260407.mbx

260407.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 Tuesday, April 7, 2026, Vol. 29, No. 69 Headlines A U S T R A L I A ANGLE ASSET 2026-1: Moody's Assigns (P)B3 Rating to Class F Notes AUSSIE DISPOSALS: Second Creditors' Meeting Set for April 14 E.I.P. DIESEL: First Creditors' Meeting Set for April 14 FT SYDNEY: First Creditors' Meeting Set for April 15 GEMINI PRIME 2026-1: S&P Assigns BB(sf) Rating on Class E Notes IDEATE CONSULTING: First Creditors' Meeting Set for April 14 MA MONEY 2023-1: Moody's Upgrades Rating on Class E Notes from Ba2 PUBLIC HOSPITALITY: Adgemis Faces Public Grilling Over Debt Pile REGIONAL FREIGHT: First Creditors' Meeting Set for April 15 ZONE RV: Customers Launch Campaign to Hold Director Accountable I N D I A ABHIYANTHA PROJECT: Insolvency Resolution Process Case Summary BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating CORNERSTONE PROPERTY: ICRA Lowers Rating INR110cr Term Loan to C DAVARIYA BROTHERS: ICRA Keeps B+/A4 Ratings in Not Cooperating GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating GUDIVADA MUNICIPALITY: ICRA Keeps Issuer B+ in Not Cooperating JAIPRAKASH ASSOCIATES: SC Refuses to Stay Adani's Resolution Plan JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating JAY BHARAT SPICES: ICRA Keeps B+ Debt Ratings in Not Cooperating JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating JELL PHARMACEUTICALS: ICRA Keeps B+ Rating in Not Cooperating JERICHO FOODS: CARE Lowers Rating on INR361cr LT Loan to D KAY BEE: Insolvency Resolution Process Case Summary KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating MANIPAL ACADEMIC: ICRA Lowers Rating on INR1,42cr Term Loan to B+ MK ROAD: CARE Lowers Rating on INR50cr Long Term Loan to B NAVDANYA FOODS: ICRA Keeps B Debt Rating in Not Cooperating OYSTER SALES: Insolvency Resolution Process Case Summary PADMABHUSHAN KRANTIVEER: ICRA Keeps B Ratings in Not Cooperating PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating RAHEJA DEVELOPERS: NCLAT Refuses to Close Insolvency vs. Project RICH FOOD: ICRA Keeps B+ Debt Rating in Not Cooperating Category RPL SUNLIGHT: Insolvency Resolution Process Case Summary SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Cooperating SMARTOPS ORIGIN: Voluntary Liquidation Process Case Summary TOPLINK MOTORCAR: ICRA Keeps B+ Debt Ratings in Not Cooperating UNITED COMPOSHEETS: ICRA Keeps B Debt Ratings in Not Cooperating VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating VATIKA LIMITED: Insolvency Resolution Process Case Summary VIKRAM KAKADE: Liquidation Process Case Summary N E W Z E A L A N D A.J.T & SONS: Creditors' Proofs of Debt Due on May 8 ACE MARINER PRODUCTS: Court to Hear Wind-Up Petition on April 23 ACE MARINER: Court to Hear Wind-Up Petition on April 23 DOMINUS PROVIDEBIT: Commences Wind-Up Proceedings MOTION RESEARCH: Creditors' Proofs of Debt Due on April 20 S I N G A P O R E HARMON & CO: Court to Hear Wind-Up Petition on April 24 PEAR INVESTMENT: Creditors' Proofs of Debt Due on May 6 VIEM GROUP: Commences Wind-Up Proceedings VIETSEA COMPANY: Court to Hear Wind-Up Petition on April 10 VIVA ENGINEERING: Court to Hear Wind-Up Petition on April 24 - - - - - ================= A U S T R A L I A ================= ANGLE ASSET 2026-1: Moody's Assigns (P)B3 Rating to Class F Notes ----------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the ABS notes to be issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2026-1. Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2026-1 AUD293.20 million Class A Notes, Assigned (P)Aaa (sf) AUD44.80 million Class B Notes, Assigned (P)Aa2 (sf) AUD16.40 million Class C Notes, Assigned (P)A2 (sf) AUD8.80 million Class D Notes, Assigned (P)Baa2 (sf) AUD17.20 million Class E Notes, Assigned (P)Ba2 (sf) AUD6.80 million Class F Notes, Assigned (P)B3 (sf) The AUD6.40 million Class G1 Notes and AUD6.40 million Class G2 Notes (together, the Class G Notes) are not rated by us. Angle Asset Finance - Radian Trust 2026-1 is a securitisation of auto and equipment loans and operating leases originated by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance (Angle Asset Finance). The obligors in the pool are mainly small-to-medium-sized enterprises (SME), and also include corporates and government entities. All borrowers are domiciled in Australia. The underlying assets are comprised of, among others, cars (40.1%), trucks (13.9%) and other wheeled assets (25.4%). Angle Asset Finance originated about 97.7% of the receivables in this portfolio, with around 85.8% and 11.9% originated via broker and vendor channels, respectively. Capital Finance Australia Limited (CFAL), a wholly owned subsidiary of Westpac Banking Corporation (Westpac, Aa1/P-1), originated the remaining 2.3% of the receivables in this portfolio through its then vendor finance business. All receivables are serviced by Garrison Lending Operations Pty Limited, a wholly owned subsidiary of Angle Asset Finance. Angle Asset Finance is a non-bank lender providing asset financing to SMEs, corporates and government entities via brokers and vendor relationships. Angle Asset Finance has been in operation since October 2019, and started originating auto and equipment loans to SMEs via brokers in significant volumes from October 2020. As of February 2026, its assets under management totaled around AUD1.96 billion. Angle Asset Finance is privately owned by an affiliate company of Cerberus Capital Management, L.P. as a majority shareholder and Deutsche Bank AG, Sydney Branch. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.5% of all notes other than the Class G Notes; (5) the legal structure; (6) experience of Garrison Lending Operations Pty Limited as servicer; and (7) the presence of Perpetual Corporate Trust Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from a relatively high level of excess spread. The portfolio yield of 8.4% - relative to the transaction expenses - results in a relatively high level of excess spread available to cover losses arising from the portfolio. The key weaknesses in the transaction are the limited availability of historical data and higher-than-expected variability in performance to date. Firstly, Angle Asset Finance started its originations via brokers in January 2020, with significant volumes only beginning in October 2020. Its originations via vendors started in August 2021. Secondly, receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. As such, the performance of the portfolio could be subject to greater variability in the future than the observed performance to date indicates. Moody's have taken this into account in Moody's asset analysis. TRANSACTION STRUCTURE AND POOL CHARACTERISTICS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, all notes, other than the Class G Notes, will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and the payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in April 2029 and the invested amount of the notes falling below 10% of the initial invested amount of the notes. -- National Australia Bank Limited (Aa1/P-1/Aa1(cr)/P-1(cr)) will provide fixed rate swaps for this transaction. The swap will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. As at closing, the total swap notional will correspond to all notes, other than the Class G2 Notes. The total swap notional will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. Key pool features are as follows: -- The pool has a weighted average seasoning of 13.7 months. -- The proportion of loans with a balloon payment is 34.3%. -- Interest rates in the portfolio range from 3.9% to 17.4%, with a weighted average interest rate of 8.4%. -- Loans underwritten on the basis of 'no financials' and 'vendor' verification represent around 77.4% of the pool. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 25.0 Moody's expected default rate for this transaction is 5.5% and expected recovery is 22%, resulting in an expected loss of around 4.3%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. Moody's have estimated an expected default rate and PCE for this deal on the basis of: -- Cumulative default rates observed to date, and in particular receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. -- Benchmarking with other SME auto and equipment receivable portfolios in the market, in view of the relatively short performance history of receivables originated by Angle Asset Finance. Moody's asset assumptions also reflect qualitative analysis including portfolio characteristics, the limited operational track record of Angle Asset Finance as an originator and servicer and the current economic environment in Australia. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian economy is the primary driver of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. AUSSIE DISPOSALS: Second Creditors' Meeting Set for April 14 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Aussie Disposals Pty. Ltd. has been set for April 14, 2026, at 11:00 a.m. via virtual meeting 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 April 13, 2026 at 12:00 p.m. Manuel Hanna of Romanis Cant was appointed as administrator of the company on March 2, 2026. E.I.P. DIESEL: First Creditors' Meeting Set for April 14 -------------------------------------------------------- A first meeting of the creditors in the proceedings of E.I.P. Diesel Pty Limited will be held on April 14, 2026, at 10:30 a.m. via Zoom Video Conferencing only. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of the company on April 1, 2026. FT SYDNEY: First Creditors' Meeting Set for April 15 ---------------------------------------------------- A first meeting of the creditors in the proceedings of FT Sydney Borrower Pty Ltd, FT Sydney Holdings Pty Ltd, and FT Sydney Pty Ltd will be held on April 15, 2026, at 9:00 a.m. via Microsoft Teams. David Hardy and Amanda Coneyworth of KPMG were appointed as administrators of the company on April 1, 2026. GEMINI PRIME 2026-1: S&P Assigns BB(sf) Rating on Class E Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to nine classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Gemini Prime Trust 2026-1. Gemini Prime Trust 2026-1 is a securitization of residential mortgage loans originated by Brighten Financial Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises 100% prime residential mortgage loans to Australian resident borrowers, 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, if any. S&P's assessment of credit risk considers Brighten Financial's underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and liquidity facility provider. Natixis S.A will provide a cross-currency swap to hedge the mismatch between the Australian-dollar receipts from the underlying assets and the yen payments on the class A1-Y notes. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Ratings Assigned Gemini Prime Trust 2026-1 Class A1-S, A$250.00 million: AAA (sf) Class A1-L, A$464.50 million: AAA (sf) Class A1-Y, ¥15,050.00 million: AAA (sf) Class A2, A$74.00 million: AAA (sf) Class B, A$26.00 million: AA (sf) Class C, A$28.00 million: A (sf) Class D, A$10.30 million: BBB (sf) Class E, A$5.10 million: BB (sf) Class F, A$3.10 million: B (sf) Class G, A$3.50 million: Not rated IDEATE CONSULTING: First Creditors' Meeting Set for April 14 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Ideate Consulting Pty Ltd As Trustee For Ideate Investment Trust will be held on April 14, 2026, at 2:00 p.m. at the offices of APSO, at Level 1, Exchange Tower, 530 Little Collins Street, in Melbourne, VIC and via Zoom. Anthony Lane of Beacon Advisory was appointed as administrator of the company on March 31, 2026. MA MONEY 2023-1: Moody's Upgrades Rating on Class E Notes from Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded ratings on four classes of notes issued by Perpetual Corporate Trust Limited as trustee of MA Money Residential Securitisation Trust 2023-1. The affected ratings are as follows: Issuer: MA Money Residential Securitisation Trust 2023-1 Class C Notes, Upgraded to Aa2 (sf); previously on Sep 3, 2024 Upgraded to A1 (sf) Class D Notes, Upgraded to A2 (sf); previously on Sep 3, 2024 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa2 (sf); previously on Nov 28, 2023 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Baa3 (sf); previously on Jul 2, 2025 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. Following the March 2026 payment date, credit enhancement (including the Retention Amount Ledger) available for the Class C and Class D Notes has increased to 12.2% and 7.7% from 6.7% and 4.1% respectively at the time of the last rating action for these notes in September 2024. Credit enhancement for the Class E Notes has increased to 5.1% from 2.0% at closing. Credit enhancement for the Class F Notes has increased to 3.7% from 2.7% at the time of the last rating action in July 2025. Since the November 2025 payment date, principal collections have been applied on a pro-rata basis to all notes, with the Class G1 and Class G2 Notes' share allocated in reverse sequential order to the rated notes, starting with the Class F Notes. As of end-Feb 2026, 4.2% of the outstanding pool was 30-plus days delinquent and 2.6% was 90-plus days delinquent. Current outstanding pool balance as a percentage of the closing pool balance was 37.5%. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected loss assumption at 2.2% of the outstanding pool balance (equivalent to 0.8% of the original pool balance) since the last rating action in July 2025. Moody's have decreased Moody's MILAN CE assumption to 8.8% from 10.3% at closing. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by MA Money Financial Services Pty Ltd, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 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 credit enhancement available for the notes. 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 credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. PUBLIC HOSPITALITY: Adgemis Faces Public Grilling Over Debt Pile ---------------------------------------------------------------- The Australian Financial Review reports that Jon Adgemis, whose pub empire failed last year in one of the biggest personal bankruptcies ever, could be publicly grilled by liquidators over a debt pile that reached beyond AUD1.8 billion as the trustee of his estate investigates tax refunds paid to the former KPMG dealmaker's companies. According to the Financial Review, BRI Ferrier, the firm that now controls several vehicles within Mr. Adgemis' collapsed Public Hospitality Group, has applied to the Federal Court to begin public examinations of directors and officers of four companies. If the court allows BRI's request, it would force Mr. Adgemis to provide evidence as part of an investigation into the circumstances leading to the collapse of Public Hospitality, the Financial Review relays. Mr. Adgemis' personal bankruptcy is being overseen by another firm, Pitcher Partners, which was appointed by tax officials. Mr. Adgemis has made no public comments since Pitcher Partners was appointed to oversee his affairs in October. The Financial Review says Pitcher Partners circulated a note to Mr. Adgemis' creditors late on March 26, saying it had reviewed extensive documentation, including from the Australian Taxation Office. "The audit identified that GST refunds received by various entities within the Public Hospitality Group were used to 'sustain' the Public Hospitality Group's operating activities and pay existing debts," Pitcher Partners' Andrew Yeo wrote. "I have conducted extensive tracing of funds totalling approximately AUD84 million, received as GST refunds by an entity within the Public Hospitality Group, and have identified a number of transactions of interest that I intend to investigate further. Mr. Yeo said part of his investigations will be whether Mr. Adgemis benefited personally from those GST transactions, the Financial Review relays. Mr. Adgemis denies any tax fraud. Mr. Adgemis left KPMG, where he had been a high-flying dealmaker, in 2017 and founded Public Hospitality in 2021, the Financial Review notes. Fuelled by debts during the pandemic, the company grew into a major owner of venues from Oxford House and The Norfolk in Sydney to Guy Grossi's Puttanesca in Melbourne. But when inflation surged, Mr. Adgemis tapped short-term high-interest debt from the booming private credit market, borrowing money for his properties based on valuations that far outweighed the purchase price. His venues and his own property took on mortgages and associated caveats; the vast majority had second mortgages, and some even had a third. In one instance, according to a report circulated to creditors, he had borrowed more than AUD135 million against a single property valued at AUD4.5 million, the Financial Review discloses. The Financial Review adds that Mr. Yeo has also flagged further investigation into loans made within Adgemis' group of companies, some which lodged a debt claim for AUD15 million to an earlier appointed trustee. About Public Hospitality Public Hospitality Group is an Australian hospitality company that focused on operating a large portfolio of pubs, hotels, and bars across Sydney and Melbourne As reported in the Troubled Company Reporter-Asia Pacific in September 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO were appointed Voluntary Administrators on Sept. 13, 2024, of Public Lifestyle Management Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations Pty Ltd. REGIONAL FREIGHT: First Creditors' Meeting Set for April 15 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Regional Freight Express Pty Ltd will be held on April 15, 2026, at 10:30 a.m. via electronic means. Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were appointed as administrators of the company on April 1, 2026. ZONE RV: Customers Launch Campaign to Hold Director Accountable --------------------------------------------------------------- ABC News reports that angry customers who lost millions of dollars when luxury caravan company Zone RV collapsed have launched a national campaign demanding ASIC hold the former director accountable. Sunshine Coast-based Zone RV plunged into administration in December, owing AUD42 million to hundreds of creditors, including staff, suppliers and customers. The company was voted into liquidation in January, before a Melbourne-based rival purchased Zone RV's assets to continue the brand, the ABC recalls. But about 140 customers are still owed more than AUD10 million in total, after paying up to AUD160,000 in progress payments for caravans that were not built. As unsecured creditors, the customers face walking away empty-handed and waving goodbye to retirement dreams. Liquidators have accused former director David Biggar of multiple breaches of the federal Corporations Act, saying he "failed to act in good faith by continuing to trade whilst insolvent" for up to two and a half years. According to the ABC, Gold Coast resident Natasha Daley lost AUD160,000 and represents about 70 customers who say they are collectively owed nearly AUD7 million. She wrote a joint submission to ASIC on behalf of customers, pushing the corporate watchdog to "take some sort of action". "I'm feeling disgusted and angry . . . there's been significant consumer harm," the ABC quotes Ms. Daley as saying. "My husband and I had retired from our jobs finally and [were] planning a trip around Australia for a couple of years." That dream has now evaporated. "Retirement plans are on hold, [and we are now] back to work for 12 to 18 months to try and recover some of our funds," she said. The ABC relates that Ms. Daley said customers wanted ASIC to investigate Mr. Biggar after the liquidator's allegations of insolvent trading. "He needs to be held to account," she said. "There's been so many mums and dads, retirees that will never get these funds back again, that need ASIC to do the right thing [and] investigate to the full extent possible." Mr. Biggar did not respond to requests for comment. The ABC notes that the liquidator Cor Cordis attributed the company's failure to "poor financial management", periods without leadership in finance and operations, and a reliance on customer instalment payments to fund Zone RV's operations. Mr. Biggar signed a loan agreement in December 2024 to personally provide Zone RV with up to AUD10 million. Despite the company's struggles, Mr. Biggar only loaned AUD2 million to Zone RV in June 2025, before repaying himself about AUD1 million in the weeks before the company collapsed. Perth-based customer Eduard Planken, who lost AUD154,000, is supporting the campaign for ASIC to investigate Mr. Biggar, the ABC adds. About Zone RV Headquartered in Coolum, Queensland, Zone Manufacturing Pty Ltd (trading as Zone RV) designs and manufactures premium off-road caravans. Rahul Goyal, Kate Conneely and Stephen Earel of restructuring advisory firm Cor Cordis have been appointed administrators of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd on Dec. 1, 2025. Zone RV was placed into liquidation in January 2026. ========= I N D I A ========= ABHIYANTHA PROJECT: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Abhiyantha Project Engineering Private Limited New No. 14, Old No. 12/1, Thiruvalluvar Street, Rangarajapura Kodambakkam P O, Chennai - 600024 Insolvency Commencement Date: March 23, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 18, 2026 Insolvency professional: Amier Hamsa Ali Abbas Rawther Interim Resolution Professional: Amier Hamsa Ali Abbas Rawther R094, SBIOA Unity Enclave, Mambakkam P O, Chennai - 600127, TN Email: amierhamsa@gmail.com VCAJ & Associates LLP, Chartered Accountants Willingdon Crescent, 4th Floor, No. 6/2, S S Badrinath Road (Pycrofts Garden Road), Nungambakkam P O, Chennai - 600006 Tel: 80085 64555/99308 46070 Email: amierhamsa@gmail.com Last date for submission of claims: April 6, 2026 BANASHANKARI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Banashankari Agro Farms LLP in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.80 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.20 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Banashankari Agro Farms LLP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Banashankari Agro Farms LLP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Banashankari Agro Farms LLP is a partnership firm, owned and managed by Mr. S N Raghunathand family. The firm is based out of Malur in Karnataka and commenced operations from April 2016. BAFLLP was procuring hatch able eggs primarily from its group concern, Banashankari Poultry Farms Private Limited (BPFPL), and supplies day-old chick (DOCs) received from its hatchery unit to contract farmers for rearing and then sells the live birds to local distributors. In December 2018, the firm has taken over the entire process of BPFPL and is now engaged in the process from breeding of parent broiler to selling the live birds to local distributors. The firm has an installed aggregate placement capacity to sell 250000 birds per week and it is operating with a capacity to sell 180,000 birds per week at present. CORNERSTONE PROPERTY: ICRA Lowers Rating INR110cr Term Loan to C ---------------------------------------------------------------- ICRA has downgraded the Long-Term rating of Cornerstone Property Investments Private Limited and kept it in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". The rating is downgrade based on the information available internally (CIC Database) regarding CORNERSTONE PROPERTY INVESTMENTS PRIVATE LIMITED's performance and hence the uncertainty around its credit risk. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 110.00 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Downgraded from Term Loan [ICRA]B+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Cornerstone Property Investments Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Cornerstone Property Investments Private Limited is a part of Cornerstone group which is a leading property group in the business of land banking, development (primary residential) and joint development partnerships. Cornerstone Group is one of the largest owners of real estate in Bangalore with a land bank in excess of 2,500 acres and a development portfolio of over 9 million square feet. CPIPL, along with its promoters and another group company, have entered into an MoU with the Embassy Group for jointly developing approximately 100 acres of land in Varthur, Bengaluru. The Embassy Group will acquire 30 acres of land out of the larger property and the balance will be developed under the JDA route. DAVARIYA BROTHERS: ICRA Keeps B+/A4 Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Davariya Brothers Private Limited (DBPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 115.19 [ICRA]B+(Stable) ISSUER NOT Short Term- COOPERATING/[ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues to Limits remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding DBPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with DBPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Davariya Brothers Private Limited (DBPL) was set up as a partnership firm in 1986 by Mr. Manubhai B. Davariya and Mr. Chandubhai Davariya to deal in the manufacture and export of cut and polished diamonds (CPD). Subsequently, Mr. Arjan Davariya, brother ofMr. Manubhai Davariya and Mr. Shailesh Davariya, brother of Mr. Chandubhai Davariya joined the firm and currently business operations of the company are managed by their sons. The company was reincorporated as a private limited company in July 2012. The company manufactures CPDs through its three units in Surat. The business is currently handled by the four sons of Mr. Manubhai B. Davariya, Mr. Chandubhai Davariya, Mr. Shailesh Davariya and Mr. Arjanbhai Davariya namely - Mr. Vishal Davariya, Mr. Mitesh Davariya, Mr.Pritesh Davariya and Mr. Sanjay Davariya. While Mr. Pritesh handles rough purchase and manufacturing, Mr. Vishal and Mr. Sanjay look after the marketing function and Mr. Mitesh handles e-business (online sales). GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating of Giriraj Industries (GI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Cash Credit 2.00 [ICRA]D; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Giriraj Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996, Giriraj Industries (GI) is engaged in processing of raw cotton to produce cotton bales and cotton seeds as well as trading of related commodities like cotton seed oil and cotton seed oil cakes. The firm has a manufacturing unit in Manavadar, Gujarat and is equipped with thirty ginning machines and one manual pressing machine with a capacity to process36 MT of raw cotton per day. The major raw material of the firm is Shankar-6 which is procured directly from the farmers located in nearby villages, and close by areas at market price son cash payment basis. GUDIVADA MUNICIPALITY: ICRA Keeps Issuer B+ in Not Cooperating -------------------------------------------------------------- ICRA has kept the Issuer rating of Gudivada Municipality in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Gudivada Municipality's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Gudivada Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Gudivada Municipality was constituted as a municipality in 1937 and is governed by the Andhra Pradesh State Municipalities Act 1965 (Act). It manages the municipal services in Gudivada city in the Krishna district of AP. The GDVM covers an area of 12.67 sq.km. and serves a population of 1.2 lakh (as per Census 2011). Its main functions include water supply, solid waste management and construction, repair and maintenance of roads, and streetlights in its area. The municipality is governed by an elected body (council) headed by a chairperson, while the Commissioner acts as the executive head overseeing its everyday functioning. JAIPRAKASH ASSOCIATES: SC Refuses to Stay Adani's Resolution Plan ----------------------------------------------------------------- The Economic Times reports that the Supreme Court of India on March 30 refused to stay Gautam Adani-led Adani Enterprises' takeover of Jaiprakash Associates, in a blow to billionaire Anil Agarwal's Vedanta Group. According to ET, Vedanta had approached the apex court seeking a stay on Adani Group's INR14,500-crore debt resolution plan for the now insolvent Jaiprakash Associates, challenging the rejection of its own revised bid. ET relates that the company argued that the insolvency process lacked transparency and failed to maximise value for creditors, alleging that the committee of creditors' approval of Adani Enterprises' plan was "unfair, opaque, and inequitable." A bench led by Chief Justice Suryakant, after hearing counsel, declined to intervene, noting that related company appeals are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10. "In view of the fact that company appeals of 2026 are now listed for final hearing before NCLAT on April 10, we see no reason to interfere with the order," the court said, while requesting the tribunal to take up the matter on an out-of-turn basis and continue hearings on the next working day if arguments remain incomplete. The court also said that if the monitoring committee takes any major policy decision in the interim, it may do so after taking the NCLAT's view, given the nature and implications of the case, ET relays. Vedanta Group had moved the Supreme Court of India on March 30, escalating its challenge to the insolvency process of Jaiprakash Associates, ET recalls. The group claimed it was earlier declared the highest bidder and had received written confirmation, only for the decision to be reversed later without explanation. Vedanta had offered INR16,726 crore, higher than Adani Enterprises' INR14,535 crore bid, and has argued that its proposal should have been given precedence, ET recalls. It has also filed multiple appeals questioning both the validity of the resolution plan and the process followed by the Committee of Creditors and the adjudicating authority. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JASMINE INDUSTRIAL: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Jasmine Industrial Corporation (JIC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (5.00) [ICRA]B+ (Stable) ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term- 30.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JIC's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of noncooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jasmine Industrial Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jasmine Industrial Corporation (JIC) was established in 1972 as a partnership firm and is managed by the partner Mr. Ajay Mehta who has been in the business since 1978. JIC trades in various forms of steel products like hot rolled coils, plates, TMT bars, angles, beams and others. The firm caters to the domestic market, primarily Maharashtra and Gujarat with its clientele mostly constituting steel traders and construction companies. JIC has a registered office in Mumbai and arented warehouse in Taloja, Navi Mumbai. JAY BHARAT FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Jay Bharat Food Process Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+(Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 12.29 [ICRA]B+(Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jay Bharat Food Process Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jay Bharat Food Process Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jay Bharat Food Process Private Limited started operations from the year 2009 and is engaged in manufacturing of atta, besan, papad, Sattu, Tadaka, Vermicelli, Chuda Powder, Soyabadhi and pasta. The company sources its raw materials from different states in India through traders. The primary raw material used for manufacturing pasta is suji. The food products to be sold outside Odisha are sold to its group company JBSPL which in turn uses its own network to sell the produce to the final consumers. The goods are sold under the brand "Bharat". JAY BHARAT SPICES: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Jay Bharat Spices Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 13.00 [ICRA]B+(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based- 1.95 [ICRA]B+(Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jay Bharat Spices Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jay Bharat Spices Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jay Bharat Spices Private Limited was established in 2003 at Cuttack, Odisha. The company is engaged in the business of procuring whole spices and grind the same into spice powder which is marketed under the brand "Bharat". The product portfolio for JBSPL is fairly wide and includes spices like Turmeric, chilli, jeera, and dhania. It also sells the 3 produces of JBFPPL (pasta, chua, atta etc.) to markets outside Odisha through its established networks of traders and dealers. JAY ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short Term rating of Jay Enterprise in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 15.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Unallocated 5.00 [ICRA]D;ISSUER NOT COOPERATING/ Limits [ICRA]D; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jay Enterprise's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jay Enterprise, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jay Enterprise was incorporated in 2010 as a proprietorship firm and was later converted into a partnership firm in April 2013. Since its inception, the firm has been carrying on the activity of trading in finished fabrics.Jay Enterprise (JE) presently deals in a variety of fabrics, such as polyester fabric, synthetic fabrics, cotton fabrics, and others. The firm has a registered office and a warehouse, both taken on a rental basis, located in Surat, Gujarat. JELL PHARMACEUTICALS: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Jell Pharmaceuticals Private Limited (JPPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 10.75 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 30.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JPPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jell Pharmaceuticals Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. JPPL is a private limited company jointly managed by its three directors, Mr. Sanjay Mehta, Mr. Chirag Mehta and Mr. Parag Mehta. It was incorporated in 1994 but began operations from 2004. The company operates with two divisions, the cosmetic division is involved in manufacturing and exporting healthcare, personal care and childcare products while the 'Pan Aromas' division is involved in manufacturing and exporting of scented candles, incense sticks and potpourri. Pan Aromas is a 100% export-oriented unit that mainly exports scented candles and incense sticks to the USA, the UK, Australia, Spain and Germany. The company's cosmetics manufacturing unit is located in Silvassa (Dadra and Nagar Haveli) and the Pan Aromas unit is located in Bhiwandi (Thane). The company is ISO 9001:2000 certified, and a government recognized two-star export house. JERICHO FOODS: CARE Lowers Rating on INR361cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of M/s Jericho Foods and Beverages LLP (JFBL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank 361.00 CARE D Downgraded from facilities CARE BB-; Stable Rationale and key rating drivers The revision in the rating assigned to the bank facilities of Jericho Foods and Beverages LLP (JFBL) takes into account the delay in interest servicing of term loan with the last delay being for the month of February 2026. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. Analytical approach: Standalone Outlook: Not Applicable M/s Jericho Foods and Beverages LLP (JFBL), a Limited Liability Partnership incorporated on May 24, 2023 is promoted by the Singhi Group (Suresh Kumar Agarwalla) and Ashis Agarwal, both based out of Guwahati, Assam. The partners of the LLP are Suresh Kumar Agarwalla, Ashis Agarwal, Shweta Agarwal and Beejeet Parakash. The LLP has set up a new unit in Assam to manufacture CSD & PDW; under agreement with Reliance Consumer Products Limited. KAY BEE: Insolvency Resolution Process Case Summary --------------------------------------------------- Debtor: Kay Bee Cotgin Private Limited Village Burj Muhar, Fazilka Road, Abohar, Punjab - 152116 Insolvency Commencement Date: March 10, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: September 6, 2026 Insolvency professional: Kumar Chitkara Interim Resolution Professional: Kumar Chitkara House No. 469, Sector-37A, Chandigarh, Chandigarh, 160036 Email: sandchit9@gmail.com c/o H.K. Chitkara & Co. 477-R, 2nd Floor, Star Plaza Deep Hospital Road Mint Gumri Chowk, Model Town Ludhiana, Punjab - 141002 Email: cirp.kaybeecotgin@gmail.com Last date for submission of claims: March 24, 2026 KEPL ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Kepl Engineering Private Limited (KEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating continues Unallocated to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Annapoorani Yarns, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in February 2018, KEPL is an EPC contractor for mechanical, electrical and civil work in sectors such as power, petro-chemical, oil and gas, steel and cement in South India. The company would undertake private projects and government projects majorly as sub-contract works from other private players. The management have significant average experience of more than 15 years in handling the current orders in hand. MANIPAL ACADEMIC: ICRA Lowers Rating on INR1,42cr Term Loan to B+ ----------------------------------------------------------------- ICRA has downgraded the rating of Manipal Academic Services International in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1,042 [ICRA]B+(Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB+(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' Category The rating is downgrade because of lack of adequate information regarding Manipal Academic Services International performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Manipal Academic Services International is a Mauritius-based holding company, which belongs to the Manipal Education and Medical Group. Manipal Global Education Services Private Limited (94% shareholding), Unext Learning Private Limited (Unext), Manipal Education Americas LLC (100% shareholding) are its major income generating subsidiaries. Its key operating assets comprise universities and educational institutions spread across India, Malaysia, Antigua and Dubai. MK ROAD: CARE Lowers Rating on INR50cr Long Term Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of MK Road Lines (MKR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited has been seeking information from MKR to monitor the rating vide email communications dated March 5, 2026; February 13, 2026; and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Limited has reviewed the rating on the basis of the best available information which however, in CARE Ratings Limited’s opinion is not sufficient to arrive at a fair rating. The rating on MKR’s bank facilities will now be denoted as CARE B Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been revised on account of non-availability of adequate information thereby leading to uncertainty around credit risk of the company. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on March 31, 2025, the following were the rating strengths and weaknesses: Key Weaknesses * Small scale of operation albeit improvement over the years: The scale of operation of MKR remained small albeit showing improvement in the last five years. The Total Operating Income (TOI) of MKR grew at a compounded annual growth rate (CAGR) of 18.87% in last 5 years ended FY24. On y-o-y basis TOI grew by 25% to INR52.36 crore in FY24 from INR41.86 crore in FY23 on account of firm’s expansion of customer base and services offered. The PBILDT margin also improved from FY23 onwards as the firm reduced dependence on hired fleet and increased its owned fleet size. The firm reported PBILDT margin of 12.93% in FY24 (FY22: 4.97% and FY23: 11.30%), although, due to high interest rates the PAT margin moderated significantly to 0.24% ( FY22: 1.47% and FY23: 3.10%). Furthermore, the firm has signed agreement of a tenure of 3 years with Tata Steels Ltd in January, 2024, for providing logistics services. The same is expected to increase the scale of operation from FY25 onwards and the company has achieved turnover of around INR49 crore for till December 31, 2024. * Constitution as a partnership firm: MKR, being a partnership firm, is exposed to inherent risk of withdrawal of capital by the partners resulting in reduction of capital base leading to an adverse effect on capital structure. There have been instances of withdrawal of capital by the partners during past five years which led to a low networth base of the entity. * Highly competitive nature of transportation and logistics business: The transport business faces intense competition due to the presence of numerous players with limited fleet sizes in both organized and unorganized sectors. This high level of fragmentation results in several challenges: small operators have reduced bargaining power, making it difficult to negotiate favourable terms; there are increased storage and handling losses due to inefficiencies; and resources are not utilized optimally, leading to higher operational costs. Consequently, these factors collectively hinder the overall efficiency and profitability of the transport business. * Leveraged capital structure and strained debt coverage indicators: The entity's capital structure stood leveraged, as marked by an overall gearing of 17.11x as on March, 31, 2024 (3.93x as on March, 31, 2023) with high reliance on external debt. Its debt profile largely comprises external debt in the form of vehicle loans. The firm has started expanding its business backed by orders from clients, and therefore is increasing its bank borrowing to enhance the fleet size. The total debt stood at INR34.40 crore as on March 31, 2024 as against INR13.38 crore as on March 31, 2023. Furthermore, MKR has continued its purchase of fleet during FY25 and has added around INR21.00 crore of additional term loan in the capital structure till January, 2025. As articulated by the management, the bank borrowing is expected to increase further in FY26 for purchase of more vehicles. As a result, the capital structure is expected to remain similar in medium term. Debt coverage indicators also remained strained, with PBILDT interest coverage at 2.55x in FY24 (5.21x in FY23), and total debt to GCA (TD/GCA) rising to 7.92x in FY24 from 3.32x in FY23. This deterioration was due to improved profitability being offset by a significant increase in debt levels. Key Strengths * Experienced Promoters: MRK was founded by Late Mr. Kailash Pareek in 2008 in Rourkela, Odisha. The firm is currently managed by its two experienced partners Shri Nitesh Parekh and Shri Rahul Pareek, who oversees the day to day operations of the firm. The partners are well supported by a team of professionals. * Established infrastructure for logistics: MKR has been providing logistics services across various states in India for more than a decade. The operation is controlled by five regional offices located at Rourkela, Belpahar, Raipur, Jajpur, Nagpur and Visakhapatnam. The company has started increasing its owned fleet size from FY23 onwards to increase its scale, and as on December 31, 2024 the company has around 150 owned flatbed trailers for providing services. Furthermore, as per requirement the firm also hire fleet form outside. Going ahead, the company is expected to add around two new vehicle each month which will increase the fleet size subsequently. * Reputed client base albeit risk of client concentration: MKR provides full truck load (FTL) and less-than-truck load (LTL) transportation services along with project logistics and relocation services. The firm has a long-standing relationship with various reputed clients, from which it has been receiving regular orders. The firm generally gets contract for a tenure of 2 to 3 years and post expiry the same gets renewed. The client base includes names like TRL Krosaki Refractories Limited, Tata Steels Limited (CARE AA+; Stable), RHI Magnesita India Refractories Ltd among others. Founded in 2008 by Kailash Pareek, MK Road Lines (MKR) is based in Rourkela, Odisha. MKR offers a range of services including transportation, ODC handling, project logistics, relocation, and full truck load services. These services cater to various industries such as residential, commercial, mining, oil, gas, engineering, and construction. NAVDANYA FOODS: ICRA Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Navdanya Foods Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Cash 4.00 [ICRA]B (Stable) ISSUER NOT Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non Fund Based- 2.50 [ICRA]A4 ISSUER NOT COOPERATING; Letter of Rating continues to remain guarantee under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding. Navdanya Foods Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Navdanya Foods Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2000, Navdanya Foods Private Limited (NFPL) is primarily involved in the custom milling (job work) of non-basmati rice for various government agencies. The manufacturing facility of the company is located near a high paddy-growing region in Bargarh district of Odisha and has an input milling capacity of 10 tonne per hour (tph). In addition to its custom milling, the company is involved in open market sale of rice, broken rice, bran, husk etc. OYSTER SALES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Oyster Sales Private Limited 179A/1B Manicktala Main Road, Kolkata, West Bengal, India, 700054 Insolvency Commencement Date: March 24, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: September 23, 2026 Insolvency professional: Brinda Bidasaria Interim Resolution Professional: Brinda Bidasaria Siddha Weston, 9 Weston Street, Unit 107, Kolkata, West Bengal - 700013 Email: cabrindadalmia@gmail.com cirp.ospl@gmail.com Last date for submission of claims: April 10, 2026 PADMABHUSHAN KRANTIVEER: ICRA Keeps B Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term ratings of Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana Limited (Hutatma Sugar) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 140.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Unallocated 85.00 [ICRA]B (Stable) ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Hutatma Sugar's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Hutatma Sugar, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1983, Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi Hutatma Kisan Ahir Sahakari Sakhar Karkhana Limited (Hutatma Sugar) has current crushing capacity of 3500 TCD. The company has more than 8200 cane producing members. The company has 15 villages under its command area spread over Walwa Taluka of Sangli District of Maharashtra. PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Pan India Infraprojects Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 641.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 559.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Pan India Infraprojects Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Pan India Infraprojects Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pan India Infraprojects Private Limited is a part of the Essel Group and functions as the nodal EPC agency for various projects undertaken by the Group. PIIPL is involved in sectors like road, power transmission, solar, waste management, water distribution, etc. EIL, the Essel Group's holding company in the infrastructure segment, bids and executes projects through project specific SPVs. These SPVs award the project management/execution contracts to PIIPL, who in turn subcontracts projects to various contractors. The company was incorporated in 2000 as Pan India Infrastructures Private Limited (Pan India), a wholly owned subsidiary of EIL, held entirely by Mr. Subhash Chandra and family. PIIPL was formed in FY2013 when the erstwhile Pan India was merged with a Group company, Essel Sports Private Limited (ESPL). Subsequently, PIIPL merged the operations of its wholly owned subsidiary, Essel Urban Infrastructures Private Limited (EUIPL), with itself in FY2014. PIIPL is currently held entirely by two entities that are directly or indirectly held by the Essel Group's promoters, Mr. Subhash Chandra and family. R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of R. S. Motors Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding R. S. Motors Pvt Ltd's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with R. S. Motors Pvt Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. RSM has been operating multiple passenger vehicle dealerships for Toyota for the last 15 years, and its promoters have been in the auto dealership business for over three decades. The company's first sales outlet commenced operations at Udaipur in 2001 and RSMPL currently has six 3S (sales, service and spares) outlets at Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL is a part of the Chandra Group of companies, consisting of multiple companies in the same line of business i.e., automobile dealership. RAHEJA DEVELOPERS: NCLAT Refuses to Close Insolvency vs. Project ---------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has declined Raheja Developers' plea to close the insolvency resolution process against its project Raheja Shilas in Gurugram, after observing that the issues with flat buyers have not been resolved. It further said an application under Section 12A of Insolvency and Bankruptcy Code (IBC) for withdrawal of CIRP can be filed only after issues between the flat buyers and the realty firm are "resolved and any settlement is entered," ET relays. It shall be open for the flat buyers to file an application under Section 12A. "Respondent Nos. 1 to 43 (flat buyers) have objected to the closure of the CIRP, who have initiated the proceedings. We are of the view that no order can be passed in this appeal for closing the CIRP," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra, Member (Technical), ET relays. According to ET, counsel representing Navin Raheja, CMD of Raheja Developers had submitted that the corporate insolvency resolution process (CIRP) needs to be closed as the respondents have been handed over the possession of the flats. It further submitted that the respondents have already obtained the occupancy certificate, and after making all necessary payments, no issues are left to be determined. However, NCLAT in its final order on March 20 said: "We have already noted the submissions of learned Counsel appearing for Respondent Nos.1 to 43, who has contended that issues have not been fully solved, and a large number of issues pending with the corporate debtor (CD), are unresolved." Raheja Developers Limited is engaged in real estate development (residential and commercial). The company commenced insolvency proceedings on Aug. 21, 2025. RICH FOOD: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Rich Food Corporation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Rich Food Corporation's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Rich Food Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rich Food Corporation (RFC) produces and sells food products like besan (gramflour), chana, masoor, moong and moth. It is a partnership firm and was incorporated in 2015. RFC has four pulse processing units in Delhi-NCR, having a total installed processing capacity 1,800 MT of raw pulses per month. RFC is a part of the diversified Bansal Group of Companies, which was established by Mr. D.P. Bansal in 2000. The firm supplies pulses to some leading food brands in India like Bikaji Food International Ltd. and various companies of the Haldiram Group. RPL SUNLIGHT: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: RPL Sunlight Power Private Limited Raheja Point, Wing B, 7th Floor, Nehru Road, Near Shamrao Vithal Bank, Vakola, Santacruz (East), Mumbai City, Mumbai, Maharashtra, India, 400055 Insolvency Commencement Date: March 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: September 22, 2026 Insolvency professional: Atul Tandon Interim Resolution Professional: Atul Tandon H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email: cirp.rplsunlight@npinsolvency.in Last date for submission of claims: April 9, 2026 SALASAR BALAJI: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Salasar Balaji Cold Storage (SBCS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.13 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.60 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SBCS's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SBCS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Salasar Balaji Cold Storage (SBCS) was established in May, 2015 as a partnership firm. SBCS is involved in providing hitech cold storage facilities to potato farmers and potato processors on a rental basis. The firm started commercial operations in mid-February, 2016 and is located in Deesa, Gujarat, with a storage capacity for 161,000 bags of 50 kilogram (kg.) each. The firm is owned and managed by Mr. Motilal Jat and three other partners. SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Salicylates And Chemicals Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 23.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Salicylates And Chemicals Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Salicylates And Chemicals Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1978, Salicylates and Chemicals Private Limited (SCPL) is a chemical company engaged in the manufacture of, Parabenzene based derivatives and sunscreen chemicals. The company started operations with the manufacture of Salicylic acid in 1982. In the same year, it started manufacture of Para Hydroxy Benzoic Acid (PHBA) and over the years, expanded into PHBA derivatives. SMARTOPS ORIGIN: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Smartops Origin Utility India Private Limited 2nd Floor, B-1/632, Janakpuri, New Delhi - 110059 Liquidation Commencement Date: March 27, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Anil Rustgi 524, Tower-6, H E W O-1, Sector-56, Gurgaon, Haryana,122011 Tel No: 98733 33343 Email: anil_rustgi@yahoo.co.in Last date for submission of claims: April 26, 2026 TOPLINK MOTORCAR: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Toplink Motorcar Private Limited (TMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.68 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Unallocated 0.07 [ICRA]B+ (Stable); ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding TMPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with TMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009, Toplink Motorcar Private Limited (TMPL) has automobile dealership business, with its showrooms and workshop located in Ranchi and Dhanbad, in Jharkhand. The company is an authorised dealer of Toyota Kirloskar Motor PrivateLimited (TKMPL) and is involved in sales and service of vehicles along with sale of spare parts and accessories in Jharkhand. UNITED COMPOSHEETS: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of United Composheets Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding United Composheets Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with United Composheets Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1998, UCPL is promoted by Mr. Jinesh Kumar Tyagi and is involved in manufacturing sheet metal components for electrical, electronic and automotive applications. The company's product range includes engine motor parts, wiper motor housings and other deep-drawn components used in automobile engines and bodies. The company also manufactures panels and switch gear components for electronic and electromotive applications. At present, the company has two manufacturing units in Ghaziabad. VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Vardhman Vitrified Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Vardhman Vitrified Private Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Vardhman Vitrified Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in July 2009, Vardhman Vitrified Private Limited (VVPL) manufactures vitrified floor tiles in three sizes - 600 X 600 mm, 800 x 800 mm and 1000 x 1000 mm. The company started its commercial operations from May 25, 2010. VVPL's manufacturing facility, located at Morbi (Gujarat), has an annual manufacturing capacity of 37,800 MT. The company sells its products in the brand name of 'Vardhman'. VATIKA LIMITED: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Vatika Limited Unit No. A-002, INXT City Centre, Ground Floor, Block A, Sector 83, Vatika India Next, Gurgaon, Gurugram, Haryana, India, 122012 Insolvency Commencement Date: February 3, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: August 2, 2026 Insolvency professional: Jayant Prakash Interim Resolution Professional: Jayant Prakash 15/775, Vasundhara, Ghaziabad - 201012 Email: jayant_prakash@yahoo.com aspirations.vatikacirp@gmail.com Last date for submission of claims: April 10, 2026 VIKRAM KAKADE: Liquidation Process Case Summary ----------------------------------------------- Debtor: Vikram Kakade Construction Private Limited Kakade Capital, 1205, Shirole Road, Near P. Jog Class, Opposite Sambhaji Park, JM Road, Shivajinagar, Pune - 411005 Maharashtra, India Liquidation Commencement Date: February 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vinit Gangwal Office No. 503, Varun Capital, CTS No.364 + 365/13, Off J.M. Road, Bharat Petroleum Lane, Next to Citiotel, Shivajinagar, Pune - 411005 Email: ip.vinitgangwal@sudharman.in 401, 4th Floor, The Central Building, Shell Colony Road, Chembur (East), Mumbai - 400071 EMail: ip.vikramkakade@sankalp-ipe.com Last date for submission of claims: April 22, 2026 ===================== N E W Z E A L A N D ===================== A.J.T & SONS: Creditors' Proofs of Debt Due on May 8 ---------------------------------------------------- Creditors of A.J.T & Sons Limited (trading as Pacific Island Takeaway & Catering) and Belgian Beer Cafe (Wellington) Limited (trading as Leuven Belgian Beer Café) are required to file their proofs of debt by May 8, 2026, to be included in the company's dividend distribution. A.J.T & Sons and Belgian Beer Cafe commenced wind-up proceedings on March 27, 2026. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Level 1 50 Customhouse Quay Wellington 6011 ACE MARINER PRODUCTS: Court to Hear Wind-Up Petition on April 23 ---------------------------------------------------------------- A petition to wind up the operations of Ace Mariner Products Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 5, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ACE MARINER: Court to Hear Wind-Up Petition on April 23 ------------------------------------------------------- A petition to wind up the operations of Ace Mariner Limited will be heard before the High Court at Auckland on April 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 5, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DOMINUS PROVIDEBIT: Commences Wind-Up Proceedings ------------------------------------------------- Members of Dominus Providebit Limited on March 23, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MOTION RESEARCH: Creditors' Proofs of Debt Due on April 20 ---------------------------------------------------------- Creditors of Motion Research Limited (traded as See Level) are required to file their proofs of debt by April 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 19, 2026. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 ================= S I N G A P O R E ================= HARMON & CO: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------- A petition to wind up the operations of Harmon & Co Pte. Ltd. will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 30, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 PEAR INVESTMENT: Creditors' Proofs of Debt Due on May 6 ------------------------------------------------------- Creditors of Pear Investment Pte. Ltd. are required to file their proofs of debt by May 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 1, 2026. The company's liquidator is: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 VIEM GROUP: Commences Wind-Up Proceedings ----------------------------------------- Members of Viem Group Pte. Ltd. on March 26, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Goh Tiong Hong 60 Paya Lebar Road #10-03 Paya Lebar Square Singapore 409051 VIETSEA COMPANY: Court to Hear Wind-Up Petition on April 10 ----------------------------------------------------------- A petition to wind up the operations of Vietsea Company Pte. Ltd. will be heard before the High Court of Singapore on April 10, 2026, at 10:00 a.m. Tat Fung Shipping Company Limited filed the petition against the company on March 20, 2026. The Petitioner's solicitors are: Incisive Law LLC 120 Robinson Road #08-01 Singapore 068913 VIVA ENGINEERING: Court to Hear Wind-Up Petition on April 24 ------------------------------------------------------------ A petition to wind up the operations of Viva Engineering Pte. Ltd. will be heard before the High Court of Singapore on April 24, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on March 30, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* 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. 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