/raid1/www/Hosts/bankrupt/TCRAP_Public/211206.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, December 6, 2021, Vol. 24, No. 237

                           Headlines



A U S T R A L I A

ALDRED & CO: First Creditors' Meeting Set for Dec. 14
AUSTRALIAN FUNDING: First Creditors' Meeting Set for Dec. 10
DUNDAS MINING: First Creditors' Meeting Set for Dec. 10
MNI ALL: First Creditors' Meeting Set for Dec. 13
NUTRACARE LIFE: Second Creditors' Meeting Set for Dec. 13



C H I N A

CBAK ENERGY: Unit Completes Majority Stake Acquisition of Hitrans
CHINA EVERGRANDE: Chairman Summoned After Firm Flags Restructuring
HONGHUA GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative
KAISA GROUP: Loses Control of Nam Tai's Board in Epic Revolt
LUCKIN COFFEE: Closes $240-Mil. Investment From Centurium

LUCKIN COFFEE: Creditors Okays Scheme of Arrangement
RUGAO ECONOMIC: Fitch Withdraws 'BB' Issuer Default Ratings
YANGO GROUP: Fitch Withdraws 'C' Foreign Currency IDR


I N D I A

A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating
APEX AQUA: Insolvency Resolution Process Case Summary
ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
AUROMATRIX HOTELS: Insolvency Resolution Process Case Summary
B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
BANGER TECH PRVATE: Insolvency Resolution Process Case Summary
BIO ETHANOL AGRO: Insolvency Resolution Process Case Summary
CHHAJED FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating

DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
E-INFRASTRUCTURE & ENTERTAINMENT: Insolvency Case Summary
EAST GODAVARI: Insolvency Resolution Process Case Summary
FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
FUTURE RETAIL: Employees Urge Top Court to Clear Asset Sale

GCCL INFRASTRUCTURE: First to Take Pre-Pack Insolvency Route
GLOBAL CLOUD: Judge Declines US Jurisdiction for Clawback Case
GOPIMAL KAUR: CRISIL Keeps D Debt Ratings in Not Cooperating
GOURI IRON: Insolvency Resolution Process Case Summary
GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating

INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating
JINDAL BUILTECH: Insolvency Resolution Process Case Summary
KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating
KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating
METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating

MGF DEVELOPMENTS: Insolvency Resolution Process Case Summary
MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
MOWO INDUSTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
MSP METALLICS LIMITED: Insolvency Resolution Process Case Summary
NOVARC LABS: CRISIL Keeps D Debt Ratings in Not Cooperating

PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
RSH AGRO PRODUCTS: Insolvency Resolution Process Case Summary
SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating
SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SYNERGY KITCHENS: Insolvency Resolution Process Case Summary

TAPSTIA INDUSTRIAL: Insolvency Resolution Process Case Summary
TUSHARA ENERGY: Insolvency Resolution Process Case Summary
TV PRODUCTS INDIA: Insolvency Resolution Process Case Summary
VISHAL FOOTWEAR: Insolvency Resolution Process Case Summary
VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating

WEBTECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
WISDOM IT SERVICES: Insolvency Resolution Process Case Summary


I N D O N E S I A

MODERNLAND REALTY: S&P Withdraws 'D' LT Issuer Credit Rating


M A L A Y S I A

BARAKAH OFFSHORE: Posts MYR93MM Net Profit in Q1 Ended Sept. 30


N E W   Z E A L A N D

DRAGON INDUSTRIES: Creditors' Proofs of Debt Due on Dec. 24
TECHCOMS LIMITED: Creditors' Proofs of Debt Due on Jan. 28
VENTURE VETS: Creditors' Proofs of Debt Due on Dec. 24


S I N G A P O R E

AS-1 LOGISTICS: Court to Hear Wind-Up Petition on Dec. 17
FU XIANG: Court to Hear Wind-Up Petition on Dec. 17
HONG SHENG: Court to Hear Wind-Up Petition on Dec. 31
R.A INTERNATIONAL: Court Enters Wind-Up Order


V I E T N A M

VIETNAM PROSPERITY: Moody's Hikes LongTerm Issuer Rating to Ba3

                           - - - - -


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

ALDRED & CO: First Creditors' Meeting Set for Dec. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Aldred & Co
Pty Ltd will be held on Dec. 14, 2021, at 10:30 a.m. via virtual
meeting technology.

Paul Gerard Weston of DW Advisory was appointed as administrator of
Aldred & Co on Dec. 2, 2021.


AUSTRALIAN FUNDING: First Creditors' Meeting Set for Dec. 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Funding Partners Pty Limited will be held on Dec. 10, 2021, at
11:00 a.m. The meeting will be conducted by online video conference
using Zoom Video Conference Facilities.

Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of Australian Funding on Nov. 30, 2021.


DUNDAS MINING: First Creditors' Meeting Set for Dec. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Dundas Mining Pty Ltd;
     - AGG Fortune Pty Ltd;
     - Allegiance Mining Pty Ltd;
     - Colour Metal Pty Ltd; and
     - Winched Investment Pty Ltd

will be held on Dec. 10, 2021, at 9:30 a.m. via virtual meeting
facilities.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Dundas Mining et al. on Nov. 30, 2021.


MNI ALL: First Creditors' Meeting Set for Dec. 13
-------------------------------------------------
A first meeting of the creditors in the proceedings of MNI All
Trades Services Pty Limited will be held on Dec. 13, 2021, at 11:00
a.m. via Microsoft Teams.

Graeme Beattie of Worrells Solvency and Forensic Accountants was
appointed as administrators of MNI All on Dec. 1, 2021.


NUTRACARE LIFE: Second Creditors' Meeting Set for Dec. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Nutracare Life
Limited has been set for Dec. 13, 2021, at 2:30 p.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2021, at 5:00 p.m.

Con Kokkinos of Worrells Solvency & Forensic Accountants
were appointed as administrators of Nutracare Life on Nov. 8,
2021.




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

CBAK ENERGY: Unit Completes Majority Stake Acquisition of Hitrans
-----------------------------------------------------------------
CBAK Energy Technology, Inc.'s wholly-owned subsidiary, Dalian CBAK
Power Battery Co., Ltd., has completed its previously announced
acquisition of a majority stake in Zhejiang Hitrans Lithium Battery
Technology Co., a lithium-ion battery material supplier in China
formerly known as Zhejiang Meidu Hitrans Lithium Battery Technology
Co.

Upon closing of the transaction, CBAK Power is now the largest
shareholder of Hitrans owning 81.56% of its equity.  Hitrans, the
Zhejiang-based company, focusing on manufacture and sales of NCM
precursors and cathode materials including NCM811, has been
selected as one of small and medium-sized enterprises that dominate
major markets in niche sectors with a wide spectrum of government
support like financial and tax incentives to propel them to further
grow into "small giants."  Additionally, Hitrans was awarded
several times as one of Chinese Top Ten Brands of Cathode Materials
for Power Lithium Batteries and won the 2020 Technology Innovation
Award from the China Industrial Association of Power Sources. These
achievements exemplify strong industry recognition to the quality
of Hitrans' solid performance and advanced technologies. Hitrans
has an annual production capacity of 12,000 tons of NCM precursors
and 8,000 tons of cathode materials, with both planned to expand to
50,000 tons by 2023.  Through the acquisition of a key supplier to
CBAK Energy, the Company expects to further enhance its supply
chain and competitive advantages in the high-power lithium battery
market and bring more value to customers and shareholders.

Mr. Yunfei Li, chief executive officer of CBAK Energy commented,
"The closing of this deal heralds an exhilarating time of renewed
opportunity for us.  By building a tighter relationship with
Hitrans, which has also been a critical supply chain partner of our
Company, we believe this offers CBAK Energy a unique vantage point
to cope with rising challenges from supply chain constraints in the
short run.  In the longer run, we hope this deal will unlock
incredible potential for both companies to seize and tap into
growing opportunities available in the burgeoning electric vehicle
industry."

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$192.17 million in total assets, $90.34 million in total
liabilities, and $101.84 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHINA EVERGRANDE: Chairman Summoned After Firm Flags Restructuring
------------------------------------------------------------------
Bloomberg News reports that China Evergrande Group Chairman Hui Ka
Yan was summoned by the Guangdong government after the troubled
property developer said it plans to work with creditors on a
restructuring plan for its offshore debt.

Provincial authorities will send a working group to urge the
company to manage risks, as well as strengthen internal controls
and management and ensure normal operations, Bloomberg relays
citing a statement on the government's website.

According to Bloomberg, the development came late on Dec. 3 in Asia
after the developer said in a filing to the Hong Kong stock
exchange that there's "no guarantee that the group will have
sufficient funds to continue to perform its financial obligations."
Evergrande had received a demand to perform its obligations under
a guarantee in the amount of approximately $260 million, it also
said.

Bloomberg relates that the provincial government said it's "highly
concerned" about Evergrande's stock exchange filing.  China's
central bank voiced support for Guangdong's plan to send a working
group, saying it would keep working with local authorities to
defuse risks.

The People's Bank of China also reiterated that risks posed to the
economy by Evergrande's debt crisis can be contained. It cited the
developer's "own poor management" and "reckless expansion" for the
risks it faces, the report relays.

Evergrande is struggling to raise cash to meet its more than $300
billion in liabilities, fueling concerns it's heading for a default
that could hurt the world's second-largest economy, Bloomberg
notes.  Other developers including Kaisa Group Holdings Ltd. are in
a similar situation following a regulatory crackdown on excessive
borrowing and a slump in home sales and prices.

To avoid the crisis from cascading, the working group will need to
coordinate payments to avoid a "supplier run" similar to a bank
run, since more than two dozen Chinese listed companies list
Evergrande as one of its top customers, said Alex Yang, associate
professor of operations management and finance at London Business
School, Bloomberg relays.

According to Bloomberg, the China Banking and Insurance Regulatory
Commission said in a separate statement that loans for real estate
development and acquisitions should be issued in a "reasonable"
manner.

Evergrande said if it's unable to meet its guarantee obligations or
certain other financial commitments, it may lead to creditors
demanding acceleration of repayment.

Li Gan, professor of economics at Texas A&M University, said the
latest development signals that Hui's attempts to sell personal
assets to help pay down his debts may not be enough to ease the
crisis, Bloomberg relates.

Hui, who's worth $6.8 billion, according to the Bloomberg
Billionaires Index, cut his stake in Evergrande last week for the
first time since it went public in 2009, after Chinese authorities
urged him to use his own fortune to shore up his group's finances.

Evergrande has so far managed to avert defaulting on any publicly
traded dollar bonds.  But its debt trades below 25 cents on the
dollar, reflecting a high likelihood of eventual restructuring or
missed payment.

Authorities are laying the groundwork for a debt restructuring,
assembling accounting and legal experts to examine the finances of
the group, Bloomberg has reported. Evergrande has also hired
financial advisers that are known to handle restructuring.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.

S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.


HONGHUA GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has revised Honghua Group Limited's
outlook to negative from stable.  At the same time, Moody's has
affirmed the company's B1 corporate family and senior unsecured
ratings.

The rating action follows Honghua's announcement on November 28
that Kehua Technology Co., Limited, a wholly-owned subsidiary of
China Aerospace Science and Industry Corporation (CASIC) that owned
29.98% of Honghua's shares as of the end of June 2021, has entered
into an agreement to transfer all of its ownership to Dongfang
Electric International Investment Co., Ltd., a wholly-owned
subsidiary of Dongfang Electric Corporation (Dongfang Electric).
Dongfang Electric is 90% owned by the State Council of China and
10% owned by the National Council for Social Security Fund of
China, and is supervised by the State-owned Assets Supervision and
Administration Commission (SASAC) of the State Council of China.

The transaction consideration is nil, and is subject to the
approval by SASAC of the State Council in China.

"The outlook change to negative reflects Honghua's
slower-than-expected deleveraging pace amid its business
volatility," says Chenyi Lu, a Moody's Vice President and Senior
Credit Officer.

"The rating affirmation reflects our expectation that Honghua will
continue to receive strong financial and operational support from
Dongfang Electric, given that the transaction will improve
Honghua's and Dongfang Electric's efficiency by creating synergies
in their offshore wind power businesses and enhance their
competitive positions in their product and solution offerings,"
adds Lu. "This strong support could mitigate the uncertainty
arising from the potential change of control."

The rating affirmation also reflects Moody's expectation that
Honghua will improve its financial metrics to a level in line with
its standalone credit strength as it decreases its adjusted
debt/EBITDA toward about 6.5x over the next 12-18 months,
underpinned by higher earnings and a modest decrease in its
adjusted debt.

RATINGS RATIONALE

Honghua's B1 corporate family rating (CFR) reflects the company's
standalone credit strength and a one-notch uplift based on Moody's
expectation that Honghua will receive extraordinary support from
its largest shareholder, CASIC, or potentially Dongfang Electric in
times of financial distress.

Honghua's standalone credit strength reflects the operational
benefits from its largest shareholder; the company's strong market
position and competitive edge in its land drilling rigs and
equipment business; and its good geographic diversification.

These strengths are counterbalanced by Honghua's exposure to oil
price volatility and emerging market risks, high but slowly
improving debt leverage and weak liquidity.

Dongfang Electric has robust ability to provide support to Honghua,
as reflected in its strong credit profile. The company is one of
the top-three power equipment manufacturers in China. It had total
assets of RMB100 billion as of the end of 2020, and generated
revenue of RMB37.1 billion and adjusted EBITDA of RMB3.74 billion
in 2020. It had strong adjusted net cash of RMB18.7 billion as of
the end of 2020. Its adjusted debt/EBITDA was 1.5x in 2020, down
from 1.6x in 2019.

Moody's forecasts that Honghua's revenue will increase by about 11%
in 2021 and about 9% in 2022, driven by rising demand for its
products and services as oil and gas companies expand their
exploration and production activities on the back of a gradual
global economic recovery. Because of its exposure to China's
natural gas sector, Honghua will also benefit from increased
production activities in the country over the next two years.

Moody's growth assumption for Honghua is further supported by the
company's continued product upgrades, new product offerings and
strong customer base amid operational benefits from its largest
shareholder. Honghua's new offshore wind power business will also
contribute to solid revenue growth.

Moody's expects Honghua's adjusted EBITDA margin to increase to
14%-15% over the next 12-18 months from 8.9% in the 12 months ended
June 30, 2021, driven by improved operational efficiencies,
continued strong cost and expense controls, and the absence of
large impairment losses on receivables.

Excluding higher-than-normal impairment losses on financial and
contract assets in 2020, Honghua's adjusted debt/EBITDA will
improve toward about 6.5x over the next 12-18 months from 10.5x for
the 12 months ended June 30, 2021, underpinned by its higher
earnings and a modest decrease in its adjusted debt. This deviates
from Moody's earlier expectation that the company would deleverage
toward below 7.0x by the end of 2021, giving rise to the negative
outlook.

Honghua's liquidity is weak. The company had cash and cash
equivalents of RMB542 million as of the end of June 2021. Moody's
projects that the company's cash flow from operations will be about
RMB150 million over the next 12 months. These cash sources are
insufficient to cover the company's short-term debt of RMB2.8
billion and estimated maintenance capital spending of RMB100
million.

However, Honghua's good access to funding mitigates its weak
liquidity, as reflected in its large amount of undrawn domestic
credit facilities, which are supported by its largest shareholder,
and its track record of shareholder loans.

The rating also considers the following environmental, social and
governance (ESG) considerations.

Honghua is exposed to increasingly stringent regulations with
regard to oil and gas operations and access to new resources.
However, to date, the company has not had any major compliance
violations related to its air emissions, water discharge or waste
disposal.

In terms of governance considerations, the rating considers the
strong management oversight of the company's largest shareholder.

Honghua's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because, despite Honghua's status as a holding company, Moody's
expects support from the largest shareholder to Honghua to flow
through the holding company rather than directly to its main
operating companies, which would mitigate any differences in the
expected loss that could result from structural subordination.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could revise the outlook to stable if Honghua (1) increases
its revenue and earnings and maintains a healthy order backlog; and
(2) reduces its adjusted debt/EBITDA toward below 7.0x on a
sustained basis. Moody's also expects its largest shareholder's
support for the company to remain intact.

Downward pressure could emerge if (1) Honghua's order book and
profitability decline significantly; (2) its adjusted debt/EBITDA
remains above 7.0x on a sustained basis; (3) its corporate
governance deteriorates; or (4) its largest shareholder's support
for the company or its funding access weakens.

The principal methodology used in these ratings was Oilfield
Services published in August 2021.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008. The company manufactures land drilling equipment and related
products. It also engages in oil and gas engineering services.

As of the end of June 2021, the company was majority owned (29.98%)
by Kehua Technology Co., Limited, a wholly-owned subsidiary of
China Aerospace Science and Industry Corporation.


KAISA GROUP: Loses Control of Nam Tai's Board in Epic Revolt
------------------------------------------------------------
South China Morning Post reports that Kaisa Group Holdings has lost
control of a New York-listed property affiliate after a
shareholders' revolt, in a boardroom defeat that adds to the
developer's woes amid its asset sales plan to stave off defaults.

Nearly 60 per cent of Nam Tai's shareholders, most of whom
unaffiliated with Kaisa, voted to eject six Kaisa-appointed
directors and replaced them with executives nominated by the
third-largest shareholder IsZo Capital Management, the Post
relates.  US billionaire Peter Kellogg, the second largest
shareholder with 19 per cent stake, will stay on at Nam Tai, while
Mark Waslen will extend his tenure as director, a position he has
held since 2003.

"After spending the past 18 months fighting entrenchment manoeuvres
and navigating protracted litigation, we are very pleased that Nam
Tai's shareholders finally had their voices heard at today's
special meeting," the Post quotes IsZo's founder and managing
member Brian Sheehy as saying in a statement, promising to take
steps to unlock the property company's value. "Today should mark
the beginning of a promising new chapter for Nam Tai and all of its
stakeholders, including the local communities the company operates
within across mainland China."

The Post says the vote ended IsZo's revolt since May 2020 to oust
Kaisa over claims of fiduciary mismanagement and business
strategies that hurt shareholders' interest.  The New York-based
activist shareholder, owning 15 per cent in the Shenzhen developer,
had questioned Nam Tai's strategy, complaining that its stock price
had lost 70 per cent in value while the company's board was under
the control of Kaisa, which owns 24 per cent of Nam Tai.

Nam Tai, founded in 1975 by the Hong Kong electronics magnate Koo
Ming-kown, started as a manufacturer of calculators and electronic
products before venturing into real estate.

Koo, now 77, was among the first batch of Hong Kong manufacturers
to set up factories in Shenzhen, the Post discloses.  He bought
land plots around the city before its explosive growth into one of
China's most prosperous cities and the nation's technology hub,
home to such behemoths as Huawei Technologies, Tencent Holdings and
the world's dominant drone maker DJI.

Koo listed Nam Tai on the Nasdaq in 1988 before transferring its
listing to the New York Stock Exchange (NYSE) in 2003.  At its
peak, Nam Tai had 10,000 employees on payroll.  Even when he
decided to shut the factories in 2014, the factories still
generated a turnover of US$1 billion.  

When the septuagenarian retired in August 2017, Koo sold 6.5
million shares of Nam Tai to Kaisa for US$110.57 million to tap the
Shenzhen developer's expertise in turning former factory sites to
high-rise office towers and apartment blocks, according to the
Post.

The Post relates that Kaisa's founder Kwok Ying-shing appointed his
younger brother, Kwok Ying-chi to head Nam Tai.  During Kwok's
tenure, Nam Tai paid US$101 million for a plot of land in the
Greater Bay Area's Dongguan city in March 2020. IsZo claimed Nam
Tai overpaid, as the purchase used more than 80 per cent of the
company's cash, and more than half of its market value.  Kaisa said
the purchase was needed for development.

The Kwok family has been expanding in Hong Kong in recent years.
The chairman's 27-year old daughter Kwok Hiu-ting paid HK$369.83
million (US$47.7 million) in February to buy 28 per cent of Sing
Tao News Corporation, which publishes one of Hong Kong's biggest
Chinese-language broadsheet newspapers.

Her brother, 30-year old Kwok Hiu-kwan, is the second largest
shareholder of Convoy Global Holdings with a 29.91 per cent stake,
and has been engaged in another epic boardroom tussle with the Tsai
family of Taiwan's Fubon Group for control of one of Hong Kong's
largest financial service providers.

The boardroom tussle also involved a court case in the Eastern
Caribbean Supreme Court in the British Virgin Islands, where Nam
Tai was incorporated.  The court in March voided a US$170 million
private placement of Nam Tai that will boost the voting right of
Kaisa and dilute the shareholding of IsZo and other minority
investors. The court also ordered Nam Tai to convene a special
shareholder meeting to vote for the reshuffle of the board.

Following the shareholders' vote, IsZo would revamp Nam Tai to
enhance its "corporate governance, establish a credible capital
allocation policy and take steps to unlock the significant value
within its real estate portfolio," Sheehy said.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Ca from Caa1.  At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to C from Caa2.  The outlook remains
negative.

The TCR-AP has also reported that S&P lowered its long-term issuer
credit rating on Kaisa Group Holdings Ltd. to 'CCC-' from 'CCC+'.
The negative outlook reflects Kaisa's very high nonpayment risk and
high probability of debt restructuring.  S&P subsequently withdrew
its 'CCC-' long-term issuer credit rating on Kaisa at the issuer's
request.


LUCKIN COFFEE: Closes $240-Mil. Investment From Centurium
---------------------------------------------------------
Luckin Coffee Inc. (in Provisional Liquidation) (OTC: LKNCY) has
closed a previously announced investment agreement with an
affiliate of Centurium Capital, as the lead investor.

The Company issued and sold a total of 295,384,615 senior
convertible preferred shares to Centurium Capital through a private
placement, with aggregate gross proceeds of approximately US$240
million.  The investment by Centurium Capital enables Luckin Coffee
to focus on the continued expansion of its core coffee business,
execution of its business plan and achievement of its long-term
growth targets.

Luckin Coffee intends to use the investment proceeds to facilitate
its proposed offshore restructuring, including (i) funding the
settlement of In re Luckin Coffee Inc. Securities Litigation, Case
No.1:20-cv-01293-JPC-JLC (SDNY) (the "Class Action") pursuant to
the terms of the Stipulation and Agreement of Settlement, which has
been preliminarily approved by the U.S. District Court overseeing
the Class Action, (ii) payments to the holders of its $460 million
0.75% Convertible Senior Notes due 2025 pursuant to the scheme of
arrangement Luckin Coffee previously announced and (iii) other
offshore restructuring expenses.

Luckin Coffee has made separate arrangements with Joy Capital to
close its portion of the investment agreement, totaling
approximately US$10 million in senior preferred shares.  Both
Centurium and Joy Capital are leading private equity investment
firms in China and current shareholders of Luckin Coffee.

                     About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors.  The start-up company also named
Alexander Lawson of Alvarez & Marsal Cayman Islands and Tiffany
Wong Wing Sze of Alvarez & Marsal Asia to act as "light-touch"
joint provisional liquidators (JPLs) under a Cayman Islands court
order, it said in a regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York.  The Chapter 15 Petition seeks,
among other things, recognition in the United States of the
Company's provisional liquidation pending before the Grand Court of
the Cayman Islands, Financial Services Division, Cause No. 157 of
2020 (ASCJ) and related relief.


LUCKIN COFFEE: Creditors Okays Scheme of Arrangement
----------------------------------------------------
Luckin Coffee Inc. (in Provisional Liquidation) (OTC: LKNCY)
announced Dec. 1 that a meeting was held Nov. 30, 2021, in Grand
Cayman, Cayman Islands regarding its scheme of arrangement (the
"Scheme") proposed in relation to the restructuring of its $460
million 0.75% Convertible Senior Notes due 2025 ("Existing
Notes").

The meeting was convened for the purpose of allowing the Company's
class of creditors affected by the Scheme (the "Scheme Creditors")
to consider and, if thought fit, approve, with or without
modification, the Scheme.

The Company is pleased to announce that at the meeting held at
10:00 a.m. (Cayman Islands time) on Nov. 30, 2021, Scheme Creditors
present and voting at the meeting (in person or by proxy) voted
unanimously to approve the Scheme, with no votes cast against the
Scheme.  The meeting was attended by fifty-six Scheme Creditors
representing approximately 97.7% in aggregate outstanding principal
amount of the Existing Notes. Accordingly, the Scheme has been
approved by the requisite majority of Scheme Creditors.

As previously announced, Luckin Coffee filed a summons for
directions and petition seeking sanction of the Scheme in the Grand
Court of the Cayman Islands (the "Cayman Court") on September 20,
2021.  The Scheme was proposed by Luckin Coffee and its Joint
Provisional Liquidators.

Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin
Coffee, said, "While this development represents another important
step in the Company's continued restructuring process, the
overwhelming support from our creditors serves as a testament to
the progress our refreshed board of directors and leadership team
have achieved and the positive momentum we have generated. We thank
our creditors for their support throughout this process. Our team
at Luckin Coffee remains focused on the execution of our strategy,
delivering sustainable growth and profitability, while providing
outstanding products and services to our customers and meaningful
value for our shareholders."

                       Sanction Hearing

Following approval by the Scheme Creditors, the hearing of the
Company's petition for sanction of the Scheme by the Cayman Court
will take place at 10:00 a.m. (Cayman Islands time) on Dec. 13,
2021.  All Scheme Creditors are entitled to attend and be heard at
the hearing.

                     About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors.  The start-up company also named
Alexander Lawson of Alvarez & Marsal Cayman Islands and Tiffany
Wong Wing Sze of Alvarez & Marsal Asia to act as "light-touch"
joint provisional liquidators (JPLs) under a Cayman Islands court
order, it said in a regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York.  The Chapter 15 Petition seeks,
among other things, recognition in the United States of the
Company's provisional liquidation pending before the Grand Court of
the Cayman Islands, Financial Services Division, Cause No. 157 of
2020 (ASCJ) and related relief.


RUGAO ECONOMIC: Fitch Withdraws 'BB' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has withdrawn Rugao Economic and Trade Development
Company's (RETDC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) of 'BB' with a Stable Outlook.

Fitch has also withdrawn the ratings on RETDC's USD160 million
5.95% senior unsecured bonds due 2023.

Fitch is withdrawing the ratings as RETDC has stopped participating
in the rating process. Therefore, Fitch no longer has sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for RETDC.

KEY RATING DRIVERS

Not applicable as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


YANGO GROUP: Fitch Withdraws 'C' Foreign Currency IDR
-----------------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Yango Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'C' and senior unsecured rating of 'C' with a Recovery Rating of
'RR5'.

Fitch is withdrawing the ratings as Yango has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Yango.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

Fitch will no longer be providing the associated ESG Relevance
Scores for the issuer following the withdrawal of Yango's ratings.




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

A. K. PIPE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. K. Pipe
Fitting Private Limited (AKPFL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AKPFL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 AKPFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKPFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKPFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AKPFL was incorporated in 1997, by promoters, Mr. Anil Kadakia, Mr.
Bakul Kadakia, and Mr. Kalpesh Kadakia. The company manufactures
precision seamless and welded pipe fittings, forged and screwed
fittings flanges, pipe spools, and long radius induction bends.


APEX AQUA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Apex Aqua Agencies (I) Pvt Ltd

        Registered office:
        40-5/3-1B Land Mark Pride
        Flat No. A2, Block A
        Vijayawada, Krishna Dt
        AP 520011

        Principal office:
        Door No. 9-164/4/37, 508
        MM Paradise
        Near Astalakshmi Temple
        Kommadi, Vishakhapatnam 530048
        AP

Insolvency Commencement Date: November 25, 2021

Court: National Company Law Tribunal, Amravati Bench

Estimated date of closure of
insolvency resolution process: May 24, 2022

Insolvency professional: Kurapati Singarayya Chowdary

Interim Resolution
Professional:            Kurapati Singarayya Chowdary
                         Flat No. 101, Sheshadri Towers
                         G-16A, Madhura Nagar
                         Yousuf Guda, Hyderabad 500038
                         Telangana
                         E-mail: kurapatichowdary55@gmail.com

                            - and –

                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills, Madhapur
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.apex@gmail.com

Last date for
submission of claims:    December 9, 2021


ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arun Polymers
- Dindigul (AP) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AP for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 AP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AP
continues to be 'CRISIL D Issuer Not Cooperating'.

AP was set up in 2013 in Dindigul, Tamil Nadu as a proprietorship
firm by Mr. T Arunkumar. The firm manufactures polypropylene woven
bags. It has an installed capacity of 150 tonne per day (tpd).


AUROMATRIX HOTELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Auromatrix Hotels Private Limited
        First Floor, No. 4/1, Kapaleeswara Nagar
        Neelankarai Village
        Kalaignar Karunanidhi Salai
        Sholinganallur Chennai 600041

Insolvency Commencement Date: November 26, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 25, 2022

Insolvency professional: Tharuvai Ramachandran Ravichandran

Interim Resolution
Professional:            Tharuvai Ramachandran Ravichandran
                         G3, Block II, Shivani Apartments
                         40 East Coast Road
                         Thiruvanmiyur, Chennai 600041
                         E-mail: trravichandran@yahoo.com

                            - and -

                         27, Third Floor, 15 Kasturibai Nagar
                         First Main Road, Adyar (Above PNB)
                         Chennai 600020
                         E-mail: auromatrixcirp@gmail.com

Last date for
submission of claims:    December 10, 2021


B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. R. Steel
Products Private Limited (BRSPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8.26     CRISIL D (Issuer Not
                                    Cooperating)
   Pre Shipment Credit     6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BRSPPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 BRSPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BRSPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BRSPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The
company is engaged in manufacturing ceramic colours and is an
export oriented unit. The unit is located in MIDC, TTC Industrial
Area, Navi Mumbai. The company has a manufacturing capacity of 3000
tpa.


BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baba Naga
Rice and General Mills (BNRGM) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Working        4        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with BNRGM for
obtaining information through letters and emails dated August 31,
2021 and October 6, 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 BNRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BNRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BNRGM continues to be 'CRISIL D Issuer Not Cooperating'.

BNRGM was incorporated by Mr. Rajpal Chadha in 1983.The firm is
currently managed by Mrs. Surestha Rani & his son Mr. Saurav Chadha
& daughter in law Ms Anchal Chadha. Since beginning, firm is
engaged in milling and sorting of basmati as well as nonbasmati
rice. It sells 1121 variety of basmati rice. The firm has a rice
milling and sorting facility based in Amritsar, Punjab with an
installed capacity of 12 tonnes per hour.


BANGER TECH PRVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Banger Tech Private Limited
        Vill-Baneswarpur
        P.O. Hasimnagar
        Baneswarpur Parganas
        South WB 743513

Insolvency Commencement Date: November 25, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 24, 2022

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com
                                 cirp.btpl@gmail.com

Last date for
submission of claims:    December 9, 2021


BIO ETHANOL AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Bio Ethanol Agro Industrial Limited
        R S 213, Annadevarapeta Tallapudi (Mandal)
        Annadevarapeta 534341
        Dist West Godavari
        Andhra Pradesh

Insolvency Commencement Date: November 26, 2021

Court: National Company Law Tribunal, Annadevarapeta Bench

Estimated date of closure of
insolvency resolution process: May 25, 2022

Insolvency professional: Srinivas Gudla Rao

Interim Resolution
Professional:            Srinivas Gudla Rao
                         Flat No. 201, Aqua Towers
                         East Point Colony
                         Visakhapatnam 530017
                         Andhra Pradesh
                         E-mail: bioethanolcirp@gmail.com

                            - and -

                         Flat No. A-1
                         BR's Princeton Apartment
                         CBM Compound, VIP Road
                         Visakhapatnam 530003
                         Andhra Pradesh

Last date for
submission of claims:    December 10, 2021


CHHAJED FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chhajed Foods
Private Limited (CFPL) 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            7         CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import          5         CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Proposed Long Term     7.73      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Term Loan     9.4       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              8.87      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CFPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 CFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1996 and promoted by Chhajed family, CFPL
manufactures ready-to-fry and ready-to-boil food pellets at its
facility in Ahmedabad. Operations are managed by Mr. Rajesh
Chhajed.


CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corrosion
Engineers Private Limited (CEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       8         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CEPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 CEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1974, Delhi-based CEPL is owned and managed by Mr.
Sanjay Kumar and Mr. Narender Kumar. It trades poly-vinyl-chloride
(PVC) resin, plasticiser, ethylene vinyl acetate, PVC heat
stabilisers, waxes, rubber additives and other chemicals that are
used in manufacturing plastics and auto components.


DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepika
Infratech Private Limited (DIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       29.14       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee       18.16       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee       30.51       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee       31.3        CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee       21.39       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          10          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          10          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DIPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 DIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2004, Hyderabad-based DIPL, promoted by Mr. Kandala
Vijaya, is engaged in civil construction works mainly irrigation
projects.


E-INFRASTRUCTURE & ENTERTAINMENT: Insolvency Case Summary
---------------------------------------------------------
Debtor: E-Infrastructure and Entertainment (India)
        Private Limited
        No. 22/24, Someshwara Nilaya
        Jakkur Main Road
        Amruthahalli Bangalore
        KA 560092
        IN

Insolvency Commencement Date: November 17, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: May 16, 2022
                               (180 days from commencement)

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 6
                         Nanda Ashirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    December 10, 2021


EAST GODAVARI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: East Godavari Breweries Private Limited
        5-172C, Thimmapuram
        Near Tata Motors
        Kakinada
        Andhra Pradesh 533005

Insolvency Commencement Date: November 17, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 16, 2022

Insolvency professional: Pradeep Kumar Sravanam

Interim Resolution
Professional:            Pradeep Kumar Sravanam
                         6-40, Plot No. 101
                         Suprabhat Township, Venture-2
                         Near Mallareddy Engineering College
                         K. Singram, Ghatkesar Mandal
                         Rangareddy District
                         Hyderabad 500088
                         E-mail: 12283kumar@icmaim.in

Last date for
submission of claims:    December 1, 2021


FIROZABAD CERAMICS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Firozabad
Ceramics Private Limited (FCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         4         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.8       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with FCPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 FCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCPL continue to be 'CRISIL D Issuer Not Cooperating'.

FCPL was set up in 1981, by Mr. Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic, and liquor. The manufacturing unit is at Firozabad.


FUTURE RETAIL: Employees Urge Top Court to Clear Asset Sale
-----------------------------------------------------------
Reuters, citing a legal filing, reports that employees of India's
Future Retail have asked the Supreme Court to allow the company to
sell its retail assets and rule against Amazon.com Inc. in an
ongoing dispute, citing risks to 27,000 jobs.

According to Reuters, Future Retail has failed to close its $3.4
billion deal to sell its retail assets to market leader Reliance
Industries due to successful legal challenges by Amazon, which
argues that Future Retail violated some pre-existing contracts the
two sides had struck, by deciding to sell its retail assets to
Reliance.

As India's Supreme Court hears the dispute, a group of Future
Retail employees have filed a petition urging the court to rule
against Amazon, saying their livelihoods were at stake, Reuters
relates.

If the deal fails, Future Retail "will be pushed into liquidation,
resulting in its 27,000 employees losing their livelihoods. The
families of employees will be on the streets," the FRL Employee
Welfare Association said in a Nov. 20 filing, seen by Reuters.  The
filing has not previously been reported and is not public.

Future Retail, which denies any wrongdoing, has said it would face
liquidation if the Reliance deal doesn't go through, while Amazon
has repeatedly argued that its 2019 investment into a Future Retail
unit prohibits the Future-Reliance deal.

Reuters says the employee's filing will likely be heard on Dec. 8,
when the Supreme Court is next due to take up the matter.

Reuters adds that the employee association also cited salary cuts
in the range of 40-50% between April and July last year due to
distress at Future Retail, the country's second-largest retailer,
whose businesses were hit hard by the COVID-19 pandemic.

                            About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in May
2021, Fitch Ratings downgraded Future Retail Limited's (FRL)
Long-Term Issuer Default Rating (IDR) to 'RD', from 'C', following
the company's announcement that it has completed the restructuring
of the bulk of its onshore debt, which Fitch views as a distressed
debt exchange (DDE).  At the same time, Fitch has affirmed the
rating on FRL's USD500 million 5.6% senior secured notes due 2025
at 'C', with a Recovery Rating of 'RR5'.

The DDE provides relief on debt servicing requirements until
September 30, 2021, but Fitch believes the resultant debt structure
and maturity profile remain unsustainable.  Therefore, Fitch
regards the relief as another temporary measure following the
relief provided under India's central bank pandemic-related schemes
last year.  The restructuring does not meaningfully address FRL's
financial stress, which Fitch regards as essential for an upgrade
after the completion of the DDE.


GCCL INFRASTRUCTURE: First to Take Pre-Pack Insolvency Route
------------------------------------------------------------
Law.asia reports that GCCL Infrastructure & Projects (GCCL) has
become the first to initiate the pre-packaged insolvency resolution
process (PIRP), which was subsequently admitted by the Ahmedabad
bench of the National Company Law Tribunal.

To deal with the financial and economic distress of small
businesses that were significantly impacted due to the covid-19
pandemic, the PIRP was introduced under chapter IIIA of the
Insolvency and Bankruptcy Code, 2016 (IBC), earlier this year, the
report says.

According to the report, the aim for introducing the mechanism was
to provide an alternative resolution process for entities that
qualify as a micro, small or medium-sized enterprise (MSME) under
sub-section (1) of section 7 of the Micro, Small and Medium
Enterprises Development Act, 2006, in a manner that is friendly and
effective, with a shorter timeline and an efficient methodology.

Law.asia says the PIRP enables the creditors and owners of a
business to agree to sell the business to an interested buyer.  The
buyer may be a third party or someone related to the business.  The
PIRP, in contrast to the corporate insolvency resolution process
(CIRP), has a hybrid structure that blends both a formal and
informal approach to addressing insolvency issues.

It allows creditors, promoters and other shareholders to come
together to identify a prospective buyer and negotiate a resolution
plan before approaching the National Company Law Tribunal, Law.asia
states.  The CIRP, on the other hand, more frequently results in
the sale or liquidation of the troubled business. The resolution
professional appointed by the court takes charge of the business
and then draws up and implements a plan of resolution, the report
notes.

PIRPs, under the new provisions, are required to be completed
within 120 days from the pre-packaged insolvency commencement date,
out of which 90 days are allotted for the resolution professional
to file a resolution plan with the adjudicating authority,
according to Law.asia.

On admission of the PIRP, the adjudicating authority shall declare
a moratorium under section 14 of the IBC. The period of moratorium
shall be effective from the date of order of moratorium until the
date where the pre-packaged insolvency resolution process period
comes to an end.

Law.asia adds that a PIRP allows the assets of distressed
businesses to be quickly re-allocated into the economy, rather than
being subjected to prolonged litigation. While the primary purpose
of the IBC itself is to revive highly distressed businesses, a PIRP
acts more like an alternative dispute resolution process, as the
role of the resolution profession in a PIRP is akin to that of an
ombudsman or a monitoring authority, and the promoters, along with
the creditors, make necessary decisions regarding the framing and
implementation of the process.

Law.asia notes that the pre-packs are better suited for small
businesses, since the creditors and business owners along with
interested buyers, having retained their power to manage the
affairs of the corporate debtor (contrary to the CIRP), are able to
make better crucial business decisions than resolution
professionals in courts.

While the fate of this new process is yet to be witnessed in
practice, this possibility of an out-of-court arrangement with
interested buyers is likely to smoothen the process for MSMEs,
which contribute to 45% of overall exports from India, Law.asia
states.  Being the backbone of the national economic structure, it
was important that necessary steps be taken for the Indian MSME
sector, which had been hit badly by the pandemic.  The PIRP is a
welcome step and definitely an aid for the revival of the economy,
Law.asia says.

India-based GCCL Infrastructure and Projects Limited --
http://www.gcclinfra.com/-- operates as a real estate development
company. The Company develops real estate projects in both
commercial and corporate segments. GCCL Infrastructure and Projects
offers a full spectrum of services including site acquisition,
design and development, construction, marketing, and sales.


GLOBAL CLOUD: Judge Declines US Jurisdiction for Clawback Case
--------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge on
Tuesday, Nov. 30, 2021, ruled that an attempt by GCX Ltd. to claw
back nearly $10.2 million taken from its accounts by Standard
Chartered Bank belongs in an English court, saying the case's only
U.S. connections were 10 seconds of electronic transactions.

In his opinion, U.S. Bankruptcy Judge Christopher S. Sontchi
dismissed GCX's adversary action under the doctrine of forum non
conveniens, agreeing with Standard Chartered that neither it nor
the underwater cable firm are based in the U.S. and that nearly
every act leading to or involved in the transfer happened
overseas.

                  About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform. With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped Paul Hastings LLP as general bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as local bankruptcy counsel;
FTI Consulting, Inc. as financial advisor; and Lazard & Co.,
Limited as investment banker. Prime Clerk LLC is the claims agent.


GOPIMAL KAUR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gopimal Kaur
Sain Industries Private Limited (GKSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          13       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          15       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GKSIPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 GKSIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GKSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of GKSIPL continue to be 'CRISIL D Issuer Not
Cooperating'.

Established in 2013, in Ludhiana, by Mr. Tarsem Mittal GKSIPL
started trading of textile yarns and knitted cloths. The company
later ventured into manufacturing of knitted cloths from fiscal
2017. The operations of the company is managed by Mr. Tarsem
Mittal, Mr. Gaurav Mittal and Mr. Gautam Mittal.


GOURI IRON: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Gouri Iron & Steel Private Limited
        1, British India Street
        Kolkata 700069
        West Bengal

Insolvency Commencement Date: November 25, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 23, 2022

Insolvency professional: Netai Basak

Interim Resolution
Professional:            Netai Basak
                         Flat No. 3B
                         Srijoni Apartment
                         34T/3 N K Goshal Road
                         Kasba, Kolkata 700042
                         E-mail: nbasak2002@yahoo.co.in

Last date for
submission of claims:    December 8, 2021


GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green India
Irrigation Limited (GIIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)
   Rupee Term Loan         5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GIIL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 GIIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIIL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in August 2008, GIIL manufactures drip and sprinkler
irrigation systems. Mr. Diliprao Autade Patil, and Mr. Mahesh Aher
are the promoters. The manufacturing unit is in Shrirampur MIDC,
Ahmednagar District, Maharashtra.


INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indotech
Industrial Solutions Private Limited (IISPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan    3.46       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.54       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IISPL for
obtaining information through letters and emails dated August 31,
2021 and October 6, 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 IISPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IISPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IISPL continue to be 'CRISIL D Issuer Not Cooperating'.

IISPL, incorporated in June 2006 at Pune, Maharashtra undertakes
turnkey projects in dairy, sugar, food processing, power, and
telecom industries. Mr. Bhausaheb Janjire and Ms Hemlata Janjire
are the promoters.


JINDAL BUILTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jindal Builtech Private Limited
        Village Kishanpura Baddi
        Nalagarh Road
        Baddi Dist. Solan
        HP, IN

Insolvency Commencement Date: November 24, 2021

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 23, 2022

Insolvency professional: Mr. Arvind Mittal

Interim Resolution
Professional:            Mr. Arvind Mittal
                         H.No. 1900, Phase-3
                         J J Colony
                         Madanpur Khaddar
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: arvindmittal81@yahoo.in

                            - and -

                         F-29, DLF Centre Point
                         Opposite Bata Flyover
                         Mathura Road, Sector-11
                         Faridabad, Haryana 121006
                         E-mail: jindalbuiltech.rp@gmail.com

Last date for
submission of claims:    December 8, 2021


KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamleshkumar
Balubhai Lad (KBL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        5.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6.25       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KBL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 KBL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1983 as a proprietorship firm and promoted by Mr.
Kamlesh Lad, KBL executes road construction contracts in Gujarat.


KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karo Coils
Private Limited (KCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.01       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             8.65       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, by Mr. Savmit Grover, KCPL manufactures
cold-formed coil springs at its facility in Bhivadi, Rajasthan,
which has an installed capacity of 300 tonnes per month.


METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metrostar
Print Solutions Private Limited (MPSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.26       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             8.74       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MPSPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 MPSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPSPL continues to be 'CRISIL D Issuer Not Cooperating'.

MPSPL, incorporated in 2011, is setting up a unit for manufacturing
offset printing plates that are used in the printing industry. The
proposed facility is located at Taloja (Maharashtra). The company
is promoted by Mr. Mukund Bhuta and his wife, Mrs. Hetal Bhuta.


MGF DEVELOPMENTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M G F Developments Limited
        4/17-B, MGF House
        Asaf Ali Road
        New Delhi 110002

Insolvency Commencement Date: November 30, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 29, 2022

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 mgf.cirp@gmail.com

                            - and -

                         The Insolvency and Bankruptcy Board of
                         India (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotees under real estate projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Varun Goel
                         1750, Eternia Tower
                         Mahagun Moderene
                         Sector 78, Noida
                         Uttar Pradesh 201301

                         Mr. Deepak Gupta
                         59, Dayanand Block
                         Shakarpur, New Delhi
                         National Capital Territory of Delhi
                         110092

                         Mr. Vijay Kishore Saxena
                         3rd Floor, 100 Kailash Hills
                         East of Kailash
                         New Delhi 110065

Last date for
submission of claims:    December 14, 2021


MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             65       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MMUPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 MMUPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMUPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1986 and promoted by Mr. Sandip Kumar Bajaj and Mr.
Gaurav Bajaj, MMUPL was an authorized dealer for Maruti Suzuki
India Ltd till March 2014, when it acquired dealership of Hyundai
Motor India Ltd vehicles. It has two exclusive showrooms with three
extension counters and one workshop in Kolkata.


MOWO INDUSTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mowo Industry
(MI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit           5.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MI for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 MI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MI
continue to be 'CRISIL D Issuer Not Cooperating'.

MI was set up in 2015 and is engaged in the processing and export
of red chillis. The firm has been set up by Mr.Nageshwara Rao and
family.


MSP METALLICS LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: MSP Metallics Limited

        Registered office:
        1, Crooked Lane
        Ground Floor
        Kolkata 700069

        Plant:
        Village PO Marakutta
        Jharsuguda 768202
        Odisha, India

Insolvency Commencement Date: November 25, 2021

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: May 24, 2022

Insolvency professional: Mr. Dipti Ranjan Nath

Interim Resolution
Professional:            Mr. Dipti Ranjan Nath
                         #2504, Pioneer CHS
                         Opp. Vartak Nagar Police Station
                         Vartak Nagar
                         Thane West 400006
                         E-mail: dipti.ranjan.nath@icia.org

                            - and -

                         Unit 86, Ground Floor
                         Upper Deck Park Plaza
                         71, Park Street
                         Kolkata 700016
                         E-mail: cirp.mspmetallics@gmail.com

Last date for
submission of claims:    December 9, 2021


NOVARC LABS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Novarc Labs
Private Limited (NLPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit            3        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NLPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 NLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NLPL continue to be 'CRISIL D Issuer Not Cooperating'.

NLPL was incorporated in September 2014 as a private limited
company by Ms. Vishali Sravanthi M. The company, based in
Hyderabad, trades in APIs such as chlorothalidone and
hydrochlorothiazide.


PRITS LEATHER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prits Leather
Art (P) Ltd. (PLA) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bills Discount/         8        CRISIL D (Issuer Not
   Cheque Purchase                  Cooperating)

   Export Packing          2        CRISIL D (Issuer Not
   Credit                           Cooperating)

CRISIL Ratings has been consistently following up with PLA for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 PLA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PLA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PLA continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PLA was incorporated in 2006 as a private limited company. Promoted
by Mr. Ashwani Bhatia and his wife Ms. Seema Bhatia, the company
manufactures and exports leather garments, leather bags, and
accessories. PLA has manufacturing facilities located in Noida,
Uttar Pradesh and derives its revenue primarily through export of
leather garments and bags to European countries.


RSH AGRO PRODUCTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: R.S.H. Agro Products Limited
        Village Ambher, 12th Mile
        Jorabat, Guwahati
        AS 781023
        India

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: June 22, 2022

Insolvency professional: Krishna Mohan Gollamudi

Interim Resolution
Professional:            Krishna Mohan Gollamudi
                         Flat No. 107, 1-9-648/107
                         Mourya Towers, Adikmet Road
                         Vidyanagar, Hyderabad
                         Telangana 500044
                         E-mail: krishnamohangollamudi@gmail.com

                            - and -

                         House No. 3/1, Rajdeep Complex
                         FA Road, Kumarpara
                         Guwahati, Kamrup
                         AS 701009
                         IN
                         E-mail: ip.rshagro@gmail.com

Last date for
submission of claims:    Decemeber 7, 2021


SKATE TRADES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Skate Trades
and Agencies Private Limited (STAPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               13       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STAPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 STAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STAPL continue to be 'CRISIL D Issuer Not Cooperating'.

STAPL, established in 2003, manages a hotel and restaurant in
Punjab. In 2015-16 (refers to financial year, April 1 to March 31),
STAPL obtained license for liquor wholesale distributorship and
retailing of Indian-made foreign liquor (IMFL) and country liquor.


SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SWE Fashions
Private Limited (SFPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.02      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.98      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              7         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letters and emails dated August 31,
2021 and October 6, 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 SFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter director, Mr. S
Princeton, oversees the company's daily operations. The promoter
began operations through a proprietorship firm, Snow White
Enterprises, which was acquired by SFPL in April 2014.


SYNERGY KITCHENS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Synergy Kitchens and Hospitality Private Limited
        446/3 Lake Gardens
        Kolkata 700045
        West Bengal

Insolvency Commencement Date: November 25, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 24, 2022

Insolvency professional: Madhusudan Kumar Poddar

Interim Resolution
Professional:            Madhusudan Kumar Poddar
                         Flat N3A, 43
                         Shyam Nagar Road
                         Kolkata 700055
                         E-mail: madhusudhan.ca.85@gmail.com

                             - and -

                         C/o V Khandelwal & Associates
                         6, Old Post Office Street
                         Temple Chamber, 3rd Floor
                         Room No. 80
                         Kolkata 700001
                         E-mail: cirp.synergy@gmail.com

Last date for
submission of claims:    December 11, 2021


TAPSTIA INDUSTRIAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tapsia Industrial Micro Estate
        Landmark Auto Engineering
        Consortium Limited
        No. 23, New Tiny Sector
        Park Road
        Ambattur Industrial Estate
        Chennai Thiruvallur
        TN 600058
        IN

Insolvency Commencement Date: November 22, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 21, 2022
                               (180 days from commencement)

Insolvency professional: L V Shyam Sundar

Interim Resolution
Professional:            L V Shyam Sundar
                         3rd Floor, No.17, Gandhi Road
                         Alwarthirunagar
                         Opp to Vinayagar Temple &
                         Above Samyuktha Scans
                         Chennai, Tamil Nadu 600087
                         E-mail: shyam.ascend@gmail.com
                                 tapstiarp@pkfrevival.com
                         Tel: 044-43535657
                         Mobile: 9884882326

Last date for
submission of claims:    December 6, 2021


TUSHARA ENERGY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tushara Energy Ventures Private Limited
        Plot No. 34/B, Electronics Complex
        Kushaiguda, Hyderabad TG 500062
        IN

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 22, 2022

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         #302, 3-6-140/A, 3rd Floor
                         City Centre, Himayat Nagar
                         Hyderabad 500029
                         Telangana
                         E-mail: ippavankankani@gmail.com
                                 cirp.tushara@gmail.com

Last date for
submission of claims:    December 8, 2021


TV PRODUCTS INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: TV Products India Private Limtied
        185/1, Modi Kutir
        Jawahar Nagar, Road No. 11
        Goregaon (West), Mumbai 400062

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 22, 2022

Insolvency professional: Manish D. Shah

Interim Resolution
Professional:            Manish D. Shah
                         A/502, Krishna Palace
                         Thakur Complex
                         Kandivali (East)
                         Mumbai 400101
                         E-mail: mdshah0211@gmail.com
                                 cirp.tvproducts@gmail.com

Last date for
submission of claims:    December 10, 2021


VISHAL FOOTWEAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vishal Footwear Limited
        Shop No. 123, Plot No. 23
        Vardaman Charve
        Plaza K.P. Block Comm
        Complex Pritampur
        New Delhi 110034

Insolvency Commencement Date: November 23, 2021

Court: National Company Law Tribunal, New Delhi, Bench-III

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

Insolvency professional: Ananda Rao Korada

Interim Resolution
Professional:            Ananda Rao Korada
                         Flat 3, 400B/2F
                         N.S.C. Bose Road
                         Kolkata, West Bengal 700047
                         E-mail: raoka55@gmail.com
                                 cirp.vishalfootwear@gmail.com

Last date for
submission of claims:    December 8, 2021


VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwanath
Spinnerz India Limited (VSIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          12.5        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       6.21       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan       10          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       18.38       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       21.41       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VSIL for
obtaining information through letters and emails dated August 31,
2021 and October 6, 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 VSIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIL continue to be 'CRISIL D Issuer Not Cooperating'.

Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr.
Sridhar Reddy and his family, the company's spinning mill is at
Pedavuru in Nalgonda, Telangana.

WEBTECH ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Webtech
Engineering Private Limited (WTEPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            16.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with WTEPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 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 WTEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WTEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WTEPL continue to be 'CRISIL D Issuer Not Cooperating'.

WTEPL, which was set up by Mr. Sabajeet Singh in 1998, began its
operations by manufacturing security printing machines. Over the
years, the company has diversified into machines for packaging,
engineering, and CNC, and vertical and horizontal machining
centers.


WISDOM IT SERVICES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Wisdom IT Services India Private Limited
        7th Floor, Quadrant-4
        A1, A2, A3 Modules Cyber Towers
        HITEC City, Madhapur
        Hyderabad TG 500081
        IN

Insolvency Commencement Date: November 12, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 23, 2022

Insolvency professional: Pesaladinne Madhusudan Reddy

Interim Resolution
Professional:            Pesaladinne Madhusudan Reddy
                         H.No. 10-2-401 to 403/502
                         Tirumala Classic Apts
                         Street No. 3, West Maredpally
                         Secuunderabad, Hyderabad 500026
                         E-mail: pmreddy2000@gmail.com
                                 ip.wisdomitsolutions@gmail.com

Last date for
submission of claims:    December 8, 2021




=================
I N D O N E S I A
=================

MODERNLAND REALTY: S&P Withdraws 'D' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'D' long-term issuer credit rating
on PT Modernland Realty Tbk. and the 'D' long-term issue rating on
the Indonesia-based company's outstanding senior unsecured notes
due 2021 and 2024, at the issuer's request.




===============
M A L A Y S I A
===============

BARAKAH OFFSHORE: Posts MYR93MM Net Profit in Q1 Ended Sept. 30
---------------------------------------------------------------
The Edge Markets reports that Barakah Offshore Petroleum Bhd
returned to the black with a net profit of MYR92.99 million in the
first quarter ended Sept. 30, 2021, from a net loss of MYR2.94
million in the same period last year, attributable to owners of the
company.

Revenue, however, shrank to MYR17.54 million from MYR32.63 million
previously, mainly due to fewer projects carried out during the
quarter under review.

The Edge Markets relates that the Practice Note 17 (PN17) oil and
gas company said it reported revenue of MYR17.54 million generated
from its pipeline and commissioning services segment in 1Q FY2022
from MYR31.6 million in 1Q FY2021.

"This was due to fewer work orders received from Pan Malaysia
maintenance, construction and modification works from clients
during the current financial quarter," it said.

The group said no revenue has been generated from its installation
and construction services business in 1Q FY2022, the report
relays.

Moving forward, Barakah expressed confidence that there are still
project opportunities deployed by project owners and main
contractors around the Asian region, according to The Edge
Markets.

"The group will continue pursuing opportunities, and with the group
capabilities and proven track record, there is a good chance and
prospect to secure the opportunities available," it said.

Barakah added that the group would continue enhancing its
operational efficiency of existing projects and cost reduction to
improve profit margins thus ensuring the sustainability of its
business, The Edge Markets relays.

"Meanwhile, the group is currently formulating a plan to regularise
its financial conditions to uplift from the PN17 status," it said.

                       About Barakah Offshore

Barakah Offshore Petroleum Berhad, an investment holding company,
provides offshore and onshore pipeline services for the oil and gas
industry primarily in Malaysia.

In May 2019, Barakah Offshore Petroleum slipped into Practice Note
17 (PN17) after it failed to make instalment payments to
Export-Import Bank of Malaysia Bhd (Exim Bank) and was unable to
provide a solvency declaration to Bursa Malaysia Securities Bhd.




=====================
N E W   Z E A L A N D
=====================

DRAGON INDUSTRIES: Creditors' Proofs of Debt Due on Dec. 24
-----------------------------------------------------------
Creditors of Dragon Industries Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 24,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2021.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141
          New Zealand
          Email: brenton@insolvencymatters.co.nz


TECHCOMS LIMITED: Creditors' Proofs of Debt Due on Jan. 28
----------------------------------------------------------
Creditors of Techcoms Limited, SK Transport Limited and Korean Auto
King NZ Limited are required to file their proofs of debt by Jan.
28, 2022, to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on Nov. 30, 2021.

The company's liquidator can be reached at:

          Pritesh Patel
          Patel & Co
          344 Great South Road
          Papatoetoe, Auckland 2215
          New Zealand


VENTURE VETS: Creditors' Proofs of Debt Due on Dec. 24
------------------------------------------------------
Creditors of Venture Vets Limited are required to file their proofs
of debt by Dec. 24, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 30, 2021.

The company's liquidator is:

          Hamish John Pryde
          CS Insolvency
          c/o Coombe Smith (PN) Limited
          168 Broadway Avenue, PO Box 788
          Palmerston North, New Zealand
          Email: hamishpryde@coombesmith.co.nz




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

AS-1 LOGISTICS: Court to Hear Wind-Up Petition on Dec. 17
---------------------------------------------------------
A petition to wind up the operations of AS-1 Logistics Pte Ltd will
be heard before the High Court of Singapore on Dec. 17, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 24, 2021.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road #30-00
          High Street Centre
          Singapore 179094


FU XIANG: Court to Hear Wind-Up Petition on Dec. 17
---------------------------------------------------
A petition to wind up the operations of Fu Xiang F&B Pte Ltd will
be heard before the High Court of Singapore on Dec. 17, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 25, 2021.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road #30-00
          High Street Centre
          Singapore 179094


HONG SHENG: Court to Hear Wind-Up Petition on Dec. 31
-----------------------------------------------------
A petition to wind up the operations of Hong Sheng Technology Pte
Ltd will be heard before the High Court of Singapore on Dec. 31,
2021, at 10:00 a.m.

Prefab Technology 3 Pte Ltd filed the petition against the company
on Nov. 25, 2021.

The Petitioner's solicitors are:

          M/s PARWANI LAW LLC
          151 Chin Swee Road
          #13-06 Manhattan House
          Singapore 169876


R.A INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Nov. 19, 2021, to
wind up the operations of R.A International Pte. Ltd.

Kyna Overseas filed the petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          c/o M/s Mann & Associates PAC
          3 Shenton Way, #03-06C
          Shenton House
          Singapore 068805




=============
V I E T N A M
=============

VIETNAM PROSPERITY: Moody's Hikes LongTerm Issuer Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded Vietnam Prosperity Jt. Stk.
Commercial Bank's (VPBank) long-term local and foreign currency
deposit and issuer ratings to Ba3 from B1, concluding its review
for upgrade initiated on May 12, 2021. Moody's also upgraded
VPBank's Baseline Credit Assessment (BCA) and Adjusted BCA to ba3
from b1.

Moody's also upgraded the long-term corporate family rating (CFR)
of VPBank's subsidiary, VPBank SMBC Finance Company Limited (FE
Credit), to Ba3 from B1, concluding its review for upgrade
initiated on May 12, 2021.

At the same time, the outlook on VPBank's ratings, where
applicable, is changed to positive, reflecting Moody's expectation
of a further strengthening of the bank's credit profile, driven by
improvements to its asset quality and/or capital. The outlook on FE
Credit is stable.

This rating action follows VPBank's completion of its sale of a 49%
equity stake in FE Credit to SMBC Consumer Finance Co., Ltd.
(SMBCCF), a consolidated subsidiary of Sumitomo Mitsui Financial
Group, Inc. (SMFG, A1 stable).

RATINGS RATIONALE

VPBANK

The upgrade of VPBank's ratings and BCA considers the substantial
improvement in the bank's capital following the completion of its
sale of a 49% equity stake in FE Credit to SMFG. VPBank's capital,
as measured by tangible common equity (TCE) as a percentage of
risk-weighted assets (RWA), increased to 13.5% at the end of
October 2021 from 11.4% at the end of September 2021. Moody's
expects VPBank's capital to remain stable as the bank has indicated
that it will retain the sale proceeds and use them to pursue new
organic growth and investment opportunities, while its asset growth
will be supported by internal capital generation.

VPBank's asset quality and profitability will be stable over the
next 12-18 months. Its gross nonperforming loan (NPL) ratio
increased to 4.0% at the end of September 2021 from 3.4% at the end
of 2020 because of the severe fourth wave of the coronavirus
outbreak in Vietnam, while restructured loans were 5% of gross
loans. Nevertheless, Moody's believes VPBank's asset quality will
be stable as economic activity rebounds and the vaccination rate
increases in Vietnam. Credit costs will increase mildly as the bank
increases provisions against future NPLs, but the impact on the
bottom line will be limited given the bank's strong top-line
revenue.

VPBank has a higher reliance on market funds than other rated
Vietnamese banks because of the non-deposit-taking nature of FE
Credit, but Moody's expects the bank's moderate stock of liquid
assets will offset the associated risks.

Moody's continues to assume a moderate probability of government
support in VPBank's ratings, although this does not lead to any
rating uplift as the bank's BCA is already at the same level as the
sovereign rating.

FE CREDIT

The upgrade in FE Credit's CFR considers Moody's expectation that
the company will receive ongoing funding support from SMBCCF as
necessary, which will mitigate the risks associated with the
company's reliance on wholesale funding and support its liquidity.

At the same time, Moody's continues to assume a very high
probability of support for FE Credit from VPBank in times of need,
which leads to a one-notch uplift from its standalone assessment of
b2. Moody's assumption of a very high level of support is driven by
VPBank's 50% ownership in FE Credit as well as the latter's
strategic importance to VPBank's retail strategy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the positive outlook, Moody's could upgrade VPBank's ratings
if the bank's capital and/or asset quality improve and Vietnam's
sovereign rating is upgraded.

An upgrade of FE Credit's long-term CFR is unlikely because it is
already at the same rating level as its parent, VPBank.

Moody's could lower VPBank's BCA if the bank's TCE/RWA decreases
materially to below 11.5%, due to credit losses or extensive RWA
growth. Problem loans above 8% could also create negative pressure
on the BCA.

FE Credit's CFR could be downgraded if the company's standalone
assessment weakens because of significantly higher leverage and/or
materially weaker asset quality, leading to a sharp decline in its
profitability and erosion of its capital.

A downgrade of VPBank's BCA or any indication of a change in the
company's importance to its shareholders could lead to a downgrade
of FE Credit's long-term CFR.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Vietnam Prosperity Jt.
Stk. Commercial Bank was Banks Methodology published in July 2021.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank),
headquartered in Hanoi, reported total assets of VND419 trillion as
of December 31, 2020.

VPBank SMBC Finance Company Limited (FE Credit), headquartered in
Ho Chi Minh City, reported total assets of VND73 trillion as of
December 31, 2020

LIST OF AFFECTED RATINGS

Issuer: Vietnam Prosperity Jt. Stk. Commercial Bank

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to ba3 from b1

Baseline Credit Assessment, Upgraded to ba3 from b1

Long-term Counterparty Risk Assessment, Upgraded to Ba2(cr) from
Ba3(cr)

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Upgraded to Ba2 from Ba3

Long-term Issuer Rating (Foreign and Local Currency), Upgraded to
Ba3 from B1, Outlook changed to positive from rating under review

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Ba3 from (P)B1

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Upgraded to Ba3 from B1, Outlook changed to positive from rating
under review

Long-term Bank Deposit Rating (Foreign and Local Currency),
Upgraded to Ba3 from B1, Outlook changed to positive from rating
under review

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP

Outlook Actions:

Outlook, Changed To Positive From Rating Under Review

Issuer: VPBank SMBC Finance Company Limited

Upgrades:

Long-term Corporate Family Rating, Upgraded to Ba3 from B1

Outlook Actions:

Outlook, Changed To Stable From Rating Under Review



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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