's Margin Financing Ratio
SHIMAO GROUP: Cuts Asking Price for HK's Second Largest Hotel


I N D I A

A P STEEL: Liquidation Process Case Summary
AGARWAL MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
AJNARA INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating

ARAMBHAN HOSPITALITY: ICRA Keeps D Ratings in Not Cooperating
BIOCON BIOLOGICS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
DANIA ORO: CRISIL Keeps D Debt Ratings in Not Cooperating
DBK ENTERPRISES: Liquidation Process Case Summary

DECURTIS INT'L: Voluntary Liquidation Process Case Summary
DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
DINDAYAL JALAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating
ESHAKTI.COM PRIVATE: Insolvency Resolution Process Case Summary
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
FLOKING PIPES: CRISIL Keeps D Debt Ratings in Not Cooperating
GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating

GLOBE STEEL: Insolvency Resolution Process Case Summary
H S MERCANTILE: Insolvency Resolution Process Case Summary
MU VENTURES: Voluntary Liquidation Process Case Summary
OASIS MARINE: Liquidation Process Case Summary
PIK STUDIOS: ICRA Keeps D Debt Rating in Not Cooperating Category

RAMAKRISHNA TELETRONICS: ICRA Keeps D Ratings in Not Cooperating
REXSONA TILES: Insolvency Resolution Process Case Summary
SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SSG ADVISORS: Voluntary Liquidation Process Case Summary

SUN SHINE: ICRA Keeps C+ Debt Rating in Not Cooperating Category
TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
VEERAMAKALI MEMORIAL: ICRA Keeps D Ratings in Not Cooperating
VIAROMANAA FASHIONS: Insolvency Resolution Process Case Summary
VYSALI PHARMACEUTICALS: Liquidation Process Case Summary

WINDALS AUTO: Liquidation Process Case Summary


M A L A Y S I A

1MDB: Amicorp Group to Dispute US$1 Billion 1MDB'S Legal Claim


S I N G A P O R E

BANKCHAMPS PTE: Court Enters Wind-Up Order
BRAVO BUILDING: Court to Hear Wind-Up Petition on Jan. 3
INTERSTATE CAPITAL: Commences Wind-Up Proceedings
SMILE AUTO: Court to Hear Wind-Up Petition on Jan. 3
WISH HOSPITALITY: Creditors' Meetings Set for Dec. 30


                           - - - - -


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

ALLIED CREDIT 2019-1: Amendment No Impact on Moody's 'B2' F Notes
-----------------------------------------------------------------
Moody's Ratings announced that the execution of the Allied Credit
Retail Trust 2019-1 – Allied Retail Finance Warehouse Series –
Amending Deed No. 11 on or about December 19, 2024 (the Amendment)
will not, in and of itself and as of this point in time, result in
a reduction, placement on review for possible downgrade or
withdrawal of Moody's current ratings of the notes issued by Allied
Credit Retail Trust 2019-1.

Current ratings of the notes are as follows:

Class A-X Notes, currently rated Aaa (sf)

Class A Notes, currently rated Aaa (sf)

Class B Notes, currently rated Aa2 (sf)

Class C Notes, currently rated A2 (sf)

Class D Notes, currently rated Baa2 (sf)

Class E Notes, currently rated Ba2 (sf)

Class F Notes, currently rated B2 (sf)

The Amendment includes among others, extension of the replenishment
period and changes to notes margins.

Following the Amendment, the minimum required subordination
percentages for the notes are as follows:

For Class A Notes, 23.6%

For Class B Notes, 16.9%

For Class C Notes, 12.6%

For Class D Notes, 10.8%

For Class E Notes, 5.9%

For Class F Notes, 5.7%

As of end-October 2024, 1.8% of the outstanding pool was 30-plus
day delinquent, and 0.2% was 90-plus day delinquent. The rolling
12-month average loss ratio was 2%. 98% of the portfolio comprise
of loans for motor vehicles.

Based on the observed performance to date, Moody's have lowered
Moody's default assumption for the transaction to 4.6% from 5% at
the time of the last rating action in December 2023. Moody's have
also lowered the portfolio credit enhancement assumption to 21%
from 23% and increased the assumed recovery rate to 35% from 33%.

The transaction is a revolving cash securitisation of consumer and
commercial loans backed by auto, motorcycle, marine and other
assets by Allied Credit Pty Ltd. The transaction's replenishment
period is extended to end in June 2025.

A liquidity facility of 2% of the outstanding principal balance of
the notes (excluding Class G and Subordinated Notes), provides
liquidity support to the transaction.

The transaction also benefits from an excess spread ledger
available to cover losses and any shortfalls on required payments
remaining after application of the threshold rate deposit. The
maximum amount of the ledger is AUD3 million.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Moody's opinion addresses only the credit impact associated with
the proposed Amendment, and Moody's are not expressing any opinion
as to whether the proposed Amendment has, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of holders of rated obligations and/or
counterparties.


AVEX BUILDING: Commences Wind-Up Proceedings
--------------------------------------------
Members of Avex Building Services Pty. Ltd. on Dec. 24, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Clifford John Sanderson
          Dissolve Pty Ltd
          Level 8, 80 Clarence St
          Sydney, NSW 2000


AZORA ABS 2024-1P: Moody's Assigns B2 Rating to AUD4MM Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
ABS notes issued by AMAL Trustees Pty Limited as trustee of Azora
ABS 2024-1P Trust.

Issuer: AMAL Trustees Pty Limited as trustee of Azora ABS 2024-1P
Trust

AUD125.00 million Class A1 Notes, Assigned Aaa (sf)

AUD50.50 million Class A2 Notes, Assigned Aaa (sf)

AUD27.50 million Class B Notes, Assigned Aa2 (sf)

AUD11.00 million Class C Notes, Assigned A2 (sf)

AUD10.00 million Class D Notes, Assigned Baa2 (sf)

AUD13.50 million Class E Notes, Assigned Ba2 (sf)

AUD4.00 million Class F Notes, Assigned B2 (sf)

The AUD4.25 million Class G1 Notes and AUD4.25 million Class G2
Notes are not rated by us.

Azora ABS 2024-1P Trust is a cash securitisation of Australian
automobile and equipment-backed consumer and commercial loans
originated by Azora Asset Finance Pty Ltd and Azora Personal Loans
Pty Ltd (collectively, Azora, unrated), and serviced by Azora
Finance (Services) Pty Limited (Azora Finance, unrated).

Azora is an Australian non-bank lender and is a subsidiary of
ASX-listed FSA Group Ltd (FSA, unrated). FSA was initially founded
as a debt solution provider assisting clients with payment
arrangements, and transitioned to become primarily a lending
business in 2024. FSA's lending portfolio includes home loans,
consumer car loans, and unsecured personal loans which began
origination in 2006, 2014, and 2022 respectively. Its commercial
asset lending portfolio is a result of the acquisition of Azora
Asset Finance Pty Ltd in 2021. All these lending businesses have
since been rebranded under the Azora name. As of June 2024, Azora
had total loan receivables of AUD801 million.

This is Azora's first ABS transaction in Australia.

The receivables are extended to commercial (60%) and consumer (40%)
obligors based in Australia. Loans backed by motor vehicles, trucks
and commercial vehicles, and other assets represent 68.7%, 13.8%,
and 17.5% of the securitized pool respectively.

RATINGS RATIONALE

The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 3.5% of invested balance of rated notes; (5) the
legal structure; and (6) experience of Azora Finance as servicer;
and (7) the presence of Verofi Pty Limited (Verofi, unrated) as the
back-up servicer.

According to Moody's analysis, the transaction benefits from a high
level of excess spread. The portfolio yield of 13.4% - relative to
the transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.

At the same time, Moody's note that the transaction features credit
weaknesses such as high proportion of borrowers with prior credit
impairment (13.8%) and exposure to balloon loans. Approximately
9.9% of the portfolio comprises loans requiring a balloon payment
at the end of the receivable term.

The back-up servicer in this transaction, Verofi Pty Limited
(Verofi, unrated), is a small entity, which is a challenge. While
Verofi's team is experienced, the company employs a limited number
of core staff, posing key-person risk. This weakens the back-up
servicing arrangements. The ability of the Trustee to promptly
appoint a replacement servicer should Verofi be unable for any
reason to step in as the servicer somewhat mitigates this risk.
Furthermore, the risk of payment disruption is mitigated by the
liquidity facility, covering around six months of stressed fees and
interest payments.

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially.
However, all notes (other than the Class G1 and G2 Notes), will
receive their pro-rata share of principal, provided step- down
conditions are satisfied. These include, among others, 37.5%
subordination to the Class A2 Notes, and no unreimbursed
charge-offs. If step-down conditions are no longer met, the
repayment of principal will revert to sequential.

-- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)), will
provide fixed rate swaps as of closing date. The swaps will hedge
the interest rate mismatch between the assets bearing a fixed rate
of interest, and floating rate liabilities. As at closing, the
total swap notional will correspond to total portfolio amount. The
total swap notional will follow a pre-defined schedule which is
based on the expected amortisation of assets and assuming a certain
prepayment rate.

Key pool features are as follows:

-- The pool has a weighted average seasoning of 9.0 months.

-- The proportion of loans with a balloon payment is 9.9%.

-- Interest rates in the portfolio range from 8.0% to 28.0%, with
a weighted average interest rate of 13.4%.

-- Loans are to either consumer (40.0%) or commercial (60.0%)
borrowers based in Australia.

-- Customers with adverse credit histories make up 13.8% of total
receivables, with around half of these receivables originating from
clients previously assisted by FSA with debt agreement services.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 31%. Moody's
expected default rate for this transaction is 7.5% and expected
recovery is 24%, resulting in an expected loss of around 5.7%.

The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.

Moody's have estimated an expected default rate and PCE for this
deal on the basis of:

-- Cumulative default rates observed to date. For commercial
loans, Moody's have focused Moody's extrapolation analysis on
vintages since 2022 due to low origination volumes prior to this
period. For consumer loans, Moody's have utilized the entire
dataset provided from 2014.

-- Benchmarking the historical data for Azora to data and
assumptions from comparable originators. The assumed default rate
and PCE are higher than that for other Australian auto ABS,
reflecting the non-conforming nature of the securitised portfolio
and the limited amount of historical data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.

Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.


EAST AND WEST CORP: Commences Wind-Up Proceedings
-------------------------------------------------
Members of East and West Corp Pty Ltd, trading as Kees Resources
Aussie Civil & Mining Resources, on Dec. 24, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Greg Prout
          Jimmy Trpcevski
          WA Insolvency
          GPO Box 241,
          66 St Georges Terrace
          Perth, WA 6831


MEA CORP: TPH Advisory Appointed as Liquidators
-----------------------------------------------
Tim Heesh and Mark Everingham of TPH Advisory on Dec. 23, 2024,
were appointed as liquidators of Mea Corp Pty Limited.

The liquidators may be reached at:

   TPH Advisory
          Suite 5
          82-86 Pacific Highway
          St Leonards, NSW 2065


MNN MANAGEMENT: Graeme Robert Beattie Appointed as Liquidator
-------------------------------------------------------------
Graeme Robert Beattie of Worrells on Dec. 24, 2024, was appointed
as liquidator of MNN Management Pty Ltd.

The liquidator may be reached at:

          Graeme Robert Beattie
          C/- Worrells
          Suite 804, Level 8, 33 Argyle Street
          Parramatta, NSW 2150


RAMS HOME: Trips to AUD18.6MM Loss as Parent Mothballs Business
---------------------------------------------------------------
Lucas Baird at The Australian Financial Review reports that the
John Kinghorn-founded RAMS Home Loans has fallen to an AUD18
million loss as parent company Westpac mothballs the business amid
allegations of fraud and misconduct within its franchisee network.

Westpac all but shut down the mortgage broker and its small lending
arm in August, the report recalls. While it will continue to
service existing customers, RAMS was cut off from acquiring new
borrowers, and its AUD31.8 billion loan book was moved to the
bank's own balance sheet.

Westpac had earlier in the year failed to find a buyer for the
business, which is involved in two court cases alleging fraud.

Financial accounts filed to the corporate watchdog this week showed
that RAMS fell to a loss of AUD18.6 million in the 12 months to
September, reversing from a AUD19.7 million after-tax profit in the
prior financial year, The Australian Financial Review discloses.

The reversal was largely down to a big drop-off in fee revenue and
higher asset impairments.

The accounts also said that both the Australian Securities and
Investments Commission and the Australian Prudential Regulation
Authority have continued to probe potential misconduct, as revealed
by The Australian Financial Review.

"The current focus of ASIC's investigation is on [RAMS'] and
Westpac's general conduct obligations, prohibitions on conducting
business with unaccredited loan referrers and unlicensed persons,
and giving misleading information," the accounts said.

In September, audit and risk executive Samantha Aitken sued Westpac
alleging she was bullied and sidelined after she warned of fraud
and other crimes at RAMS, The Australian Financial Review says.
Westpac is fighting the claim but has yet to file a defence.

The Australian Financial Review relates that Westpac has alleged it
ultimately found evidence of illicit kickbacks and faked tax
returns and company statements within a group of franchisees, and
tore up their franchisee agreements.

Those franchisees have launched a class action against the bank,
alleging that their franchise agreements were improperly terminated
and that Westpac's investigations were flawed.


THIESS GROUP: Moody's Withdraws 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn the Ba1 corporate family rating of
Thiess Group Holdings Pty Ltd (Thiess).

Prior to the withdrawal, the rating outlook was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Founded in 1934, Thiess is one of the largest full mining services
provider in the world. It started off providing services to the
coal mining industry in New South Wales during World War II, and is
now more diversified with exposures including thermal coal, met
coal, gold, copper and iron ore. Thiess is 60% owned by CIMIC Group
Limited (Baa3 stable) and 40% owned by Quarry Services Holdings
Ltd, a subsidiary of investment funds managed and advised by
Elliott Investment Management L.P. Revenues and work in hand as of
June 2024 amounted AUD6.0 billion and AUD13.4 billion on a last
twelve month basis, respectively. Thiess operates in seven
countries with a focus on Australia, Indonesia, the Americas and
Mongolia.


V & D MERCHANT: Commences Wind-Up Proceedings
---------------------------------------------
Members of V & D Merchant Investments Pty Ltd on Dec. 24, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Greg Prout
          Jimmy Trpcevski
          WA Insolvency
          GPO Box 241,
          66 St Georges Terrace
          Perth, WA 6831




=========
C H I N A
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BAODING TIANWEI: To Sell Entire Stake in Loss-making Indian Unit
----------------------------------------------------------------
Yicai Global reports that Baoding Tianwei Baobian Electric is
planning to divest all of its equity in its loss-making Indian
subsidiary as part of the Chinese manufacturer of electric power
transformers and transmission equipment's efforts to optimize
resource allocation.

Baobian Electric intends to list 90 percent of the Indian unit's
equity for sale on the Beijing Equity Exchange, the Baoding-based
company said on Dec. 25, Yicai relays. Upon completion of the sale,
the firm will no longer hold any shares in the subsidiary.

Yicai says Baobian Electric set up the Indian unit in 2012 with a
registered capital of INR2.25 billion (USD26.4 million) for the
production and sale of transformers in the South Asian country.
However, the unit has incurred losses in the past two years,
according to the company's financial reports.


JINKE PROPERTY: Reveals Details of Court-Supervised Debt Plan
-------------------------------------------------------------
Bloomberg News reports that Jinke Property Group Co. has revealed
details of its court-supervised onshore debt restructuring to some
of its creditors, said people familiar with the matter.

Under the plan, the company would make cash payments of as much as
CNY50,000 (US$6,854.50) to each bondholder, according to the
people. Those payments would come after it receives CNY1.8 billion
from a consortium of two local firms serving as a white knight for
the restructuring, the people said, which is still subject to
creditor and court approval, Bloomberg relays.

The remainder of the debt would be repaid via a debt-to-equity swap
and a trust product, according to the people. Each bondholder would
receive about 2.5 shares of Jinke and an expected 1.9 yuan in the
trust for every 100 yuan of debt principal, the people said. Jinke
shares were trading at CNY1.64 on Dec. 23, according to
Bloomberg-compiled data.

If the plan is successful, Jinke, which was once China's 25th
largest developer by contracted sales, could offer a restructuring
road map for other companies struggling to find ways to repay debt.
But if creditors don't give their backing, the company's risk of
liquidation could rise, according to Bloomberg.

Under the plan, Jinke would set up an eight-year trust for debt
payment backed by shares in 20 subsidiaries, Bloomberg relates. The
20 subsidiaries manage more than 200 Jinke projects across the
country, one of the people said.

There could also be a second round of repayment via shares and the
trust, but details are unclear, according to the people.   

Jinke expects to reduce its liabilities-to-assets ratio to around
30% post-restructuring from more than 90%, one person, as cited by
Bloomberg, said. The restructured Jinke would continue to manage
the property projects backing the trust product, according to the
plan. The company would provide around CNY700 million to fund
construction and delivery of some of these projects, the person
added.

The builder said in 2022 that it missed a payment on a local bond.
That was followed by a company disclosure the next year that a
construction firm vendor had filed a reorganization petition
against it. Jinke's only dollar bond was indicated around 5.8 cents
on the dollar on Dec. 20, according to Bloomberg-compiled data.

                        About Jinke Property

Jinke Property Group Co., Ltd. principally engages in the
development and distribution of real estates. The Company mainly
operates through three segments. Real Estate segment is primarily
engaged in the development of residential and commercial
properties, as well as the development and operation of industrial
estates. Community Integrated Services segment mainly provides
property management services. New Energy segment consists of wind
power and photovoltaic power generation. The Company is also
involved in hotel management, gardening and architecture decoration
businesses. The Company operates its business in domestic market,
mainly in Chongqing and Jiangsu Province, China.


NEW WORLD: Lenders Lower Company's Margin Financing Ratio
---------------------------------------------------------
The Standard reports that some lenders have lowered the margin
financing ratio of New World Development to 30 percent amid
concerns over the financial health of the leading Hong Kong
developer.

Bank of East Asia was reported to have cut the financing ratio of
New World's stocks and bonds from 40 percent to 30 percent,
effective December 20, The Standard relates citing a report from
the Hong Kong Economic Journal.

CMB International Securities also decreased the ratio of pledged
New World stocks to 30 percent, it said.

A foreign financial institution even excluded the stocks and bonds
of New World from its margin financing list and suspended buying
the developer's bonds for its clients, The Standard says.

The lenders made the changes due to the market changes and risk
management, according to the report.

Controlled by the tycoon Henry Cheng Kar-shun's family empire, New
World has been one of the most closely watched property firms in
the credit market for its high leverage, The Standard notes.

Its net debt to equity was 82.7 percent as of the end of last year,
compared with 41.4 percent at rival Henderson Land Development and
21.2 percent at Sun Hung Kai Properties, according to Bloomberg
Intelligence, The Standard relays.

Last week, the real estate firm was said to be in talks with banks
to extend the due dates of some bilateral loans, adds The
Standard.

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.


SHIMAO GROUP: Cuts Asking Price for HK's Second Largest Hotel
-------------------------------------------------------------
Bloomberg News reports that defaulted Chinese developer Shimao
Group Holdings Ltd. has slashed the asking price for a
Sheraton-branded hotel property near Hong Kong's airport by a
quarter, according to a person familiar with the matter.

Bloomberg relates that Shimao, once one of China's biggest
developers, is looking to sell the 18-story property in Tung Chung
for at least HK$4.5 billion (US579 million), the person said,
asking not to be identified discussing a private matter. Known for
developing five-star hotels as landmark projects, Shimao opened
this lodging in 2020.

The asset, which comprises the Sheraton and Four Points by Sheraton
Tung Chung, was first put on the market in March 2023 with an
asking price of at least HK$6 billion, according to two people
familiar with the matter, Bloomberg relays. The property, with more
than 1,200 rooms, is the second-largest hotel complex in the city
by room inventory, according to real estate agent Jones Lang
LaSalle Inc.

Shimao didn't offer a comment when contacted by Bloomberg News.

The move is the latest effort by Shimao to cash in on its offshore
assets as it works on its restructuring, after defaulting in 2022.
High interest rates and a weakening economy in China have spurred
fire sales on some Hong Kong properties. At least HK$2.1 trillion
has been erased from real estate values in the city since 2019,
according to an analysis by Bloomberg Intelligence in June.

Hui Wing Mau, the billionaire founder of the developer, earlier
this year cut the price of an office floor in Hong Kong's The
Center by nearly 23% from what it was listed at in 2023, according
to local media, Bloomberg relays.

According to Bloomberg, the Shanghai-based builder released its
debt restructuring plan in March and further sweetened it in
October. The hotel property may form part of an asset package as a
supplemental credit enhancement for Shimao's broader debt
restructuring plan, according to a filing to the Hong Kong stock
exchange.

Creditors holding 80.72% of in-scope debt principal have signaled
their support for the proposed restructuring, according to a
company filing in December. Earlier this month, a Hong Kong court
dismissed a liquidation case against Shimao.

The developer plans to seek a court order early next year to hold a
creditor vote on the plan, Bloomberg notes.

                        About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.




=========
I N D I A
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A P STEEL: Liquidation Process Case Summary
-------------------------------------------
Debtor: M/s AP Steel Re Rolling Mill Limited
Reg Office-As Per MCA/Records-VIII/635:
        Phase-1, New Industrial Development Area
Menonpara Road, Kanjikode, Palakkad,
        Kerala, India, Pin-678621

Liquidation Commencement Date: November 27, 2024

Court: National Company Law Tribunal Kochi Bench

Liquidator: CA Jasin Jose
            Ponmattam Madaserry
     Mookkhannoor P.O, Angamaly,
            Ernakulam, 683577
            Email: jasinjoseponmattam@gmail.com

            5D, Skyline Riverscape
            Thottumugham, Aluva-683105
            Email: apsirp20242@gmail.com

Last date for
submission of claims: January 4, 2025


AGARWAL MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings of Agarwal Motors (Prop. of
Concord Tie-up Private Limited) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         43.80       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Agarwal Motors (Prop. of Concord Tie-up Private Limited), 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.

Agarwal Motors is a unit of Concord Tie-up Private Limited (CTPL).
It is the authorised dealer for retail sales and distribution of
CVs manufactured by Tata Motors Limited (TML). CTPL was
incorporated in 1996 by Mr. Naresh Agarwal at Satna, Madhya
Pradesh, to carry out investment business. Subsequently, CTPL
started the business of automobile dealership through Agarwal
Motors, as an authorised dealer of TML's CVs for the Satna, Rewa
and Mayyar regions of Madhya Pradesh in 2003.  The authorised
dealership includes sales and service of the entire range of CVs
offered by TML in India for these districts of Madhya Pradesh. The
overall operations are looked after by the Managing Director, Mr.
Neeraj Agarwal.


AJNARA INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Ajnara India Limited (AIL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term        848.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        82.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with AIL, 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 1991 as a private limited company, Ajnara India
Limited (AIL) was earlier known as Ajnara Farms and Services
Limited. AIL is a closely-held company managed by three brothers
namely Mr. Pramod Kumar Gupta, Mr. Ashok Gupta and Mr. Vinod Gupta.
The company has completed several Group housing projects in the
National Capital Region (NCR) and is currently developing five
Group housing projects: Ajnara Integrity in Ghaziabad, Ajnara
Heritage in Noida, Ajnara Ambrosia in Noida, Ajnara Panorama and
Ajnara Sports City in Greater Noida. AIL has also recently launched
Ajnara Fragrance, a project being undertaken under the PMAY-U.


AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Akal
Information Systems Ltd (AISL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-            1.50      [ICRA]B+ (Stable); ISSUER NOT
   Non Fund Based                  COOPERATING; Continues to
   Others                          remain under the 'Issuer Not
                                   Cooperating' category

   Long-term             5.00      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based                      COOPERATING; Continues to
   Cash Credit                     remain under the 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with AISL, 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.

AISL was incorporated in January 2000 by Mr. Sarabjit Singh, Mr.
Sukhneet Kaur and Mr. Ajeet Singh. The company provides IT
software, hardware, and infrastructure and technology support
solutions to reputed clients. It also provides software solutions
and tech support to a few USA-based clients. Its wholly owned
subsidiary - Akal Information System Inc. - was set up in the USA
in 2003. The affiliate carries out its operations independently.


ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Anshul Impex Private Limited (AIPL) 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
   ----------      -----------     -------
   Short Term-        45.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with AIPL, 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.

AIPL was incorporated in 1989 in Nagpur (Maharashtra) and is
engaged in trading of indigenous and imported coal along with
providing logistic services to the customers. AIPL has its sales
depot at Dharmatal (Mumbai), Nagpur, Wani, Chandrapur (all
Maharashtra), Sarni, Mandideep, Indore (MP) and at Surat in
Gujarat. The company was promoted by Mr. Yugpradhan Mehta who is an
engineer from UICT, Mumbai and has extensive experience of more
than 25 years in the coal trading business.


ARAMBHAN HOSPITALITY: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short Term rating of Arambhan
Hospitality Services Limited (AHSL, Erstwhile Cawasji Behramji
Catering Services Limited) 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         15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with AHSL, 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.

Arambhan Hospitality Services Limited (AHSL; erstwhile
CawasjiBehramji Catering Services Ltd) was incorporated in 2009 and
is engaged in offshore catering and housekeeping services to
various Indian shipping and oil exploration companies.Prior to
the establishment of the company, the business was conducted in the
name of M/s Cawasji Behramji Catering Service (partnership firm), a
bonders and ship chandelling firm established in 1944. Between
2010-2015, the business was being routed through Cawasji Behramji
Catering Services Private Limited. The company went public and got
listed on the SME segment of Bombay Stock Exchange on October 19,
2015 and subsequently was renamed to Cawasji Behramji Catering
Services Ltd. (CBCSL).

BIOCON BIOLOGICS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to Biocon Biologics Ltd. (BBL) The outlook is stable. At the same
time, S&P assigned its 'BB' long-term issue rating to the US$800
million senior secured notes that Biocon Biologics Global plc (BB
Global) issued. The ratings are in line with the preliminary
ratings S&P assigned on Sept. 24. 2024, given the company has met
the conditions it expected.

BBL has secured new term loans from banks following the issuance of
the notes. The India-based pharmaceutical company used the combined
proceeds to refinance its bank loans raised to acquire the
biosimilars business of Viatris Inc.

BBL has also created security interests on the collateral for the
US$800 million senior secured notes that BB Global issued, in line
with our expectation. S&P believes Biocon Ltd. (Biocon) group will
have sufficient liquidity following the refinancing.

S&P said, "We view BBL as a core and inseparable part of Biocon.
The group will likely provide long-term extraordinary support to
BBL under any foreseeable circumstances. This is given BBL's
strategic importance to the group's growth and investment strategy
in the fast-growing biosimilars industry. BBL benefits from
management oversight of its parent, and has common board members.
Biocon also provided more than US$600 million in support to BBL for
its Viatris deal. Therefore, our assessment of BBL is based on
Biocon group's credit profile."

Biocon's good market share in biosimilars, healthy product
pipeline, and integrated manufacturing operations should support
its earnings growth. The group's smaller revenue scale and product
portfolio relative to global peers, as well as asset concentration,
temper its business strengths.

S&P said, "We expect Biocon's earnings momentum and commitment to
reducing debt through various fund-raising options to support
deleveraging over the next 18-24 months. We believe the
management's commitment, coupled with various fund-raising options,
could lead to faster deleveraging than our base case.

"Among the options available to the group, we believe a public
listing of BBL is the most probable. Other than the compulsorily
convertible preference shares issued to Viatris, Biocon has other
debt-like instruments (put option liabilities) that will convert to
equity in the event of an IPO. As of March 31, 2024, such
instruments totaled Indian rupee 102 billion and accounted for 39%
of the group's adjusted debt. In a scenario that BBL is listed and
all debt-like instruments are converted to equity, we expect the
group's ratio of funds from operations (FFO) to debt to improve
toward 20% by fiscal 2027 (year-end March 31), versus our base-case
scenario of about 12%.

"The stable outlook on the issuer credit rating reflects our view
that Biocon's healthy earnings and commitment to deleveraging will
keep its EBITDA interest coverage well above 2x over the next 24
months.

"We could lower the ratings on BBL if the group's operating
performance is weaker than our expectation. This could happen if
competition in the group's generics and biosimilars business
increases, resulting in downward price pressures, or if new
launches perform below our expectations." Downside triggers include
the following:

-- The group is unable to maintain an EBITDA interest coverage
ratio of at least 2x, or

-- Its liquidity position weakens.

S&P may also lower the ratings if it believes the group's
commitment to deleveraging has diminished.

S&P said, "We could also lower the ratings on BBL should its
importance and linkage to the group diminish. We view such a
scenario to be remote.

"We could upgrade BBL if the group's operating performance and
leverage improve materially. Such a scenario would envisage the
group's FFO-to-debt ratio sustainably nearing 25%. A reduction in
debt and debt-like instruments through a public listing of BBL or
use of alternate equity fund raising channels over the next 18
months could quicken the path to a lower leverage.

"We equalize the rating on the US$800 million senior secured notes
with our 'BB' issuer credit rating on BBL because the notes are
secured. BB Global, the issuer of the notes, is a wholly owned
subsidiary of BBL, with no operations of its own. BB Global was
incorporated in July 2024 for the purpose of raising funds for the
group."

The notes benefit from an unconditional and irrevocable guarantee
from BBL (capped at 100% of principal until April 30, 2025, and
110% of principal thereafter) and its subsidiaries, Biocon UK Ltd.,
Biosimilars NewCo. Ltd., Biosimilar Collaborations Ireland Ltd.,
and Biocon Sdn. Bhd. (guarantor group). The guarantee is a strong
signal of support. However, it does not explicitly contribute to
the rating because it does not fully cover all interest and
principal payments.

  Ratings Score Snapshot

  Issuer Credit Rating: BB/Stable/--
  Business risk: Fair
  Country risk: Low
  Industry risk: Low
  Competitive position: Fair
  Financial risk: Aggressive
  Cash flow/Leverage: Aggressive
  Anchor: bb-

  Modifiers:

  Diversification/Portfolio effect: Neutral (no impact)
  Capital structure: Neutral (no impact)
  Financial policy: Positive (+1 notch)
  Liquidity: Adequate (no impact)
  Management and governance: Neutral (no impact)
  Comparable rating analysis: Neutral (no impact)
  Group stand-alone credit profile: bb
  Group credit profile: bb
  Entity status within group: Core


CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Creative Looms
and Crafts Private Limited (CLCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          18         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with CLCPL 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 CLCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CLCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CLCPL continues to be 'CRISIL D Issuer not cooperating'.

CLCPL was incorporated in 1983 by Mr. Rishabh Singh and Mrs. Gaeta
Singh. The company is engaged in trading of handicrafts products
and furniture. Company operates through two retail outlets in New
Delhi (one each at Dwarka and Connaught Place).


DANIA ORO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dania Oro
Jewellery Private Limited continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Packing Credit          12.5       CRISIL D (Issuer Not
                                      Cooperating)

   Post Shipment Credit    12.5       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      17.31      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Dania Oro
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 Dania Oro, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Dania Oro is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Dania Oro 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 Dania Oro, Dynamix Chains Manufacturing
Pvt Ltd (Dynamix Chains; rated 'CRISIL D/CRISIL A4'), Say India
Jewellers Pvt Ltd (Say India; 'CRISIL A4'), Lily Jewellery Pvt Ltd
(Lily; 'CRISIL B-/Stable'), Yash Jewellery Pvt Ltd (Yash; 'CRISIL
D/CRISIL A4'), Rolly Jewellery Pvt Ltd (Rolly; 'CRISIL B-/Stable'),
Jewel America Inc (Jewel America), and Barjon Inc (Barjon). This is
because all these companies, collectively referred to as the Yash
group, are under a common promoter group, in the same line of
business, and have operational inter-linkages and fungible cash
flows.

                           About the Group

The Dynamix group of companies is promoted by Mr. Pramod Goenka.
The group manufactures gold, silver, and diamond-studded jewellery,
which is mainly exported to the US and the UK.

Dania Oro, Say India, Lily, and Yash (set up in February 2006, May
1995, February 2004 and November 2006, respectively), export
diamond-studded gold jewellery, while Rolly (established in January
2005) exports light-weight electro-form jewellery. Dynamix Chains,
established in October 2007, manufactures specialised chains and
pendants, which are exported to the US. Jewel America, a leading
jewellery wholesaler in the US, was acquired by the group in
February 2009. The group operates through 176 outlets in larger
stores, such as Shoppers Stop and Lifestyle, and through two
standalone stores. All the sales are made through Nascent
Jewellery, which is the domestic subsidiary of the group. The sales
are made under the brands Nirvana and Viola.


DBK ENTERPRISES: Liquidation Process Case Summary
-------------------------------------------------
Debtor:  DBK Enterprises Private Limited
  D-301 Neelkanth Complex
         Sahar Road Vile Parle East
         Mumbai, Maharashtra, India 400099

Liquidation Commencement Date: December 5, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Avinash Bagul
     A-102, Ram Krupa CHS,
            SV Road, Borivali (West)
            Mumbai 4000092
            Email: Avinash.bagul1956@gmail.com
            Phone No: +91 98200 09316

Last date for
submission of claims: January 4, 2025


DECURTIS INT'L: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Decurtis International Private Limited
3/91 SFS, Agrawali Farm
        Mansamar S.F.S., Mansarovar
        Jaipur, Rajasthan 302020

Liquidation Commencement Date: December 10, 2024

Court: National Company Law Tribunal Jaipur Bench

Liquidator: Suril Gajanan Namal
     Cig Kanj and Co LLP
            Company Secretaries
            3-4 Aishwarya
            Sanbal 17 GA Kurkami Pan
            Opposite Joahi's Railway Museum
            Kothud Pune - 411033
            Email: sanl.nasal@kanjas.com

Last date for
submission of claims: January 9, 2025


DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devki Nandan
Minerals Private Limited (DNMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.9         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         7           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DNMPL 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 DNMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DNMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DNMPL continues to be 'CRISIL D Issuer not cooperating'.

DNMPL was set up in 2016, by promoters, Mr Paresh Nathabhai Gopani,
Mr Kailash Laxman Jakasania, and Mr Dinesh Kachrabhai Ghodasara.
The company manufactures non-metallic minerals at its plant in
Morbi. Operations commenced in August 2017 only.


DINDAYAL JALAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Dindayal Jalan Textiles Ltd (DJTL) in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with DJTL, 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.

Dindayal Jalan Textiles Limited (DJTL), incorporated in 1993, is
wholesaler of textile products with its operations centred in
Varanasi, Uttar Pradesh. The company is a part of the Dindayal
Jalan group, which is involved in the textile trading business for
more than four decades. DJTL was a wholesaler and retailer till
FY2014, with trading of handloom, fabric, readymade garments,
hosiery etc accounting for a major portion of its sales. The retail
operations of the company were discontinued from April, 2014
onwards, and were shifted to the newly-formed group company
Dindayal Jalan Retails Pvt Ltd. The company has 150,000 square feet
space on the outskirts of Varanasi, which serves as a warehouse and
a display centre. This store is well connected to the National
Highway with Varanasi and other major cities of Uttar Pradesh and
Bihar.


DINODIA EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dinodia
Educational Society (DES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               12         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DES 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 DES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DES continues to be 'CRISIL D Issuer not cooperating'.

DES, established in 2008, is operating a school near Siliguri, West
Bengal, under the name G D Goenka Public School, Siliguri (GDGPSS).
DES is associated with the GD Goenka group of schools, and all the
facilities have been built up and the school is operated under the
ageis of the group. The school is located at Dagapur, around 7 Km
away from the city of Siliguri, West Bengal, and is spread over an
area of 7.32 acres. GDGPSS has commenced operation from 2009-10 and
operate classes from Nursery to class XII under the affiliation of
Central Board of Secondary Education.


DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Divya Cotton in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]D ;
ISSUER NOT COOPERATING.

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          0.12       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term          6.00       [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 Divya Cotton, 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.

Established in 2006, Divya Cotton is engaged in ginning and
pressing of raw cotton to produce cotton bales and cotton seeds.
The plant of the firm is situated at Gondal, Rajkot (Gujarat). At
present the plant of the firm is equipped with 12 ginning machines
and one pressing machine. The total installed capacity of the firm
is producing 180 bales per day. Currently, the firm is managed by
Mr. Chandresh Thummar and Mr. Kalpesh Thummar.


DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Dwarkadhis Buildwell Private Limited (DBPL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]B(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with DBPL, 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.

Dwarkadhis Buildwell Pvt. Ltd. (DBPL) was incorporated in 2005 and
is the flagship company of Dwarkadhis Group which is promoted by
Mr. Jai Bhagwan Garg and his brother Mr. Bal Krishan Garg. They
entered the real estate sector in 2002 and were involved in
construction of floors in Shalimar Bagh. DBPL is undertaking a
plotted development project spread across 60.73 acres of land
parcel in Sector 23, Dharuhera, District Rewari (Haryana) under the
name 'Dwarkadhis City'. The company initially received a license
for developing 60.73 acre of land and started development on this
since 2006. In August-2013, it received LOI from Directorate Town &
Country Planning, Haryana to develop additional adjoining land of
15.91 acres. The land is owned by the promoters and group
companies.


ESHAKTI.COM PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Eshakti.Com Private Limited
3rd Floor, Capitale Building
        No. 554/555 Anna Salai,
        Teynampet, Chennai,
        Tamil Nadu, India - 600018

Insolvency Commencement Date: December 12, 2024

Estimated date of closure of
insolvency resolution process: June 7, 2025

Court: National Company Law Tribunal, New Chennai Bench

Insolvency
Professional: Ebenezar Inbaraj
       397, Precision Plaza,
              No 23, Third Floor,
              Teynampet, Anna Salai,
              Chennai - 600018
              Email: ebiadvocate@gmail.com
              Email: eshakticirp@gmail.com

Last date for
submission of claims: December 26, 2024


ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essem Jute
Industries Limited (Essem) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.4         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            5.5         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       2           CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              1.9         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Essem 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 Essem, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Essem
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Essem continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash Kumar
Jhawar in December 2002. The company manufactures jute products
such as jute yarn, hessian cloth, and bags. The company's
facilities are in Cooch Behar (West Bengal).


FLOKING PIPES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Floking Pipes
Private Limited (FPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.00       CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         38.69       CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility      0.31       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with FPPL 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 FPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPPL continues to be 'CRISIL D Issuer not cooperating'.

FPPL, incorporated in 2010, is promoted by two business groups: the
Electro group of companies, represented by Mr Brij Khandelwal and
Mr Ankur Khandelwal, and the Modi group of companies, represented
by Mr Nilesh Modi. The company has set up a PVC-O manufacturing
plant in Chennai where the operations are yet to stabilise.


GAJANANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gajanana
Traders (GT) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Open Cash Credit        8.77       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GT 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 GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of GT
continues to be 'CRISIL D Issuer not cooperating'.

Set up in 2012, GT is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in East Godavari, Andhra Pradesh. The day to day operations
are managed by Mr. Srinivas Maroju.



GLOBE STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Globe Steel & Alloys Private Limited
Thana Chowk, Ramgarh Cantt. Hazaribagh,
        Jharkhand India - 829122

Insolvency Commencement Date: December 9, 2024

Estimated date of closure of
insolvency resolution process: June 6, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Raj Singhania
       Central Plaza
              41, B. B Ganguly Street  
              5th Floor, Room No. 5A
              Kolkata - 700012
              Email: rajsinghania_ca@yahoo.com
              Email: cirp.globesteel@gmail.com

Last date for
submission of claims: December 23, 2024


H S MERCANTILE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor:  H S Mercantile Private Limited
  65/1 Jogendra Nath Mukherjee Road
         Kolkata, Bandhaghat,
         Howrah, Bally Jagachha,
         West Bengal, India 711106

Insolvency Commencement Date: December 13, 2024

Estimated date of closure of
insolvency resolution process: June 10, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Neeraj Kumar Sureka
       Central Plaza
              6th Floor, Room No H, 41,
              B.B  Ganguly  Street,
              Kolkata - 700 012, West Bengal
              Email: ipneerajsureka@gmail.com
              Email: cirp.hsmpl@gmail.com

Last date for
submission of claims: December 27, 2024


MU VENTURES: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: MU Ventures India Private Limited
Gate NO. 2, Western Wing,
        Upper Ground floor, Thapar House,
        124 Janpath Ln, Janpath Connaught Place,
        New Delhi 110001, India               

Liquidation Commencement Date: December 12, 2024

Court: National Company Law Tribunal Chandigarh Bench

Liquidator: IP Vinay Bansal
     7-D, Row Buildings Surya Vihar,
            Sector-12, Gurgaon - 122016
            Phone: +91 9811046059
            Email: bansal_vinay@hotmail.com

Last date for
submission of claims: January 1, 2025


OASIS MARINE: Liquidation Process Case Summary
----------------------------------------------
Debtor: Oasis Marine Private Limited
320, Laxuria Business Hub
        Near Dumas Resort
        Dumas Road, Surat,
        Gujarat, India 395007

Liquidation Commencement Date: December 11, 2024

Court: National Company Law Tribunal Ahmedabad Bench

Liquidator: Chetan Babaldas Patel
     301, Akshar Stadia
            Opposite Symphony House
            Bodakdev, Ahmedabad - 380059
            Email: chetanpatelcs@gmail.com
            Email: oasismarineliq@gmail.com

Last date for
submission of claims: January 10, 2025


PIK STUDIOS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of PIK Studios Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'

As part of its process and in accordance with its rating agreement
with PIK Studios Private Limited, 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.

Established in 1965 as V K Industries and thereafter converted into
a private limited company in 1998, 'PIK Pens Private Limited' is
engaged in the manufacturing of writing instruments which includes
products like fibre tip pens, permanent markers, white board
markers, highlighters, ball point pens, etc. In 2016, the company
ventured into cosmetics (Eye liner, perfumers and kajal) and was
renamed to PIK Studios Private Limited. The cosmetics line has not
been launched in the market as yet, however the products are ready
with the company. The products are sold under the brand name
'PikPens'. PIK also does job work for other writing instrument
manufacturers like Linc Pen & Plastics Limited, Luxor Writing
Instruments Pvt Ltd, Hindustan Pencils Private Limited.


RAMAKRISHNA TELETRONICS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Ramakrishna
Teletronics Pvt. Ltd (RTPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/ICRA]D; ISSUER NOT
COOPERATING.

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Short-term         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        54.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues
   Unallocated                  to remain under 'Issuer Not      
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with RTPL, 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.

Ramakrishna Teletronics Pvt. Ltd. (RTPL) was incorporated in 2008
by Mr. V. Raghavendra and Mr. V Ravi Kumar based in Hyderabad. RTPL
is involved in retailing and distribution of consumer durables such
as flat panels, refrigerators, washing machine, air conditioners,
and electronic appliances, mobiles through a chain of 12 retail
stores located across Hyderabad, Vizag and Rajahmundry under the
brand name "Yes Mart". The company is acting as a distributor of
Sony in Telangana region.

REXSONA TILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor:  Rexsona Tiles Private Limited
  City Mall, Office No. 2020, 2nd Floor
         Near Bhaktinagar Circle
         Morbi-Rajkot Road,
         Morbi MDG, Rajkot,
         Morbi, Gugarat, India 363641

Insolvency Commencement Date: December 6, 2024

Estimated date of closure of
insolvency resolution process: June 9, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Iqbal Singh Gandhi
              C/302, Rosewood Estate
              Near Prerna Thirth Jain Derasar
              Satellite, Ahmadabad, Gujarat, 380015
              Email: iqbalsingh2659@yahoo.com
              Email: cirp.rexsonatiles@gmail.com

Last date for
submission of claims: December 25, 2024


SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senbo
Engineering Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         24.68       CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         42.68       CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         87.32       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            95          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            23          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      7.32       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SEL 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 SEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.


Started as a partnership firm in the 1960s by Mr. Kajal Sengupta in
Kolkata, the firm was reconstituted as a private limited company in
1990 and incorporated as a public limited company in 2005. SEL
undertakes designing, engineering, and consultancy work for civil,
structural, and foundation engineering with specialisation in heavy
construction, piling, and underground tunneling for metro work. Mr.
Sengupta is the chairman and managing director of SEL.


SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spectra
Motors Limited (SML) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4.75       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          50          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      6          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             6          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.81       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             8          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            14          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             4.94       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       5          CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SML 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 SML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SML continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1993 and promoted by Mr Bharat Bhushan Gupta and
family, SML was initially a dealer of Fiat vehicles; however in
1998 it obtained the dealership of Maruti. Currently, the company
has six showrooms and eight workshops in Mumbai apart from a
showroom and workshop in Surat (Gujarat). It sells 1000-1100
vehicles a month.


SSG ADVISORS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor:  SSG Advisors (India) Private Limited
         1st Floor, Vasvani Chambers
         264-265, Dr. Annie Besant Rd.
         Municipal Colony
         Worli Shivaji, Government Colony
         Mumbai - 400051, Maharashtra      

Liquidation Commencement Date: November 23, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mr. Vivek Gupta
     Tower 7 Flat 1805, Urbana 783,
            Anandapur Main Road Kolkata 700107
            Anandapur Main Road, Ruby Hospital
            Kolkata - 7001007
            Email: liquidatorssgco@gmail.com
            Email: gupta.vivekca@gmail.com
            Email: ipvivek213@gmail.com
            Contact no: +91-9831808041

Last date for
submission of claims: December 23, 2025


SUN SHINE: ICRA Keeps C+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Sun Shine Builders in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C+; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         10.00      [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'

As part of its process and in accordance with its rating agreement
with Sun Shine Builders, 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.

Sun Shine Builders is a partnership firm formed in 2012 with Mr. T.
Janardhan Rao and Mr. M Ramesh as the partners and was
reconstituted in September 2013 with Mr. M Satish as the third
partner. The firm is involved in real-estate development and has
completed two residential projects in Bangalore since its
inception. It is developing a residential apartment project called
'Silicon Pride' at Whitefield, Bangalore.


TECHNO INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Techno India (TI) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         16.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term         9.00       [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 TI, 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.

Techno India (TI) was established in 2001 as a trust in Kolkata,
West Bengal and manages three colleges offering under and post
graduate courses across engineering, management and computer
application. TI also manages eight primary and secondary level
schools. Techno India College is the flagship college of the trust
contributing significant proportion of the total fee income of the
trust.


VEERAMAKALI MEMORIAL: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Veeramakali
Memorial Welfare Trust in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         65.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         41.35     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term         173.65     [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 Veeramakali Memorial Welfare Trust, 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.

Established in 1986 by Mr. MV Muthuramalingam, Velammal group of
trusts operate over 50 educational institutions including 46
schools, three engineering colleges, one medical college and
hospital and has total student strength of over 1,00,000. The
schools and colleges of the trust are spread across Tamil Nadu in
various districts including Thiruvallur, Kancheepuram, Sivagangai,
Madurai, Theni & Karur marking a strong foothold in TN in the
education space. Currently, the educational institutions are run
under seven trusts and one private limited company – Velammal
Educational Trust (VET, rated [ICRA]B (INC)), Velammal Chennai
Educational Trust (VCET), Velammal Madurai Educational Trust
(VMET), Veeramakali Memorial Welfare Trust (VMWT), Ramana
Educational Trust (RET, rated [ICRA]B (INC)), Vallimuthu
Educational Trust, Muthuramalingam Kuncharavalli Educational Trust
(MKET), Learnvel Private Limited.


VIAROMANAA FASHIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor:  Viaromanaa Fashions (India) Private Limited
         321, 322, A-2, Shah & Nahar Industrial Estate
         Sitaram Jadhav Marg
         Lower Parel, Mumbai
         Maharashtra, India, 400013

Insolvency Commencement Date: December 10, 2024

Estimated date of closure of
insolvency resolution process: June 14, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Arun Kishanlal Bagaria
       701, Stanford,
              Junction of S. V Rd & Burfiwala Lane
              Andheri (West), Mumbai City
              Maharashtra
              Email: arun@bagariaco.com
              Email: bagaria.arun@gmail.com

Last date for
submission of claims: December 30, 2024


VYSALI PHARMACEUTICALS: Liquidation Process Case Summary
--------------------------------------------------------
Debtor:  Vysali Pharmaceuticals Limited
  IX/639, Vysali Road,
         Edathala P.O, Ernakulam,
         Kerala, India - 683561

Liquidation Commencement Date: December 3, 2024

Court: National Company Law Tribunal Kochi Bench

Liquidator: Kizhakkekara Kuriakose Jose
     K K Jose & Associates
            Yenvee Complex, Temple Road,
            Aluva, Kerala 683101
            Email: kkjoseca@gmail.com
     Email: vysaliirp@gmail.com

Last date for
submission of claims: January 2, 2025


WINDALS AUTO: Liquidation Process Case Summary
----------------------------------------------
Debtor:  Windals Auto Private Limited
  Unit No. 5/B, 5th Floor, Goldline Business Centre,
         Near Chincholi Fire Bridge,
         Link Road, Malad (W), Mumbai,
         Maharashtra, India, 400064

Liquidation Commencement Date: December 9, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: CA Rajan Garg
     Flat No. 202, Wing-B, 2nd Floor, Safal Twins,
            Block-Punjabwadi, Sion-Trombay Road,
            Deonar, Mumbai Suburban,
            Maharashtra - 400 088
            Email: fcarajangarg@gmail.com

            Suite No. 5, 8th Floor, 207, Embassy Centre,
            Jamnalal Bajaj, Marg, Nariman Point,
            Mumbai, Maharashtra - 400021
            Email: cirpwindals@gmail.com

Last date for
submission of claims: January 8, 2025




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

1MDB: Amicorp Group to Dispute US$1 Billion 1MDB'S Legal Claim
--------------------------------------------------------------
Reuters reports that Amicorp Group has said it will dispute a claim
for more than $1 billion filed by scandal-hit Malaysian fund 1MDB,
denying allegations it knowingly facilitated more than $7 billion
in fraudulent transactions related to the misappropriation of 1MDB
funds.

According to Reuters, corporate services provider Amicorp in a
statement late on Monday [Dec. 23] said it would defend itself and
challenge the effort by sovereign wealth fund 1Malaysia Development
Berhad, which filed a legal claim last week in the British Virgin
Islands.

Reuters relates that 1MDB has alleged Hong Kong-headquartered
Amicorp and its CEO played a vital role in enabling the Malaysian
fund to be defrauded between 2009 and 2014. The claim is one of the
biggest filed by 1MDB related to the multibillion dollar graft
scandal.

Malaysian and U.S. investigators have previously estimated $4.5
billion was siphoned away from 1MDB in a complex, globe-spanning
scheme that implicated former Malaysian Prime Minister Najib Razak,
Goldman Sachs staff and high-level officials elsewhere.

Reuters says 1MDB alleges 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.

But Amicorp said the misappropriated 1MDB funds were "ill-gotten by
or for the benefit" of Malaysian senior government officials and
the top senior management of Abu Dhabi's International Petroleum
Investment Co and its unit Aabar Investments PJS, Reuters relays.

The two UAE firms agreed in 2023 to pay $1.8 billion to Malaysia to
settle a legal dispute over the 1MDB scandal.

Najib, who helped found 1MDB in 2009, is currently in prison for
corruption and money laundering for receiving about $10 million
from former 1MDB unit SRC International and has consistently denied
wrongdoing, Reuters notes.

Najib's 12-year prison sentence was later halved by a pardons board
chaired by Malaysia's former king, but he faces several other graft
trials related to 1MDB.

Reuters adds Amicorp said it has not been the subject of any
administrative investigations or party to any civil suits, and has
cooperated with Singapore and Swiss government agencies and
criminal prosecutors based on "mutual assistance" in criminal
matters. It did not provide further details.

                             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.




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

BANKCHAMPS PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Dec. 13, 2024, to
wind up the operations of Bankchamps Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


BRAVO BUILDING: Court to Hear Wind-Up Petition on Jan. 3
--------------------------------------------------------
A petition to wind up the operations of Bravo Building Construction
Pte. Ltd. will be heard before the High Court of Singapore on Jan.
3, 2025, at 10:00 a.m.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company on Dec. 10,
2024.

The Petitioner's solicitors are:

     Infinitus Law Corporation
     77 Robinson Road
     #16-00 Robinson 77
     Singapore 068896


INTERSTATE CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Interstate Capital Pte. Ltd. on Dec. 16, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are Kan Mun Gneen and Loo Leep Lin.


SMILE AUTO: Court to Hear Wind-Up Petition on Jan. 3
----------------------------------------------------
A petition to wind up the operations of Smile Auto Pte. Ltd. will
be heard before the High Court of Singapore on Jan. 3, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 11, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


WISH HOSPITALITY: Creditors' Meetings Set for Dec. 30
-----------------------------------------------------
Wish Hospitality Holdings Private Limited will hold a meeting for
its creditors on Dec. 30, 2024, at 11:00 a.m., via electronic
means.

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 of not more than
      5 members, if thought fit; and

   d. any other business.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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