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260123.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 Friday, January 23, 2026, Vol. 29, No. 17 Headlines A U S T R A L I A BICHER & SON: Second Creditors' Meeting Set for Jan. 29 CATO & CLIVE: Shuts Down as Partners Go Their Own Way GFG ALLIANCE: Administrators Seek Buyers for Tahmoor Coal Mine LA TROBE 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes MD ENTERTAINMENT: Second Creditors' Meeting Set for Jan. 30 MERIT GROUP: Second Creditors' Meeting Set for Jan. 30 SUSTAINE ENERGY: Second Creditors' Meeting Set for Jan. 30 VTS DENTAL: Second Creditors' Meeting Set for Jan. 30 WISR FREEDOM 2023-1: Moody's Ups Rating on Class F Notes from Ba1 C H I N A FINGERMOTION INC: Reports $1.68MM Net Loss in Q3 2026 HO WAN KWOK: Court Tosses Appeal in Alter Ego Adversary Case H O N G K O N G YUEXIU REAL: Moody's Affirms 'Ba3' CFR, Alters Outlook to Stable I N D I A AMAN HOSPITALITY: Insolvency Resolution Process Case Summary ATUM CAPITAL: Insolvency Resolution Process Case Summary BAHUBALI PAPER: Voluntary Liquidation Process Case Summary CALCUTTA ISOLATORS: Voluntary Liquidation Process Case Summary CHADHA SUPER CARS: Liquidation Process Case Summary CREST PROMOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating DAWER SONS: CRISIL Keeps B Debt Rating in Not Cooperating DAYANAND COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating DE GRANDE SPORTS: Insolvency Resolution Process Case Summary DR. ANJOLI: CRISIL Keeps B- Debt Rating in Not Cooperating DYNAMIC FINE: CRISIL Keeps B Debt Ratings in Not Cooperating FREEZE ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating GOENKA EXIM: CRISIL Keeps B+ Debt Rating in Not Cooperating GOLD CHICK: CRISIL Keeps B Debt Ratings in Not Cooperating GS MEGHA CONSTRUCTIONS: Insolvency Resolution Process Case Summary K.K. DUPLEX: CRISIL Keeps D Debt Ratings in Not Cooperating KALPAK INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating KANAKA MAHALAKSHMI: CRISIL Keeps B Ratings in Not Cooperating KANKANI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating KEYA SETH'S: CRISIL Keeps B+ Debt Ratings in Not Cooperating KEYA SETHS: CRISIL Keeps B+ Debt Ratings in Not Cooperating KF FARMS: CRISIL Keeps B Debt Ratings in Not Cooperating Category KRISHNA TOWERS: CRISIL Keeps B Debt Rating in Not Cooperating LABHANSHI AGRITECH: Insolvency Resolution Process Case Summary LIVEIN AQUA: Insolvency Resolution Process Case Summary MAHESHWARA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating MAYURA INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating NAGARJUNA HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating PADMAJA PACKAGING: CRISIL Withdraws B Rating on INR32cr Term Loan PERFECT RADIATORS: Insolvency Resolution Process Case Summary QUARA DIGITAL: Voluntary Liquidation Process Case Summary RADHE SHAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating RAJANI GINNING: CRISIL Keeps B Debt Rating in Not Cooperating RENEW ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating SENRA TECH: Voluntary Liquidation Process Case Summary SHANTI ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating STARRH ALMOND: Insolvency Resolution Process Case Summary STUTI COMTRADE: Insolvency Resolution Process Case Summary VADERA TRADELINK: Voluntary Liquidation Process Case Summary VEEKAS PIPES: CRISIL Withdraws B+ Rating on INR10cr Overdraft VIJAY DEEP: CRISIL Keeps B Debt Ratings in Not Cooperating M A L A Y S I A CAPITAL A: High Court OKs Capital Reduction, PN17 Uplift in Sight IJM CORP: MACC Freezes MYR15.8MM in Bank Accounts Linked to Probe N E W Z E A L A N D BUFFER CAPITAL: Court to Hear Wind-Up Petition on Feb. 4 CHINCHILLER BREWING: Creditors' Proofs of Debt Due on Feb. 13 CIVIL AND LAND: Owes More Than NZD1.8 Million, Liquidators Say LENDIFY LIMITED: Court to Hear Wind-Up Petition on Feb. 4 LITTLE ISLAND: Creditors Lose NZD2.3MM as Liquidation Winds Up M A BUILDING: Court to Hear Wind-Up Petition on Feb. 11 ULTRAFORM LIMITED: Creditors' Proofs of Debt Due on Feb. 16 P H I L I P P I N E S PHOENIX PETROLEUM: Admits Inability to Pay Dividends Amid Losses S-ANG CONSTRUCTION: AMLC Freezes Philippine Business Bank Accounts S I N G A P O R E 1AXIS PRESTIGE: Court Enters Wind-Up Order FULLMARK PTE: Commences Wind-Up Proceedings T A I W A N SEMILEDS CORP: Reports $742,000 Net Loss in Q1 2026 - - - - - ================= A U S T R A L I A ================= BICHER & SON: Second Creditors' Meeting Set for Jan. 29 ------------------------------------------------------- A second meeting of creditors in the proceedings of Bicher & Son Pty Ltd (Trading as Machiavelli Ristorante Italiano) has been set for Jan. 29, 2026, at 2:30 p.m. via zoom conference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 28, 2026 at 2:30 p.m. Gideon Isaac Rathner of Lowe Lippmann was appointed as administrator of the company on Dec. 14, 2025. CATO & CLIVE: Shuts Down as Partners Go Their Own Way ----------------------------------------------------- The Australian Financial Review reports that Cato & Clive, one of Australia's most prominent communications and strategic advisory firms, is closing its doors after eight years working for a blue-chip collection of clients from Santos to Cricket Australia. The Financial Review relates that the firm told clients on Jan. 22 that it was shutting down after one of its two partners, former senior Turnbull and Berejiklian government adviser Clive Mathieson, "received a life-changing work offer". The Financial Review says the closure is the latest in a string of changes in the corporate communications sector, with TPG Capital-backed Sodali & Co acquiring two major players – Domestique and Citadel-Magnus – in recent years. Sue Cato, who founded the firm in 2018, will cut back her work but continue to provide advice under the Cato Counsel brand. The firm was originally founded as Cato & Clegg before Cato fell out with Brett Clegg, a former publishing executive who is now Sodali's chief commercial officer. "For the last year or so Cato has been considering how to get a better work/life balance . . . after almost four decades of seven days a week," Ms. Cato and Mr. Mathieson wrote in a note to their clients, the Financial Review relays. "And as these things happen, at the end of last year, Clive received a life-changing work offer. This created the perfect moment to stop and assess, and Ms. Cato has decided to rebalance and restructure her portfolio of interests." According to the Financial Review, Ms. Cato is one of the country's most prolific crisis communications advisers and has worked for Bill Henson amid the furore about his photographs of a teenage girl in 2008. The Australian Classification Board later decided that the images were "mild and justified" and police did not press charges. She has also handled high-profile clients, including Merivale, the hospitality empire owned by billionaire businessman Justin Hemmes, and advised oil and gas group Santos as it worked on an ultimately unsuccessful sale to a consortium led by the Abu Dhabi National Oil Company last year. Well known among Sydney's investment bankers, Cato has formerly worked for Fairfax Media, which is now part of Nine Entertainment, the publisher of The Australian Financial Review. The firm went on to advise American real estate business CoStar as it worked to acquire Domain, the property classified platform once owned by Fairfax and later Nine. "Given the nature of our business, there's a lot we can't disclose but we're proud of the work we've done on major transactions – like Afterpay and Block, Santos and Oil Search, CoStar and Domain – and the many clients we've worked alongside for years," the report quotes Mr. Mathieson as saying. Ms. Cato, who sits on the board of the National Gallery of Australia Foundation and the Garvan Research Foundation, said: "I have heard of a thing called holidays. They sound good. This year I am planning to have one." GFG ALLIANCE: Administrators Seek Buyers for Tahmoor Coal Mine -------------------------------------------------------------- ABC News reports that administrators are seeking buyers for Tahmoor Coal as Sanjeev Gupta's GFG Alliance grapples with financial turmoil, with the hope of restarting the mine and maximising returns for creditors. The ABC says the Tahmoor coking coal mine, south-west of Sydney, has been non-operational since February last year after exhausting its cash reserves amid financial turmoil at Sanjeev Gupta's GFG Alliance. Around 500 workers, including contractors, were placed on minimum pay. By November, roughly half were informed they would no longer receive wages. Its holding company, Liberty Primary Metals Australia (LPMA), was placed in administration in November. According to the ABC, the administrator said selling Tahmoor is central to unlocking value for creditors. "Now the DOCA [Deed of Company Agreement] has been approved, one of the main questions we have at the moment is realising assets within the group," the ABC quotes joint administrator Michael Brereton of William Buck as saying. "One of those is the holding company that owns 100 per cent of the shares in Tahmoor Coal." The ABC relates that Mr. Brereton said administrators had seen strong and sustained interest in the mine, even before the formal process began. "Even at the point we were initially appointed, we were getting significant interest from parties in Tahmoor Coal itself," he said. "We previously disclosed we received six expressions of interest before Christmas, and since then we've been approached by additional parties." The ABC says the process for expressions of interest opened this week and runs until February 11. Mr. Brereton said the aim was both to maximise value and to restart the mine as quickly as possible, the ABC relays. "The purpose of the expressions-of-interest process is to maximise value," he said. "In addition to that, we are hopeful of seeing the mine restarted - that is in the interests of all parties." The mine is understood to be valued in the hundreds of millions of dollars, the report notes. He said interest was coming from established coal industry players with the financial capacity to take over and reopen the operation. "From parties within the coal industry, they know the market, they know what they are doing," he said. Asked how offers from a local consortium would be weighed, Mr. Brereton said all bids would be assessed carefully, the ABC adds. "We will consider all of the offers we get," he said. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. LA TROBE 2026-1: S&P Assigns Prelim B (sf) Rating to Class F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2026-1. La Trobe Financial Capital Markets Trust 2026-1 is a securitization of nonconforming and prime residential mortgage loans originated by La Trobe Financial Services Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. S&P's assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate repayment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P said, "We also have factored into our ratings the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "Our ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade remedy language consistent with our counterparty criteria, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level." Preliminary Ratings Assigned La Trobe Financial Capital Markets Trust 2026-1 Class A1S, A$277.500 million: AAA (sf) Class A1L, A$337.500 million: AAA (sf) Class A2, A$75.000 million: AAA (sf) Class B, A$26.025 million: AA (sf) Class C, A$18.075 million: A (sf) Class D, A$8.100 million: BBB (sf) Class E, A$3.750 million: BB (sf) Class F, A$1.425 million: B (sf) Equity 1, A$2.250 million: Not rated Equity 2, A$0.375 million: Not rated MD ENTERTAINMENT: Second Creditors' Meeting Set for Jan. 30 ----------------------------------------------------------- A second meeting of creditors in the proceedings of MD Entertainment Pty Ltd (trading as Monopoly Dreams & Monopoly Dreams Victoria) and D-Anchorage Enterprises Pty Ltd has been set for Jan. 30, 2026, at 10:30 a.m. via online teleconferencing/ video facility only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 28, 2026 at 4:00 p.m. Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were appointed as administrators of the company on Dec. 23, 2025. MERIT GROUP: Second Creditors' Meeting Set for Jan. 30 ------------------------------------------------------ A second meeting of creditors in the proceedings of Merit Group Australia Pty Ltd has been set for Jan. 30, 2026, at 11:30 a.m. at the offices of Oracle Insolvency Services, at Suite 1102, Level 11, 81 Flinders Street, in Adelaide, SA, and via Zoom and telephone. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 29, 2026 at 5:00 p.m. Nicholas David Cooper and Yulia Petrenko of Oracle Insolvency Services were appointed as administrators of the company on Dec. 15, 2025. SUSTAINE ENERGY: Second Creditors' Meeting Set for Jan. 30 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Sustaine Energy Pty Ltd has been set for Jan. 30, 2026, at 10:30 a.m. via Microsoft Teams 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 Jan. 29, 2026 at 5:00 p.m. Jason Walter Bettles of Worrells was appointed as administrator of the company on Dec. 15, 2025. VTS DENTAL: Second Creditors' Meeting Set for Jan. 30 ----------------------------------------------------- A second meeting of creditors in the proceedings of VTS Dental Pty Ltd has been set for Jan. 30, 2026, at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 29, 2026 at 4:00 p.m. Amanda Lott of Acris was appointed as administrator of the company on Dec. 15, 2025. WISR FREEDOM 2023-1: Moody's Ups Rating on Class F Notes from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by Wisr Freedom Trust 2023-1. The affected ratings are as follows: Issuer: Wisr Freedom Trust 2023-1 Class B Notes, Upgraded to Aaa (sf); previously on Oct 11, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Jun 26, 2025 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa2 (sf); previously on Jun 26, 2025 Upgraded to A2 (sf) Class E Notes, Upgraded to A2 (sf); previously on Jun 26, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa1 (sf); previously on Jun 26, 2025 Upgraded to Ba1 (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 note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated class in the transaction as credit enhancement remains commensurate with the current rating for the notes. Following the January 2026 payment date, the note subordination available for the Class C, Class D, Class E, and Class F Notes has increased to 29.8%, 24.8%, 17.9%, and 15.4% respectively, from 26%, 20.8%, 13.5%, and 10.9% at the time of the last rating action for these notes in June 2025. Note subordination available for the Class B Notes has increased to 35.4% from 29.3% at the time of the last rating action for these notes in October 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the October 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 31.8%. As of December 2025, 4.2% of the outstanding pool was 30-plus day delinquent and 2.1% was 90-plus day delinquent. The portfolio has incurred 4.4% (as a percentage of the original portfolio balance) of gross losses 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 7% of the outstanding pool balance (equivalent to 6.6% of the original balance) from the last rating action in June 2025. Moody's have lowered the Aaa portfolio credit enhancement (PCE) assumption to 31% from 33% and increased the recovery rate assumption to 7.5% from 5%. Moody's have considered sensitivity scenarios with higher default assumption, higher PCE and lower recovery rate to evaluate the resiliency of the note ratings. The transaction is a cash securitization of unsecured personal loans extended to obligors located in Australia. All receivables were originated by Wisr Finance Pty Ltd. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. 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. ========= C H I N A ========= FINGERMOTION INC: Reports $1.68MM Net Loss in Q3 2026 ----------------------------------------------------- FingerMotion Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025. The Company incurred a net loss of $1,681,612 for the three months ended November 30, 2025 and $1,662,712 for the three months ended November 30, 2024. For the nine months ended November 30, 2025 and 2024, respectively, the Company had a net loss of $5,253,897 and $5,009,095. The Company recorded $22,902,695 and $25,366,825 in revenue, respectively, for the nine months ended November 30, 2025 and 2024. The Company had an accumulated deficit of $39,407,147 and $34,187,384 as at November 30, 2025 and February 28, 2025 respectively. As of November 30, 2025, the Company had $60,055,042 in total assets, $43,713,994 in total liabilities, and $16,341,048 in total stockholders' equity. The Company's continuation as a going concern is dependent on its ability to obtain additional financing to fund operations, implement its business model, and ultimately, attain profitable operations. The Company will need to secure additional funds through various means, including equity and debt financing or any similar financing. There can be no assurance that the Company will be able to obtain additional equity or debt financing, if and when needed, on terms acceptable to the Company, or at all. Any additional equity or debt financing may involve substantial dilution to the Company's stockholders, restrictive covenants, or high interest costs. The Company's long-term liquidity also depends upon its ability to generate revenues and achieve profitability. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/kxe6dnb4 About FingerMotion Inc. FingerMotion Inc. provides mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. HO WAN KWOK: Court Tosses Appeal in Alter Ego Adversary Case ------------------------------------------------------------ Judge Kari A. Dooley of the United States District Court for the District of Connecticut dismissed the consolidated appeals styled ACA CAPITAL GROUP LTD., et al., Appellants, v. LUC A. DESPINS, Ch. 11 Trustee-Appellee, Case No. 3:25-cv-00747 (D. Conn.). These consolidated appeals arise out of an adversary proceeding (Despins v. ACA Capital Group Ltd., No. 24-ap-5249) commenced in the United States Bankruptcy Court in the District of Connecticut by Chapter 11 Trustee Luc. A. Despins, appointed in the Chapter 11 case of Ho Wan Kwok. On February 14, 2024, the Trustee commenced the Adversary Proceeding against dozens of foreign and domestic entities and their nominal owners, alleging that these entities are each alter egos of and/or beneficially owned by the Debtor, and that therefore, their ownership interests and assets should be turned over to the Estate. On October 29, 2024, the Trustee filed the operative Amended Complaint. The Assorted Defendants and G-Club Defendants collectively make up twenty-two of the twenty-five total Defendants named in the Amended Complaint. The Foreign Entity Defendants named in the Amended Complaint are: ACA Capital Group, Ltd.; Celestial Tide Limited; G Club International; G Fashion International Limited; Hamilton Capital Holding Limited; Hamilton Investment Management Limited; Hamilton Opportunity Fund SPC; Himalaya Currency Clearing Pty Ltd.; Himalaya International Clearing Limited; Himalaya International Financial Group Limited; Himalaya International Payments Limited; Himalaya International Reserves Limited; and Major Lead International Limited. The Assorted Defendants are as follows: (1) ACA Capital Group, Ltd.; (2) Celestial Tide Limited; (3) G Fashion (CA); (4) G Fashion Hold Co A Limited; (5) G Fashion Hold Co B Limited; (6) G Fashion International Limited; (7) GFashion Media Group Inc.; (8) GF IP, LLC; (9) GF Italy, LLC; (10) GFNY, Inc.; (11) Hamilton Capital Holding Limited; (12) Hamilton Investment Management Limited; (13) Hamilton Opportunity Fund SPC; (14) Himalaya Currency Clearing Pty Ltd.; (15) Himalaya International Clearing Limited; (16) Himalaya International Financial Group Limited; (17) Himalaya International Payments Limited; (18) Himalaya International Reserves Limited; (19) Major Lead International Limited; and (20) Mr. William Je. The G-Club Defendants are G Club International Limited and G Club Operations LLC. On November 22, 2024, the Assorted Defendants and G-Club Defendants filed their Motions to Dismiss the Amended Complaint. On April 23, 2025, the Bankruptcy Court issued the MTD Order, denying both Motions to Dismissing their entirety. In resolving Defendants' threshold jurisdictional arguments regarding standing and personal jurisdiction, the Bankruptcy Court concluded that: (a) the Trustee has standing to assert his claims because alter ego is a general claim of creditors at large, and because any and all judgment creditors could bring a beneficial ownership claim in an effort to collect on their debt; (b) personal jurisdiction may be established where a defendant is an alter ego of a person over whom the court otherwise has personal jurisdiction (here, indisputably, the Debtor), and taken as true, the Trustee's allegations establish prima facie alter ego claims against the Foreign Entity Defendants thus giving rise to the Court's personal jurisdiction over them; and (c) the Bankruptcy Court has personal jurisdiction over Defendant William Je because, taken as true, the Trustee's allegations establish a prima facie case that Defendant Je purposefully directed himself towards the United States, and the injuries that the Trustee seeks to redress in this Adversary Proceeding relate to that purposeful direction. Turning to sufficiency of the allegations supporting the Trustee's claims, the Bankruptcy Court next determined that, as to the Assorted Defendants, the Amended Complaint plausibly asserts alter ego and/or beneficial ownership claims under, as applicable, California, Delaware, and/or English law, and otherwise seeks plausible relief against Celestial Tide, Major lead, and William Je, as nominal owners of certain of the Foreign Entity Defendants. As to the G-Club Defendants, the Bankruptcy Court concluded that the Amended Complaint plausibly alleges alter ego under Puerto Rico law and beneficial ownership under English law. The Assorted Defendants and G-Club Defendants named in the Adversary Proceeding each seek leave to appeal the Bankruptcy Court's single ruling denying their respective Motions to Dismiss. Appellants contend that an interlocutory appeal is appropriate in this case because, principally: (1) they have raised pure controlling issues of law regarding standing, personal jurisdiction, and the standards for alter ego and beneficial ownership claims; (2) there are substantial grounds for difference of opinion as to each of those issues, insofar as the MTD Order conflicts with prevailing case law; and (3) a successful appeal would materially advance termination of the Adversary Proceeding. The District Court agrees with the Trustee that interlocutory appeal is not warranted. As an initial matter, several of the issues that Appellants seek to raise on appeal do not appear to be pure, controlling questions of law. Rather, the District Court agrees with the Trustee that these issues, including those regarding personal jurisdiction over the Foreign Entity Defendants and Mr. Je, as well as the sufficiency of the Trustee's alter ego and/or beneficial ownership claims, are ultimately fact-based determinations and necessarily involve an assessment of the allegations set forth in the Amended Complaint. The Court concludes such questions are not suited for interlocutory review. A copy of the Court's Memorandum of Decision dated January 8, 2026, is available at https://urlcurt.com/u?l=9P3EEc 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. ================= H O N G K O N G ================= YUEXIU REAL: Moody's Affirms 'Ba3' CFR, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has revised to stable from negative the outlook on Yuexiu Real Estate Investment Trust (REIT) and Yuexiu REIT MTN Company Limited. At the same time, Moody's have affirmed Yuexiu REIT's Ba3 corporate family rating, the (P)Ba3 backed senior unsecured rating on Yuexiu REIT MTN Company Limited's medium-term note (MTN) program, and the Ba3 backed senior unsecured rating on the notes issued under the MTN program. "The outlook change to stable reflects Yuexiu REIT's proactive deleveraging through the disposal of a major shareholding in Yuexiu Financial Tower (YFT). Moody's expects Yuexiu REIT's total adjusted net debt will decline by almost 30% after the company uses the proceeds to pay down debt," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The affirmation reflects Moody's expectations that the company will maintain a portfolio of good-quality assets in key higher-tier cities, as well as good funding access that is supported by its state-owned enterprise background," adds Zhou. RATINGS RATIONALE Yuexiu REIT's Ba3 CFR reflects the trust's portfolio of good-quality assets in key tier-1 and tier-2 cities in China (A1 negative), as well as good funding access given its close links with a state-owned sponsor, Yuexiu Property Company Limited (Ba1 negative). On the other hand, the rating is constrained by Yuexiu REIT's high debt leverage, and its geographic concentration in Guangzhou. Moody's expects Yuexiu REIT's leverage to improve over the next 12-18 months, driven by debt reduction. This follows the company's disposal of 50% interest in YFT and payables collection from YFT, which was completed in December 2025. The company stated that it would use total proceeds of around RMB5.3 billion for debt repayment. Moody's also forecasts Yuexiu REIT's adjusted EBITDA to continue declining by around 10% over the next 12-18 months, considering the deconsolidation impact of YFT. The ongoing subdued demand and new supply in China's office rental market will constrain the company's overall occupancy and rental rates. Nevertheless, the proactive debt reduction will more than offset earnings pressure. As a result, Moody's projects Yuexiu REIT's adjusted net debt/EBITDA to trend towards 12x over the next 12-18 months, from above 15x for the last twelve months ending June 30, 2025. The company's adjusted EBITDA interest coverage will also rise to around 1.8x from below 1.5x in the same period. These credit metrics support its Ba3 CFR. Yuexiu REIT's liquidity is inadequate because it has to pay out most of its distributable income as dividends and to meet its ongoing refinancing needs. Nevertheless, the company's refinancing risk is tempered by its strong banking relationships considering its government-owned background, track record of refinancing maturing debt over the past few years, and the collection of large proceeds following the disposal of major shareholding in YFT. In terms of environmental, social and governance factors, Moody's have considered Yuexiu REIT's high leverage, which exposes the company to relatively larger financial risk. Moody's have also considered Yuexiu REIT's concentrated ownership and related party transactions with its state-owned sponsor. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Yuexiu REIT's ratings if it improves its credit metrics through strengthening of operations or further debt reduction, and maintains good access to funding with low borrowing costs. Specific credit metrics indicative of upward rating pressure include net debt/EBITDA below 11.0x and EBITDA/interest coverage above 2.0x on a sustained basis. On the other hand, Moody's could downgrade the ratings if (1) Yuexiu REIT's leverage rises meaningfully due to a weaker-than-expected operating performance or debt-funded business expansion, or (2) its access to funding weakens. Credit metrics that could lead to a rating downgrade include net debt/EBITDA rising above 13.5x, or EBITDA/interest falling below 1.25x, both on a sustained basis. A reduction in financial flexibility because of significantly higher secured debt would also pressure the ratings. Moody's could also downgrade the senior unsecured ratings if Yuexiu REIT substantially increases secured borrowing to refinance unsecured offshore debt, and significantly weakens the recovery rates of senior unsecured creditors. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Yuexiu REIT is a listed REIT in Hong Kong SAR, China with a property portfolio located entirely in China. ========= I N D I A ========= AMAN HOSPITALITY: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Aman Hospitality Private Limited Registered Address: L-4, Green Park, Extension, New Delhi-110016 Insolvency Commencement Date: January 12, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Anup Kumar Interim Resolution Professional: Anup Kumar 734, Lawyers Chamber Block, Western Wing, Tis Hazari Court, Delhi-110054 Email: sachanlawanalyst@gmail.com Correspondence Address: C-708, I Thum Tower-C, Plot No. A40, Sector-62, Noida-201301, UP Email ID: cirp.amanhospitality@gmail.com Last date for submission of claims: January 26, 2026 ATUM CAPITAL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Atum Capital Private Limited B-404, Building No. 17, Stalag CHS Ltd. Tilak Nagar, Chembur, Mumbai - 400089, Maharashtra Insolvency Commencement Date: January 12, 2026 (order copy received on January 13, 2023) Court: National Company Law Tribunal, Mumbai Bench Court VI Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: AAA Insolvency Professionals LLP Interim Resolution Professional: AAA Insolvency Professionals LLP 64, Near Modi Mill, Okhla Phase III, Okhla Industrial Estate, New Delhi, Delhi 110020 Email: anilgoel@aaainsolvency.com atum.cirp@gmail.com Last date for submission of claims: January 27, 2026 BAHUBALI PAPER: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: BAHUBALI PAPER LIMITED No.1, Type No.1, Bangur Nagar, Dandeli, Karnataka, India, 560025 Liquidation Commencement Date: January 13, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Akhila Bolla Communication Address: Chhota CFO, 1st Floor, No.50, 12th Main Rd, 4th T Block East, KV Layout Jayanagar, Bengaluru, Karnataka 560011 Registered Address: Flat no: B001, Opus Apartment no. 20, Second Cross, Vivekananda Nagar, Jai Bharath Nagar, Maruthi Sevanagar, Opposite to Sunshine Kids Play School, Bangalore, Karnataka - 560033 Email: ip.akhilabolla@gmail.com Phone No.: +91-7386788418 Last date for submission of claims: February 12, 2026 CALCUTTA ISOLATORS: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Calcutta Isolators & Equipments Pvt Ltd P-86, Benaras Road, Howrah, West Bengal - 711108 Liquidation Commencement Date: January 12, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: CS Saurabh Basu Alapan Apartment, 3rd Floor, 10/6/2 Raja Rammohan Roy Road, Kolkata, West Bengal 700008 Tel: +91 9830063501 Email: pcs.saurabhbasu@gmail.com Last date for submission of claims: February 11, 2026 CHADHA SUPER CARS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Chadha Super Cars Private Limited Village Bhanohar, Ferozepur Road, Near Haveli Restaurant, Mullanpur, Ludhiana - 141102, Punjab Liquidation Commencement Date: January 8, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Bhupinder Sethi B-34-6650/24-B, Street No -2, New Atam Nagar, Jassian Road, Ludhiana -141001 Email: ip.brsethi@gmail.com Email: ip.chadhasupercars@gmail.com Last date for submission of claims: February 7, 2026 CREST PROMOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Crest Promoters Private Limited (CPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 5 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 95 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPPL for obtaining information through letter and email dated December 5, 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 CPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. CPPL was incorporated by Mr. Ajay Kumar, Mr. Jagdeep Singh Gill, Mr. Pratap Singh Rathi and Mr. Dushyant Malik. The company develops residential real estate and currently is developing a residential project, Ace City, in Greater Noida West (Uttar Pradesh). DAWER SONS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dawer Sons Private Limited (DSPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash 3 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Crisil Ratings has been consistently following up with DSPL for obtaining information through letter and email dated December 5, 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 DSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DSPL continues to be 'Crisil B/Stable Issuer not cooperating'. DSPL, incorporated in 1993, manufactures coated textile products. Its manufacturing facility is located at Mayapuri, New Delhi. DAYANAND COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dayanand Cotton Ind (DCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DCI for obtaining information through letter and email dated December 5, 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 DCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DCI continues to be 'Crisil D Issuer not cooperating'. DCI is a partnership firm that started commercial production from February 2012. The firm is engaged in ginning and pressing of raw cotton (kapas). There are 12 partners in the firm with Mr. Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani (10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively handling its operations. DE GRANDE SPORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: De Grande Sports Private Limited Registered Address: 4th Floor, HDIL Towers, Anant Kanekar Marg, Bandra (East), Mumbai City, Mumbai, Maharashtra, India, 400051 Principal Office: Plot No. 152, 1st Floor Upper Ground Level, Prashasan Nagar, Jubilee Hills, Hyderabad, Rangareddy, Telangana, 500033 Insolvency Commencement Date: January 12, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Sabbani Maruthi Interim Resolution Professional: Sabbani Maruthi New Mhada Ews Towers, Block 3C, Flat No. 303, Bangurnagar, Goregaon (W), Mumbai, Suburban, Maharashtra, 400104 Email: ip@degrandecirp.com Maruthi.Sabbani18@Gmail.Com Last date for submission of claims: January 26, 2026 DR. ANJOLI: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dr. Anjoli Health Care (DAHC) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with DAHC for obtaining information through letter and email dated December 5, 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 DAHC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAHC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DAHC continues to be 'Crisil B-/Stable Issuer not cooperating'. DAHC was established in 2012 as a partnership concern by Dr. B. V. Reddy and his wife Mrs. Anjali Reddy. The firm plans to set up a unit to manufacture de-addiction medicines for tobacco, and alcohol addicts. DYNAMIC FINE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Dynamic Fine Paper Mill Private Limited (DFPMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 14.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DFPMPL for obtaining information through letter and email dated December 5, 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 DFPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DFPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DFPMPL continues to be 'Crisil B/Stable Issuer not cooperating'. DFPMPL was incorporated in 2013. DFPMPL is owned & managed by Shailendra Kumar Gupta and Madan Mohan Gupta. DFPMPL is engaged in the manufacturing of Kraft paper. DFPMPL manufacturing facility is located in Kota, Rajasthan. FREEZE ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Freeze Engineering Industries Private Limited (FEIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 2.5 CRISIL A4 (Issuer Not Cooperating) Export Packing 6 CRISIL C (Issuer Not Credit Cooperating) Proposed Long Term 1.5 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FEIPL for obtaining information through letter and email dated December 5, 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 FEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FEIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. FEIPL was set up at Kollam (Kerala) in 1980. The company processes and exports sea fish such as cuttlefish, mackerels, leatherjacket fish, cods, tuna and shrimps. GOENKA EXIM: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Goenka Exim Private Limited (GEPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5.8 CRISIL B+/Stable (Issuer Not Bank Loan Facility Not Cooperating) Crisil Ratings has been consistently following up with GEPL for obtaining information through letter and email dated December 5, 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 GEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GEPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2011, GEPL processes and sells food grains, oilseeds, and spices. The company has a modern processing unit in Jodhpur, Rajasthan, with processing capacity of around 100,000 kg/day. The company supplies products to wholesalers throughout the country. Mr Piyush Goenka and his family members are the promoters. GOLD CHICK: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gold Chick Hatcheries and Foods Limited (GHFL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 12 Crisil B/Stable (Issuer Not Overdraft Cooperating) facility Long Term Loan 1 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 GHFL for obtaining information through letter and email dated December 5, 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 GHFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHFL continues to be 'Crisil B/Stable Issuer not cooperating'. GHFL based in Hyderabad, was incorporated in 1992, promoted by Dr DB Prasad Rao and a team of medical doctors based in India and U.S.A. The company is present in every step of the poultry supply chain'from breeding farms to eggs and manufacturing chicken feed, to processing, distributing and marketing. GS MEGHA CONSTRUCTIONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: GS Megha Constructions Private Limited Registered Address: SB 407, Sylvan Block, Anand Vihar, Old Mumbai Highway, Shaikpet, Towli Chow, ki, Hyderabad, Telangana, India, 500008 Insolvency Commencement Date: January 8, 2026 Court: National Company Law Tribunal, Hyderabad Bench II Estimated date of closure of insolvency resolution process: July 7, 2026 Insolvency professional: Kanak Jani Interim Resolution Professional: Kanak Jani 7, Sai Moreshwar Luxuria, Plot No. 74, Sector 18, Kharghar, Next to Sanjeevani International School, Navi Mumbai, Maharashtra, 410210 Email id: kanakjani.associates@gmail.com Process Email id: gsmegha.cirp@gmail.com Last date for submission of claims: January 22, 2026 K.K. DUPLEX: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K.K. Duplex and Paper Mills Private Limited (KKDPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 Crisil D (Issuer Not Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Long Term Loan 7.5 Crisil D (Issuer Not Cooperating) Standby Letter 0.25 Crisil D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with KKDPL for obtaining information through letter and email dated December 5, 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 KKDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KKDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KKDPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KKDPL is a Private Limited Company incorporated on 07 March 1995.It is engaged in manufacturing of Kraft paper and Duplex boards. The company undertakes production through waste paper procured from the domestic market. The company is based in Muzzafarnagar, Uttar Pradesh and is promoted by Mr. Bharat Agarwal and Mr. Sunil Agarwal. KALPAK INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalpak Industrial Technologies (India) Private Limited (KITIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 5.0 CRISIL D (ISSUER NOT COOPERATING) Term Loan 5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 4 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KITIPL for obtaining information through letter and email dated December 5, 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 KITIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KITIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KITIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1996, KITIPL is engaged in manufacturing of machined components and special types of fasteners such as automotive components, stud and anchor bolts. Based in Maharashtra, the company is owned and managed by Mr Prasad Kolte KANAKA MAHALAKSHMI: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kanaka Mahalakshmi Rice Industries (KMRI) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 15.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KMRI for obtaining information through letter and email dated December 5, 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 KMRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMRI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1989 as a partnership firm, KMRI processes paddy into rice, rice bran, broken rice and husk at its facility in Nalgonda, Telangana. The firm is promoted by Mr. Burugu Lingaiah and Mr. Burugu Satyanarayana. KANKANI ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kankani Enterprises Private Limited (KEPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.4 Crisil B/Stable (Issuer Not Cooperating) Term Loan 7.6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KEPL for obtaining information through letter and email dated December 5, 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 KEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KEPL continues to be 'Crisil B/Stable Issuer not cooperating'. KEPL was incorporated in 1992 by Mr Om Prakash Kankani and his family members. The company manufactures and does job work of finished fabric. The company is located in Bhilwara, Rajasthan. KEYA SETH'S: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Keya Seth's Ayurvedic Solution (Cosmetic Division) (KSASCD) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.99 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.51 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSASCD for obtaining information through letter and email dated December 5, 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 KSASCD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSASCD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSASCD continues to be 'Crisil B+/Stable Issuer not cooperating'. The Keya group is established by the Kolkata-based Mr Seth and family. The group manufactures cosmetic products, and provides services for hair and skin solutions such as hair treatment, enrichment of hair, enhancing shine and skin conditioning solutions. Provides services for hair and skin solutions such as hair treatment, enrichment of hair, enhancing shine and skin conditioning solutions. Incorporated in 2004, KSASCD manufactures ayurvedic cosmetic products under the brand, Keya Seth, at its facility in Kolkata. Incorporated in 2012, Keya Seths Marketing (KSM) markets and distributes cosmetic products manufactured by KSASCD. KSM was set up to streamline the group's administrative operations. Incorporated in 2008, Keya Seth Ayurvedic Solution Pvt Ltd provides hair and skin solution. KEYA SETHS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Keya Seths Marketing (KSM) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 3.5 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Cash Credit 1.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KSM for obtaining information through letter and email dated December 5, 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 KSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSM continues to be 'Crisil B+/Stable Issuer not cooperating'. About the Group The Keya group is established by the Kolkata-based Mr Seth and family. It manufactures cosmetic products, and provides services for hair and skin solutions such as hair treatment, enrichment of hair, enhancing shine and skin conditioning solutions. KSM, incorporated in 2012 and propertied by Mr. Asish Seth, undertakes marketing and distribution of cosmetic products manufactured by KSASCD. The company was primarily setup in order to streamline the administrative operations of the group. Incorporated in 2004, KSASCD manufactures ayurvedic cosmetic products under the brand name Keya Seth at its facility in Kolkata. Incorporated in 2008, KSASPL provides hair and skin solution. KF FARMS: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KF Farms Private Limited (KFFPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 1 Crisil B/Stable (Issuer Not Cooperating) Proposed Working 5.5 Crisil B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with KFFPL for obtaining information through letter and email dated December 5, 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 KFFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KFFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KFFPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2003 by the Kapur group of companies, KFFPL grows potatoes, maize, paddy, and sunflower on 1200 acres of land in Jalandhar, Punjab. KRISHNA TOWERS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Krishna Towers (KT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KT for obtaining information through letter and email dated December 5, 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 KT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KT continues to be 'Crisil B/Stable Issuer not cooperating'. KT, incorporated in 2017, is currently constructing a mall in chikkalasandra uttarahalli main road, Banglore, Karnataka. The firm is promoted by Mr. Purushotham. LABHANSHI AGRITECH: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Labhanshi Agritech Private Limited 410, Apollo Tower 2 M.G. Road, Indore, MP India 452001 Insolvency Commencement Date: January 8, 2026 Court: National Company Law Tribunal, Indore Bench Court No. 1 Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Navin Khandelwal Interim Resolution Professional: Navin Khandelwal 206, Navneet Plaza 5/2 Old Palasia Indore 452018 Email: navink25@yahoo.com ibc.labhanshiagritech@gmail.com Last date for submission of claims: January 26, 2026 LIVEIN AQUA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Livein Aqua Solutions Private Limited G-103, Sterling Heights, Ugat Canal Road, Near Palanpur Jakatnaka, Surat, Gujarat India - 395005 Insolvency Commencement Date: January 12, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 11, 2026 Insolvency professional: Dhaval Jitendrakumar Mistry Interim Resolution Professional: Dhaval Jitendrakumar Mistry 9-B Vardan Complex, Near Vimal House Lakhudi Circle, Navrangpura, Ahmedabad - 380009 Email: cadhavalmistry@yahoo.com cirp.livein@gmail.com Last date for submission of claims: January 27, 2026 MAHESHWARA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maheshwara Enterprises - Karimnagar (ME) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash Credit Limit 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ME for obtaining information through letter and email dated December 5, 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 ME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ME continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1999, ME is engaged in cotton ginning. Based out of Karimnagar in Telangana, the firm is promoted by Mr. Desu Ravinder and his family. MAYURA INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mayura Industries (MI) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 1.56 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MI for obtaining information through letter and email dated December 5, 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 MI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MI continues to be 'Crisil B-/Stable Issuer not cooperating'. Established as a partnership firm in 2012, MI is engaged in trading and fractionation of palm oil. Based in Kakinada (Andhra Pradesh), the firm is promoted by Mr. M.V.V.Satyanarayan Rao. The firm started its commercial production in July, 2014. NAGARJUNA HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nagarjuna Hospitals Limited (NHL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13.2 CRISIL B/Stable (Issuer Not Cooperating) Secured Overdraft 1.0 CRISIL B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with NHL for obtaining information through letter and email dated December 5, 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 NHL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NHL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1987, Vijayawada (AP) based NHL runs 2 hospitals. NHL is promoted and managed by Dr. Kodali Jagan Mohan Rao. PADMAJA PACKAGING: CRISIL Withdraws B Rating on INR32cr Term Loan ----------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Padmaja Packaging Industries Limited (PIPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.50 CRISIL B/Stable (ISSUER NOT COOPERATING; Withdrawn) Term Loan 32.00 CRISIL B/Stable (ISSUER NOT COOPERATING; Withdrawn) Term Loan 3.75 CRISIL B/Stable (ISSUER NOT COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with PIPL for obtaining information through letter and email dated January 6, 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 PIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of PIPL to 'Crisil B/Stable Issuer not cooperating'. PIPL, incorporated in 1993, is engaged in the manufacturing of primary and secondary corrugated boxes and cartons at its manufacturing facility in Kagal, Kolhapur. The company caters to a wide range of customers across end user industries including pharmaceuticals, FMCG, electronics. The day-to-day operations of the company are managed by Mr. Santosh Kunjeer. PERFECT RADIATORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Perfect Radiators and Oil Coolers Private Limited Registered Address: B-10/1, Okhla Industrial Area, Phase II, New Delhi -110020 Insolvency Commencement Date: January 7, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: July 6, 2026 Insolvency professional: Bhoopesh Gupta Interim Resolution Professional: Bhoopesh Gupta 645A/533B, Janki Vihar Colony, Sector- I, Prabhat Chauraha, Jankipuram, Lucknow, Uttar Pradesh - 226031 Email: cabhoopesh@rediffmail.com -- and -- 8/28, 3rd Floor, W.E.A, Abdul Aziz Road, Karol Bagh, New Delhi - 110005 Email: cirp.perfect@gmail.com Last date for submission of claims: January 26, 2026 QUARA DIGITAL: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Quara Digital Private Limited 102/A Simnan Apt Khoja Lane Versova, Andheri West Near Khoja Jamat Khana - 400061 Liquidation Commencement Date: January 5, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rajesh Kumar Agrawal 105 and 106, Midas Tower, Sahar Plaza, Andheri Kurla Road, Andheri East, J.B. Nagar, Mumbai - 400059 Tel: 9830201612 Email: Info@exceladvisory.in Last date for submission of claims: February 4, 2026 RADHE SHAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Radhe Sham and Sons (RSS) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1 CRISIL B+/Stable (Issuer Not Cooperating) Warehouse Financing 3 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSS for obtaining information through letter and email dated December 5, 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 RSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSS continues to be 'Crisil B+/Stable Issuer not cooperating'. RSS was established as proprietorship firm in 1979 and later reconstituted as a partnership firm with effect from April 2011. It currently has three partners: Mr. Suresh Kumar, Mr. Parveen Kumar, and Mr. Nikhil Garg. It processes paddy, both for own sales and also on a job-work basis for other rice millers, at its facility in Ferozpur City, Punjab.-click here to edit About the company. RAJANI GINNING: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajani Ginning and Pressing Factory (RGPF) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RGPF for obtaining information through letter and email dated December 5, 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 RGPF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RGPF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RGPF continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2006 as a partnership firm, RGPF gins and presses raw cotton. Its ginning unit is in Adilabad, Telangana. Mr. Jamaluddin Rajani, Mr. Kamaluddin Rajani, and Mr. Aziz Rajani are the firm's partners. RENEW ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the 'BB-' Long-Term Issuer Default Ratings (IDRs) of Indian renewable power producer ReNew Energy Global Plc (REGP) and onshore subsidiary ReNew Private Limited (ReNew). The Outlook is Stable. Both companies have similar credit profiles, with REGP as the offshore holding company of the group. Fitch has also affirmed the 'BB-' ratings on the US dollar notes issued by ReNew and REGP's subsidiaries, India Clean Energy Holdings and Diamond II Limited. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators - Addendum to the Corporate Rating Criteria' on 9 January 2026. REGP's and ReNew's ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored REGP as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The business and financial profile factors (assessment, relative importance): Management (bbb, lower), Sector Characteristics (bbb, moderate), Market and Competitive Positioning (bb+, moderate), Diversification and Asset Quality (bbb, moderate), Company Operational Characteristics (bbb, higher), Profitability (bb, moderate), Financial Structure (ccc, moderate), and Financial Flexibility (b+, higher). - The quantitative financial subfactors are assessed based on custom financial period parameters of 10% weight for the historical financial year ended March 2025 (FY25), 30% for the forecast year FY26, 30% for the forecast year FY27 and 30% for the forecast year FY28. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb-'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- ReNew Energy Global Plc LT IDR BB- Affirmed BB- ReNew Private Limited LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed BB- India Clean Energy Holdings senior unsecured LT BB- Affirmed BB- Diamond II Limited senior secured LT BB- Affirmed BB- RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rime Rich Foods Private Limited (RRFPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RRFPL for obtaining information through letter and email dated December 5, 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 RRFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RRFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr. John Johnson, Mr Starson Kandamkulathy and Mr Fineson K J, RRFPL manufactures ice creams under the Pappai brand. SENRA TECH: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Senra Tech Private Limited N-161, 5TH Floor, Yusuf Sarai, Gautam Nagar Nala, New Delhi 110049 Liquidation Commencement Date: January 8, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Loveneet Handa 201, 2d Floor, Park View Complex 48, near Reliance Fresh, Hasanpur, I.Р. Extension, Patparganj, Delhi 110092 E-mail: liquidation.senratech@gmail.com E-mail: loveneet.cs@gmail.com Contact No.: 9818664478 Last date for submission of claims: February 7, 2026 SHANTI ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shanti Ispat Limited (SIL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 1.45 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIL for obtaining information through letter and email dated December 5, 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 SIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SIL continues to be 'Crisil B-/Stable Issuer not cooperating'. SIL was incorporated by Mr. Rakesh Batra and his brother Mr. Pawan Batra in 1988. However, operations were stated in June 1990. It is engaged in the fabrication of sheet metal components for two wheelers and four wheeler vehicles. The company has its manufacturing facility located in Gurgaon. SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sona Chandi Agro Processors (SCAP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCAP for obtaining information through letter and email dated December 5, 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 SCAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCAP continues to be 'Crisil D Issuer not cooperating'. Established in year 1985, SCAP, promoted by the Arora family, mills and processes par-boiled basmati rice (Pusa 1121 quality). It has a processing unit at Tarn Taran in Amritsar (Punjab), with milling capacity of 8 tonne per hour. It commenced commercial production in October 2004. STARRH ALMOND: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Starrh Almond King Pvt Ltd. 7-50, Kuchipudi, Guntur District India 522313 Insolvency Commencement Date: May 20, 2020 (sic) Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: July 5, 2026 Insolvency professional: Murali Mohan Chevuturi Interim Resolution Professional: Murali Mohan Chevuturi 1-2-597/9, Flat No. 201, Dream Home Vasista Apts, Plot 9, Baraf Bagh Colony, Lower Tankbund, Hyderabad, Telangana 500029 Email: mohan.chevuturi@gmail.com Plot No. 1, 2nd Floor, SLV Bhawan, Baraf Bagh Colony, Lower Tankbund, Hyderabad 500029 Email: starralmond@gmail.com Last date for submission of claims: January 21, 2026 STUTI COMTRADE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Stuti Comtrade Private Limited Office no 2, 2nd floor, Jawar House, Princess Street, Marine Lines, Mumbai City, Maharashtra, India, 400020 Insolvency Commencement Date: January 9, 2026 Court: National Company Law Tribunal, Mumbai Bench Court VI Estimated date of closure of insolvency resolution process: July 8, 2026 Insolvency professional: CA Gomti Ramchandra Choudhary Interim Resolution Professional: CA Gomti Ramchandra Choudhary 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380014 Email: cagomtirchoudhary@gmail.com 4th Floor, Oriental Mansion Building Extn. Next to Woodsside Inn Restaurant, Opposite Regal Cinema, Madame Cama Road, Near Dr Ambedkar Statue Chowk, Colaba Mumbai, Maharashtra - 400001 Email: cirp.stuticomtrade@gmail.com Last date for submission of claims: January 26, 2026 VADERA TRADELINK: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Vadera Tradelink Private Limited Registered Office: H - 238 239, 2nd Phase (Extn.) RIICO Industrial Area Barmer, Rajasthan - 344001 Liquidation Commencement Date: January 9, 2026 Court: National Company Law Tribunal, Jaipur Bench Liquidator: CA Arvind Kaushik P-4 Tilak Marg C-Scheme Jaipur - 302005 Email: cirp.vadera@gmail.com Last date for submission of claims: February 8, 2026 VEEKAS PIPES: CRISIL Withdraws B+ Rating on INR10cr Overdraft ------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Veekas Pipes Private Limited (VPPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 10 CRISIL B+/Stable (ISSUER NOT COOPERATING; Withdrawn) Crisil Ratings has been consistently following up with VPPL for obtaining information through letter and email dated January 8, 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 VPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of VPPL to 'Crisil B+/Stable Issuer not cooperating'. Started in 1971 as a partnership concern, VPPL was reconstituted as a private limited company in 1994. The company, promoted by Mr Prakash Patel and his cousin Mr Deepak Patel, is a trader of steel pipes such as electric resistance welded steel pipe, galvanized steel pipe, structural-rectangulars, rounds, and hollow section steel pipes used in housing, irrigation, and various industries. VIJAY DEEP: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vijay Deep Hotels Private Limited (VDH) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 25 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VDH for obtaining information through letter and email dated December 5, 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 VDH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VDH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VDH continues to be 'Crisil B/Stable Issuer not cooperating'. VDH is promoted by Mr Vikramjit Singh Bawa and his family members, who have been in the hospitality business for more than two decades. The company is based in Mumbai, Maharashtra, and operates Hotel Bawa International, located in the vicinity of the Mumbai domestic airport. VDH also runs two hotels on lease, as well as earns rental income from premises leased to Starbucks. =============== M A L A Y S I A =============== CAPITAL A: High Court OKs Capital Reduction, PN17 Uplift in Sight ----------------------------------------------------------------- The Malaysian Reserve reports that Capital A Bhd has received High Court approval for a MYR5.51 billion capital reduction, marking the completion of all major steps under its regularisation plan and bringing the group closer to an uplift from PN17 status. According to the report, the regularisation plan will be completed upon the lodgement of the High Court's sealed order with the Registrar of Companies, expected by next week. The Malaysian Reserve relates that the approval follows recent milestones, including the disposal of its aviation business to AirAsia X Bhd on Jan. 16, 2026, and the listing and distribution of AAX shares to entitled Capital A shareholders on Jan. 19, 2026. Capital A said its remaining non-aviation businesses have been consistently profitable over the past four quarters, from 4Q24 to 3Q25, and shareholders' funds will turn positive upon completion of the regularisation exercise. With this, the group would have addressed all PN17 criteria, subject to regulatory approval for the uplift. "This order is the final court step in our PN17 journey. We set out to fix the fundamentals and we followed through on every step – completing the aviation business disposal, distributing AAX shares to our shareholders, and securing the approvals needed to clean up the balance sheet. We are now working towards the upliftment of PN17 status," The Malaysian Reserve quotes Group CEO Teh Mun Hui as saying. Post-regularisation, Capital A will focus on five core businesses, namely Asia Digital Engineering, Teleport, AirAsia MOVE, AirAsia Next and Santan, as it positions the group to deliver sustainable value to customers and shareholders. 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. IJM CORP: MACC Freezes MYR15.8MM in Bank Accounts Linked to Probe ----------------------------------------------------------------- The Malaysian Reserve reports that the Malaysian Anti-corruption Commission (MACC) has frozen 55 personal and corporate bank accounts worth MYR15.8 million believed to be linked to its investigation into IJM Corp Bhd over alleged money laundering involving MYR2.5 billion. The Malaysian Reserve relates that sources said the investigation is focused on tracing and seizing other assets suspected to have been acquired through money-laundering activities, according to a report by Utusan Malaysia. So far, investigators have carried out inspections and searches at four separate locations, including the residence and office of one of IJM's top management personnel. "MACC has also frozen 55 personal and corporate bank accounts linked to the case, with the total amount estimated at about MYR15.8 million. "To date, nine statements have been recorded, including from two senior management personnel of the company. "The recording of statements from the two senior executives will continue today, and five more witnesses will be called to give their statements," the source said. According to The Malaysian Reserve, the source said that the probe involves issues related to corporate governance, procurement processes, financial transactions and overseas asset ownership estimated to be worth about MYR2.5 billion. Meanwhile, MACC chief commissioner Tan Sri Azam Baki confirmed the case is being investigated under Section 16 of the MACC Act 2009 and Section 4(1) of the Anti-money Laundering, Anti-terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), The Malaysian Reserve reports. On Jan. 19, the commission's Special Operations Division launched investigations into two top management personnel of IJM. Previously, the UK Serious Fraud Office (SFO) was reported to have launched an investigation into alleged money laundering and corruption linked to multi-billion-ringgit investment transactions involving the two executives. Separately, IJM has reportedly strongly refuted these allegations, stating it is not aware of any probe by the UK's SFO, The Malaysian Reserve reports. The company clarified that neither the firm nor its UK associates have been approached by the British authority, describing the reports as inaccurate. The Malaysian Reserve adds that IJM also confirmed that chairman Tan Sri Krishnan Tan has met with MACC officers and is cooperating fully with the investigation. The alleged offences are believed to have occurred at a time when Sunway Group was seeking to acquire IJM through a transaction valued at MYR11 billion. IJM Corp Bhd (IJM) is a construction company involved in property development, industry, and infrastructure concessions. It specializes in building infrastructure projects, developing residential and commercial properties, and manufacturing construction materials. The company's construction division engages in both greenfield and brownfield projects, including skyscrapers and national railway initiatives in Malaysia. ===================== N E W Z E A L A N D ===================== BUFFER CAPITAL: Court to Hear Wind-Up Petition on Feb. 4 -------------------------------------------------------- A petition to wind up the operations of Buffer Capital Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 15, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CHINCHILLER BREWING: Creditors' Proofs of Debt Due on Feb. 13 ------------------------------------------------------------- Creditors of Chinchiller Brewing Limited and GNSS Holdings Limited are required to file their proofs of debt by Feb. 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 19, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 CIVIL AND LAND: Owes More Than NZD1.8 Million, Liquidators Say -------------------------------------------------------------- Otago Daily Times reports that Civil and Land Construction Ltd is in liquidation owing creditors more than NZD1.8 million. It was placed into liquidation by the High Court at Christchurch on November 27, 2025, after an application by Inland Revenue. PwC insolvency practitioners Wendy Somerville and Malcolm Hollis were appointed liquidators. In the first liquidators' report, their total estimated shortfall follows Inland Revenue filing a preferential claim of just over NZD807,000 and nine unsecured creditors owed nearly NZD1.08 million, ODT discloses. Further claims are expected to follow and about NZD47,000 is owed to former employees. Civil Land Construction registered as a company in 2007 with a website showing it was based in Amberley. According to ODT, the liquidators were unable to confirm if creditors could be repaid. They had been advised the company became insolvent because of previous disputes about the purchase of the business and associated legal costs. Sole shareholder and director Jacobus Brand had responded to a request to provide company books and records, they said. "We have since entered into sales and purchase agreements with three separate parties for the sale of the majority of the company's assets, achieving total proceeds of nearly NZD260,000." An online sale would be held for the rest of the assets by the end of the month, ODT says. Just over NZD204,000 has been identified as being owed for unpaid work. About NZD94,000 of this had since been recovered. ODT adds that the liquidators said they were yet to talk to the shareholder about the repayment of an outstanding account of NZD1.04 million. Civil and Land Construction Ltd worked in road-building, earthworks and other construction until it stopped trading. LENDIFY LIMITED: Court to Hear Wind-Up Petition on Feb. 4 --------------------------------------------------------- A petition to wind up the operations of Lendify Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 15, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LITTLE ISLAND: Creditors Lose NZD2.3MM as Liquidation Winds Up -------------------------------------------------------------- NZ Herald reports that creditors of plant-based dairy company Little Island Creamery have lost more than NZD2.3 million, according to the liquidators' final report. NZ Herald relates that the liquidators said there were no remaining funds to distribute to creditors, and the company was set to be removed from the Companies Register. LI Creamery, which operated plant-based dairy company Little Island Creamery, went into liquidation on June 13, 2025. M A BUILDING: Court to Hear Wind-Up Petition on Feb. 11 ------------------------------------------------------- A petition to wind up the operations of M A Building Trade Holdings Limited will be heard before the High Court at Auckland/Tāmaki Makaurau on Feb. 11, 2026, at 10:00 a.m. Bizcap NZ Limited filed the petition against the company on Oct. 24, 2025. The Petitioner's solicitor is: James Cochrane Lane Neave Lawyers Level 8 Vero Centre 48 Shortland Street Auckland ULTRAFORM LIMITED: Creditors' Proofs of Debt Due on Feb. 16 ----------------------------------------------------------- Creditors of Ultraform Limited are required to file their proofs of debt by Feb. 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 22, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ===================== P H I L I P P I N E S ===================== PHOENIX PETROLEUM: Admits Inability to Pay Dividends Amid Losses ---------------------------------------------------------------- Bilyonaryo.com reports that Phoenix Petroleum Philippines Inc. has admitted it cannot pay dividends on its preferred shares, citing a lack of retained earnings and mounting losses. In a filing with the Philippine Stock Exchange, Phoenix said: "Unfortunately, as of the moment the Company has no unappropriated retained earnings, hence, the Company is unable to declare and payout any cash dividends for any class of shares," Bilyonaryo.com relays. According to Bilyonaryo.com, Phoenix claims it is "focused on managing its resources" to increase working capital and meet obligations but it gave no timeline for when payouts might resume. For preferred shareholders, that means waiting, potentially indefinitely, for cash that may never come. The company added that cumulative dividends "will be paid…once there is an availability of unappropriated retained earnings and a subsequent declaration of dividends." In other words, shareholders are on hold while losses pile up. Phoenix posted a PHP3.68 billion net loss in the first nine months of 2023, raising serious doubts about any near-term dividend payments, Bilyonaryo.com discloses. Once a fast‑growing challenger in the fuel retail market, the firm has struggled in recent years with rising competition and ballooning debt, Bilyonaryo.com notes. About Phoenix Petroleum Phoenix Petroleum Philippines, Inc. is engaged in the marketing and distribution of petroleum products on a wholesale and retail basis as well as the operation of gas stations, oil depots, storage facilities and allied services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 30, 2023, Dennis Uy's financial troubles have deepened as Phoenix Petroleum's (PNX) navigates an extraordinary surge in losses. PNX reported losses of PHP2.061 billon in the first half this year, 1,617 percent more than its PHP121 million loss in 2022, Bilyonaryo.com disclosed. While Uy-led management previously blamed PNX's PHP3.2 billion loss last year to the spiraling cost of crude oil, the prevailing scenario has seen the average price of Dubai crude (benchmark of Asian refineries) dwindling by a quarter to $77.37 per barrel. According to Bilyonaryo.com, PNX's setback came primarily from its ballooning financial expenses which hit PHP1.9 billion this year, 43 percent more than the PHP1.3 billion last year. S-ANG CONSTRUCTION: AMLC Freezes Philippine Business Bank Accounts ------------------------------------------------------------------ Bilyonaryo.com reports that the Anti-Money Laundering Council (AMLC) has frozen the joint bank accounts of a construction company owned by Construction Workers Solidarity (CWS) Party-list Rep. Tirso Edwin Gardiola, involving one of the country's largest SME lenders and an Indian businessman. Based on documents obtained by Bilyonaryo.com, the AMLC flagged three deposit accounts of Gardiola's S-Ang Construction and General Trading Inc. at Philippine Business Bank (PBB). Two of the accounts are joint accounts between Mr. Gardiola and Esquire Financing Inc., including one registered under Esquire International Financing. Esquire, a non-bank lender founded by billionaire Rajan Uttamchandani, offers short-term loans to micro, small, and medium enterprises, with credit lines typically ranging from PHP100,000 to PHP10 million. The company markets fast approvals and minimal documentation. Mr. Gardiola also has a separate account at PBB linked to Chandnani Prakash Ghanshyam Das, a New Delhi money changer who, according to a Philippine Star report, was arrested at the airport 25 years ago for allegedly attempting to smuggle PHP39 million in foreign currency and two bags of diamonds. According to Bilyonaryo.com, the AMLC said the 325 frozen bank accounts linked to S-Ang handled a total of PHP255.5 billion in suspicious transactions from 2010 to 2025. Investigators said the firm appeared to have 'deliberately concealed its transactions,' raising questions about the legitimacy of its funds." Corporate records show Mr. Gardiola's wife, Judy, serves as S-Ang's chairman, while their children - Kim Ann G. Esguerra, Katrina Marie G. Katigbak, Kaila S. Gardiola, and Ken Martin - are listed as directors. The AMLC noted that S-Ang received 62 flood-control project awards over the past three years, Bilyonaryo.com notes. S-Ang Construction and General Trading Inc. engages in building construction, including residential, nonresidential, highway, and street projects. ================= S I N G A P O R E ================= 1AXIS PRESTIGE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Jan. 16, 2026, to wind up the operations of 1Axis Prestige Leasing Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FULLMARK PTE: Commences Wind-Up Proceedings ------------------------------------------- Members of Fullmark Pte. Ltd. on Jan. 14, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 =========== T A I W A N =========== SEMILEDS CORP: Reports $742,000 Net Loss in Q1 2026 --------------------------------------------------- SemiLEDs Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $742,000 for the three months ended November 30, 2025, as compared with a net loss of $547,000 for the three months ended November 30, 2024. Total revenues for the three months ended November 30, 2025 was $2.6 million, as compared with a revenue of $1.3 million for the three months ended November 30, 2024. As of November 30, 2025, the Company had $14.2 million in total assets, $12.2 million in total liabilities, and a total stockholders' equity of $2.1 million. The Company suffered losses from operations of $1.6 million and $2.9 million, and net cash provided by operating activities of $2.2 million and net cash used in operating activities of $361 thousand, for the years ended August 31, 2025 and 2024, respectively. These facts and conditions have raised substantial doubt about the Company's ability to continue as a going concern, even though gross profit on product sales was $2.4 million for the year ended August 31, 2025 compared to $1.1 million for the year ended August 31, 2024. On November 30, 2025, the Company's cash and cash equivalents had increased to $2.9 million compared to $1.2 million on November 30, 2024. Further, loss from operations for the three months ended November 30, 2025 and 2024 was $1.0 million and $657 thousand, respectively. Management believes that it has developed a liquidity plan, that, if executed successfully, should provide sufficient liquidity to meet the Company's obligations as they become due for a reasonable period of time, and allow the development of its core business. The plan includes: * Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of new higher margin products. Steady growth of module products and the continued commercial sales of its UV LED product are expected to improve the Company's future gross margin, operating results and cash flows. The Company is targeting niche markets and focusing on product enhancement and developing its LED products into many other applications or devices. * Continuing to monitor prices, work with current and potential vendors to decrease costs and, consistent with its existing contractual commitments, possibly decrease its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. * Raising additional cash through potential equity offerings, sales of assets and/or issuance of debt as considered necessary and looking at other potential business opportunities. While the Company's management believes that the measures described in the above liquidity plan will be adequate to satisfy its liquidity requirements for the 12 months after the date that the financial statements are issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a material adverse effect on its business, results of operations and financial position, and may adversely affect its ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/3ft5maam About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. Irvine, California-based YCM CPA INC., the Company's auditor since 2025, issued a "going concern" qualification in its report dated November 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of August 31, 2025, the Company had $15.6 million in total assets, $12.8 million in total liabilities, and $2.8 million in total stockholders' equity. ********* 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 2026. 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 ***