260721.mbx

260721.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 21, 2026, Vol. 29, No. 144 Headlines A U S T R A L I A AUSTRALIAN EXPEDITION: First Creditors' Meeting Set for July 24 CORPORATE TRAVEL: Management Admits Underpaying Staff AUD2.4MM HONEY BUCKET: First Creditors' Meeting Set for July 23 HUDSON GLOBAL: Set to Exit Administration Under New Ownership ONYX DEVELOPMENTS: First Creditors' Meeting Set for July 22 PCT PLUMBING: First Creditors' Meeting Set for July 23 PILOT ENERGY: First Creditors' Meeting Set for July 23 C H I N A CHINA VANKE: Ma Xingrui Probe Uncovers Property Syndicate FINGERMOTION INC: Q1 Revenue Plunges 92%, Going Concern Persists I N D I A ARUPADAI ARULMURUGAN: CARE Keeps B- Debt Rating in Not Cooperating CABS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category COGENT STEEL: CARE Keeps B- Debt Rating in Not Cooperating COSMO GRANITES: CARE Keeps B- Debt Rating in Not Cooperating DATTAR CERAMIC: Liquidation Process Case Summary DAVANI SILKS: Liquidation Process Case Summary DEOGHAR INDUSTRIES: CARE Lowers Rating on INR31.74cr Loan to B DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating DIRGH DIAMOND: Liquidation Process Case Summary DOLPHIN TERRA: CARE Keeps D Debt Rating in Not Cooperating G.S. CONSTRO: Liquidation Process Case Summary GIGS MEDIA: Liquidation Process Case Summary GOETC PRIVATE: Liquidation Process Case Summary IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category J.R. AGROTECH: Liquidation Process Case Summary JSK MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating KALKA HOME: NCLT Orders Fresh Process in Case, Kumar Named as IRP KIXX MEDIA: Liquidation Process Case Summary KKSPUN INDIA: NCLAT Upholds Insolvency Proceedings vs Company KMS MONDIALLE: Insolvency Resolution Process Case Summary MIDAS PETROCHEM: Liquidation Process Case Summary MONTECARLO LIMITED: Insolvency Resolution Process Case Summary NRI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating PIBCO ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating ROHTAS BIO: Liquidation Process Case Summary S P COAL: Insolvency Resolution Process Case Summary SANT KRIPA: Liquidation Process Case Summary SENTHUR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating SPD COLD: ICRA Lowers Rating on INR25cr LT Cash Credit to D SPD COLD: Liquidation Process Case Summary SSK INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating SSK RETAILS: CARE Keeps D Debt Rating in Not Cooperating Category SUNRISE PROPERTIES: Liquidation Process Case Summary SYSKA LED: CARE Keeps D Debt Ratings in Not Cooperating Category TERRACIS TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating TRIMURTI REROLLERS: CARE Keeps B- Debt Rating in Not Cooperating USHA INDIA: Liquidation Process Case Summary VICHARE EXPRESS: Liquidation Process Case Summary VIRATRA EXPORT: Liquidation Process Case Summary VMN STONES: Insolvency Resolution Process Case Summary WIN HIDE: Liquidation Process Case Summary WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating I N D O N E S I A EFISHERY: Malaysia Probes State Pension's Loss Linked to Collapse M A L A Y S I A FASHION VALET: Banker Confirms MYR8MM Went Into 30 Maple's Account N E W Z E A L A N D BIG MOBILE: Creditors' Proofs of Debt Due on Aug. 10 CREATIVE NEW ZEALAND: To Reduce Workforce by About 33% KAIMAI KAURI: Court to Hear Wind-Up Petition on Aug. 17 NZ ARTISAN: Creditors' Proofs of Debt Due on Aug. 25 TITIKO LIMITED: Court to Hear Wind-Up Petition on Aug. 17 ZEALAND TATTOO: Creditors' Proofs of Debt Due on Aug. 14 S I N G A P O R E 3 M FURNISHING: Court to Hear Wind-Up Petition on July 31 EDGEN MURRAY: Creditors' Proofs of Debt Due on Aug. 3 KL INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 13 LIBERTY INDUSTRIES: Court Enters Wind-Up Order METALOGY PTE: Court to Hear Wind-Up Petition on July 31 S O U T H K O R E A HOMEPLUS CO: Appeals Court's Rehabilitation Termination - - - - - ================= A U S T R A L I A ================= AUSTRALIAN EXPEDITION: First Creditors' Meeting Set for July 24 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Expedition Vehicles Pty Ltd (trading as 'AEP Automotive' & 'AEP Engineering') will be held on July 24, 2026, at 10:00 a.m. via Microsoft Teams platform. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on July 14, 2026. CORPORATE TRAVEL: Management Admits Underpaying Staff AUD2.4MM -------------------------------------------------------------- The Australian Financial Review reports that Corporate Travel Management has apologised after admitting it underpaid its staff in Australia and New Zealand, as the embattled travel agent remains locked in talks over a deal to repay ripped-off customers. A spokesman for Corporate Travel said the company found it owed AUD2.39 million and "payment arrangements have been made accordingly, including superannuation and interest where applicable," the Financial Review relates. According to the Financial Review, the underpayments come on top of mounting woes for Corporate Travel, which is trying to convince its biggest customer in Britain, the UK government, to accept a repayment plan that will allow it to remain solvent. Corporate Travel shares have not traded since August, when it went into a trading halt, claiming its auditors had identified non-cash reporting issues that would require a restatement of its historical and FY25 accounts. But since then, it has emerged that Corporate Travel overcharged the British government and other UK clients GBP128 million (AUD247 million), the Financial Review notes. When chairman Ewen Crouch, chief executive Ana Pederson and chief financial officer James Spence fronted investors to deliver the findings of a forensic audit from KPMG in April, they would not confirm whether the company had identified wrongdoings in other markets or whether clients would need to be refunded in Australia. But in an update last month, Corporate Travel admitted it would also have to rebate AUD10 million to AUD15 million in Australia and New Zealand. It refused to give more details on what these rebates were for, but a spokesman confirmed the AUD2.39 million in underpayments were not associated with the rebate issue, according to the Financial Review. The Financial Review says Corporate Travel engaged an independent external adviser to validate the review and remediation undertaken, covering the period from 2019 to 2026. "Corporate Travel Management identified a historical payroll issue relating to the interpretation and application of certain provisions under the Clerks Private Sector Award 2020 within its ANZ payroll processes," it said. "The company subsequently conducted a review of its payroll practices, identified the employees affected and rectified the underpayments identified through that process." As previously reported by The Australian Financial Review, Deloitte is expected to sign off on a highly qualified audit that will open the door for Corporate Travel to resume trading by the end of August. It is also in talks with sub-debt lenders to backstop its outgoing payments. Corporate Travel Management Limited (ASX:CTD) -- https://au.travelctm.com/ -- a travel management solutions company, manages the procurement and delivery of travel services in Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travels, meetings and event travel management, resources travel, sports travel, leisure travel, loyalty travel, and wholesale travel services, as well as accommodation agency services. HONEY BUCKET: First Creditors' Meeting Set for July 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Honey Bucket Pty Ltd IIOC & ATF BMW Family Trust will be held on July 23, 2026, at 10:30 a.m. via electronic means. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on July 14, 2026. HUDSON GLOBAL: Set to Exit Administration Under New Ownership ------------------------------------------------------------- The Australian Financial Review's Street Talk reports that debt-laden public sector recruiter Hudson Global looks set to emerge from voluntary administration with a new owner, turning over management of an operation that supplies hundreds of temporary workers to state and federal government departments to an ASX-listed player. Street Talk understands AUD40 million market cap technology and recruitment consulting firm HiTech Group Australia is in the final stages of negotiations to acquire Hudson Global Resources (Aust) Pty Ltd. If finalised, this will end a three-month sale and administration process overseen by WLP Restructuring and corporate advisory firm TIP Group, Street Talk says. About Hudson Global Hudson Global Resources Pty. Ltd. provides employment services. The Company offers permanent, contract and temporary recruitment, and payroll services. Hudson Global Resources operates globally. Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP Restructuring were appointed as administrators of Hudson Global Resources on April 22, 2026. In May 2026, the administrators reported that the company has total liabilities of approximately AUD48 million, including AUD12.5 million owed to secured creditors, AUD5.2 million in unpaid superannuation contributions, AUD2.3 million in other employee entitlements, and AUD27.6 million owed to 19 unsecured creditors, including approximately AUD19 million payable to the ATO. The administrators also advised that a draft Deed of Company Arrangement (DOCA) has been proposed by a consortium comprising Hudson's management and directors, with the aim of recapitalising the business. ONYX DEVELOPMENTS: First Creditors' Meeting Set for July 22 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Onyx Developments Pty. Ltd. (trading as Australasia International School) will be held on July 22, 2026, at 10:00 a.m. at the offices of Hall Chadwick, at Level 40, 2 Park Street, in Sydney, NSW and via virtual meeting technology. Alexander Man Chun Siu of Hall Chadwick was appointed as administrator of the company on July 13, 2026. PCT PLUMBING: First Creditors' Meeting Set for July 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of PCT Plumbing TAS Pty Ltd will be held on July 23, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic and Jessica Perri of Salea Advisory were appointed as administrators of the company on July 13, 2026. PILOT ENERGY: First Creditors' Meeting Set for July 23 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Pilot Energy Limited, Pilot Energy (CH CCUS) Pty Ltd and Royal Energy Pty Ltd will be held on July 23, 2026, at 9:30 a.m. via Microsoft Teams. Stephen Earel, Darryl Kirk and Jeremy Nipps of Cor Cordis were appointed as administrators of the company on July 13, 2026. ========= C H I N A ========= CHINA VANKE: Ma Xingrui Probe Uncovers Property Syndicate --------------------------------------------------------- A Caixin investigation into the downfall of Politburo member Ma Xingrui has uncovered a sprawling political-business syndicate that extracted billions of yuan from real estate deals and dumped toxic assets onto property giant China Vanke Co. Ltd, Caixin Global reports. According to Caixin, the Communist Party announced on July 14 that its Politburo decided to expel Ma, 66, from the party and public office over pervasive "family corruption." Caixin relates that the former Xinjiang party chief and Guangdong governor is accused of allowing relatives to exploit his influence for massive financial gain, while abusing his power to secure benefits for others in business operations and project contracting. About China Vanke 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. FINGERMOTION INC: Q1 Revenue Plunges 92%, Going Concern Persists ---------------------------------------------------------------- FingerMotion, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $2,009,784 for the three months ended May 31, 2026, compared to a net loss of $2,022,761 for the same period in the prior year. Revenue for the three months ended May 31, 2026, fell to $650,089 from $8,458,743 in the prior-year period. Going Concern The Company had an accumulated deficit of $43,185,481 and $41,185,154 as at May 31, 2026, and Feb. 28, 2026, respectively. The Company's continuation as a going concern is dependent on its ability to obtain additional financing to fund operations, implement its business model, and ultimately attain profitable operations. The Company will need to secure additional funds through various means, including equity and debt financing or any similar financing. However, there can be no assurance that the Company will be able to obtain additional equity or debt financing, if and when needed, on terms acceptable to the Company, or at all. Any additional equity or debt financing may involve substantial dilution to the Company's stockholders, restrictive covenants, or high interest costs. The Company's long-term liquidity also depends upon its ability to generate revenues and achieve profitability. Liquidity and Capital Resources At May 31, 2026, the Company had cash and cash equivalents of $987,391, compared to cash and cash equivalents of $68,596 at Feb. 28, 2026. The increase in cash was primarily attributable to proceeds received from the issuance of the senior secured convertible note in May 2026, partially offset by cash used in operating activities during the period. Working capital decreased to $4,381,852 at May 31, 2026, from $6,093,153 at Feb. 28, 2026. The decrease was primarily due to continued operating cash requirements and changes in working capital balances during the period, including the use of cash to support operations and the settlement of certain obligations. The Company said its mobile payment business requires periodic fund deposits with telecommunication operators and platform partners to support transaction volumes. Liquidity constraints during the quarter affected the level of transaction activity the Company was able to support. Management continues to monitor cash flows, collection cycles, payment terms, and working capital allocation, while selectively deploying available capital based on liquidity, commercial demand, and expected returns. The Company added that its ability to support its operations and execute its business strategy will depend on a combination of operational cash flows, effective working capital management, and access to additional financing. There can be no assurance that additional financing will be available on acceptable terms or at all. Management Commentary "During the quarter, we were pleased to see improved profitability metrics despite a sharp decline in lower-margin transaction revenue," said CEO Martin Shen. "The Company's gross profit and gross margin both improved year over year, reflecting a more favorable revenue mix and better cost discipline. Our discipline was reflected in the balance sheet with positive working capital and shareholders' equity, which provides additional financial flexibility as management continues to execute on its platform strategy." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/5n6n4a68 About FingerMotion Inc. Singapore-based FingerMotion Inc. is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Feb. 28, 2026, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of May 31, 2026, the Company had $61,899,775 in total assets, $48,570,308 in total liabilities, and $13,329,467 in total stockholders' equity. ========= I N D I A ========= ARUPADAI ARULMURUGAN: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Arupadai Arulmurugan Spinners Private Limited (AASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.81 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 May 22, 2025, placed the rating(s) of AASPL under the 'issuer non-cooperating' category as AASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2026, April 17, 2026, April 27, 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 Arupadai Arulmurugan Spinners Private Limited (AASPL) was incorporated in the year 2006. The company is promoted by Mr. S. Suresh Kumar and their friends and relatives. The company is engaged in manufacturing of blended yarn comprising of viscose. It also manufactures viscose yarn based on customer needs. The company procures the raw material (viscose) from Grasim Industries Limited. The company sells its products i.e. viscose yarn to traders and manufacture of apparel. CABS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cabs India Tours and Travels Private Limited (CITTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.76 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 June 4, 2025, placed the rating(s) of CITTPL under the 'issuer non-cooperating' category as CITTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CITTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 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 Bengaluru (Karnataka) based Cabs India Tours and Travels Private Limited (CITTPL) was incorporated as a Private Limited Company by Mr. M.R. Balasubramanya in 2004. The company is engaged in the business of providing cab rental services majorly to corporates as well as hotels and individuals. The company has well reputed customer base like Cognizant, Asea Brown Boveri (ABB), TATA, Genpact, Thomas Cook, etc. It owns a fleet of 82 cars which consist of major brands like Toyota, Mercedes, Audi, Honda, BMW, Jaguar, etc along with 120 personal chauffers. COGENT STEEL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cogent Steel and Pipes Private Limited (CSPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.70 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 April 30, 2025, placed the rating(s) of CSPPL under the 'issuer non-cooperating' category as CSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 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 Cogent Steel and Pipes Private Limited (CSPPL) was incorporated during September 2015 to initiate an iron and steel products manufacturing business. After incorporation the company started to set up a manufacturing unit at Sundargarh, Odisha with an installed capacity of 28,800 MTPA and the same has completed during August 2017 with a project cost of INR12.95 crore. The commercial operation has started from September 2017. The day-to-day affairs of the company are looked after by Mr. Sanjay Kumar Bansal, Managing Director, along with other six directors and a team of experienced personnel. COSMO GRANITES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Cosmo Granites Private Limited (CGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.36 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 June 3, 2025, placed the rating(s) of CGPL under the 'issuer non-cooperating' category as CGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CGPL 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: Stable Cosmo Granites Private Limited (CGPL) was established in 1992 by Mr. D. Venkatesh, Mr. D.H. Sarath Kumar and Mr. D.N. Choudary. The company is engaged in trading of flooring materials viz. granites, marbles, wooden flooring, etc. Apart from trading, CGPL manufactures aluminium doors and windows. The company's clientele are located at Tamil Nadu, Andhra Pradesh and it also exports to Kenya and Sudan. CGPL imports 90% of marbles from Turkey and Italy and remaining flooring products are procured domestically. The company owns 2 showrooms along with stockyard of 16000 sq. meters at Karapakam and 12000 sq. meters at Sholinganallur, Chennai. DATTAR CERAMIC: Liquidation Process Case Summary ------------------------------------------------ Debtor: Dattar Ceramic Private Limited Vikas Cotton Ginning & Pressing, Near Marketing Yard, Opposite G.I.D.C., Surendranagar, Halvad, Gujarat, India - 363330 Liquidation Commencement Date: July 2, 2026 Court: National Company Law Tribunal, Ahmedabad Bench-I Liquidator: Rajesh Kumar Malani HG-1D, Wing-A, International Trade Centre, Ring Road, Majuragate Crossing, Surat, Gujarat - 395002 Email: carajeshmalani@gmail.com 601-B, International Trade Center, Majura Gate Crossing, Surat, Gujarat - 395002 Email: cirp.dattarceramic@gmail.com Last date for submission of claims: July 7, 2026 DAVANI SILKS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Davani Silks Private Limited VIII/260A, Amritha Tower, Velloor Kunnam Market Po, Near Velloor Kunnam Signal Junction, Ernakulam, Muvattupuzha, Kerala, India - 686673 Liquidation Commencement Date: June 30, 2026 Court: National Company Law Tribunal, Kochi Bench Liquidator: K.P. Dileep Veluthedath House, Ponnurunni, Vytilla, P.O. Kochi, 682019, Kerala Tel: 9947357200 Email: kpdileep57@gmail.com lbc.dawani@gmail.com Last date for submission of claims: July 30, 2026 DEOGHAR INDUSTRIES: CARE Lowers Rating on INR31.74cr Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Deoghar Industries Private Limited (DIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.74 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 3, 2025, placed the rating(s) of DIPL under the 'issuer non-cooperating' category as DIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIPL 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). The ratings assigned to the bank facilities of DIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Deoghar Industries Private Limited (DIPL) was incorporated on November 28, 2016 and promoted by Mr. Jay Shankar Kumar and Mr. Vikash Kumar. The company is into rice milling and processing business and it has started its commercial operation from November 2018. The rice milling and processing facility is located at Jamui, Bihar with an installed capacity of 69,120 tons per annum. The company procures its raw material i.e. paddy from local farmers and traders and sells its finished products through wholesalers and traders. DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dharwad Metallics Private Limited (DMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.30 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 21, 2025, placed the rating(s) of DMPL under the 'issuer non-cooperating' category as DMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2026, April 16, 2026, April 26, 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 Dharwad Metallics Private Limited (DMPL) was incorporated in the year 2011 by Ms. Ruchita Rajendra Patole, Mr. Belaval Subhash and Mrs. Roopadevi Basavaraddi Devaraddi. The company is engaged in manufacturing of SG Iron/ Cast Iron and does Casting of Metals include finished or semi-finished products. DIRGH DIAMOND: Liquidation Process Case Summary ----------------------------------------------- Debtor: Dirgh Diamond Private Limited HW-2092, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India Liquidation Commencement Date: June 10, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Atul Mehta 201-206, Shiv Smriti Chambers, 2nd Floor, 49A, Dr. Annie Besant Road, Above Corporation Bank, Worli, Mumbai, Mumbai City, Maharashtra, 400018 Email: csatumehta@gmail.com liq.dirghdiamond.gmail.comm Last date for submission of claims: June 24, 2026 DOLPHIN TERRA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dolphin Terra Firma Private Limited (DTFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.90 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 26, 2025, placed the rating(s) of DTFPL under the 'issuer non-cooperating' category as DTFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DTFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 11, 2026, April 21, 2026, May 01, 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 Dolphin Terra Firma Private Limited (DTFPL) was incorporated as a private limited company in February 2011 and is currently being managed by Mr. Neeraj Soni and Mr. Nitigya Soni. DTFPL is incorporated with an aim to set up a holiday resort located at Nahan, Himachal Pradesh. G.S. CONSTRO: Liquidation Process Case Summary ---------------------------------------------- Debtor: G.S. Constro & Infra Private Limited Office No. 301, 3rd Floor, Divine Tej, Opposite Kilbil School, Thatte Marg, College Road, Nashik, Maharashtra - 422005 Liquidation Commencement Date: May 12, 2026 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Ashok Mittal S-138, B Wing, Express Zone Mall, Western Express Highway, Goregaon East, Mumbai Suburban, Mharashtra - 400063 Email: ashokmittal2020@gmail.com liq.gsconstro@gmail.com Last date for submission of claims: June 11, 2026 GIGS MEDIA: Liquidation Process Case Summary -------------------------------------------- Debtor: Gigs Media Private Limited Building No. II, 4th Floor, Spectrum Tower, Off Link Road, Mind Space, Malad West, Mumbai, Maharashtra, India - 400064 Liquidation Commencement Date: June 15, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Kunal Jayant Waje Plot No. 26, Snehal Bunglow, Gokulwadi, Shrirang Nagar, Gangapur Road, Nashik, Maharashtra, India - 422013 Tel: +91 98908 62544 Email: ipkunalwaje@gmail.com gigsliquidation@gmail.com Last date for submission of claims: June 29, 2026 GOETC PRIVATE: Liquidation Process Case Summary ----------------------------------------------- Debtor: GOETC Private Limited Plot No. 30 & 31, Amrita Sai 1st Main Road, Ankappa Reddy Layout, Kaggadsapura, Bangalore - 560093, Karnataka Liquidation Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Haralahalli Shekarappa Chandrasekar 31-2, 1st Floor, MCC Apartments, 1st Main, Manivilas Garden, Basaveshwaranagar, Near Veerabadreshwar Theatre, Back to BBMP Ward, No. 102, Bangalore, Karnataka, 560079 Email: auditor@cachandru.com Last date for submission of claims: July 30, 2026 IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Non-Convertible Debenture of IL&FS Wind Energy Limited (IWEL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Bonds/NCD/LTD 200.00 [ICRA]D; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding IL&FS Wind Energy Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of noncooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with IL&FS Wind Energy Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. IWEL is a 100% subsidiary of IEDCL. It owned 51% controlling stake in seven operating wind SPVs namely Khandke Wind Energy Private Limited, Ratedi Wind Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd., Lalpur Wind Energy Pvt. Ltd., Wind Urja India Private Limited, Etesian Urja Limited and Kaze Energy Limited. The remaining 49% stake in operating wind SPVs was held by Orix Corporation, Japan. On October 15,2020, Orix Corporation, acquired the entire 100% stake in these 7 entities. J.R. AGROTECH: Liquidation Process Case Summary ----------------------------------------------- Debtor: J.R. Agrotech Private Limited Village Awankha, Dinanagar District, Gurdaspur, Punjab Liquidation Commencement Date: June 5, 2026 Court: National Company Law Tribunal, Chandigarh Bench-I Liquidator: Gurdev Bassi SCO 80-81, 2nd Floor, Sector 17-C, Chandigarh, 160017 Email: ipgurdevbassi@gmail.com D-253, 7th Floor, Phase - 8A, Sector - 75, Industrial Area, Mohali, 160055, Punjab Email: ip.jragro@gmail.com Last date for submission of claims: June 10, 2026 JSK MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of JSK Marketing Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- (29.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable- Rating Continues to remain under Others the 'Issuer Not Cooperating' category Long-term- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Jsk Marketing Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jsk Marketing Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jsk Marketing Limited (JSK) was incorporated in the year 1985 under the name Kwik Appliances Pvt. Ltd. It was later renamed to JSK Marketing Private Limited in the year 2006, and to JSK Marketing Limited in year 2017.Operations commenced under JSK from the year 2007 when the distribution activities being carried out by group Company, Associated Electrical Agencies, were transferred to the company. JSK is part of the Jiwarajka Group of Companies which was started in 1949 by Mr. S R Jiwarajka as a trading company for radios. The Group is currently involved in varied businesses in consumer electronics, infrastructure, retail, renewable energy, telecom, fast moving consumer goods (FMCG) etc. KALKA HOME: NCLT Orders Fresh Process in Case, Kumar Named as IRP ----------------------------------------------------------------- The Honorable National Company Law Tribunal, New Delhi Bench-II, has, vide Order dated July 3, 2026 passed in Company Petition (IB) No. 496/ND/2023 titled DCB Bank Limited v. Kalka Home Developers Private Limited appointed Mr. Vikram Kumar as the Interim Resolution Professional and directed issuance of a fresh Public Announcement inviting claims from all allottees and other creditors in respect of Kalka Home Developers Private Limited. The creditors of Kalka Home Developers were called upon to submit their claims with proof by July 18, 2026 to the interim resolution professional. The NCLT previously ordered the commencement of a corporate insolvency resolution process of Kalka Home on January 23, 2024. With the directive of a fresh process in the case, the estimated date of closure of the insolvency resolution process is now November 30, 2026. Mr. Vikram Kumar can be reached at: Incorp Restructuring Services LLP D-46, Hauz Khas Enclave, Lower Ground Floor, New Delhi - 110016 Email: vikramau@gmail.com cirp.khdpl@gmail.com The classes of creditors in the case are Allottees under Real Estate Project. Authorized Representatives of creditors in a class are: 1. Ashok Kumar Gupta 2. Pankaj Mehta 3. Pawan Kumar Goyal KIXX MEDIA: Liquidation Process Case Summary -------------------------------------------- Debtor: Kixx Media Private Limited Plot No. 41A, 3rd Floor, Khasra No. 159, Village Rajpur Khurd Extension, South Delhi, New Delhi - 110074 Liquidation Commencement Date: June 3, 2026 Court: National Company Law Tribunal, New Delhi Bench-VI Liquidator: Sunil Kumar D-740, Type-III, Mandir Marg, Opposite EOW Office, New Delhi - 110001 Email: sunilcs9@gmail.com cirp.kixxmedia@gmail.com Last date for submission of claims: June 8, 2026 KKSPUN INDIA: NCLAT Upholds Insolvency Proceedings vs Company ------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has given a go-ahead to the ongoing insolvency proceedings against KKSPUN India. According to ET, the appellate tribunal NCLAT upheld the earlier order of the Delhi bench of NCLT, which had only on July 11, 2025, directed the initiation of insolvency proceedings after finding a default repayment of financial debt. The National Company Law Tribunal (NCLT) order had come over a plea moved by Yes Bank, claiming a default of INR60.94 crore. Besides, SBI also claimed a default of INR190 crore. ET relates that the NCLT order was challenged before the appellate tribunal NCLAT by Kavish Gupta, a director of the suspended board of KKSPUN India, by filing an appeal along with four other connected appeals. Gupta had contended that NCLT had closed its right to argue and the matter was reserved for orders on April 2, 2025, without effective hearing, even as a Scheme of Compromise and Arrangement under Sections 230-232 of the Companies Act, 2013 and One-Time Settlement (OTS) negotiations with a consortium of lenders were underway. It was contended that the banks suppressed material facts about the ongoing settlement talks while the foundational orders were passed. However, NCLAT rejected it and said there was no denial of natural justice against it, ET relays. KKSPUN India manufactures and supplies precast concrete solutions and telecom products. KMS MONDIALLE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: KMS Mondialle Private Limited Office No. 705 to 709, 7th Floor, A Wing, Mahavir Icon, Sector-15, CBD Belapur, Thane, Navi Mumbai, Maharashtra, India, 400614 Insolvency Commencement Date: July 3, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 30, 2026 Insolvency professional: Rajeev Mannadiar Interim Resolution Professional: Rajeev Mannadiar 401, Darshan CHS, Raghunath Dadaji Street, Fort, Mumbai, 400001 Email: rajeev@integroip.com kmsmonpl.cirp@outlook.com Last date for submission of claims: July 21, 2026 MIDAS PETROCHEM: Liquidation Process Case Summary ------------------------------------------------- Debtor: Midas Petrochem Private Limited Office No. 109, Avon Arcade Dasharatlal Joshi Road Vile Parle West, Mumbai Maharashtra, India - 400057 Liquidation Commencement Date: June 24, 2026 Court: National Company Law Tribunal, Mumbai Bench-III Liquidator: Shreyansh Jain A-7, 1st Floor, Jodhpur Tower, Dharmnarayan Ji Ka Hatta, Paota, Opposite Hotel Mapple Abhay, Jodhpur, Rajasthan, 342008 Email: shreyansh.jain@mail.ca.in Finvin Turnaround and Restructuring Private Limited 605, 6th Floor, Sunteck Crest, Mukund Nagar Road, Andheri East, Mumbai, Maharashtra - 400059 Email: cirp.midaspetrochem@gmail.com Last date for submission of claims: July 8, 2026 MONTECARLO LIMITED: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Montecarlo Limited Montecarlo House, Sindhu Bhavan Road, Bodakdev, Ahmedabad, Gujarat, India, 380058 Insolvency Commencement Date: July 6, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: January 1, 2027 Insolvency professional: Shah Sanjay Jitendralal Interim Resolution Professional: Shah Sanjay Jitendralal 501-502, Abhijit-1, Mithakhali Six Road, Opposite Bhuj Mercantile Bank, Navrangpura, Ahmedabad - 380009 Email: sshahfca.ss@gmail.com cirp.montecarlo@gmail.com Last date for submission of claims: July 21, 2026 NRI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of NRI Agritech Private Limited (NAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 19, 2025, placed the rating(s) of NAPL under the 'issuer non-cooperating' category as NAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 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 Andhra Pradesh based, NRI Agritech Private Limited (NAPL) is a Private Limited Company which was incorporated by Mr. A. Rajendra Prasad and Mr. K. B. Nagendra Prasad in the year 2008. The company is engaged in processing and marketing of seeds (Pulses, Maize, Paddy and Chilly). Currently the business operations are managed by Mr. A. Rajendra Prasad (Managing Director) and Mrs. A. Madhavi (Director). The company has its own R&D Department which produces basic seeds. The production department purchases seeds from farmers and processes the seeds. After processing, the company does labelling and packing. The company markets the products in the name 'NRI Seeds' to the dealers located in Andhra Pradesh and Telangana. PIBCO ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pibco Enterprises Private Limited (PEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.49 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 20, 2025, placed the rating(s) of PEPL under the 'issuer non-cooperating' category as PEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 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 Guwahati, Assam based Pibco Enterprises Private Limited was established in year 2003 with its registered office located at GS Road, Christian Bosti, Guwahati. The company is promoted by Mr. Khokon Ghosh, Mrs. Shahnaz Majid and Mr. Iltaf Hussain Hazarika. Initially, the company was established as a partnership firm in the year 1997 under the name "Pibco Enterprises" the company converted into Private Limited Company from the year 2003. The entity started its operation from 1988 and managed by two partners namely Mr. Jitendra Kumar Gupta and Mr. Nanda Kishore Gupta. Currently, the entity is authorized dealer of Hero MotoCorp Limited and Force Motors Limited. The company is operating through two showrooms each for Hero Motocorp Limited and Force Motors Limited providing sales, services and spare parts (3S Model) along with one workshop for Hero Motocorp Limited and two workshops of Force Motors Limited. Currently, the company has 14 sub-dealers spread across Guwahati, Assam for two wheelers sales. RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RCL Paper and Packagings Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.28 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.75 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 21, 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 April 6, 2026, April 16, 2026, April 26, 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 RCL Paper and Packaging Limited (RPPL) formerly known as RCL Technologies Limited was incorporated in 1993 as Reddy Computers Limited and subsequently its name was to RCL Technologies Limited in the year 2000. Further, On November 5, 2014, the name was changed to RCL Paper and Packaging Limited. The company is engaged in the business of digital printing of letter heads, bus tickets, account books, pin mailers and other printed documents. Initially, RPPL used to outsource the printing works, after receiving order from its clients, to various third parties, on a job-work basis till 2011. However, they have started own printing unit in 2011. The company has its servicing facility located at Sanathnagar, Hyderabad with an installed capacity of 2,000 metric tonnes of paper per annum. RPPL has around 170 customers across Andhra Pradesh and Telangana states including reputed clients like banks, A.P.S.R.T.C, Karvy Consultants, etc. The major raw materials of the company include paper, printing ink and other printing materials which are procured from domestic suppliers. RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Reliance Communications Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Paper 2,000.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 8,658.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 6,582.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Non-convertible 5,000.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture (NCD) Rating continues to remain under Programme 'Issuer Not Cooperating' Category Short-term- 3,365.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 12,876.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits 'Issuer Not Cooperating' Category Short Term- 3,949.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Reliance Communications Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Reliance Communications Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The company had been operating as an integrated telecommunications service provider, however on January 31, 2018, it shut down its wireless retail operations. Now its continuing operations comprise Business to Business (B2B) focused businesses, including Indian and Global Enterprise, Internet Data Centres, and private submarine cable network. However, currently the company is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Interim Resolution Professional, Mr. Pardeep Kumar Sethi appointed by Hon'ble National Company Law Tribunal, Mumbai Bench, Mumbai, vide order dated 18th May 2018. RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of RELIANCE INFRATEL LIMITED in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial 1,000.00 [ICRA]D; ISSUER NOT COOPERATING; Paper/STD Rating continues to remain under 'Issuer Not Cooperating' Category Long-term- 475.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 195.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 50.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 1,796.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding RELIANCE INFRATEL LIMITED's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with RELIANCE INFRATEL LIMITED, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. RITL is a part of the RCom group and RCom (holding company for group telecom operations) has around 95% stake in RITL through its wholly owned subsidiary - Reliance Communications Infrastructure Limited and other trusts and holding companies. RITL provided passive telecom infrastructure services to RCom, RTL and other telecom operators. RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Reliance Telecom Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial 500.00 [ICRA]D; ISSUER NOT COOPERATING; Paper/STD Rating continues to remain under 'Issuer Not Cooperating' Category Long-term- 685.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 784.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term- 127.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Reliance Telecom Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Reliance Telecom Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Reliance Telecom Limited (RTL) is a RCom group company and used to provide global system for mobile communications (GSM) based services in eight telecom circles, namely Madhya Pradesh, Bihar, Orissa, West Bengal, Assam, Northeast, Himachal Pradesh, and Kolkata. ROHTAS BIO: Liquidation Process Case Summary -------------------------------------------- Debtor: Rohtas Bio Energy Limited The IL & FS Financial Centre, Plot No. C-22 Block, Bandra-Kurla Complex, Bandra East, Mumbai 400051, Maharashtra Liquidation Commencement Date: June 8, 2026 Court: National Company Law Tribunal, Mumbai Bench,I Liquidator: Kamal Kumar Jadwani Office 10, Centre Point, 1st Floor, World Trade Centre, Centre-1 Building, Cuffe Parade, Mumbai, Maharashtra - 400005 Email: kamaljadwani@gmail.com cirp.rbel@gmail.com Last date for submission of claims: July 4, 2026 S P COAL: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: S P Coal Resources Private Limited Old No. 57A, L Block, Door No: 2A, 27th Cross Street, Anna Nagar East, Chennai, Tamil Nadu, India - 600102 Insolvency Commencement Date: June 19, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: December 16, 2026 Insolvency professional: Chitra Perinkulum Ragavan Interim Resolution Professional: Chitra Perinkulum Ragavan Old No. 16, New No. 7, Appadurai Street, Seethamma Colony, Teynampet, Chennai - 600018 Email: chitraprc@yahoo.com spcolirp@gmail.com Last date for submission of claims: July 14, 2026 SANT KRIPA: Liquidation Process Case Summary -------------------------------------------- Debtor: Shree Sant Kripa Appliances Private Limited SYSKA House, Office No. S-5, 5th Floor, S. No. 2, Sakorenagar, New Airport Road, Near Anand Residency, Pune, Maharashtra, India, 411014 Liquidation Commencement Date: June 3, 2026 Court: National Company Law Tribunal, Mumbai Bench-I Liquidator: Dipti Narayan Mundra, DBS House, 31, Floor-G-2, Plot-31, Marzban Road, Bombay Gymkhana, Fort, Mumbai City, Maharashtra - 400001 Email: ip.dipti@gmail.com sskapl.cirp@gmail.com Last date for submission of claims: June 30, 2026 SENTHUR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Senthur Textiles Private Limited (STPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 7.73 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 May 22, 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 April 7, 2026, April 17, 2026, April 27, 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 Senthur Textiles Private Limited (STPL) was incorporated in the year 1994, promoted by Mr. P. J. Ramkumar Rajha. STPL is completely owned and managed by the family members and is engaged in the cotton yarn manufacturing. The firm procures raw cotton from traders in Andhra Pradesh, Telangana, Karnataka, Maharashtra and Gujarat and sells cotton yarn through agents in the form of cones to textile companies in Erode, which is a cluster of textile business with huge demand for cotton yarn. The manufacturing unit is located at Rajapalyam, Tamil Nadu. Mr. P.R. Jagadeesh Chandar (S/o Mr. Ramkumar Rajha) has joined the business in FY15 after completing his MBA in Human Resource and industry experience of 1 ½ years in a Human Resource Management company in Bangalore. The day to day operations are managed by Mr. P. J. Ramkumar Rajha, Managing Director (who has got wide experience of more than two decades in the business of yarn production) along with Mr. P.R. Jagadeesh Chandar. SPD COLD: ICRA Lowers Rating on INR25cr LT Cash Credit to D ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of SPD Cold Storage LLP, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]D; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]C; ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale Material Event The rating downgrade reflects public announcement for liquidation as mentioned in publicly available sources. Impact of Material Event The rating is based on limited information on the entity's performance since the time it was last rated in September 2025. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SPD Cold Storage LLP, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Group is entirely run by the close-knit Shah family based out of Pune, Maharashtra. The Shah family Group trades in fast moving consumer goods (FMCG) products like farchan, agarbatti (incense sticks), Society Tea, khari, etc., distribution of dairy products for the companies like Warana Dairy, Amul, Gowardhan, Nutralite, Microlite, trading of frozen food products like green peas and strawberry, distribution of FMCG products like cosmetics, detergents and food products for Hindustan Unilever Ltd, cold storage services ranging from automated blast freezing and sortation, packaging, chilled and frozen storage, crossdock order picking, valueadded logistic services, consolidation and import/export management programmes and partnerdedicated tailored facilities. The proprietor of the Group, Mr. Rajendra Shah along with Mr. Ashok Popatlal Shah, started the business of mix - farchan, agarbatti, Society Tea, khari, Vadilal Ice-Cream one by one in Pimpri Chinchwad and Pune, and then started the distribution of dairy products for companies Warana Dairy, Amul, Gowardhan, Nutralite, Microlite for products such as ghee, cheese, butter, cheese spread, shrikhand, milk powder, chocolate, dahi, unsalted butter. The Group also has a trading business of frozen green peas and strawberry. It also has distribution for Hindustan Unilever Ltd. in cosmetics, detergent and food products. Moreover, the Group offers skimmed milk powder, buffalo skimmed milk powder and buffalo yellow butter. The firm operates cold storage in Kolhapur on a rental basis with total capacity in the range of 10000-12000 MT. The firm is also investing currently on the capex and is constructing its owned cold storage in Kolhapur, Maharashtra and is expected to start operating from FY2023 onwards. SPD COLD: Liquidation Process Case Summary ------------------------------------------ Debtor: SPD Cold Storage LLP New Plot No. 305, Gate No. 2, E Ward, Gadi Adda Shahu Market Yard, Kolhapur, Maharashtra, India - 416005 Liquidation Commencement Date: June 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Solvenza Advisory LLP Office No. 1, 1st Floor, Gami Terra, Plot 45-51, Sector - 6, Sanpada, Navi-Mumbai - 400705 Email: solvenza.ipe@gmail.com spdcoldstorage.cirp@gmail.com Last date for submission of claims: June 15, 2026 SSK INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SSK Infotech Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 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 13, 2025, 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 April 29, 2026, May 9, 2026, May 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). Analytical approach: Standalone revised from Combined Previously CareEdge Ratings had taken a combined view for the ratings assigned to SSK Infotech Pvt Ltd (SIPL) with its group companies viz. SSK Retail Pvt Ltd (SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), Shree Sant Kripa Appliances Pvt Ltd (SSKAPL), Bagh Bahar Appliances Pvt Ltd (BBAPL), and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have financial and operational linkages including intercompany transactions and financial support offered to each other along with corporate guarantees given for facilitating bank debt. However, updated information is not available to ascertain financial and operational linkages that warrant a continuation of combined approach. Outlook: Not Applicable SIPL provides electronic data services and solutions to telecom and MNCs; and printing and mailing activities such as printing of cheques and current/savings account statements, mainly for banks. It has four printing facilities based out of Pune, Mumbai, Gurgaon, and Hyderabad. SSK RETAILS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SSK Retails Private Limited (SRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 13, 2025, placed the rating(s) of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 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). Analytical approach: Standalone revised from Combined Previously CareEdge Ratings had taken a combined view for the ratings assigned to SSK Retail Pvt Ltd (SRPL) with its group companies viz. SYSKA Led Lights Pvt Ltd (SLLPL), Shree Sant Kripa Appliances Pvt Ltd (SSKAPL), Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have financial and operational linkages including intercompany transactions and financial support offered to each other along with corporate guarantees given for facilitating bank debt. However, updated information is not available to ascertain financial and operational linkages that warrant a continuation of combined approach. SRPL are dealers in a wide range of telecom devices/appliances, accessories and peripherals. SSKRPL operates 28 Samsung Smart Phone Cafes across India (in Maharashtra, MP, Gujarat and Goa). It also deals in Mobile Gadget Secure of SYSKA brand. SUNRISE PROPERTIES: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Sunrise Properties Private Limited Shop No. 155, Veena Mall, Kandivali East, Off Western Express Highway, Mumbai, Maharashtra, India - 400101 Liquidation Commencement Date: June 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Siddhant Agrawal Aegis Resolution Services Private Limited 106, 1st Floor, Kanakia, Atrium 2, Cross Road A Behind Courtyard Marriott, Chakala, Andheri East, Mumbai - 400093 Email: avil@caavil.com ip.siddhantagrawal@gmail.com irp.sppl@aegisipe.com Last date for submission of claims: July 15, 2026 SYSKA LED: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SYSKA Led Lights Private Limited (SLLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 98.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 52.00 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 13, 2025, placed the rating(s) of SLLPL under the 'issuer non-cooperating' category as SLLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 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). Analytical approach: Standalone revised from Combined Previously CareEdge Ratings had taken a combined view for the ratings assigned to SYSKA Led Lights Pvt Ltd (SLLPL) with its group companies viz. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL), Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd (SRPL), SSK Infotech Pvt Ltd (SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SSK Group', as they have financial and operational linkages including intercompany transactions and financial support offered to each other along with corporate guarantees given for facilitating bank debt. However, updated information is not available to ascertain financial and operational linkages that warrant a continuation of combined approach. Outlook: Not Applicable SSK group forayed into electrical fittings in FY14 through establishment of SLLPL. The company is in the business of importing, testing, and sale of LED technology, Solar PV solutions, Hi Tech Batteries System Integration, Solar based UPS & Inverters. It imports LED products from various companies in South Korea, assembles and sells under its brand name SYSKA. SLLPL does business in 18 states in India through 489 distributors and exclusive retail showrooms at 80 locations and is setting up operations in international markets as well. The imported components are assembled at Rabble factory in Maharashtra. TERRACIS TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Terracis Technologies Limited (TTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 166.55 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 22, 2025, placed the rating(s) of TTL under the 'issuer non-cooperating' category as TTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2026, April 17, 2026, April 27, 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: Consolidated The 'consolidated' approach is taken since TTL, and its subsidiaries are engaged in similar line of business. Outlook: Not Applicable Terracis Technologies Limited (TTL, formerly IL&FS Technologies Limited) is a part of IL&FS group. Incorporated in year 1993, TTL provides complete end-to-end technology solution offering consulting, software development, systems integration, data digitization, management service and solutions, performance tuning solutions and IT infrastructure management services to the global customers. Pursuant to National Company Law Tribunal's (NCLT's) in May 2024, Ecentric Digital Limited acquired Indian business of TTL. During last fiscal year, Terracis Technologies Limited changed its name to Terracis Digital Limited. TRIMURTI REROLLERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Trimurti RERollers Private Limited (TRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.60 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 20, 2025, placed the rating(s) of TRPL under the 'issuer non-cooperating' category as TRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 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 Trimurti Re-Rollers Private Limited (TRPL) was incorporated in July 2004 and it was jointly taken over by Kansan and Gupta family in December 2015. After take over by the current management, the company has modernized and expanded its infrastructure facilities and commenced commercial operations at its plant since July 2016. TRPL has been engaged in manufacturing of iron and steel products like hot rolled strips, shutter profiles, MS pipes and other allied products. The manufacturing facility of the company is located at Siltara Industrial Area, Raipur, Chhattisgarh with aggregate installed capacity of 15000 metric tonne per annum. USHA INDIA: Liquidation Process Case Summary -------------------------------------------- Debtor: Usha India Limited Village Gujartola, Amethi Road, Gauriganj, Raibareilly, Sultanpur, Uttar Pradesh, India - 228001 Liquidation Commencement Date: June 9, 2026 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Avneesh Srivastava Srivastava Avneesh & Co. 2/7, 2nd Floor, 14/123 A, Gopala Chambers, Parade, Kanpur, Uttar Pradesh - 208001 Email: caavneesh11@gmail.com cirp.usha@gmail.com Last date for submission of claims: July 6, 2026 VICHARE EXPRESS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Vichare Express & Logistics Private Limited 407-408 Kesar Plaza, A Wing, 4th Floor, Plot No. 239, Rdp-6, Charkop, Kandivali (West), Mumbai, Maharashtra, India - 400067 Liquidation Commencement Date: July 7, 2026 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Piyush Kisanlal Jani Om Ashray, New Laxminagar, Behind Mazar Ring Road, Gondia, Maharashtra - 441614 Email: capiyushj@gmail.com Plot No. 212, Pragati Colony, 2nd Floor, Ring Road, Chatrapati Square, Near Kalpavruksha Hospital, Nagpur, Maharashtra, 440015 Email: liq.vichare.express@gmail.com Last date for submission of claims: July 21, 2026 VIRATRA EXPORT: Liquidation Process Case Summary ------------------------------------------------ Debtor: Viratra Export Private Limited A-190, Saraswati Nagar, Basni, Jodhpur, Rajasthan - 342001 Liquidation Commencement Date: June 17, 2026 Court: National Company Law Tribunal, Jaipur Bench Liquidator: Ajay Kumar Atolia 889, Mahaveer Nagar First, Near Durgapura Railway Station, Tonk Road, Jaipur, Rajasthan - 302018 Email: ajay@srgoyal.com 109, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi - 110001 Email: ip.viratraexport@gmail.com VMN STONES: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: VMN Stones Private Limited Flat No. 13, Shree Apartments, Sector 4, Vidhyadhar Nagar, Jaipur, Rajasthan 302039 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Vikas Rajvanshi Interim Resolution Professional: Vikas Rajvanshi H-15, Chitranjan Marg, C-Scheme, Jaipur, Rajasthan - 302001 Email: vikasrajvanshi.jaipur@gmail.com cirpvmnstonesp@gmail.com Last date for submission of claims: July 15, 2026 WIN HIDE: Liquidation Process Case Summary ------------------------------------------ Debtor: Win Hide Private Limited 5/A2, Vanikar Street, Thiruvalam, Vellore, Walajapet, Tamil Nadu, India, 632515 Liquidation Commencement Date: June 1, 2026 Court: National Company Law Tribunal, Chennai Bench-I Liquidator: G.S. Sudhir 11 Subham, Jayalakshmi Street, Keelkattalai, Chennai, 600117 Email: sudhircaip@gmail.com 7th Floor, 7C & 7D, KRD Gee Gee Crystal, Dr. Radha Krishnan Salai, Mylapore, Chennai - 600004 Email: ibc.winhide@gmail.com Last date for submission of claims: June 9, 2026 WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Wires and Cables India in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Wires and Cables India's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Wires and Cables India, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Wires and Cables (India) (WAC) mainly trades in low-tension (LT) wires, high-tension (HT) wires and wire connectors. Promoted by Mr. Bhawarlal, WAC had started operations in 1989. It also has a retail shop in Chikpet area of Bangalore. It distributes HT wires of Universal Cables Limited to various projects of KPTCL, BESCOM, MESCOM, NHAI, and BDA etc. ================= I N D O N E S I A ================= EFISHERY: Malaysia Probes State Pension's Loss Linked to Collapse ----------------------------------------------------------------- Bloomberg News reports that Malaysia's anti-graft agency has opened an investigation into losses tied to state pension fund Kumpulan Wang Persaraan Diperbadankan's investment in failed Indonesian agritech startup eFishery. A team was formed on July 17 to "study and examine the issue thoroughly", said the Malaysian Anti-Corruption Commission's chief commissioner Abdul Halim Aman in a statement on July 18, Bloomberg relates. "The investigation will be conducted fairly, transparently and impartially based on existing legal provisions," he said. "The public is requested not to speculate on this investigation to avoid confusion and maintain the integrity of the investigation process." According to Bloomberg, the probe is the latest development in the roughly US$300 million fraud that brought down one of South-east Asia's most celebrated startups. Indonesia sentenced eFishery founder Gibran Huzaifah to nine years in prison in April, about a year after he gave Bloomberg News a detailed account of how he falsified the company's accounts at a startup once valued north of US$1 billion. Kwap, as the pension fund is known, invested about MYR163.4 million (US$40 million) in eFishery, it said in a statement on July 18. That represented about 2.51 per cent of eFishery's shareholding, it added. "Kwap was a minority shareholder, while the majority of the company's shares were held by other investors, including major global institutional investors that were similarly affected by the misconduct," the pension fund, as cited by Bloomberg, said. "Kwap is also continuing to pursue all available avenues to maximise the recovery of its investment." According to Bloomberg, the collapse of eFishery dealt a blow to some of the world's highest-profile investors, including SoftBank and Temasek. The company, which deployed feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024, Bloomberg notes. Things began unravelling after a board investigation revealed that it may have inflated its revenue and profit over several years. The scandal triggered widespread scrutiny over regulatory oversight and due diligence standards in South-east Asia's venture capital markets. Kwap had more than MYR195 billion of funds under management as at the end of 2025, Bloomberg discloses. Bloomberg adds that the pension fund said it "has further strengthened its approach to private markets investing", citing measures including greater portfolio diversification and enhanced post-investment monitoring. About eFishery Indonesia-based eFishery is an aquaculture company that offers feeding solutions for fish and shrimp farming. As reported in the Troubled Company Reporter-Asia Pacific in early February 2025, eFishery on Feb. 4 announced that it has involved business consulting and management advisory FTI Consulting in the acting management of the company, with immediate effect. This comes amid allegations of systemic fraud within eFishery, following media reports that it purportedly inflated its September 2024 revenue by nearly US$600 million, Business Times said. Several employees under the workers' union staged a protest in late January to demand transparency and a thorough investigation. Efishery Pte. Ltd. commenced wind-up proceedings on Feb. 23, 2026. The company's liquidators are Matthew Stuart Becker, Lim Loo Khoon, and Tan Wei Cheong of Deloitte. =============== M A L A Y S I A =============== FASHION VALET: Banker Confirms MYR8MM Went Into 30 Maple's Account ------------------------------------------------------------------ The Edge Malaysia reports that a bank officer has confirmed that MYR8 million went to 30 Maple Sdn Bhd from FashionValet Sdn Bhd. The Edge relates that Azizan Hassan, 45, took the stand on July 20 as the trial of FashionValet co-founders Datuk Fadzarudin Shah Anuar and Datin Vivy Sofinas Yusof began before Kuala Lumpur Sessions Court judge Rosli Ahmad. According to The Edge, the husband and wife are on trial over allegations of criminal breach of trust (CBT) involving MYR8 million of funds from Khazanah Nasional Bhd and asset manager Permodalan Nasional Bhd (PNB). Azizan, who is a customer service manager with CIMB Bank Bhd's Taman Tun Dr Ismail (TTDI) branch, confirmed that 30 Maple opened a current account at the branch on June 11, 2018. The authorised signatories were Vivy Sofinas and Fadzarudin. In her nine-page witness statement, Azizan confirmed two transactions - of MYR5 million and MYR3 million - from FashionValet's Public Bank account to 30 Maple on Aug. 21, 2018. Azizan added that the transactions were described as FashionValet's advance to 30 Maple, The Edge relays. The Edge relates that the bank officer confirmed that based on 30 Maple's August 2018 bank statement, there was a balance of MYR2,678,853.48 in the account before the incoming funds. The bank officer also confirmed that there was a withdrawal amounting to MYR10,213,537.28 recorded on Sept. 3, 2018. She also confirmed that there was an incoming transfer MYR5 million on Sept. 3, 2018, and a withdrawal of MYR5 million on Sept. 4, 2018. Azizan also referred to 30 Maple's bank statement at the end of September 2018 to confirm these transactions. The husband and wife were charged in December 2024 - as agents entrusted with funds from Khazanah and PNB - for having committed CBT by transferring MYR8 million of investment funds, from FashionValet's account to 30 Maple's without the approval of the FashionValet board of directors, The Edge recalls. The offence was allegedly committed in August 2018. 30 Maple is the firm that operates the luxury headscarf brand Duck. The trial had to be cut short on July 20 as the duo's counsel lawyer M Athimulan was unwell. The case continues on July 27 with Azizan on the stand, adds The Edge. About FashionValet FashionValet was a Malaysian e-commerce platform that promoted local fashion through its digital marketplace. The Company offered ready-to-wear garments for women, shoes, accessories, and handbags. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 6, 2024, Bloomberg News said Malaysian prosecutors charged the founders of a local online fashion retailer over the alleged misuse of funds invested in their company by two government-linked firms. Local influencers Vivy Yusof and her husband, Fadzarudin Shah Anuar, the co-founders of FashionValet, were jointly charged with criminal breach of trust on Dec. 5, 2024. They pleaded not guilty. Sovereign wealth fund Khazanah Nasional and state-owned asset manager Permodalan Nasional Berhad (PNB) had lost a combined MYR43.9 million after pouring MYR47 million into FashionValet, Bloomberg noted. Prosecutors said that MYR8 million was paid from FashionValet's account to a firm known as 30 Maple without the approval of its board of directors in 2018. The state funds sold their minority stakes at the end of 2023. Both Vivy - who was chief executive officer of FashionValet - and her husband resigned from their positions in the company on Nov. 1 and apologised to their investors over the losses, Bloomberg said. The couple had shut FashionValet's e-commerce platform in 2022, before pivoting to focus on their in-house modest fashion brands. ===================== N E W Z E A L A N D ===================== BIG MOBILE: Creditors' Proofs of Debt Due on Aug. 10 ---------------------------------------------------- Creditors of Big Mobile Limited are required to file their proofs of debt by Aug. 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 9, 2026. The company's liquidator is: Victoria Toon, FCA (PP) Corporate Restructuring Limited, Chartered Accountants PO Box 10100 Dominion Road Auckland 1446 CREATIVE NEW ZEALAND: To Reduce Workforce by About 33% ------------------------------------------------------ Radio New Zealand reports that Creative New Zealand said it's cutting staff by about a third as it looks to implement a new operating model. RNZ relates that the arts funding agency has announced it will be reducing overall staff numbers from 84 to 55 roles. It said 13 of those roles were currently vacant, meaning 16 people could lose their jobs. Creative NZ is a Crown entity governed by the Arts Council, which "encourages, promotes and support New Zealand arts". Its staff are spread across three cities: Wellington, Auckland and Dunedin. According to RNZ, Arts Council chair Kent Gardner said the change in headcount was "not a reaction to short-term pressures" - which include required savings of NZD1.3 million over four years in Budget 2026. "Over the past two years, the Arts Council has deliberately reset Creative New Zealand for the future. We appointed a new Chief Executive, worked together to develop a new long-term strategy, and have now aligned the organisation's structure to deliver it," RNZ quotes Mr. Gardner as saying. RNZ relates that Creative NZ chief executive Gretchen La Roche said the arts and funding environment was dynamic, and continually evolving. "This review and change has been about ensuring we're organised and resourced to deliver on our strategic priorities, and effectively support artists, communities and the wider arts sector into the future. "Our focus is on supporting our people through the transition and ensuring our work with the artists, organisations and communities we serve is maintained, including retaining valuable experience, expertise and institutional knowledge," La Roche said. However, Public Service Association national secretary Fleur Fitzsimons labelled the move "cultural vandalism," RNZ relays. "These are experienced, essential specialists in New Zealand art, literature, dance and visual arts," she said. "This is cost-cutting dressed up as a new operating model because the government has failed to properly fund Creative New Zealand." KAIMAI KAURI: Court to Hear Wind-Up Petition on Aug. 17 ------------------------------------------------------- A petition to wind up the operations of Kaimai Kauri Limited will be heard before the High Court at Tauranga on Aug. 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton NZ ARTISAN: Creditors' Proofs of Debt Due on Aug. 25 ---------------------------------------------------- Creditors of NZ Artisan Limited, Forta Construction Limited (formerly Checkhome Kapiti Limited), RTSD Holdings Limited, Cherry Road Residents Limited, Swivels Consultants (N.Z.) Limited, Streamline Reinforcing Limited and V & W Investments No.2 Limited are required to file their proofs of debt by Aug. 25, 2026, to be included in the company's dividend distribution. Keaton Pronk and Steve Farquhar of McDonald Vague were appointed joint and several liquidators of Forta Construction Limited (formerly known as Checkhome Kapiti Limited) on July 6, 2026. Boris van Delden and Keaton Pronk of McDonald Vague were appointed joint and several liquidators of RTSD Holdings Limited on July 7, 2026. Keaton Pronk and Iain McLennan of McDonald Vague were appointed joint and several liquidators of Cherry Road Residents Limited on July 8, 2026. Iain McLennan and Daniel Zhang were appointed joint and several replacement liquidators of Swivels Consultants (N.Z.) Limited (in liquidation) by the High Court at Auckland on on July 8, 2026. Steve Farquhar and Keaton Pronk of McDonald Vague were appointed joint and several liquidators of Streamline Reinforcing Limited on on July 8, 2026. Boris van Delden and Daniel Zhang were appointed joint and several liquidators of V & W Investments No.2 Limited on on July 13, 2026. The company's liquidators can be reached at: McDonald Vague Limited PO Box 6092 Victoria Street West Auckland, 1142 TITIKO LIMITED: Court to Hear Wind-Up Petition on Aug. 17 --------------------------------------------------------- A petition to wind up the operations of Titiko Limited will be heard before the High Court at Tauranga on Aug. 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ZEALAND TATTOO: Creditors' Proofs of Debt Due on Aug. 14 -------------------------------------------------------- Creditors of Zealand Tattoo (Clothing) Limited are required to file their proofs of debt by Aug. 14, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 8, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= 3 M FURNISHING: Court to Hear Wind-Up Petition on July 31 --------------------------------------------------------- A petition to wind up the operations of 3 M Furnishing Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 7, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 EDGEN MURRAY: Creditors' Proofs of Debt Due on Aug. 3 ----------------------------------------------------- Creditors of Edgen Murray Pte. Ltd. are required to file their proofs of debt by Aug. 3, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 3, 2026. The company's liquidators are: Mr. Paresh Tribhovan Jotangia Ms. Ho May Kee c/o Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 KL INVESTMENTS: Creditors' Proofs of Debt Due on Aug. 13 -------------------------------------------------------- Creditors of KL Investments Pte. Ltd. are required to file their proofs of debt by Aug. 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 6, 2026. The company's liquidator is: Lee Chong Xiang 26 Eng Hoon Street Singapore 169776 LIBERTY INDUSTRIES: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on June 30, 2026, to wind up the operations of Liberty Industries Holdings Pte. Ltd. The company's liquidators are: Mr. Cameron Lindsay Duncan Mr. David Dong-Won Kim c/o KordaMentha 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 METALOGY PTE: Court to Hear Wind-Up Petition on July 31 ------------------------------------------------------- A petition to wind up the operations of Metalogy Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 7, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Appeals Court's Rehabilitation Termination ------------------------------------------------------- The Korea Times reports that Homeplus, once Korea's second-largest discount store chain, formally appealed a court decision to terminate its rehabilitation proceedings, on July 20, after securing a KRW200 billion ($135 million) emergency loan. Although the last-minute financing may have pulled the company back from the brink of liquidation, its return to normal business remains far from assured, The Korea Times notes. To stay afloat, Homeplus must rebuild supplier confidence, secure fresh liquidity and win back customers after months of disruption. According to The Korea Times, the appeal follows Meritz Financial Group's approval of the financing on July 16, after private equity firm MBK Partners, Homeplus' owner, and its chairman, Michael ByungJu Kim, agreed to provide joint personal guarantees for the full amount of the debtor-in-possession (DIP) loan. While the Seoul Bankruptcy Court ended the retailer's rehabilitation proceedings on July 3, it left the door open to reconsidering the decision if Homeplus obtained the minimum funding needed to carry out its turnaround plan before the appeal deadline. The Korea Times says the company's first hurdle is convincing the court that it remains a viable going concern. Industry watchers expect it could take another one to two weeks before the court decides whether to overturn the earlier ruling and allow the restructuring to resume. Even if the court agrees, the emergency loan alone is unlikely to put Homeplus' finances back on stable footing, the report states. Much of the money is expected to go toward administrative claims, which take priority under Korea's rehabilitation law. These include unpaid wages, severance payments and outstanding bills owed to suppliers for goods delivered after the retailer entered court-led restructuring. Administrative claims now total about KRW930 billion, meaning the newly secured loan covers only a fraction of those obligations. Without additional financing, the company's restructuring is unlikely to be sustainable, The Korea Times relays. The Korea Times notes that rebuilding its supply chain may prove just as difficult. It remains unclear whether suppliers that halted deliveries during the restructuring will resume shipments immediately. Many vendors are likely to wait until they are confident the retailer can pay them consistently before fully restoring business ties. Winning back shoppers could prove equally challenging, the report says. Months of disruption have pushed many customers toward rival discount chains and online retailers. Homeplus will need to regain its price competitiveness and convince consumers the business has stabilized before sales can meaningfully recover. According to the report, the retailer plans to focus on improving profitability at its 67 remaining stores while completing a restructuring program that includes closing 37 locations. It also aims to revive efforts to find a new owner by pursuing the sale of its remaining business, including its hypermarket operations and online unit. Finding a buyer, however, remains a formidable challenge. Previous sale attempts failed as prospective bidders were deterred by structural headwinds facing the hypermarket sector and Homeplus' heavy debt burden. About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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