/raid1/www/Hosts/bankrupt/TCRAP_Public/211222.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
Wednesday, December 22, 2021, Vol. 24, No. 249
Headlines
A U S T R A L I A
RESIMAC TRIOMPHE 2021-3: S&P Assigns B (sf) Rating on Cl. F Notes
C H I N A
RISESUN REAL: Fitch Lowers Long-Term Foreign Currency IDR to 'C'
SHIMAO GROUP: Fitch Lowers IDR to 'BB', On Watch Negative
I N D I A
AEINDRI AGRO: CRISIL Reaffirms B+ Rating on INR5.5cr Loans
CHINIWALAS PRIVATE: CRISIL Cuts Long/Short Term Rating to D
IIHT SYSYEMS LIMITED: Insolvency Resolution Process Case Summary
KN INTERIOR DESIGNS: Insolvency Resolution Process Case Summary
SR MEDISERVICES PRIVATE: Insolvency Resolution Case Summary
SUBHLABH STEELS: Insolvency Resolution Process Case Summary
SUPERCHEM COATINGS: Insolvency Resolution Process Case Summary
VICTORY INFRAPROJECTS: Insolvency Resolution Process Case Summary
- - - - -
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A U S T R A L I A
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RESIMAC TRIOMPHE 2021-3: S&P Assigns B (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2021-3. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2021-3 is a securitization of prime residential mortgage
loans originated by RESIMAC Ltd. (RESIMAC).
The ratings assigned reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 26.6% of the portfolio.
The rated notes can meet timely payment of interest, and ultimate
payment of principal under the rating stresses.
Key rating factors are the level of subordination provided, the LMI
cover, the cross-currency swap, the interest-rate swap, the
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed by their legal final maturity
date and it does not assume the notes are called at or beyond the
call date.
S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. as cross-currency swap provider,
interest-rate swap provider, and liquidity facility provider, and
Westpac Banking Corp. as bank account provider.
The interest-rate swap is provided to hedge the interest-rate risk
between any fixed-rate mortgage loans and the floating-rate
obligations on the notes. A currency swap is provided to hedge the
Australian dollar receipts from the underlying assets and the yen
payments on the class A1 notes. The transaction documents for the
swaps and liquidity facility include downgrade language consistent
with S&P Global Ratings' counterparty criteria. S&P has also
factored into its ratings the legal structure of the trust, which
is established as a special-purpose entity and meets our criteria
for insolvency remoteness.
Ratings Assigned
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3
Class A1, ¥16,000.000 million: AAA (sf)
Class A2, A$700.000 million: AAA (sf)
Class AB, A$65.900 million: AAA (sf)
Class B, A$14.800 million: AA (sf)
Class C, A$10.900 million: A (sf)
Class D, A$3.900 million: BBB (sf)
Class E, A$2.200 million: BB (sf)
Class F, A$1.200 million: B (sf)
Class G, A$1.100 million: Not rated
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C H I N A
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RISESUN REAL: Fitch Lowers Long-Term Foreign Currency IDR to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Rating (IDR) on China-based homebuilder Risesun Real Estate
Development Co., Ltd. to 'C' from 'B'. The senior unsecured ratings
have also been downgraded to 'C' from 'B', and the Recovery Ratings
remain at 'RR4'.
The downgrades follow Risesun's announcement that it has launched
an exchange offer and consent solicitation to exchange USD292
million of bonds outstanding due on 18 January 2022 and USD488
million bonds outstanding due on 24 April 2022 for bonds due in
2024 or 2023. Fitch obtained the announcement from the Singapore
Exchange.
Fitch considers the effective extension of the bond maturity by
12-24 months as a distressed debt exchange (DDE) as per its
criteria, although there is an incentive fee offered and no
reduction in principal and interest. If the proposed exchange offer
and consent solicitation is successfully completed, the IDR will be
downgraded to 'RD' (Restricted Default). Fitch will then reassess
Risesun's credit profile to determine an IDR consistent with the
company's post-consent solicitation capital structure and risk
profile, which would likely be within a very low speculative-grade
range.
Risesun has not provided further information to Fitch beyond its
public announcements.
KEY RATING DRIVERS
Exchange Offer Constitutes a DDE: The exchange offer and consent
solicitation, if successful, will constitute a DDE under Fitch's
criteria. When considering whether the consent solicitation should
be classified as a DDE, Fitch expects both of the following to
apply: the consent solicitation imposes a material reduction in
terms compared with the original contractual terms; and the consent
solicitation is conducted to avoid bankruptcy, similar insolvency
or intervention proceedings, or a traditional payment default.
Consent Solicitation to Avoid Default: Fitch considers the consent
solicitation to be necessary for Risesun to avoid default given
limited liquidity. Fitch estimates the company had available cash
of CNY20 billion (excluding pre-sales regulated balances) at
end-June 2021, which is insufficient to cover short-term debt of
CNY26 billion, and its ability to access the cash for bond
repayment is uncertain.
Material Reduction in Terms: Fitch believes the exchange offer and
consent solicitation constitute a material reduction in the terms
of the existing notes as there is an effective extension of the
bond maturity by 12-24 months, although there is a cash
consideration of USD5 or USD25 for each principal amount of USD
1,000 and no reduction in the principal and interest for the bonds
in the proposed exchange offer and consent solicitation.
Conditions of Tender Offer: The company's obligation to consummate
the consent solicitation is conditional upon the bondholders
tendering not less than 85% in aggregate principal of the
outstanding amount of the existing notes.
ESG - Group Structure: Risesun has an ESG Relevance Score of '4'
for Group Structure because there is limited visibility of the
other businesses under its parent, Risesun Holdings Co., Ltd.
Risesun's ratings may come under pressure if it is required to
support its parent's other investments. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.
DERIVATION SUMMARY
Risesun's ratings reflect Fitch's assessment that its exchange
offer and consent solicitation amount to a DDE.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Contracted sales to increase by 3% in 2021-2023, with no
increase in the average selling price;
-- Land replenishment at 1.3x of contracted sales gross floor
area in 2021 and 1.1x in 2022-2023, with land-bank life at 2.5
years;
-- EBITDA margin, excluding capitalised interest, to remain above
20% in 2021-2023.
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that Risesun would be liquidated
in a bankruptcy.
-- Fitch assumes a 10% administrative claim.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
process conducted during a bankruptcy or insolvency proceeding and
distributed to creditors.
-- 0% advance rate applied to excess cash, which is available
cash less three months of attributable contracted sales;
-- 100% advance rate applied to cash restricted for securing
debt;
-- 60% advance rate applied to net inventory, based on our
expectation of an EBITDA margin of around 20%;
-- 60% advance rate applied to trade receivables;
-- 60% advance rate applied to property, plant and equipment;
-- 0% advance rate applied to investment properties, based on a
6.5% capitalisation rate on completed investment properties.
The allocation of value in the liability waterfall results in
recovery corresponding to a 'RR1' Recovery Rating for all secured
debt and onshore and offshore unsecured debt. However, the Recovery
Rating for the senior unsecured debt is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR and Recovery Rating of 'RR4'.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch will reassess Risesun's capital structure and cash flow
after the completion of the consent solicitation, or if the
consent solicitation is not completed, to determine its IDR
and senior unsecured ratings.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch will downgrade Risesun's IDR to 'RD' if the consent
solicitation is completed, or if it fails to meet any of its
debt obligations.
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.
ISSUER PROFILE
Risesun, set up in 1996, has been listed on the Shenzhen Stock
Exchange since 2007. It had contracted sales of more than CNY120
billion in 2020 and total land bank of 38 million sq m at
end-2020.
ESG CONSIDERATIONS
Risesun has an ESG Relevance Score of '4' for Group Structure
because there is limited visibility of the other businesses under
its parent, Risesun Holdings Co., Ltd. Risesun's ratings may come
under pressure if it is required to support its parent's other
investments. This has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
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.
SHIMAO GROUP: Fitch Lowers IDR to 'BB', On Watch Negative
---------------------------------------------------------
Fitch Ratings has downgraded Shimao Group Holdings Limited's Issuer
Default Rating (IDR) to 'BB', from 'BBB-', and its senior unsecured
rating and outstanding senior unsecured notes to 'BB', from 'BBB-'.
All ratings have been placed on Ratings Watch Negative (RWN).
The downgrade is driven by weak sales in recent months and
financing conditions that have rapidly turned unfavorable for the
company amid its deteriorating liquidity position. Shimao has
communicated plans to improve its liquidity through a number of
asset disposals, but much of these are subject to execution and
market risks.
The RWN reflects the potential of further negative rating action if
capital access is not sufficiently restored to improve Shimao's
liquidity.
KEY RATING DRIVERS
Unfavourable Financing Conditions: Negative news flow related to
the company has diminished investor confidence, which could
constrain Shimao's refinancing channels and add to liquidity
pressure. Shimao has denied certain claims in the media, but has
yet to stem the fall in investor confidence, as reflected in a
collapse in bond prices. Some strong property developers in China
have resumed issuing domestic debt securities, but that avenue may
not be available for Shimao if investor confidence is not
restored.
Addressing Debt Maturities With Cash: Fitch believes Shimao will
have to utilise its cash reserves to address upcoming debt
maturities. It plans to improve liquidity through asset disposals,
some in advanced stages of discussions, amid adverse market
conditions. However, failure to do so would rapidly eat into its
liquidity buffers.
Fitch estimates that Shimao has around CNY20 billion of public
capital-market debt maturities in 2022, comprising of onshore
corporate bonds and offshore notes. It had CNY53 billion in
available cash as of 1H21, excluding deposits in regulated accounts
of CNY22 billion; however, only a proportion of this is located at
the rated entity level. Shimao has other obligations, such as trust
financing and around CNY10 billion of asset-backed securities, of
which CNY1.5 billion mature in December 2021 and CNY5.6 billion in
2022. Some of the securities are classified as trade payables,
which Fitch believes can be repaid through cash deposited in
regulated accounts at the project level.
Falling Sales: Contracted sales plunged by 30% yoy in both
September and October 2021. The drop has been steeper for Shimao
than for most investment-grade and 'BB' category peers. Shimao has
maintained an average selling price, which has been less volatile
compared with peers, at above CNY17,000/square metre (sq m) and its
landbank is focused in high-tier cities, which still benefit from
fundamental demand. However, weakened buyer confidence could weigh
on sales and stifle operating cash generation.
High Joint-Venture Exposure: Shimao's implied cash collection,
defined as the change in customer deposits plus revenue booked
during the year, was CNY150 billion in 1H21 on a last-12-month
basis, which was around 45% of total sales. Fitch estimates that
around 60%-65% of total contracted sales came from consolidated
projects, considering the effect of value added tax on property
sales. Shimao's consolidation ratio has been consistent in the past
few years, but is lower than that of higher-rated similarly sized
peers.
Nationwide Developer: Shimao's scale and diversification supports
its business profile. It had 424 projects in 110 cities as of 1H21.
These covered an area of 73 million sq m. Nearly 75% of landbank is
located in first- and second-tier cities, with a further 17% in
strong third- and fourth-tier cities. Revenue from Shimao's
non-property development business, which includes hotels,
commercial properties and property management, stood at CNY6.9
billion in 1H21 (2020: CNY9.2 billion), and Fitch does not think it
will be greatly dented by the market volatility in the property
development segment.
ESG - Governance: Fitch has revised Shimao's ESG Relevant Score
Financial Transparency and Group Structure to '4', from '3', as
Fitch believes these ESG issues will affect Shimao's rating in
combination with other factors, but are not a key rating driver.
The company has not fully addressed market concerns on its debt
maturities amid adverse changes in access to capital. It also has
significant exposure to joint-ventures and associates, and there
are some related-party transactions within Shimao entities.
DERIVATION SUMMARY
Shimao's credit profile is no longer consistent with
investment-grade ratings due to questions around the strength of
its liquidity position, but its ratings remain in the 'BB' category
due to the fundamental strength of its business profile and a level
of financial leverage that is in line with 'BB' peers. However, the
ratings could be further downgraded if the company fails to rebuild
confidence by providing more transparency on how it plans to deal
with upcoming maturities, including other financial commitments at
the project level that may or may not be consolidated.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Contracted sales to drop to CNY280 billion-290 billion 2021
and by a further 10%-15% in 2022, in line with Fitch's view on
the sector;
-- Average selling price of around CNY17,000/sq m;
-- Minimal land acquisitions in 2H21 and 1H22.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The RWN would be removed and ratings affirmed if there is a
significant improvement in the strength of the company's
financial liquidity. This is predicated on - among other
things -- a material improvement in creditor confidence,
successful execution of asset disposal plans, evidence of
access to funding channels and a stable to improving sales
performance.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration of liquidity buffers, which could arise from a
failure to execute its asset disposal plans, sufficiently
restore market confidence and access to funding channels;
-- Sustained decline in contracted sales and cash collection.
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.
LIQUIDITY AND DEBT STRUCTURE
Large Maturities: Shimao has CNY8.4 billion in public capital
market debt due in 1H22 and a further CNY11.8 billion in 2H22, in
addition to other liabilities. It had CNY53 billion in available
cash, excluding deposits in regulated accounts of CNY22 billion, as
of 1H21; only a proportion of this is located at the rated entity
level.
In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.
ISSUER PROFILE
Shimao is one of the largest Chinese property developers focusing
on residential property development. It is also active in office
and mall rental, property management as well as hotel and theme
park operations.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- Fitch has excluded deposits in regulated accounts (1H21: CNY22
billion) from cash in Fitch's leverage calculation and
included this as inventory.
-- Restricted cash of CNY7.6 billion is included in cash to
calculate net debt, as it is mainly pledged for obtaining bank
loans.
ESG CONSIDERATIONS
Shimao has an ESG Relevance Score of '4' for Group Structure. The
company has not fully addressed market concerns on its debt
maturities amid adverse changes in access to capital, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Shimao has an ESG Relevance Score of '4' for Financial
Transparency. It has significant exposure to joint-ventures and
associates, and there are some related-party transactions within
Shimao entities, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.
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.
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I N D I A
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AEINDRI AGRO: CRISIL Reaffirms B+ Rating on INR5.5cr Loans
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ‘CRISIL B+/Stable’ rating on
the long-term bank facilities of Aeindri Agro Food Products Pvt Ltd
(AAFPPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 2 CRISIL B+/Stable (Reaffirmed)
The rating reflects the modest scale of operations, small networth
and susceptibility to climatic conditions and volatile raw material
prices. These weaknesses are partially offset by the extensive
experience of the promoters in the agriculture industry.
Key rating drivers & detailed description
Weaknesses:
* Modest scale of operations: Intense competition continues to
constrain scalability, as reflected in revenue of around Rs 6.36
crore in fiscal 2021, against Rs 9.29 crore in fiscal 2020.
Further, the Covid-19 pandemic led to a decline in demand from the
local market and hence, a dip in sales.
* Susceptibility to climatic conditions and volatile raw material
prices: The company remains vulnerable to shortage in raw
materials, as the crop yield of agricultural commodities depends on
adequate and timely monsoon. Attacks by pests or crop infections
may also impact production and pricing of commodities and their
derived products.
Strength:
* Extensive experience of the promoters: Benefits from the
three-decade-long experience of the promoters, their strong
understanding of market dynamics and healthy relationships with
suppliers and customers are likely to continue.
Liquidity: Stretched
Liquidity is marked by sufficient cash accrual and moderately high
bank limit utilisation. Expected cash accrual of over Rs 0.68 crore
should suffice to cover the term debt obligation of Rs 0.4 crore in
the medium term. Bank limit utilisation averaged around 84.3% for
the 12 months ended August 31, 2021. Current ratio was comfortable
at 1.03 times as on March 31, 2021. The promoters have infused
funds via equity and unsecured loans to cover the working capital
expenses and debt obligation.
Outlook: Stable
CRISIL Ratings believes AAFPPL will continue to benefit from the
extensive experience of its promoters and their healthy
relationships with customers.
Rating sensitivity factors
Upward factors
* Sustained growth in revenue and steady operating margin, leading
to cash accrual of more than Rs 1.25 crore
* Better working capital management, with gross current assets
improving to below 100 days
Downward factors
* Decline in revenue or operating margin, leading to net cash
accrual below Rs 0.6 crore: Any large debt-funded capital
expenditure weakening the capital structure Significant increase in
working capital requirement straining liquidity and financial risk
profile.
Incorporated in 2014, AAFPPL manufactures refined all-purpose flour
(maida), whole wheat flour and wheat bran. The manufacturing
facility at Parganas (West Bengal) has capacity of 48 tonnes per
day. Mr Jitendra Nath Mondal and Mr Debdas Mondal are the
promoters.
CHINIWALAS PRIVATE: CRISIL Cuts Long/Short Term Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank debt of
Chiniwalas Private Limited (CPL) to ‘CRISIL D/CRISIL D’ from
‘CRISIL BB/Stable/CRISIL A4+’
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
‘CRISIL BB/Stable’)
Short Term Rating - CRISIL D (Downgraded from
‘CRISIL A4+’)
The downgrade reflects recent delay in servicing of term loan
installment owing to weak liquidity.
The ratings continue to reflect susceptibility to cyclicality in
end-user industry and deterioration in revenue along with elongated
working capital cycle and weak financial risk profile. These rating
weaknesses are partially offset by extensive experience of
promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak financial risk profile: Sizable losses in fiscal 2021 had
weakened company’s financial risk profile. Gearing deteriorated
to 3.06 times as on March 31, 2021 due to erosion in networth. Also
debt protection metrics remained suppressed due to losses. The
liquidity also remained strained due to elongated receivables which
has led to delay in servicing debt obligations recently.
* Deterioration in revenue along with elongated working capital
cycle: The revenue of the company has declined from Rs. 55 crore in
fiscal 2019 to Rs. 21.6 crore in fiscal 2021. The decline in
revenue was mainly due to covid led disturbance and lower orderbook
execution. The working capital cycle was also elongated with GCA of
227 days as on March 31, 2019 to 456 days as on March 31, 2021. The
elongation in working capital cycle was due stretch in debtors and
increased levels of inventory. The performance continues to remain
subdued in current fiscal as well.
* Susceptibility to cyclicality in the end-user industry: The
company remains vulnerable to any slowdown or change in performance
of the real estate sector, which is cyclical in nature.
Strengths:
* Extensive experience of the promoters: The two decade-long
industry experience of the promoter, Mr Taher Chiniwala and his
family members, will continue to support the business risk
profile.
Liquidity: Poor
The company has delayed servicing of ECLGS loan instalment for the
month of November 2021 owing to weak liquidity. The working capital
limit also remains fully utilised in recent month.
Rating Sensitivity factors
Upward factors:
Significant improvement in operating performance and cash accrual
Timely payments towards debt obligation for continuous 90 days.
CPL was set up in 1990, at Pune, by the promoter, Mr Taher
Chiniwala and his family. The company engineers and installs
aluminium and glass doors and windows, claddings and facades, and
sets up clean rooms.
IIHT SYSYEMS LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: IIHT Systems Limited
84, Sun Light Colony No. 1
Jangpura, South Delhi
Delhi 110014
IN
Insolvency Commencement Date: December 7, 2021
Court: National Company Law Tribunal, Bench-III, New Delhi
Estimated date of closure of
insolvency resolution process: June 5, 2022
(180 days from commencement)
Insolvency professional: Parveen Kumar Jain
Interim Resolution
Professional: Parveen Kumar Jain
501, Lane no. 3A (Band Gali)
Chanderlok
Behind Sanatan Dharam Mandir
New Delhi 110093
E-mail: parveen_2817@yahoo.co.in
- and -
H.No. 279, Gali no. 1
Chanderlok, Mandoli Road
Shahdara, Delhi 110093
E-mail: cirp.iihtsystems@gmail.com
Last date for
submission of claims: December 21, 2021
KN INTERIOR DESIGNS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: KN Interior Designs and Engineering Private Limited
New No. 41, Old No. 17
16th Avenue, Ashok Nagar
Chennai 600083
Insolvency Commencement Date: December 3, 2021
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: June 2, 2022
(180 days from commencement)
Insolvency professional: Viswanathan Rajagopalan
Interim Resolution
Professional: Viswanathan Rajagopalan
Plot No. 4, 1/787A
Deivanai Nagar II Street
Madipakkam, Chennai 600091
Tamil Nadu
E-mail: viswanathan.irp@gmail.com
Last date for
submission of claims: December 17, 2021
SR MEDISERVICES PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: SR Mediservices Private Limited
Old No. 37, New No. 83
Razack Garden Main Road
MMDA Colony, Arumbakkam
Chennai TN 600106
IN
Insolvency Commencement Date: October 4, 2021
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: April 3, 2022
Insolvency professional: Kannan Sambasivam
Interim Resolution
Professional: Kannan Sambasivam
"Skyline Castle"
27, Abdul Razack Street
Saidapet, Chennai 600015
E-mail: charitarthkannan@gmail.com
Last date for
submission of claims: October 19, 2021
SUBHLABH STEELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Subhlabh Steels Private Limited
Room no. 202, 1
British India Street
Kolkata 700069
West Bengal
Insolvency Commencement Date: December 9, 2021
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 6, 2022
Insolvency professional: Netai Basak
Interim Resolution
Professional: Netai Basak
Flat no. 3B, Srijoni Apartment
34T/3 N K Ghoshal Road
Kasba, Kolkata 700042
E-mail: nbasak2002@yahoo.co.in
Last date for
submission of claims: December 23, 2021
SUPERCHEM COATINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Superchem Coatings Private Limited
D-34, Sardar Industrial Estate
Ajwa Road, Vadodara
Gujarat 390019
Insolvency Commencement Date: December 7, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: June 5, 2022
Insolvency professional: Mr. Arun Chadha
Interim Resolution
Professional: Mr. Arun Chadha
727, Brahmpuri
Meerut
Uttarpradesh 250002
E-mail: chadharun@yahoo.com
- and -
E-95/2, Naraina Vihar
New Delhi 110027
E-mail: cirp.superchemcoatings@gmail.com
Last date for
submission of claims: December 21, 2021
VICTORY INFRAPROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Victory Infraprojects Private Limited
208, Gupta Tower
Azadpur Commercial Complex
Delhi New Delhi 110033
Insolvency Commencement Date: December 13, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 11, 2022
(180 days from commencement)
Insolvency professional: Pawan Kumar Goyal
Interim Resolution
Professional: Pawan Kumar Goyal
P K Goyal & Associates
304 D.R. Chamber
12/56, DB Gupta Road
Karol Bagh
New Delhi 110005
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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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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