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251210.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, December 10, 2025, Vol. 28, No. 246 Headlines A U S T R A L I A 1800 LASAGNE: Was Insolvent Within Five Months of Opening ASIAN WINTERGARDEN: First Creditors' Meeting Set for Dec. 16 FALCON CAPITAL: Diversa Trustees Sued Over First Guardian Failures GRAPE EXPECTATIONS: Second Creditors' Meeting Set for Dec. 12 KESW SO: First Creditors' Meeting Set for Dec. 12 MENTONE RSL: Joshua Philip Taylor Appointed as Administrator NORTH SOUTH: First Creditors' Meeting Set for Dec. 15 PLENTI AUTO 2025-1: Moody's Raises Rating on Class F Notes to Ba3 F I J I FIJI: Parliament Fast-Tracks Bankruptcy System Bill I N D I A ANI TECHNOLOGIES: S&P Affirms CCC+ ICR, Outlook Negative BOWLOPEDIA RESTAURANTS: Voluntary Liquidation Process Case Summary GALAXY CONSTRUCTION: Insolvency Resolution Process Case Summary GIRDHARI INTERNATIONAL: Liquidation Process Case Summary IL&FS GROUP: Seeks to Recover INR87cr Excess Pay From Ex-Directors INDIAN MINING: Liquidation Process Case Summary K.S. ELECTRONICS: Voluntary Liquidation Process Case Summary LONG ISLAND: Voluntary Liquidation Process Case Summary M.R. NIRMAN: Liquidation Process Case Summary MANPASAND BEVERAGES: Insolvency Resolution Process Case Summary MATA RANI: Insolvency Resolution Process Case Summary MAURYA PRINTERS: Insolvency Resolution Process Case Summary METROPOLITAN INFRAHOUSING: Insolvency Resolution Case Summary NARAYANI PACKAGING: Insolvency Resolution Process Case Summary SAB EVENTS: Insolvency Resolution Process Case Summary SEMBA VALLEY: Voluntary Liquidation Process Case Summary SKIL INFRA: CoC OKs Purusottam Behera as Resolution Professional SSJV PROJECTS: Liquidation Process Case Summary YASHWANT DUGDH: Insolvency Resolution Process Case Summary [] INDIA: Insolvency System Faces 10-Year Backlog M A L A Y S I A CAPITAL A: Gets High Court's OK for MYR2.74BB Capital Reduction N E W Z E A L A N D ACM NEW ZEALAND: Creditors' Proofs of Debt Due on Dec. 24 CENTRO PILGRIM: Court to Hear Wind-Up Petition on Feb. 5 GOOD CARS: BDO Christchurch Appointed as Receivers HEYNS MECHANICAL: David Thomas Appointed as Liquidator PREFIXX INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 5 S I N G A P O R E ASCENDAS-SINGBRIDGE ASIA: Creditors' Proofs of Debt Due on Dec 29 EVOLVE DIGITECH: Creditors' Proofs of Debt Due on Dec. 29 LPG KENYA: Creditors' Proofs of Debt Due on Dec. 29 OCEAN ETERNITY: Creditors' Proofs of Debt Due on Dec. 29 VOLTIQ ASIA: Creditors' Proofs of Debt Due on Dec. 27 - - - - - ================= A U S T R A L I A ================= 1800 LASAGNE: Was Insolvent Within Five Months of Opening --------------------------------------------------------- The Age reports that popular restaurant 1800 Lasagne was insolvent within five months of opening its Thornbury venue and racked up more than AUD2 million in unpaid taxes, including staff superannuation, in just under five years. According to The Age, the sad state of 1800 Lasagne's financial affairs has been detailed in a series of reports published by the liquidator to the business, who was appointed in September. 1800 Lasagne has continued to trade through liquidation after founder Joey Kellock's Brunswick East cafe, Suntop Plaza, brokered a deal with the business's liquidator to cover any new debts the business accrued during the insolvency process and allow it to carry on trading, The Age relays. The arrangement does not include any payout to existing creditors to the business, including the Australian Taxation Office, staff and suppliers, which are together owed more than AUD3.5 million. The Age relates that liquidators expect to shortly announce a sale of the business – though they have warned that the business is likely to be acquired for so little that creditors are unlikely to see a meaningful return. Only some workers are expected to be kept on. Mr. Kellock is one of the parties interested in buying back his business, according to the liquidator's reports, The Age notes. Whether Mr. Kellock will be successful in rescuing his own business is unclear. Any attempt to buy the business via Suntop Plaza (which is currently closed for renovations) is likely to be complicated by Suntop's own tax dramas, after the ATO launched legal action in October against that business over unpaid tax debts, adds The Age. Todd Gammel and Matthew Levesque-Hocking of HLB Mann Judd were appointed as administrators of the company on July 30, 2025. ASIAN WINTERGARDEN: First Creditors' Meeting Set for Dec. 16 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Asian Wintergarden Pty Limited (trading as Hokka Hokka Oriental Restaurant) will be held on Dec. 16, 2025 at 10:30 a.m. at the offices of Worrells, Level 15, 300 Queen Street, in Brisbane, QLD, and via Microsoft Teams. Christopher Richard Cook of Worrells was appointed as administrator of the company on Dec. 4, 2025. FALCON CAPITAL: Diversa Trustees Sued Over First Guardian Failures ------------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Diversa Trustees Limited, alleging failures concerning the First Guardian Master Fund. Around AUD300 million was invested into First Guardian from 2020 to 2024 through superannuation funds for which Diversa was trustee. ASIC alleges Diversa failed to conduct adequate due diligence before allowing its members to invest and failed to conduct adequate ongoing monitoring. Further, ASIC alleges that Diversa failed to enforce a 50% holding limit it imposed for First Guardian and failed to have systems and processes in place to ensure that there was compliance with that holding limit. ASIC Deputy Chair Sarah Court said, 'This is another significant action relating to the First Guardian collapse which is an ongoing enforcement priority for 2026.' 'Superannuation trustees must put their members first by acting with care and skill and by carrying out proper checks on investment options made available on their platforms,' the Deputy Chair said. ASIC alleges that Diversa failed to: * exercise the same degree of care, skill and diligence as a prudent superannuation trustee would * act in the best financial interests of its members exercise due diligence in developing, offering and reviewing investment options * do all things necessary to ensure the financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly. 'This action furthers ASIC's commitment to seek compensation for the victims of the Shield and First Guardian collapses wherever possible. Our first priority has been preserving assets for the benefit of investors to the extent they are available, and now we're taking action to hold those we consider responsible to account with 11 cases underway in the Federal Court against 19 defendants,' the Deputy Chair said. ASIC is seeking orders for compensation, declarations and civil penalties from the Court. ASIC and APRA continue to work closely together to hold trustees of relevant regulated super funds to account consistent with ASIC and APRA's respective mandates and legal processes. ASIC alleges Diversa contravened s52 and s54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth). Diversa is the trustee of a number of APRA regulated superannuation funds. At different times between July 2020 to July 2024, Diversa was the trustee for the Powerwrap Master Plan, Praemium SMA Superannuation Fund, YourChoice Super and Australian Practical Superannuation. YourChoice and AusPrac were sub-plans of the MAP Master Superannuation Plan prior to Dec. 1, 2020. After Dec. 1, 2020, YourChoice and Ausprac became sub-plans of the OneSuper Fund. In May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions, to allow for a restructure of the fund and its underlying assets. The suspension was never lifted and in February 2025 ASIC took action to freeze the assets of Falcon Capital Limited and First Guardian. Falcon Capital Limited is currently in liquidation. Ross Blakeley and Paul Harlond of FTI Consulting were appointed as liquidators of Falcon Capital and were directed by the Court to wind up First Guardian. The liquidators issued an updated report to unitholders and creditors on Dec. 2, 2025. In April 2025, when the liquidators were ordered to wind up First Guardian, Diversa had approximately AUD243 million invested in First Guardian, associated with 2,055 superannuation members. GRAPE EXPECTATIONS: Second Creditors' Meeting Set for Dec. 12 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Grape Expectations Vintners Pty Ltd and Grape Expectations Enterprises Pty Ltd Atf The Grape Expectations Trust has been set for Dec. 12, 2025, at 12:00 p.m. at via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 11, 2025 at 5:00 p.m. Christopher Richard Cook of Worrells was appointed as administrator of the company on Nov. 7, 2025. KESW SO: First Creditors' Meeting Set for Dec. 12 ------------------------------------------------- A first meeting of the creditors in the proceedings of KESW SO Pty Ltd (formerly Known as Kenshaw Solar Pty Ltd) will be held on Dec. 12, 2025 at 10:00 a.m. at the offices of SV Partners, at Level 6/La Balsa, at 45 Brisbane Road, in Mooloolaba, QLD and via virtual meeting technology. Anne Meagher and Adam Kersey of SV Partners were appointed as administrators of the company on Dec. 2, 2025. MENTONE RSL: Joshua Philip Taylor Appointed as Administrator ------------------------------------------------------------ Joshua Philip Taylor of Taylor Insolvency on Dec. 5, 2025, was appointed as Administrator of Mentone RSL Sub-Branch Incorporated. The Administrator may be reached at: Joshua Philip Taylor Suite 2, 13U/175 Lower Gibbes St Roseville 2069 NSW 2069 NORTH SOUTH: First Creditors' Meeting Set for Dec. 15 ----------------------------------------------------- A first meeting of the creditors in the proceedings of North South Real Estate Brisbane Pty Ltd will be held on Dec. 15, 2025 at 11:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on Dec. 3, 2025. PLENTI AUTO 2025-1: Moody's Raises Rating on Class F Notes to Ba3 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on seven classes of notes issued by Plenti Auto ABS 2025-1 Trust. The affected ratings are as follows: Issuer: Plenti Auto ABS 2025-1 Trust Class B1 Notes, Upgraded to Aaa (sf); previously on Feb 13, 2025 Definitive Rating Assigned Aa2 (sf) Class B2 Notes, Upgraded to Aaa (sf); previously on Feb 13, 2025 Definitive Rating Assigned Aa2 (sf) Class C1 Notes, Upgraded to Aa3 (sf); previously on Feb 13, 2025 Definitive Rating Assigned A2 (sf) Class C2 Notes, Upgraded to Aa3 (sf); previously on Feb 13, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A2 (sf); previously on Feb 13, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Feb 13, 2025 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Feb 13, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and good performance of the collateral pool to date. No action was taken on the remaining rated classes in the transaction as credit enhancement remains commensurate with the current rating for the respective notes. Following the November 2025 payment date, credit enhancement available for the Class B (Class B1 and B2), Class C (Class C1 and C2), Class D, Class E, and Class F Notes has increased to 14.6%, 9.7%, 8.0%, 4.9%, and 1.8% respectively, from 10.5%, 7.0%, 5.75%, 3.5%, and 1.3% at closing in February 2025. Principal collections have been distributed on a sequential basis since closing. Current outstanding notes (excluding Class A-X Notes) as a percentage of the total closing balance is 72.0%. The Class A-X Notes are not collateralised and are repaid senior through the interest waterfall according to a scheduled amortisation profile. As of end-October 2025, 0.8% of the outstanding pool was 30-plus day delinquent and 0.1% was 90-plus day delinquent. The portfolio has incurred net losses of 0.3% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 3.4% of the outstanding portfolio balance (equivalent to 2.8% of the original balance). Moody's have lowered the Aaa portfolio credit enhancement to 13.5% from 16.5% at closing. Moody's have also increased Moody's recovery rate assumption to 35% from 33%. The transaction is a cash securitisation of consumer auto loan receivables extended to prime borrowers in Australia originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ======= F I J I ======= FIJI: Parliament Fast-Tracks Bankruptcy System Bill --------------------------------------------------- The Fiji Times reports that parliament has fast-tracked a major overhaul of Fiji's 81-year-old bankruptcy system, referring the new Personal Insolvency, Financial Rehabilitation and Entrepreneurial Rescue Bill 2025 to the Standing Committee on Justice, Law and Human Rights for urgent review next year. The Bill aims to give struggling individuals and small business owners a clear path to recover financially, with what Government calls a "modern approach to personal insolvency". According to The Fiji Times, acting Attorney-General Siromi Turaga said the proposed law introduces faster, simpler and more humane mechanisms for dealing with debt. "The Bill introduces a modern approach to personal insolvency, promoting the fresh start principle to help honest debtors return to economic productivity," he told Parliament. The Bill targets Micro, Small and Medium Enterprises whose owners operate unincorporated or partnership businesses. It creates flexible options including debt restructuring arrangements, debt rehabilitation orders and a 60-day debt protection moratorium. The Fiji Times relates that Mr. Turaga said the reforms offer a second chance to entrepreneurs and replaces the outdated system under the Bankruptcy Act of 1944. He said the new framework would reduce stigma and finality of financial failure and support people who act as honest debtors. The Bill also aims to stabilise credit markets by introducing simplified and streamlined procedures that speed up repayment where possible. Opposition MP Faiyaz Koya supported its referral to committee, saying its timing aligned with earlier discussions on MSMEs. "It is probably very timely . . . we have not got a problem with it," The Fiji Times quotes Mr. Turaga as saying after a preliminary review. Mr. Turaga said the Bill had been refined extensively before reaching Parliament. "Timely is what we have delivered here . . . it is a great encouragement for small businesses." The Bill will return to Parliament next year after committee scrutiny, The Fiji Times notes. ========= I N D I A ========= ANI TECHNOLOGIES: S&P Affirms CCC+ ICR, Outlook Negative -------------------------------------------------------- S&P Global Ratings affirmed its issue ratings on outstanding debt obligations of eight India-based corporates and one project finance transaction that S&P rates as speculative grade. This follows the revision of our jurisdiction ranking assessment for India's insolvency regime to Group B from Group C. S&P also affirmed the issuer credit ratings on the companies. S&P said, "Following the revision of our jurisdiction assessment for India to Group B, we incorporate an analysis of recovery prospects into the issue ratings when considering potential default scenarios. We assign recovery ratings to rated debt of speculative-grade issuers in Group A and Group B jurisdictions, given greater confidence in recovery prospects, as compared with Group C jurisdictions. Previously, when we assessed India as Group C, our issue ratings reflected the relative subordination of unsecured creditors in the capital structure. "Accordingly, we have now assigned recovery ratings to the outstanding rated debt instruments. "We notch down corporate issue ratings from the issuer credit ratings by one notch if the recovery rating is '5' (less than 30% recovery) and by two notches if the recovery rating is '6' (less than 10% recovery). We notch down our rating on Vedanta Resources' notes by a notch due to its recovery rating of '5'. This is the same outcome as when India was a Group C jurisdiction and we notched down for subordination. The issue credit rating is at the same level as the issuer credit rating for all other rated issuers. "Recovery ratings assigned to project finance debt do not affect the issue credit ratings. Additionally, there is no change to issue ratings on obligations of issuers we rate as investment grade. This is because we assign recovery ratings only to speculative-grade issuers. Ratings List Ratings Affirmed; Recovery Ratings Assigned ANI Technologies Pte. Ltd. Issuer credit rating: CCC+/Negative/-- Senior secured term loan B: CCC+ Recovery rating: 4 (estimated recovery prospects 40%) Biocon Biologics Ltd. Issuer credit rating: BB/Stable/-- Senior secured notes: BB Recovery rating: 3 (estimated recovery prospects 65%) Continuum Green Energy Holdings Ltd. Issuer credit rating: BB-/Stable/-- Senior secured notes: BB- Recovery rating: 4 (estimated recovery prospects 30%) Delhi International Airport Ltd. Issuer credit rating: BB/Positive/-- Senior secured notes: BB Recovery rating: 3 (estimated recovery prospects 65%) GMR Hyderabad International Airport Ltd. Issuer credit rating: BB/Positive/-- Senior secured notes: BB Recovery rating: 3 (estimated recovery prospects 65%) Oravel Stays Ltd. Issuer credit rating: B/Stable/ Senior secured term loan B: B Recovery rating: 3 (estimated recovery prospects 65%) UPL Corp. Ltd. Issuer credit rating: BB/Stable/-- Senior unsecured notes: BB Recovery rating: 4 (estimated recovery prospects 45%) Vedanta Resources Ltd. Issuer credit rating: B+/Positive/-- Senior unsecured notes: B (-1 notch from issuer credit rating) Recovery rating: 5 (estimated recovery prospects 10%) Adani Green Energy Ltd. Restricted Group 2 Senior secured notes: BB+ Recovery rating: 2 (estimated recovery prospects 85%) BOWLOPEDIA RESTAURANTS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Bowlopedia Restaurants India Limited 31, Netaji Subhas Road, 1st Floor Duncan House, Kolkata, West Bengal - 700001, India Liquidation Commencement Date: November 24, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Arun Kumar Gupta P-15 Bentinck Street, 3rd Floor Kolkata – 700001 Mobile No: 98301 24481 Email: guptaarunkumar2001@yahoo.com Last date for submission of claims: December 24, 2025 GALAXY CONSTRUCTION: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Galaxy Construction and Contractors Private Limited Registered Address: 4, Vishnuprasad, Near Kamla Nehru Park, 783b, Erandwane, Pune, Maharashtra, India, 411004 Insolvency Commencement Date: November 26, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 25, 2026 Insolvency professional: CMA Srigini Rajat Naidu Interim Resolution Professional: CMA Srigini Rajat Naidu Block No. 11-12, First Floor, Mount Annex, Opp. Oriental Insurance Co., Mount Road, Ext. Sadar, Nagpur 440001 Email: rajat_naidu@yahoo.com -- and -- 1502-Ved Solitaire, Cement Road, Dharampeth Extension, Shivaji Nagar, Nagpur (MH) - 440010 Email: galaxyconstruction.cirp@gmail.com Last date for submission of claims: December 11, 2025 GIRDHARI INTERNATIONAL: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Girdhari International Private Limited 4th Floor, Office-401, Union Trade Centre, Udhna Darwaja, Nodh 2107-2111, b/s Apple Hospital, Ring Road, Surat, Gujarat, India, 395002 Liquidation Commencement Date: November 26, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Rajendra Jain A - 1103, Iscon Riverside, Nr. Dafnala, Opp. Police Stadium, Nr. Shilalekh, Shahibaug, Ahmadabad, Gujarat,380004 Email: iprajendragjain@gmail.com -- and -- 9/B, Vardan Complex, Nr. Lakhudi Circle, Navrangpura, Ahmedabad-380 014 Email: Liq.Girdhari@gmail.com Last date for submission of claims: December 26, 2025 IL&FS GROUP: Seeks to Recover INR87cr Excess Pay From Ex-Directors ------------------------------------------------------------------ Business Standard reports that the IL&FS Group will initiate before insolvency tribunal NCLT the process to recover INR187 crore excess remuneration paid to its former directors and two subsidiaries, who have refused to return the excess managerial remuneration, according to the latest affidavit filed by the debt-ridden firm before NCLAT. Moreover, IL&FS is also going to reopen the financial statements for 2018-19 and 2019-20. It has received approval from NCLT for incorporating impacts arising from the recast financial statements, Business Standard relays. "Such revised financial statements for FY 2018-19 have been prepared and are being audited by statutory auditors appointed by NCLT. The revised financial statements will be finalised before the end of 31st December 2025," the IL&FS Group said. Last year, books of accounts and financial statements of IL&FS and its two subsidiaries -- IFIN and ITNL -- were recast on the directions of the National Company Law Tribunal (NCLT) for five years -- FY 2013-14 to FY 2017-18 -- and a loss of around INR9,600 crore was found, Business Standard says. Based on this, IL&FS is in the process of recovering INR187 crore from the directors and independent directors of the previous board, during whose tenure the company and its two subsidiaries -- IFIN and ITNL -- were shown in profit of INR1,869 crore, through financial engineering, though they were in loss. "IL&FS is now in process of filing an application with the NCLT for recovery of excess managerial remuneration from its erstwhile whole-time directors and is in the process of finalising the next steps with respect to pursuing recovery from the erstwhile Independent Directors in accordance with guidance received from its legal advisors," according to the latest affidavit filed before the National Company Law Appellate Tribunal. Business Standard adds IL&FS said it will file an application before the NCLT against the erstwhile whole-time directors, who owe nearly 90 per cent of the total dues, and also seek recovery from independent directors of these three companies. About IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) -- https://www.ilfsindia.com/ -- was a non-banking finance company that provided credit and other services such as debt syndication and corporate advisory. The Indian government, in October 2018, stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments, according to Indian Express. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. INDIAN MINING: Liquidation Process Case Summary ----------------------------------------------- Debtor: Indian Mining Works Private Limited 234/3A, A.J.C. Bose Road FMC Fortuna, Unit A7 3rd Floor, Kolkata - 700020, West Bengal, India Liquidation Commencement Date: November 13, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Sandip Kumar Kejriwal 322, Martin Burn Building, 3rd Floor, 1, R.N. Mukherjee Road, Kolkata 700001 Email: sandlpkej2@gmail.com Last date for submission of claims: December 12, 2025 K.S. ELECTRONICS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: K.S. Electronics Private Limited IIIrd Floor, 7/3A/2C, Clive Road, Civil Lines, Prayagraj-211001 Liquidation Commencement Date: November 22, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Anil Kumar C-03, 2nd Floor, "vinayak City Square", 7/9, S.p. Marg, Civil Lines Allahabad (Prayagraj) Uttar Pradesh-01 E-mail: Purswanianil@gmail.com E-mail for Correspondence: Vl.ksepl@gmail.com Tel No: +91 9415306147 Last date for submission of claims: December 22, 2025 LONG ISLAND: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Long Island Travel Private Limited DSP - 003, DLF South Point Mall, Sector - 53, DLF City Phase - V, Gurgaon, Haryana, India, 122009 Liquidation Commencement Date: November 17, 2025 Court: National Company Law Tribunal Chandigarh Bench Liquidator: Ms. Sunita SCO 818, 1st Floor, NAC, Manimajra, Chandigarh – 160101 Email: ducturus.insolvency@gmail.com Email: vl.longisland@gmail.com Tel No: +91 98759 21492 Last date for submission of claims: December 20, 2025 M.R. NIRMAN: Liquidation Process Case Summary --------------------------------------------- Debtor: M.R. Nirman Private Limited 287/3, East Sinthee Road, Kolkata, West Bengal, India 700030 Liquidation Commencement Date: November 13, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Madhumita Karar Chatterjee International Centre, l7e Floor, Flat No-13,33A, J.L Nehru Road, Kolkata-7}} 071 Email: madhumita@kgrs.in Email: mrnirmancirp@gmail.com Last date for submission of claims: December 24, 2025 MANPASAND BEVERAGES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Manpasand Beverages Limited 1768 & 1774 Patki-1, Village Manjusar Tal. Savli Vadodara, Gujarat, India 391775 Insolvency Commencement Date: November 19, 2025 Estimated date of closure of insolvency resolution process: May 18, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Pankaj Khetan K-37/A, Kailash Colony, Basement, New Delhi, 110048 Email: ippankajkhaitan@gmail.com 824, 1st Floor, Sector 14, Gurugram, 122001 Email: cirp.manpasand.beveragesltd@gmail.com Last date for submission of claims: December 3, 2025 MATA RANI: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Mata Rani Infrastructure Pvt. Ltd. Basani Vihar, WN 15, P, S MehsauL O.P, Dumra, Bihar, India - 843301 Insolvency Commencement Date: November 13, 2025 Estimated date of closure of insolvency resolution process: May 12, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Jaishree Kannan 2nd floor, Flat No.7, Vinayak Apartments, 25 Karunamoyee Ghat Road, Haridewpur (Tollygunje Area) Kolkata-70082, West Bengal Email: caljaishree@gmail.com Email: cirp.matarani@gmail.com Last date for submission of claims: December 5, 2025 MAURYA PRINTERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s Maurya Printers Private Limited A-109, Okhla Industrial Area Phase-II, New Delhi, Delhi, India, 110020 Insolvency Commencement Date: November 3, 2025 Estimated date of closure of insolvency resolution process: May 2, 2026 Court: National Company Law Tribunal Delhi Bench Insolvency Professional: Mr. Surinder Babbar C-13/54 Sector 3 Rohini Delhi - 110085 Email: ip.mauryaprinters@gmail.com E-19/321, Floor, Sector 3 Rohini Delhi - 110085 Email: ip.maurvaprinters@gmail.com Last date for submission of claims: November 17, 2025 METROPOLITAN INFRAHOUSING: Insolvency Resolution Case Summary ------------------------------------------------------------- Debtor: Metropolitan Infrahousing Private Limited Registered Address: Floor 3rd, Plot No 3/8, Hamilton House J.N. Heredia Marg, Ballard Estate, Mumbai, 400038, Mumbai City, Mumbai, Maharashtra, India, 400038 Insolvency Commencement Date: November 20, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 19, 2026 Insolvency professional: Balajee Sumant Chemote Interim Resolution Professional: Balajee Sumant Chemote HN 20 B, Sector 3, Row House, National Games Housing Complex, Khelgaon, Hotwar, Ranchi, Jharkhand, 835217 Email id: ipbalajee2024@gmail.com -- and -- C/o Solvenza Advisory LLP Plot No. 45,51, Office No. 1, Gami Terra, Sector-6, Sanpada, Thane, Maharashtra India 400705 Email: cirp.metropolitan@gmail.com Last date for submission of claims: December 8, 2025 NARAYANI PACKAGING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Narayani Packaging Private Limited Mirchai Gali Chowk, Patna City, Bihar, India 80008 Insolvency Commencement Date: November 17, 2025 Estimated date of closure of insolvency resolution process: May 16, 2026 Court: National Company Law Tribunal Kolkata Bench Insolvency Professional: Rajnandan Kumar Shibani Complex 47C, Pottery Road, Kolkata 700015 Email: rnk_sa2004@yahoo.co.in cirp.narayani@gmail.com Last date for submission of claims: December 1, 2025 SAB EVENTS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Sab Events & Governance Now Media Limited 7th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri West, Mumbai City, Maharashtra, India - 400 053 Insolvency Commencement Date: November 11, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Kedar Parshuram Mulye 1301, Chaitanya Residency, Jay Prakash Nagar, Road No. 2, Goregaon East, Mumbai Suburban, Maharashtra - 400 063 Email: Kmulye@hotmail.com Email: sabeventsppirp@gmail.com Last date for submission of claims: November 22, 2025 SEMBA VALLEY: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Semba Valley Farms Private Limited Azure Oceanic, Sky 7, 1147, No. 40, South Canal Bank Road, Raja Annamalaipuram, Chennai-600028 Liquidation Commencement Date: November 24, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Sankar Varadharajan No. 6/12, Appavoo Gramani, 1st Street, Mandaveli, Chennai-600028 Mobile No: 9791169369 Email: advsankarirp@gmail.com Last date for submission of claims: December 26, 2025 SKIL INFRA: CoC OKs Purusottam Behera as Resolution Professional ---------------------------------------------------------------- TipRanks.com reports that SKIL Infrastructure Limited's Committee of Creditors has approved the appointment Purusottam Behera as the Resolution Professional, marking a crucial step in its Corporate Insolvency Resolution Process (CIRP). TipRanks.com relates that the insolvency proceedings were originally admitted by the National Company Law Tribunal (NCLT), Mumbai, in February 2024, pursuant to which an Interim Resolution Professional was appointed. The subsequent appeal had resulted in a temporary halt to the formation of the CoC. After the National Company Law Appellate Tribunal (NCLAT) lifted the stay in October 2025, the constitution of the CoC for the company has been permitted to proceed in accordance with the Insolvency and Bankruptcy Code, 2016, TipRanks.com says. Based in Mumbai, India, SKIL Infrastructure Limited (BSE: SKIL) -- https://www.skilgroup.co.in/ -- together with its subsidiaries, engages in the infrastructure development business in India. It develops various projects, including seaports, logistics, railways, defense shipyards, offshore asset construction yards, and special economic zones in the private sector. The company was formerly known as Horizon Infrastructure Limited and changed its name to SKIL Infrastructure Limited in January 2014. SSJV PROJECTS: Liquidation Process Case Summary ----------------------------------------------- Debtor: SSJV Projects Private Limited 21/6, Ground Floor, Craig Park Layout, M G Road Bengaluru 560001, Karnataka Liquidation Commencement Date: November 27, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Sri Ravindra Beleyur 'Shreevethsa', 428, 19th B Cross, 3rd Block, Jayanagar Bangaluru 560011 Tel: +91 8026540193 Email: ravi@beleyur.com Email: CIRP.SSJV@gmail.com Last date for submission of claims: December 28, 2025 YASHWANT DUGDH: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Yashwant Dugdh Prakriya Limited Registered Address: AT & Post Shiralatal Shirala, Sangli, Maharashtra, India 415408 Insolvency Commencement Date: November 26, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 25, 2026 Insolvency professional: Krishna Chamadia Interim Resolution Professional: Krishna Chamadia B-13, Anjani Complex, Perara Hill Road, Andheri East, Mumbai 400099 Email: krishna@sphereadvisory.com Email: ydpl.ibc@gmail.com Last date for submission of claims: December 10, 2025 [] INDIA: Insolvency System Faces 10-Year Backlog ------------------------------------------------- The Economic Times reports that when India's Insolvency and Bankruptcy Code was introduced in 2016, it replaced a fragmented web of recovery laws with a single economic logic: fast resolution would preserve value. Nearly a decade later, the Parliamentary Standing Committee on Finance has concluded that each of the Code's core pillars, speed, certainty and creditor control, is now under strain. Over 30,600 insolvency cases are pending before the National Company Law Tribunal, which operates with only about 30 fully functional benches, ET relates. The Insolvency and Bankruptcy Board of India has recommended the creation of at least 50 additional NCLT benches to restore time-bound resolution, according to ET. At current disposal rates, complete clearance of the existing backlog alone could take between eight and ten years even if no fresh filings are added. Under the IBC, corporate insolvency resolution is capped at 330 days including litigation, ET notes. Official data shows average resolution time has crossed 700 days and continues to rise. In many high-value cases, resolution is now stretching beyond 800 days. ET relates that the Reserve Bank of India warned the Committee that such delays are macro-financial risks. Prolonged insolvency timelines freeze productive capital, depress credit growth, force banks into repeated provisioning cycles and weaken the transmission of monetary policy. RBI Deputy Governor R. Rajeshwar Rao cautioned that "time overruns fundamentally defeat the economic logic of insolvency resolution because enterprise value deteriorates far faster than legal processes conclude." =============== M A L A Y S I A =============== CAPITAL A: Gets High Court's OK for MYR2.74BB Capital Reduction --------------------------------------------------------------- theedgemalaysia.com reports that Capital A Bhd said on Dec. 8 it has obtained the High Court's approval for its proposed MYR2.74 billion capital reduction, paving the way for the distribution of AirAsia X Bhd shares to the company's entitled shareholders. The approval is among the final milestones in Capital A's restructuring, following its aviation consolidation agreements with AAX becoming unconditional in October and the announcement of the dividend-in-specie entitlement details, the company said in a statement, theedgemalaysia.com relays. With the latest court nod, Capital A said it will proceed with the distribution of AAX shares, seek a further High Court order to reduce its capital by MYR5.51 billion under its regularisation plan, and subsequently apply for the upliftment of its Practice Note 17 (PN17) status, according to theedgemalaysia.com. theedgemalaysia.com relates that the company said it remains on track to complete the disposal of its aviation and distribution businesses by December 2025, adding that all remaining steps under its regularisation plan are progressing smoothly. On completion of its regularisation plan, all AirAsia airlines will be consolidated under a single airline platform, while Capital A will transition into an asset-light group focused on five high-growth businesses: Asia Digital Engineering (MRO), Teleport (logistics), AirAsia MOVE (travel platform), Santan (F&B) and AirAsia Next (brand and loyalty), theedgemalaysia.com notes. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== ACM NEW ZEALAND: Creditors' Proofs of Debt Due on Dec. 24 --------------------------------------------------------- Creditors of ACM New Zealand Limited are required to file their proofs of debt by Dec. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 28, 2025. The company's liquidators are Stephen Speers Keen and David Ian Ruscoe of Grant Thornton New Zealand Limited. CENTRO PILGRIM: Court to Hear Wind-Up Petition on Feb. 5 -------------------------------------------------------- A petition to wind up the operations of Centro Pilgrim Limited will be heard before the High Court at Auckland on Feb. 5, 2026, at 10:45 a.m. TSB Bank Limited filed the petition against the company on Oct. 9, 2025. The Petitioner's solicitor is: Richard James Gordon MinterEllisonRuddWatts Level 5, BNZ Place 1 Whitmore Street Wellington 6011 GOOD CARS: BDO Christchurch Appointed as Receivers -------------------------------------------------- Colin Gower and Diana Matchett of BDO Christchurch on Dec. 4, 2025, were appointed as receivers and managers of Good Cars Limited. The receivers and managers may be reached at: BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 HEYNS MECHANICAL: David Thomas Appointed as Liquidator ------------------------------------------------------ David Thomas of Don't Be Limited on Jan. 25, 2026, was appointed as liquidator of Heyns Mechanical Solutions Limited. The liquidator may be reached at: Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre PREFIXX INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 5 ------------------------------------------------------------- A petition to wind up the operations of Prefixx Investments Limited will be heard before the High Court at Auckland on Feb. 5, 2026, at 10:45 a.m. The Comptroller of Customs filed the petition against the company on Oct. 14, 2025. The Petitioner's solicitor is: Philip Vance Shackleton Meredith Connell Level 7, 8 Hardinge Street Auckland 1010 ================= S I N G A P O R E ================= ASCENDAS-SINGBRIDGE ASIA: Creditors' Proofs of Debt Due on Dec 29 ----------------------------------------------------------------- Creditors of Ascendas-Singbridge Asia Investment Holdings Pte. Ltd., Ascendas-Singbridge Andhra Investment Holdings Pte. Ltd., and Ascendas-Singbridge South Asia Investment Holdings Pte. Ltd. are required to file their proofs of debt by Dec. 29, 2025, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Nov. 19, 2025. The companies' liquidators are: Gary Loh Weng Fatt Leow Quek Shiong Seah Roh Lin c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 EVOLVE DIGITECH: Creditors' Proofs of Debt Due on Dec. 29 --------------------------------------------------------- Creditors of Evolve Digitech Pte. Ltd. are required to file their proofs of debt by Dec. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 20, 2025. The company's liquidator is: Quar Lian Huat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 LPG KENYA: Creditors' Proofs of Debt Due on Dec. 29 --------------------------------------------------- Creditors of LPG Kenya Pte. Ltd. are required to file their proofs of debt by Dec. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 21, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 OCEAN ETERNITY: Creditors' Proofs of Debt Due on Dec. 29 -------------------------------------------------------- Creditors of Ocean Eternity Pte. Ltd. are required to file their proofs of debt by Dec. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 20, 2025. The company's liquidators are: Gary Loh Weng Fatt Leow Quek Shiong Seah Roh Lin c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 VOLTIQ ASIA: Creditors' Proofs of Debt Due on Dec. 27 ----------------------------------------------------- Creditors of Voltiq Asia Pte. Ltd. are required to file their proofs of debt by Dec. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 19, 2025. The company's liquidator is: Tan Eng Soon c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 ********* 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. 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