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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, June 18, 2026, Vol. 29, No. 121
Headlines
A U S T R A L I A
ACCENT GROUP: No Buyer for Glue Store; Officially Shut
ALLAVON PTY: Second Creditors' Meeting Set for June 24
HEARTLAND WINES: First Creditors' Meeting Set for June 25
LIDCO (NSW): First Creditors' Meeting Set for June 24
MELL ASSOCIATES: First Creditors' Meeting Set for June 24
NATHAN RIVER: Creditors Criticise NT Gov't. for Lack of Oversight
RELIANCE REAL: First Creditors' Meeting Set for June 23
STAR ENTERTAINMENT: ASIC Bans Ex-Execs Mathias Bekier, Paula Martin
TASFOODS LTD: Ramp Tasmania Acquires Company From Administration
C H I N A
CHINA VANKE: Gets Another Financial Lifeline From Shareholder
I N D I A
4S SPINTEX: CARE Keeps B- Rating in Not Cooperating Category
AGH ALTECH: CARE Keeps B- Debt Rating in Not Cooperating Category
AKSH OPTIFIBRE: Appeals NCLT Order on IBC Application
BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category
BALAJI RAW: CARE Keeps D Debt Rating in Not Cooperating Category
BANKE BIHARI: CARE Keeps D Debt Ratings in Not Cooperating
CCCL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
CREDITSAVVY TECHNOLOGIES: Insolvency Resolution Process Summary
DANALAKSHMI PAPER: Insolvency Resolution Process Case Summary
DECCAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
DKM AGENCIES: Liquidation Process Case Summary
DYNAMIC FINE: CARE Lowers Rating on INR22cr LT Loan to B-
EARTH TOWNE: Insolvency Resolution Process Case Summary
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating
GARG POLYPACKS: CARE Keeps B- Debt Rating in Not Cooperating
HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
KANASE AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating
PRATITI HEALTH: CARE Keeps B- Debt Rating in Not Cooperating
RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
RIDLEY LIFE: Insolvency Resolution Process Case Summary
SADBHAV INFRASTRUCTURE: CARE Cuts Rating on INR200cr LT Loan to C
SALASAR BALAJI: CARE Keeps B- Debt Rating in Not Cooperating
SAR SENAPATI: CARE Keeps D Debt Rating in Not Cooperating Category
SAVAN INFRAAVENUE: CARE Lowers Rating on INR47.12cr LT Loan to B-
SINGH TECHNOINFRA: CARE Keeps B- Debt Rating in Not Cooperating
SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating
TAHIR CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
THIRANI INDUSTRIES: Insolvency Resolution Process Case Summary
UMANG REALTECH: CARE Keeps D Debt Rating in Not Cooperating
N E W Z E A L A N D
ALI LIMITED: Court to Hear Wind-Up Petition on June 26
G & H THOMSON: Court to Hear Wind-Up Petition on June 22
IPG CAPITAL: Falls Into Receivership
KERIKERI BUILDERS: Creditors' Proofs of Debt Due on Aug. 9
REN BEAUTY: Creditors' Proofs of Debt Due on July 15
SCARLETT TRUCKING: Creditors' Proofs of Debt Due on July 8
P H I L I P P I N E S
PHILIPPINE AIRLINES: Fitch Assigns 'BB' LT IDR, Outlook Stable
S I N G A P O R E
AIR LIQUIDE: Creditors' Proofs of Debt Due on July 1
G-CHEM LOGISTICS: Court to Hear Wind-Up Petition on June 26
LAMUDI SERVICES: Creditors' Proofs of Debt Due on July 15
STRAITS INTERNATIONAL: Court to Hear Wind-Up Petition on June 26
ULTRACAD ELECTRIC: Court Enters Wind-Up Order
S O U T H K O R E A
JOONGANG GROUP: Five Affiliates File for Court Receivership
[] SOUTH KOREA: Charges 23 Linked to US$11MM Cambodian Crypto Scam
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A U S T R A L I A
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ACCENT GROUP: No Buyer for Glue Store; Officially Shut
------------------------------------------------------
News.com.au reports that fashion retailer Glue has officially shut
its doors as its behemoth corporate owner, Accent Group, swings the
cost-cutting axe.
Glue Store has been on the ropes since mid-2024 when half of its
nationwide stores were shut, news.com.au notes. In February, owner
Accent Group announced the remaining 16 outlets would be shut if no
buyers stepped forward.
This week, Glue's website has been stripped, and the last few
bricks and mortar shops are being closed, news.com.au relates. The
brand's store at Melbourne's Emporium will be the last to shutter,
on June 21.
"After many years of bringing you the styles you love, Glue Store
has permanently closed - both in store and online," a message on
the store's website said.
"We are so grateful for your loyalty and support over the years.
The good news? Our family of brands is still here for you, with the
same great range and the style you expect."
News.com.au says stripped of all its retail offerings, the website
steers shoppers to the stand-alone Australian sites of brands owned
by Accent Group; Dr Martens, Vans, Hoka, Lacoste and Skechers,
among others.
Accent has been pumping resources into opening Sports Direct shops
across the country while shutting Glue and Vans stores.
As of mid-February when the axe was swung on Glue, Accent group
operated 898 physical and online stores.
Posted to the sharemarket in mid-May, Accent told investors that
next year's projected pre-tax earnings were forecast to rise by
AUD16.2 million with the closures of Glue Store, Ozsale, Herschel
and Superga.
Glue Store first opened in 1998. Some of its most recent, more
prominent brands included stock from Adidas, Nike and Levi's.
Accent Group Limited distributes and markets footwear and apparel.
The Company offers a wide range of sneakers, athlete footwear, and
work boots. Accent Group serves customers in Australia.
ALLAVON PTY: Second Creditors' Meeting Set for June 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Allavon Pty Ltd
has been set for June 24, 2026, at 10:30 a.m. via Microsoft Teams
meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 23, 2026 at 5:00 p.m.
Jason Walter Bettles of Worrells was appointed as administrator of
the company on May 20, 2026.
HEARTLAND WINES: First Creditors' Meeting Set for June 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Heartland
Wines Pty Ltd will be held on June 25, 2026, at 11:00 a.m. at the
offices of Clifton Hall, at Level 3, 431 King William Street, in
Adelaide, SA and via virtual facilities.
Daniel Lopresti and Anna Agostino of Clifton Hall were appointed as
administrators of the company on June 15, 2026.
LIDCO (NSW): First Creditors' Meeting Set for June 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Lidco (NSW)
Pty Ltd will be held on June 24, 2026, at 10:30 a.m. at 50/41-49
Norcal Road, in Nunawading, Victoria, and via virtual meeting
technology.
Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on June 12, 2026.
MELL ASSOCIATES: First Creditors' Meeting Set for June 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Mell
Associates Pty Ltd (trading as Parravans Caravan World) will be
held on June 24, 2026, via virtual meeting.
Lindsay Stephen Bainbridge and Timothy James Bradd of Pitchers
Partners were appointed as administrators of the company on June
15, 2026.
NATHAN RIVER: Creditors Criticise NT Gov't. for Lack of Oversight
-----------------------------------------------------------------
ABC News reports that small business owners and workers owed
millions of dollars by an iron ore mine that has gone into
administration are criticising the Northern Territory government
for allowing it to keep operating for months without enough money
to pay its bills.
Nathan River Resources (NRR) has gone into voluntary
administration, with ASIC documents showing it owes more than
AUD360 million in debts, including in unpaid wages and royalties.
The Singapore-owned mine on the Gulf of Carpentaria has collapsed
and reopened several times over 13 years.
The company's debts include AUD18 million to contractors, AUD4.5
million to the Australian Tax Office, AUD2.4 million to Aboriginal
traditional owners - paid through the Northern Land Council (NLC),
AUD6.9 million in NT government royalties, AUD2 million in NT
government payroll tax, and at least AUD900,000 to employees in
wages.
It also owes AUD124 million to another miner, Glencore. Nathan
River Resources used Glencore's Bing Bong port near Borroloola to
export its ore.
While Nathan River Resources owes governments and big companies
millions of dollars, some of the biggest impacts are being felt by
hundreds of Northern Territory, Western Australian, Queensland and
national businesses - some of them small and family-owned - that
have been left out of pocket.
Darwin firm A.M. Cranes and Rigging supplied equipment to Nathan
River Resources to the tune of AUD98,000 in 2024 that it has never
been paid.
"The impact that it has for us, somewhere that has such a small
budget - it's felt. It's really felt," the ABC quotes Michael
Hansen, the company's operations manager, as saying.
"It shouldn't be allowed to occur; we would have hoped that someone
would have stepped in sooner to stop the situation or arrest it
earlier to stop it from getting out of control."
About Nathan River Resources
Nathan River Resources (NRR) is an Australian iron ore mining
company focused on the development and operation of the Nathan
River Project and Roper Bar iron ore mine in the Northern
Territory.
Giovanni Maurizio Carrello, Shaun William Boyle and Clint Peter
Joseph of BRI Ferrier Western Australia were appointed as
administrators of Nathan River Resources Pty Ltd; NRR Mining Pty
Ltd; NRR Equipment Pty Ltd; NRR Services Pty Ltd; and NR Road
Haulage Pty Ltd on May 26, 2026.
RELIANCE REAL: First Creditors' Meeting Set for June 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Reliance
Real Estate Management Pty Ltd will be held on June 23, 2026, at
2:30 p.m. via Zoom.
Ivan Glavas of Worrells was appointed as administrator of the
company on June 11, 2026.
STAR ENTERTAINMENT: ASIC Bans Ex-Execs Mathias Bekier, Paula Martin
-------------------------------------------------------------------
The Federal Court has disqualified former Star Entertainment Group
Limited executives Mathias Bekier and Paula Martin from managing
corporations for six and seven years respectively and ordered them
to pay pecuniary penalties for breaching their duties by failing to
properly manage serious risks at one of Australia's major casinos.
The Court ordered:
* Mr. Bekier, the former Chief Executive Officer and Managing
Director, to pay a pecuniary penalty of AUD700,000 and disqualified
him from managing corporations for six years.
* Ms. Martin, the former General Counsel, Company Secretary,
and Chief Legal and Risk Officer, to pay a pecuniary penalty of
AUD400,000 and disqualified her from managing corporations for
seven years.
His Honour also ordered that Mr. Bekier and Ms. Martin pay 45% of
ASIC's costs of the proceeding.
The Court previously found that both Mr Bekier and Ms Martin
breached their duties owed to Star Entertainment in relation to
their handling of the risks associated with money laundering and
criminal activity.
ASIC Chair Sarah Court said, 'senior executives have a critical
responsibility to identify, escalate and properly manage serious
risks within their organisations.
'These failures occurred in a highly regulated environment and
contributed to significant governance breakdowns at Star.
'Penalties of this scale reflect the seriousness of their conduct
and send a strong message to other senior executives of listed
companies that failures of this type are unacceptable.'
ASIC has an enduring enforcement priority focused on governance and
directors' duties failures.
In relation to Mr. Bekier, His Honour Justice Lee said:
'Senior executives of casino operators, and public companies
conducting enterprises pregnant with risks more broadly, must
understand that failures of the kind established by the
contraventions may attract substantial personal consequences.'
Further, in respect of Ms Martin he found that 'the community is
entitled to expect that a solicitor occupying such positions and
having such responsibilities, within one of Australia's largest
casino operators, will display professional independence, accuracy
and judgment of a high order. The conduct established . . .
represented a very serious departure from those standards' and
that
'Ms. Martin knew of a miscellany of alarming information pertaining
to [an overseas gambling junket] . . . She was required to report
such matters to the Board but failed to do so. This is all the more
concerning when considered against the backdrop of Ms Martin being
the most senior solicitor employed by Star'; and that
'The more pervasive the failures of governance and culture become,
the greater the obligation upon those entrusted with legal and risk
responsibilities to insist upon compliance with legal obligations
and proper standards of corporate conduct'.
ASIC commenced civil penalty proceedings in the Federal Court on
Dec. 12, 2022, against 11 current and former directors and officers
of Star for alleged breaches of their duties under s 180 of the
Corporations Act.
In February 2025, Star's former Chief Casino Officer, Gregory
Hawkins and Chief Financial Officer, Harry Theodore, admitted to
breaches of their duties and were penalised by the Court. Mr.
Hawkins was ordered to pay a penalty of AUD180,000 and disqualified
from managing corporations for 18 months, while Mr Theodore was
ordered to pay a AUD60,000 penalty and disqualified from managing
corporations for nine months.
On March 5, 2026 the Federal Court found Mr. Bekier, and Ms. Martin
contravened the law by breaching their duties under section 180 of
the Corporations Act 2001. The Court dismissed ASIC's case against
the seven former non-executive directors after finding they did not
breach their duties.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively. The
casino operator posted a net loss after tax of AUD427.9 million for
the year ended June 30, 2025.
As reported in the the Troubled Company Reporter-Asia Pacific in
late November 2025, Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment.
Star agreed to a AUD300 million lifeline from US gambling giant
Bally's, as well as Investment Holdings Pty Ltd, which is
controlled by pub baron Bruce Mathieson and his family. The move
was approved by shareholders in June, ABC News said. Combined, the
two companies will own more than half of the embattled casino
operator.
TASFOODS LTD: Ramp Tasmania Acquires Company From Administration
----------------------------------------------------------------
Just Food reports that TasFoods Limited has been acquired out of
voluntary administration by Ramp Tasmania Poultry.
In a statement, KPMG, the voluntary administrator of ASX-listed
TasFoods, said the "sale ensures the continued local operation of
TasFoods and the employment of all Tasmanian staff under the new
ownership".
According to Just Food, privately held Ramp took over operations on
June 1, closing the sale process launched after Launceston-based
TasFoods entered administration in March.
Just Food relates that the move followed TasFoods' unsuccessful bid
to sell its core Nichols Poultry business, with the board
determining that voluntary administration was "the most appropriate
way to restructure the group".
Under a proposal tabled in May, Ramp committed AUD6.5 million
through a Deed of Company Arrangement and agreed to take on
employee leave liabilities while preserving continuity of service
for about 160 workers, a KPMG document showed.
KPMG had said at the time the proposal offered a better outcome
than liquidation, which would have triggered redundancy costs and a
wind-down of poultry operations.
Just Food relates that KPMG said in its latest statement that the
administration process attracted "extensive interest" from
Tasmanian and mainland Australian buyers.
Ramp owner and CEO Brad McAuliffe told Just Food that he is now a
co-owner of TasFoods alongside fellow directors. He added that Ramp
was established in Victoria and operates a portfolio of food
businesses including Surf Coast Eggs and Avgo Group, and now
Nichols Poultry.
Mr. McAuliffe declined to comment on the purchase price, describing
the transaction terms as commercially confidential.
In comments in the KPMG statement, Mr. McAuliffe said Ramp planned
to rebuild the business around the local Nichols brand, Just Food
relays.
"Nichols has earned its name in Tasmania over decades, and we're
not here to coast on that. We're taking it back to its grass roots
and building the brand into something stronger than ever," Just
Food quotes Mr. McAuliffe as saying. "The team stays, the jobs
stay, and we grow it. Tasmanian food for Tasmanian people, and we
mean it."
Just Food adds that KPMG Australia's turnaround and restructuring
partner Tim Mableson said: "We are delighted to announce the sale
of TasFoods. Importantly, we have been able to reach an outcome
that keeps the highly regarded and local Nichols Poultry brand and
its operations in Tasmania."
About TasFoods
TasFoods Limited (ASX:TFL) -- https://tasfoods.com.au/ -- engages
in the processing, manufacture, and sale of Tasmanian-made food
products in Australia. It operates through Dairy, Poultry, and
Shared Services segments. The company offers poultry meat products
under the Nichols Poultry and Nichols Kitchen brands. It also
provides fresh milk, cheese, cream, and butter products under the
Pyengana Dairy, Meander Valley Dairy, and Betta Milk brands. It
offers its products to food retailers, cafés, restaurants,
distributors, and food manufacturers directly, as well as through
online stores and websites. TasFoods Limited was incorporated in
1998 and is based in Launceston, Australia.
Timothy David Mableson, David Alexander Hardy and Sarah Emily
Seeckts of KPMG were appointed as administrators of TasFoods
Limited, Nichols Hatchery Pty Ltd, Nichols Poultry Pty Ltd,Van
Diemen's Land Dairy Pty Ltd, JJJBSM Pty Ltd, and Tasmanian Food Co
Dairy Pty Ltd on March 11, 2026.
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C H I N A
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CHINA VANKE: Gets Another Financial Lifeline From Shareholder
-------------------------------------------------------------
Caixin Global reports that China Vanke Co. Ltd. secured an
additional CNY1.14 billion (US$168 million) loan from its largest
shareholder, Shenzhen Metro Group, to meet debt obligations after
failing to find a buyer for its pig farming business.
Caixin relates that the developments underscore the embattled
developer's deepening reliance on state financial support to stave
off default as a protracted property slump thwarts its efforts to
raise cash through asset sales.
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27,
2025.
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I N D I A
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4S SPINTEX: CARE Keeps B- Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of 4S Spintex
India Private Limited (4SIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 19.69 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 7, 2025, placed the rating(s) of 4SSIPL under the 'issuer
non-cooperating' category as 4SSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. 4SSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
23, 2026, April 2, 2026, April 12, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
4S Spintex India Private Limited (4SSIPL) was incorporated in the
year 2012 and promoted by Mr K Purushotham and relatives. The
company has set up a spinning mill with an installed capacity of
8160 spindles of 32 counts. The company has successfully completed
the project without any cost and time overrun and started its
commercial operations from August 1, 2016. The company purchases
the raw material (raw cotton) from local farmers and traders
located at Guntur district. 4SSIPL sells the cotton yarn to the
traders, dealers and merchant exporters located at various places
like Tamil Nadu, Andhra Pradesh and Maharashtra. The manufacturing
unit of the company is located at Bhimavaram, Krishna District,
Andhra Pradesh.
AGH ALTECH: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AGH Altech
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 7, 2025, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 23, 2026,
April 2, 2026, April 12, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Delhi based AGH Altech Private Limited (AAPL), is a private limited
company, incorporated in December 28, 2007 is promoted by Mr.
Gurvinder Pal Singh. The company is engaged in the manufacturing of
multi-channel tubes of aluminium which finds its application in
automobiles and split air conditioner. The company sells its
product directly to OEM such as Lloyd's Electric & Engineering Ltd,
Samsung India Electronics Private Limited, Blue Star Limited, Zamil
Air Conditioners India Pvt. Ltd etc.
AKSH OPTIFIBRE: Appeals NCLT Order on IBC Application
-----------------------------------------------------
ScanX.Trade reports that Aksh Optifibre Limited has filed an appeal
before the National Company Law Appellate Tribunal (NCLAT)
challenging an order that deemed an insolvency application against
it maintainable.
ScanX.Trade relates that the application under Section 7 of the
Insolvency and Bankruptcy Code, 2016 (IBC) was filed by Shantanu
Investments Private Limited. The Company stated that the order
suffers from errors on facts and law and that it is pursuing all
available legal remedies to safeguard stakeholder interests.
ScanX.Trade says the matter was initially heard by a Division Bench
of the NCLT, Jaipur Bench. The Hon'ble Judicial Member and Hon'ble
Technical Member delivered separate and divergent opinions. Due to
this difference of opinion, the matter was referred to a third
Member nominated by the Hon'ble President, NCLT, to consider the
points of difference.
After hearing the parties, the Hon'ble third Member concurred with
the view expressed by the Hon'ble Technical Member, ScanX.Trade
relates. The application under Section 7 of the IBC was held to be
maintainable, and the matter was referred back to the original
Bench for passing appropriate orders in accordance with law.
According to ScanX.Trade, the disclosure was made to the National
Stock Exchange of India Ltd and BSE Ltd on June 10, 2026, under
Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Company confirmed its
commitment to keeping the stock exchanges informed of any material
developments regarding the proceedings.
Aksh Optifibre Limited specializes in the manufacturing of optical
fibre, fibre-reinforced plastic (FRP) rods.
BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bala Balaji
Srinivasa Poultry Complex (BBSPC) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.97 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 12, 2025, placed the rating(s) of BBSPC under the 'issuer
non-cooperating' category as BBSPC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BBSPC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
28, 2026, April 7, 2026, April 17, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Bala Balaji Srinivasa Poultry Complex (BBSPC) was established on
October 25, 2018 by Dr. G.V.Subramaniam (Managing Partner), Mr.
G.V. Subramanyam (Managing Partner) and other family members. The
firm started its commercial operations from August 2019 onwards.
BBSPC is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their manure. The firm sells
its products such as eggs and cull birds to retailers through own
sales personnel and dealers, across the southern and Kolkata
region.
BALAJI RAW: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Raw and Parboiled Rice Mills Private Limited (SBRPRMPL) continues
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 2, 2025, placed the rating(s) of SBRPRMPL under the
'issuer non-cooperating' category as SBRPRMPL had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. SBRPRMPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Incorporated in June 2013, Sri Balaji Raw and Parboiled Rice
Private Limited (SBRPRMPL) is promoted by by Mr. Tatikonda
Viswanadham and Mrs. Tatikonda Savithri. Mr. Tatikonda Viswanadham
is operating two other rice mills, namely, M/s. Pallavi Enterprises
and M/s. Girija Modern Rice Mills. SBRPRMPL operates on leased
premises and machinery of Girija Modern Rice Mills and Pallavi
Enterprises. The company hired machinery capacity of 250 TPD (out
of 350 TPD total capacity) from Girija Modern Rice Mills and 150
TPD (out of 250 TPD total capacity) from Pallavi Enterprises. Both
of these firms are currently operational and continue to do so till
the management decides, after which, they would operate under the
name of Sri Balaji Raw and Parboiled Rice Mills Private Limited.
The facilities leased include 12 acres of land, machinery, 53
self-owned Lorries, 2.5 MW cogeneration bio-mass power plant and a
warehouse to store up to 20,000 MT of different varieties of
paddy.
BANKE BIHARI: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Banke Bihari Oil Mills (SBBOM) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.58 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.42 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 9, 2025, placed the rating(s) of SBBOM under the 'issuer
non-cooperating' category as SBBOM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBBOM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
26, 2026, April 4, 2026, April 14, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Rohtak (Haryana) based, Shree Banke Bihari Oil Mills (SBBOM) was
initially established as a proprietorship firm in September, 2000
by Mrs. Shakuntla Devi under the same name. Later, in November,
2019, its constitution changed to partnership firm. The firm is
currently being managed by Mrs. Shakuntla Devi, Mr. Vipul Singla
and Mrs. Sonam Bansal sharing profit and losses in the ratio of
50:40:10 respectively. The firm is engaged in the processing of
mustard seeds for mustard oil, mustard oil cake, cotton seeds for
cotton seeds oil, cotton seeds oil cake, ginning and pressing of
cotton for cotton bales and de-linted cotton seeds. The firm is
also engaged in the trading of the products which contributes ~20%
of the total revenue. The manufacturing facility of the firm is
located at Rohtak, Haryana.
CCCL INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CCCL
Infrastructure Limited (CIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 6, 2025, placed the rating(s) of CIL under the 'issuer
non-cooperating' category as CIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 22, 2026,
April 1, 2026, April 11, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
CIL was established in 2007 as a subsidiary of Consolidated
Construction Consortium Limited (CCCL). CIL operates a Solar Power
plant of 5-MW capacity at Sekkarakudi in Tuticorin district of
Tamil Nadu. The plant is spread over an area of 44 acres and
commissioned its operations in February 2012.
CREDITSAVVY TECHNOLOGIES: Insolvency Resolution Process Summary
---------------------------------------------------------------
Debtor: Creditsavvy Technologies Private Limited
Office No.-2414,
The Corenthum, Sector 62,
Gautam Buddha Nagar,
Noida, Uttar Pradesh,
India, 201301
Insolvency Commencement Date: June 3, 2026
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: November 30, 2026
Insolvency professional: Bhavna Bansal
Interim Resolution
Professional: Bhavna Bansal
A/19-B, DDA Flats,
Munirka, Delhi - 110067
Email: bhavnabansalus@yahoo.com
E-9/23, LGF,
Vasant Vihar,
Delhi - 110057
Email: cirp.creditsavvy@gmail.com
Last date for
submission of claims: June 17, 2026
DANALAKSHMI PAPER: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Danalakshmi Paper Mills Private Limited
No. 10, Z Temple View,
Krishnaswamy, Naidu Layout,
Saibaba Mission Post,
Coimbatore - 641011
Insolvency Commencement Date: May 29, 2026
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: November 25, 2026
Insolvency professional: Krishnasamy Vasudevan
Interim Resolution
Professional: Krishnasamy Vasudevan
17B/7B, Maruthi Nagar,
Hasthinapuram Chromepet,
Chennai - 600064
Email: cavasul967@gmail.com
cirp.danalakshmipapermills@gmail.com
Last date for
submission of claims: June 16, 2026
DECCAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deccan
Industries (DI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 13, 2025, placed the rating(s) of DI under the 'issuer
non-cooperating' category as DI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 29, 2026,
April 8, 2026, April 18, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Deccan Industries (DI) was established in 1981 as a partnership
firm. The firm is mainly engaged in manufacturing of submersible
pump set which finds its usage in irrigation pumping, building
services, solar pumping and water supply engineering. The firm has
in house manufacturing facilities for producing submersible pump
sets. The firm has customer bandwidth with dealers of which
majority of them located in Tamil Nadu region. The installed
capacity of manufacturing unit is 1500 pumps per month as on date
December 7, 2020. The firm's manufacturing unit is located in
Coimbatore and sells its products in its own brand named
“Deccan” in Coimbatore.
DKM AGENCIES: Liquidation Process Case Summary
----------------------------------------------
Debtor: DKM Agencies Private Limited
Plot Not. 01,
Opposite Dr. B.R. Ambedkar Bhawan,
Main Chowk, Bhattian Bet,
Shivpuri (Ludhiana),
Ludhiana, Punjab - 141008
Liquidation Commencement Date: May 25, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Sachit Soni
H. No. 722, Sector - 16,
Panchkula, Haryana, 134109
Email: sachitsoni@gmail.com
liquidator.dkm@gmail.com
Last date for
submission of claims: June 24, 2026
DYNAMIC FINE: CARE Lowers Rating on INR22cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dynamic Fine Paper Mill Private Limited (DFPMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 14, 2025, placed the rating(s) of DFPMPL under the
'issuer non-cooperating' category as DFPMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DFPMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
30, 2026, April 10, 2026, April 19, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of DFPMPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Kota (Rajasthan) based Dynamic Fine Paper Mill Private Limited
(DFPMPL) was incorporated in 2013 by Mr. Madan Mohan Gupta and Mr.
Shailendra Gupta with an objective to set up plant for
manufacturing of kraft paper. It has started commercial operations
from 2017. The manufacturing facility of the company is located at
Village Polai Kalan, Kota. The company procures raw material i.e.
waste paper mainly from local suppliers and supplies finished
products mainly through dealer's network in Madhya Pradesh,
Rajasthan and NCR.
EARTH TOWNE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Earth Towne Infrastructures Private Limited
B-100, 2nd Floor,
Nariana Industrial Area,
Phase-1, South West Delhi - 110028
Insolvency Commencement Date: June 1, 2026
Court: National Company Law Tribunal, New Delhi Bench-V
Estimated date of closure of
insolvency resolution process: November 27, 2026
Insolvency professional: Rajiv Bajaj
Interim Resolution
Professional: Rajiv Bajaj
LG, B-269,
Chattarpur Enclave,
Phase-II, New Delhi,
Delhi - 110074
Email: rbajajip@gmail.com
cirpearthtowne@gmail.com
Classes of Creditors: Real Estate Allottees in a Class
Authorized Representative of
creditors in a class: 1. Ms. Ruchi Gupta
2. Mr. Chandradeep Kumar
3. Mr. Vinod Kumar Chuarasia
Last date for
submission of claims: June 14, 2026
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 22, 2025, placed the rating(s) of EAL under the 'issuer
non-cooperating' category as EAL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EAL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 8, 2026,
March 18, 2026, March 28, 2026, among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetable and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and
Jamnagar.
G.S. BUILDTECH: CARE Keeps C/A4 Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G.S.
Buildtech Private Limited (GSBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 6.80 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain Under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 8, 2025, placed the rating(s) of GBPL under the 'issuer
non-cooperating' category as GBPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GBPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 24, 2026,
April 3, 2026, April 14, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
New Delhi-based GBPL was incorporated in July 2009 and is engaged
in turnkey solutions for interior works such as furniture and
furnishing, flooring, false ceiling and wall finishing, civil and
plumbing work, installation of security systems and external
building work. It is currently being managed by Mr. Gopal Das
Khandelwal and his son, Mr. Vikas Khandelwal. All the processes of
the company are ISO 9001-20008 certified. The company caters to the
needs of various corporate houses primarily in the private sector
and receives orders through tenders. The company operates on Pan
India basis and procures the raw material from the various dealers
and traders in the domestic market on order to order basis.
GARG POLYPACKS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg
Polypacks Private Limited (GPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 12, 2025, placed the rating(s) of GPPL under the 'issuer
non-cooperating' category as GPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 28, 2026,
April 7, 2026, April 17, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Uttar Pradesh based, Garg Polypacks Private Limited (GPPL) was
formed in the year 1984 as a partnership firm. Subsequently in
1993, it was converted into private limited company by Mr. Ajay
Kumar Garg, Mr. Ankit Garg and Mr. Prateek Garg. The company is
engaged in the business of manufacturing of High- Density
Polyethylene (HDPE) and Polypropylene (PP) laminated woven sacks
bags and fabrics which find its application in packaging across
various industries viz. cattle feed, sugar, fertilizers etc. The
manufacturing plant of the company is located at Visyakpur,
Kanpur.
HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hardayal
Milk Products Private Limited (HMPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.72 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 12, 2025, placed the rating(s) of HMPPL under the 'issuer
non-cooperating' category as HMPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HMPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
28, 2026, April 7, 2026, April 17, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr.
Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr.
Veerpal Singh and Mr. Amol Yadav in July 2005. The company
commenced production from December 2006. HMPPL is involved in
production of various milk products mainly in Pasteurized packed
milk, Ghee and other milk products like Flavored Milk, Curd,
flavored Yogurt, Butter milk, Paneer, SMP (Skimmed Milk Powder),
Pasteurized Butter, Whole Milk Powder and Dairy Whitener.
Pasteurized milk is sold to institutional buyers in bulk, and other
milk products are sold through retail chain with "Hardayal"
brand name. The products are well established in the regional
markets of Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Haryana,
Maharashtra, West Bengal, Delhi, Madhya Pradesh, Andhra Pradesh and
North-East States.
KANASE AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanase Auto
Wheels Private Limited (KAWPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 9, 2025, placed the rating(s) of KAWPL under the 'issuer
non-cooperating' category as KAWPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
26, 2026, April 4, 2026, April 14, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Satara, Maharashtra based KAWPL, was incorporated in the year 2008.
The company is an authorized dealer and authorized service provider
for the vehicles of Hyundai. The company manages three showrooms
located at Satara, Karad, and Shirwal. All the three showrooms are
equipped with 3-S facilities (Sales, Service and Spare parts).
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kovai
Kalaimagal Educational Trust (KKET) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 13, 2025, placed the rating(s) of KKET under the 'issuer
non-cooperating' category as KKET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KKET continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 29, 2026,
April 8, 2026, April 18, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Kovai Kalaimagal Educational Trust (KKET) was set up as a
charitable trust under section 12A of Income Tax Act by Mr
K.AChinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in
the year 1992. The trust currently operates four educational
institutes namely, Kovail Kalaimagal College of Arts & Science
(KKCAS), Coimbatore Institute of Management & Technology (CIMAT),
Coimbatore Institute of Engineering & Technology (CIENT) and Kovai
Kalaimagal Matriculation School (from K-10).
MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maharaja
Paper Industries Private Limited (MPIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.06 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 2, 2025, placed the rating(s) of MPIPL under the 'issuer
non-cooperating' category as MPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
18, 2026, March 28, 2026, April 7, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Maharaja Paper Industries Private Limited (MPIPL) was incorporated
in the year 1999 and promoted by Mr. P. V. Ramakrishna Raju and
their relatives. The company was incorporated as Rolex Paper Mills
Limited and later on, the name was changed to the current one.
MPIPL is engaged in the production of paper of all varieties viz.
newsprint, cream wove and kraft papers. The manufacturing
facilities are located at Chintaparru, Palakol Mandal, West
Godavari District, Andhra Pradesh.
PRATITI HEALTH: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pratiti
Health Educational Institutes Private Limited (PHEIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.66 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 2, 2025, placed the rating(s) of PHEIPL under the 'issuer
non-cooperating' category as PHEIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PHEIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
18, 2026, March 28, 2026, April 7, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Pratiti Health Educational Institutes Pvt. Ltd. (PHEIPL) was
incorporated in Aug.2008 for establishing and operating a media &
mass communication institute & hostel. The institute has setup its
facilities in Noida, Uttar Pradesh in the form of educational
institute & hostel. The hostel facility has started its operation
from FY17 with capacity of 344 beds and the institute started
partially from 2017. This apart, the institute has given a part of
the building to Delhi World Public School, Noida, as lease rental
from April 2017 with annual rental of INR0.60 crore per annum. The
institute offers two courses; namely, certificate program in 3D
modelling and graphics and certificate program in content
development. The institute has been founded & promoted by Mr. Rahul
Kumar, an IIM alumnus with an experience of 10 years of employment
in a private company & in managing 'Satyam Educational Health &
Charitable Trust' (established in 2006) having four schools in its
ambit and Mrs. Kanchan Kumari, who is a post-graduate with
considerable experience in managing the same.
RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajesh
Projects (India) Private Limited (RPIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 56.26 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 23.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 9, 2025, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 26, 2026,
April 4, 2026, April 14, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
RPPL was incorporated in 1999 & is engaged in real estate business.
Historically, the group was mainly into development of commercial
projects in Delhi and has successfully executed 14
commercial/retail projects in Delhi. In 2010, the company ventured
into residential group housing projects in Noida and Greater Noida
region. The group was promoted by Mr. Jai Bhagwan Goyal, a
qualified Civil Engineer, who has more than 40 years' experience in
construction. Currently his son, Mr. Rajesh Goyal who is also MD of
RPPL, is actively handling the operations of group.
REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reena
Tinaaz Private limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 175.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated June 3, 2025, placed the rating(s) of RTPL under the 'issuer
non-cooperating' category as RTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 19, 2026,
April 29, 2026, May 9, 2026, among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Reena Tinaaz Private Limited (RTPL) is a Mumbai based company which
was established in 2012. The company is engaged in trading of FMCG
products such as soaps, shampoos, biscuits, detergents and
cigarettes (of various brands) belonging to reputed brands such as
ITC, Godfrey Philips, Parle, Hindustan Unilever Ltd (HUL),
Britannia etc. RTPL procures the products in bulk quantity from
authorized distributors of these brands and then sells them to the
wholesalers and retailers. The promoter of company, Mr Uday
Kantilal Desai was earlier carrying out FMCG trading business under
his proprietorship firm "Reena Agency" upto January 2015, after
which the entire business was transferred to RTPL. The area of
business of RTPL is concentrated in and around Mumbai city and its
suburbs. The company has its designated warehouses at Vikhroli and
Bhandup in Mumbai.
RIDLEY LIFE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ridley Life Science Private Limited
D-1651,
DSIDC Industrial Complex Narela,
Delhi, India, 110040
Insolvency Commencement Date: May 27, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 23, 2026
Insolvency professional: Ashish Singh
Interim Resolution
Professional: Ashish Singh
307, Prakash Deep Building,
Tolstoy Marg, Connaught Place,
New Delhi - 110001
Email: ip.ashisingh@gmail.com
156, 5th Floor,
Tower - A, The Corenthum,
Sector - 62,
Noida - 201301, India
Email: cirp.ridleylife@gmail.com
Last date for
submission of claims: June 19, 2026
SADBHAV INFRASTRUCTURE: CARE Cuts Rating on INR200cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sadbhav Infrastructure Projects Limited (SIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 200 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and LT rating
downgraded from CARE B-; Stable
outlook assigned, and ST rating
reaffirmed
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated August 2, 2021, placed the rating(s) of SIPL under the
'issuer non-cooperating' category as SIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 10, 2026, February 20, 2026, March 2, 2026 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SIPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone revised from combined
Previously CARE has taken a combined view of Sadbhav Engineering
Limited (SEL) and SIPL for analytical purpose. This is because
majority of the long-term debt raised in SIPL is backed by
unconditional and irrevocable corporate guarantee of SEL. Further,
SEL and SIPL have operational and financial linkages. Since updated
information on the aforementioned, the analytical approach has been
revised.
Outlook: Stable
Incorporated in 1988 and founded by late Shri Vishnubhai Patel, SEL
operates majorly across four distinct business areas in the
infrastructure sector viz. EPC of its own BOT road projects, cash
contract-based road and metro rail EPC projects, irrigation, and
mining. SEL had floated a wholly-owned subsidiary – SIPL (ISIN:
INE764L01010) as a holding company of build-operatetransfer (BOT)
projects in 2007. On July 1, 2019, SIPL has announced that they
have executed Share Purchase Agreements with IndInfravit Trust
(IndInfravit) for selling their entire equity stake in their nine
operational build operate transfer (BOT) special purpose vehicles
(SPV) (seven toll and two annuity-based projects). SIPL has sold
its entire stake in eight operational BOT SPV's while the stake
sale is awaited in one operational SPV. Post the transaction,
Sadbhav group has a portfolio of 14 BOT projects (four operational
toll road projects, ten under construction HAM projects of which
four HAM projects have received PCOD on partial length).
SALASAR BALAJI: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salasar
Balaji Industries (SBI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 7, 2025, placed the rating(s) of SBI under the 'issuer
non-cooperating' category as SBI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SBI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 23, 2026,
April 2, 2026, April 12, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Salasar Balaji Industries, incorporated in 1996 by Mr. Mahesh Kumar
Khetan, Mr. Dhiraj Kumar Khetan, Mr. Vikrant Kumar Khetan and Mrs.
Vidya Devi Khetan as a partnership firm. The firm is engaged in
trading, manufacturing and processing of Kapas to produce cotton
bales and processing of cotton seeds to produce cotton seed wash
oil & cotton seed oil cake. The firm is a part of Sri Salasar
Balaji group, promoted by Mr. Mahesh Kumar Khetan. The other group
companies; Shree Ashta Laxmi Spinning Mills Pvt Ltd (a spinning
mill), Sri Salasar Balaji Agro Tech Private Limited and Agrawal
Ginning & Pressing Pvt Ltd, are also engaged in the cotton textile
industry with business activity spanning across cotton ginning and
pressing and trading.
SAR SENAPATI: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sar
Senapati Santaji Ghorpade Sugarfactory Limited (SSSGSL) continues
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 265.97 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 29, 2025, placed the rating(s) of SSSGSL under the
'issuer non-cooperating' category as SSSGSL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSSGSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
14, 2026, April 24, 2026, May 4, 2026, among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings opinion is not sufficient to arrive at
a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated on February 19, 2011, SSSGSL is promoted by Mr.
Hasanrao Mushrif, chief promoter, along with Mr. Sajid Hasan
Mushrif, Managing Director (MD). The company is engaged in
manufacturing of sugar & related products. The manufacturing
facility is located at Kolhapur with crushing capacity of 4,800
tonnes of cane crushed per day (TCD), 30 Kilo Litres per Day (KLPD)
distillery and bagasse fired co-generation unit of 22 mega-watts
(MW).
SAVAN INFRAAVENUE: CARE Lowers Rating on INR47.12cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Savan Infraavenue LLP (SIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 47.12 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated April 15, 2025, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 1, 2026,
March 11, 2026, March 21, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SIL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Surat-based (Gujarat), Savan Infraavenue LLP (SIL) was formed as a
limited liability partnership on September 2017. The operations are
jointly managed by the partners Mr. Mahavir Nathulal Shah, Mrs.
Prabha Shah and Mr. Mukul Mahavir Shah. Over the period, the group
has completed more than four real estate projects. SIL is currently
under process of executing a residential and commercial project
named 'Superia' involving construction of a residential and
commercial complex consisting of 169 units with a saleable area of
25005.84 sq. m. at Surat. Avantis Enterprise LLP (entity of Avantis
Group) and Arihant Gems & Jewelleries Pvt Ltd are Corporate
Guarantors for SIL. The implementation of project 'Superia'
commenced from July 2019 and expecting completion by June 2024 with
estimated project cost at INR150 crore.
SINGH TECHNOINFRA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singh
TechnoInfra Private Limited (STPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 8, 2025, placed the rating(s) of STPL under the 'issuer
non-cooperating' category as STPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 24, 2026,
April 3, 2026, April 14, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Singh Techno Infra Private Limited (STPL) was incorporated as a
private limited company in May 2007. The company is currently being
managed by Mr. Rajhans Hargovind Singh and Mrs. Sunita Singh. The
company is engaged in civil construction which involves foundation
work for industrial purposes and laying optical cables underground.
The company also does maintenance and construction of building
works mainly for government organizations. STPL executes contracts
for government organizations as well as for private players. The
services are provided all over India. The orders undertaken by the
company are secured through the competitive bidding process.
SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik
Cement Products Private Limited (SCPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 8, 2025, placed the rating(s) of SCPPL under the 'issuer
non-cooperating' category as SCPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
24, 2026, April 3, 2026, April 14, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Uttar Pradesh based SCPPL was incorporated in February, 1980. The
company is currently being managed by Mr Ajit Kumar Jain and Mr
Rishabh Tulsyan. The firm primarily engaged in the manufacturing of
Mild Steel (MS) ingots. The company has its manufacturing facility
located at Chandauli, Uttar Pradesh. Also, the company is engaged
in manufacturing of wheat flour on job work basis for Swastik
Grains Corporation (associate firm). SCPL has an associate concern
namely Swastik Grains Products Private Limited, which was
incorporated in March, 2007 and is engaged in processing of wheat
flour.
TAHIR CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tahir
Construction (TC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 9.90 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 25, 2025, placed the rating(s) of TC under the 'issuer
non-cooperating' category as TC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 11, 2026,
March 21, 2026, June 4, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Tahir Construction was constituted in 2014 as a proprietorship firm
and is currently managed by Mr. Tarik Ameer who has more than 2
decades of experience in construction industry. Tahir construction
is involved in civil construction and bids only from government
projects for water and sewage schemes. It has undertaken number of
contracts for Atal Mission For Rejuvenation and Urban
Transformation (AMRUT; Ministry of Housing and Urban Affairs,
Government of India) and Neer Nirmal Pariyojana (providing clean
drinking waters to villages).
THIRANI INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Thirani Industries Limited
E-2/203, 2nd Floor,
Bharti Trade Centre,
Alaknanda Shopping Complex,
Kalkaji, New Delhi,
110019, India
Insolvency Commencement Date: June 1, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 27, 2026
Insolvency professional: Reshma Mittal
Interim Resolution
Professional: Reshma Mittal
1104, Nirmal Tower,
Barakhamba Road,
Connaught Place,
New Delhi - 110001
Email: careshmamittal@gmail.com
RR Insolvency Professionals LLP
R-4/39, Raj Nagar,
Ghaziabad - 201002
Email: Thirani.cirp@gmail.com
Last date for
submission of claims: June 15, 2026
UMANG REALTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umang
Realtech Private Limited (URPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 9, 2025, placed the rating(s) of URPL under the 'issuer
non-cooperating' category as URPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
URPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 26, 2026,
April 4, 2026, April 14, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in May 2007, Umang Realtech Private Limited (URPL) is
a JV between Uppal Housing Private Limited and private equity
player Indus Capital Partners, LLC (USA) (ICP). ICP holds 52% stake
in URPL, UHPL holds 45% and the remaining 3% is with Mr. Ajay
Mangal, Ex-CEO of URPL. The company is into real estate development
and is undertaking residential group housing projects in NCR.
=====================
N E W Z E A L A N D
=====================
ALI LIMITED: Court to Hear Wind-Up Petition on June 26
------------------------------------------------------
A petition to wind up the operations of Ali Limited will be heard
before the High Court at Auckland/Tamaki Makaurau on June 26, 2026,
at 10:00 a.m.
Bizcap NZ Limited filed the petition against the company on May 5,
2026.
The Petitioner's solicitor is:
James Cochrane
Lane Neave Lawyers
Level 8, Vero Centre
48 Shortland Street
Auckland
G & H THOMSON: Court to Hear Wind-Up Petition on June 22
--------------------------------------------------------
A petition to wind up the operations of G & H Thomson Trustee
Company Limited will be heard before the High Court at
Whangarei/Whangarei-terenga-paraoa on June 22, 2026, at 10:00 a.m.
Bizcap NZ Limited filed the petition against the company on March
27, 2026.
The Petitioner's solicitor is:
James Cochrane
Lane Neave Lawyers
Level 8, Vero Centre
48 Shortland Street
Auckland
IPG CAPITAL: Falls Into Receivership
------------------------------------
Jaime Lyth of Business Desk reports that IPG Capital, the holding
company behind the Soho Hotel in Auckland, has entered receivership
after a creditor moved to recover more than NZ$55 million linked to
the hotel's director.
It was placed into receivership on June 10.
As the parent company of IPG Hotels (Auckland), IPG Capital sits
atop the ownership structure of the Mt Roskill hotel property.
Although the receivership affects the holding company, the
seven-level hotel continues normal operations under the management
of Capstone Hotel Management.
The business is controlled by Sunil Govind Parbhu, also known as
Dennis Parbhu, a prominent figure in New Zealand's hotel and
property sectors. The receivership introduces a new phase in the
financial challenges facing the group.
About IPG Hotels
IPG Hotels is a hospitality company engaged in the ownership,
development, management, and operation of hotel properties. The
company focuses on providing lodging, guest services, and
hospitality-related amenities through a portfolio of hotel assets
and affiliated properties.
IPG Capital, the parent company behind the Soho Hotel in Auckland,
entered receivership on June 10, 2026, after a lender moved to
enforce debt obligations reportedly exceeding NZ$55 million. The
debt is linked to interests associated with director Sunil Govind
Parbhu.
KERIKERI BUILDERS: Creditors' Proofs of Debt Due on Aug. 9
----------------------------------------------------------
Creditors of Kerikeri Builders Limited are required to file their
proofs of debt by Aug. 9, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 9, 2026.
The company's liquidator is:
David Edward Thomas
Don't Be Limited
c/o 13C/65 Chapel Street
Tauranga Central Shopping Centre
REN BEAUTY: Creditors' Proofs of Debt Due on July 15
----------------------------------------------------
Creditors of Ren Beauty and Wellness Limited are required to file
their proofs of debt by July 15, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 8, 2026.
The company's liquidator is:
Larissa Logan
Fixity
Suite 14456
17B Farnham Street
Parnell, Auckland 1052
SCARLETT TRUCKING: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------------
Creditors of Scarlett Trucking Limited and Habilis New Zealand
Limited are required to file their proofs of debt by July 8, 2026,
to be included in the company's dividend distribution.
Scarlett Trucking commenced wind-up proceedings on June 8, 2026.
Habilis New Zealand commenced wind-up proceedings on June 9, 2026.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=====================
P H I L I P P I N E S
=====================
PHILIPPINE AIRLINES: Fitch Assigns 'BB' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Philippine Airlines, Inc. (PAL) a 'BB'
Long-Term Issuer Default Rating (IDR). The Outlook is Stable.
PAL's rating reflects its leading market position in the domestic
and international air passenger markets in the Philippines, where
it is the flag carrier. The rating is constrained by weaker EBITDAR
fixed-charge coverage than rated airlines peers, although this is
offset by sound liquidity. PAL's business profile is supported by
its diversified network and business mix, stronger cost-efficiency
as a hybrid airline with its sister company Air Philippines
Corporation (APC), and prudent fleet expansion strategy.
Fitch rates PAL based on the consolidated profile of PAL Holdings
Inc. (PHI), the parent of PAL. PHI's consolidated financial profile
is driven by PAL, which accounts for 90%-100% of revenue, EBITDAR,
cash and debt. APC, which owns budget carrier PAL Express, is 51%
owned by PHI.
Key Rating Drivers
Leading Market Position; Adequate Diversification: PAL is the only
full-service domestic carrier in the Philippines, with around 30%
share of the domestic passenger market and a leading 23% share of
international passenger traffic to and from the country. PAL has
maintained its market share over the past decade because capacity
constraints and slot scarcity at Manila's Ninoy Aquino
International Airport (NAIA) limited new entrants.
The airline has adequate diversification, serving 30 domestic and
40 international destinations in 16 countries, and operating 88
routes. International operations accounted for 77% of revenue in
2025. PAL also benefits from limited diversification through its
cargo business, which contributed 5% of revenue.
Adequate Financial Flexibility: Fitch expects PAL's EBITDAR
fixed-charge coverage ratio to improve to 2.0x by 2028 (2025:
1.6x). Coverage of 1.3x in 2026 was weaker than peers' but Fitch
expects gradual improvement over the medium term. PAL's liquidity
is adequate with readily available cash and committed facilities
projected to average a mid-to-high teens percentage of the last 12
months (LTM) of revenue in 2026-2029, which provides reasonable
buffer against operating volatility.
While Fitch did not apply linkage between PAL and PHI in assessing
PAL's rating, Fitch views shareholder capital support for its
restructuring as tangible and expect PHI to extend support in times
of distress.
Rising Fuel Prices to Squeeze Margins: Fitch expects temporary
margin pressure in 2026 due to higher fuel costs, capacity
adjustments and weaker demand on higher ticket prices. Fitch
forecasts EBITDAR margins to normalise to the mid-to-high 20% range
from 2027. PAL can offset around 40% of fuel cost increases through
fare hikes, supported by fortnightly regulated fuel surcharge
adjustments by the regulator. PAL's relatively short booking curve
- about 30 days for domestic flights and 60 days for international
- also limits exposure to fuel price movements.
Temporarily Weaker Demand: Fitch expects PAL to face some impact
from disruptions on Middle Eastern routes, which accounted for 8%
of total revenue and 11% of capacity in 2025. Fitch believes the
prolonged conflict will temporarily weaken travel demand,
particularly on more price-sensitive routes. Fitch expects
profitability and traffic to recover once the conflict abates, with
metrics normalising from 2027.
Competitive Cost Advantage: Fitch views PAL's competitive cost
position as a strength among the globally rated airlines. It
operates as a hybrid of full-service and low-cost carrier. Fitch
forecasts PAL's average cost per available seat kilometer to
average around 6.4 US cents, lower than global peers in the same
rating category. PAL's cost advantage stems from streamlining
operations, reduction in fleet complexity, focus on profitable
routes and retiring of less efficient aircraft.
Disciplined Management Strategy: The company has a record of
discipline strategy after its Chapter 11 restructuring in 2021. It
returned to profitability while maintaining EBITDAR net leverage at
average of 1.6x post-restructuring. Fitch expects PAL to maintain
revenue and cost discipline over the near term with prudent fleet
expansion. It intends to expand its current fleet of 82 aircraft by
25% over the next four years.
Lease-Funded Fleet Expansion: PAL's aircraft have an average age of
around 11 years, with around 40% of the fleet comprising
A320/A330/A350 and 40% A321 NEOs/CEOs. PAL expects delivery of 21
new aircraft from 2026 -2029, of which 13 are A321 NEOs and eight
are A350s. The widebody A350s are more fuel-efficient and have
larger seat capacity while the narrow-body A321 NEOs have premiums
seats and entertainment systems. PAL plans to finance these
aircraft through operating leases but retains flexibility to use
finance leases.
Moderate Capex, Deleveraging Pace: Fitch forecasts capex to rise to
an average of USD385 million in 2026-2028 (2025: USD500 million),
driven by advance payments and aircraft maintenance. Fitch
estimates EBITDAR net leverage to peak at 3.3x in 2026 (2025:
1.9x), before declining to 2.4x in 2027 and below 2.0x from 2029.
While lease liabilities will increase with the new aircraft,
EBITDAR net leverage will improve after 2026 with positive free
cash flow generation.
Manageable Hedging Risk: Fitch views PAL's hedging risk and FX
exposure to be manageable. Although it does not have an explicit
fuel hedging policy, PAL mitigates its fuel price risk by adjusting
ticket prices and the regulated fuel surcharge fortnightly, which
covers around 40% of fuel costs. PAL's exposure to forex risk is
mitigated by 35% of revenue being earned in US dollars and its
practice of converting excess pesos into US dollars as soon as
practicable. Its peso revenue accounts for around 30% of revenue.
Peer Analysis
Fitch compares PAL with Wizz Air Holdings Plc (Wizz, BB/Stable).
Wizz is an ultra- low-cost carrier with a strong market position in
Europe. It has larger scale, a younger fleet and better cost
advantages than PAL. However, this is balanced by a weaker EBITDAR
fixed-charge coverage ratio of around 1.5x and higher EBITDAR net
leverage of 3.0x than PAL.
Pegasus Hava Tasimaciligi A.S. (Pegasus, BB-/Negative) and
Allegiant Travel Company (Allegiant, BB-/Negative) are rated one
notch lower than PAL. PAL is less exposed to the Middle East
conflict and has more stable operating performance compared to
Pegasus. Pegasus is similar in size to PAL, with a leading position
in total passenger market share in Turkey. Pegasus has stronger
cost advantages in terms of lower unit cost as it is an
ultra-low-cost carrier, while PAL is hybrid of full-service and
low-cost carrier. It also has a younger fleet than PAL. However,
PAL's EBITDAR net leverage and EBITDAR fixed-charge coverage ratio
are better than those of Pegasus. The Negative Outlook on the
ratings on Pegasus reflects deterioration in the Turkish airline
group's operating performance and expected weaker credit metrics in
2026.
Allegiant and PAL are of similar size, but PAL is stronger in terms
of network diversification, fleet portfolio and prudent growth
strategy. The Negative Outlook on Allegiant's rating reflects
near-term cost pressures from sharply higher jet fuel prices and
additional anticipated borrowing that will drive higher near-term
leverage; and execution risks and costs tied to Allegiant's
recently completed acquisition of Sun Country.
Fitch’s Key Rating-Case Assumptions
- Available seat kilometres to rise by about 10% on average a year
in 2026-2028, followed by growth of about 6% in 2029
- Load factor at 72% in 2026, normalizing at low-to-mid 80% range
from 2027
- About a 0.9% decrease in ticket yield (in US dollar terms) on
average in 2026-2029
- Jet fuel price at about USD111/barrel in 2026 and average about
USD82/barrel in 2027-2029
- Total capex of about USD1.2 billion in 2026-2029
- No dividends
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
Business and financial profile factors (assessment, relative
importance): management ('bbb-', lower), sector characteristics
('bbb-', moderate), market and competitive positioning ('bb',
moderate), diversification and asset quality ('bb', moderate),
company operational characteristics ('bb+', moderate),
profitability ('bb+', moderate), financial structure ('bb+',
moderate), and financial flexibility ('bb-', higher).
The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 26% for the forecast year
2027, 27% for the forecast year 2028 and 27% for the forecast year
2029.
The governance assessment of 'good' has no impact.
The operating environment assessment of 'bbb+' has no impact.
The SCP is 'bb'.
To derive the Long-Term IDR:
Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDAR net leverage sustained above 3x and/or EBITDAR
fixed-charge coverage below 1.5x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- No positive rating action given its small scale compared to
peers.
Liquidity and Debt Structure
PAL had cash and cash equivalents of USD431 million at end-2025,
against short-term debt of USD170 million. In addition, the company
increased its securitisation programme to provide access to a
USD200 million credit card receivables facility. Fitch forecasts
free cash flow (FCF) generation to be negative in 2026, as the
Middle East conflict weighs on earnings and cashflow generation,
but expect FCF to be positive from 2027, contributing to better
liquidity ratios. Total liquidity of about 20% of LTM revenue in
2026 is adequate, Fitch expects the ratio to remain around the
mid-to-high-teens level. PAL also reported USD68 million of
unencumbered aircraft and engine assets at end-2025, supporting its
liquidity position.
Issuer Profile
PAL is the Philippines' flag carrier, with a fleet of 82 aircraft
at end-2025. It serves over 70 destinations across Asia, North
America, Australia and Middle East and domestically.
Date of Relevant Committee
04-Jun-2026
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Philippine Airlines, Inc. LT IDR BB New Rating
=================
S I N G A P O R E
=================
AIR LIQUIDE: Creditors' Proofs of Debt Due on July 1
----------------------------------------------------
Creditors of Air Liquide Global Export Materials Pte. Ltd. are
required to file their proofs of debt by July 1, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 10, 2026.
The company's liquidator is:
Clemens Leitner
c/o Luther LLP
9 Raffles Place
#24-01, Republic Plaza
Singapore 048619
G-CHEM LOGISTICS: Court to Hear Wind-Up Petition on June 26
-----------------------------------------------------------
A petition to wind up the operations of G-Chem Logistics Pte. Ltd.
will be heard before the High Court of Singapore on June 26, 2026,
at 10:00 a.m.
Adsan Law LLC filed the petition against the company on June 3,
2026.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
LAMUDI SERVICES: Creditors' Proofs of Debt Due on July 15
---------------------------------------------------------
Creditors of Lamudi Services Pte. Ltd. are required to file their
proofs of debt by July 15, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 5, 2026.
The company's liquidator is:
Chan Li Shan
c/o Impetus Corporate Advisory
11 Collyer Quay
#16-02 The Arcade
Singapore 049317
STRAITS INTERNATIONAL: Court to Hear Wind-Up Petition on June 26
----------------------------------------------------------------
A petition to wind up the operations of The Straits International
Pte. Ltd. will be heard before the High Court of Singapore on June
26, 2026, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on June 5,
2026.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
ULTRACAD ELECTRIC: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 5, 2026, to
wind up the operations of Ultracad Electric Pte. Ltd.
Khoo Chin Lee filed the petition against the company.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road #02-767
Singapore 160050
=====================
S O U T H K O R E A
=====================
JOONGANG GROUP: Five Affiliates File for Court Receivership
-----------------------------------------------------------
The Chosun Daily reports that five affiliates of JoongAng Group,
including JTBC, a comprehensive programming channel operator, have
filed for court receivership (formerly court-administered
management) to restructure debts and normalize operations under
judicial supervision. Receivership is a legal process where a
company, unable to repay debts under its current conditions,
adjusts liabilities and restores stability under court oversight.
The Chosun relates that JTBC announced on June 15 that it had
applied to the Seoul Rehabilitation Court to commence receivership
after a board meeting. JoongAng Holdings, the group's holding
company; Contentree JoongAng, which operates broadcasting content;
Megabox JoongAng, a cinema business; and JoongAng P&I, a real
estate leasing firm, also filed for receivership the previous day.
JoongAng Ilbo, a core affiliate, stated it would pursue a corporate
restructuring workout to improve its financial structure through
negotiations with creditors.
Contentree JoongAng, listed on the stock exchange, suspended
trading from that day, The Chosun says. The group simultaneously
requested a property preservation order to prevent asset disposal
without court approval and a comprehensive injunction to halt
creditors' forced executions. The Seoul Rehabilitation Court
assigned the cases of the five affiliates to the court's
Rehabilitation Division 2 (Jeong Jun-young Chief Judge).
According to The Chosun, Hong Jeong-do, JoongAng Group's vice
chairman, held a press conference on the afternoon of the same day,
apologizing for the controversy and stating, "Despite efforts to
stabilize management, worsening external economic conditions,
credit rating downgrades, and funding difficulties left us with no
choice but to take this unavoidable step." He added, "Restoring
damages for stakeholders, including creditors and shareholders,
will be our top priority, and we will do our utmost until the
end."
Earlier, JTBC declared a default on June 12 after failing to repay
KRW2.06 billion in short-term borrowings. The company attributed
this to a rapidly changing media environment centered on digital
and OTT (online video service) platforms, as well as a significant
contraction in the TV advertising market. According to financial
sources, JTBC's borrowings exceeded KRW400 billion (as of end of
March, consolidated basis), and other affiliates also faced
financial strain from supporting JTBC and related entities.
[] SOUTH KOREA: Charges 23 Linked to US$11MM Cambodian Crypto Scam
------------------------------------------------------------------
Decrypt.com reports that South Korean police have rounded up dozens
of people accused of laundering money for a Cambodia-based phishing
operation through crypto, as a Chainalysis expert warns that the
scam-compound ecosystem in Southeast Asia remains a "persistent
concern" despite years of enforcement against criminal networks.
The Seoul Metropolitan Police Agency's crime investigation division
said that it had referred 23 suspects on charges including breaches
of the Foreign Exchange Transactions Act and the Specific Financial
Information Act, detaining two figures identified only as A and B,
Decrypt.com relates citing a local media report.
According to Decrypt.com, the sweep netted 33 additional suspects
accused of illegally exchanging $4.1 million in crypto, while the
alleged ringleader, identified only as C, remains at large and is
now the subject of an Interpol Red Notice.
Investigators also locked down roughly $431,000 in proceeds through
pre-indictment confiscation.
Acting on C's orders, the group moved about $11.1 million between
February 2024 and April 2025 by buying the USDT stablecoin,
bouncing it between domestic and overseas exchanges, then cashing
out into foreign currency or won for a fee, police said,
Decrypt.com relays.
A review of more than 11,300 linked accounts surfaced 265 instances
of phishing harm, spanning voice phishing and investment fraud,
worth $17 million.
Police urged ordinary users to tread carefully, warning that
"acting as an agent for another person's virtual asset trading or
exchanging virtual assets for Korean Won can also be subject to
punishment."
Xue Yin Peh, head of investigative strategy and collections for
APAC at Chainalysis, told Decrypt that international scrutiny has
produced tangible results against the "persistent problem"
surrounding scam compounds and their associated illicit networks.
She pointed to record-breaking actions that happened last year,
including UK authorities' recovery of 61,000 in Bitcoin and a $15
billion forfeiture tied to the Prince Group, saying the cases
represent "a meaningful shift toward dismantling the global
financial infrastructure that supports crypto fraud."
Meanwhile, Peh said the transnational criminal networks "have
demonstrated significant flexibility and resilience," relocating
within and beyond Southeast Asia and rewiring their models as
scrutiny tightens, Decrypt.com adds.
*********
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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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