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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 6, 2021, Vol. 24, No. 172

                           Headlines



A U S T R A L I A

BERTMAC PTY: Second Creditors' Meeting Set for Sept. 10
BRISBANE VALLEY: First Creditors' Meeting Set for Sept. 15
CASHMERE BLAZER: First Creditors' Meeting Set for Sept. 10
CRUMPLER TM: First Creditors' Meeting Set for Sept. 10
LAWLESS GROUP: ASIC Bans Former Director Lawless for 18 Months

LGM NSW: First Creditors' Meeting Set for Sept. 14
TRINITY CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 10


C H I N A

GREENLIGHT KIDS: Tutoring Operation Shuts Down in Shanghai
SHANGHAI ZHAOYOU: Gas Trading Platform Facing Cash Crunch


I N D I A

AGARWAL TOUGHENED: CRISIL Keeps B+ Ratings in Not Cooperating
AMRITA SAI: CRISIL Lowers Rating on INR5.0cr Cash Loan to D
ANURADHA REAL: Insolvency Resolution Process Case Summary
ARCHANA HOSPITALS: CRISIL Lowers Rating on INR8.39cr Loan to B
AVANTHA POWER: Insolvency Resolution Process Case Summary

BABA BISWANATH: CRISIL Assigns B Rating to INR5cr Loans
BALAJI COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
COSMOS FORGINGS: Insolvency Resolution Process Case Summary
DEWA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
GIRDHARILAL MANOHARLAL: CRISIL Keeps B+ Ratings in Not Cooperating

HARITHA FERTILISERS: CRISIL Keeps D Ratings in Not Cooperating
HARRAJ AGRO: CRISIL Moves B+ Debt Ratings to Not Cooperating
HUBLI ELECTRICITY: CRISIL Keeps B- Ratings in Not Cooperating
JAMMU AUTO: CRISIL Lowers Rating on INR20.0cr LT Loan to B
JAYA PRAKASH: CRISIL Keeps B+ Debt Ratings in Not Cooperating

JET AIRWAYS: PNB Asks Tribunal to Quash Carrier's Rescue Plan
KWALITY DAIRY: Lactalis May Buy Dairy Company in Fire Sale
MARUDHAR INDUSTRIES: CRISIL Lowers Rating on INR30cr Loan to B
MLAPLNP ASSOCIATES: CRISIL Lowers Rating on INR9cr Cash Loan to B
NAGAUR WATER: Insolvency Resolution Process Case Summary

NEW SHIVA: CRISIL Assigns B+ Rating to INR5cr Loans
RAJA UDYOG: CRISIL Hikes Rating on INR56cr Cash Loan to B-
SAMBANDAM SPINNING: CRISIL Keeps B+ Ratings in Not Cooperating
SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
SKIPPING STONES: CRISIL Keeps B Debt Rating in Not Cooperating

SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating
STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
TIRUPATI SARJAN: CRISIL Withdraws B+ Rating on INR8cr Cash Loan
TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating

UNIQUE TREES: CRISIL Assigns B Rating to INR15cr Term Loan
VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating


P H I L I P P I N E S

PHILIPPINE AIRLINES: Case Summary & 40 Top Unsecured Creditors
PHILIPPINE AIRLINES: In Ch. 11 With Plan to Cut Debt by $2-Bil.
PHILIPPINE AIRLINES: Sees Chapter 11 Exit in Six Months


S I N G A P O R E

NEW LOOK: Creditors' Proofs of Debt Due on Oct. 1
SIONG HENG: Creditors' Proofs of Debt Due on Oct. 1

                           - - - - -


=================
A U S T R A L I A
=================

BERTMAC PTY: Second Creditors' Meeting Set for Sept. 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of Bertmac Pty Ltd
has been set for Sept. 10, 2021, at 11:00 a.m. via virtual meeting
technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 9, 2021, at 5:00 p.m.

Terry John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Bertmac Pty on Aug. 6, 2021.


BRISBANE VALLEY: First Creditors' Meeting Set for Sept. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Brisbane
Valley Civil Pty Ltd will be held on Sept. 15, 2021, at 3:00 p.m.
at virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Brisbane Valley on Sept. 3, 2021.


CASHMERE BLAZER: First Creditors' Meeting Set for Sept. 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cashmere
Blazer Co. Pty. Ltd will be held on Sept. 10, 2021, at 10:30 a.m.
via telephone conference.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Cashmere Blazer on Aug. 31, 2021.


CRUMPLER TM: First Creditors' Meeting Set for Sept. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Crumpler TM
Pty Ltd and Crumpler Pty Ltd will be held on Sept. 10, 2021, at
10:30 a.m. via telephone conference.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Crumpler TM on Aug. 31, 2021.


LAWLESS GROUP: ASIC Bans Former Director Lawless for 18 Months
--------------------------------------------------------------
Anthony Ronald Lawless of Maribyrnong, Victoria, has been
disqualified from managing corporations for 18 months after his
involvement in three failed companies.

Mr. Lawless was a director of three companies that went into
liquidation in 2018 and 2020:

   * Lawless Group Pty Ltd ACN 111 524 282 (Lawless Group);
   * 4D Joinery Pty Ltd ACN 615 220 892 (4D Joinery); and
   * Boulderstone Concrete Pty Ltd ACN 615 220 909 (Boulderstone).

Lawless Group operated as a building company, 4D Joinery and
Boulderstone provided joinery and concreting services.

ASIC's investigation found that Mr. Lawless failed to:

   * ensure Lawless Group and 4D Joinery complied with their
     obligations to pay employee superannuation entitlements;

   * understand his obligations and duties as director of Lawless
     Group;

   * act with the required degree of care and diligence in respect
     of Lawless Group by incorrectly accounting for payments
     totalling AUD491,918.82; and

   * prevent Lawless Group and 4D Joinery from incurring debts
     when the companies may have been trading while insolvent.

The total amount owed to creditors across all three companies was
AUD6,576,664.56, including AUD1,439,462.95 owed to the Australian
Taxation Office.  

In making the decision to disqualify Mr. Lawless, ASIC relied on
the supplementary reports lodged by the liquidators of Lawless
Group and 4D Joinery. ASIC assisted the liquidators to prepare
supplementary reports by providing funding from the Assetless
Administration Fund.

Mr. Lawless is disqualified from managing corporations until
February 21, 2023.


LGM NSW: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------
A first meeting of the creditors in the proceedings of LGM NSW Pty
Ltd, trading as PMG Stone, will be held on Sept. 14, 2021, at 11:00
a.m. via Zoom teleconferencing.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
LGM NSW Pty on Sept. 2, 2021.


TRINITY CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 10
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Trinity
Constructions (Aust) Pty Ltd will be held on Sept. 10, 2021, at
10:00 a.m. via Zoom.

Henry McKenna of Vincents was appointed as administrator of Trinity
Constructions on Sept. 1, 2021.




=========
C H I N A
=========

GREENLIGHT KIDS: Tutoring Operation Shuts Down in Shanghai
----------------------------------------------------------
Ren Huilan and Denise Jia at Caixin Global report that a
20-year-old children's English and math tutoring company in
Shanghai abruptly shut down on Sept. 3, leaving thousands of
parents claiming tens of millions of yuan of prepaid tuition amid
the fallout from China's restrictive new rules on the private
tutoring industry.

Caixin relates that Greenlight Kids Education, a well-known
tutoring company with more than 30 campuses in Shanghai, said on
Sept. 3 on its official WeChat account that all the campuses were
closing, and the company would arrange refunds for remaining
classes on Sept. 3 afternoon.

When parents went to one of the company's campuses at Pujian Road,
they found the office building vacant and a person claiming to
representing a third party handing out forms to parents to register
students' information and remaining classes, Caixin says. No staff
from Greenlight was at the site and the third-party person didn't
reply when asked when refunds would be paid, some parents told
Caixin.


SHANGHAI ZHAOYOU: Gas Trading Platform Facing Cash Crunch
---------------------------------------------------------
Caixin Global reports that China's first e-commerce trading
platform for petroleum is running out of money, and has delayed
millions of dollars in payments to staff for months.

Caixin relates that multiple sources inside 51zhaoyou.com said the
company had failed to pay the wages of more than 200 workers since
May, and that it owed at least CNY13 million (US$2.01 million) in
backpay.

In July, the company told employees it would stop covering their
social insurance, Caixin adds.

Shanghai Zhaoyou Information Technology Co., Ltd., operates a B2B
ecommerce platform for the petroleum industry.




=========
I N D I A
=========

AGARWAL TOUGHENED: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Agarwal
Toughened Glass India Private Limited (ATGPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Electronic Dealer       2        CRISIL B+/Stable (Issuer Not
   Financing Scheme                 Cooperating)   
   (e-DFS)                 
                                    
   Long Term Loan          3.25     CRISIL B+/Stable (Issuer Not
                                    Cooperating)
   Standby Letter
   of Credit               0.45     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ATGPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ATGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATGPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2009, the company manufactures toughened glass and
is promoted by Mr. Uma Shankar Agarwal and Mr. Mahesh Kumar
Agarwal. The business operations commenced in May 2016 and the
company is based out of Jaipur, Rajasthan.

AMRITA SAI: CRISIL Lowers Rating on INR5.0cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Amrita Sai Educational Improvement Trust (ASEIT) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating' due to delays in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            5        CRISIL D (ISSUER NOT
   Overdraft facility               COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with ASEIT for
obtaining information through letters and emails dated March 30,
2020 and April 24, 2020, February 22, 2021 and August 13, 2021
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASEIT, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on ASEIT is
consistent with 'Assessing Information Adequacy Risk'.

Based on public information, CRISIL Ratings has downgraded the
rating on the bank facilities of ASEIT to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating' due to
delays in servicing debt obligations.

ASEIT was formed in 2007. Amrita started with Amrita Sai Institute
of Science and technology (ASIT), in Vijaywada, Andhra Pradesh.
Over the years has started offering several disciplines including
B.Tech, M.B.A, M.C.A, M. Tech and Diploma. Trust is managed by 5
trustees: Sri K. Ramesh Babu, Sri K. Rama Mohana Rao, Sri Y.
Venkata Ramaiah, Sri. K. Srinivasa Rao and Sri K. Eswara Chanda.


ANURADHA REAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Anuradha Real Estate Developers Private Limited
        1069, Near Balaji School
        VLG Malad West
        BHD Eveshine Mall
        Mumbai City
        MH 400064
        IN

Insolvency Commencement Date: August 11, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 7, 2022

Insolvency professional: Mr. Arpan Maheshkumar Shah

Interim Resolution
Professional:            Mr. Arpan Maheshkumar Shah
                         301, Shoppers Plaza 4
                         Opp. BSNL, C G Road
                         Ahmedabad 380006
                         Gujarat
                         E-mail: arpan@caarpanshah.com
                                 cirpanureal@gmail.com

Last date for
submission of claims:    September 10, 2021


ARCHANA HOSPITALS: CRISIL Lowers Rating on INR8.39cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
Archana Hospitals Private Limited (AHPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         8.69      CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.31      CRISIL B /Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letters and emails dated January 30,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2011, in Hyderabad, Telangana, AHPL is a
multi-specialty hospital. Promoted by Dr P Chinna Reddy and family,
the hospital started commercial operations in June 2014.


AVANTHA POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Avantha Power & Infrastructure Limited

        Registered office:
        Ground Floor, Tower C
        First India Place
        Mehrauli, Gurgaon Road
        Gurugram, Haryana 122002

        Principal office:
        Unit No. 307, Third Floor
        ABW Tower IFFCO Chowk
        Gurugram, Haryana 122002

Insolvency Commencement Date: August 16, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 11, 2022

Insolvency professional: Mr. Srikanth Dwarakanath

Interim Resolution
Professional:            Mr. Srikanth Dwarakanath
                         105, Power Plaza
                         Lane-7, Koregaon Park
                         Pune, Maharashtra 411001
                         E-mail: srikanth.dwaraknath@gmail.com

                            - and -

                         Think Capital Insolvency Professionals
                         LLP
                         1011-1012, Dalamal Tower
                         Free Press Journal Road
                         211, Nariman Point
                         Mumbai 400021, Maharashtra
                         India
                         E-mail: irp.apil@gmail.com

Last date for
submission of claims:    August 30, 2021


BABA BISWANATH: CRISIL Assigns B Rating to INR5cr Loans
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Baba Biswanath Rice Mill (BBRM).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility      4        CRISIL B/Stable (Assigned)

The rating reflects BBRM's susceptibility to climatic conditions
and volatility in raw material prices and small scale of operation.
These weaknesses are partially offset by the extensive industry
experience of the partners, and BBRM's comfortable debt protection
metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, BBRM is exposed to
the risk of limited availability of its key raw material during a
weak monsoon. Also, production may be impacted by pests or crop
infection leading to higher unpredictability in production and
pricing of agri-commodities and derived products.

* Small scale of operation: BBRMs business risk profile is
constrained by its small scale of operation in the intensely
competitive agriculture industry. BBRMs small scale of operation
will continue to limit its operating flexibility. Revenue is
estimated to be around INR6 crore in fiscal 2021 as against INR4.4
crore in fiscal 2020. CRISIL believes significant improvement in
revenue over the medium term is a key rating sensitivity factor.

Strengths:

* Extensive experience of the partners: The partners have an
extensive experience in the agriculture industry. This has given
them an understanding of the dynamics of the market, and enabled
them to establish healthy relationships with suppliers and
customers.

* Comfortable debt protection metrics: BBRM's debt protection
measures have been at comfortable level with interest coverage and
net cash accrual to total debt (NCATD) ratios estimated at around
3.92 times and 0.44 times, respectively, for fiscal 2021. BBRM's
debt protection measures are expected to remain at similar level
over medium term.

Liquidity: Stretched

Bank limit utilisation is modest at around 26 percent for the past
twelve months ended June 2021. However, expected annual cash
accrual of only INR0.16-0.18 crore would just be sufficient in the
absence of any repayment obligation over the medium term. Current
ratio is estimated to be healthy at 2.90 times as on March 31,
2021.

Outlook: Stable

CRISIL Ratings believes BBRM will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity factors

Upgrade factors:

* Revenue growing at a compound annual growth rate (CAGR) of 18-20%
over the medium term along with sustained operating margin
* Comfortable debt protection measures and liquidity position
Prudent working capital management

Downgrade factors:

* Operating margin declining below 3.5% along with flattish topline
resulting in drastic reduction in cash accruals.
* Large debt-funded capital expenditure weakening capital
structure
* Stretch in working capital cycle

Established as a partnership firm, BBRM is engaged in milling of
non-basmati rice. The firm is based in Hooghly (West Bengal) and is
owned & managed by Mr. Nityaranjan Betal, Mr. Dilipkumar Dey, Mr.
Asit Bar and Smt. Rinku Dey.


BALAJI COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Shree
Balaji Coal Traders Limited (SBCTL; part of SMJ group) continues to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             35       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBCTL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBCTL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBCTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBCTL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SBCTL and SMJ Exim Ltd
(SEL). This is because the two companies, together referred to as
the SMJ group, are under a common management and in the same line
of business, and have significant operational and financial
linkages.

The SMJ group was set up by the late Mr. S M Bhutoria. Its
operations are managed by the founder's sons, Mr. Praakash Bhutoria
and Mr. Arrun Bhutoria, and grandson Mr. Lalit Kumar Bhutoria. The
group trades in domestic and imported coal.


COSMOS FORGINGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Cosmos Forgings Limited
        Plot No. 1A, Survey No. 308
        S.V.C.I.E. Jeedietla Hyderabad
        A.P. Hyderabad
        Telangana 500055

Insolvency Commencement Date: August 26, 2021

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: February 22, 2022
                               (180 days from commencement)

Insolvency professional: CA S. Prabhu

Interim Resolution
Professional:            CA S. Prabhu
                         M/s SPP & Co, Chartered Accountants
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road
                         Puliyakulam
                         Coimbatore 641045
                         E-mail: carpprabhu@gmail.com
                         Mobile: 9488836000

Last date for
submission of claims:    September 10, 2021


DEWA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Dewa
Projects Private Limited (DPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               287      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DPPL for
obtaining information through letters and emails dated January 30,
2021 and July 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DPPL continue to be 'CRISIL D Issuer Not Cooperating'.

DPPL was established in April 2005. The company is constructing
residential apartments at Marine Drive, Kochi. The project which is
being developed at an estimated cost of over INR4,600 crore, is in
the early phase of construction. The company has been promoted by
Mr Venugopalan Nair, a Kuwait-based non-resident Indian.


GIRDHARILAL MANOHARLAL: CRISIL Keeps B+ Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Girdharilal
Manoharlal Glass Works No.2 (GMGW) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Inland/Import            2.25    CRISIL A4 (Issuer Not
   Letter of Credit                 Cooperating)

   Proposed Long Term       0.48    CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan                6.27    CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GMGW for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GMGW, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMGW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMGW continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

GMGW, based in Firozabad, Uttar Pradesh, was established in 1977 to
manufacture drinking glasses. After reconstitution of the firm's
partnership in 2011, its partners amended the scope of its
operations and set up a glass bottle manufacturing unit, which
commenced operations in January 2013. The firm is owned and managed
by Mr Manish Bansal, Mr Mohit Mohan Agarwal, Mr Rohit Agarwal, Mr
Pradeep Gupta, Mr Deepak Gupta, and Mr Sanjeev Gupta.


HARITHA FERTILISERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haritha
Fertilisers Limited (HFL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             16       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HFL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HFL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, HFL is involved in the manufacturing of
nitrogen-phosphorous-potassium (NPK) fertilizers. The company has
two manufacturing facilities with installed capacity of 1.50 lakh
metric tonne per annum each. The unit-I is located at
Ankireddypalli village in Ranga Reddy district and unit-II is
located at Damaracherla village in Nalgonda district of Telangana.
The company sells products under own brand 'Nandi' in Telangana.


HARRAJ AGRO: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on the bank facilities of
Harraj Agro Foods (HAF) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Term Loan         1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with HAF for
obtaining information through letters and emails dated August 20,
2021 and August 25, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HAF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HAF
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of HAF to 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2012, HAF is a partnership concern of Mr Amitoj
Singh Brar, Mr Harman Singh Nijjar, and Mr Jateshwar Singh Brar. It
manufactures a wide range of products, including tomato paste,
puree and juice, red chilli paste, apple pulp and dairy foods. The
facility is in Amritsar, Punjab.


HUBLI ELECTRICITY: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Hubli
Electricity Supply Company Limited (HESCOM) continue to be 'CRISIL
B-/Stable/CRISIL D/CRISIL A4/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            125       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             50       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit        50       CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit        50       CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan         568.49    CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          63.49    CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          16.60    CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         253.95    CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Short Term Loan        106.25    CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HESCOM for
obtaining information through letters and emails dated March 31,
2021 and July 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HESCOM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
HESCOM is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of HESCOM continue to be 'CRISIL B-/Stable/CRISIL
D/CRISIL A4/CRISIL D Issuer Not Cooperating'.

Incorporated in 2002, HESCOM is an electricity distribution
company, wholly owned by GoK. It is responsible for supplying power
to consumers in the seven districts of Dharwad, Gadag, Haveri,
Uttar Kannada, Belgaum, Bijapur, and Bagalkot in Karnataka. The
company's service area covers 54,513 square kilometers, with a
population of over 1.4 crore and a customer base of around 0.36
crore.


JAMMU AUTO: CRISIL Lowers Rating on INR20.0cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
Jammu Auto mart Private Limited (JAMPL) Revised to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding     18.25      CRISIL B/Stable (ISSUER NOT  
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        1.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with JAMPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JAMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JAMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JAMPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

Incorporated in 2008 and promoted by Mr Raju Chaudhary, Mr Ankur
Mahajan, and Mr Sanjay Mahajan, JAMPL is an authorized dealer of
Hyundai automobiles in Jammu. The company has five showrooms in
Jammu at Akhnoor, Kathua, Vijay Pur, and Ranbir Singh Pora.


JAYA PRAKASH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Jaya
Prakash Rice Industries (SJPRI) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.95      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2.00      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SJPRI for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SJPRI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJPRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJPRI continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2000, and based in Harihar, Karnataka, SJPRI is a
partnership firm. It mills and processes paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 5 tonnes per hour (tph). Mr. N K Jayalingappa and his
family are the partners.


JET AIRWAYS: PNB Asks Tribunal to Quash Carrier's Rescue Plan
-------------------------------------------------------------
Reuters reports that India's Punjab National Bank on Sept. 2 urged
a tribunal to quash the rescue plan for defunct debt-laden Jet
Airways, alleging irregularities in it, a move that risks delaying
any return of the airline grounded two years ago.

A consortium of London-based Kalrock Capital and a UAE-based
businessman last year agreed to pump in 10 billion rupees as
working capital and give funds to creditors of Jet, which was hit
hard due to piling up debt in 2019, Reuters recalls.

The country's second-largest state lender PNB argues that Jet's
court-appointed rescue official had initially accepted its claim of
nearly INR10 billion ($137 million) from the airline's backers, but
then reduced it by INR2 billion, according to its tribunal filing
seen by Reuters.

At the National Company Law Appellate Tribunal, PNB argued that a
reduction of the amount was arbitrary and illegal, Reuters says.

On Sept. 2, the tribunal agreed to hear PNB's case, Additional
Solicitor General of India, Aman Lekhi, who argued for the bank,
told Reuters.  The case will be heard on Sept. 21.

"How PNB has been treated is wrong - both substantively and
procedurally," Lekhi said.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

Jet Airways would be acquired by an investor consortium under a
multi-million dollar resolution plan approved by the carrier's
creditors on Oct. 17, 2020.


KWALITY DAIRY: Lactalis May Buy Dairy Company in Fire Sale
----------------------------------------------------------
The Economic Times of India reports that French dairy giant
Lactalis is in talks to buy Kwality Dairy (now Kwality) in a fire
sale as the company's creditors have failed to reach a timely
agreement on its debt resolution, forcing the National Company Law
Tribunal (NCLT) to send it to liquidation, according to multiple
people aware of the matter.

Talks between Lactalis and Kwality Dairy's creditors have gathered
steam over the past few weeks and could result in the former making
a formal proposal for Kwality Dairy in the next 8-10 days,
according to sources in the know, ET relates.

This could be Lactalis's fourth acquisition in India, if the
creditors agree to its proposal. The French company has spent
INR5,000 crore on acquisitions in India over the past six years.

Kwality Ltd is engaged in the business of milk processing and
manufacturing of dairy products, including ghee, milk powders,
lassi, chaach, flavoured milk etc. It owns two milk processing
units, one in Softa, Haryana, and another in Dibai, Uttar Pradesh.

Kwality Dairy was admitted into bankruptcy proceedings in 2018
after private equity firm KKR approached NCLT claiming the company
had defaulted on a INR600-crore financing arrangement. Multiple
other creditors including Punjab National Bank also subsequently
filed their claims at NCLT. The financial creditors are owed
INR1,900 crore by the Delhi-based dairy company.


MARUDHAR INDUSTRIES: CRISIL Lowers Rating on INR30cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Marudhar Industries Limited (MIL) to 'CRISIL B/Stable/CRISL A4
Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             30       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit             10       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Inland/Import           18.4     CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Letter of Credit         5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MIL for
obtaining information through letters and emails dated January 30,
2021, August 20, 2021 and August 25, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIL were revised to 'CRISIL B/Stable/CRISL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

MIL is an Ahmedabad-based company incorporated by S.K Jain in 1982,
is involved in manufacture of aluminum foils,Coils and sheets.


MLAPLNP ASSOCIATES: CRISIL Lowers Rating on INR9cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on the bank facilities of
MLAPLNP Associates (MA) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-          0.1      CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MA for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MA
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

MA was established as a partnership firm with Mr Ram Keshav
Khandelwal, Mr Sanjay Jhawar, Ms Suchitra Agarwal, and Ms Seema
Gupta as partners. It started commercial operations in April 2017,
and undertakes EPC projects for Paschimanchal Vidyut Vitran Nigam
Ltd (PVVNL) and Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL). It
undertakes projects majorly in Uttar Pradesh.


NAGAUR WATER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Nagaur Water Supply Company Limited
        Building No. 9, Sigma Corporate
        Behind Rajpath Club
        Off S.G. Road
        Bodakdev, Ahmedabad
        GJ 380054

Insolvency Commencement Date: August 17, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 12, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Parag Sheth

Interim Resolution
Professional:            Mr. Parag Sheth
                         404, Sachet 2
                         Opp. GLS University
                         Maradia Plaza Lane
                         C.G. Road, Ahmedabad
                         Gujarat 380006
                         E-mail: cirp.nagaur@gmail.com
                                 pksheth@hotmail.com

Last date for
submission of claims:    September 7, 2021


NEW SHIVA: CRISIL Assigns B+ Rating to INR5cr Loans
---------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of New Shiva Sambhu Rice Mill (NSSRM)

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      4        CRISIL B+/Stable (Assigned)

The rating reflects NSSRMs susceptibility to climatic conditions
and volatility in raw material prices and small scale of operation.
These weaknesses are partially offset by the extensive industry
experience of the partners, and NSSRM's comfortable debt protection
metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, NSSRM is exposed to
the risk of limited availability of its key raw material during a
weak monsoon. Also, production may be impacted by pests or crop
infection leading to higher unpredictability in production and
pricing of agri-commodities and derived products.

* Small scale of operation: NSSRM's business risk profile is
constrained by its small scale of operation in the intensely
competitive agriculture industry. NSSRMs small scale of operation
will continue to limit its operating flexibility. Revenue is
estimated to be around INR6.4 crore in fiscal 2021 as against
INR10.13 crore in fiscal 2020. CRISIL believes significant
improvement in revenue over the medium term is a key rating
sensitivity factor.

Strengths:

* Extensive experience of the partners: The partners have an
extensive experience in the agriculture industry. This has given
them an understanding of the dynamics of the market, and enabled
them to establish healthy relationships with suppliers and
customers.

* Comfortable debt protection metrics: NSSRM's debt protection
measures have been at comfortable level with interest coverage and
net cash accrual to total debt (NCATD) ratios estimated at around
3.96 times and 0.22 times, respectively, for fiscal 2021. NSSRM's
debt protection measures are expected to remain at similar level
over the medium term.

Liquidity: Stretched

Bank limit utilization is modest at around 24 percent for the past
twelve months ended June 2021. However, expected annual cash
accrual of only INR0.30-0.35 crore would just be sufficient in the
absence of any repayment obligation over the medium term. Current
ratio is estimated to be healthy at 3.73 times as of March 31,
2021.

Outlook: Stable

CRISIL Ratings believes NSSRM will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity factors

Upgrade factors:

* Revenue growing at a compound annual growth rate (CAGR) of 18-20%
over the medium term along with sustained operating margin

* Comfortable debt protection measures and liquidity position

* Prudent working capital management

Downgrade factors:

* Operating margin declining below 4% along with flattish topline
resulting in drastic reduction in cash accruals.

* Large debt-funded capital expenditure weakening capital
structure

* Stretch in working capital cycle

Established as a partnership firm, NSSRM is engaged in rice milling
of non-basmati rice. The firm is based in Hooghly (West Bengal) and
is owned & managed by Mr. Dilip Kumar Dey, Smt. Rinku Dey, Mr.
Nityaranjan Betal and Mr. Asit Kumar Bar.


RAJA UDYOG: CRISIL Hikes Rating on INR56cr Cash Loan to B-
----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Raja Udyog Pvt Ltd (RUPL) to 'CRISIL B-/Stable' from 'CRISIL D'.
The upgrade reflects timely debt servicing by RUPL and its track
record of satisfactory account conduct.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            56        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D ')

   Cash Credit             8        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D ')

   Term Loan               5        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D ')

   Term Loan            15.26       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D ')

The ratings also reflect working capital-intensive nature of
operations and susceptibility of profitability to increase in input
prices. These weaknesses are partially offset by the extensive
experience of the promoter in the industry and established
distribution network.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: RUPL's operations remain
working capital intensive as reflected by gross current assets of
143 days (as of March 31, 2021), largely driven by high debtors.
With short credit period received from suppliers, and delayed
realization from debtors, dependence on bank lines remains high,
with average utilization being 96% over 12 months through July
2021. With Varanasi unit becoming operational in July 2021, working
capital requirement will remain high and efficient management of
the same will be remain a key monitorable

* Susceptibility of profitability to increase in input prices: The
raw materials for production of biscuits, cakes, and coconut oil
include flour, sugar, chemicals, colors, and flavors, and comprise
nearly 75% of the cost structure. The company is unable to pass on
any increase in input prices to its customers, hence, profitability
is adversely affected. This, coupled with increase in packaging
material prices has the potential to further restrict the
profitability.

Strengths

* Extensive experience of the promoter: The company's daily
operations are managed by chairman and managing director Mr Loknath
Prasad Gupta. He has experience of more than 35 years and has
managed different companies, including food processing and
packaging segments. RUPL and its promoters were able to leverage
their strong market reputation to keep its manufacturing facilities
running during lockdown. This, along with their in-house packaging,
supported the growth in sale in fiscal 2021 despite lockdowns
during pandemic.

* Established distribution network: Company has an established
distribution network with over 80 super-stockists and 4000
distributors across north and east India, enabling RUPL to launch
new products in the market and ensure its reach to the target
market in an efficient manner. With its strong distribution
network, company was able to supply its products to the market
during pandemic, thereby avoiding inventory pileup at its
facilities.

Liquidity: Poor

Liquidity profile is marked by high BLU, low current ratio and cash
accruals of INR8-10 crore tightly matched against repayment
obligations of INR6-8 crore over the medium term. Current ratio was
low at 0.88 times on March 31, 2021

Bank limit utilization was high, averaging around 96% over last 12
months ending July 2021 on account of working capital-intensive
operations. With the increase in scale of operations, timely
enhancement of limits and efficient working capital management will
remain key monitorables.

Outlook Stable

CRISIL Ratings believes RUPL will continue to benefit from the
industry experience of its promoter

Rating Sensitivity factors

Upward Factors
* Significant and sustained growth in revenue with margins
remaining stable over 5%

* Efficient working capital management leading to moderation in
bank lines

Downward Factors

* Sustained decline in revenue and/or the operating margin, leading
to net cash accruals below INR8 crore, which will be insufficient
to meet term loan obligations

* Increase in debt component in the capital structure weakening the
financial risk profile

RUPL was set up as Raja Biscuit Industries Pvt Ltd (RBIPL) in 2001
and got its present name in 2008. The company manufactures
biscuits, cakes, and namkeen products. Additionally, it has started
manufacturing cookies and has a small presence in coconut oil. All
its product ranges are sold under the Raja brand.


SAMBANDAM SPINNING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sambandam
Spinning Mills Limited (SSML) continue to be 'CRISIL
B+/FB+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee         1.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           11.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            8.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           29.6       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            5.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       2.3       CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       3.75      CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       3.45      CRISIL A4 (Issuer Not
                                    Cooperating)

   Term Loan              5.4       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              0.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             15.35      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSML for
obtaining information through letters and emails dated February 22,
2021 and July 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSML continues to be 'CRISIL B+/FB+/Stable/CRISIL A4 Issuer Not
Cooperating'.

SSML, incorporated in Salem (Tamil Nadu) in 1973 as a private
limited company, is promoted by Mr. S P Ratnam, Mr. S P Sambandam,
Mr. S P Rajendran, and Mr. Y Jagannathan. It was reconstituted as a
public limited company in 1994. SSML manufactures cotton yarn.


SEVENHILLS HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of SevenHills
Healthcare Private Limited (SHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest        56.44     CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Overdraft Facility     50        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    106.81     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             510.11     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL continue to be 'CRISIL D Issuer Not Cooperating'.

SHPL, incorporated in 2004, is currently operating two
super-speciality hospitals under the name of Sevenhills Hospital;
one is in Visakhapatnam (Andhra Pradesh) and other in Andheri,
Mumbai. Sevenhills Hospital, Visakhapatnam was started in 1988 by
Sevenhills Hospitals Pvt Ltd, which was later merged with SHPL in
2009. Sevenhills Hospital, Mumbai, commenced operations in 2009.
SHPL is currently promoted by Dr. Jitendra Das Maganti, his wife,
Dr. Renuka Jitendra Maganti, and AIRRO (Mauritius) Holdings I,
Mauritius (AIRRO; a fund affiliated to JP Morgan).


SKIPPING STONES: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Skipping
Stones Private Limited (SSPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          20       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

SSPL, incorporated on April 2, 2008, has developed a flagship
project, The Retreat at Baiguney, in Baiguney, West Sikkim in 2010,
a holiday resort with 31 guest rooms spread over six acre; it is
being operated by Mahindra Hotels and Resorts India Ltd under the
banner, Club Mahindra Baiguney Sikkim. The company is owned and
managed by Gangtok-based Mr. Lokesh Sharma, Mr. Ritesh Sharma, Mrs.
Shradha Sharma and Mrs. Lalita Sharma.


SR FOILS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of SR Foils
and Tissue Limited (SRFTL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           155        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      120        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              76        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SRFTL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRFTL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRFTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRFTL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1993, SRFTL (formerly SR Foils Ltd) manufactures
aluminium foils (under the Homefoil brand), cling film rolls (Clean
Wrap), and tissue paper products (Mistique). The company has two
manufacturing units, one in Bhiwadi and another in Sotanala, both
in Rajasthan.


STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Star Agro
Marine Exports Private Limited (SAME) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill           47        CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Bill           44        CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Letter         14        CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Long Term Loan         17.45     CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         47        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit          3        CRISIL D (Issuer Not
                                    Cooperating)

   Standby Letter         40        CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Standby Letter         56        CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with SAME for
obtaining information through letters and emails dated January 26,
2021 and July 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAME, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAME continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The group
is based in Nellore (Andhra Pradesh) with its subsidiaries in the
United States of America and the United Kingdom.


SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Swastik
Lloyds Engineering Private Limited (SLEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term       4       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SLEPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SLEPL was incorporated in 1997, promoted by Mr. Mafatlal Sanghvi
and his family. The company manufactures and supplies pipe fittings
such as elbows, bends, tees, stub ends, reducers, and caps; it also
executes turnkey projects for mechanical piping. Its manufacturing
facility is in Taloja, Maharashtra, with an installed capacity of
100 tonnes per month.

TIRUPATI SARJAN: CRISIL Withdraws B+ Rating on INR8cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the INR32 Crore Bank
Guarantee and INR18 Crore Cash Credit of Tirupati Sarjan Limited
(TSL) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         22        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee         10        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Bank Guarantee          6        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             8        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            10        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             4        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated July 31,
2020 and August 5, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 1995, TSL is a civil constructor (mainly undertakes
government contracts) and real estate player in Gujarat. The
company constructs commercial and institutional buildings. In 2007,
TSL established TDUL in Uganda to carry out the civil construction
and real estate business through a joint venture with local
partners.


TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of TMR
Developers Private Limited (TMR) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              18        CRISIL D (Issuer Not
                                    Cooperating)
            
CRISIL Ratings has been consistently following up with TMR for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TMR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TMR continues to be 'CRISIL D Issuer Not Cooperating'.

Established in August 2012, TMR is engaged in residential real
estate construction business in Bangalore, Karnataka. The company
has two on-going projects under the name 'Tulips Blossoms and
Tulips Orchids. The company is promoted by Mr. T.Madhava Rao and
Ms. T.V.Venkata Sirisha who are the directors. The day to day
operations are managed by Mr. T.Madhava Rao.


UNIQUE TREES: CRISIL Assigns B Rating to INR15cr Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Unique Trees Private Limited (UTPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.8        CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     0.2        CRISIL B/Stable (Assigned)

   Term Loan            15.0        CRISIL B/Stable (Assigned)


The rating reflects UTPL's modest scale of operation, working
capital intensive operations and weak financial profile. These
weaknesses are partially offset by its extensive industry
experience of the promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: UTPLs business profile is constrained
by its scale of operations in the intensely competitive industry.
UTPLs scale of operations will continue to limit its operating
flexibility.

* Working capital intensive operations: UTPL's operations are
working capital intensive reflected by gross current asset (GCA) of
658 days as on March 31, 2021. Its large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it holds large work in process & inventory and
expected to remain in this range over the medium term.

* Below average financial profile: UTPL has below average financial
profile marked by gearing of 2.08 and total outside liabilities to
adj tangible networth (TOL/ANW) of 2.26 for year ending on 31st
March 2021. UTPL's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.49 times and 0.06 times for fiscal
2021. UTPL debt protection measures are expected to remain at
similar level with high debt levels.

Strength:

* Extensive experience of promoters: The promoter, Mr Rao, a fine
arts graduate from the Andhra Pradesh University and an ardent
plant lover, has studied and experienced different climatic
conditions and visited more than 68 countries, so far. He has built
a personal collection of over 500 different species of plants,
which could be of interest for the Indian hardy nursery stock
industry. UTPL will continue to benefit from the extensive
experience and interest of promoter in the field.

Liquidity: Stretched

Bank limit utilization is low at around 56 percent for the past
twelve months ended June 2021.

Cash accrual are expected to be over INR1.40 to 2.70 crore which
are tightly match against term debt obligation, also promoters are
likely to extend support in the form of unsecured loans to meet its
working capital requirements and repayment obligations.

Current ratio is healthy at 3.84 times on March 31, 2021.

Outlook: Stable

CRISIL Ratings believe UTPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity Factors

Upward factor

* Improvement in margins to 20% and scale, leading to higher cash
accruals.
* Improvement in working capital cycle, with gross current assets

Downward factor

* Decline in profitability or stretch in working capital cycle
* Decline in net cash accruals below INR1.5 to 2 crore on account
of decline in revenue or operating profits.
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Incorporated in 2010, promoted by Mr. R Ramdev Rao and Ms. R
Srilakshmi, UTPL is engaged in the production of hardy nursery
stock. The company owns 6 nurseries in Shankarpally district of
Telangana.

VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Sri
Vijaya Durga Motors Private Limited (SVDMPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVDMPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVDMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVDMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SVDMPL continue to be 'CRISIL D Issuer Not
Cooperating'.

SVDMPL, incorporated in 2003, remained non-operational until April
2011. During fiscal 2012, the company commenced operations by
taking up the dealership for Mahindra Navistar's commercial
vehicles. It has three showrooms, one each at Kadapa, Kurnool, and
Anantpur, all in Andhra Pradesh.




=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Case Summary & 40 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Philippine Airlines, Inc.
        PNB Financial Center, President
        Diosdado Macapagal Ave., CCP Complex
        Pasay City 1300, Metro Manila
        Philippines

Business Description: Philippine Airlines, Inc. is the flag
                      carrier of the Philippines and the country's
                      only full-service network airline.

Chapter 11 Petition Date: September 3, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 21-11569

Judge: Hon. Shelley C. Chapman

Debtor's
General
Bankruptcy &
Restructuring
Counsel:          Jasmine Ball, Esq.
                  Nick S. Kaluk, III, Esq.     
                  Elie J. Worenklein, Esq.
                  DEBEVOISE & PLIMPTON LLP
                  919 Third Avenue
                  New York City, NY 10022
                  Tel: 212-909-6000
                  Fax: 212-909-6836
                  Email: jball@debevoise.com
                         nskaluk@debevoise.com
                         eworenklein@debevoise.com

Debtor's
Aircraft
Counsel:          NORTON ROSE FULBRIGHT

Debtor's
Financial
Restructuring
Advisor &
Investment
Banker:           SEABURY SECURITIES LLC and SEABURY
                  INTERNATIONAL CORPORATE FINANCE LLC

Debtor'
Claims &
Noticing
Agent:            KURTZMAN CARSON CONSULTANTS LLC

Estimated Assets: $1 billion to $10 billion

Estimated Liabilities: $1 billion to $10 billion

The petition was signed by Nilo Thaddeus P. Rodriguez as chief
financial officer and Alvin Kendrich O. Limqueco as senior vice
president - administration.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/M4I2CQI/Philippine_Airlines_Inc__nysbke-21-11569__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Buona Sorte Holdings, Inc.         Creditor        $358,286,608
Susan T. Lee
c/o Philipine National Bank
2/F Allied Bank Center
Ayala Avenue
Makati City, 0716
Philippines
Email: susan.lee@tanduay.com

2. Air Philippines                   Code Share       $171,253,501
Bonifacio Sam
Palex Admin Bldg.
PAL Gate 1, Andrews Avenue
Pasay City, MM, 1300
Philippines
Email: boni_sam@pal.com.ph

3. Philippine National Bank           Creditor        $115,924,247
Allan Ang
7th Floor PNB Financial Center
Diosdado Macapagal Avenue
CCP Complex
Pasay City, 1300
Philippines
Email: santeliceshm@pmb.com.ph;
angal@pnb.com.ph;
junaudencial@pnb.com.ph;
licupcjm@pnb.com.ph

4. Rolls Royce Ltd.                  Maintenance       $89,034,017
Jhan Yong Wan                          Service
1 Seletar Aerospace Crescent           Provider
797565
Singapore
Email: jhanyong.wan@rolls-royce.com

5. Lufthansa Technik                 Maintenance      $80,764,138
Philippines, Inc.                      Service
Rosario Esquillo                       Provider
c/o Macroasia Ecozone
Villamore Airbase
Pasay City, MM, 1309
Philippines
Email: rosario.esquillo@lht-philippines.com

6. Asia United Bank                     Creditor       $75,302,743
Ernesto Uy, Danica Treyes
Joy Nostalg Center
17 ADB Avenue
Ortigas Center
Pasig City, 1600
Philippines
Fax: 8687-9087
Email: uyet@aub.com.ph

7. China Banking Corporation            Creditor       $65,272,638
Lilian Yu, Marissa Garcia
8745 Paseo De Roxas
Corner Villar St
Makati City, 1226
Philippines
Fax: (+632) 8885-5135
Email: mggarcia@chinabank.ph;
dcmconcepcion@chinabank.ph;
lyu@chinabank.ph

8. Nanshi Aviation                      Aircraft       $34,410,742
Leasing Limited                          Lessor
Aman Kochher, Sarah Harmon
Goshawk Management Limited
One Molesworth Street
Dublin 2, D02 RF29
Ireland
Email: sarah.harmon@goshawk.aero;
aman.kochher@goshawk.aero;
conor.stafford@goshawk.aero;
jason.pung@goshawk.aero;
wuijin.woon@goshawk.aero

9. SMBC Aviation Capital               Aircraft        $32,966,840
(UK) Limited                            Lessor
Nicolas Clouet, Peter Callanan,
Adrian Dharsan
IFSC House, IFSC
Custom House Quay
Dublin 1, D01 R2P9
Ireland
Email: malin.palsson@smbc.aero;
kevin.johnston@smbc.aero;
peter.callanan@smbc.aero;
adrian.dharsan@smbc.aero;
nicolas.clouet@smbc.aero

10. CIT Group Finance (Ireland)        Aircraft        $32,804,221
Daire O'Reilly                          Lessor
The Oval Building
Building 1 Shelbourne Road
Ballsbridge
Dublin 4, D04 FP65
Ireland
Fax: 866-914-1578
Email: koliver@avolon.aero
samoranto-bustos@avolon.aero;
vsiu@avolon.aero;
Doreilly@avolon.aero;
aobrien@avolon.aero

11. Aviation Pacific                    Aircraft       
$21,818,304
Leasing II Pte Ltd.                     Lessor
Rod Mahoney
65 Kampong Bahru Road
169370
Singapore
Email: rod.m@avation.net;
duncan@avation.net

12. Manila International            Aeronautical Fees, $21,672,506
Airport Authority                   Passenger Service
Mr. Enrico Francisco B. Gonzalez    Charge/DOM/Int'l
Mia Road, Naia Complex              Passenger Service
Pasay City, 1300                    Charge/Int'l-Un-
Philippines                         Utilized Tickets
Fax: 63 2 8853 5200
Email: adca@miaagovphils.onmicrosoft.com

13. Celestial EX-IM Trading            Aircraft        $21,035,782
1 Limited                               Lessor
Simon Siganto, Clem McCloskey
c/o GE Capital Aviation
Services Limited
Aviation House
Shannon, County Clare,
V14 An29 Ireland
Email: simon.siganto@gecas.com;
clem.mccloskey@gecas.com;
cherlene.chua@gecas.com

14. Airfrance Industries             Maintenance       $20,256,700
Fabrice Mouton                         Service
Vorawat Building 21st Floor           Provider
849 Silom Road, Silom
Bangrak, Bangkok, 10500
Thailand
Fax: +66 2 6809680
Email: famouton@airfranceklm.com

15. Union Bank                        Creditor         $20,079,444
Bryan Benedicto
Union Bank Plaza
Meralco Ave, Cor. Onyx &
Sapphire Road
Ortigas Center, San Antonio
Pasig City, 1605
Philippines
Fax: (02) 633-7929
     (02) 944-8043
Email: bpbenedicto@unionbankph.com;
rdduenas@unionbankph.com

16. Wilmington Trust SP              Aircraft          $18,633,374
Services (Dublin) Limited             Lessor
For MSN 37709
Patrick Waldron
c/o Castlelake L.P.
Fourth Floor, 3 Georges Dorck IFSC
Dublin 2, D01 X5X0
Ireland
Email: patrick.waldron@castlelake.com;
Co'Faolain@wilmingrontrust.com;
ageraghty@wilmingtontrust.com

17. Pajun Aviation                   Aircraft          $17,747,730
Leasing 1 Limited                     Lessor
Daniel Perez
Gabriella Lapidus
c/o Voyager Aviation
Management Ireland DAC
190 Elgin Avenue
George Town Grand Cayman
KY1-9005
Cayman Islands
Email: dan.barlin@vah.aero;
daniel.perez@amadeo.aero;
gabriella.lapidus@amadeo.aero;
cayman.spvinfo@intertrustgroup.com

18. Pajun Aviation                   Aircraft          $17,595,980
Leasing 2 Limited                     Lessor
Daniel Perez, Gabriela Lapidus
c/o Voyager Aviation Management
Ireland DAC
190 Elgin Avenue
George Town Grand
Cayman, KY1-9005
Cayman Islands
Email: dan.barlin@vah.aero;
Daniel.perez@amadeo.aero;
Gabriella.lapidus@amadeo.aero;
Cayman.spvinfo@intertrustgroup.com

19. Pajun Aviation                   Aircraft          $17,123,960
Leasing 3 Limited                     Lessor
Daniel Perez, Gabriella Lapidus
c/o Voyager Aviation Management
Ireland DAC
190 Elgin Avenue
George Town Grand Cayman, KY1-9005
Cayman Islands
Email: dan.barlin@vah.aero;
daniel.perez@amadeo.aero;
gabriella.lapidus@amadeo.aero;
cayman.spvinfo@intertrustgroup.com

20. GE Capital Aviation Funding      Aircraft          $16,354,989
Simon Siganto, Clem McCloskey         Lessor
c/o GE Capital Aviation
Services Limited
Aviation House
Shannon, County Clare, V14 AN29
Ireland
Email: simon.siganto@gecas.com;
clem.mccloskey@gecas.com;
cherlene.chua@gecas.com

21. IAE International Aero          Maintenance        $15,174,771
Engines AG                            Service
Phillip MA                           Provider
400 Main Street
East Hartford, CT 06118
Email: phillip.ma@prattwhitney.com

22. CIT Aerospace International       Aircraft         $13,014,472
Daire O'Reilly                         Lessor
The Oval Building
Building 1 Shelbourne Road
Ballsbridge
Dublin 4, D04 FP65
Ireland
Email: koliver@avolon.aero;
samoranto-bustos@avolon.aero;
vsiu@avolon.aero;
doreilly@avolon.aero
aobrien@avolon.aero

23. MacroAsia Airport                 Ground           $12,993,502
Services Corporation                 Handling
Joselito B. Ellazar
Flr. Bldg. A. Sky Freight Center
Ninoy Aquino Avenue
Brgy. Sto. Nino
Paranaque City, 1700
Philippines
Fax: (+632) 878-5001
Email: joel.ellazar@mascorp.com

24. Avolon Aerospace AOE              Aircraft         $11,329,162
95 Limited                             Lessor
Daire O'Reilly
The Oval Building
Building 1 Shelbourne Road
Ballsridge
Dublin 4, D04 YT29
Ireland
Email: koliver@avolon.aero;
samoranto-bustos@avolon.aero;
vsiu@avolon.aero;
doreilly@avolon.aaero;
aobrien@avolon.aero

25. SAF Leasing II (AOE 2)            Aircraft         $11,156,981
Limited                                Lessor
Daire O'Reilly
c/o Avalon Aerospace Leasing Ltd
The Oval Building
Bldg 1 Shelbourne Road, Ballsbridge
Dublin 4, D04 FP65
Ireland
Email: koliver@avolon.aero;
samoranto-bustos@avolon.aero;
vsiu@avolon.aero;
doreilly@avolon.aero;
aobrien@avolon.aero

26. ECAF I 1482 DAC                   Aircraft         $10,593,846
Neil McCarthy, Mike Blumenthal         Lessor
BBAM US LLP
50 California Street, 14th Floor
San Francisco, CA 94111
Tel: 415-267-1600
Fax: 415-618-3337
Email: brian.cook@bbam.com;
mike.blumenthal@bbam.com;
neil.mccarthy@bbam.com

27. JPA No. 112 Co., Ltd.             Aircraft         $10,030,146
Ana Urien, David Fitzgerald            Lessor
c/o Stratos Sarl Stratos
Rineanna House
Shannon, CO, Clare, V14 CA36
Ireland
Email: aurien@stratos.aero;
bjeffery@stratos.aero;
shirai@jlps.co.jp;
sato@jlps.co.jp;
ishikawa@jlps.co.jp;
pgoodfellow@stratos.aero;
dfitzgerald@stratos.aero

28. Fly Aircraft Holdings             Aircraft          $9,313,493
Twenty-One Limited                    Lessor
Ciana Casey
c/o Carlyle Aviation
Management Limited
Connaught House
1 Burlington Road
Dublin 4, D04 C5Y6
Ireland
Tel: 353-1-497-6621
Email: fly@carlye.aero;
apollo-utilization@aerodata.com

29. Lufthansa Hamburg Technik        Maintenance        $9,191,721
Konstantin Stathopoulos                Service
35/F, 118 Connaught Road West          Provider
999077
Hong Kong
Email: konstantin.stathopoulos@lht.dlh.de

30. Civil Aviation Authority       Aeronautical Fees    $8,654,534
of the Philippines                Rental & Utilities,
Pierre Briens, Choonyee Toh       Passenger Service/
BNP Paribas Tokyo Branch          DOM-Passenger Service
Grantokyo North Tower             Charge/Security Fee
1-9-1 Marunouchi                  Charge, Aviation
Chiyoda-Ku, Tokyo, 100-6741       Security Fee
Japan
Email: pierre.briens@asia.bnpparibas.com;
choonyee.toh@asia.bnpparibas.com

31. Falcon 2019-1                      Aircraft         $8,622,240
Aircraft 1 Limited                      Lessor
Richard Sinclair
c/o Dubai Aerospace Enterprise
Block B Riverside IV
Sir John Rogerson's Quay
Dublin 2, D02 R296
Ireland
Email: richard.sinclair@dubaiaerospace.com
kate.paterson@dubaiaerospace.com

32. Wilmington Trust SP                Aircraft         $8,183,238
Services (Dublin) Limited               Lessor
For MSN 4585, 4587, 4588
Deniss Lopes, Prashant Mahajan
c/o Chorus Aviation Capital
(Ireland) Limited
46 St. Stephen's Green
Dublin 2, D02 WK60
Ireland
Email: dennis.lopes@chorusaviation.com;
prashant.mahajan@chorusaviation.com;
steven.ridolfl@chorusaviation.com;
clair.hayes@chorusaviation.com

33. Fly Aircraft Holdings Twenty-      Aircraft         $7,920,117
Two Limited                             Lessor
Ciana Casey
c/o Carlyle Aviation
Management Limited
Connaught House
1 Burlington Road
Dublin 4, D04 C5Y6
Ireland
Email: fly@carlyle.aero;
apollo-utilization@aerdata.com

34. BNP Paribas                        Aircraft         $6,213,641
Pierre Briens, Choonye Toh              Lessor
BNP Paribas Tokyo Branch
Grantokyo North Tower
1-9-1 Marunouchi
Chiyoda-Ku, Tokyo, 100-6741
Japan
Email: pierre.briens@asia.bnpparibas.com;
choonyee.toh@asia.bnpparibas.com

35. DCAL 1 Leasing Limited             Aircraft         $6,179,037
Jonathan Pierpoint, Jon Skirrow         Lessor
2nd Floor, Beaux Lane House
Mercer Street Lower
Dublin, D02 DH60
Ireland
Email: lease.management@deucalion.com;
jon.skirrow@dvbbank.com
jonathan.pierpoint@dvbbank.com

36. Truenoord Boyne Limited            Aircraft         $6,056,952
Lenike Souri                            Lessor
No. 1 Grant's Row, Lower Mount St
Dublin 2 D02 HX96 D02 HX96
Ireland
Tel: 353 1 513 5542
Email: lsouri@truenoord.com;
jlietaert@truenoord.com;
clindeboom@truenoord.com

37. Haitong Unitrust No. 4 Limited     Aircraft        $5,832,515
Summer Li, Sally Zheng                  Lessor
2nd Floor 1-2 Victoria Buildings
Haddington Road
Dublin 4, D04 XN32
Ireland
Email: nancy.derby@santosdumont.com;
summer.li@utflc.com
sally.zheng@utflc.com

38. Haitong Unitrust No.3 Limited      Aircraft         $5,689,894
Summer Li, Sally Zheng                  Lessor
2nd Floor 1-2 Victoria Buildings
Haddington Road
Dublin 4, D04 XN32
Ireland
Email: nancy.derby@santosdumont.com;
summer.li@utflc.com;
sally.zheng@utflc.com

39. Avolon Aerospace AOE               Aircraft         $5,302,588
108 Limited                             Lessor
Daire O'Reilly
The Oval Building
Building 1 Shelbourne Road
Ballsbridge
Dublin 4, D04 YT29
Ireland
Email: koliver@avolon.aero;
samoranto-bustos@avolon.aero;
vsiu@avolon.aero;
doreilly@avolon.aero;
aobrien@avolon.aero

40. Aircraft MSN 6253 LLC              Aircraft         $5,185,946
Nigel Harwood                           Lessor
2nd Floor 1-2 Victoria Buildings
Haddington Road
Dublin 4, D04, XN32
Ireland
Email: nhardwood@aircastle.com;
rclaytonpayne@aircastle.com;
pplunkett@aircastle.com;
dmartinez@aircastle.com


PHILIPPINE AIRLINES: In Ch. 11 With Plan to Cut Debt by $2-Bil.
---------------------------------------------------------------
Philippine Airlines, Inc., which is the flag carrier of the
Philippines and the country's only full-service network airline,
filed for Chapter 11 bankruptcy protection in New York to implement
a consensual restructuring that it reached with substantially all
of the Company's lenders, lessors, and aircraft and engine
suppliers, as well as its majority shareholder.

The proposed restructuring plan, which is subject to bankruptcy
court approval, allows the Company to successfully restructure and
reorganize its finances to navigate the COVID-19 crisis and emerge
as a leaner and better-capitalized airline.

PAL Holdings Inc., which is listed on the Philippine Stock Exchange
(PSE: PHI), and Air Philippines Corporation, known as PAL Express,
are not included in the Chapter 11 filing.

                   $2 Billion in Reductions

Philippine Airlines Inc. (PAL) announced on Sept. 3, 2021, that it
has entered into a series of agreements with substantially all of
the Company's lenders, lessors, and aircraft and engine suppliers,
as well as its majority shareholder, to allow the Company to
successfully restructure and reorganize its finances to navigate
the COVID-19 crisis and emerge as a leaner and better-capitalized
airline.

The restructuring plan, which is subject to court approval,
provides over US$2.0 billion in permanent balance sheet reductions
from existing creditors and allows the airline to consensually
contract fleet capacity by 25% and includes US$505 Million in
long-term equity and debt financing from PAL's majority shareholder
and US$150 Million of additional debt financing from new
investors.

As part of the agreements with key stakeholders, the Company has
voluntarily filed for a pre-arranged restructuring under the U.S.
Chapter 11 process in the Southern District of New York to
implement the consensual restructuring plan. PAL will also complete
a parallel filing for recognition in the Philippines under the
Financial Insolvency and Rehabilitation (FRIA) Act of 2010.

PAL will continue to operate flights in the normal course of
business in accordance with safety regulations, and the Company
expects to continue to meet its current financial obligations
throughout this process to employees, customers, the government,
and its lessors, lenders, suppliers, and other creditors.

"We welcome this major breakthrough, an overall agreement that
enables PAL to remain the flag carrier of the Philippines and the
premier global airline of the country, one that is better equipped
to execute strategic initiatives and sustain the Philippines' vital
global air links to the world. We are grateful to our lenders,
aviation partners and other creditors for supporting the plan,
which empowers PAL to overcome the unprecedented impact of the
global pandemic that has significantly disrupted businesses in all
sectors, especially aviation, and emerge stronger for the
long-term," said Dr. Lucio C. Tan, PAL Chairman and CEO.

"Following the recent celebration of our 80th anniversary, we move
forward with renewed confidence, as today's actions enable us to
continue serving our customers and the Philippine economy long into
the future. I would also like to recognize the incredible
dedication of our employee teams around the world, who have
continued to deliver the highest quality of service through these
trying times," added Gilbert F. Santa Maria, PAL President & Chief
Operating Officer.

Business operations to continue as usual during restructuring

PAL is committed to maintaining business continuity throughout the
restructuring process - especially with respect to employees,
customers, suppliers, commercial partners, and local communities -
and anticipates receiving the requisite approvals from the U.S.
Court to facilitate the following:

   * PAL continues to gradually increase domestic and
     international flights in line with market recovery. In
     coming weeks, PAL will build up flight frequencies on key
     regional and long-haul routes while expanding domestic
     networks from its hubs in Manila and Cebu.

   * All passenger and cargo flights will continue to operate,
     subject to demand and travel restrictions.

   * All valid tickets and travel vouchers will be honored.

   * PAL reaffirms its commitment to fulfill all refund
     obligations.

   * Mabuhay Miles and benefits will be honored.

   * Valid travel benefits for retired employees will be honored.

   * Ongoing suppliers and trade creditors will be paid in the
     ordinary course for goods and services delivered throughout
     this process.

   * Travel agencies and other commercial partners will
     experience no disruption in their interactions with PAL.

   * PAL continues to operate special all-cargo flights to
     transport vaccines, medical supplies and sustain critical
     supply chains.

   * PAL continues to work with the Philippine government to
     mount flights to bring Overseas Filipino Workers (OFWs) home
     after having repatriated the majority of displaced Filipinos
     during the course of the global pandemic.

   * PAL continues to innovate and enhance customer experience by
     working with the government and IATA on streamlined rules
     for travel, including travel passes and vaccine "passports"
     while maintaining the highest standards of passenger safety
     through this pandemic.

Filing Entities

Philippine Airlines Inc. is the only party included in the Chapter
11 filing; while PAL Holdings Inc., which is listed on the
Philippine Stock Exchange (PSE: PHI), and Air Philippines
Corporation, known as PAL Express, are not included in the
Chapter 11 filing.

Additional Information

Additional resources for customers and other stakeholders, and
other information on PAL's filings, can be accessed by visiting the
Company's restructuring website at www.PALrecovery.com. Court
filings and other documents related to the Chapter 11 process in
the U.S. are available on a separate website administered by PAL's
claims agent, KCC, at www.kccllc.net/PAL. Information is also
available by calling (866) 967-0671 (U.S./Canada) or (310) 751-2671
(International).

Debevoise & Plimpton LLP, Norton Rose Fulbright US LLP, and Angara
Abello Concepcion Regala & Cruz (ACCRA) are acting as legal
advisors and Seabury Securities LLC as financial advisor and
investment banker to the Company.

                     About Philippine Airlines

Philippine Airlines, Inc. (PAL) is the flag carrier of the
Philippines and the country's only full-service network airline.
PAL was the first commercial airline in Asia and marked its 80th
anniversary in March 2021. PAL's young fleet of Boeing 777s, Airbus
A350s, Airbus A330s, Airbus A321s and De Havilland DHC Q400
aircraft operate out of hubs in Manila, Cebu and Davao to 29
destinations in the Philippines and 32 destinations in Asia, North
America, Australia, Europe and the Middle East. PAL was rated a
4-Star Global Airline by Skytrax in 2018 and a 5-Star Major Airline
by the Association of Airline Passengers (APEX) in 2020, and was
likewise voted the World's Most Improved Airline in the 2019
Skytrax worldwide passenger survey with a ranking of 30th best
airline in the world.


PHILIPPINE AIRLINES: Sees Chapter 11 Exit in Six Months
-------------------------------------------------------
Philippine Airlines, Inc., intends to file a restructuring plan in
two months that's backed by lenders and aircraft lessors and
expects to complete its Chapter 11 proceedings in New York in six
months.

PAL is an international corporation that is among the oldest
airlines in the Asia-Pacific region.  Since its founding in 1941,
PAL has remained one of the most important carriers in the region.
Headquartered in Pasay City, Philippines, PAL has continued to
expand its reach, offering passenger transportation services prior
to the COVID-19 pandemic spanning 35 domestic locations and 40
foreign cities across the world.

Because of its highly trusted position in the market, PAL continued
to achieve steady year-over-year operating cash flows. In the early
2010's, PAL achieved three straight years of profitability,
reporting $20.4 million of profit in 2014, $134.2 million in 2015
and $86.0 million in 2016. Like many other airlines, PAL faced
challenges in 2017 relating to airport infrastructure, intense
competition from ultra-low-cost, low-cost and Middle Eastern
carriers, and a new round of increases in jet fuel prices that
impacted airlines globally. In response, PAL made key strategic
decisions that enabled it to experience meaningful growth and
sustainable profitability, leading to significantly increased
revenues, reduced cost, enhanced competitiveness and industry
recognition over the last few years. These strategic decisions
propelled PAL to record over $3 billion in revenues in 2019.

PAL has continued to implement initiatives to increase growth and
enhance operations. However, PAL, like so many other airlines,
confronted an extraordinary set of circumstances and flight
disruptions caused by the COVID-19 pandemic starting in the early
part of 2020. The COVID-19 crisis had a catastrophic impact on the
aviation industry, forcing major airlines to effectively halt a
significant majority of their business operations. For major
international airlines such as PAL, the dramatic reduction in
worldwide air travel caused significant and sudden balance sheet
losses and created intractable challenges to meeting existing
payment obligations.

In particular, because of the pandemic and the corresponding travel
restrictions issued by the Philippine government and foreign
governments worldwide, the Debtor was compelled to halt all
commercial operations and cancel thousands of scheduled domestic
and international flights, resulting in billions of dollars in
losses, and causing tremendous strain on PAL's business operations
and liquidity. The extended nature of this crisis continues to this
day to have a critical impact upon PAL's business and operations,
and with global vaccination efforts being challenged by new, highly
contagious variants of the COVID-19 virus, the future of the
airline industry remains uncertain. As a result of the havoc
created by the global pandemic PAL's revenue fell by over 60% from
2019 to 2020.

Accordingly, the Debtor commenced the Chapter 11 case to implement
the final stages of a comprehensive restructuring that the carrier
has negotiated with its constituencies for the past year. If
consummated, this restructuring will ensure that the Debtor is able
to protect its assets and manage existing obligations so that it
can maintain its position in the airline industry and continue
bringing the high quality, excellent service that its customers
have come to expect.

In the weeks leading up to the Petition Date, in consultation with
its professional advisors and after careful examination by the
Debtor's management team and board of directors, the Debtor entered
into dozens of Restructuring Support Agreements (the "Restructuring
Support Agreements") with almost all of the Debtor's lenders,
lessors, original equipment manufacturers ("OEMs") and maintenance,
repair and overhaul providers ("MROs") as well as with almost all
holders of the Debtor's funded unsecured debt (the "Bank Lenders"),
outlining the material terms for a proposed chapter 11 plan of
reorganization. As of the Petition Date, the Debtor was able to
enter into Restructuring Support Agreements with creditors holding
over 90% of the claims in the expected plan voting class and that
number is likely to further increase.

Critically, unlike many other chapter 11 cases where the debtor is
focused on restructuring funded debt obligations, the vast majority
of the Debtor's liabilities are tied to its aircraft fleet.
Accordingly, the Debtor was required to undertake an intense and
multi-pronged negotiation approach by entering into individualized
agreements with each of its aircraft creditors regarding specific
amendments to long-term leases, loans, and other operational
agreements and the organized and orderly return of aircraft that
will no longer be utilized in the Debtor's fleet. Specifically, the
parties to the Restructuring Support Agreements represent all of
the Debtor's significant aircraft-related lessors and lenders (the
"Supporting Aircraft Counterparties"), as well as the Debtor's
primary MROs, OEMs and almost all of the Debtor's Bank Lenders (the
Supporting Aircraft Counterparties, together with the MROs, OEMs
and Bank Lenders, the "Supporting Creditors").

The Restructuring Support Agreements, which are the result of
months of negotiations, provide for (i) the fully consensual
restructuring of the Debtor's aircraft-related obligations to
eliminate approximately $2.1 billion in obligations, (ii) the
re-optimization of the Debtor's fleet size, composition and
ownership cost structure to meet the expected demands of the
post-COVID-19 market, and (iii) the preservation and/or enhancement
of the Debtor's key contracts and business relationships to
strengthen the Debtor's go-forward viability during the pending
COVID-19 pandemic and beyond.

The Restructuring Support Agreements, together with the
accompanying Plan Term Sheet -- which includes a $505 million
debtor in possession financing facility provided by its primary
shareholder, Buona Sorte Holdings, Inc. and its affiliate, PAL
Holdings, Inc., and a $150 million exit facility provided by two
new lenders -- provide the backbone of the Debtor's anticipated
chapter 11 plan describing how the Debtor will navigate through
the
reorganization process and emerge as a viable and healthy airline.
The Proposed Plan offers the best chance for the Debtor to survive
the prolonged impacts of the COVID-19 crisis and emerge as a leaner
and better-capitalized business post-pandemic.  

                   OEMs and MROs Back Plan

The Debtor engaged in good faith negotiations with its OEMs and
MROs, namely Airbus, Boeing, De Havilland of Canada, Pratt &
Whitney (International Aero Engines), and Rolls Royce, to ensure
that the Debtor continues to obtain the benefit of the critical
goods and services provided by the OEMs and MROs.  The OEMs and
MROs have agreed to support the Proposed Plan, thereby providing
additional certainty and predictability to the Debtor's
restructuring.

The Debtor was concerned that a traditional "free-fall" into
bankruptcy, with no clear exit strategy, would cause significant
concern among the Debtor's vendors, customers and employees and
hamper, if not decimate, the Debtor's prospects for a successful
restructuring.  In the airline industry generally, and in PAL's
case in particular, where customers tend to book flights many weeks
or even months in advance, it was even more critical for the public
to have the benefit of the certainty of a successful and
expeditious restructuring.

To avoid a potentially value-destructive scenario, the Debtor
negotiated the Restructuring Support Agreements and other
prepetition amendments, waivers and agreements with the vast
majority of its significant creditors over the past many months.
This should allow the Debtor's stakeholders to fully capture the
value of the Debtor's underlying business and ensure a clear and
quick path to the Debtor's long-term viability.  

In order to obtain the time and flexibility required to negotiate
the Restructuring Support Agreements with substantially all of the
Debtor's primary creditors -- a process that has taken almost one
year -- it was necessary for the Debtor to obtain pre-petition
bridge financing in the aggregate principal amount of $100 million.
It did so pursuant to three secured bridge loan facilities provided
by its shareholder and proposed DIP Lenders, Buona Sorte Holdings
Inc.  Without these bridge loans the Debtor would not have been
able to continue its operations or avoid a value-destructive free
fall into bankruptcy.  

In addition, the Debtor is seeking to minimize trade disruption by
proposing to reinstate all of the claims of its ordinary course
vendors and other general unsecured creditors (other than those
that are subject to the Restructuring Support Agreements or
otherwise have agreed to receive the same claims treatment as
contemplated in the Restructuring Support Agreements), which will
be paid in full in the ordinary course of business in accordance
with the terms and conditions of such vendors and other general
unsecured creditors' agreements.  A stable business will preserve
and enhance the Debtor's position as a trusted leader in the
airline industry.

Through the Chapter 11 case, as contemplated by the Restructuring
Support Agreements, the Debtor intends to pursue a swift and
efficient reorganization to avoid, among other things, the
administrative burden and substantial cost of an extended stay in
chapter 11.

The Debtor hopes to obtain confirmation of the Proposed Plan within
the timetable set forth in the Restructuring Support Agreements.

Finally, the Debtor also will be seeking to commence an ancillary
proceeding in the Philippines in order to recognize the Chapter 11
Case and the Court orders.  The foreign proceeding in the
Philippines will enable the Debtor to obtain the full benefit of
this Chapter 11 Case and ensure that no local Philippine creditors
attempt to foreclose on assets or take other measures contrary to
the automatic stay and to the detriment of the Debtor's estate and
its stakeholders generally.

                           Case Timeline

The terms of the Restructuring Support Agreements reflect the
Debtor and the Supporting Creditors' intent to maintain an orderly
and efficient Chapter 11 Case and seek to establish the following
timeline, subject to the Court's calendar:

   * Deadline to file motions seeking approval of RSAs, Usage and
     Rejection Stipulations: Within 20 days of the Petition Date;

   * Deadline to file motion seeking approval DIP: Within 20 days
     of the Petition Date;

   * Entry of Final DIP Order: Within the earlier of (x) 45 days
     after the Petition Date if there is no objection to such, and
     (y) 60 days after the Petition Date;

   * Deadline for entry of order approving the RSAs and order
     approving the Usage and Rejection Stipulations: Within the
     earlier of (x) 45 days after the Petition Date if there is no
     objection to such, and (y) 60 days after the Petition Date;

   * Deadline to file Disclosure Statement and Plan: Within 60
days
     of the Petition Date;

   * Deadline to complete solicitation of votes on the Plan:
Within
     120 days of the Petition Date;

   * Entry of Confirmation Order: Within 150 days of the Petition
     Date; and

   * Outside date for consummation of the Plan (the date of such
     consummation, the "Effective Date"): Within 180 days of the
     Petition Date

                  Prepetition Capital Structure

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion respectively,
with cash and cash equivalents of approximately $31.9 million.

Its indebtedness is comprised of:

   * Finance Leases:  PAL has 85 aircraft under finance leases and
     operating leases.  In the aggregate, PAL pays approximately
     $48 million monthly on account of such leases, which range
from
     24 to 120 months remaining on the leases.

   * Securitization Structures: PAL currently participates in two
     securitization structures.  As of June 30, 2021, there is
     $387,083,333.15 outstanding under the U.S. securitization
     facility with PAL Receivables Company Ltd.  As of June 30,
2021,
     there is $260,000,019 outstanding under the Japan
     securitization facility with Golden Investment TMK.

    * Secured Bridge Loans: In order to provide the Debtor
      additional liquidity and runway to complete the
comprehensive
      negotiations with the Debtor's primary stakeholders, the
      Debtor obtained three Bridge Loans from the DIP Lenders in
the
      aggregate principal amount of $100 million in the months
prior
      to the Petition Date.

    * Unsecured Bank Loans: As of June 30, 2021, PAL maintained a
      $25 million term loan from Asia United Bank, a $77 million
      term loan from Philippine National Bank, a $65 million term
      loan from China Bank, and a $20 million term loan from Union
      Bank (collectively, the "Bank Loans"). An additional $36.8
      million of standby letters of credit (posted with operating
      lessors as maintenance reserves) issued by Philippine
National
      Bank have been drawn by the lessors over the past few months
      leading up to the Petition Date.

     * Other Unsecured Loans: In late 2019, Buona Sorte Holdings,
       Inc., who is the Debtor's primary shareholder, infused $225
       million as part of PAL's turnaround plan and, due to the
       pandemic, the shareholder has provided another $133 million

       of emergency advances to the Debtor between March and
August
       2020.

Claims on account of aircraft financing comprise the five largest
secured, non-contingent claims against the Debtor:

     Creditor                                     Claim Amount
     --------                                     ------------
PK Airfinance S.A.R.L. (PK)                  $334.23 million
EXIM Guaranteed Loans/Wells Fargo Bank       $240.1 million
Philippine National Bank                     $156.51 million
Banco De Oro Unibank, Inc.                    $80.42 million
China Banking Corporation                     $54.83 million

The Debtor's unsecured bank loans are as follows:

       Bank                     Principal Amount
       ----                     ---------------
Asia United Bank                 $10,000,000
Asia United Bank                 $15,000,000
China Bank                       $25,000,000
China Bank                       $40,000,000
Philippine National Bank         $10,000,000
Philippine National Bank         $10,000,000
Philippine National Bank         $25,000,000
Philippine National Bank         $22,000,000
Philippine National Bank         $10,000,000
Philippine National Bank         $36,776,031
Union Bank                       $20,000,000

In advance of filing the Chapter 11 case, the Debtor engaged in
extensive, good faith negotiations to reach a consensual
resolution
regarding the treatment of the Bank Loans and to secure the banks
support of the Proposed Plan.  As of the Petition Date, each of
the
Banks holding the Bank Loans has agreed to the treatment
contemplated under the Proposed Plan for their unsecured claims.

Meanwhile, as of the Petition Date, Buona Sorte has agreed to
waive
any recovery with respect to its prepetition unsecured loans
under,
and subject to confirmation of, the Proposed Plan.

                     About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants LLC is the claims agent.




=================
S I N G A P O R E
=================

NEW LOOK: Creditors' Proofs of Debt Due on Oct. 1
-------------------------------------------------
Creditors of New Look (Singapore) Pte. Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Oct. 1, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ho Lon Gee
         c/o 80 Robinson Road #02-00
         Singapore 068898


SIONG HENG: Creditors' Proofs of Debt Due on Oct. 1
---------------------------------------------------
Creditors of Siong Heng Realty Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 1,
2021, to be included in the company's dividend distribution.

The company's liquidators are:

         Lim Soh Yen
         Lynn Ong Bee Ling
         c/o 133 New Bridge Road
         #24-01/02 Chinatown Point
         Singapore 059413



                           *********


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 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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