260723.mbx

260723.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 Thursday, July 23, 2026, Vol. 29, No. 146 Headlines A U S T R A L I A BLACK HOPS: Enters Administration Following Failed Last-Minute Sale COMBINE AIR: First Creditors' Meeting Set for July 28 COPPER COAST: First Creditors' Meeting Set for July 27 LACTALIS AUSTRALIA: To End Longwarry Dairy Operations by Early 2027 NEXTGEN LANDSCAPING: First Creditors' Meeting Set for July 29 PAUL SHEARWIN: First Creditors' Meeting Set for July 27 SERPELLS DONCASTER: First Creditors' Meeting Set for July 24 I N D I A ALCHEM TADE: CARE Keeps B- Debt Rating in Not Cooperating Category AMISHI CONSUMER: Insolvency Resolution Process Case Summary BANSALA ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category CHENAB INDUSTRIES: Insolvency Resolution Process Case Summary COMDE DERENDA: Voluntary Liquidation Process Case Summary COMPETENT ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating GREEN TEXTORIUM: Insolvency Resolution Process Case Summary HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating INDUSTRIAL PROGRESIVE: CARE Keeps D Debt Rating in Not Cooperating INFRA CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating J AND K SYNTHETIC: Insolvency Resolution Process Case Summary J AND K TEXTORIUM: Insolvency Resolution Process Case Summary JYOTSNA INDUSTRIES: Insolvency Resolution Process Case Summary MCRAYGOR MECHANICALS: Liquidation Process Case Summary ORBIT SPINNING: Insolvency Resolution Process Case Summary PARI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category POPULAR SCOOTERS: CARE Keeps B Debt Rating in Not Cooperating RAJASTHAN DELHI: CARE Keeps B- Debt Rating in Not Cooperating RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating SAPPHIRE LAND: NCLT Reserves Order After Unpublished Form G Emerges SHONAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating SILKLON PROCESSORS: Insolvency Resolution Process Case Summary SILKLON SYNTHETIC: Insolvency Resolution Process Case Summary SITA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category SITA PULSES: CARE Keeps B- Debt Rating in Not Cooperating Category SONALAC PAINTS: CARE Keeps B- Debt Rating in Not Cooperating SOPHISTICATED INDUSTRIAL: CARE Cuts Rating on INR20cr Loan to B- SUNIMA STEEL: Insolvency Resolution Process Case Summary SUPER MAX: CARE Keeps B- Debt Rating in Not Cooperating Category TOPLON INDUSTRIES: Insolvency Resolution Process Case Summary TRISHA ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating TULIP MARKETING: CARE Keeps B- Debt Rating in Not Cooperating VASAVI POWER: CARE Keeps D Debt Ratings in Not Cooperating VIATON ENERGY: CARE Lowers Rating on INR52.48cr LT Loan to B- N E W Z E A L A N D ALPINE CARRIERS: Placed in Liquidation Owing Almost NZD1 Million BUILD MASTERS: Court to Hear Wind-Up Petition on July 30 JCK HOLDINGS: Verona Cafe to be Liquidated After Sale Efforts Fail LDW LIMITED: Property Firm Linked to Miniso Director Collapses MAC CIVIL: Court to Hear Wind-Up Petition on Aug. 17 MATT COFFEY: Creditors' Proofs of Debt Due on Aug. 17 RODNEY LIMITED: Creditors' Proofs of Debt Due on Aug. 17 TOTEM STUDIO: Creditors' Proofs of Debt Due on Aug. 20 YASMINE HOLDINGS: Director Blames Wife After Company Collapses S I N G A P O R E ENTREPRENEUR FIRST: Creditors' Proofs of Debt Due on Aug. 17 HONBO CHIJMES: Commences Wind-Up Proceedings KATE.Z JEWELRY: Creditors' Proofs of Debt Due on Aug. 17 KSM TECH: Court to Hear Wind-Up Petition on July 31 MY COMMUNITY: Chun-Wen Poon Appointed Provisional Liquidator S O U T H K O R E A HOMEPLUS CO: FSS Pledges Swift, Transparent Action Against MBK - - - - - ================= A U S T R A L I A ================= BLACK HOPS: Enters Administration Following Failed Last-Minute Sale ------------------------------------------------------------------- News.com.au reports that popular craft brewery Black Hops has entered into administration after the company failed to find a last minute buyer. This is the second time the Gold Coast-based brewery has gone into administration. Administrators Chris Cook and James Robba of Worrells were appointed to two companies behind the business – Black Hops Craft and Green Hops Brewing – late on July 21, news.com.au discloses. Black Hops will continue to operate as normal while the administrators work with directors and senior managers to assess the company's current financial position and commence a sale of the business. According to news.com.au, Black Hops director Luke McCormack said the company was part of a growing trend of Australian breweries struggling to survive. "Unfortunately, the headwinds affecting the Australian independent brewing sector have never been stronger," he said in a statement. "Over the past few months, the business was well advanced in sales discussions, but regrettably these broke down at the 11th hour. "We now believe voluntary administration provides the best opportunity to preserve the business and maximise the prospects of a successful future and we will be assisting Worrells throughout this process." Mr. Cook said Black Hops was a recognised brand with a loyal customer base and a passionate team. "Our objective is to run an orderly process that gives interested parties the opportunity to acquire the business, while seeking to maximise the outcome for stakeholders," news.com.au quotes Mr. Cook as saying. The brewing company started out of a Burleigh Heads on the Gold Coast garage in 2015 before it grew into one of Queensland's largest independent brewers. At its peak, it produced over 2.5 million litres of beer and employed 70 staff members. This is the second time the business has needed a last minute reprieve after a consortium of investors came to its rescue in 2024, the report notes. Mr. McCormack thanked employees, news.com.au relays. "We also want to extend a heartfelt thank you to the Black Hops team and everyone who has supported the brewery during what has been a difficult period for Australian independent beer." COMBINE AIR: First Creditors' Meeting Set for July 28 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Combine Air Paddington Pty Ltd (trading as Combine Air Paddington) will be held on July 28, 2026, at 10:00 a.m. via virtual facilities only. Graeme Beattie of Worrells was appointed as administrator of the company on July 16, 2026. COPPER COAST: First Creditors' Meeting Set for July 27 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Copper Coast Investments Pty Ltd will be held on July 27, 2026, at 10:30 a.m. at the offices of Tarquin Koch Accounting & Insolvency Services, at Unit 2, 23-25 Beulah Road, in Norwood, SA and via Microsoft Teams. Tarquin Koch of Tarquin Koch Accounting & Insolvency Services was appointed as administrator of the company on July 15, 2026. LACTALIS AUSTRALIA: To End Longwarry Dairy Operations by Early 2027 ------------------------------------------------------------------- ABC News reports that Australia's largest dairy processor has announced it is closing a major dairy factory in the small town of Longwarry in Victoria's east. According to the ABC, Lactalis Australia said it decided to shut down the West Gippsland site by early 2027 following a "comprehensive review" of its manufacturing network. The factory in the town of about 4,000 people is well known for producing specialty dairy ingredients and products as well as milk powders. Lactalis acquired the Longwarry factory in 2019, but its purchase of rival processor Fonterra Australia in 2025 left the business with a surplus of manufacturing sites in Victoria and a lack of milk to supply them all. "We do not underestimate what this closure means for our Longwarry team and their families," the ABC quotes Lactalis Australia chief executive Mal Carseldine as saying. "Our employees have contributed meaningfully to our company and the region, and they have our commitment to support them through this transition. "Our priority is to ensure a respectful and transparent consultation process." The ABC relates that Lactalis said it employed 53 permanent staff at Longwarry, along with a number of casual workers. Lactalis said the decision to close the plant reflects what it calls "operational realities". As part of its purchase, Lactalis took over the Fonterra factory at Darnum, about 20 minutes away from the Longwarry site. Production currently undertaken at Longwarry will be transferred to the Darnum facility and other Lactalis sites across Victoria and Australia. The company said Longwarry operated at about 40 per cent capacity, while Darnum operated at about 70 per cent capacity. The Darnum plant also has more modern infrastructure, ongoing investment and significant growth potential. According to the ABC, United Workers Union national dairy coordinator Neil Smith said he believed "everybody will be gone" once the site shut. The ABC relates that Mr. Smith said workers have been advised there will be a phased closure, with part of the site shutting in August, a further shutdown in November and the whole site will be closed in the first quarter of next year. Mr. Smith said despite Lactalis saying the newly acquired Darnum factory will take on production currently done at Longwarry, he did not believe many jobs would be transferred there. "They're meeting one-on-one with all the staff, and there's some, there are obviously some options and availability at Darnum," he said. He said the staff were in shock, the ABC adds. "The staff were thinking that part of the site might close, but they certainly weren't thinking that the whole site would shut," he said. "This is what happens when multinationals are allowed to acquire other big businesses; they just consolidate, and that's exactly what's happening here." NEXTGEN LANDSCAPING: First Creditors' Meeting Set for July 29 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Nextgen Landscaping Pty Ltd (trading as 'NextGen Landscaping') will be held on July 29, 2026, at 10:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on July 17, 2026. PAUL SHEARWIN: First Creditors' Meeting Set for July 27 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Paul Shearwin Plumbing Pty. Ltd. will be held on July 27, 2026, at 11:00 a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW and via virtual meeting technology. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of the company on July 15, 2026. SERPELLS DONCASTER: First Creditors' Meeting Set for July 24 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Serpells Doncaster Investments Pty Ltd will be held on July 24, 2026, at 10:30 a.m. at the offices of Magnetic Insolvency at 50/41-49 Norcal Road, in Nunwading, Victoria and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on July 14, 2026. ========= I N D I A ========= ALCHEM TADE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Alchem Tade Private Limited (ATPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of ATPL under the 'issuer non-cooperating' category as ATPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2012, as Rockdude Constructions Private Limited later name was changed to Alchem Tade Pirvate Limited (ATPL) on January 25, 2019. ATPL is engaged into trading of reprocessed plastic granules, household aluminum foils and steel products. Further, company also imports aluminium foils from China. AMISHI CONSUMER: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Amishi Consumer Technologies Private Limited 3rd and 4th Floor, Ambience Tower, Gaushala Marg, Kishan Garh, Pocket B-C, Sector-A, Vasant Kunj, South Delhi, Delhi, India - 110070 Insolvency Commencement Date: July 2, 2026 Court: National Company Law Tribunal, New Delhi Bench-VI Estimated date of closure of insolvency resolution process: December 29, 2026 Insolvency professional: Amit Talwar Interim Resolution Professional: Amit Talwar A-4/5, Jiwan Jyoti Apartments, Near Lok Vihar, Pitampura, New Delhi - 110034 Email: amittalwarcs@gmail.com 604-605, PP City Centre, Road No. 44, Pitampura, New Delhi - 110034 Last date for submission of claims: July 21, 2026 BANSALA ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bansala Engineers Powertech LLP (BEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.75 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of BEPL under the 'issuer non-cooperating' category as BEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jabalpur (Madhya Pradesh) based Bansala Engineers Powertech LLP (BEPL) was initially established as a partnership concern in 1999 and thereafter, converted as Limited Liability Partnership (LLP) in 2014 by Mr. Mukesh Agrawal and Mr. Rakesh Chansoria and overall affairs of the company look after by its directors. In 2016, Mr. Prateek Agarwal is appointed as a designated partner in the firm and Mr. Mukesh Kumar Agarwal is retired from firm in 2017. BEPL is engaged in the business of manufacturing and repairing of all types of transformers for power distribution and transmission ranging from 25 kilovolt (KVA) to 10000 KVA under rate contracts and is registered as BIS level-3 category. The firm participates in tenders for supply of transformers invited by various State Electricity Boards (SEBs), Bharat Sanchar Nigam Limited (BSNL), Railways, Housing Board, Defense Academies and corporate engaged in turnkey projects. It supplies transformers primarily to SEBs of Rajasthan, Madhya Pradesh and Chhattisgarh along with some private players also. BTS KNITSS: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BTS Knitss Process Private Limited (BKPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.80 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.05 CARE A4; ISSUER NOT Bank 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 5, 2025, placed the rating(s) of BKPPL under the 'issuer non-cooperating' category as BKPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BKPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2026, May 1, 2026, May 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tamilnadu based, B T S Knitss Process Private Limited (BKPPL) was incorporated on August 24, 2005 and is promoted by Mr. P. Shiva Kumar (Managing Director) along with his family members as directors of the company. The company is engaged in dying of various kinds of fabric at its manufacturing unit located at Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of BKPPL are located in and around Tirupur, Tamilnadu. CHENAB INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Chenab Industries Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com chenabindustriescirp@gmail.com Last date for submission of claims: July 15, 2026 COMDE DERENDA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Comde Derenda India Private Limited Plot No. D4/2, MIDC Shendra Five Star Industrial Area, Sambhajinagar, Maharashtra, India - 431154 Liquidation Commencement Date: July 15, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Rushikesh Subhash Kanhed D-601, Ziggurat, Dehu Katraj Bypass Ambegaon, Shogini Show Room, Navle Bridge, Pune, Maharashtra, 411046 Email: comdederendavi@gmail.com Last date for submission of claims: July 31, 2026 COMPETENT ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Competent Engineers (CE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.53 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.05 CARE A4; 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 June 19, 2025, placed the rating(s) of CE under the 'issuer non-cooperating' category as CE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 5, 2026, May 15, 2026, May 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 Competent Engineers (CE) was established as a partnership firm in 1992. The firm is currently being looked after by Mr. Balraj Bhakhan as its partners. CE was established with an aim to set up a manufacturing facility at Jalandhar, Punjab for manufacturing of stainless-steel components for railway like frame, partition sheets, connecting couplers, draft gear, break assembly, gear box, set of car lines, end-wall, roof element, ventilator etc. with varied installed capacity for the various products. GREEN TEXTORIUM: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Green Textorium Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com greentextoriumpvtltdcirp@gmail.com Last date for submission of claims: July 15, 2026 HARYANA ROLLING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Haryana Rolling Mills (Bhilai) Private Limited (HRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.70 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 May 14, 2025, placed the rating(s) of HRMPL under the 'issuer non-cooperating' category as HRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Haryana Rolling Mills (Bhilai) Private Limited was incorporated in August 2004. Since its inception the company is engaged in manufacturing of MS wire, HB wires and GI wires. The manufacturing unit of the company is located at 71, Light Industrial Area, Bhilai with an installed capacity of 8900 metric tons for HB wires and 17500 metric tons for GI wires. The registered office of the company is located at 71, Light Industrial Area, Dist- Durg, Bhilai- 490026 Mr. Ashish Dinaudia (Director) and Mrs. Vimla Dinaudia (Director) having 18 years and 05 years of experiences respectively, in the similar line of business, look after the day to day operation of the company. They are supported by a team of experienced professionals. HVR PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of HVR Projects Private Limited (HPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 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 11, 2025, placed the rating(s) of HPPL under the 'issuer non-cooperating' category as HPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in April 2015, HPPL is engaged in fabrication of heavy components and design and fabrication of Pre-designed Building (PEB). The company operates out of a facility located in Nagpur, Maharashtra. INDUSTRIAL PROGRESIVE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Industrial Progresive India Limited (IPIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of IPIL under the 'issuer non-cooperating' category as IPIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 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: Not Applicable Industrial Progressive (India) Limited (IPIL), promoted by Mr. Subash Goel and his associates, was incorporated on 19th November 1984 as a public limited company. However, the company started its operations from 1992 onwards with initial capacity of 2 lakh litres per day (LLPD) of milk. Mr. Rajesh Gandhi, MD looks after the operations of the company. The original promoter Mr. Goel had sold his stake to Mr. Gandhi in Sept 2010. The company is engaged in the manufacturing of various Milk products under the brand name "Doaba" and "Milk Country". "Doaba" caters to North India especially Haryana and Rajasthan whereas "Milk Country" caters to the demand of Andhra Pradesh, Kerala and Tamil Nadu. The manufacturing products range of the company includes Ghee, Skimmed Milk Powder (SMP), Butter, Casein, Whey Powder and Liquid Milk. INFRA CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Infra Corporation (IC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 June 12, 2025, placed the rating(s) of IC under the 'issuer non-cooperating' category as IC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pune based, Infra Corporation (IC), is a partnership firm established in 2016 by Mr Pankaj Shah and Mr Kiran Shah. The entity is engaged in trading of metal pipes, M.S pipes, Hollow sections, Pre-galvanized pipes. IC is distributor of Maharashtra Seamless Limited, Jindal Pipes Limited, APL Appolo Tubes Limited. The firm is part of the Ambalal and Sons group, which has its presence in trading, consultancy and civil work. The group caters to the variety of end-user industries and has customer base across Maharashtra. J AND K SYNTHETIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: J and K Synthetic Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com jandksyntheticpvtltdcirp@gmail.com Last date for submission of claims: July 15, 2026 J AND K TEXTORIUM: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: J and K Textorium Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com jandktextoriumpvtltdcirp@gmail.com Last date for submission of claims: July 15, 2026 JYOTSNA INDUSTRIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Jyotsna Industries Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com jyotsnaindustriescirp@gmail.com Last date for submission of claims: July 15, 2026 MCRAYGOR MECHANICALS: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Mcraygor Mechanicals PVt. Ltd. 1402, Sector-6, Bahadurgarh, Haryana, India - 124507 Liquidation Commencement Date: July 7, 2026 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Naveen Kumar Jain 2236, Sector 46, Gurugram - 122001 Email: Insolvencyprofessional@rediffmail.com A2/223, UGF, Janakpuri, New Delhi - 110058 Email: liquidation.mcraygor@gmail.com Last date for submission of claims: August 6, 2026 ORBIT SPINNING: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Orbit Spinning Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com orbitspinningcirp@gmail.com Last date for submission of claims: July 15, 2026 PARI AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pari Agro Exports (PAE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.46 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of PAE under the 'issuer non-cooperating' category as PAE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 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 Pari Agro Exports (PAE) is Amritsar (Punjab) based, partnership firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun Sachdeva sharing profit and loss equally. The firm is engaged in the processing of paddy and has two manufacturing facilities, one located at Tarn Taran (rented facility), Punjab and another at Ajnala Road (owned facility), Punjab. POPULAR SCOOTERS: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Popular Scooters Private Limited (PSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 PSPL under the 'issuer non-cooperating' category as PSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSPL 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). The ratings assigned to the bank facilities of PSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Chennai based, Popular Scooters Private Limited (PSPL) was incorporated in the year 1999 by Mr Deepak Singh Kohli. Currently, the company is authorized dealer for sale of 2-wheeler spare parts and lubricants of TVS Motors Limited. The company has been associated with TVS Motors limited for over 14 years and enjoys loyal customer bases that have been associated with the company for more than a decade. Currently, Mr Rajesh Kumar manages the day to day operations of the company. RAJASTHAN DELHI: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajasthan Delhi Education Society (RDES) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.70 CARE A4; 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 June 18, 2025, placed the rating(s) of RDES under the 'issuer non-cooperating' category as RDES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2026, May 14, 2026, May 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 Karauli (Rajasthan) based RDES is registered as a society on September 02, 2002 under Rajasthan Societies Registration Act, 1958 with an objective to impart education through educational institutions. The society is presently operating fourteen colleges/institutes in Rajasthan and offers seven degree and diploma courses in Engineering, Pharmacy, Arts and education. RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raunaq Construction (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.15 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 4, 2025, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC 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: Not Applicable Delhi based; Raunaq Construction (RC) was established in 1982 as a proprietorship firm by Mr. Amarjit Singh Arora. The firm is engaged in construction of roads, bridges, drainage system for government departments. The raw materials namely tar, sand, cement, etc. are procured by the firm from various domestic manufacturers and wholesalers. SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Santosh Warehousing Limited (SWL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of SWL under the 'issuer non-cooperating' category as SWL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SWL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 25, 2026, May 5, 2026, May 15, 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 Santosh Warehousing Ltd (SWL) was established in the year 2012 by Mr Sunil Mittal and Neena Mittal. The company is engaged in providing warehouse services. It has one warehouse located at Secunderabad (Uttar Pradesh). SAPPHIRE LAND: NCLT Reserves Order After Unpublished Form G Emerges ------------------------------------------------------------------- The Financial Express reports that the National Company Law Tribunal's (NCLT) decision to reserve orders on a plea to liquidate Sapphire Land Development has triggered debate within insolvency circles after proceedings revealed that Form G - a mandatory step for inviting prospective resolution applicants under the Insolvency and Bankruptcy Code (IBC) - was never published. FE relates that the development has raised a wider legal question over whether a company can be pushed into liquidation when a key stage of the Corporate Insolvency Resolution Process (CIRP), intended to test market interest in rescuing the company, was admittedly not completed. During the hearing, the Resolution Professional informed the tribunal that the statutory CIRP period had expired and that Form G was never issued because the Committee of Creditors (CoC) did not approve its publication, according to FE. Suraksha Asset Reconstruction Ltd., which sought liquidation of the corporate debtor, argued that the insolvency process had effectively run its course, substantial CIRP costs had already been incurred and there was no realistic prospect of resolution, FE relates. Unity Small Finance Bank opposed the plea, contending that the CIRP itself remained incomplete because the mandatory invitation for Expressions of Interest (EOIs) from prospective resolution applicants was never issued. The lender argued that Regulation 36A of the CIRP Regulations requires publication of Form G before resolution applicants can participate. In its absence, no investor or bidder was given an opportunity to submit a resolution plan. FE says the bank further submitted that while publication of Form G had been placed before the CoC, the voting process was never carried through to its conclusion. Consequently, the insolvency process never progressed to the stage where competing resolution plans could be invited, evaluated or placed before creditors. After hearing the parties, the tribunal reserved its order, FE notes. According to FE, the case has drawn attention beyond the parties involved because it touches upon the resolution-first framework of the IBC. Insolvency professionals say Form G is not merely a procedural requirement but the mechanism through which distressed companies are exposed to potential investors. Without it, they argue, the market is never formally invited to explore a resolution. Legal experts said the tribunal's eventual ruling could clarify how courts should deal with cases where mandatory procedural steps remain incomplete, FE relates. While some believe the tribunal could permit completion of the statutory process before considering liquidation, others say the court will have to determine whether the expiry of the CIRP timeline outweighs procedural lapses. Any eventual liquidation order is expected to be closely watched and could face challenge before the National Company Law Appellate Tribunal (NCLAT), where questions relating to Regulation 36A, procedural compliance and the IBC's emphasis on resolution over liquidation may receive further judicial scrutiny, adds FE. SHONAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shonan Engineering Works Private Limited (SEWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 17.00 CARE A4; 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 11, 2025, placed the rating(s) of SEWPL under the 'issuer non-cooperating' category as SEWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 1983 as a partnership concern, Shonan Engineering Works Private Limited (SEWPL) was reconstituted as a private limited company in the year 2004. SEWPL is promoted by Mr. D.B. Panase, Mr. S.S. Ranade and Mrs. J.D Patharkar having an industry experience of about three decades in the pipe manufacturing and project engineering industry. The company primarily functions as a civil contractor for various government bodies for fabrication, supply and laying of Mild steel (MS) pipes for water supply, sewerage and irrigation activities. The company is a registered class I contractor with Public Works 3 CARE Ratings Ltd. Press Release Department (PWD) Karnataka, Pune Municipal Corporation (PMC) and for Bangalore Water Supply and Sewerage Board (BWSSB) which enables it to bid for orders of all sizes. SILKLON PROCESSORS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Silklon Processors Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com greentextoriumpvtltdcirp@gmail.com Last date for submission of claims: July 15, 2026 SILKLON SYNTHETIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Silklon Synthetic Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com silklonsyntheticpvtltdcirp@gmail.com Last date for submission of claims: July 15, 2026 SITA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sita Agro Tech Private Limited (SATPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 5.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of SATPL under the 'issuer non-cooperating' category as SATPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sita Agro Tech Private Limited (SATPL) was incorporated in February 23, 1994 by Mr. Rajen Agrawal, Mr. Rajendra Agrawal Prasad, Mr. Hari Narayan Agrawal, Mr. Naveen Kumar Agrawal and Mr. Suresh Kumar Agrawal. Since its inception, the company has been engaged in milling of raw rice, parboiled rice, broken rice, rice bran etc. The milling unit of SATPL is located at Durg, Chhattisgarh. SSPPL belongs to Sita group of Durg, Chhattisgarh which was established by the Agarwal family members in the year 1965. SITA PULSES: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Sita Pulses Private Limited (SSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.70 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 May 6, 2025, placed the rating(s) of SSPPL under the 'issuer non-cooperating' category as SSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Sita Pulses Private Limited (SSPPL) was incorporated in October 26, 2012 by Mr. Rajen Agrawal, Mr. Ganesh Prasad Agrawal, Mr. Alok Agrawal, Mr. Naveen Kumar Agrawal and Mr. Monish Agrawal. Since its inception, the company has been engaged in processing of pulses. The milling unit of SSPPL is located at Durg, Chhattisgarh. SSPPL belongs to Sita group of Durg, Chhattisgarh which was established by the Agarwal family members in the year 1965. Under the Sita group of companies there are 7 entities namely Shree Sita Agro Foods Private Limited (SAFPL), Shree Sita Udyog (SSU), Shree Sita Rice Mills (SSRM), Sita Agro Tech Pvt. Ltd. (SATPL), Shree Sita Refiners Pvt. Ltd. (SSRPL); Shree Sita Edibles Pvt. Ltd. (SSEPL) and Shree Sita Pulses Pvt. Ltd. (SSPPL). SAFPL, SSU, SSRM and SATPL are into milling and processing of paddy into rice, SSRPL and SSEPL are into extraction and refining rice bran and soyabean oil and SSPPL is into processing of pulses. The group markets its products under the 'Sita' brand. SONALAC PAINTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sonalac Paints and Coatings Limited (SPCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 10, 2025, placed the rating(s) of SPCL under the 'issuer non-cooperating' category as SPCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 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 Sonalac Paints and Coatings Limited (SPCL) [Now Sonalac Paints And Coatings LLP] was incorporated in 1988 as a public limited company and is currently being managed by Mr. Radhe Shyam Garg, Mr Bobby Garg, Ms Kiran Garg and Mr Rupesh Garg. SPCL is engaged in the manufacturing of various dry and liquid decorative paints like exterior emulsions, interior emulsions, plastic emulsions, cement paints, acrylic distemper, dry distemper, dry wall putty, acrylic wall putty, cement primer, etc, at its two manufacturing facilities based in J & K and Rajasthan having an installed capacity of 60,000 Tonnes of dry and liquid decorative paint per year, as on June 30, 2018. The finished goods are sold under the brand name of "Sonalac" to various wholesalers and retailers through a network of 40 dealers and network of depots at 12 locations spread across India. SOPHISTICATED INDUSTRIAL: CARE Cuts Rating on INR20cr Loan to B- ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sophisticated Industrial Materials Analytic Labs Private Limited (SIMALPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 20.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Long Term 10.23 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of SIMALPL under the 'issuer non-cooperating' category as SIMALPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIMALPL 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). The ratings assigned to bank facilities of SIMALPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Sophisticated Industrial Materials Analytic Labs Private Limited (SIMALPL) was incorporated in 1988 and is engaged in testing of drugs, pharmaceuticals, chemicals, cosmetics, dyes & dye intermediates, food & food products, air pollution, noise monitoring etc. The company also undertakes Environment Impact Assessment (EIA) studies. Since 2007, the company has also started undertaking design, Engineering, Procurement and Construction (EPC) of industrial wastewater Treatment Plants (WTPs), Sewage Treatment Plants (STPs) and Common Effluent Treatment Plants (CETP) and also undertakes maintenance of the same. The company has commissioned more than 800 Effluent Treatment Plants and Sewage Treatment Plants on turnkey basis. The company's testing laboratories are located at Mayapuri, New Delhi and Haridwar and it has sample collection centers across North, West and South India. SUNIMA STEEL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sunima Steel Marketing Private Limited 29B, Rabindra Sarani, 4th Floor, Room No. 409, Kolkata, West Bengal, India, 700073 Insolvency Commencement Date: July 8, 2026 Court: National Company Law Tribunal, Kolkata Bench-1 Estimated date of closure of insolvency resolution process: January 4, 2027 Insolvency professional: Tanveer Ilahi Interim Resolution Professional: Tanveer Ilahi 1754, Ashiyana Colony, Opposite Government Girls Inter College, Hapur Road, Meerut, Uttar Pradesh, India, 250002 Email: ip.tanveerilahi@gmail.com cirp.sunima@gmail.com Last date for submission of claims: July 22, 2026 SUPER MAX: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Super Max Affordable Housing Private Limited (SMAHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 June 11, 2025, placed the rating(s) of SMAHPL under the 'issuer non-cooperating' category as SMAHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMAHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Super Max Affordable Housing Private Limited (SMAHPL) is incorporated in June 2015 as a private limited company. The company is currently managed by Mr. Jawahar Lal, Mr. Anil Kumar Garg, Mr. Ankit Kumar and Mr. Deepak Goel. The company is engaged in the real estate development and has an on-going residential/commercial project namely, "Supermax - The New Town" located in Sonipat, Haryana. The company is having one associate concern namely, "Max Heights Promoters Private Limited" (incorporated in 2013) engaged in same line of business. TOPLON INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Toplon Industries Pvt Ltd. Near I.I.D. Centre, Hatli Morh, Kathua, Jammu & Kashmir, India, 184152 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajeev Sharma Interim Resolution Professional: Rajeev Sharma H.No. 58 (Near Gate No.-9), Shivalik City, Sector-127, Kharar, Near Mansa Devi Mandir, Sahibzada Ajit Singh Nagar, Punjab, 140307 Email: rsrajeevsharmaca@gmail.com toplonindustriescirp@gmail.com Last date for submission of claims: July 15, 2026 TRISHA ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Trisha Engineers Private Limited (TEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.30 CARE A4; 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 11, 2025, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in December 19, 2019, Trisha Engineers Private Limited (TEPL) is a Nagpur (Maharashtra) based company promoted by Mr. Sharad Khandelwal who is ably supported by Ms. Anita Khandelwal and Mr. Rahul Khandelwal. The company has taken over the operations of the proprietary concern "Trisha Engineers" of Mr. Sharad Khandelwal (established on September 9, 1991) with a business transfer agreement dated December 31, 2019 and is engaged in execution of turnkey electrical contracts namely erection of substations, transmission and distribution lines and repairing of transformers. The key client of the company includes Maharashtra State Electricity Distribution Company Limited [MSEDCL] and Public works Department [PWD]. TULIP MARKETING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tulip Marketing (TM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 June 18, 2025, placed the rating(s) of TM under the 'issuer non-cooperating' category as TM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2026, May 14, 2026, May 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 Tulip Marketing (TM) is a partnership firm was established on May 2, 2013 by Mr. Bhavya Dave and Mr. Sadik Sayed. TM is primarily engaged in trading of mobile handsets and accessories in the retail market through to various stores spread across western suburb of Mumbai. TM is an authorized distributor of Karbon, Vivo India which covers area like Kandivali, Borivali and Dahisar, Micromax India covers area like Andheri, Goregaon and Jogeshwari.TM has its corporate office and warehouse located at Borivali, Mumbai spread over 700 sq. feet. VASAVI POWER: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vasavi Power Services Private Limited (VPSPL) continue to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 16, 2025, placed the rating(s) of VPSPL under the 'issuer non-cooperating' category as VPSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 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 Vasavi Power Services Private Limited (VPSPL) is primarily engaged in the business of ETC (Erection, testing and commissioning) and MRO (Maintenance, repair and overhauls) of power equipment. The company was established as a proprietorship concern, Vasavi Engineering Works, in 1980. In 1982, it was reconstituted as a partnership firm. In 2001, it was reconstituted as a private limited company, under its current name. VIATON ENERGY: CARE Lowers Rating on INR52.48cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Viaton Energy Private Limited (VEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 52.48 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 15, 2025, placed the rating(s) of VEPL under the 'issuer non-cooperating' category as VEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 10, 2026, April 20, 2026, July 8, 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 VEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Viaton Energy Private Limited (VEPL) is a joint venture between 3F Industries Ltd. (51% shareholding) and Creative Group (49% shareholding). VEPL was promoted in 2009 to set up a 10 MW biomass fuel-based thermal power project in Mansa District, Punjab. The company achieved the COD of a biomass power plant (10MW) on January 17, 2014. ===================== N E W Z E A L A N D ===================== ALPINE CARRIERS: Placed in Liquidation Owing Almost NZD1 Million ---------------------------------------------------------------- The Press reports that Alpine Carriers Ltd, a Christchurch freight transport company which had branches across New Zealand, is in liquidation, with creditors owed more than NZD900,000. Alpine Carriers was placed into liquidation on June 4 after an application by Inland Revenue due to there being more than NZD530,000 in unpaid taxes, The Press discloses. The company was incorporated in June 2021 and had ceased trading by March 2026. During its operation it had branches in Christchurch, Timaru, Cromwell and Invercargill, and extended to Auckland and Palmerston North last year. BUILD MASTERS: Court to Hear Wind-Up Petition on July 30 -------------------------------------------------------- A petition to wind up the operations of Build Masters NZ Limited will be heard before the High Court at Auckland on July 30, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 20, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 JCK HOLDINGS: Verona Cafe to be Liquidated After Sale Efforts Fail ------------------------------------------------------------------ Stuff.co.nz reports that the liquidation of famed Auckland bar and cafe Verona will proceed after efforts to sell the business proved fruitless. In April, it was revealed that the company under which the 34-year-old Karangahape Rd institution traded had gone into liquidation, owing more than NZD690,000. At the time, KPMG liquidator Kristal Pihama told Stuff the grounds for the liquidation included outstanding GST, PAYE, income tax, and a small business loan. Ms. Pihama did say, however, that the liquidators were "actively" looking into the possibility of selling the business, Stuff relates. Three months on and no sale has been forthcoming, with Ms. Pihama telling Stuff on July 21 that the liquidation was progressing. "While efforts have been made to explore a sale of the business, no sale has been achieved," Stuff quotes Ms. Pihama as saying. "The liquidators are currently considering their options for progressing the liquidation." There had been talk of the business being bought by former staff, with two members telling Stuff in May they had put in an offer to keep it as a cafe and bar. At the same time, the liquidators said there had been interest in the business from other parties. Verona was one of the oldest cafes left on the infamous Auckland strip, having first opened in 1992. The cafe has hosted live music, DJs, and live radio over the years, and its influence extends to popular culture, with the New Zealand band Elemeno P naming its 2003 hit Verona after the cafe and bar. From their Love & Respect album, the song starts with the line "when I saw you in Verona, you sat down, I moved over". It has previously been reported that the song was about lead singer Dave Gibson's experience of meeting his wife at the cafe. LDW LIMITED: Property Firm Linked to Miniso Director Collapses -------------------------------------------------------------- BusinessDesk reports that another company directed by Lin Liu has been tipped into liquidation, with reports recording a separate NZD23 million owed on top of the NZD27 million of interwoven debt from the failed Yoyoso/Miniso retail group he directed. According to BusinessDesk, residential and commercial property investment company LDW Limited was tipped into liquidation after it defaulted on the repayment of loans advanced by private investors. LDW is directed by Lin Liu, who holds 90% of the shareholding, with the remaining 10% shares held by Qin Ding. MAC CIVIL: Court to Hear Wind-Up Petition on Aug. 17 ---------------------------------------------------- A petition to wind up the operations of Mac Civil Construction 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 May 29, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton MATT COFFEY: Creditors' Proofs of Debt Due on Aug. 17 ----------------------------------------------------- Creditors of Matt Coffey Builders Limited are required to file their proofs of debt by Aug. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 10, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 RODNEY LIMITED: Creditors' Proofs of Debt Due on Aug. 17 -------------------------------------------------------- Creditors of Rodney Limited and Silverdale Investments Limited are required to file their proofs of debt by Aug. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 6, 2026. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 TOTEM STUDIO: Creditors' Proofs of Debt Due on Aug. 20 ------------------------------------------------------ Creditors of Totem Studio Architects Limited are required to file their proofs of debt by Aug. 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 YASMINE HOLDINGS: Director Blames Wife After Company Collapses -------------------------------------------------------------- The New Zealand Herald reports that the director of a trucking firm that collapsed owing NZD1 million to Inland Revenue blames his wife for his financial predicament. Liquidator Grant Reynolds was appointed by shareholder resolution to Yasmine Holdings on July 8, NZ Herald relates. The company's register records Gurpreet Singh as sole director and shareholder. ================= S I N G A P O R E ================= ENTREPRENEUR FIRST: Creditors' Proofs of Debt Due on Aug. 17 ------------------------------------------------------------ Creditors of Entrepreneur First Singapore (II) Investment Pte. Ltd. are required to file their proofs of debt by Aug. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 10, 2026. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way, OUE Downtown 2, #33-00 Singapore 068809 HONBO CHIJMES: Commences Wind-Up Proceedings -------------------------------------------- Members of Honbo Chijmes Pte. Ltd. on July 9, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Ng Hoe Kiat Keith c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 KATE.Z JEWELRY: Creditors' Proofs of Debt Due on Aug. 17 -------------------------------------------------------- Creditors of Kate.Z Jewelry Pte. Ltd. are required to file their proofs of debt by Aug. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2026. The company's liquidators are: Ms. Toh Ai Ling Mr. Chan Kwong Shing, Adrian Ms. Tan Yen Chiaw 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 KSM TECH: Court to Hear Wind-Up Petition on July 31 --------------------------------------------------- A petition to wind up the operations of KSM Tech & Engineering 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 9, 2026. M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MY COMMUNITY: Chun-Wen Poon Appointed Provisional Liquidator ------------------------------------------------------------ Mr. Alton Murray Chun-Wen Poon was appointed as provisional liquidator of My Community Limited on July 3, 2026. The provisional liquidator may be reached at: Mr. Alton Murray Chun-Wen Poon 10 Anson Road #10-10, International Plaza Singapore 079903 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: FSS Pledges Swift, Transparent Action Against MBK -------------------------------------------------------------- Yonhap News Agency reports that the chief of South Korea's financial watchdog on July 21 vowed to conduct a transparent and swift disciplinary process against MBK Partners over its management of Homeplus Co., the struggling retailer wholly owned by the private equity firm. "We are currently conducting disciplinary proceedings following an on-site inspection of MBK to investigate alleged violations of the Capital Markets Act," Yonhap quotes Lee Chan-jin, governor of the Financial Supervisory Service (FSS), during a parliamentary session, as saying. "We will proceed with the procedures transparently and promptly regarding any violations of the law," he added. His remarks came after the FSS decided to impose a penalty on MBK earlier this month that includes a suspension of duties, citing improper business practices and violations of internal control obligations, Yonhap notes. The penalty must still be approved by the Financial Services Commission before it becomes final. 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. The court on July 21 reversed that decision after Homeplus filed an appeal, extending the rehabilitation proceedings until Sept. 4. The appeal came after Meritz Financial Group, Homeplus' largest creditor, agreed to provide financing in return for a full repayment guarantee from MBK Partners. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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