/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250319.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, March 19, 2025, Vol. 28, No. 56 Headlines A U S T R A L I A BUILDING AGENCY: First Creditors' Meeting Set for March 24 CAVALLO PARK: First Creditors' Meeting Set for March 24 DESIGNERX GROUP: First Creditors' Meeting Set for March 28 GROWPRO EXPERIENCE: Liquidators Probe Improper Funds Transfer GTT INVESTMENT: First Creditors' Meeting Set for March 24 LION & HORN: Federal Court Freezes Assets of Rashid Alshakshir ROBERTS CO: Faces New Threat From Bond Claims SQM GROUP: First Creditors' Meeting Set for March 25 C H I N A HO WAN KWOK: Court Rules on Motions to Dismiss in Avoidance Actions TAOPING INC: Enters $2 Million Securities Purchase Agreement I N D I A AADNATH TRADE-WINGS: Insolvency Resolution Process Case Summary ANSAL PROPERTIES: Insolvency Resolution Process Case Summary AUK CUTTING: Voluntary Liquidation Process Case Summary AVIOM INDIA: Insolvency Resolution Process Case Summary DEVSEN SOFTWARE: Voluntary Liquidation Process Case Summary DEWAN FOURWHEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating DREAM DIGITAL: ICRA Keeps B- Debt Ratings in Not Cooperating EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating ELEGENT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating GREENLACE BUILDERS: Liquidation Process Case Summary INDORE DEWAS: Liquidation Process Case Summary JMK JEWELS: CRISIL Keeps B+ Debt Rating in Not Cooperating KALAISELVI MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating KGPS MECHANICAL: CRISIL Keeps D Debt Ratings in Not Cooperating KNISS LABORATORIES: CRISIL Keeps D Ratings to Not Cooperating LAXMI OPTICALS: CRISIL Keeps B- Debt Ratings in Not Cooperating LAXMI RICE: CRISIL Keeps B Debt Ratings to Not Cooperating LEEWAY LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating MALAXMI WIND: CRISIL Keeps D Debt Ratings in Not Cooperating MALLEMAALA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating MATHURA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating MAVERICK HOLDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating MCLEOD RUSSEL: Lenders Transfer INR1,104cr Debt at Discount MG INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating MOWKISH HEALTHCARE: Insolvency Resolution Process Case Summary MUKUNDA DAIRY: CRISIL Keeps B Debt Ratings in Not Cooperating NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating OKCAPITAL PRIVATE: Voluntary Liquidation Process Case Summary RAJAT WIRES: Liquidation Process Case Summary ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating SHITOLE TISSUE: Insolvency Resolution Process Case Summary SIDDHI SHARES: Voluntary Liquidation Process Case Summary SPINACH DEALMARK: Voluntary Liquidation Process Case Summary SUPREME HOUSING: Insolvency Resolution Process Case Summary TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating THUNGA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating TIKU RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating V-ACCURATE MANAGEMENT: Liquidation Process Case Summary V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating VIMLADEVI AGRO: Insolvency Resolution Process Case Summary VXL SOFTWARE: Insolvency Resolution Process Case Summary I N D O N E S I A GOTO GOJEK: Net Loss Narrows to IDR3.1 Trillion in 2024 M A L A Y S I A IREKA CORPORATION: Granted 6 Months Extension to Submit Plans N E W Z E A L A N D BUILDFORM LIMITED: Creditors' Proofs of Debt Due on May 7 EAST BUILDING: Creditors' Proofs of Debt Due on April 12 KEBABS ON QUEEN: Court to Hear Wind-Up Petition on May 9 NATALIE JANE: Waterstone Insolvency Appointed as Receivers Y-DAY LIMITED: Court to Hear Wind-Up Petition on March 28 P A K I S T A N PAKISTAN: Raises Petroleum Tax as It Eyes Next IMF Loan Tranche S I N G A P O R E BIKERS AVENUE: Court to Hear Wind-Up Petition on March 28 GROUP IME: Court to Hear Wind-Up Petition on March 28 ONEUPSKATES PTE: Court Enters Wind-Up Order REENOVA INVESTMENT: Creditors' Meetings Set for March 26 ZENDYLL COLLECTIVE: Court to Hear Wind-Up Petition on April 4 S O U T H K O R E A HOMEPLUS CO: FSS to Probe Shinyoung Securities, Two Ratings Firms V I E T N A M SAIGON JOINT: Developer Proposes 15-Year Rescue for Bank - - - - - ================= A U S T R A L I A ================= BUILDING AGENCY: First Creditors' Meeting Set for March 24 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of The Building Agency Pty Ltd will be held on March 24, 2025 at 9:30 a.m. via videoconference only. Richard Albarran and Nicholas Wollinski of Hall Chadwick were appointed as administrators of the company on March 12, 2025. CAVALLO PARK: First Creditors' Meeting Set for March 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Cavallo Park Stud Pty Limited will be held on March 24, 2025 at 1:00 p.m. via Microsoft Teams. Amanda Lott of Australian Corporate Rehabilitation Insolvency Solutions (ACRIS) was appointed as administrator of the company on March 12, 2025. DESIGNERX GROUP: First Creditors' Meeting Set for March 28 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Designerx Group Pty Ltd will be held on March 25, 2025 at 11:00 a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW, and via virtual meeting technology. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on March 13, 2025. GROWPRO EXPERIENCE: Liquidators Probe Improper Funds Transfer ------------------------------------------------------------- ABC News reports that a liquidator is investigating whether a failed international student agency improperly transferred funds out of Australia in the weeks before its collapse. GrowPro Experience, a Spain-based company which helps arrange global study for international students, was put into administration earlier this year. Its collapse has left hundreds of students at risk of losing years of savings and the opportunity to study in overseas destinations, including Australia, the ABC notes. Liquidation firm Taylor Insolvency has been appointed to wind up the Australian arm of the business. The ABC relates that the firm's managing director, Joshua Taylor, said accounts suggested more than 1,100 international students intending to study in Australia had been left out of the pocket by the collapse, and it was unlikely they would receive any money back. An initial liquidator's report suggests GrowPro's Australian entity went bust owing over AUD4.19 million to creditors, with students having so far lodged claims totalling over AUD2.4 million, the ABC discloses. Other large creditors included Allianz Insurance, claiming over AUD1.24 million, and the Australian Taxation Office, claiming over AUD447,000. A director's report suggested the company had a little over AUD1.1 million in assets at the time of its collapse. According to the ABC, Mr. Taylor said "material amounts" of money appeared to have been transferred abroad to the Australian company's parent entities in Spain. Mr. Taylor said he could not comment on whether the amounts were appropriate and whether the company had been trading while insolvent - which can be penalised under Australian laws. "We are still in the process of verifying both the amounts paid, timing and what services were rendered for those said payments," he said. GrowPro's parent company in Spain entered insolvency proceedings on January 10, and students were notified the company had ceased trading on February 21, according to the ABC. Many clients were owed thousands of dollars in refunds by GrowPro, while others had paid GrowPro thousands that was supposed to be paid onto schools, insurance providers, or for visa applications, but never was. Mr. Taylor was unable to provide estimates for how much money was owed back to students. However, a shared document circulated by affected students has been filled out by 600 people to date, with those students claiming to have lost more than $2.14 million (AUD). The company's Australian entity was placed into liquidation on February 27. "The investigation we are undertaking will form an opinion on whether we believe the company was trading whilst insolvent," the ABC quotes Mr. Taylor as saying. "I cannot comment on the mindset of the directors and employees of the company as to what they could or could not deliver towards the end of the company." Preliminary figures provided to Mr. Taylor suggested roughly 46 per cent of GrowPro's 2,467 clients bound for Australia were owed money at the point the Australian entity collapsed. "Please note that this is not a final number," Mr. Taylor said. GTT INVESTMENT: First Creditors' Meeting Set for March 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of GTT Investment Fund Pty Limited will be held on March 24, 2025 at 1:30 p.m. via via Microsoft Teams. Amanda Lott of Australian Corporate Rehabilitation Insolvency Solutions (ACRIS) was appointed as administrator of the company on March 12, 2025. LION & HORN: Federal Court Freezes Assets of Rashid Alshakshir -------------------------------------------------------------- Following an application made by the Australian Securities & Investments Commission (ASIC), the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation). ASIC is investigating Mr. Alshakshir and various entities associated with him in relation to the provision of marketing services (including lead generation) and the payment for those services, in connection with its investigations into the Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian). These investigations are ongoing. The Court made the orders with Mr. Alshakshir's consent. The orders are in place until further order. On Jan. 20, 2025, ASIC sought travel restriction orders against Mr. Alshakshir. While ASIC obtained temporary ex parte travel restriction orders against Mr. Alshakshir, the Court subsequently dismissed ASIC's application for interim travel orders on Jan. 22, 2025. ROBERTS CO: Faces New Threat From Bond Claims --------------------------------------------- The Australian Financial Review reports that Roberts Co faces the prospect of security bond claims from clients on its Victorian projects that threaten the viability of the parent company and its original NSW operation. While Roberts Co (VIC), put into administration late on March 14, is just one entity in the wider group, it accounts for a substantial share of the AUD109 million-worth of security bonds records show parent company Roberts Co Australia had issued at the end of last financial year, according to the Financial Review. The Financial Review says administrators have closed Roberts Co's Victorian sites, including Amazon's biggest planned Australian warehouse. The shutdown of the projects allows clients to call in security guarantees the builder lodges at the start of their projects, typically worth about 5 per cent of the total cost. If clients called in all security bonds against the company's Victorian projects - with a collective construction cost of about AUD930 million - that would equate to claims of AUD46 million, the Financial Review relates. The company had contract assets last year worth AUD33.6 million. Builder guarantees take different forms, but they are standard features of commercial contracts that provide clients with access to funds in case of failure of the builder or to pay for defects after completion. Clients can call them in when a project hits major problems, but they can also negotiate an outcome with a builder or – as in the case of Roberts Co VIC – its administrator, if that is a better result for them. According to the Financial Review, developer Golden Age, for which Roberts Co was building the 28-storey office and retail tower at 130 Little Collins Street in central Melbourne – which has a last estimated cost of AUD190 million – was "surprised and concerned" that the builder went into administration, but said the project was finishing "soon". "The team at GA are in active talks with the administrators," a spokesperson said. Roberts Co's FY24 figures show the company had issued AUD3.2 million worth of so-called security deposits (up from AUD1.9 million a year earlier) and had issued security bonds worth AUD108.9 million, up from AUD78.8 million, the Financial Review discloses. These obligations, made with the parent company to cover operations across the group, apply to Roberts Co Australia, notwithstanding its revocation last month of a previously issued deed of guarantee to subsidiaries, reducing its liability. "Roberts Co's decision to revoke the deed of guarantee was made to safeguard the interests of all our NSW and WA stakeholders including clients and employees by ensuring the stability and profitability of Roberts Co nationwide," the Financial Review quotes Roberts Co chief executive Emma Shipley as saying on March 17. "The Victorian operation has incurred unsustainable losses, and continuing to subsidise it would jeopardise the ongoing performance of our remaining operations." The Financial Review says developers and construction industry figures are wondering about the financial strength of Roberts Co's other operations after the Sydney-based contractor put its Victorian operation into administration. "The real risk is contagion to the rest of Roberts Co," one developer said. "They don't just operate in Victoria. Does this affect other states?" The Roberts Co NSW business, like its now in-administration Victorian counterpart, last filed a standalone financial report in FY22, the Financial Review notes. The Financial Review relates that the earnings performance of both were subsequently wrapped up into financial records for the parent company, which for the year to June show an AUD11 million turnaround in earnings as the contractor swung from a net AUD9.3 million loss in 2023 to a AUD2 million net profit. About Roberts Co Roberts Co is an Australian-based, a boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited on March 14, 2025. SQM GROUP: First Creditors' Meeting Set for March 25 ---------------------------------------------------- A first meeting of the creditors in the proceedings of SQM Group Australia Pty Ltd will be held on March 25, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on March 13, 2025. ========= C H I N A ========= HO WAN KWOK: Court Rules on Motions to Dismiss in Avoidance Actions ------------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut ruled on several motions to dismiss or for judgment on the pleadings filed by avoidance action defendants in the bankruptcy case of Ho Wan Kwok. The avoidance actions were commenced by Luc A. Despins, the Chapter 11 trustee for the bankruptcy estate of Ho Wan Kwok. The Trustee seeks to avoid and recover alleged fraudulent transfers and unauthorized post-petition transfers pursuant to sections 544, 548, 549, and 550 of title 11 of the United States Code and sections 273, 274, and 276 of New York's Debtor and Creditor Law, codifying New York's Uniform Voidable Transactions Act. Thirty-seven motions have been filed by defendants pursuant to the Order Further Amending Avoidance Action Procedures Order and Scheduling Joint Briefing of Motions to Dismiss and Motions for Judgment on the Pleadings. The Joint Defendants requested and proposed this omnibus process and prepared and submitted common legal issues they requested the Court address. The Trustee did not object to the Joint Defendants' request. In issuing the Joint Briefing Order, the Court adopted the Joint Defendants' process. Additional motions have been filed by defendants who, although they did not participate in the joint briefing, raised some or all the issues raised by the Joint Defendants and requested to have their motions be heard at the same time as the Joint Motions. Because it raised some of the issues in the Joint Briefing Order, Zeisler & Zeisler, P.C. also requested its objection to a motion for judgment on the pleadings filed by the Trustee be heard at the same time as the Joint Motions. The Joint Motions, Non-Joint Motions, and Z&Z Objection assert the Trustee has failed to state a claim upon which relief can be granted. Joint Motions The Court addresses the arguments of the Joint Defendants on the following issues: (i) whether the Trustee can avoid an initial transfer by a non-debtor entity; (ii) whether applicable law allows for reverse veil piercing or alter ego determinations; (iii) the effect under applicable law of a reverse veil piercing or alter ego determination; and (iv) whether a determination of reverse veil piercing or alter ego may be applied retroactively. Regarding issues (i) and (iii), the Joint Defendants argue even if the Court were to hold certain entities are the Individual Debtor's alter egos, the Court must dismiss the complaints because an alter ego finding does not give the Trustee standing to sue on the alter ego's transfers of its property. As to issues (ii) and (iv), the Joint Defendants raise a series of arguments that alter ego determinations are improper under applicable state law or must be circumscribed in the bankruptcy context because of prejudice to the alter egos' transferees. The Trustee argues an alter ego determination provides him with a basis to assert fraudulent transfer and unauthorized postpetition transfer claims. The Trustee contends that if the Court agrees with the Joint Defendants, the result will be to ignore the Individual Debtor's misconduct and inequitable dealings by cutting off the estate's recovery. The Court agrees with the Trustee. As a threshold matter, the Joint Defendants' argument focuses solely on the Avoidance Claims' alter ego allegations and fails to address the overlapping and alternative beneficial ownership allegations. The Avoidance Claims assert the Individual Debtor's beneficial ownership of the alter egos and their assets as a basis for the relief requested. Non-Joint Motions and Z&Z Objection The following Non-Joint Defendants: (1) FFP (BVI) Limited; (2) Mr. Aaron A. Mitchell; (3) V.X. Cerda & Associates, P.A.; (4) The Francis Firm PLLC; (5) Berkeley Rowe Ltd.; (6) Weddle Law PLLC; (7) Lawall & Mitchell, LLC; (8) G4S Security Systems (Hong Kong) Ltd.; and (9) ACASS Canada LTD are represented by the same counsel who argued their Non-Joint Motions as a single argument. There are two other Non-Joint Defendants: (10) Liberty Jet Management Corp. and (11) Z&Z. Liberty Jet and Z&Z raise no distinct arguments that are not also raised by the Assorted Non-Joint Defendants. Moreover, neither Liberty Jet nor Z&Z advanced independent arguments during the hearing. The Assorted Non-Joint Defendants raise two distinct arguments. First, with respect to issue (ii) -- whether applicable law allows for reverse veil piercing or alter ego determinations -- the Assorted Non-Joint Defendants argue the Trustee lacks standing to bring an alter ego claim because he stands in the shoes of the Individual Debtor who, accepting the Trustee's allegations as true, is in pari delicto with the alleged alter egos. Second, with respect to issues (i), whether the Trustee can avoid an initial transfer by a non-debtor entity, and (iii), the effect under applicable law of a reverse veil piercing or alter ego determination, the Assorted Non-Joint Defendants argue that the Trustee is improperly asserting claims of the alter egos' bankruptcy estates without the alter egos having filed for bankruptcy and without the substantive consolidation of the Individual Debtor's Chapter 11 case and the not-filed alter ego bankruptcy cases. In doing so, the Assorted Non-Joint Defendants assert the Trustee is bypassing disclosure requirements of the Bankruptcy Code. The Trustee argues he has standing under either section 541 or section 544(a) of the Bankruptcy Code because he stands in the shoes of the Individual Debtor's creditors and, even if he did not, the insider exception to in pari delicto would apply. The Trustee argues he has properly asserted claims of the Individual Debtor's bankruptcy estate, has properly asserted alter ego claims, and that, in any event, he will be seeking a new claims bar date to allow creditors of the alter egos to assert claims against the estate. The Court does not reach the parties' arguments regarding exceptions to in pari delicto. The Trustee has standing to bring the alter ego claims, the Court finds. On the basis of the allegations in the complaints and the incorporated alter ego complaints, the Court concludes the Trustee has plausibly alleged (1) Golden Spring; (2) Lamp Capital; (3) HCHK Tech; (4) HCHK Property; (5) Lexington; (6) Greenwich Land; and (7) Leading Shine are alter egos of the Individual Debtor and their corporate veils should be pierced in reverse. The Trustee has plausibly pled (i) the Individual Debtor dominated and controlled the alter egos such that they have no independent economic existence and serve only as a façade for the Individual Debtor; and (ii) the corporate form of the alter egos serves to hinder, delay, or defraud the Individual Debtor's creditors as part of a large shell game designed to effectively judgment proof the Individual Debtor. Furthermore, the allegations in the complaints and the alter ego complaints, taken as true, do not establish prejudice to the creditors of the alter egos. The Court concludes that none of the four common issues raised by the avoidance action defendants merit dismissal of the avoidance actions. The Court finds because (i) the issues of law raised are not dispositive of the sufficiency of the pleadings; (ii) the defendants do not prevail on the issues of law; and (iii) many of the issues raised are issues of fact, not law, the Joint Motions are denied. The Non-Joint Motions are denied in part as to the issues set forth in the Joint Briefing Order and the Z&Z Objection is overruled in part to the same extent. A copy of the Court's decision is available at https://urlcurt.com/u?l=rSmv8s from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. TAOPING INC: Enters $2 Million Securities Purchase Agreement ------------------------------------------------------------ Taoping Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that on February 26, 2025, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to issue an aggregate of 10,000,000 ordinary shares of no par value of the Company, at an offering price of $0.20 per share, to the Investors for a total purchase price of $2,000,000. The Purchase Agreement also contains customary closing conditions, representations and warranties, covenants, indemnification provisions, and termination provisions. The Company intends to use the net proceeds from the financing for working capital and general corporate purposes. About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 25, 2024, citing that the Company's short-term bank loans of $8.5 million which are repayable within one year and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. ========= I N D I A ========= AADNATH TRADE-WINGS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Aadnath Trade-Wings Private Limited 37, Devyani Park, Timbavadi, Junagadh Gujarat-362001 Insolvency Commencement Date: February 18, 2025 Estimated date of closure of insolvency resolution process: August 17, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Dhaval C. Khamar 1012, Shilip Zaveri, Shyamal Cross Road, Satellite, Ahmedabad, Gujarat-380015 Email: ca.dhavalkhamar@gmail.com cirp.atw@gmail.com Last date for submission of claims: March 4, 2025 ANSAL PROPERTIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Ansal Properties and Infrastructure Limited 115 Ansal Bhawan K G Marg New Delhi-110001 Insolvency Commencement Date: February 25, 2025 Estimated date of closure of insolvency resolution process: August 24, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Navneet Kumar Gupta Unit 2, Block D1, Golf Link, Sector 23b, Dwarka, New Delhi 110077 Email: navneet@minervaresolutions.com -- and -- 112 Ansal Bhawan K G Marg, New Delhi 110001 Email: CIRPOFAPIL@minervaresolutions.com Classes of Creditors: 1. Allottees/Homebuyers 2. Deposit Holders Representative of Creditors in a Class: For Allottees/Homebuyers 1. Prince Soni 2. Gulshan Gaba 3. Parveen Bansal For Deposit Holders 1. Manindra Kumar Tiwari 2. Munish Agarwal 3. Veenu Drall Last date for submission of claims: March 11, 2025 AUK CUTTING: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Auk Cutting Hub Private Limited F1 No. A5/804, Atulnagar, Warje, Highway S 79/B, Near Runwal Panorama, Pune, Maharashtra, India, 411052 Liquidation Commencement Date: February 24, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: CS Mandar Wagh Flat no. C1302, Grandstand Trinity, Service Road from Vedbhavan to Warje, Pune Bangalore Highway, Near Chandani Chowk, Pune 411038 -- and -- C/o Anand Chaitanya Corporate Legal Advisors LLP 505, 4th Floor, Venture, Above Mc Donald's Paud Road, Bhusari Colony, Pune 411 038 Mobile: 9822844488 Email Id: aukcutting.vl@gmail.com Last date for submission of claims: March 26, 2025 AVIOM INDIA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Aviom India Housing Finance Private Limited Worldmark 3, Unit 306A, 3rd floor, Asset Area No.7, Hospitality District, Delhi Aerocity, Near Indira Gandhi International Airport New Delhi-110037 Insolvency Commencement Date: February 20, 2025 Estimated date of closure of insolvency resolution process: August 19, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Shri Ram Kumar Worldmark 3, Unit 306A, 3rd Floor, Asset Area No.7, Hospitality District, Delhi Aerocity, Near Indira Gandhi International Airport, New Delhi-110037 Email: aviomadministrator@aviom.in Last date for submission of claims: March 6, 2025 DEVSEN SOFTWARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: M/s, Devsen Software and Exports Private Limited No. 5, 3rd Avenue, Besant Nagar, Chennai, Chennai, Tamil Nadu, India, 600090 Liquidation Commencement Date: February 24, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Mr. R. Venkatakrishnan Rajparis Trimeni Towers First Floor, l47, G N Chetty Road, Chennai - 600017 Email: devsen.ibc@rvks.in Phone: 9840813918 Last date for submission of claims: March 26, 2025 DEWAN FOURWHEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Dewan Fourwheels Private Limited (DFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 2 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with DFPL for obtaining information through letter and email dated February 7, 2025 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 DFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DFPL continues to be 'CRISIL B+/Stable Issuer not cooperating'. Set up as a partnership firm and reconstituted as a private limited company in October 2013, DFPL is promoted by Mr Jai Prakash Sanghi and his brother, Mr Madan Mohan Sanghi. The company is an exclusive dealer for M&M for both light commercial vehicles and passenger cars in Narnaul and Rewari (both in Haryana), where it operates a showroom and a workshop each. DREAM DIGITAL: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term and Short Term rating of Dream Digital in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.56 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 0.12 [ICRA]A4 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 Dream Digital, 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 the year 2015, Dream Digital is a Gujarat-based partnership firm promoted by Mr. Parimal Vakharia and Mr. Vinay Patel. The firm is involved in the business of digital printing on greige fabrics. The firm commencedits commercial production on July 29, 2015, and has completed its first year of operation in FY2016. It has its printing unit in GIDC, Surat which has an installed capacity of printing 1.08 lac metres of cloth per month. EARTH INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Earth International Private Limited (EIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Packing Credit 2.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- 2.5 CRISIL D (Issuer Not Based Bank Limits Cooperating) CRISIL Ratings has been consistently following up with EIPL for obtaining information through letter and email dated February 7, 2025 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 EIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. EIPL was incorporated in 1996 by Mr.B K Jain. EIPL is engaged in the manufacturing of nanoclay, exothermic riser sleeves, bentonite, quartz powder, feldspar powder, mica powder and hydrogel which find applications in oil-well industries, foundries, civil construction, ceramic sanitary wares and in agriculture. The company's manufacturing facility is based in Gujarat and Neemrana (Rajasthan). ELEGENT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Elegent Infrastructure Private Limited (EIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Term Loan 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with EIPL for obtaining information through letter and email dated February 7, 2025 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 EIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EIPL continues to be 'CRISIL D Issuer not cooperating'. EIPL incorporated in 2005 by Mr. Mahender Arora, Mr. Sunil Chutani and Mr. Pradeep Bajaj is engaged in real estate development. The company is currently developing a residential project in name of 'Terra Elegance' at Bhiwadi (Rajasthan). FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Finstone Granito Private Limited (FGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.6 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 18.3 CRISIL D (Issuer Not Cooperating) Working Capital 3.13 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 2.7 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with FGPL for obtaining information through letter and email dated February 7, 2025 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 FGPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on FGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FGPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. FGPL was set up on May 1, 2016, by the promoters, Mr Bharatkumar Lalji Bhimani, Mr Bhaveshkumar Patel, Mr Pritehkumar Harjivan Patel, Mr Ashokkumar Bhagvanji Delvadiya, Mr Tejas Rajesh Patel, and Mr Ketul Keshavlal Bhimani. The company started manufacturing vitrified tiles of various sizes from May 2018. GREENLACE BUILDERS: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Greenlace Builders and Developers Private Limited 28, 2nd Floor, Asten NH Bye Pass, Opposite Spices Board, Ernakulam, Vennala P O, Kerala, India, 682028 Liquidation Commencement Date: February 21, 2025 Court: National Company Law Tribunal, Kochi Bench Liquidator: Sreenivasan P R PSDY & Associates Plot No. 9-A, & Deepam&' Jawahar Nagar, Kadavanthra, Skyline Citypark Apartments, Jawahar Nagar, Ernakulam, Kerala, 682020 Email: sreenivasan.p.r@icai.org -- and -- PSDY & Associates 38/516, 1st Floor, Tripti Lane, Opposite Metro Pillar No. 770, Kochi, Kerala - 682016 Email: greenlace.cirp@hotmail.com Last date for submission of claims: March 23, 2025 INDORE DEWAS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Indore Dewas Tollways Limited Registered Office: 5th Floor, A Block, TSR Towers, 6-3-1090, Somajiguda, Hyderabad, Khairatabad, Telangana, India, 500082 Principal Office: Near Toll Plaza Building at KM 591 to 700 of NH3, Opp Mahatma Gandhi Institute of Engineering and Management Indore Dewas Bypass, Mangliya, Indore, Madhya Pradesh, 453771 India Liquidation Commencement Date: February 25, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Nirmal Kumar Agarwal Shreekunj, Block - E, 83, Golaghata Road, Sreebhumi, North 24 Parganas, West Bengal -700048, India Mobile: 9101295915 Email: nirmalagarwal123@rediffmail.com Email: ip.indoredewastollwayslimited@gmail.com Last date for submission of claims: March 29, 2025 JMK JEWELS: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of JMK Jewels Private Limited (JJPL) continues to be 'CRISIL B+/Stable Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable/Issuer Not Cooperating CRISIL Ratings has been consistently following up with JJPL for obtaining information through letter and email dated February 7, 2025 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 JJPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JJPL continues to be 'CRISIL B+/Stable Issuer not cooperating'. JJPL was set up by Mr Ashwini Singla in 2005 with the name of Harison Impex for exporting diamond and gold jewellery. The company was renamed Lakshay Ornaments Pvt Ltd in 2008, and got its current name in January 2016. It gets diamond and gold jewellery manufactured on jobwork basis, and sells to showrooms and other jewelers in and around Delhi. KALAISELVI MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Kalaiselvi Modern Rice Mill (KMRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Cash 1.5 CRISIL D (ISSUER NOT Credit Limit COOPERATING) CRISIL Ratings has been consistently following up with KMRM for obtaining information through letter and email dated February 7, 2025 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 KMRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KMRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMRM continues to be 'CRISIL D Issuer not cooperating'. Set up in 2007, as a proprietorship firm by Mr. Jayaraman, KMRM is engaged in the processing of paddy into rice. The firm has a milling unit in located at Dindugal (Tamil Nadu) with an installed capacity of 5 tonnes per hour (KMRM). KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Keen and Core Developers (KCD) continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 6 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCD for obtaining information through letter and email dated February 7, 2025 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 KCD, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCD continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. KCD is proprietorship of Mr Satyabeer Singh registered in June 2008. The firm is engaged in civil, building and road construction work. Operations are concentrated in Uttar Pradesh and Madhya Pradesh. KGPS MECHANICAL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KGPS Mechanical Private Limited (KGPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.24 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.26 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KGPS for obtaining information through letter and email dated February 7, 2025 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 KGPS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KGPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGPS continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Gujarat based, KGPS undertakes mechanical fabrication work for tanks, structures, and piping, and material handling for industries such as petroleum and chemicals, cement, and fast moving consumer goods (FMCG). KGPS is promoted by Mr Subramanian Pachat and Mr Santhosh Pachat. KNISS LABORATORIES: CRISIL Keeps D Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kniss Laboratories Private Limited (KLPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Letter of credit 5 CRISIL D (ISSUER NOT & Bank Guarantee COOPERATING) Long Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 1 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL Ratings has been consistently following up with KLPL for obtaining information through letter and email dated February 7, 2025 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 KLPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KLPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1988, Kniss Laboratories is a private limited company that specializes in the manufacture of allopathy and ayurvedic formulations. The day to day operations of the company are managed by Mr. M.D. Varadarajan. LAXMI OPTICALS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Laxmi Opticals (LO) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Cash 8 CRISIL B-/Stable (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with LO for obtaining information through letter and email dated February 7, 2025 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 LO, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LO continues to be 'CRISIL B-/Stable Issuer not cooperating'. LO was established in 2005 as a proprietorship firm by Mr Sandeep Pahwa. It trades in optical items, such as spectacle frames, sunglasses, contact lenses, and ophthalmic lenses; it also processes ophthalmic lenses. The firm has showrooms in Delhi and the NCR. LAXMI RICE: CRISIL Keeps B Debt Ratings to Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Laxmi Rice Mill - Maharajganj (LRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.7 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 8 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with LRM for obtaining information through letter and email dated February 7, 2025 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 LRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LRM continues to be 'CRISIL B/Stable Issuer not cooperating'. LRM is a partnership firm established in 2005. The firm mills non-basmati rice and has manufacturing capacity of 12 tonne per hour at its facility in Maharajganj, Uttar Pradesh. LEEWAY LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Leeway Logistics Limited (Leeway) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with Leeway for obtaining information through letter and email dated February 7, 2025 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 Leeway, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Leeway is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Leeway continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Leeway, established in March 2010, and headquartered in Mumbai, is an integrated logistics solutions provider of end-to-end supply chain solutions. The company also offers people-movement solutions to corporate entities. Operations are managed by a professional management team, headed by Mr Sanjay Sinha, its promoter and managing director. M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of M.P.S. Steel Castings Private Limited (MPS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 47.01 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 25 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up MPS for obtaining information through letter and email dated February 7, 2025 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 MPS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPS continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. MPS was set up in in 1996 to manufacture sponge iron and mild-steel ingots. Currently there are no commercial operations in MPS. MALAXMI WIND: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Malaxmi Wind Power (MWP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Long Term Loan 32.92 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MWP for obtaining information through letter and email dated February 7, 2025 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 MWP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MWP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MWP continues to be 'CRISIL D Issuer not cooperating'. MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish Chandra Prasad. The firm operates two windmills - an 8.4 megawatt (MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for the Jaisalmer windmill, and with GESCOM for the Bellary windmill. MALLEMAALA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mallemaala Agro Private Limited (MAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 25.00 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.25 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MAPL for obtaining information through letter and email dated February 7, 2025 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 MAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAPL continues to be 'CRISIL B/Stable Issuer not cooperating'. MAPL, incorporated in 2013, produces commercial eggs. Based in Hyderabad, the company commenced operations in January 2015. It is promoted by Mr M Shyam Prasad Reddy and his family. MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Marks Enterprises Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.75 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MEPL for obtaining information through letter and email dated February 7, 2025 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 MEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. MEPL, incorporated in 2011 and promoted by Mr Somnath Harjai, trades in yarn and metal (such as aluminium scrap, ingots, and billets). MATHURA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mathura Agro Industries (MAI) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 7 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MAI for obtaining information through letter and email dated February 7, 2025 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 MAI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAI continues to be 'CRISIL B-/Stable Issuer not cooperating'. MAI was incorporated by Mr Venugopal Karwa and his wife, Mrs N V Karwa in 2008. The firm processes products such as toor dal and chana dal, and has its processing facility at Solapur, with capacity of 125 and 150 tonnes per day for toor dal and chana dal, respectively. MAVERICK HOLDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Maverick Holdings and Investments Private Limited (MHIPL; part of the Maverick group) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Lease Rental 12.49 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 8 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 37.51 CRISIL D (Issuer Not Discounting Loan Cooperating) Lease Rental 100 CRISIL D (Issuer Not Discounting Loan Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MHIPL for obtaining information through letter and email dated February 7, 2025 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 MHIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MHIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. The Maverick group is engaged in real estate development, and earns a substantial portion of its revenue through lease rental. MHIPL, established in 1991, operates two shopping malls (Garuda Mall and Garuda Swagath) in Bengaluru. EGRIPL was established in 1999 to develop a luxury resort complex, Suncity, in Bengaluru. The project is currently on hold, and is unlikely to be executed over the medium term. MCLEOD RUSSEL: Lenders Transfer INR1,104cr Debt at Discount ----------------------------------------------------------- The Economic Times reports that a consortium of lenders to bulk tea producer McLeod Russel India Limited (MRIL) has transferred its debt exposure to the National Asset Reconstruction Company Limited (NARCL) for INR700 crore, representing a 36 per cent haircut, sources said on March 16. The debt of INR1,104.69 crore has been sold under a 15:85 cash-to-security receipts (SR) structure, with 15 per cent of the consideration to be paid upfront and the remaining 85 per cent through SRs over the next five years, they said. According to ET, the Swiss challenge auction for the debt transfer of the base value of INR700 crore received no counterbids against NARCL's offer due to extremely poor sentiments about the tea sector, a merchant banker official involved in the transaction said. ET relates that the INR700 crore debt deal is seen as significantly lower than a previously attempted one-time settlement (OTS) of INR1,030 crore backed by Carbon Resources, which lapsed due to a lack of consensus among lenders. McLeod officials stated that the development is a positive step that will allow the company to negotiate with only three debtors-NARCL, JC Flowers ARC, and IndusInd Bank-rather than a dozen banks. "We are not out of the woods, but this will help the company get time to turn around and avoid a distress sale of assets," a company official said, declining to be quoted due to the sensitivity of the matter, ET relays. As of June 30, 2024, McLeod Russel had total outstanding dues of INR1,461.06 crore, including debt assigned to another private asset reconstruction company and Indusind Bank which are not part of this transaction, ET discloses. NARCL is expected to work closely with the existing management to restructure the company. However, no immediate comments were available. Based on financial due diligence, the lenders anticipated an additional net recovery of approximately INR270 crore upon full redemption of the SRs. ET says McLeod had informed the bourses that NARCL had taken over the loans of ICICI Bank-led consortium which had State Bank of India, HDFC Bank Limited, Axis Bank Limited, Punjab National Bank, UCO Bank, Indian Bank, and RBL Bank. The company's loans were classified as non-performing assets (NPAs) in October 2019 due to financial stress arising from a prolonged downturn in tea prices, rising costs, and unrecovered loans extended to group entities, notably McNally Bharat Engineering Co Ltd, which is undergoing insolvency proceedings. McLeod Russel India Limited (MRIL), the tea plantation company of the Kolkata-based B.M. Khaitan Group, was originally incorporated as Eveready Company India Private Ltd. on May 5, 1998. MRIL was formed after the demerger of the bulktea business from Eveready Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL has acquired several other companies like Williamson Tea Assam in FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008. These acquisitions helped MRIL increase the number of tea estates to 53 in India with 33,723 hectares (Ha) of total land under tea cultivation. MG INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MG Industries Private Limited (MGIPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MGIPL for obtaining information through letter and email dated February 7, 2025 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 MGIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGIPL continues to be 'CRISIL B+/Stable Issuer not cooperating'. MGIPL, incorporated in 1997 is based in Gwalior, Madhya Pradesh, and manufactures butyl rubber inner tubes. Its operations are managed by Mr Mohit Gupta and the manufacturing plant is in Gwalior. MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mijan Imex International Private Limited (MIIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Term Loan 4.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MIIPL for obtaining information through letter and email dated February 7, 2025 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 MIIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIIPL continues to be 'CRISIL D Issuer not cooperating'. MIIPL, incorporated in 2006 as a proprietorship concern by Mr Masiar Atiar Rahaman, was reconstituted as a private-limited company in 2011. The company trades in agro commodities, both in the domestic and export markets. MOWKISH HEALTHCARE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Mowkish Healthcare Solutions Private Limited Godown Kh. No. 445, GF Bakashi Farm Road Ghitorni, Near Farm No. 34, Southwest Delhi, Delhi-India-110030 Insolvency Commencement Date: January 16, 2025 Estimated date of closure of insolvency resolution process: July 15, 2025 (180 Days) Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Mr. Sukhdev Madnani Synergy Insolvency Professionals LLP D-306, Ashiana, Sector 4, Vaishali, Ghaziabad - 201010, Uttar Pradesh Email: pravag3001@gmail.com -- and -- 906, 9th Floor, Tower A, I-Thum Business Park Sector 62, Noida, Uttar Pradesh-201301 Email: mowkish@synergyipe.com Last date for submission of claims: February 11, 2025 MUKUNDA DAIRY: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mukunda Dairy Products Private Limited (MDPPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MDPPL for obtaining information through letter and email dated February 7, 2025 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 MDPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MDPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MDPPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2002 and promoted by Mr L V Subba Reddy MDPPL processes milk. It is headquartered in Hyderabad. NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Neesarg Motors (NM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 6.25 CRISIL D (Issuer Not Overdraft facility Cooperating) CRISIL Ratings has been consistently following up with NM for obtaining information through letter and email dated February 7, 2025 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 NM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NM continues to be 'CRISIL D Issuer not cooperating'. Established in 2008, NM is a Honda Motorcycle & Scooter India Pvt Ltd Company Limited. (Honda) dealer of two wheeler and a service provider of Tata Motors in Palanpur, Gujarat. NM has 3 Honda authorized showrooms and provides 3S (Sales, Service and Spares) facilities and 1 Tata service centre in Palanpur. The company is promoted by Mr Yasin Banglawala. OKCAPITAL PRIVATE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Okcapital Private Limited No. 339, 6th Sector, 14th B Cross Road 6 Main, HSR Layout, Bangalore, Bangalore South, Karnataka, India, 560102 Liquidation Commencement Date: January 27, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Mr. Sukhdev Madnani Synergy Insolvency Resolution Professionals LLP 906, ITHUM Tower "A", Sector-62, Noida-201301, Uttar Pradesh Email: okcapital@synergyipe.com Contact no: +91-9720108105 Last date for submission of claims: February 26, 2025 RAJAT WIRES: Liquidation Process Case Summary --------------------------------------------- Debtor: Rajat Wires Private Limited 31/6 New Rohtak Road, New Delhi India, 110005 Liquidation Commencement Date: February 12, 2025 Court: National Company Law Tribunal, New Delhi Bench-III Liquidator: Sudhir Kalra E-93 Greater Kailash I New Delhi-110048 Email: kalra.adv@gmail.com Email: liquidator.rwpl@gmail.com Last date for submission of claims: March 16, 2025 ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Roselabs Limited (RL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Inland/Import 1.5 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with RL for obtaining information through letter and email dated February 7, 2025 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 RL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2008, RL is promoted by Ahmedabad (Gujarat) based Mr Pawan Agarwal and his family members. The company is engaged in trading of pharmaceuticals, dyes, chemicals, textile products and plastic sheets. The company has its marketing offices in various states across India. SHITOLE TISSUE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Shitole Tissue Culture Private Limited Gate No 259, Koregaon Mul, Tal: Haveli, Pune, Maharashtra, India, 412202 Insolvency Commencement Date: February 6, 2025 Estimated date of closure of insolvency resolution process: August 5, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Cs Dr. Rajas Shreeram Bodas Survey No 997/18, Satsang Society Suraksha Apartments, Navi Peth Near Vaikunth Pune, Maharashtra, 411030 Email: rajasbodas1@gmail.com Email: cirp.shitoletissueculture@gmail.com Last date for submission of claims: February 20, 2025 SIDDHI SHARES: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Siddhi Shares Private Limited 15/63M- Civil Lines Kanpur, Uttar Pradesh, Uttar Pradesh, India, 208001 Liquidation Commencement Date: February 28, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Amit Gupta C-17, Vinay Nagar, Krishna Nagar, Lucknow – 226 023, Uttar Pradesh Tel: 9415005108, 7905798954 Email: amitguptacs@gmail.com Last date for submission of claims: March 30, 2025 SPINACH DEALMARK: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Spinach Dealmark Private Limited 7/1A Grant Lane Room No. 2A, Kolkata - 700012, West Bengal, India Liquidation Commencement Date: February 25, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Rajesh Kumar Agrawal 1, Ganesh Chandra Avenue, 3rd Floor, Room No 301, Kolkata-700013 Email: rajesh521@yahoo.com spinachvl@gmail.com Mobile No.: 9830201612 Last date for submission of claims: March 26, 2025 SUPREME HOUSING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Supreme Housing and Hospitality Private Limited Sharma Bungalow, Behind Lake Castle Building, Hiranandani Garden, Powai, MUMBAI, Maharashtra, India, 400076 Insolvency Commencement Date: February 14, 2024 Estimated date of closure of insolvency resolution process: August 24, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench-IV Insolvency Professional: Mr. Prashant Jain A501, Shanti Heights, Plot No. 2, 3, 9B/10, Sector 11, Koparkharine, Thane, Navi Mumbai 400709 Email: ipprashantjain@gmail.com -- and -- c/o SSARVI Resolution Services LLP B-610, BSEL Techpark, Sector 30A, Opp. Vashi Railway Station, Vashi, Navi Mumbai – 400703 Email: shhpl.cirp@gmail.com Last date for submission of claims: March 11, 2025 TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Techno Sat Comm (India) Private Limited (TSCIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Cash 5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Non 6.1 CRISIL D (Issuer Not Fund based limits Cooperating) Proposed Term Loan 25 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TSCIPL for obtaining information through letter and email dated February 7, 2025 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 TSCIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TSCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TSCIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Mumbai based TSCIPL, established in 2008, provides system integration services such as networking and IT services, setting up of surveillance, Wi-Fi solutions, Internet Protocol-based paging systems, and interactive TV. The company has won a 10-year contract from DMRC to provide free Wi-Fi on all its routes. THUNGA HOSPITAL: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Thunga Hospital Private Limited (THPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 3.22 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 14.78 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with THPL for obtaining information through letter and email dated February 7, 2025 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 THPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on THPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of THPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2008 and promoted by members of the Shetty family, THPL operates a 75-bed multi-speciality hospital in Mira Road. In 2014, the company leased a 45-bed hospital in Boisar, Maharashtra, from the Tata group on a monthly rental of INR15 lakh. TIKU RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Tiku Ram Gum and Chemicals Private Limited (TRGC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Export Packing Credit 27 CRISIL B+/Stable (Issuer Not Cooperating) Foreign Bill Purchase 20 CRISIL B+/Stable (Issuer Not Cooperating) Standby Line of Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TRGC for obtaining information through letter and email dated February 7, 2025 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 TRGC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TRGC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TRGC continues to be 'CRISIL B+/Stable Issuer not cooperating'. TRGC, set up by Mr Pawan Agarwal in 2006, is managed by its founder and his son, Mr Vipin Agarwal. The company manufactures guar gum splits. TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tropical Coatings International Private Limited (TCIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 1.57 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.36 CRISIL D (Issuer Not Cooperating) Term Loan 6.2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TCIPL for obtaining information through letter and email dated February 7, 2025 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 TCIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TCIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Established in 2012, TCIPL manufactures waterproofing membranes and allied products at Vishakapatnam. Operations are managed by Mr Ravindranath. UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of United India Shoe Corporation Private Limited (UNISCO) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Export Packing 28.7 CRISIL D (Issuer Not Credit Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 7.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 17 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with UNISCO for obtaining information through letter and email dated February 7, 2025 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 UNISCO, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on UNISCO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UNISCO continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Established in 2001, UNISCO manufactures leather shoes. UCCO, established in 2015 manufactures shoe uppers and supplies them to UNISCO. V-ACCURATE MANAGEMENT: Liquidation Process Case Summary ------------------------------------------------------- Debtor: V-Accurate Management Services Private Limited Vidyadhar Heights, 6th Floor, Garud Ganpati Square, Narayan Peth, Laxmi Road, Pune 411030 Maharashtra Liquidation Commencement Date: February 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pankaj Sham Joshi Block 9, Sudarsan CHS, Mahant Road, Vile Parle (East), Mumbai 400 057, Maharashtra Email: pjoshi.ip@gmail.com Email: vaccuratecirp@gmail.com Last date for submission of claims: March 27, 2025 V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of V.D. Swami And Co Private Limited (VDS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Long Term Loan 6 CRISIL D (Issuer Not Cooperating) Overdraft Facility 14 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with VDS for obtaining information through letter and email dated February 7, 2025 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 VDS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VDS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VDS continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1956 in Chennai, VDS undertakes erection, testing, commissioning, and maintenance of electrical and engineering equipment in industries across various sectors. VIMLADEVI AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vimladevi Agro Tech Limited Kasra No.168, village Polai Kalan Tehsil Digod, Kota, Rajasthan, India-324009 Insolvency Commencement Date: February 25, 2025 Estimated date of closure of insolvency resolution process: August 24, 2025 (180 Days) Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Jai Prakash Rawat 22-B, New Colony, Chandni Chowk, Jhotwara, Jaipur, Rajasthan, 302012 Email: ipjprawat@gmail.com Email: ibc.vimladeviagrotech@gmail.com Last date for submission of claims: March 12, 2025 VXL SOFTWARE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: VXL Software Solutions Private Limited 241/242, 4th Floor, Building No. II, Solitaire Corporate Park, Andheri Kurla Road, Andheri, Mumbai - 400093 Insolvency Commencement Date: February 26, 2025 Estimated date of closure of insolvency resolution process: August 28, 2025 Court: National Company Law Tribunal, Mumbai Bench-III Insolvency Professional: Jayanti Lal Jain Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre, Nariman Point, Mumbai -400021 Maharashtra Email: jljain.ip@gmail.com Email: cirpvxlsoftware@yahoo.com Last date for submission of claims: March 12, 2025 ================= I N D O N E S I A ================= GOTO GOJEK: Net Loss Narrows to IDR3.1 Trillion in 2024 ------------------------------------------------------- Jakarta Globe reports that despite delivering record revenue growth and achieving positive adjusted EBITDA in 2024, tech conglomerate GoTo Gojek Tokopedia (GOTO) has yet to reach full profitability, posting a net loss of IDR3.1 trillion ($188.8 million) for the year. However, the company significantly narrowed its losses from IDR87.3 trillion in 2023, signaling strong progress toward financial sustainability. "Throughout 2024, we continuously explored new and effective ways to gain market share in Indonesia's competitive landscape," Jakarta Globe quotes CEO Patrick Walujo as saying in a statement on March 12. "We exceeded our guidance, delivering a full-year adjusted EBITDA of IDR386 billion, while our financial technology unit posted its first positive adjusted EBITDA." Gross revenue expanded 28 percent year on year (YoY) in Q4 to IDR5 trillion, with full-year revenue rising 30 percent to IDR18.1 trillion, Jakarta Globe discloses. Adjusted EBITDA soared 348 percent YoY in Q4, reaching IDR399 billion, and totaled IDR386 billion for the full year, marking a significant turnaround in profitability. Core Gross Transaction Value (GTV) surged 66 percent YoY in Q4 to IDR79.2 trillion, bringing the full-year total to IDR268.2 trillion, a 58 percent increase. Overall GTV climbed 32 percent YoY in Q4 to IDR144.5 trillion and 29 percent for the full year, reaching IDR519.8 trillion. Mr. Walujo added that GoTo experienced significant user growth and expects this trend to continue into 2025, supported by the company's evolving ecosystem strategy. Monthly transacting users (MTUs) within GoTo's ecosystem grew 22 percent year-on-year (YoY) in the fourth quarter and 16 percent for the full year. Looking ahead, GoTo aims to further strengthen its business through operational and product innovations, enhancing revenue streams, improving cost efficiency, and providing more targeted and personalized services, Jakarta Globe relays. According to Jakarta Globe, CFO Simon Ho highlighted that improvements in revenue and profitability were driven by sustained growth across core services and disciplined cost management. The company consistently expanded core GTV and revenue throughout the year while optimizing expenses. Meanwhile, cost efficiencies helped GoTo reduce its recurring fixed cash expenses by 3 percent YoY to IDR5.3 trillion in 2024. "The solid financial foundation we established last year positions us well to execute our strategy in 2025," Mr. Ho added. About GoTo Gojek Based in Jakarta, Indonesia, PT GoTo Gojek Tokopedia Tbk -- https://www.gotocompany.com/ -- provides and operates on-demand services in Indonesia and internationally. It offers GoRide, a motorcycle taxi (ojek) ride-hailing service; GoCar, a car ride-hailing service; GoBlueBird, a taxi booking service; GoTransit, a multi-modal journey planner solution; GoCorp, a platform for corporate clients to access and monitor business-related trips for their employees; GoFood, a food delivery service that provides consumers to the best food options; GoMart, on-demand delivery service from grocery and convenience stores; and Cloud Kitchen, a shared kitchens for the preparation of delivery-only meals. The company also provides GoSend, a fast and hassle-free instant and same-day delivery service; GoKilat/GoSend API, a B2B2C delivery service for business partners; GoShop, an on-demand personal concierge service; GoBox, an on-demand truck logistics service for large-sized deliveries; and services related to e-commerce, logistics and fulfillment, and marketing and advertising technology. In addition, it provides GoPay, a payment and money management solution; Midtrans, a payment gateway that processes online and offline payments for merchants; Iris; GoPayLater Akhir Bulan; GoPayLater Cicil (Installment); GoInvestasi; GoModal; GoSure; GoBiz all-in-one merchant-partner app; Moka, a cloud-based point of sale platform. PT GoTo Gojek Tokopedia reported three consecutive net losses of IDR21.39 trillion, IDR39.57 trillion, and IDR87.3 trillion for the years ended Dec. 31, 2021, 2022, and 2023, respectively. =============== M A L A Y S I A =============== IREKA CORPORATION: Granted 6 Months Extension to Submit Plans ------------------------------------------------------------- BusinessToday reports that Ireka Corporation received another 6-month extension to submit its regularisation plan after Bursa Securites agreed to grant the company the request for time. According to the report, the PN17 company was given the extension without prejudice while Bursa Securities has the right to proceed to suspend the trading of the listed securities and to de-list the company of it fails to meet its obligations. Ireka must now submit its regularisation plan to the relevant regulatory authorities on or before Aug. 31, 2025 and get approval to implement the plans, BusinessToday relates. About Ireka Corp. Malaysia-based Ireka Corporation Berhad is an investment holding company which provides civil, structural, and building construction. The Company, through its subsidiaries, also provides earthworks and leases construction plant and machinery. Ireka also operates online international auction trade and provides venture capital fund to internet, e-commerce, and related technology based companies. Ireka Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements. In a filing with Bursa Malaysia on March 1, 2022, the construction and property developer said it had triggered the prescribed criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia Securities Bhd had rejected its application to extend the relief period, which ended on Feb. 26, 2022. Ireka first triggered the criteria for PN17 under Bursa's Main Market Listing Requirements in August 2020, after its auditor highlighted a material uncertainty relating to its ability to continue as a going concern based on its audited financial statements for the financial year ended March 31, 2020 (FY2020). Its shareholders' equity as of end-FY2020 had also fallen to MYR77.51 million or 42.67% of its MYR181.29 million share capital, which was below the required 50% threshold. ===================== N E W Z E A L A N D ===================== BUILDFORM LIMITED: Creditors' Proofs of Debt Due on May 7 --------------------------------------------------------- Creditors of Buildform Limited are required to file their proofs of debt by May 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 12, 2025. The company's liquidators are: Andrew McKay Rees Logan BDO Auckland Level 4 BDO Centre 4 Graham Street Auckland 1010 EAST BUILDING: Creditors' Proofs of Debt Due on April 12 -------------------------------------------------------- Creditors of East Building Limited are required to file their proofs of debt by April 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 12, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 KEBABS ON QUEEN: Court to Hear Wind-Up Petition on May 9 -------------------------------------------------------- A petition to wind up the operations of Kebabs On Queen Limited will be heard before the High Court at Auckland on May 9, 2025, at 10:00 a.m. Premium Food Solutions NZ Limited filed the petition against the company on Feb. 17, 2025. The Petitioner's solicitor is: Michelle Clark c/o Baker Accounting Limited Qb Studios, 208 Ponsonby Road Ponsonby Auckland NATALIE JANE: Waterstone Insolvency Appointed as Receivers ---------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on March 17, 2025, were appointed as receivers and managers of Natalie Jane O'brien and Craig Anthony O’brien. The receivers and managers may be reached at: Waterstone Insolvency 16 Piermark Drive Rosedale Auckland 0632 Y-DAY LIMITED: Court to Hear Wind-Up Petition on March 28 --------------------------------------------------------- A petition to wind up the operations of Y-Day Limited will be heard before the High Court at Auckland on March 28, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Dec. 12, 2024. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 =============== P A K I S T A N =============== PAKISTAN: Raises Petroleum Tax as It Eyes Next IMF Loan Tranche --------------------------------------------------------------- Marcus Wong at Bloomberg News reports that Pakistan raised a tax on petroleum as the government takes steps to meet International Monetary Fund expectations before the financial agency releases the next tranche of a loan package. The petroleum development levy was increased by PKR10 to PKR70 a liter, according to a notification the Oil and Gas Regularity Authority posted on its website. Bloomberg relates that the IMF said on March 15 that Pakistan is making progress toward receiving the second $1 billion installment of the $7 billion loan agreement it secured last year. Pakistan increased the levy to bridge falling tax revenue amid the IMF review talks, Mohammad Sohail, chief executive officer at Topline Securities Ltd., said. According to Bloomberg, Nathan Porter, head of the IMF's mission to Pakistan, said the "program implementation has been strong" after his team visited Islamabad and Karachi from Feb. 24 to March 14. Pakistan will be on track to receive the next loan installment once the fund and the government reach a so-called staff-level agreement, Bloomberg says. Mr. Porter said discussions will continue virtually "over the coming days," without providing further details on a timeline. Bloomberg notes that IMF financing has been crucial in helping Pakistan recover from a dollar shortage that brought the South Asian nation to the brink of an economic collapse. To meet the demands of the loan agreement, the government of Prime Minister Shehbaz Sharif has taken several ambitious steps, including approving a law to tax agricultural income and attempting to sell a stake in state-owned Pakistan International Airlines. In the past months, foreign exchange reserves have risen, while inflation has cooled, giving the country's central bank room to support economic growth. Both Moody's and Fitch upgraded Pakistan's credit ratings last year. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. In late August 2024, Moody's Ratings upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. Concurrently, the outlook for Government of Pakistan is changed to positive from stable. In July 2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign credit rating and 'C' short-term rating on Pakistan. The outlook on the long-term rating is stable. In August 2024, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. ================= S I N G A P O R E ================= BIKERS AVENUE: Court to Hear Wind-Up Petition on March 28 --------------------------------------------------------- A petition to wind up the operations of Bikers Avenue Pte. Ltd. will be heard before the High Court of Singapore on March 28, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 10, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 GROUP IME: Court to Hear Wind-Up Petition on March 28 ----------------------------------------------------- A petition to wind up the operations of Group IME Pte. Ltd. will be heard before the High Court of Singapore on March 28, 2025, at 10:00 a.m. Spacelogic Pte. Ltd. filed the petition against the company on March 3, 2025. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road, #16-00 Robinson 77 Singapore 068896 ONEUPSKATES PTE: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on March 7, 2025, to wind up the operations of Oneupskates Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 REENOVA INVESTMENT: Creditors' Meetings Set for March 26 -------------------------------------------------------- Reenova Investment Holding Limited will hold a meeting for its creditors on March 26, 2024, at 2:30 p.m., via electronic means. Agenda of the meeting includes: a. to receive an update on the status of liquidation; b. to approve the Liquidator's fees and disbursements; c. to authorise Liquidator to appoint solicitors to facilitate with the discharge application; d. to authorise payment to solicitors for the discharge application; and e. Any other business. ZENDYLL COLLECTIVE: Court to Hear Wind-Up Petition on April 4 ------------------------------------------------------------- A petition to wind up the operations of Zendyll Collective Pte. Ltd. will be heard before the High Court of Singapore on April 4, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 13, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: FSS to Probe Shinyoung Securities, Two Ratings Firms ----------------------------------------------------------------- Yonhap News Agency reports that South Korea's financial watchdog said March 13 it has launched an inspection into financial institutions, including Shinyoung Securities Co., over various allegations related to discount store chain Homeplus Co. On March 4, Homeplus entered court-led rehabilitation proceedings after Korea Investors Service and Korea Ratings Inc. lowered the rating of its corporate bonds to A3- from A3, citing the company's lack of efforts to improve its financial health. Although Homeplus was notified by a credit rating agency on Feb. 25 that its rating was likely to decline, the company issued asset-backed short-term bonds (ABSTBs) worth KRW82 billion (US$56.3 million) through Shinyoung Securities the same day. ABSTBs are short-term bonds backed by future receivables as collateral. According to Yonhap, the Financial Supervisory Service (FSS) said it will investigate Shinyoung Securities and the two ratings firms, focusing on whether the securities firm had issued the bonds while already aware of Homeplus' imminent credit rating downgrade. "(We) will primarily look into when Shinyoung Securities became aware of the (financial) distress and if any sales or issuances were made at that point," a senior FSS official said, noting the regulator also needed to check information held by the credit rating agencies. Yonhap adds that the official also said private equity firm MBK Partners, which owns Homeplus, could also face inspection if the current probe finds any signs of illegal activity, such as unfair transactions or fraud. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4 after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating. ============= V I E T N A M ============= SAIGON JOINT: Developer Proposes 15-Year Rescue for Bank -------------------------------------------------------- Reuters reports that the bank at the centre of Vietnam's biggest financial fraud has received a central bank bailout amounting 5% of the nation's 2024 economic output, which a local white knight hopes to repay in 15 years, documents seen by Reuters show. According to Reuters, the nearly $26 billion pumped into Saigon Joint Stock Commercial Bank (SCB) since a 2022 run on the bank, triggered by the arrest of the real estate tycoon who effectively controlled SCB, highlights Vietnam's struggles to oversee its banks and contain potential sectoral risk. The Southeast Asian nation is scrambling domestically while its export-driven economy faces the risks of a global trade war as President Donald Trump imposes tariffs on U.S. trading partners. SCB remains "completely dependent on special loans" from the State Bank of Vietnam to cover deposit withdrawals, and the central bank's lending would reach VND657 trillion ($25.8 billion) in the first year of restructuring, according to the rescue roadmap prepared by Sun Group, the developer mandated by the central bank in November 2023 to help SCB, Reuters relays. Reuters relates that the lender, under Sun Group ownership, would start repaying the central bank in the 14th year of the rescue plan, subject to market conditions, under the base scenario of the 222-page plan, which has not been reported previously. Under this scenario, SCB would fully repay the central bank within 15 years of the approval of the restructuring, which Sun Group hopes to obtain as early as the start of next month. Reuters could not determine whether Sun Group's plan, dated February 17, has the support of Vietnam's government and ruling Communist party or whether it will be approved under the developer's timeline. Saigon Joint Stock Commercial Bank (SCB) was a commercial joint bank operating in the Vietnam financial system. ********* 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 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***