/raid1/www/Hosts/bankrupt/TCRAP_Public/240419.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
Friday, April 19, 2024, Vol. 27, No. 80
Headlines
A U S T R A L I A
CABOOLTURE DEVELOPMENTS: ASIC Bans Director for 5 Years
KALINDA IT: First Creditors' Meeting Set for April 22
MAALI GROUP: Creditors Back Lifeline Bid; 120 Jobs Saved
MEDIPAY FINANCIAL: First Creditors' Meeting Set for April 26
MESH DIRECT: First Creditors' Meeting Set for April 22
QENOS PTY: AWU Pushes for Worker Rights Amid Site Uncertainty
QENOS PTY: Enters Into Voluntary Administration; 700 Jobs at Risk
RECYCLE AND RESOURCE: S&P Lowers ICR to 'B-' on Weak Cash Flow
RISKCOM GROUP: Second Creditors' Meeting Set for April 22
VRE TECHNOLOGY: Second Creditors' Meeting Set for April 22
[*] ASIC Insolvency Data Shows Increase in Companies Failing
C H I N A
LONGFOR GROUP: Moody's Lowers CFR to Ba2, Outlook Remains Negative
TIMES CHINA: Receives Winding-Up Petition in Hong Kong
I N D I A
AGRI SEARCH: CRISIL Keeps B Debt Ratings in Not Cooperating
AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
AINS INDIA: Voluntary Liquidation Process Case Summary
AMUL INDUSTRIES: Insolvency Resolution Process Case Summary
ANKITA IMPEX: CARE Keeps C Debt Rating in Not Cooperating Category
AQUA ELECTRONICS: Insolvency Resolution Process Case Summary
ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category
BHAWNA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
BOSTIN ENGINEERS: Insolvency Resolution Process Case Summary
BYJU'S: India CEO Arjun Mohan Steps Down in Latest Setback
CANARA PIPES: Voluntary Liquidation Process Case Summary
CENTRIC STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating
CRH INDIA: Voluntary Liquidation Process Case Summary
CS HOSPITALITY: Insolvency Resolution Process Case Summary
DECCAN CHARTERS: Insolvency Resolution Process Case Summary
DECCAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
DINESH SOAPS: CRISIL Keeps D Debt Rating in Not Cooperating
EAGLE HOME: Insolvency Resolution Process Case Summary
GIRDHARI INTERNATIONAL: Insolvency Resolution Process Case Summary
HITKARI GRAM: CARE Keeps C Debt Rating in Not Cooperating Category
JATALIA GLOBAL: Insolvency Resolution Process Case Summary
LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating
LEE AND MUIRHEAD: CRISIL Keeps B+ Debt Rating in Not Cooperating
LOVELY ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
LOVELY INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
M.P. AGRO BRK: Insolvency Resolution Process Case Summary
MAA BASANTI: CRISIL Keeps B Debt Ratings in Not Cooperating
MANGALAM EDU: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MEETI DEVELOPERS: Insolvency Resolution Process Case Summary
MEGHRAJ FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
METALS AND METAL: CRISIL Keeps B Debt Rating in Not Cooperating
MGR AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
NARANG DEVELOPERS: Insolvency Resolution Process Case Summary
PARIVARTAN BUILDCON: Insolvency Resolution Process Case Summary
PLUMBERS CHOICE: Insolvency Resolution Process Case Summary
PRAYAS STEELS: CRISIL Keeps B Debt Rating in Not Cooperating
QUADRICAP ADVISORS: Voluntary Liquidation Process Case Summary
R. C. KHINVASARA: CRISIL Keeps B+ Debt Rating in Not Cooperating
RADHE BUILDSPACE: CRISIL Keeps B Debt Ratings in Not Cooperating
RCIK FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
REWA PATHWAYS: CRISIL Keeps B Debt Rating in Not Cooperating
RIVERBANK DEVELOPERS: Insolvency Resolution Process Case Summary
SE TRANSSTADIA: Insolvency Resolution Process Case Summary
SIDDHI AGRO: Insolvency Resolution Process Case Summary
SPICEJET LTD: Hit With New Insolvency Claims by Three Lessors
SRIVENKATESHWAR TRADEX: Insolvency Resolution Process Case Summary
STERA ENGINEERING: Insolvency Resolution Process Case Summary
SUGUNA FINCORP: Voluntary Liquidation Process Case Summary
SUN PETPACK: Insolvency Resolution Process Case Summary
TIMBLO DRYDOCKS: Insolvency Resolution Process Case Summary
TRANSSTADIA HOLDINGS: Insolvency Resolution Process Case Summary
UPSCALIO INDIA: Insolvency Resolution Process Case Summary
WEST FACE: Insolvency Resolution Process Case Summary
ZENIL TRADERS: Liquidation Process Case Summary
N E W Z E A L A N D
BAY YARDING: Thomas Lee Rodewald Appointed as Receiver
CANNAPHARMANZ LIMITED: BDO Tauranga Appointed as Liquidators
JONESES LIMITED: Grant Bruce Reynolds Appointed as Liquidators
PLASTERFX INTERIORS: Creditors' Proofs of Debt Due on May 11
TETAHI HAPU: Creditors' Proofs of Debt Due on May 20
P H I L I P P I N E S
ABS-CBN BROADCASTING: Seeks Extension of PHP13BB Loan Deadline
S I N G A P O R E
EQUIP DIGITAL: Creditors' Proofs of Debt Due on May 16
MARINE BOOKINGS: Court Enters Wind-Up Order
MM STAR: Court to Hear Wind-Up Petition on May 3
PROJECT WARUNG: Court to Hear Wind-Up Petition on May 3
QUINTESSENTIAL FOODS: Court to Hear Wind-Up Petition on May 3
S R I L A N K A
SRI LANKA: Government Rejects Bondholders' Proposal
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A U S T R A L I A
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CABOOLTURE DEVELOPMENTS: ASIC Bans Director for 5 Years
-------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Miroslav Jack Samardzija of Wamuran, Queensland from
managing corporations for the maximum period of 5 years due to his
dishonest conduct and flagrant disregard for his duties as a
director the failure of three companies.
Between September 2019 and May 2021, Mr. Samardzija was the
director or officer of three companies that entered liquidation:
* Caboolture Developments Pty Ltd A.C.N. 628 885 414
(Caboolture Developments);
* Sinopacific Constructions Pty Ltd A.C.N. 603 013 583
(Sinopacific Constructions); and
* Land Invest Pty Ltd A.C.N. 627 338 087 (Land Invest).
The companies were involved in the building and construction
industry in Brisbane.
ASIC found that Mr Samardzija should be restrained from having the
privilege of being a director after he used the corporate structure
to his own ends and acted dishonestly, when he:
-- failed to comply with statutory obligations to lodge tax
returns for Caboolture Developments;
-- failed to provide the books and records for Caboolture
Developments and Sinopacific Construction to the
liquidator; and
-- behaved dishonestly in the management of Caboolture
Developments by claiming GST refunds using false invoices
and bank statements and transferring company funds to the
benefit other companies or related parties.
At the time of ASIC's decision, the three companies owed the
combined amount of AUD2,344,867.80 to unsecured creditors,
including approximately AUD1,031,522 to the Australian Taxation
Office (ATO).
In disqualifying Mr. Samardzija, ASIC relied on supplementary
report lodged by liquidator, Mr. Samuel Lam of Vincent's Chartered
Accountants.
Mr. Lam was assisted to prepare the report after ASIC approved
funding from the Assetless Administration Fund.
Mr. Samardzija is disqualified from managing corporations until 15
April 2029.
Mr. Samardzija has the right to seek a review of ASIC's decision by
the Administrative Appeals Tribunal.
Mr. Samardzija was previously convicted and fined AUD4,000 plus
costs for failing to assist the liquidator of Sinopacific
Constructions and Caboolture Developments. In March 2022, Mr.
Samardzija was convicted and fined AUD2000 plus costs for
contravening sections 475(2) and 530A(1) of the Corporations Act
2001 (Cth) (Act) by failing to submit reports and books and records
to the liquidator for Sinopacific Constructions and in September
2022 he was fined a further AUD2,000 plus costs one contravention
of s530(1) of the Act for failing to provide the books and records
for Caboolture Developments to the liquidator.
KALINDA IT: First Creditors' Meeting Set for April 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kalinda IT
Services Pty Ltd will be held on April 22, 2024 at 11:00 a.m. via
electronic means.
Philip Newman of PCI Partners was appointed as administrator of the
company on April 10, 2024.
MAALI GROUP: Creditors Back Lifeline Bid; 120 Jobs Saved
--------------------------------------------------------
WAtoday reports that Maali Group has been handed a lifeline after
creditors backed an eleventh-hour bid by engineering firm Halo
Civil to pull it out of administration, securing more than 120
jobs.
According to WAtoday, the deed of company arrangement was approved
by the majority of creditors during a meeting on April 17, bringing
the month-long administration to an end.
Administrators Rob Brauer and Rob Kirman from McGrathNicol were
handed the reins to the embattled multi-disciplinary company in
March after it lost a major contract with just four days' notice,
WAtoday discloses.
It had also emerged that Maali Group, which is one of WA's biggest
Aboriginal-owned and run contracting services companies, was
grappling with a AUD10.4 million tax debt.
WAtoday says administrators had been pursuing a sale or
recapitalisation of the company, receiving almost half a dozen
non-binding offers from interested parties.
And that included a deed of company arrangement proposed by Halo
Civil Engineering, which would see the company gain a 49 per cent
stake in the firm and ensure the payment of all past and current
employees.
Under the DOCA, founder and managing director Mitchell Matera would
retain the remaining 51 per cent, WAtoday notes.
Mr. Matera told WAtoday he had poured his blood, sweat and tears
into Maali since its inception in 2019, helping the electrical,
mechanical, and civil services contractor secure work with BHP,
Main Roads WA and Regis Resources.
He conceded that the collapse of a subcontractor, onerous
contracts, a snowballing tax debt he had believed was being tended
to, and the demands of being a 100 per cent privately owned
venture, had all taken a toll, WAtoday relates.
The administrators' report concluded that the escalating employee
costs were rapidly outpacing revenue, resulting in the business
making a loss in recent years.
Mr. Matera said he was dedicated to Maali's survival and his
priority was the retention of the 120 staff - 30 per cent of whom
were Indigenous - who worked across the company's three Perth
offices, as well as hubs in Picton, Kambalda and Tom Price.
He said he was hopeful creditors would support the Halo proposal,
which involved restructuring the business and walking away from
difficult projects to ensure the retention of staff and suppliers,
WAtoday adds.
"I'm very young, I was 24 years old when I started this business
and this has been a stressful process," the report quotes Mr.
Matera as saying.
"It has been an uphill battle for us, but I've learned a lot, and
I'm really passionate about what this business stands for, and the
employment opportunities it creates.
"I'm extremely confident [about the meeting] because what the [new
arrangement with creditors would represent] is the business going
out to achieve what it set out to, focusing on what we're good at,
and the majority of employees having peace of mind and staying
employed.
"I'm confident we will come out the other side and be a stronger
and leaner Maali Group because we'll have a business partner that
is really organically aligned with the values I hold near and
dear."
The construction and maintenance services company, which is being
represented by MPH Lawyers, had close to 300 staff at its peak.
The administrators had also recommended creditors back the move,
insisting it provided a better outcome for the vast majority of
employees.
WAtoday adds that Halo founder Peter Breen said he believed the
proposal to be a positive one for both parties.
"At Halo we believe in zero harm, while having a positive impact,
and supporting Maali through this process will allow them to
continue their positive impact on indigenous people, business and
communities," he said.
MEDIPAY FINANCIAL: First Creditors' Meeting Set for April 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Medipay
Financial Services Pty Ltd will be held on April 26, 2024 at 11:00
a.m. via Zoom.
Antony Resnick of dVT Group was appointed as administrator of the
company on April 15, 2024.
MESH DIRECT: First Creditors' Meeting Set for April 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mesh Direct
Media Pty Limited will be held on April 22, 2024 at 12:00 p.m. at
Level 35, One International Towers, 100 Barangaroo Avenue in
Sydney.
Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on April 10, 2024.
QENOS PTY: AWU Pushes for Worker Rights Amid Site Uncertainty
-------------------------------------------------------------
Australian Manufacturing reports that the Australian Workers' Union
(AWU) is set to engage in discussions with Qenos leaders and
administrators to prioritise the interests of workers during the
administration process and secure the future of the Altona site.
According to the report, AWU National Secretary Paul Farrow
stressed the importance of prioritising the welfare of workers,
stating, "Unfortunately, this is not the AWU's first rodeo, and we
will be pulling out all stops to ensure the workers' interests come
first."
Amid uncertainties surrounding the fate of the Altona site, the AWU
said it is determined to explore all options to retain operations.
Australian Manufacturing relates that the organisation said
discussions with administrators and Qenos management are scheduled
to ensure every effort is made to protect the rights of workers.
The report says Mr. Farrow highlighted assurances from Qenos
Group's new owner, LAOP Bidco, regarding a proposed Deed of Company
Arrangement aimed at funding employees' pre-appointment
entitlements, including redundancy. This agreement is expected to
undergo court ratification in the coming days.
In addition to the direct effects on workers, Mr. Farrow cautioned
about wider consequences, alerting the government to the precarious
condition of energy-intensive sectors.
"We are currently on a trajectory to lose core elements of our
sovereign capability. Qenos is one of only two local producers of
plastics that make products like food packaging, cable insulation,
and council bins," Mr. Farrow, as cited by Australian
Manufacturing, remarked.
He added, "Without this capability, Australia would be further at
the mercy of unstable global supply chains to meet our essential
daily needs. Qenos was also set to be crucial to plans to recycle
thousands of tonnes of plastics locally."
The potential shutdown's ripple effects extend to businesses
sharing resources and facilities at Botany Industrial Park, where
Qenos operates.
Australian Manufacturing adds that the AWU said it plans to engage
with these businesses and lobby the government to ensure adequate
support to prevent closures, Australian Manufacturing relays.
Moreover, Mr. Farrow reiterated the importance of affordable and
accessible gas supply, particularly for local manufacturers, to
maintain a robust manufacturing sector.
"The Albanese's Future Made in Australia program is an excellent
program that we support, but if Australia wants to be a
manufacturing powerhouse tomorrow we can't allow our established
manufacturing base to collapse today," he concluded.
QENOS PTY: Enters Into Voluntary Administration; 700 Jobs at Risk
-----------------------------------------------------------------
News.com.au reports that Qenos, Australia's biggest plastics and
chemical manufacturer, has been plunged into voluntary
administration putting 700 jobs at risk across two states and
creating fears for the country's recycling abilities.
News.com.au relates that the company has been hit with
multimillion-dollar losses and increased energy costs over the past
couple of years and operates factories in Sydney and Melbourne.
On April 17, it was announced that it had gone bust with
McGrathNicol appointed as voluntary administrators, the report
discloses.
Staff were informed of the company's collapse in meetings on April
17, with the firm operating a factory in Altona, in Melbourne's
west, which employs 450 staff, as well as a factory in Botany,
Sydney with 250 workers.
News.com.au says the Sydney factory is set to be closed as part of
the company's collapse – although it hasn't operated since
February 2023.
Qenos produces plastic resin products and is one of Australia's
biggest chemical manufacturers and plastic makers.
According to news.com.au, experts have previously warned that it
would be almost impossible to establish an end-to-end recycling
industry for plastic in Australia if Qenos factories were closed
down.
The National Plastics Plan 2021 sets out a 70 per cent target of
plastic packaging to be recycled by next year.
2GB broadcaster Mark Levy told his audience last week that the
flow-on effects from Qenos' closure could ruin that plan,
news.com.au relays.
"They can forget about it if Qenos shuts," the report quotes Mr.
Levy as saying.
"In 2022, Qenos launched a feasibility study with Cleanaway to
break down 1000 tonnes a year of packaging into its chemical
components then back to a resin for future use.
"(That) is the same weight as two Sydney Harbour Bridges, that is a
lot of recycled plastic.
"That 100,000 tonnes of plastic will now end up in landfill."
Chinese owner of Qenos, China National Chemical, recently sold the
company to property developer Logos, news.com.au notes.
News.com.au relates that McGrathNicol said the company's new owners
will be providing funding to meet employee wages and entitlements,
as well as for the shut-down costs of the Botany plant, which
ceased to operate in February 2023 and will not restart.
The administrators will commence discussions with key partners to
the Qenos business to determine the short-term future of the Altona
plant, news.com.au relays.
"As Administrators, we have been appointed to stabilise operations
and work closely with Qenos employees, suppliers, customers,
financiers, government and other stakeholders to secure the best
possible outcome for all parties," said McGrathNicol chair and
administrator, Jason Preston.
A creditors meeting will be held on April 30.
Qenos manufactures polyethylene and a supplier of specialty
polymers.
RECYCLE AND RESOURCE: S&P Lowers ICR to 'B-' on Weak Cash Flow
--------------------------------------------------------------
S&P Global Ratings, on April 16, 2024, lowered its issuer credit
rating on Recycle and Resource Operations Pty Ltd. (Bingo) to 'B-'
from 'B'. At the same time, S&P lowered the issue credit rating on
the company's term-loan B (TLB) facilities to 'B-' from 'B'
(recovery rating: '3'). S&P now consider liquidity to be less than
adequate.
S&P said, "The negative outlook reflects our view that the company
is reliant on executing various capital management initiatives,
which are currently well progressed, to alleviate near-term
liquidity risks. Downside rating pressure may also arise from
weaker-than-expected operating conditions that constrain a recovery
in earnings and free cash flow, thereby squeezing available
liquidity.
"The downgrade reflects our expectation that Bingo's leverage will
remain elevated for the next two years. Bingo's financial
performance has been weaker than we expected, resulting in
continued cash burn. This was driven by reduced volumes due to a
myriad of reasons, including weak construction activity and delays
in scaling up its new material processing center (MPC2). In our
view, the company remains exposed to any softening in construction
that is likely to temper the company's growth prospects and
subsequent deleveraging efforts.
"Accordingly, we anticipate Bingo's fiscal 2024 leverage will
remain elevated at about 9x, before a modest benefit from growth
capital expenditure (capex), improved operating efficiency, and
CPI-led revenue growth see leverage falling to about 7.5x by fiscal
2025. Key to improving leverage will be the company selling a
portion of land to raise proceeds to meet an obligation of about
A$100 million in December 2024.
"We expect Bingo to record negative FOCF in fiscal 2024.Bingo's
earnings remain insufficient to cover its capex requirements and
debt-servicing costs. In our view, Bingo requires at least A$140
million of EBITDA to service its debt while supporting its
maintenance capex requirements. Under our base case, we forecast
Bingo attaining this level of EBITDA in fiscal 2025. A muted volume
outlook means the company will be more dependent on pricing
increases and cost discipline to improve EBITDA, reach a neutral
FOCF level and stabilize its capital structure. While we continue
to expect the company to burn cash, we expect the burn rate to slow
as the company achieves EBITDA growth. As such, we forecast
negative FOCF of about A$30 million to A$40 million in fiscal 2024,
neutral FOCF in fiscal 2025, before turning modestly positive by
end of fiscal 2026.
"In the absence of supportive capital management initiatives, Bingo
faces a liquidity squeeze. The company's approximate A$100 million
Eastern Creek land purchase falls due in December 2024. We expect
Bingo to on-sell some of this land well ahead of settlement and
understand a land sale process is progressing well. Sale of this
land should relieve a significant potential liquidity drain on the
group. We also expect the company to receive additional funding
support from its shareholders. These initiatives, coupled with the
cash on hand of A$56.3 million (as of Dec. 31, 2023) and access to
an undrawn A$75 million revolving credit facility will support the
company's liquidity as FOCF improves. Nevertheless, the company's
liquidity position has limited headroom to manage a delay in
managing its land purchase obligation or achieving positive FOCF
generation.
"The negative outlook reflects the group's near-term liquidity
risks. In our view, the company's liquidity could materially weaken
over the next six to 12 months if it is unsuccessful in securing a
purchaser for the Eastern Creek land or is unable to secure
additional funding from its shareholders. Meeting Environment
Protection Authority (EPA) levies and a fine from the Australian
Competition and Consumer Commission (ACCC) will also weigh on the
group's liquidity position."
The negative outlook also captures the prospect of
weaker-than-expected EBITDA growth that sees persistent negative
FOCF and continued cash burn that pressures the group's liquidity
and sustainability of its capital structure.
S&P could lower the rating if:
-- Bingo is unable to execute contracts for its planned capital
management initiatives, such as the Eastern Creek land sale and new
funding support from shareholders, to improve its liquidity
position over the next three months or so; or
-- Continued negative FOCF generation causes further erosion in
the group's liquidity position. This could result from a
larger-than-expected decline in construction activity, weaker
pricing, protracted operational difficulties, or higher regulatory
and compliance costs.
S&P could revise the outlook to stable if:
-- The company successfully implements capital management
initiatives supportive of an adequate liquidity position; and
-- S&P believes Bingo is likely to consistently generate positive
FOCF to support an adequate liquidity position and a sustainable
capital structure.
RISKCOM GROUP: Second Creditors' Meeting Set for April 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Riskcom Group
Pty Ltd has been set for April 22, 2024 at 12:00 p.m. via
teleconference only.
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 April 19, 2024 at 4:00 p.m.
Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on March 6, 2024.
VRE TECHNOLOGY: Second Creditors' Meeting Set for April 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of VRE Technology
Pty Ltd has been set for April 22, 2024 at 11:00 a.m. via
teleconference.
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 April 19, 2024 at 4:00 p.m.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on March 14, 2024.
[*] ASIC Insolvency Data Shows Increase in Companies Failing
------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC)'s latest
insolvency data for the nine-month period from July 1, 2023 to
March 31, 2024, released on April 18, shows an increase in the
number of Australian companies failing.
During the period, 7,742 companies entered external administration,
a 36.2% increase on the previous corresponding nine-month period
ending March 31, 2023.
Out of these external administrations, construction (2,142), and
accommodation and food services industries (1,174) represented the
greatest number of company failures, accounting for nearly 27.7%
and 15.2% respectively.
The data also revealed restructuring (878) and court liquidation
appointments (1,593) increased by 294.6% and 218.8% respectively,
when compared to the previous corresponding period. These numbers
are higher than the numbers recorded for the full year period
ending June 30, 2023, which were 447 and 1,081, respectively.
With only one quarter remaining this financial year, it's expected
that the number of companies entering external administration by
June 30, 2024 will exceed 10,000, a level not seen since the
2012–2013 financial year.
Notably, the ratio of companies entering external administration
compared to the number of registered companies (expected to be
somewhere between 0.3% to 0.33% for the full year) is still less
than 2012–2013 levels (0.53%), as over the same period the number
of companies registered in Australia has increased from just over 2
million to 3.3 million.
ASIC releases weekly insolvency statistics to report on the level
of company insolvency in Australia.
ASIC also releases monthly and quarterly statistics on the number
of registered liquidators practicing in Australia, which had
increased over the previous two financial years but fallen slightly
this year. On March 31, 2024, there were 646 registered
liquidators.
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C H I N A
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LONGFOR GROUP: Moody's Lowers CFR to Ba2, Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings has downgraded Longfor Group Holdings Limited's
corporate family rating to Ba2 from Ba1 and its senior unsecured
ratings to Ba3 from Ba2, and maintained the negative outlook.
"The rating downgrades are driven by Moody's expectation that
Longfor's credit metrics and liquidity buffer will continue to
weaken over the next 1-2 years because of declining contracted
sales, as well as its constrained access to unsecured financing and
increased reliance on secured financing amid the property sector's
prolonged downturn," says Kaven Tsang, a Moody's Ratings Senior
Vice President.
"The negative outlook reflects the uncertainties over the company's
ability to recover its contracted sales, credit metrics and access
to debt capital markets over the next 6-12 months amid the
challenging operating conditions," adds Tsang, who is Moody's
Ratings' lead analyst for Longfor.
RATINGS RATIONALE
Moody's Ratings expects nationwide contracted property sales will
continue to decline in 2024 despite the government's supportive
measures, given the weak market sentiment amid the sector's
prolonged downturn and China's slowing economic growth.
Moody's Ratings forecasts Longfor's gross contracted sales will
fall to RMB125 billion-RMB130 billion in 2024, following a decline
by 14% to RMB173 billion in 2023, because of persistent weakness in
housing demand and sluggish market confidence. This is despite the
company's focus on top-tier cities whose economic fundamentals are
stronger than that of lower-tier cities.
The likely decline in contracted sales will in turn lower the
company's revenue recognition over the next 1-2 years. Downward
pressure on selling prices amid a difficult operating environment
could also strain the profitability of the company's property
development business, although the growing contribution of its
high-margin property leasing business could temper the impact.
Moody's Ratings estimates the contribution of rental income to the
company's gross profit will increase to 35%-40% over the next 1-2
years. This stable cash flow could partly ease the company's cash
flow volatility associated with its property development business.
The rating agency projects Longfor's adjusted debt/EBITDA will rise
to 6.5x-7.0x over the next 1-2 years from around 6.3x in 2023,
although its debt will decline along with its reduced property
development operations. Meanwhile, its EBIT/interest coverage will
likely stay at 3.0x-3.5x over the same projected period, versus
around 3.4x in 2023. Both projected metrics no longer support its
previous rating level.
Longfor's Ba2 CFR reflects its strong brand name and quality land
banks in high-tier cities, recurring income from its investment
properties, disciplined financial management and adequate
liquidity.
These strengths are counterbalanced by the company's reduced
financial buffer and flexibility because of its weakened credit
metrics, as well as its elevated asset encumbrance due to its
increased use of secured financing amid its constrained access to
long-term unsecured financing.
Longfor's liquidity will remain adequate. Its cash balance,
newly-raised secured bank loans and projected operating cash flow
will likely be sufficient to cover its committed land payments,
dividend payments and maturing debts over the next 12-18 months.
However, its liquidity buffer will decline because the company will
have to use internal resources to repay part of its maturing bonds
and offshore bank loans. Nevertheless, the company's proactive
liquidity management and pledge of its investment properties for
its long-term operating loans will temper the risks.
Longfor's Ba3 senior unsecured rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that the company has increased
its usage of secured bank loans to refinance its unsecured bonds.
Most of Longfor's claims are at the operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.
In terms of environmental, social and governance (ESG) factors,
Moody's Ratings has considered Longfor's concentrated ownership by
its key shareholder Madam Cai Xinyi – who is the daughter of
Madam Wu Yajun – through XTH Trust, which holds a 44.3% stake in
the company as of the end of January 2024. The company also has
track record of disciplined financial and liquidity management.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Longfor's ratings is unlikely, given the negative
outlook.
However, Moody's Ratings could revise the outlook to stable if the
company strengthens its contracted sales, financial metrics and
access to various types of funding while reducing its reliance on
secured financing, all on a sustained basis.
Key metrics indicative of an outlook change to stable include
EBIT/interest coverage rising above 3.5x-4.0x and adjusted
debt/EBITDA falling below 5.5x-6.0x, both on a sustained basis.
Moody's Ratings could downgrade the ratings if Longfor is unable to
recover its access to unsecured funding or strengthen its
contracted sales.
The ratings would also come under pressure if the company pursues
aggressive financial management, resulting in a deterioration of
its financial metrics and liquidity.
Key metrics indicative of a downgrade include EBIT/interest
coverage falling below 3.0x and adjusted debt/EBITDA rising above
6.5x-7.0x, both on a sustained basis.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
Longfor Group Holdings Limited is a leading developer in China's
residential and commercial property development sector. Founded in
1993, the company began its business in Chongqing and has
established a solid brand name in the municipality.
As of the end of 2023, Longfor had a total land bank of 45.39
million square meters in terms of gross floor area, spanning 60
cities in five major economic regions in China.
TIMES CHINA: Receives Winding-Up Petition in Hong Kong
------------------------------------------------------
Bloomberg News reports that a Hong Kong bank has filed a request
for a court to wind up Times China Holdings Ltd., marking another
case where a lender has actively pursued liquidation of a
distressed builder.
The so-called winding-up petition was filed by Hang Seng Bank Ltd.
at Hong Kong's high court in connection with financial obligations
of about $173.2 million and HK$731.4 million ($93.4 million),
respectively, Times China said in a statement filed to the Hong
Kong stock exchange, Bloomberg relays.
A state-owned bank filed a liquidation petition in a separate case
earlier this month, Bloomberg notes. Such actions have usually been
taken by bondholders or smaller private lenders previously.
Once the country's 51st-largest builder by contracted sales,
Guangdong-based Times China defaulted more than a year ago on two
dollar bonds and halted offshore debt payments, a striking
development at the time as China had already rolled out a flurry of
government steps to ease the property sector's liquidity crunch,
according to Bloomberg.
This is at least the second winding-up case against a major Chinese
developer this month, according to data compiled by Bloomberg.
Defaulted Shimao Group Holdings Ltd. faced a demand to liquidate
from China Construction Bank (Asia) Corp. as creditors grow
impatient with the pace of debt talks.
The court has set the first hearing date for July 3, Bloomberg
discloses. The firm intends to continue to communicate and work
with its offshore creditors on the restructuring plan, with the
objective of announcing terms to the market as soon as practicable,
Times China added.
The case number is HCCW 218/2024, according to Hong Kong's
judiciary website.
About Times China
Times China Holdings Limited operates as a real estate development
company. The Company develops and markets residential areas, office
buildings, hotels, restaurants, and other related areas. Times
China Holdings markets its buildings throughout China.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
6, 2023, Moody's Investors Service has downgraded Times China
Holdings Limited's corporate family rating to Ca from Caa1 and the
company's senior unsecured rating to C from Caa2. The outlook
remains negative.
=========
I N D I A
=========
AGRI SEARCH: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agri Search
India Private Limited (AISPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 6.7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AISPL for
obtaining information through letter and email dated March 15, 2024
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 AISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AISPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AISPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AISPL was incorporated in February 2000, The company manufactures
micronutrients and biological fertilisers, providing secondary and
tertiary elements to crops. The products are used in soil nutrient
management, fertility restoration, pest control, seed treatment,
root dipping and other applications. It also produces vegetable
proteins that are used in nutritional feed supplements for animals.
The manufacturing facility is in Nashik, Maharashtra.
AGRIMAS CHEMICALS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agrimas
Chemicals Limited (ACL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 18.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of ACL under the ‘issuer
non-cooperating' category as ACL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ACL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined as both Coromandel Agrico Private
Limited (CAPL) and Agrimas Chemicals Limited (ACL) are engaged into
similar line of business with common promoters and management.
Incorporated in 1973, ACL is engaged in manufacturing of agro
chemical products. It has two manufacturing facilities, at Taloja
(Mumbai) and Sikandrabad (Uttar Pradesh). CAPL was incorporated in
1998, and is engaged in the same line of business. The company has
3 manufacturing facilities at Sikandrabad, Baroda – Nandesari
(Gujarat) and Chiplun Lote (Maharashtra).
AINS INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Ains India Private Limited
Plot No. 188, 8-2-293/82,
Road No 21-A Prashan Nagar,
Road No. 72, Jubilee Hills,
Hyderabad 500096, Telangana
Liquidation Commencement Date: April 8, 2024
Court: National Company Law Tribunal Hyderabad Bench
Liquidator: Mr. Venka Reddy Bathina
H. No.8-2 -603/1/10, Second Floor, Krishnapuram
Road No. 10, Banjara Hills
Hyderabad, Telangana 500034
Email: ainsindia97@gmail.com
Phone: +91 90142 90839
Last date for
submission of claims: May 7, 2024
AMUL INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Amul Industries Private Limited
Registered Address:
2- AJI Industrial Estate
Plot No: 332/333 GIDC Rajkot
Gujarat India, 360003
Principal Office:
1. 1.32, S.33, N/A Phase III
SIPCOT Industrial Complex
Mukundhamayapuram Ranipet Walaja TK,
Veilore, Tamil Nadu - 632405
2. TCI Petrol Pump N.H 33
Asjambory Highway Service
Kandivali P.S Chandli Seraiketa Kharsawan
Jhankhand - 832401
3. D-31 & 31, Phase-IV Extn
IDA Jeedimetla
Hyderabad Medchal Makaigeri
Telangana - 500055
Insolvency Commencement Date: April 8, 2024
Estimated date of closure of
insolvency resolution process: October 5, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Niharika Maheshwari
A-904 Rudra Enclave, Althan Bhimrad Canal Road
Near Shiv Residency,
Bhimrad, Surat, Gujarat 395007
Email: cirp.amulindustries@gmail.com
Email: nhankamaheshwari2011@gmail.com
Last date for
submission of claims: April 23, 2024
ANKITA IMPEX: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ankita
Impex (AI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.52 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.92 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 23,
2023, placed the rating(s) of AI under the ‘issuer
non-cooperating' category as AI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 9, 2023, December 19, 2023, December
29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ankita Impex (AI) is a proprietorship firm established in 2005 by
Mrs. Anuj Dhand. AI is engaged in the manufacturing of fabric and
readymade garments for women, men and kids at its manufacturing
facility located at Ludhiana, Punjab. The product line of the firm
mainly comprises sweaters, coats, jackets, tops, sports-wear,
shirts, trousers, kurtis, etc.
AQUA ELECTRONICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aqua Electronics & Solutions Private Limited
Registered Office:
921-A, Ninth Floor, Devika Tower
Nehru Place, New Delhi - 110019
Business Address:
F8, Lower Ground Floor,
Kalkaji New Delhi - 110019
Insolvency Commencement Date: April 1, 2024
Estimated date of closure of
insolvency resolution process: September 28, 2024
Court: National Company Law Tribunal, New Delhi Bench-II
Insolvency
Professional: Mr. Shamsher Bahadur Singh
48, Sidhartha Apartment
Behind Inder Enclave Rohtak Road
Opposite Jwala Puri No. 5,
New Delhi - 110087
Email: shamsher_cs@yahoo.com.in
D-54, First Floor, Defence Colony
New Delhi-110024
Email: aquaelectronics.cirp@gmail.com
Last date for
submission of claims: April 20, 2024
ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Astra
Lighting Limited (ALL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.73 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.74 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 24,
2023, placed the rating(s) of ALL under the ‘issuer
non-cooperating' category as ALL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ALL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 10, 2023, December 20, 2023, December
30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Astra Lighting Limited (ALL) was incorporated in 1997 with
promoters and directors: Mr Paramjit Singh Chahal, Mr Parmeet Singh
Chahal and Mrs Gurbir Kaur. The company is engaged in the
manufacturing of High Intensity Discharge Lamps (HID) used in
infrastructure projects, floodlighting of monuments, stadiums,
lighting of streets, highways, and parking areas (outdoor) at its
manufacturing unit located at Solan, Himachal Pradesh.
B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of B.M. Gupta
Estates Private Limited (BGEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 25,
2023, placed the rating(s) of BGEPL under the ‘issuer
non-cooperating' category as BGEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BGEPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2023, December
21, 2023, December 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rewari-based (Haryana) B.M. Gupta Estates Private Limited (BGEPL)
was incorporated in 2004 as a private limited company and is
promoted by four brothers namely Mr Radhey Shyam Gupta, Mr Vijay
Kumar Gupta, Mr Ripu Dhaman Gupta and Mr Ravi Shankar Gupta. BGEPL
owns a shopping mall in Rewari (Haryana) under the name "BMG Mall"
which became operational in August 14, 2011. BMG business
encompasses leasing/sale of shopping space, running of multiplex
cinemas (under the name BMG cinemas), food court (under the name
First Bite), gaming zone (under the name Fantoos), retail unit (BMG
Retail, under which it runs various retail shops) and maintenance
of the mall.
BHAWNA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhawna
Enterprises - Delhi (BE) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Cash 2.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with BE for
obtaining information through letter and email dated March 15, 2024
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 BE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BE, a proprietorship firm established in 1999, trades in yarn,
fabric, zips, buttons and sliders, and foam items. The firm is
based in Delhi, and is managed by Mr Mohit Loyalka and his family
members.
BOSTIN ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bostin Engineers Pvt Ltd
Registered Office:
184 Lenin Sarani, 2nd Floor Daw Building,
Kolkata, West Bengal, India, 700013
Insolvency Commencement Date: April 1, 2024
Estimated date of closure of
insolvency resolution process: September 28, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Rachna Jhunjhunwala
Siddha Weston, 9 Weston Street, Suite No. 134,
Kolkata, West Bengal, 700013
Email: egress.rac@gmail.com
Email: cirp.bostin@gmail.com
Last date for
submission of claims: April 15, 2024
BYJU'S: India CEO Arjun Mohan Steps Down in Latest Setback
----------------------------------------------------------
Reuters reports that Indian education technology company Byju's
said on April 15 that its India CEO Arjun Mohan has stepped down
after spending seven months in the role, the latest setback for the
embattled startup already hit with financial, legal and operational
woes.
Reuters relates that the move comes after a seven-month operational
and costs review led by Mohan, who will transition to an external
advisory role, the company said without providing a reason for the
resignation.
Mohan, former CEO of edtech upGrad, joined Byju's last July to lead
the international business and was made India CEO in September.
Byju's, once one of India's hottest startups, has suffered numerous
setbacks in the past few years, leading to a crisis of investor
confidence, thousands of job cuts and its valuation nosediving to
under $3 billion from $22 billion in 2022, Reuters notes.
Separately on April 15, Byju's said that shareholders have approved
its rights issue, Reuters reports. The startup had previously
struggled to meet salary deadlines of its employees, citing
inability to access funds due to a standoff with some of its
shareholders.
Byju's will now consolidate into three divisions -- its marquee
online learning app business, online classes and tuition centers
and lastly, test preparation -- with each having a separate head,
the company said.
According to Reuters, Byju's, which operates in 21 countries as per
its LinkedIn page, said the restructuring would not impact its
international businesses, since it was product, not geography,
specific.
Reuters relates that the company also said that founder and CEO
Byju Raveendran will take on a more "hands-on" approach in daily
operations, compared with his recent focus on aspects such as
raising capital and global expansion.
In February, a group of investors including Prosus and Peak XV
voted to oust Raveendran due to governance, financial mismanagement
and compliance issues. Byju's had called the move invalid, adds
Reuters.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.
Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said. Moneycontrol related that the bankruptcy petition was filed
in January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion. Byju's Alpha unit listed
its assets in the range of $500 million to $1 billion, according
to a court filing, which showed estimated creditors in the range of
100 to 199, according to Reuters.
CANARA PIPES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Canara Pipes Private Limited
#A-278, 6th Main, Peenya 2nd Stage
Bangalore, Karnataka, India 560058
Liquidation Commencement Date: March 31, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Pramod Srihair
#16-1/2, 19th b Cross,
Jayanagar 3rd Block
Bengaluru 560011
Tel: 080-41607277
Email: pramod@capad.in
Last date for
submission of claims: April 30, 2024
CENTRIC STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Centric Steel
Limited (CSL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CSL for
obtaining information through letter and email dated March 15, 2024
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 CSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
CSL, incorporated in 1986, was taken over by Mr Kochar and family
in 2000. The company manufactures ERW pipes and tubes, which are
used in the automobile, structural steel and heavy engineering
industries. The manufacturing facility, at Taloja in Maharashtra,
has an installed capacity of ~20,000 tonne per annum.
COROMANDEL AGRICO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Coromandel
Agrico Private Limited (CAPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 53.58 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of CAPL under the ‘issuer
non-cooperating' category as CAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Combined as both Coromandel Agrico Private
Limited (CAPL) and Agrimas Chemicals Limited (ACL) are engaged into
similar line of business with common promoters and management.
Outlook: Not Applicable
CAPL was incorporated in 1998, and is engaged in manufacturing of
agro chemical products. The company has 3 manufacturing facilities
at Sikandrabad, Baroda – Nandesari (Gujarat) and Chiplun Lote
(Maharashtra). Incorporated in 1973, ACL is engaged in the same
line of business. It has two manufacturing facilities, at Taloja
(Mumbai) and Sikandrabad (Uttar Pradesh).
CRH INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: CRH India Management Services Private Limited
725, 7TH Floor, D-wing, Neelkanth Business Park Nathani Road,
Vidyavihar West, Mumbai City, Mumbai
Maharashtra, India, 400086
Liquidation Commencement Date: April 2, 2024
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Ashish Vyas
A-402 Suashish IT Park, Dattapada Road,
Borivali (East), Mumbai 400066
B-1A Viceroy Court CHS, Thakur Village,
Kandivali (East), Mumbai Suburban
Maharashtra - 400101
Email: liquidatorchindia@gmail.com
Tel No: +91 7208227153
Last date for
submission of claims: May 2, 2024
CS HOSPITALITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: CS Hospitality and Management Services Private Limited
Registered Office:
(As per MCA Records)
CTS NO.381/1-8, Swaroop Enclave,
Next to Borosil Glass Factory, Military Road
Andheri (East), Mumbai 400059 India
Insolvency Commencement Date: March 21, 2024
Estimated date of closure of
insolvency resolution process: September 17, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mahesh Kumar Gupla
SC|0 AEMG & Associates Chartered Accountants
202, New Heera Panna Industrial Estate
Opposite Business Park
Near Virwani Industrial Estate,
Goregaon (East),
Mumbai -400063 (Maharashtra)
Email: camkg59@gmail.com
Email: cirp.csh@gmail.com
Last date for
submission of claims: April 15, 2024
DECCAN CHARTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Deccan Charters Private Limited
Registered Address:
Jakkur Aerodrome
Bellary Road, Bangalore
Karnataka, India 560064
Insolvency Commencement Date: April 5, 2024
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: October 2, 2024
Insolvency professional: Manish Kumar Bhagat
Interim Resolution
Professional: Manish Kumar Bhagat
B-1204, Shilp Corporate Park
Rajpath Rangoli Road
Next to Aaron Spectra
Bodakdev, Ahmedabad 380054
Email: mbhagat2003@gmail.com
Email: deccancharter.cirp@gmail.com
Last date for
submission of claims: April 19, 2024
DECCAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deccan Metal
Profilers Private Limited (DMPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DMPPL for
obtaining information through letter and email dated March 15, 2024
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 DMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DMPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
DMPPL was incorporated in the year 2013 by its promoter Mr A S
Shahajahan. The firm is engaged in manufacturing and trading of
roofings and ceiling panels and rolling shutters and pipes. The
company is based out of Kochi, Kerala.
DINESH SOAPS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dinesh Soaps
and Detergents (DSD) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 60 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DSD for
obtaining information through letter and email dated March 15, 2024
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 DSD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSD continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past two
decades.
EAGLE HOME: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Eagle Home Appliances Private Limited
Registered Address:
4th Floor, Parmar Gallery
S. No. 77, Shivarkar Road
Wanawadi, Pune
Maharashtra, India 411040
Insolvency Commencement Date: March 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 24, 2024
Insolvency professional: Rajas Shreeram Bodas
Interim Resolution
Professional: Rajas Shreeram Bodas
Survey No. 997/18, Satsang Society
Suraksha Apartments
Navi Peth, Near Vaikunth
Pune, Maharashtra 411030
Email: rajasbodas1@gmail.com
Last date for
submission of claims: April 11, 2024
GIRDHARI INTERNATIONAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Girdhari International Private Limited
Registered Address:
402, 4th Floor Union Trade Centre
Udhna Darwaja,
Nodh 2107-2111,
B/S Apple Hospital
Ring Road, Surat
Gujarat 395002
Insolvency Commencement Date: February 29, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: August 27, 2024
Insolvency professional: Neha Bhasin
Interim Resolution
Professional: Neha Bhasin
C-4-E/135, Janak Puri
New Delhi 110058
Email: info@primusresolutions.in
-- and --
Primus Insolvency Resolution & Valuation Pvt. Ltd.
D-58, 3rd Floor
Defence Colony
New Delhi 110024
Email: cirp.girdhari@gmail.com
Last date for
submission of claims: March 14, 2024
HITKARI GRAM: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hitkari
Gram Udyog Sangh (HGUS) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of HGUS under the 'issuer
non-cooperating' category as HGUS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HGUS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2023, December 26, 2023, April 3,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Haryana-based Hitkari Gram Udyog Sangh (HGUS), a society formed in
1991. Currently Mr. Ajay Kumar, Mr. Nafe Singh Solanki, Mr. Pawan
Gupta, Mr. Rajinder Kumar, Mr. Ravi Kumar, Mr. Chander Parkash and
Mr. Rajiv Juneja are its members. They collectively look after the
overall operations of the society. HGU is engaged in manufacturing
of detergent powder which involves detergent cake and dish washing
bar. HGU procures the raw material i.e. linear alkyl benzene
sulphonic acid from suppliers like Aaditya Fine Chem Private
Limited, DJ Surfactants etc. located in Udaipur, Rajasthan.
JATALIA GLOBAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jatalia Global Ventures Limited
500, 5th Floor, ITL Twin Tower,
Netaji Subhash Place, Pitampura
North Delhi-110034, India
Insolvency Commencement Date: March 7, 2024
Estimated date of closure of
insolvency resolution process: September 3, 2024 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench-II
Insolvency
Professional: MNK House, 9A/9-10 Basement,
East Patel Nagar, New Delhi - 110008
Email: ip.tanveerilahi@gmail.com
Email: cirp.jataliaventures@outlook.com
Last date for
submission of claims: April 16, 2024
LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Landscape
Reality (LR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LR for
obtaining information through letter and email dated March 15, 2024
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 LR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LR
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010 in Pune as a limited liability partnership firm, LR
is currently executing a residential project in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd, which in turn
belongs to Gadgil family of Pune (promoters of PN Gadgil Jewellers
Pvt Ltd).
LEE AND MUIRHEAD: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lee and
Muirhead Private Limited (LNM) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LNM for
obtaining information through letter and email dated March 15, 2024
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 LNM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LNM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LNM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
LNM, a part of the Lemuir group, promoted by the Parikh family,
provides project logistics services, such as freight forwarding,
customs clearance, and transportation, and caters to companies in
the power, capital goods, and engineering sectors. Currently, Mr.
Arvind Parikh is the chairman and his son, Mr. Snehal Parikh, is
the managing director of the company.
LOVELY ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lovely
Enterprises Private Limited (LEPL; part of the Lovely group)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LEPL for
obtaining information through letter and email dated March 15, 2024
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 LEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LEPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Lovely International Pvt
Ltd (LIPL) and LEPL. This is because the two companies, together
referred to as the Lovely group, are in the same line of business
and under a common management.
The Kolkata-based Lovely group was promoted by Mr Kishan Gopal
Biyani and his son, Mr Samir Biyani. Lovely International Pvt Ltd
(LIPL), incorporated in 1999, trades in sawn timber and timber
logs. LEPL, which was set up in 2003, also trades in other
commodities such as marble, and iron and steel products; however,
timber remains the group's main product.
LOVELY INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lovely
International Private Limited (LIPL; part of the Lovely group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase- 7.5 CRISIL D (Issuer Not
Discounting Cooperating)
Facility
Cash Credit 40 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 28 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with LIPL for
obtaining information through letter and email dated March 15, 2024
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 LIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of LIPL and Lovely Enterprises
Pvt Ltd (LEPL). This is because the two companies, together
referred to as the Lovely group, are in the same line of business
and under a common management.
The Kolkata-based Lovely group was promoted by Mr Kishan Gopal
Biyani and his son, Mr Samir Biyani. LIPL, incorporated in 1999,
trades in sawn timber and timber logs. Lovely Enterprises Pvt Ltd
(LEPL), which was set up in 2003, also trades in other commodities
such as marble, and iron and steel products; however, timber
remains the group's main product.
M.P. AGRO BRK: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M.P. Agro BRK Energy Foods Limited
Registered Address:
Plot No. 71 (B & C)
Industrial Area, Dewas
Madhya Pradesh, India 455001
Insolvency Commencement Date: April 4, 2024
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: October 2, 2024
Insolvency professional: Chaya Gupta
Interim Resolution
Professional: Chaya Gupta
1, Bima Nagar
202 Almas Dreams Apartment
Near Anand Bazaar
Indore 452018, MP
Email: guptachayacs@gmail.com
-- and --
911, Apollo Premier
Near Vijay Nagar Square
Indore 452010, MP
Email: cirp.mpagrobrk@gmail.com
Last date for
submission of claims: April 19, 2024
MAA BASANTI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Basanti
Agritech Food Product Private Limited (MBA) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 3.24 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Term Loan 14.76 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MBA for
obtaining information through letter and email dated March 15, 2024
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 MBA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2016, MBA, promoted by Mr Ashok Kumar and his
brothers, is setting-up a flour milling unit for manufacturing
wheat flour (atta), maida, suji and bran. Production is expected to
begin from December 2018 onwards.
MANGALAM EDU: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mangalam Edu
Gate (MEG) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 80 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MEG for
obtaining information through letter and email dated March 15, 2024
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 MEG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEG continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
MEG, a non-profit organisation, was established in 2004 to provide
under- and post-graduate education. MEG is managed by Mr Yash Dev
Gupta and his brothers, Mr Jai Dev Gupta, Mr Kapil Dev Gupta, and
Mr. Inder Dev Gupta. MEG has established KRMU, which offers
technical and management courses in Gurgaon, Haryana.
MEETI DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Meeti Developers Private Limited
Registered Address:
1st Floor, MMC Centre
Vikas Park, Link Road
Malad West, Mumbai 400064
Insolvency Commencement Date: April 5, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: October 2, 2024
Insolvency professional: Ashok Kumar Golechha
Interim Resolution
Professional: Ashok Kumar Golechha
Flat No. B 703/704, Seventh Floor,
River Park CHS Ltd., Dattani Park Road
Thakur Village, Kandivali (East)
Mumbai 400101
Mobile: +91 9674117201
Email: akgolecha9@gmail.com
Email: cirp.meeti@gmail.com
Last date for
submission of claims: April 19, 2024
MEGHRAJ FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Meghraj Foods
(MF) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MF for
obtaining information through letter and email dated March 15, 2024
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 MF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in September 2014 in Bhiwani, Haryana, as a partnership firm
by Mr Babulal Jindal and his wife, Ms Lalitadevi Jindal, MF
processes guar seeds into refined guar gum splits and powder,
polymers, and its by-products.
METALS AND METAL: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Metals and
Metal Electric Private Limited (MMEPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMEPL for
obtaining information through letter and email dated March 15, 2024
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 MMEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
MMEPL was set up as a partnership firm between Mr Kantilal Jain and
his family members in 1988, and converted into a private limited
company in 1996. It trades in electrical products like wires and
cables.
MGR AGRO: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MGR Agro
Products Private Limited (MGRAP) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGRAP for
obtaining information through letter and email dated March 15, 2024
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 MGRAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGRAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGRAP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2009, MGRAP, promoted by Mr Anil Kumar Goyal and Mr
Pawan Kumar Gupta, processes and mills rice. It has a total
installed capacity of 24000 tonne per annum.
NARANG DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Narang Developers Private Limited
Registered Address:
Narang Manor Plot No. 96-B
Ground Floor, 15th Road
Bandra-W, Mumbai
Maharashtra, India 400050
Insolvency Commencement Date: March 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 24, 2024
Insolvency professional: Rakesh Bothra
Interim Resolution
Professional: Rakesh Bothra
119-A, 1st Floor
Vinay Bhacya Complex
159 C S T Road
Kalina Santacrus East
Mumbai City, Maharashtra 400098
Email: ip.rakeshbothra@gmail.com
Email: cirp.narangdevelopers@gmail.com
Last date for
submission of claims: April 17, 2024
PARIVARTAN BUILDCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Parivartan Buildcon Private Limited
Registered Office:
103, Ground floor, Gali No. 6,
Jaitpur, Badarpur, New Delhi - 110044
Old Registered Office:
921-A, Ninth Floor,
Devika Tower, Nehru Place
New Delhi - 110019
Insolvency Commencement Date: April 1, 2024
Estimated date of closure of
insolvency resolution process: September 28, 2024
Court: National Company Law Tribunal, New Delhi Bench - II
Insolvency
Professional: Mr. Shamsher Bahadur Singh
48, Sidhartha Apartment
Behind Inder Enclave Rohtak Road
Opposite Jwala Puri No. 5,
New Delhi-110087
Email: shamsher_cs@yahoo.com.in
D-54, First Floor, Defence Colony
New Delhi-110024
Email: cirp.parivartan@gmail.com
Last date for
submission of claims: April 19, 2024
PLUMBERS CHOICE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Plumbers Choice Plastics Private Limited
Registered Address:
(1) VI/410(1) Temple Road, Park Avenue
Aluva-Kerala 683101
(2) Mepparathupady, Arackapady, Vengola,
Perumbavoor Kerala 683556
Insolvency Commencement Date: April 4, 2024
Court: National Company Law Tribunal, Kochi Bench
Estimated date of closure of
insolvency resolution process: September 30, 2024
Insolvency professional: G. Rajesh Kurup
Interim Resolution
Professional: G. Rajesh Kurup
Pallavi, Pattanakkad
P.O. Cherthala
Kerala 688531
Email: rajesh64kurup@gmail.com
Email: cirp.plumberschoice@gmail.com
Last date for
submission of claims: April 17, 2024
PRAYAS STEELS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prayas Steels
Private Limited (PSPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PSPL for
obtaining information through letter and email dated March 15, 2024
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 PSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2005, PSPL is promoted by Mr. Dev Dutt and his family
members. The company trades in iron and steel products. It sells
its products mainly to clients manufacturing automotive
components.
QUADRICAP ADVISORS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Quadricap Advisors Private Limited
Unit No. 702, 7th Floor, Tower 3
Equinox Business Park,
Off Bandra Kurla Complex
LBS Marg, Kurla West, Mumbai
Magarashtra, India 400070
Liquidation Commencement Date: March 22, 2024
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Pankoj Lunawat
Everest House, Suite No. 8C, 8th Floor,
46C KAwahar Lal Nehru Road
Kolkata 700071
Tel: 9830986705
Last date for
submission of claims: April 19, 2024
R. C. KHINVASARA: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R. C.
Khinvasara (RCK) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RCK for
obtaining information through letter and email dated March 15, 2024
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 RCK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCK continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2014 as a partnership firm by Mr R C Khinvasara and
family, RCK undertakes real estate development in Aurangabad. It is
currently developing a 74-unit commercial project, Khinvasara Gold
Plex.
RADHE BUILDSPACE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe
Buildspace LLP (RBL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 88 CRISIL B/Stable (Issuer Not
Cooperating)
Working Capital 9 CRISIL B/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with RBL for
obtaining information through letter and email dated March 15, 2024
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 RBL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RBL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in April 2016 and promoted by Mr. Mahavir Nathulal
Shah, Mr. Anshul Khurana and Mr Hitesh Tuljaram Maheshwari, RBL is
developing commercial real estate project 'United City' in Surat,
Gujarat.
RCIK FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rcik Foods
(RF) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.95 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Fund- 1.47 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
Term Loan 0.08 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RF for
obtaining information through letter and email dated March 15, 2024
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 RF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RF
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 2013 as a proprietorship firm by Mr Ram Chander Inder
Kumar, RF processes and sells basmati rice under its Research
brand. Prior to this, the proprietor traded in fertilisers. Unit in
Sirsa has capacity of 3 tonne per hour.
REWA PATHWAYS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rewa Pathways
Private Limited (RPPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 17 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letter and email dated March 15, 2024
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 RPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings had earlier, considered
RPPL on standalone basis. However it has currently assessed RPPL on
a combined basis with Udit Infraworld Private Limited (UIPL), Udit
Pathways Private Limited (UPPL), Udit Bargawan Waidhan Tollways
Private Limited (UBWTPL), Udit Betul Paratwara Pathways Private
Limited (UBPPPL), Udit Biaora Sironj Pathways Private Limited
(UBSPPL), Udit Dinara Datia Tollways Private Limited (UDDTPL) and
Udit Mandleshwar Khargone Tollways Private Limited (UMKTPL),
together referred to as the Udit Group. This is because all the
companies have the same management and they are all Special Purpose
Vehicles (SPVs) of UIPL.
Incorporated as 'Abhay Mishra Contractors Private Limited' in 2003,
it was reconstituted into a private limited company as UIPL in
2009. It undertakes construction, repair, and maintenance of roads
and bridges in Madhya Pradesh. Mr Abhay Mishra and Mr Umakant
Sharma oversee the overall operations of the company.
The company has seven SPVs, including RPPL and UPPL, under the
umbrella of Udit group. They undertake maintenance for roads all
over Madhya Pradesh.
RIVERBANK DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Riverbank Developers Private Limited
Registered Address:
1, New Bata Road
P.O. - Batanagar, P.S. - Mahestala,
Kolkata Parganas South, WB 700140 IN
Insolvency Commencement Date: April 3, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 30, 2024
Insolvency professional: Sachin Gopal Jathar
Interim Resolution
Professional: Sachin Gopal Jathar
B-1/8, Samadrita,
EKTP Phase-III, EKT,
Kolkata, WB - 700107
Email: sgjathar.ip@gmail.com
-- and --
Ground Floor, Mousumi Co.
Opp. Housing Society
15B, Ballygunge Circular Road
Kolkata 700019
Email: riverbankdpl@gmail.com
Last date for
submission of claims: April 17, 2024
SE TRANSSTADIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SE Transstadia Private Limited
Registered Address:
The Arena
Near Kankaria Lake Gate No. 3
Near Division Diwan Ballubhai School
Kankaria, Ahmedabad
Gujarat, India 380022
Insolvency Commencement Date: April 8, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 5, 2024
Insolvency professional: Sanjay Garg
Interim Resolution
Professional: Sanjay Garg
908, 9th Floor, D-Mall,
Netaji Subhash Place
Pitampura, New Delhi 110034
Email: rp.sanjaygarg@gmail.com
Email: cirp.setransstadia@gmail.com
Last date for
submission of claims: April 22, 2024
SIDDHI AGRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Siddhi Agro Foods Private Limited
Registered Address:
9, Annapurna Complex,
Agrasen Road Raipur,
Chhattisgarh 492001
Email: siddhiagrofoods@rediffmail.com
Insolvency Commencement Date: April 3, 2024
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 30, 2024
Insolvency professional: Sushanta Kumar Choudhury
Interim Resolution
Professional: Sushanta Kumar Choudhury
64, Hem Chandra Naskar Road
Beleghata, Kolkata 700010
Email: sk.choudhury123@gmail.com
Email: ip.safpl@gmail.com
Last date for
submission of claims: April 17, 2024
SPICEJET LTD: Hit With New Insolvency Claims by Three Lessors
-------------------------------------------------------------
Livemint.com reports that three lessors of budget airline SpiceJet
- AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland -
have moved the National Company Law Tribunal (NCLT) to initiate
insolvency proceedings against the airline for allegedly defaulting
on rental dues of INR77 crore. The tribunal issued a notice to
SpiceJet on April 18, asking it to reply within two weeks, and
deferred the hearing to May 30.
Livemint.com relates that Pramod Nair, a senior advocate
representing the lessors, told the court the plea was based on a
judgement of the High Court of Justice in London and the contract
between the parties.
Senior advocate Krishnendu Dutta opposed the notice, saying it
could hamper the airline's attempts to raise funds to pay its
creditors, including lessors, Livemint.com relays. Dutta also
questioned the maintainability of the plea, arguing the case rested
on the judgement of a foreign court rather than the contract
between the parties.
He said the lessors had also moved a high court to execute the
foreign decree and were thus approaching multiple forums over the
same dispute. He also claimed the lessors had not filed a single
invoice demonstrating that SpiceJet had defaulted, according to
Livemint.com.
About Spicejet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft.
The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.
As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.
The plea of Aircastle is still pending.
SRIVENKATESHWAR TRADEX: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Srivenkateshwar Tradex Private Limited
AL-61 LSC, Shalimar BagH, Delhi-110088
Insolvency Commencement Date: March 22, 2024
Estimated date of closure of
insolvency resolution process: September 18, 2024 (180 Days)
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Atul Jindal
906 Aggarwal Cyber Plaza 1,
Netaji Subash Place Pitampura
Delhi-110034
Email: ipatuljindal@outlook.com
Email: cirpsrivenkateshwar@gmail.com
Last date for
submission of claims: April 10, 2024
STERA ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Stera Engineering (India) Private Limited
Registered Address:
Bharati Villas 26B
Jawaharlal Nehru SalaiEkkaduthangal,
Gunidy IE, Chennai 600032
Insolvency Commencement Date: March 7, 2024
Court: National Company Law Tribunal, Divisional Bench II, Chennai
Estimated date of closure of
insolvency resolution process: September 3, 2024
Insolvency professional: Satyadevi Alamuri
Interim Resolution
Professional: Satyadevi Alamuri
No. 23 Lake Area, 3rd Cross Street,
Nungambakkam Chennai 600034
Email: satyadevifcs@gmail.com
-- and --
First Floor, 23, Lake Area, 3RD Cross Street,
Nungambakkamchennai 600034
Tamil Nadu, India
E-Mail: cirp.stera@gmail.com
Last date for
submission of claims: March 26, 2024
SUGUNA FINCORP: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Suguna Fincorp Private Limited
6th Floor, Jaya Enclave,
1057, Avinashi Road
Coimbatore - 641018
Liquidation Commencement Date: April 15, 2024
Court: National Company Law Tribunal Chennai Bench
Liquidator: Mr. G Ramachandran
F10, Syndicate Residency, Thomas First Street,
South Boag Road, T. Nagar,
Chennai-600017
Email: ramgcs@gmail.com
Tel No: 044-2432 1143
Last date for
submission of claims: May 14, 2024
SUN PETPACK: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sun Petpack Jabalpur Private Limited
Registered Address:
774 - Gole Bazar, Jabalpur, Madhya
Pradesh, India, 482002
Insolvency Commencement Date: April 4, 2024
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 1, 2024
Insolvency professional: Mangesh Vitthal Kekre
Interim Resolution
Professional: Mangesh Vitthal Kekre
607, Chetak Center, RNT Marg,
Near Hotel Shreemaya,
Indore, Madhya Pradesh - 452001
Email: ca.mangesh@gmail.com
Email: ip.sunpetpack@gmail.com
Last date for
submission of claims: April 18, 2024
TIMBLO DRYDOCKS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Timblo Drydocks Private Limited
Registered Address:
Subhash Timblo Bhawan,
Margao, Goa - 403601
Insolvency Commencement Date: March 28, 2024
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 24, 2024
Insolvency professional: Prashant Jain
Interim Resolution
Professional: Prashant Jain
A501, Shanti Heights,
Plot No. 2,3,9B/10, Sector 11,
Koparkharine, Thane
Navi Mumbai 400709
Email: ipprashantjain@gmail.com
-- and --
C/o SSARVI Resolution Services LLP
B-610, BSEL Techpark, Sector 30A
Opp. Vashi Railway Station,
Navi Mumbai -- 400703
Website: www.ssarvi.com/
Email: cirp.timblodrydocks@gmail.com
Last date for
submission of claims: April 16, 2024
TRANSSTADIA HOLDINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Transstadia Holdings Private Limited
Registered Address:
The Arena
Near Kankaria Lake Gate No. 3
Near Division Diwan Ballubhai School
Kankaria, Ahmedabad
Gujarat, India 380022
Insolvency Commencement Date: April 8, 2024
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 5, 2024
Insolvency professional: Sanjay Garg
Interim Resolution
Professional: Sanjay Garg
908, 9th Floor, D-Mall,
Netaji Subhash Place
Pitampura, New Delhi 110034
Email: rp.sanjaygarg@gmail.com
Email: cirp.setransstadia@gmail.com
Last date for
submission of claims: April 22, 2024
UPSCALIO INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Upscalio India Private Limited
Registered Address:
Plot No. 37B, Sector 32,
Gurgaon, Haryana 122001
Insolvency Commencement Date: April 5, 2024
Court: National Company Law Tribunal Bench - II Chandigarh
Estimated date of closure of
insolvency resolution process: October 2, 2024
Insolvency professional: Kanti Mohan Rustagi
Interim Resolution
Professional: Kanti Mohan Rustagi
F-14, First Floor,
Kailash Colony,
New Delhi 110048
Email: Kanti.rustagi@patanjaliassociates.com
-- and --
c/o Resurgent Resolution Professionals LLP (IPE)
903-906, 09th Floor, TOWER-C,
Unitech Business Zone,
The Close South, Sector 50,
Gurugram, Haryana 122018
Email: cirp.uipl@gmail.com
Last date for
submission of claims: April 20, 2024
WEST FACE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: West Face Hospitality and Management Private Limited
Registered Address:
17-A WestPunjabi Bagh
New Delhi -110026
Insolvency Commencement Date: April 5, 2024
Court: National Company Law Tribunal, Bench-VI, New Delhi
Estimated date of closure of
insolvency resolution process: October 5, 2024
Insolvency professional: Prabhat Ranjan Singh
Interim Resolution
Professional: Prabhat Ranjan Singh
Chamber No.119
C.K. Daphtary Block,
Supreme Court of India
Tilak Lane, New Delhi 110001
Email: prabhat.rs.advocate@gmail.com
-- and --
c/o Resurgent Resolution Professionals LLP (IPE)
903-906, 09th Floor, TOWER-C,
Unitech Business Zone,
The Close South, Sector 50,
Gurugram, Haryana 122018
Email: cirp.westfacehospitality@gmail.com
Last date for
submission of claims: April 22, 2024
ZENIL TRADERS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Zenil Traders Private Limited
3rd Floor, Shahviri Building,
37/41, R.S. Sapre Marg,
Kalbadevi, Mumbai - 400002
Liquidation Commencement Date: April 5, 2024
Court: National Company Law Tribunal Mumbai Bench-V
Liquidator: Pranav J. Damania
407, Sanjar Enclave,
Opp. PVR/Milap Cinema, S.V. Road
Kandivali West Mumbai 400067
Email: pranav@winadvisors.co.in
Email: zenilcirp@gmail.com
Last date for
submission of claims: May 5, 2024
=====================
N E W Z E A L A N D
=====================
BAY YARDING: Thomas Lee Rodewald Appointed as Receiver
------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on April 16, 2024, was
appointed as receiver and manager of Bay Yarding Business Trust.
The receiver and manager may be reached at:
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
CANNAPHARMANZ LIMITED: BDO Tauranga Appointed as Liquidators
------------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
April 12, 2024, were appointed as liquidators of Cannapharmanz
Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
JONESES LIMITED: Grant Bruce Reynolds Appointed as Liquidators
--------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 12, 2024,
was appointed as liquidator of The Joneses Limited.
The liquidator may be reached at:
Reynolds & Associates Ltd
PO Box 259059
Botany
Auckland 2163
PLASTERFX INTERIORS: Creditors' Proofs of Debt Due on May 11
------------------------------------------------------------
Creditors of Plasterfx Interiors Canterbury Limited are required to
file their proofs of debt by May 11, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 8, 2024.
The company's liquidator is Brenton Hunt.
TETAHI HAPU: Creditors' Proofs of Debt Due on May 20
----------------------------------------------------
Creditors of Tetahi Hapu Nui Limited are required to file their
proofs of debt by May 20, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 4, 2024.
The company's liquidator is:
Kevin John Davies
Principle Insolvency Limited Partnership
PO Box 1566
Waikato Mail Centre
Hamilton 3240
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Seeks Extension of PHP13BB Loan Deadline
--------------------------------------------------------------
Bilyonaryo.com reports that the Lopez family's ABS-CBN Broadcasting
is in urgent discussions with its creditors to extend the
three-year standstill agreement for its remaining PHP12.6 billion
loans.
Bilyonaryo.com relates that ABS-CBN informed regulators that as of
April 11, it was still in talks with banks regarding extending the
agreement's long stop date (or deadline) until June 30, 2024.
Following the loss of its franchise in 2020, creditor banks granted
ABS-CBN a standstill agreement in 2021, which included a commitment
not to declare the former media giant in default and allow
additional time for ABS-CBN to address its financial challenges.
ABS-CBN was required by creditors to maintain its broadcasting
franchise under its loan covenants, according to Bilyonaryo.com.
Bilyonaryo.com says the original long stop date was set on June 30,
2023 but ABS-CBN obtained an extension until December 31, 2023 as
well as a waiver on having a reserve account balance for debt
repayment last year (it had PHP147 million reserve in 2022).
"Despite the current classification of its loans, (ABS-CBN)
continues to service its loan obligations with its creditor banks
according to the original schedule. Ongoing discussions with its
lenders include, but not limited to, the waiver of financial ratios
for 2024 and the long-stop date, and possible options for the early
settlement of the loan through sale of certain assets," said
ABS-CBN. It pledged PHP17.74 billion worth of assets as collateral
in the standstill agreement.
Bilyonaryo.com notes that the standstill agreement obliges ABS-CBN
to fulfill a "certain condition" before the deadline or the deal is
off. From that point, the lenders can declare a default and use
their rights and actions according to the agreement, such as taking
possession of assets secured under the agreement.
ABS-CBN's major creditors are the Aboitiz family's Union Bank of
the Philippines, the Zobel family's Bank of the Philippine Islands,
the Sy family's BDO Unibank, the Yuchengco family's Rizal
Commercial Banking Corp. and Security Bank led by bilyonaryo
Frederick Dy.
About ABS-CBN
ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.
On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.
On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.
The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.
=================
S I N G A P O R E
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EQUIP DIGITAL: Creditors' Proofs of Debt Due on May 16
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Creditors of Equip Digital Pte. Ltd. are required to file their
proofs of debt by May 16, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 5, 2024.
The company's liquidator is:
Cheong Beng Sheng, Dean
c/o Guardian Advisory Pte Ltd
531A Upper Cross Street #03-118
Hong Lim Complex
Singapore 051531
MARINE BOOKINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of Marine Bookings Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MM STAR: Court to Hear Wind-Up Petition on May 3
------------------------------------------------
A petition to wind up the operations of MM Star Pte Ltd will be
heard before the High Court of Singapore on May 3, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
April 11, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
PROJECT WARUNG: Court to Hear Wind-Up Petition on May 3
-------------------------------------------------------
A petition to wind up the operations of Project Warung Pte Ltd will
be heard before the High Court of Singapore on May 3, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
April 11, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
QUINTESSENTIAL FOODS: Court to Hear Wind-Up Petition on May 3
-------------------------------------------------------------
A petition to wind up the operations of Quintessential Foods Co.
Pte Ltd will be heard before the High Court of Singapore on May 3,
2024, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
April 11, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
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S R I L A N K A
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SRI LANKA: Government Rejects Bondholders' Proposal
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Reuters reports that Sri Lanka on April 16 rejected international
bondholders' proposal to restructure more than $12 billion in debt,
putting at risk critical International Monetary Fund support and
delaying its efforts to resolve a two-year-long debt crisis.
Some of the proposal's "baseline" assessments and a lack of a
contingency option in the case of continued economic weakness were
the two main reasons the deal was not agreed, the government said
in a statement, Reuters relays.
According to Reuters, Colombo said it hoped to hold further talks
"as soon as feasible" but the immediate risk was that without a
compromise in the coming weeks, the next tranche of all-important
IMF support money could potentially get delayed.
Sri Lanka has already struck a deal with its main government
creditors, but an "agreement in principle" with bondholders was
also needed to secure IMF Board approval for the next $337 million
instalment of its $2.9 billion programme, Reuters notes.
The government said one of the main stumbling blocks had been that
the "baseline parameters" of the bondholders' plan had not matched
those embedded in its IMF programme.
It added that the bondholders' "steering committee" that it has
been negotiating with in recent weeks had not wanted to extend
"restricted discussions" - a key part of debt talks where they are
held privately, behind closed doors, Reuters relays.
Following an initial extension, it would be unusual for big money
managers to remain restricted for too long given it also limits
their ability to participate in the market.
Reuters relates that a source familiar with the process said
discussions could continue as early as April 16, with some
interested parties in Washington for the IMF/World Bank meetings.
The source said that, as has been the case in other recent debt
negotiations, an asymmetry of information between the parties,
including a lack of visibility among bondholders of the terms
agreed with both the Paris Club and China, has complicated the
negotiations, Reuters relays.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'. The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.
*********
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 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***