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

                     A S I A   P A C I F I C

          Friday, July 19, 2024, Vol. 27, No. 145

                           Headlines



A U S T R A L I A

ACCENT GROUP: To Shut 17 Glue Store Locations Across Australia
AQWA CONSTRUCTIONS: Collapses After Boss Declares Bankruptcy
AUSTRALIAN PLANT: Second Creditors' Meeting Set for July 26
KRTM PTY: First Creditors' Meeting Set for July 29
MARCHANT SIGNS: Second Creditors' Meeting Set for July 24

WATTLE GROVE: First Creditors' Meeting Set for July 26
YZ CHINESE: Second Creditors' Meeting Set for July 25


C H I N A

HOPSON DEVELOPMENT: Gets Loan Extension From Seatown Holdings
SHINECO INC: Shanchun Huang Holds 13.3% Stake as of July 9


I N D I A

AHALYA TRADING: Liquidation Process Case Summary
ALPS COMMUNICATION: CARE Keeps B Debt Rating in Not Cooperating
ARJUN CHEMICALS: Insolvency Resolution Process Case Summary
ASTRAL STERITECH: Insolvency Resolution Process Case Summary
AURANGABAD JAL: Voluntary Liquidation Process Case Summary

BHARTIYA MICRO: Insolvency Resolution Process Case Summary
BIZGO INDIA: Insolvency Resolution Process Case Summary
BKSONS INFRA: CRISIL Lowers LT/ST Rating on Bank Debts to D
BLUE MUSHROOM: Liquidation Process Case Summary
BYJU'S: Settles Insolvency Case With Surfer Technologies

BYJU'S: To Appeal Insolvency Proceedings, Sources Say
COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating
CONTINUUM GREEN: Fitch Assigns 'BB+' Final Rating to USD650M Notes
EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
GN PAL: CARE Keeps B- Debt Rating in Not Cooperating Category

GOLDEN AGRARIAN: Liquidation Process Case Summary
GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
GUPTA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating

HARI KISHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
HOLIDAY VILLAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL PEARL: CRISIL Keeps D Debt Ratings in Not Cooperating

HUDLI AND SONS: Liquidation Process Case Summary
IBD UNIVERSAL: Liquidation Process Case Summary
ICHALKARANJI POWERLOOM: CRISIL Keeps D Ratings in Not Cooperating
INDIA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
JAI BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category

JK SURFACE: Liquidation Process Case Summary
KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
KY TOBACCO: Insolvency Resolution Process Case Summary
LION BUILDCON: Insolvency Resolution Process Case Summary
LSAG INDIA: Voluntary Liquidation Process Case Summary

LVS ESTATES: Insolvency Resolution Process Case Summary
MAA RATANTI: Insolvency Resolution Process Case Summary
MATA ENERGY: Liquidation Process Case Summary
MUSALE CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
NAVEEN POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating

NEW HIND SILK: Liquidation Process Case Summary
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
NORTH BENGAL ONCOLOGY: Voluntary Liquidation Process Case Summary

NYLES SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
ORBIT ELECTRO: Insolvency Resolution Process Case Summary
P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating
PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating

PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
RADIANT PACKAGING: Voluntary Liquidation Process Case Summary
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYA SUBAL: CRISIL Lowers Rating on INR10cr Fund Based Loan to D
SAVYASACHI INFRASTRUCTURE: Insolvency Process Case Summary

SHEBA MARINE: Insolvency Resolution Process Case Summary
TAIHE (INDIA) OPTOELECTRONIC: Voluntary Liquidation Process Case S
TEAMSTAND INDIA: Voluntary Liquidation Process Case Summary
VASTU DEVELOPERS: Voluntary Liquidation Process Case Summary
VIR ELECTRO: Insolvency Resolution Process Case Summary

VISHVAAS BHARAT: Voluntary Liquidation Process Case Summary


I N D O N E S I A

LIPPO KARAWCI: Fitch Hikes LongTerm IDR to 'CCC+'


N E W   Z E A L A N D

ANTHEM HOMES: BDO Tauranga Appointed as Liquidator
BEACON WINDOWS: BDO Tauranga Appointed as Liquidator
CARLIN HOTEL: BDO Christchurch Appointed as Receivers
PENDRELL INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 16
PETER PAWAN: Court to Hear Wind-Up Petition on Aug. 2



P H I L I P P I N E S

DEL MONTE: Seeks to Refinance PHP29BB Loans to Address Debt Issues
METRO GLOBAL: Faces Delisting From PSE Next Month
RURAL BANK OF CUYO: Creditors' Claims Deadline Set for Aug. 30


S I N G A P O R E

FISCHER TECH: Commences Wind-Up Proceedings
FLESH IMP: Court to Hear Wind-Up Petition on Aug. 2
FLMP INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 2
M & C SERVICES: Creditors' Proofs of Debt Due on Aug. 16
SEAGARDEN RESOURCES: Creditors' Proofs of Debt Due on Aug. 16



V I E T N A M

SAIGON THUONG: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable

                           - - - - -


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

ACCENT GROUP: To Shut 17 Glue Store Locations Across Australia
--------------------------------------------------------------
News.com.au reports that Accent Group will close half of all Glue
Store locations across Australia due to lacklustre sales figures.

The company, which own Skechers, The Athlete's Foot, Hype DC,
Stylerunner, Nude Lucy, and Hoka, announced the closure of 17 Glue
Store locations on July 18, news.com.au relates.

According to the report, Accent Group CEO Daniel Agostinelli said
the 17 stores that will close have been selected as they have been
"underperforming" and had not achieved required returns.

"This will result in a Glue Store business consisting of 18 stores
(including its digital store) which is expected to be profitable in
FY25."

The release did not specify which stores would be closed or how
many jobs would be impacted, the report notes.

Accent Group Limited distributes and markets footwear and apparel.
The Company offers a wide range of sneakers, athlete footwear, and
work boots. Accent Group serves customers in Australia.

AQWA CONSTRUCTIONS: Collapses After Boss Declares Bankruptcy
------------------------------------------------------------
News.com.au reports that a Queensland building firm has collapsed
after the company's boss went bankrupt, plunging the fate of 35
homeowners into limbo.

According to news.com.au, the owner of Brisbane-based construction
firm AQWA Constructions, Paul Galvin, recently declared himself
bankrupt, leaving behind nearly $3 million in debt.

Mr. Galvin appointed Bill Cotter from insolvency firm Robson Cotter
Insolvency as his bankruptcy trustee in April.

A report to creditors found that 100 creditors are owed $2.8
million. The creditors include suppliers spanning across four
Australian states - NSW, Queensland, Western Australia and South
Australia.

News.com.au says the award-winning renovation company has been in
business since 2002, but the bankruptcy trustee found that in the
years following the Covid-19 pandemic, it hit a rough patch.

Mr. Cotter wrote that AQWA racked up debts as it borrowed
excessively and had to fight multiple legal cases.

AQWA's building licence with the Queensland Building and
Construction Commission (QBCC) was cancelled in June after its
owner filed for bankruptcy, news.com.au recalls.

Previously, AQWA Constructions had drawn the ire of the building
regulator and had accrued several infringement notices.

Those including failing to pay for insurance, taking excessive
deposits, carrying out unlicensed contracting and improperly using
a building licence through an unlicensed contractor, news.com.au
says.

Without a licence, it's impossible for the builder to finish the 35
projects it still has on its books.

"It is apparent the construction businesses operated by the
bankrupt grew very quickly over the period of several years during
and following the Covid-19 period, and a combination of
under-capitalisation, poor accounting practices, increasing labour
and material costs and lack of management oversight and control,
have likely contributed to the ultimate failure of the business,"
the trustee, Mr. Cotter, as cited by news.com.au, wrote.

"In any event, it is quite difficult to pinpoint precise dates of
insolvency and our investigations are ongoing in relation to
same."


AUSTRALIAN PLANT: Second Creditors' Meeting Set for July 26
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Plant Proteins Pty Ltd has been set for July 26, 2024 at 2:00 p.m.
via virtual meeting 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 July 25, 2024 at 12:00 p.m.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on June 21, 2024.


KRTM PTY: First Creditors' Meeting Set for July 29
--------------------------------------------------
A first meeting of the creditors in the proceedings of KRTM Pty Ltd
will be held on July 29, 2024 at 11:00 a.m. via teleconference
only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on July 17, 2024.


MARCHANT SIGNS: Second Creditors' Meeting Set for July 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Marchant Signs
& Engraving Pty Ltd has been set for July 24, 2024 at 2:00 p.m. via
virtual meeting 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 July 23, 2024 at 2:00 p.m.

Robert William Hutson of KordaMentha was appointed as administrator
of the company on June 19, 2024.


WATTLE GROVE: First Creditors' Meeting Set for July 26
------------------------------------------------------
A first meeting of the creditors in the proceedings Of Wattle Grove
Air Pty Ltd will be held on July 26, 2024 at 11:00 a.m. at the
offices of Westburn Advisory at Level 5, 115 Pitt Street in
Sydney.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on July 16, 2024.


YZ CHINESE: Second Creditors' Meeting Set for July 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of YZ Chinese
Cuisine Pty Ltd has been set for July 25, 2024 at 10:00 a.m. at
Level 19, 144 Edward Street in Brisbane.

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 July 24, 2024 at 4:00 p.m.

Murray Daniel of B&T Advisory was appointed as administrator of the
company on June 29, 2024.




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

HOPSON DEVELOPMENT: Gets Loan Extension From Seatown Holdings
-------------------------------------------------------------
Bloomberg News reports that Hopson Development Holdings Ltd. has
received a maturity extension of a loan from 2023 that backed the
purchase of some commercial real estate space in a Hong Kong office
building, according to people familiar with the matter.

Bloomberg relates that Seatown Holdings Pte Ltd., a subsidiary of
Singaporean sovereign fund Temasek Holdings Pte Ltd., has extended
around $100 million to $115 million of a $165 million loan for
Hopson. The developer had paid down a portion of the facility,
originally due in May, to obtain a lower interest rate, the people
added.

The loan, extended for four months, is now due in September,
Bloomberg notes.

Hopson Development Holdings Ltd is an investment holding company
principally engaged in property development and infrastructure
business.

As reported in the Troubled Company Reporter-Asia Pacific on July
8, 2024, S&P Global Ratings affirmed its 'B' long-term issuer
credit rating on Hopson Development Holdings Ltd.

The stable outlook reflects S&P's expectation that Hopson's sales
will likely recover in the next six to 12 months, backed by its
high-quality residential projects.


SHINECO INC: Shanchun Huang Holds 13.3% Stake as of July 9
----------------------------------------------------------
Shanchun Huang disclosed in a Schedule 13D Report field with the
U.S. Securities and Exchange Commission that as of July 8, 2024, he
beneficially owns an aggregate of 1,248,924 shares of the Shineco,
Inc.'s Common Stock, representing 13.3% based upon 9,373,165 shares
of the Shineco's common stock outstanding as of July 9, 2024, as
calculated in accordance with Rule 13d-3(d)(1).

On June 20, 2024, Shineco entered into a securities purchase
agreement with Mr. Huang, pursuant to which Shineco sold and issued
to Mr. Huang 1,000,000 shares of Common Stock at a price of $ 5.00
per share on July 8, 2024.

Mr. Huang acquired all of his shares of Shineco's Common Stock for
investment purposes. Mr. Huang believes the securities of Shineco
represent an attractive investment opportunity.

Mr. Huang has had and anticipates having further discussions with
officers and directors of Shineco in connection with Mr. Huang's
investment in Shineco. The topics of these conversations will cover
a range of issues, including those relating to the business,
management, operations, capital allocation, asset allocation,
capital and corporate structure, distribution policy, financial
condition, mergers and acquisitions strategy, overall business
strategy, executive compensation, and corporate governance. Mr.
Huang may also communicate with other shareholders or interested
parties, such as industry analysts, existing or potential strategic
partners or competitors, investment professionals, and other
investors. Mr. Huang may at any time reconsider and change his
intentions relating to the foregoing. Mr. Huang may also take one
or more of the actions described in subsections (a) through (j) of
Item 4 of Schedule 13D and may discuss such actions with Shineco's
management, other shareholders of Shineco, and other interested
parties, such as those set out above.

Mr. Huang intends to review his investments in Shineco on a
continuing basis. Depending on various factors, including, without
limitation, Shineco's financial positions and strategic direction,
the outcome of the discussions and actions referenced above,
actions taken by the board of directors, price levels of the Common
Stock, other investment opportunities available to Mr. Huang, tax
implications, conditions in the securities market and general
economic and industry conditions, Mr. Huang may in the future take
actions with respect to its investment position in Shineco as it
deems appropriate, including, without limitation, purchasing
additional Common Stock or other instruments that are based upon or
relating to the value of the Common Stock or Shineco in the open
market or otherwise, selling some or all of the interest in Shineco
held by Mr. Huang, and/or engaging in hedging or similar
transactions with respect to the Common Stock.

                           About Shineco

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a provider of health and medical products and services. Shineco,
operating through subsidiaries, has researched and developed 33
vitro diagnostic reagents and related medical devices to date, and
the Company also produces and sells healthy and nutritious foods.

As of March 31, 2024, the Company had $101.7 million in total
assets, $55 million in total liabilities, and $46.7 million in
total equity.

As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company. The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders, ShineCo said in
its Quarterly Report for the period ended March 31, 2024.



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

AHALYA TRADING: Liquidation Process Case Summary
------------------------------------------------
Debtor: Ahalya Trading Private Limited
        5 Bharwati Apartment
        S.V. Road Malad (W)
        Mumbai City, Mumbai
        Maharashtra, India 400064

Liquidation Commencement Date: June 14, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Shilpa Kedar Dixit
            502 Shree Malati Madhav Co.Op
            HSG SOC, Kohinoor Colony
            Sahakar Nagar No. 2
            Pune 411009
            Email: shilpa.dixit@kmdscs.com

            -- and --

            3rd Floor Satyagiri Apartment
            77 Vijaya Nagar Colony
            2147 Sadashiv Peth, Pune 411030
            Email: shilpa.dixit@kmdscs.com

Last date for
submission of claims: July 20, 2024


ALPS COMMUNICATION: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ALPS
Communication Private Limited (ACPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.67       CARE B; Stable; 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 May 18, 2023,
placed the rating(s) of ACPL under the 'issuer non-cooperating'
category as ACPL 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. ACPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2024, April 12, 2024, April 22, 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).

Incorporated in April 1997, Alps Communication Private Limited
(ACPL) is engaged into manufacturing of pharmaceuticals products.
The company undertakes third party contract manufacturing of
betalactum tablets and dry syrups at its facility located in Kala
Amb, Himachal Pradesh. The company is present across various
therapy areas including anti-bacterial, anti-diarrheal,
anti-diabetic, anti-infective, anti-fungal, anti-malarial,
anti-coagulants, etc. Besides ACP, the directors are also
associated with group concern namely, MMG Healthcare (MMG).


ARJUN CHEMICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Arjun Chemicals Private Limited

        Registered Address:
        Plot no. 78-79, Phase II
        Sipcot Indl Complex
        Vellore, Ranipet
        Tamil Nadu, India 632403

        Books Maintained at:
        Robert V Chandran Tower,
        II Floor, No. 149
        Velachery Tambaram High Road
        Pallikaranai, Chennai
        Tamil Nadu, India 600100

Insolvency Commencement Date: June 28, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 25, 2024

Insolvency professional: S. Kannan

Interim Resolution
Professional: S. Kannan
              Skyline Castle, No 27, First Floor
              Abdul Razack Street
              Saidapet, Chennai 600015
              Email: charitarthkannan@gmail.com

Last date for
submission of claims: July 12, 2024


ASTRAL STERITECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Astral Steritech Private Limited
        Registered Address:
        911 GIDC Makarpura
        Vadodara, Vadodara
        Gujarat, India 390010

Insolvency Commencement Date: June 10, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 7, 2024

Insolvency professional: Manish Santosh Buchasia

Interim Resolution
Professional: Manish Santosh Buchasia
              306, "Gala Mart", Nr Sobo Centre
              Before Safal Parisar, Above SBI/Union Bank
              South Bopal, Ahmedabad 380058, Gujarat
              Email: manishbuchasiacs@gmail.com
              Email: astralibc2024@gmail.com
              Mobile: 9898055367

Last date for
submission of claims: June 27, 2024


AURANGABAD JAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Aurangabad Jal Constructions Private Limited
        Essel House B-10,
        Lawrence Road,
        New Delhi - 110 035

        -- and --

        6th Floor, Plot No. 19 & 20,
        Film City, Sector-16 A,
        Gautam Buddha Nagar,
        Noida, Uttar Pradesh - 201301

Liquidation Commencement Date: June 18, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sonu Gupta
            42/1201, 11th Floor,
            NRI Complex, Seawood Estates,
            Nerul, Navi Mumbai,
            Maharashtra - 400706
            E-mail; rpsonugupta@gmail.com
            Telephone No: +91 93239 11177

Last date for
submission of claims: July 18, 2024


BHARTIYA MICRO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhartiya Micro Credit
         
        Registered Address:
        645/A/57 Plot No. 15
        Janki Vihar Sector - I
        Jankipuram, Lucknow
        Uttar Pradesh, India 226021

Insolvency Commencement Date: June 14, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 11, 2024

Insolvency professional: Rakesh Kumar Jindal

Interim Resolution
Professional: Rakesh Kumar Jindal
              3656/6, Gali No. 6, Narang Colony
              Tri Nagar, Near Rose Garden, North West
              National Capital Territory of Delhi 110035
              Email: md@efficaxindia.com

                -- and --

              Efficax Resolution Professionals
              Private Limited
              70D, 3rd Flood, Pocket A
              Krishna Park Ext.
              Tilak Nagar, Delhi 110018
              Email: cirp_bhartiyamicrocredit@efficaxindia.com

Last date for
submission of claims: June 28, 2024


BIZGO INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bizgo India Private Limited
        Registered Address:
        403, Suchita Business Park
        Y S Jhadav Marg, Station Road
        Pant Nagar, Ghatkopar East
        Mumbai City, Mumbai 400077
        Maharashtra,  India

Insolvency Commencement Date: July 3, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: December 30, 2024

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional: Srinivas Thatikonda
              Flat No. 006, Nanda Ashirwad Apartments No.1
              Canara Bank Colony, 2nd Main Rd
              Chandra Layout, Bengaluru
              Karnataka 560072, India
              Email: srinivas@srinivasthatikonda.com
              Email: bizgoindiaprivatelimited@gmail.com

Last date for
submission of claims: July 17, 2024


BKSONS INFRA: CRISIL Lowers LT/ST Rating on Bank Debts to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Bksons Infrastructure Pvt Ltd (BIPL) have been downgraded to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letter and email dated July 11, 2024,
January 5, 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-cooperation 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 has failed to receive any information on either the
financial performance or strategic intent of BIPL, which restricts
the ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes information
available on BIPL is consistent with 'Assessing Information
Adequacy Risk'.

Based on publicly available information, CRISIL Ratings understands
BIPL has been irregular in its account conduct. Hence, the ratings
on the bank facilities of BIPL have been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2011, BIPL undertakes civil engineering projects,
such as construction of roads and bridges for the National Highways
Authority of India and the Central Public Works Department, mainly
in Assam. Mr Bhagya Kalita is the promoter.

Status of non-cooperation with previous CRA

BIPL has not cooperated with Credit Analysis & Research Ltd, which
has classified the company as non-cooperative through its release
dated September 27, 2023. The reason provided by Credit Analysis &
Research Ltd is non-furnishing of information for monitoring the
rating.


BLUE MUSHROOM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Blue Mushroom Infozone Private Limited
        437/438/439, IJMIMA Complex
        Behind Goregaon Sports Club
        Link Road, Malad (W) , Mumbai
        Maharashtra, India - 400064

Liquidation Commencement Date: June 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ashish Vyas
            B-1A Viceroy Court CHS
            Thakur Village, Kandivali (East)
            Mumbai Suburban
            Maharashtra 400101
            Email: ashishvyas2006@gmail.com

            -- and --

            A-402 Suashish IT Park
            Dattapada Road, Borivali (East)
            Mumbai 400066
            Email: cirp.bluemushroom@gmail.com

Last date for
submission of claims: July 31, 2024


BYJU'S: Settles Insolvency Case With Surfer Technologies
--------------------------------------------------------
Livemint.com reports that Gurugram-based Surfer Technologies told
the Bengaluru bench of the National Company Law Tribunal (NCLT) on
July 17 that it has reached an amicable settlement with Byju's and
hinted that it would withdraw its insolvency application against
the edtech firm.

On July 15, the NCLT had asked both parties to file a formal
application with the tribunal since the order pertaining to the
insolvency had been reserved a couple of weeks earlier Livemint.com
relates.

On Feb. 7, Surfer Technologies had filed an application under
Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows
an operational creditor to initiate insolvency proceedings against
a company over a default, according to Livemint.com. Its counsel
told the tribunal that the edtech firm more than INR2 crore of debt
and that it had issued a notice to the company on 8 December 2023,
before filing the insolvency application.

"We were the digital marketing vendors. We would send them leads
and only after they confirm a lead, we would raise an invoice. They
remained unpaid to date," the counsel said in an earlier hearing.

On April 24, the NCLT had fined Byju's INR20,000 for the delay in
replying to Surfer Technologies' petition. "Response will be
considered only if you deposit the cost," said a bench led by
Justices K Biswal and Manoj Kumar Dubey. The bench has posted the
matter for further hearing on May 1.

On June 26, Byju's told the NCLT it had reached a settlement with
another operational creditor, France's Teleperformance Business
Services, to which it owed INR5 crore. The company had accused
Byju's of defaulting on payments from April 14, 2023 but withdrew
the insolvency plea after the settlement.

The NCLT bench is also hearing an oppression and mis-management
case against Byju's, filed by investors General Atlantic and MIH
Edtech. This matter, however, was posted for further hearing on
July 24.

                            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. 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.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.


BYJU'S: To Appeal Insolvency Proceedings, Sources Say
-----------------------------------------------------
Reuters reports that Byju's will challenge insolvency proceedings
initiated against it in an attempt to block the process this week,
as the startup once valued at $22 billion tries to tide over the
crisis, two sources said on Wednesday.

According to Reuters, the National Company Law Tribunal in the
southern state of Karnataka on July 16 ordered insolvency
proceedings against the company after a complaint by the cricket
board for not paying $19 million in dues. A court-appointed
professional is currently running the company.

Reuters says Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $2 billion. Byju's has
denied any wrongdoing.

An appeal will be filed in the companies law appeals tribunal this
week, the sources said, Reuters relays. Settlement talks are
ongoing with the Indian cricket board but the company wants to
block the insolvency process, said one of the sources.

Reuters notes that the company's assets will remain frozen during
the insolvency process.

The company has previously said it wishes to "reach an amicable
settlement" with the Indian cricket board despite the insolvency
proceedings.

                            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. 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.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.


COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cochin
Frozen Food Exports Private Limited (CFFEPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     46.94       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 April 28, 2023,
placed the rating(s) of CFFEPL under the 'issuer non-cooperating'
category as CFFEPL 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. CFFEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2024, March 23, 2024, April 2, 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).

Cochin Frozen Food Exports Private Limited (CFFEPL) was established
in the year 1989 and is engaged in processing of the seafood,
mainly prawn and fish varieties with its corporate base in Aroor,
15 kms to the south of Cochin. The promoter, Mr. K. Prabhakaran,
who is the founder chairman of the group is in the field of seafood
exporting from the year 1974. The company normally exports its
entire produce to the major markets of USA, Europe, Japan, China
and the Middle East.


CONTINUUM GREEN: Fitch Assigns 'BB+' Final Rating to USD650M Notes
------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' on the USD650
million 7.50% senior secured notes due 2033 issued by the
restricted group of India-based Continuum Green Energy (India)
Private Limited (Continuum RG2). The Outlook is Stable.

RATING RATIONALE

The rating reflects the credit quality of a portfolio of wind and
solar projects with a total capacity of 990.8 MW across four states
in India. The portfolio is enhanced by a diversified pool of
high-quality commercial and industrial (C&I) customers, which
offsets the long payment cycles of state distribution companies
(discoms).

The achieved financial profile is commensurate with a stronger
credit profile, but Fitch has capped the rating at 'BB+' due to
uncertainty around the debt refinancing and the exposure to revenue
uncertainty over the longer term arising from renewal terms for
maturing contracts and power purchase agreements (PPAs), the future
discom C&I tariff and open access charges applicable for C&I
projects.

Fitch does not rate the state discoms and C&I customers that
purchase power from Continuum RG2's projects. The revenue
counterparties might have weak credit profiles and histories of
payment delays, particularly the state discoms, although the
exposure to multiple counterparties mitigates the risk.
Furthermore, receivables collection from state discoms improved
following the introduction of the late payment surcharge rule in
2022. Receivables collection from C&I customers is much stronger.

Fitch believes it is prudent that such projects meet a higher
threshold to achieve the same rating as other projects with strong
counterparties, all else being equal. Therefore, Fitch uses
merchant debt service coverage ratio (DSCR) thresholds, while cash
flow is evaluated using contracted prices.

KEY RATING DRIVERS

Operation Risk - Midrange

The operation risk assessment reflects favourable production-based
pricing mechanisms and comprehensive operating and maintenance
(O&M) contracts, including both scheduled and unscheduled
maintenance carried out by experienced teams. O&M contracts have
terms of five to 15 years. Fitch believes that it will not be
difficult to find replacement operators upon expiry of the
contracts, as similar technology is used widely in India.

All the plants use proven technology. No third-party technical
advisor has verified the costs, which is a weakness. The operating
record of the plants is moderate, varying from one to nearly 11
years with a capacity-weighted average of around five years.

Revenue Risk - Volume - Midrange

The energy yield forecast, produced by third-party consultants and
supported by the portfolio benefit analysis, indicates an overall
P50/1-year P90 spread of 15.2% and 11.5% after considering
portfolio benefits. A spread between 6% and 16% leads to a
'Midrange' assessment. Curtailment risk is minimal, as renewables
have "must-run" status in India. The C&I customers are incentivised
to maximise offtake because of the cost advantage over alternative
sources, and the contracted volume of the Continuum RG2 projects is
usually only 50%-60% of the demand of a customer.

The assets have underperformed the 1-year P90 forecast in the past
few years, due mainly to less wind resources in India. However,
management expects the overall long-term average generation to
remain in line with the wind resource assessments done by
independent third parties.

Revenue Risk - Price - Midrange

Continuum RG2 has a diversified customer pool, with 37% of capacity
contracted with state discoms and 63% contracted with more than 130
C&I customers. However, the share of C&I customers may increase to
83% of capacity upon conversion of the 199.7MW project in
Maharashtra (Bothe project) to the open-access route in 2027 when
its PPA with the state discom expires.

The tariff paid by C&I customers varies with the change in the
retail tariff for C&I users charged by state discoms (discom C&I
tariff) and the various applicable open-access charges. Generators
and customers each bear part of the variation in the discom C&I
tariff and open-access charges. A third-party consultant believes
that the discom C&I tariff will generally rise over the life of
these projects and that the relevant projections used in the
financial model are prudent.

Debt Structure - 1 - Midrange

The debt structure is a typical project-finance style structure.
The US dollar notes are directly co-issued by operating entities
domiciled in India. Noteholders are protected by conventional
covenants and a security package. Notes pay fixed interest rates
and Continuum RG2 uses a combination of call spread and call option
to largely mitigate the currency risk arising from US dollar-rupee
fluctuation. Noteholders benefit from a lock-up test at
backward-looking graded DSCRs. No additional indebtedness is
allowed other than a working capital basket of USD50 million.

4.5% of the notes' principal will amortise over the note life. The
refinancing risk is mitigated by the mandatory cash sweep for about
43.1% of the principal. The refinancing of the remaining 52.4% of
the principal is manageable due to adequate DSCRs under Fitch's
rating case, with the assets having sufficient remaining economic
life by the time the notes mature.

Financial Profile

The financial profile is assessed using the DSCR over the bond life
as well as the refinancing period. The DSCR during the refinancing
period assumes the notes' outstanding principal will be refinanced
on maturity by a long-term amortising debt over the remaining
project lives.

The Fitch base-case DSCR averages 2.16x and 2.46x over the bond
life and refinancing period, respectively, with a minimum DSCR of
2.01x. The DSCR averages 1.94x and 2.05x during the bond life and
refinancing period, respectively, under Fitch's rating case, with a
minimum DSCR of 1.79x.

PEER GROUP

Continuum RG2 is comparable with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured notes rating
BBB-/Stable) and Adani Green Energy Limited Restricted Group 2
(AGEL RG2, senior secured notes rating BBB-/Stable). AGEL RG1 and
AGEL RG2 are both pure solar portfolios with counterparties
comprising state discoms and sovereign-backed off-takers. All three
RGs have ringfenced issuing structures and protective covenants,
with direct issuance by the operating entities. However, Continuum
RG2 is exposed to refinancing risk, which is absent for AGEL RG1
and RG2 due to their largely amortising debt structures.

Continuum RG2 is subject to changes in tariff and regulatory
charges given a sizeable share of revenue flows from C&I customers,
although the regulatory charge change is shared with its C&I
customers. Such risk results in less predictability in its revenue.
AGEL RG1 and AGEL RG2 benefit from more predictable revenue streams
from their offtakers with no price or regulatory risks.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The average annual DSCR in the Fitch rating case dropping below
1.6x persistently.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

No rating upgrade is expected in the near term. This is due to the
uncertainty around the debt refinancing, renewal terms for maturing
contracts and PPAs, the future discom C&I tariff and open access
charges applicable for C&I projects.

TRANSACTION SUMMARY

The Continuum RG2 portfolio is a mix of wind (78% of capacity) and
solar (22% of capacity) plants with a total capacity of 990.8MW
across four Indian states.

The issuance is US dollar senior secured notes co-issued by eight
Indian entities. All these entities are majority owned by Continuum
Green Energy (India) Private Limited. The co-issuers will cross
guarantee the obligations of the notes.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Bothe Windfarm Development
Private Limited

   Continuum Green Energy
   (India)Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Kutch Windfarm Development
Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Uttar Urja Projects
Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Renewables Trinethra
Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Continuum Trinethra
Renewables Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

DJ Energy Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Trinethra Wind And Hydro
Power Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

Watsun Infrabuild
Private Limited

   Continuum Green Energy
   (India) Private Limited/
   Senior Secured Debt/1 LT   LT BB+  New Rating   BB+(EXP)

EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Expotec
International Private Limited (EIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          8         CRISIL D (Issuer Not  
   Credit & Export                   Cooperating)
   Bills Negotiation/
   Foreign Bill
   discounting             
                                    
   Letter of credit       14         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

CRISIL Ratings has been consistently following up with EIPL for
obtaining information through letter and email dated June 11, 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 EIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1995, EIPL executes engineering projects under a
line of credit issued by the Government of India. It exports
equipment and implements projects in industries such as
fertilisers, healthcare, textile, sugar and power transmission.
EIPL has representative offices in the UAE, Sudan, Ethiopia,
Senegal, Togo, Cote D'Ivoire and the Russian Federation.


GN PAL: CARE Keeps B- Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GN Pal And
Associates (GPA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       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 June 12, 2023,
placed the rating(s) of GPA under the 'issuer non-cooperating'
category as GPA 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. GPA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 27, 2024, May 7, 2024, May 17, 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).

Haldwani-based (Uttarakhand), GNPA was established in May, 2017 by
Mr. Gopal Singh Pal as a proprietorship firm. The firm has started
operations from July 2017. The firm is engaged in business of
trading of gems and jewellery as a franchise of Tanishq at
Haldwani.



GOLDEN AGRARIAN: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Golden Agrarian Private Limited
        Near Canal, Sadiq Road
        Firozpur, Faridkot
        Punjab, India, 151203

Liquidation Commencement Date: July 3, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Sandeep Kumar Chitkara
            Flat no 6, First Floor, Prem Vihar
            Flats, Shaheed Bhagat Singh Nagar
            Keys Hotel, Ludhiana, Punjab 141013
            Email: sandchit9@gmail.com

              -- and --

            Mavent Restructuring Services LLP
            B-29, Lajpat Nagar-III, New Delhi 110024
            Email: liq.goldenagrarian@gmail.com

Last date for
submission of claims: August 2, 2024


GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grace
International (GI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GI for
obtaining information through letter and email dated June 11, 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 GI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GI
continues to be 'CRISIL D Issuer Not Cooperating'.

GI was set up by Mr. Vikram Jain as a proprietorship firm in 1993.
It trades in buttons, hooks, patches, zipper sliders, cufflinks,
belt buckles, and other garment accessories. Its registered office
is in Delhi.


GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Greenland
Automobiles Private Limited (GAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.75      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 June 12, 2023,
placed the rating(s) of GAPL under the 'issuer non-cooperating'
category as GAPL 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. GAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 27, 2024, May 7, 2024, May 17, 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).

Greater Noida (Uttar Pradesh) based GAPL is a private limited
company incorporated in March, 2012 and started its commercial
operations from July, 2013. GAPL is an authorized dealer of
"Mahindra & Mahindra Limited" vehicles.


GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GSR and KKR
Educational Society (GSR) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GSR for
obtaining information through letter and email dated June 11, 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 GSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSR continues to be 'CRISIL D Issuer Not Cooperating'.

GSR was established in 2007 under the Society's Registration Act,
1861.The society operates an education institute, KKR & KSR
Institute of Technology & Sciences, in Vinjanampadu, near Guntur in
Andhra Pradesh. The college offers undergraduate and post graduate
courses in engineering and business management.


GUPTA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gupta
Builders and Promoters Private Limited (GBPPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of GBPPL under the 'issuer non-cooperating'
category as GBPPL 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. GBPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2024, May 1, 2024, May 11, 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).

Incorporated in 2011, GBPPL is engaged in the development of
residential flats, independent plots and commercial & office
complexes.


HARI KISHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hari Kishan
Tejmal and Company (HTC) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Warehouse Receipts      7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HTC for
obtaining information through letter and email dated June 11, 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 HTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HTC continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2006, HTC is engaged into trading of agro
commodities mainly including wheat, soyabean, sarso, paddy, rice,
urad, maize and dhania. The firm is also engaged into it is also
engaged in grading of wheat. The day to day operations of the firm
are managed by Mr. Rajesh Nyati.


HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hemnil Metal
Processors Private Limited (HMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        7         CRISIL D (Issuer Not Cooperating)
   Term Loan          9.62      CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with HMPPL for
obtaining information through letter and email dated June 11, 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 HMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMPPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.


HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himalaya
Construction Co.Pvt Limited (HCCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         20         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HCCPL for
obtaining information through letter and email dated June 11, 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 HCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh,
HCCPL is a 'Class A' civil contractor that constructs tunnels for
hydroelectric projects for irrigation purposes, power houses, dams,
roads, and railways. It also undertakes other types of heavy
construction work.


HOLIDAY VILLAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Holiday
Village Resorts Private Limited (HVRPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            15.12        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HVRPL for
obtaining information through letter and email dated June 11, 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 HVRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HVRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HVRPL continues to be 'CRISIL D Issuer Not Cooperating'.

HVRPL, based in Gandhidham (Gujarat), was incorporated in 2001. It
operates a three-star ethnic resort, Holiday Village Resorts, and a
club, Holiday Club.


HOTEL PEARL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel Pearl
Avenue (HPA) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-        1.7         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan             6.3         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Hotel Pearl
Avenue (HPA) for obtaining information through letter and email
dated June 11, 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 HPA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HPA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HPA continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2013 as a partnership firm by Mr Praveen Purohit, Mr
Deepak Negi, and Mr Praveen Panwar, HPA operates a three-star
hotel, Hotel Pearl Avenue, in Mussoorie, Uttarakhand.


HUDLI AND SONS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Hudli and Sons Metallics Private Limited
        Plot No. C-19/C-20, MIDC Shiroli (P),
        Hatkanangale, Kolhapur - 416122

Liquidation Commencement Date: June 20, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mangesh Vitthal Kekre
            607, Chetak Centre, RNT Marg
            Near Hotel Shreemaya
            Indore, Madhya Pradesh, 452001
            E-mail: ca.mangesh@gmail.com
            E-mail: ip.hsmpl@gmail.com

Last date for
submission of claims: July 7, 2024


IBD UNIVERSAL: Liquidation Process Case Summary
-----------------------------------------------
Debtor: IBD Universal Private Limited
        Registered Office:
        Kings Park
        Near World Way School
        Bawadiya Kalan Bhopal MP 462001

        New Registered Office:
        TF-03, Block No. 03, Plot No 7
        Mahendra Business Square
        Bawadiya Kalan Bhopal MP 462039

Liquidation Commencement Date: May 22, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Rajeev Khurana
            26/63 West Patel Nagar
            Central Delhi 110008
            Email: rajiv@rajivkhurana.com

              -- and --

            279, Gali No. 1, Chanderlok
            Shahdara Delhi 110093
            Email: rk.rajeevkhurana@outlook.com

Last date for
submission of claims: July 20, 2024


ICHALKARANJI POWERLOOM: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ichalkaranji
Powerloom Mega Cluster Limited (IPMCL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      4.93        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan              25.07        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with IPMCL for
obtaining information through letter and email dated June 11, 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 IPMCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IPMCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IPMCL continues to be 'CRISIL D Issuer Not Cooperating'.

IPMCL, incorporated in 2012, is currently setting up a unit for
sizing, warping, processing of fabric and yarn dyeing in
Ichalkaranji, Maharashtra. The plant is expected to be commissioned
in April 2020.  The company is promoted by Mr. Prakash K. Awade and
managed by Mr. Sunil S. Patil, Mr. Satish S. Koshti, Mr.
Satyanarayan Dalya, Mr. Laximikant Purohit and Mr. Jadhavji Patel.


INDIA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of India Home
Loan Ltd (IHLL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      200.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
   Non-Convertible
   Debentures           50.00      CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from IHLL to monitor
the ratings vide e-mail communications dated May 28, 2024, June 7,
2024, and June 12, 2024, among others and numerous phone  calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. 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' opinion, is not sufficient to arrive at a
fair rating. Further, IHLL has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating on IHLL's bank facilities and instruments will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers:

At the time of last rating on July 13, 2023, the following were the
rating strengths and weaknesses: (updated for the information
available from stock exchange etc).:

Key weaknesses

* Delays in debt servicing: There has been a delay in servicing of
debt instruments on account of poor liquidity and operational
difficulties. There have been ongoing delays in servicing of debt
instruments on account of poor liquidity. IHLL has mentioned delay
in servicing on its debt obligations in the monthly declaration to
CARE Ratings dated July 1, 2023 for the month of June, 2023 and has
intimated on BSE regarding default on principal repayment of
non-convertible debenture which was due on June 30, 2023. Post
which the company has not provided monthly declaration on default
status to CARE Ratings Ltd.

Key strengths – Not Applicable

Liquidity: Poor

IHLL was originally incorporated as 'Manoj Housing Finance Co.
Ltd.' in 1990. New management under the leadership of Mr. Mahesh
Pujara (having significant experience in the equity capital markets
and real estate business over the last 25 years) took over the
business of the loss making company in FY09 (refers to the period
April 1 to March 31) and renamed the company as 'India Home Loan
Limited'.


JAI BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jai Bharat
Rice Mills (JBRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.55       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      6.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       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 June 12, 2023,
placed the rating(s) of JBRM under the 'issuer non-cooperating'
category as JBRM 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. JBRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 27, 2024, May 7, 2024, May 17, 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 Jai Bharat Rice Mills (JBRM) was established in 2001
as a proprietorship firm by Mr. Ganesh Dass Garg. JBRM was
reconstituted as a partnership firm on April 1, 2005 with inclusion
of Mr. Assem Garg as a partner. The current partners are Mr. Ganesh
Dass & Mr. Aseem Dass and sharing their profit and losses equally.
JBRM is engaged in milling, processing and trading of basmati rice
at unit located at Tarori, Karnal, Haryana.


JK SURFACE: Liquidation Process Case Summary
--------------------------------------------
Debtor: JK Surface Coatings Private Limited
        Neel Siddhi Enclave - Commercial Complex
        Plot 48/9, Sector-14, Vashu, Navi, Mumbai
        Maharashtra, India 400703

Liquidation Commencement Date: June 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Vijay Pitambar Lulla
            201, Satchitanand Bldg, 12th Road
            Khar (W), Mumbai 400052
            Email: vijayplulla@radiffmail.com

            -- and --

            203-b, Arcadia Bldg. 195, N.C.P.A. Marg,
            Nariman Point, Mumbai 400021
            Email: jksurface.liquidator@gmail.com
            Contact Number: 022-20821220

Last date for
submission of claims: July 31, 2024


KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Kailasanadha Cotton Syndicate Private Limited (SKS) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           2         CRISIL D (Issuer Not  
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SKS for
obtaining information through letter and email dated June 11, 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 SKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKS continues to be 'CRISIL D Issuer Not Cooperating'.

Set up as a private limited company in 2004 by Mr. T Ramkalyan, Ms.
T. Vijaya Lakshmi and Mr. T Surya Raghvendra, SKS is engaged in
ginning and pressing of raw cotton. The company's ginning unit is
based in Guntur (Andhra Pradesh).


KY TOBACCO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: K.Y Tobacco Works Private Limited
C-42 -A/2, UGF, Main Road, Kanti Nagar,
        East Delhi, Delhi – 110051

Insolvency Commencement Date: June 11, 2024

Estimated date of closure of
insolvency resolution process: December 17, 2024

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

Insolvency
Professional: CA Varun Vashisht
       R-8, South Extension, Part II
              New Delhi - 110049
              Email: cavarunvashisht@gmail.com
              Email: cirp.kytobaccoworks@gmail.com

Last date for
submission of claims: July 4, 2024



LION BUILDCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lion Buildcon Private Limited
        Registered Address:
        B-132, S/F, KH NO 776/704/508 Gali No 7
        Hardevpuri, Shahdara Delhi 110093 India

Insolvency Commencement Date: July 3, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 30, 2024

Insolvency professional: Gaurav Kapoor

Interim Resolution
Professional: Gaurav Kapoor
              301, Choudhary Complex
              9 Veer Savarkar Block
              Madhuban Road
              Shakarpur, East, New Delhi
              NCT of Delhi 100092
              Email: Gaurav.kapoor@cai.org
              Email: lionbuildconcirp@rediffmail.com

Last date for
submission of claims: July 17, 2024


LSAG INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: LSAG India LLP
House No WP-434A 4th floor, BLK-WP Village,
        Wazirpur Landmark MCD Park, Wazir Pur III,
        North West Delhi, India 110052

Liquidation Commencement Date: June 25, 2024

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Mr. Amit Jain
     D 32 East of Kailash New Delhi 110065
            Email: amitjain32@gmail.com
            Email: isag.vl2024@gnmail.com
            Mobile: 9818582552

Last date for
submission of claims: June 25, 2024


LVS ESTATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: LVS Estates Private Limited
        Registered Address:
        15 Rajsthani Udyog Nagar
        G.T. Karnal Road, Delhi
        Delhi, India – 110033

Insolvency Commencement Date: July 2, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 29, 2024

Insolvency professional: Gagan Gulati

Interim Resolution
Professional: Gagan Gulati
              A-179, First Floor, Sudershan Park
              New Delhi 110015
              Email: advocategulati@gmail.com
              Email: cirp.lvestates@gmail.com

Last date for
submission of claims: July 16, 2024


MAA RATANTI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Maa Ratanti Kalimata Cold Storage Private Limited
        Registered Address:
        Rabindrapally P.O. P.S. - Suri, Birbhum
        West Bengal, India 731101

Insolvency Commencement Date: January 25, 2024
        (Note: Interim Resoluton Professional [IRP] appointed
         by order dated June 27, 2024 of Honorable NCLT,
         Kolkata, which has been received on July 3, 2024)

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 29, 2024
                               (Determined with July 3, 2024,
                                i.e. the date of appointment
                                of the IRP)

Insolvency professional: Santanu Brahma

Interim Resolution
Professional:      Santanu Brahma
                   AH-276, Salt Lake, Sector II
                   Kolkata 700091, WB
                   Email: ip.santanubrahma@gmail.com
                   Email: mrk.cirp@gmail.com

Last date for
submission of claims: July 17, 2024


MATA ENERGY: Liquidation Process Case Summary
---------------------------------------------
Debtor: Mata Energy Limited
        503, TOPAZ Building
        Panjagutta Hyderabad
        Telangana, India 500082

Liquidation Commencement Date: May 31, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Kasi Srinivas
            1-2-37/4B, Flat No. 4B
            Jains Bhavani Residency
            St. No. 3 Kakatiya Nagar
            Habsiguda, Hyderabad
            Telangana 500007
            Email: Srinivaskashyap111080@gmail.com

             -- and --

            Flat No. 104, Kavuri Supreme Enclave
            Kavuri Hills, Hyderabad 500033, Telangana
            Email: rp.mataenergy@gmail.com

Last date for
submission of claims: July 18, 2024


MUSALE CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Musale
Construction continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Musale for
obtaining information through letter and email dated June 11, 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 Musale, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Musale is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Musale continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Musale was established in 1990 and is promoted by Mr. Sonba
Gulabrao Musale and his brother, Mr. Rambhau Gulabrao Musale. The
firm is engaged in civil and infrastructure construction, primarily
in the irrigation and road segments. It is registered as a "Class
1A" contractor with Maharashtra Public Works Department. About 90
per cent of its projects have been executed in Maharashtra and
remaining in Madhya Pradesh.


NAVEEN POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naveen
Poultry Farms Private Limited (NPFL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.7        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NPFL for
obtaining information through letter and email dated June 11, 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 NPFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NPFL continues to be 'CRISIL D Issuer Not Cooperating'.

NPFL was set up in 2011 by Mr. K Kiran Kumar, Mrs. K Saritha Rao,
and Mr. V Narendra Reddy. The company produces commercial eggs at
its facility in Hyderabad.


NEW HIND SILK: Liquidation Process Case Summary
-----------------------------------------------
Debtor: NEW HIND SILK HOUSE PRIVATE LIMITED
        111A, Park Street, 2nd Floor
        Kolkata, West Bengal, India 700016

Liquidation Commencement Date: June 13, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Binay Kumar Singhania
            B K S  & Co, Diamond Heritage
            16 Strand Road, Unit 519, 5th Floor
            Kolkata, West Bengal 700001
            Email: binay1@yahoo.com

              -- and --

            AAA Insolvency Professionals LLP
            15B, Ballygunge Cricular Road
            Mousumi Apartments, Ground Floor
            Kolkata 700019
            Email: ip.newhind@gmail.com

Last date for
submission of claims: July 13, 2024


NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Marine
Exportts (India) Private Limited (NMEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting      2           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        3           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NMEPL for
obtaining information through letter and email dated June 11, 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 NMEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in April 2012, NMEPL is based in Hyderabad, and trades
in shrimp and other fishes.


NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ninaniya
Estates Limited (NEL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             32.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NEL for
obtaining information through letter and email dated June 11, 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 NEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in fiscal 2005 and promoted by Mr Vijay Singh Rao, NEL
operates in the real estate development and construction industry.
It is developing two projects, Prism and Prism Portico, in
Gurugram, Haryana. Prism comprises Tower A (commercial space),
Tower B (hotel), and Tower C (executive suites). The hotel will
have 162 rooms for which the company has pre-defined agreements
with M/s Starwood Hotels and Resorts Pte Ltd, Singapore, for use of
its registered brand, Four Points by Sheraton.


NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Noble
Educational Trust (NET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Line of Credit          1         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      0.25      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               6.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NET for
obtaining information through letter and email dated June 11, 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 NET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NET continues to be 'CRISIL D Issuer Not Cooperating'.

NET was founded in 2003 by Dr. A S A Jerald Gnanarathinam. The
trust runs a K-12 school, Noble Matriculation Higher Secondary
School, in Aruppukottai, Tamil Nadu. The school is affiliated to
the Directorate of Matriculation Schools, Tamil Nadu.


NORTH BENGAL ONCOLOGY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: North Bengal Oncology Center Private Limited
        Vill & P.O. Rangapani Dist.
        Darjeeling, Darjeeling, Siliguri
        West Bengal, India 734434

Liquidation Commencement Date: June 28, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Birendra Kumar Tripathi
            60/2/1 Haripadda Dutta Lane
            Golf View Apartment
            Flat NO-7, 3RD Floor
            Kolkata, West Bengal 700033
            Email: bkt9000@gmail.com
            Mobile: 9433602746

Last date for
submission of claims: July 27, 2024


NYLES SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nyles Sales &
Infraprojects Private Limited (NSIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit        5         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

CRISIL Ratings has been consistently following up with NSIPL for
obtaining information through letter and email dated June 11, 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 NSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NSIPL, incorporated in 2014, is based in Pune (Maharashtra). NSIPL,
formerly known as Nyles Sales Agencies Pvt Ltd, is promoted by Mr.
Ramsingh Raiji and his wife- Krishna Raiji and was earlier engaged
in readymade garments business. The company in fiscal 2018 started
undertaking EPC contract for setting up substations and
transmission lines for Maharashtra State Electricity Distribution
Company Limited (MSEDCL) and repair and maintenance work for
private players.


OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Option Oxides
Private Limited (OOPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.8        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    14.6        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              6.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OOPL for
obtaining information through letter and email dated June 11, 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 OOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2008 as a partnership (Option Oxides) between Mr. Dilip
Parekh and Mrs. Jyoti Parekh, it was reconstituted as a private
limited company and renamed OOPL in 2012. The company manufactures
zinc oxide, zinc sulphate, and manganese sulphate. Zinc oxide
accounts for over 80 per cent of total sales. It has an office in
Mumbai and a manufacturing facility in Bharuch, Gujarat. Mr.
Parekh, who manages operations, has been in the chemicals business
since 1998.


ORBIT ELECTRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Orbit Electro Equipments Private Limited
        Registered Address:
        Unit No. 1, 2 &3, J Wing
        4th Floor, Tex Centre,
        Chandivali Farm Road, Chandivali
        Andheri (E), Mumbai 400072

Insolvency Commencement Date: July 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 1, 2025

Insolvency professional: Anshul Gupta

Interim Resolution
Professional: Anshul Gupta
              410, 4th Floor
              Blue Rose Industrial Estate
              Near Metro Mall
              Borivali East, Mumbai City
              Maharashtra 400066
              Email: contactanshulgupta@gmail.com
              Email: orbit.ibc@gmail.com

Last date for
submission of claims: July 19, 2024


P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P.K.
Sulphiker (PKS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.25       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PKS for
obtaining information through letter and email dated June 11, 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 PKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PKS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PKS was set up as a proprietorship firm in 1993 by Mr P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.


PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.15       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             10.35       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated June 11, 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 PIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL D Issuer Not Cooperating'.

PIPL was set up in 2013 by Mr K Mahesh Reddy, Mr Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.


PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Precision
Engineering Corporation (PEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PEC for
obtaining information through letter and email dated June 11, 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 PEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after the founder's son, Mr. Vaibhav Gupta, joined
the business. PEC manufactures heat exchanger coils used in boilers
in power plants. Its manufacturing facility and office are in
Bhilai (Chhattisgarh).


RADIANT PACKAGING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Radiant Packaging Private Limited
        P.O. Madhupur Dist.,
        Deoghar Jharhand 815252 India

Liquidation Commencement Date: July 6, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Birendra Kumar Tripathi
            60/2/1 Haripadda Dutta Lane
            Golf View Apartment
            Flat No. 7, 3rd Floor
            Kolkata, West Bengal 700033
            Email: bkt9000@gmail.com
            Mobile: 9433602746

Last date for
submission of claims: August 4, 2024


RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.3        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.7        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.38       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.62       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RCFPL for
obtaining information through letter and email dated June 11, 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 RCFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCFPL continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RCFPL and Raj Breeders and
Hatcheries Private Limited (RBHPL). This is because both these
companies, together referred to as the Raj group, are under the
same management, and have considerable operational and financial
linkages with each other.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.


SATYA SUBAL: CRISIL Lowers Rating on INR10cr Fund Based Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facility of Satya Subal Himghar Pvt Ltd (SSHPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund-Based             10         CRISIL D (ISSUER NOT
   Facilities                        COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SSHPL for
obtaining information through letter and email dated July 11, 2024,
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-cooperation 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 has failed to receive any information on either the
financial performance or strategic intent of SSHPL, which restricts
the ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes information
available on SSHPL is consistent with 'Assessing Information
Adequacy Risk'.

Based on the publicly available information, CRISIL Rating
understands SSHPL has been irregular in its account conduct. Hence,
the rating on the company's long-term bank facility has been
downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

Incorporated in 2012 and promoted by Mr Bhaskar Ghosh, Mr Dipankar
Ghosh, Mr Sasanka Ghosh, Mr Shankar Ghosh and Mr Kinkar Prasad
Ghosh, SSHPL operates a potato cold storage facility in
Chandrakona, West Bengal, which has capacity of 172,000 quintal per
annum.

Status of non-cooperation with the previous credit rating agency
(CRA)

SSHPL has not cooperated with Credit Analysis & Research Ltd, which
has classified it as non-cooperative through its release dated
March 17, 2022. The reason provided by the CRA is non-furnishing of
information for monitoring the rating.

SSHPL has not cooperated with ICRA Ltd, which has classified it as
non-cooperative through its release dated October 10, 2017. The
reason provided by ICRA is non-furnishing of information for
monitoring the rating.


SAVYASACHI INFRASTRUCTURE: Insolvency Process Case Summary
----------------------------------------------------------
Debtor: Savyasachi Infrastructure Private Limited
        Registered Address:
        M-166, 2nd Floor, South City-1,
        Gurgaon, Haryana-122001

Insolvency Commencement Date: June 28, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 25, 2024

Insolvency professional: Umesh Gupta

Interim Resolution
Professional: Umesh Gupta
              Ground Floor ,221-A/19, Onkar Nagar B,
              Tri Nagar, North West
              National Capital Territory of Delhi 110035
              Email: umesh@vamindia.in

              -- and --

              Immaculate Resolution Professionals Private Limited
              Unit No. 112, First Floor, Tower-A,
              Spazedge Commercial Complex, Sector-47
              Sohna Road, Gurgaon-122018
              Email Id: ibc.savyasachiinfrastructure@gmail.com

Last date for
submission of claims: July 16, 2024


SHEBA MARINE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sheba Marine Engineering Private Limited

        Registered Address:
        No. 46 Thenbazar Post
        Villupuram, Thindivanam
        Tamil Nadu  604001

Insolvency Commencement Date: June 21, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 17, 2024

Insolvency professional: Prakul Thadi

Interim Resolution
Professional: Prakul Thadi
              Flat No. 1405 J Block
              Rainbow Vistas Green Hills Road
              Moosapet, Hyderabad
              Telangana 500018
              Email: prakulthadi@hotmail.com

                -- and --

              470/12, II Floor, HIG-I
              Block-5 Baghlingampally
              Hyderabad 500044
              Email: cirp.shebamarine@gmail.com

Last date for
submission of claims: July 8, 2024


TAIHE (INDIA) OPTOELECTRONIC: Voluntary Liquidation Process Case S
------------------------------------------------------------------
Debtor: Taihe (India) Optoelectronic Technology Private Limited
Unit No. 611, Reliables Pride Anand Nagar,
        Opp Heera Panna Mall Jogeshwari (W) Mumbai-400102

Liquidation Commencement Date: June 24, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Rajan Deshraj Agarwal
     Office No. 76B 7th Floor, Mittal Tower Free Press Journal
Road,
            Nariman Point, Mumbai-400021
            Email: iprajanagarwal@gmail.com
            Mobile: 9821122607

Last date for
submission of claims: July 24, 2024


TEAMSTAND INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Teamstand India Private Limited
        H. No. 7-1-638 to 643, 314, 3rd Floor
        Bhanu Enclave, Sunder Nagar
        Sanjeev Reddy Nagar
        Ameerpet, Hyderabad
        Telangana, India - 500038

Liquidation Commencement Date: June 19, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Mahadev Tirunagari
            V7 Advisors LLP
            Flat No.406 & 407
            MGR Estates, Dwarakapuri Colony
            Punjagutta, Hyderabad
            Telangana 500082 India
            Email: teamstandindia@gmail.com
            Phone: +91 90142 90839

Last date for
submission of claims: July 18, 2024


VASTU DEVELOPERS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Vastu Developers Private Limited
        C-15, Hauz Khas
        New Delhi 110016

Liquidation Commencement Date: July 8, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Amit Jain
            D 32 East of Kailash
            New Delhi 110065
            Email: amitjain32@gmail.com
            Email: vastu.vl2024@gmail.com
            Mobile: 9818582552

Last date for
submission of claims: August 7, 2024


VIR ELECTRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vir Electro Engineering Private Limited

        Registered Address:
        X-1-11 MIDC, Ambad
        Nasik, MH 422010

Insolvency Commencement Date: June 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 17, 2024

Insolvency professional: Sachin Shrinivas Bhattad

Interim Resolution
Professional: Sachin Shrinivas Bhattad
              Flat No. 1A, 1st Floor, Vijay Towers
              139 Railways Lines, Solapur
              Maharashtra 413001
              Email: sachinbhattadca@gmail.com

               -- and --

              Stress Credit Resolution Private Limited
              G-7, Satyam Shivam Sunderam CHS
              Sion Circle, Sion East, Mumbai 400022
              Email: virelectro.cirp@gmail.com

Last date for
submission of claims: July 4, 2024


VISHVAAS BHARAT: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Vishvaas Bharat Finance And Investment Private Limited
        Shop No. 2, ISBT Transport Nagar
        Narwal, Jammu
        Jammu & Kashmir 180006

Liquidation Commencement Date: July 1, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Vishawjeet Gupta
            #51, Adarsh Enclave, Dhakoli
            Near Zirakpur, Distt.
            Mohali (Punjab) 160104
            Email:mvishawjeetgupta@gmail.com
            Mobile: +91-98152 84474

Last date for
submission of claims: July 31, 2024




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

LIPPO KARAWCI: Fitch Hikes LongTerm IDR to 'CCC+'
-------------------------------------------------
Fitch Ratings has downgraded PT Lippo Karawaci Tbk's (LPKR)
Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default),
from 'C', following the completion of a tender offer. This is
because Fitch considers the transaction to be a distressed debt
exchange (DDE), as this transaction was conducted to avoid a
default, in its view.

Subsequently, Fitch has upgraded the Long-Term IDR to 'CCC+' to
reflect LPKR's improved liquidity, but with limited headroom,
following the partial notes redemption using proceeds from an asset
disposal. This also led Fitch Ratings Indonesia to downgrade LPKR's
National Long-Term Rating to 'RD(idn)' from 'C(idn)' and then
upgrade to 'BB-(idn)' with Stable Outlook.

Fitch has also downgraded the ratings on LPKR's US dollar notes due
January 2025 and October 2026 issued by Theta Capital Pte. Ltd. to
'RD' from 'C' and then upgraded to 'CCC+' with a Recovery Rating of
'RR4'.

'BB-' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary
union.

'RD' National Ratings indicate an issuer that, in Fitch's opinion,
has experienced an uncured payment default on a bond, loan or other
material financial obligation but that has not entered into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedure and has not otherwise ceased
business.

KEY RATING DRIVERS

Notes Buyback Completed: LPKR redeemed USD171 million and USD49
million of its 2025 and 2026 US dollar notes, respectively, using
proceeds of around USD237 million from disposing its 10.4% stake in
PT Siloam International Hospital (SILO). SILO ceased to be a
restricted subsidiary after the disposal. Fitch views the tender
offer and the consent solicitation as aimed at avoiding a
traditional default, and Fitch downgraded the Long-Term IDR to 'RD'
on completion of the offer. The subsequent upgrade to 'CCC+'
reflects company's improved liquidity following the settlement.

Short-Term Refinancing Risk Reduced: The buyback has reduced the
short-term refinancing risk. Only USD67 million of unsecured notes
is outstanding for the January 2025 maturity. Fitch expects LPKR to
rely on external funding to address this reduced maturity and its
bank loans amortisation, as its free cash flow (FCF) is improving
but remains insufficient for principal servicing. Although the
company has also redeemed a portion of its 2026 notes, Fitch
believes that LPKR will still face a liquidity shortfall for the
remaining USD145.8 million of its October 2026 notes.

Improved but Limited Liquidity: Fitch expects LPKR to have neutral
to marginally positive FCF in the medium term, thus debt servicing
will erode cash reserves unless LPKR is able to tap further
external financing. Fitch believes the company's decision to
participate in the tender offer by Sight Investment, a minority
stakeholder in SILO, to sell portion of its remaining 47.6% stake
in SILO will play vital role in maintaining its liquidity.

Sight Investment will open the tender offer between 29 July and 27
August 2024 to acquire up to 45% of SILO for IDR16.68 trillion.
LPKR's credit profile will benefit if this tender offer is
completed, and the sale proceeds are used for deleveraging.

Bond Buyback Lifted Financial Profile: Fitch expects LPKR's EBITDA,
excluding SILO and PT Lippo Cikarang Tbk (LPCK), to cover interest
costs by more than 1x from 2025 (2024F: 0.5x), up from below-1x
over the past three years. The improved coverage ratio is due to
total debt reduction, and lowering of foreign-currency debt and
associated hedging cost amid a weakening rupiah to the US dollar.

Fitch expects LPKR's leverage (measured by net debt-to-net property
assets) to improve to below 50% from 2024 (2023: 65%). Fitch
believes the improved financial profile will provide room to raise
new debt, if needed.

Steady Pre-Sales: LPKR, excluding LPCK, had marketing pre-sales,
including land sales, of IDR1.17 trillion in 1Q24, which represents
30% of its 2024 target of IDR3.5 trillion and a 35% yoy increase.
Fitch expects pre-sales to rise and debt to reduce, supporting FCF
improvement to positive over the medium term. These changes will
counter a slight decline in dividend income after the SILO stake
sale, from 2023's IDR148 billion, with a likely rise in SILO's
dividend payout bringing dividend income to IDR130 billion-150
billion annually for next three years.

Some Unencumbered Land Bank: LPKR has some unencumbered assets.
Excluding land inventory booked under LPCK, LPKR had around IDR13.5
trillion of land at book value that is mostly unpledged. There are,
however, challenges to mortgage the land bank if the land is not
contiguous. Also, some portion of vacant land is needed to launch
new developments. LPKR pledged land with book value of IDR1.25
trillion as security for syndication loans it obtained for the
tender offer of its capital-market debt in January 2023.

Rating Based on Standalone Profile: Fitch assesses LPKR's rating
based on the standalone company and closely held subsidiaries, and
exclude its key listed subsidiaries, LPCK and SILO. This is to
reflect limited cash fungibility between LPKR, which is the obligor
of most of the consolidated group's debt, and its key listed
subsidiaries

DERIVATION SUMMARY

LPKR's is rated lower than PT Kawasan Industri Jababeka Tbk (KIJA;
IDR: B-/Stable; National Rating: BB+ (idn)/Stable) on both the
international and national rating scales. KIJA's smaller presales
than LPKR's are counterbalanced by KIJA's non-development income
from its power plant, dry port and estate-management services,
which covers its interest expense by more than 1x. KIJA's liquidity
is also better as Fitch expects its cash and equivalents to remain
steady despite rising loan amortisation and should cover the
obligations in next 12-15months. KIJA does not have any material
maturities in the next three years, while LPKR's internal cashflows
are expected to be insufficient to cover its annual principal
amounts maturing from 2025.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer
Include:

- Pre-sales, excluding bulk land at LPKR (excluding LPCK), of
IDR3.5 trillion-3.7 trillion a year over 2024-2026;

- FCF to improve and exceed IDR70 billion by 2026;

- Annual dividend income from key subsidiaries of IDR135
billion-150 billion during 2024-2026;

- Neutral EBITDA from recurring-income businesses, such as hotels,
malls and property management by 2024.

RECOVERY ANALYSIS

Recovery Rating Assumptions:

- LPKR, excluding SILO and LPCK, will be liquidated during
bankruptcy because it is primarily an asset-trading company;

- 10% administrative claims;

- A 25% haircut on trade receivables, in line with domestic and
regional peers;

- A 50% haircut on the book value of adjusted inventory, in line
with domestic and regional peers;

- A 50% haircut on net property, plant and equipment;

- Proceeds from the disposal of LPKR's 47.65% stake in SILO and 47%
stake in Lippo Malls Indonesia Retail Trust (CCC/Rating Watch
Negative) will be available during a liquidation. Fitch used SILO's
share price (IDR2,750) and LMIRT's unit price (SGD0.016) on 5 July
2024 as the basis to calculate the recovery value from both
entities' shares.

- A 60% haircut on SILO's and LMIRT's market value given LPKR's
substantial stake;

- Fitch estimates, based on its calculation of the adjusted
liquidation value after administrative claims, the recovery rate of
the senior unsecured bonds to be 100%, which corresponds to a
Recovery Rating of 'RR2'. However, Fitch has rated the senior
unsecured bonds 'CCC+'/'RR4' because Indonesia falls into Group D
of creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings Criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at 'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Sustained positive FCF

- Sustained improvement in liquidity including repayment or
refinancing of the 2026 notes

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Weakened liquidity

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: LPKR's buyback has reduced the notes maturing in
January 2025 to around USD67 million, from USD237 million. Fitch
believes LPKR will then rely on additional debt or sale of assets
to fund this maturity as its FCF will be insufficient to address
it. In addition, there are also bank loan amortisation and bullet
maturities that Fitch estimates to be above IDR500 billion annually
until 2028. LPKR had a cash balance of around IDR1.4 trillion at
end-March 2024.

ISSUER PROFILE

LPKR is an Indonesia-based homebuilder with over 1,000 hectares of
land bank, which the company says is sufficient for more than a
decade of development. It also has a small portfolio of investment
properties consisting of retail malls and hotels, and a property
and portfolio management business.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating            Recovery   Prior
   -----------             ------            --------   -----
PT Lippo
Karawaci Tbk      LT IDR    RD      Downgrade           C
                  Natl LT   RD(idn) Downgrade           C(idn)
                  LT IDR    CCC+    Upgrade             RD
                  Natl LT   BB-(idn)Upgrade             RD(idn)
                  LC LT IDR RD      Downgrade           C
                  LC LT IDR CCC+    Upgrade             RD

   senior
   unsecured      LT        CCC+    Upgrade     RR4     RD

   senior
   unsecured      LT        RD      Downgrade   RR4     C

Theta Capital
Pte. Ltd.

   senior
   unsecured      LT        CCC+    Upgrade     RR4     RD

   senior
   unsecured      LT        RD      Downgrade   RR4     C




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

ANTHEM HOMES: BDO Tauranga Appointed as Liquidator
--------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on July
16, 2024, were appointed as liquidators of Anthem Homes Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road


BEACON WINDOWS: BDO Tauranga Appointed as Liquidator
----------------------------------------------------
Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga on July
15, 2024, were appointed as liquidators of Beacon Windows Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


CARLIN HOTEL: BDO Christchurch Appointed as Receivers
-----------------------------------------------------
Diana Matchett and Colin Gower of BDO Christchurch on July 17,
2024, were appointed as receivers and managers of The Carlin Hotel
Limited.

The receivers and managers may be reached at:

          BDO Christchurch
          Awly Building, Level 4
          287–293 Durham Street North
          Christchurch 8013


PENDRELL INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 16
---------------------------------------------------------------
A petition to wind up the operations of Pendrell Investments
Limited will be heard before the High Court at Auckland on Aug. 16,
2024, at 10:45 a.m.

Digby John Noyce filed the petition against the company on June 21,
2024.

The Petitioner's solicitor is:

          Howard Luke Thompson
          McMahon Butterworth Thompson, Lawyers
          Level 1, 5 High Street
          Auckland


PETER PAWAN: Court to Hear Wind-Up Petition on Aug. 2
-----------------------------------------------------
A petition to wind up the operations of Peter Pawan Limited will be
heard before the High Court at Auckland on Aug. 2, 2024, at 10:45
a.m.

Tauranga Cash'n Carry Limited filed the petition against the
company on May 23, 2024.

The Petitioner's solicitor is:

          Satya Pandaram
          andaram Legal, 8 Radnor Street
          PO Box 4033
          Hamilton




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

DEL MONTE: Seeks to Refinance PHP29BB Loans to Address Debt Issues
------------------------------------------------------------------
Bilyonaryo.com reports that loss-making Del Monte Pacific Ltd.
(DELM) of bilyonaryo Joselito "Butch" Campos is seeking relief from
creditor banks for $500 million (PHP29 billion) in loans due within
the next 12 months.

To address its deteriorating financial situation, DELM plans to
sell some of its assets and bring in new partners, Bilyonaryo.com
relates. The company has a net debt of $2.28 billion for the fiscal
year ending April 2024 (FY2024).

In a report to regulators, DELM said it is in discussions with
partner banks to extend and refinance $500 million in loans
maturing in FY2025, Bilyonaryo.com relays. The proposed refinancing
could extend the loans by up to three years.

According to Bilyonaryo.com, DELM has hired financial advisors to
help with its sale plans, which may include selling assets, forming
strategic partnerships, or private placements. Proceeds from these
transactions will be used to reduce debt.

Bilyonaryo.com relates that the firm was responding to questions
raised by the Singapore Exchange Securities Trading Limited amid
its mounting financial risks after posting a $127 million loss in
FY 2024 due to inventory problems in the United States. It expects
to continue spewing red ink until FY2025.

DELM's debt-to-adjusted EBITDA (Earnings Before Interest, Taxes,
Depreciation, and Amortization without one-time items) ratio has
increased to 15 times from 6.7 times, and its gearing ratio has
risen to 8.9 times compared to 5.8 times the previous year,
Bilyonaryo.com discloses.

Bilyonaryo.com says DELM assured investors of its ability to
refinance its liabilities, noting that it has received new
long-term loans from reputable financial institutions and
additional short-term lines from partner banks.

The company has committed to cutting costs, laying off workers,
reducing inventory, consolidating its factories in the US, and
improving planning through digitization and clear organizational
accountability across the group.

Bilyonaryo.com adds Mr. Campos, DELM's managing director and CEO,
said he was "extremely disappointed" with the company's performance
and promised to be relentless in improving operating and financial
performance across all businesses, particularly in the U.S.

Del Monte Pacific Limited produces and markets packaged vegetable
and fruit, beverage and culinary products. The Group has the
exclusive right to use the Del Monte brand for packaged products in
the USA, South America, Philippines, the Indian subcontinent and
Myanmar, and the S&W brand for both packaged and fresh products
globally except Australia and New Zealand.


METRO GLOBAL: Faces Delisting From PSE Next Month
-------------------------------------------------
The Philippine Star reports that Metro Global Holdings Corp., a
company led by Robert John Sobrepeña, is in danger from being
delisted from the Philippine Stock Exchange (PSE) next month.

The Philippine Star relates that the PSE, in a memorandum, warned
Metro Global of the possibility of being kicked out of the local
bourse for its non-compliance with the amended rule on minimum
public ownership.

Under the amended rule, the PSE said listed companies that become
non-compliant with the minimum public ownership requirement "shall
be suspended from trading for a period of not more than six months
and shall be automatically delisted if it remains non-compliant
with the minimum public ownership after the lapse of the suspension
period."

According to the Philippine Star, the PSE said Metro Global remains
non-compliant with the amended minimum public ownership rule to
date.

"Given the foregoing, and as previously announced, should the
company remain non-compliant with the minimum public ownership
requirement after the lapse of the six-month period reckoned from
Feb. 5, 2024, Metro Global shall be automatically delisted from the
official registry of the exchange," it said.

A notice was issued earlier this year by the PSE with reference to
Metro Global's public ownership report dated Feb. 19, 2024 which
stated that following the company's receipt of the approval by the
Securities and Exchange Commission of its application for increase
in authorized capital stock, 750 million Metro Global shares were
deemed issued to Fil-Estate Management Inc.

The Philippine Star relates the PSE said that in view of the said
issuance, the company's public ownership level fell below the 10
percent prescribed minimum level.

Trading of Metro Global shares has been suspended for 17 years, the
report notes.

The company was originally incorporated as San Jose Oil Inc. in
September 1954 to look for and market oil, natural gas and other
minerals.

It changed its primary purpose in July 1996 from oil exploration to
a holding company engaged in property and infrastructure
development and after two years, changed its name to Fil-Estate
Corp.

Its key investments include equity interest in Metro Rail Transit
Holdings Inc. and Metro Rail Transit Holdings II Inc.

The Philippine Star says the company earlier expressed plans to
invest in renewable energy projects, with its board clearing the
expansion of its primary purpose to include investment in projects
such as solar, wind and other renewable energy generation
facilities.


RURAL BANK OF CUYO: Creditors' Claims Deadline Set for Aug. 30
--------------------------------------------------------------
All creditors of the closed Rural Bank of Cuyo (Palawan), Inc. have
until Aug. 30, 2024, to file their claims against the assets of the
closed bank either by e-mail, mail, or personal filing.

Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Cuyo (Palawan), Inc.
and include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors may file their claims through any of the following:

1. E-mail at cuyorb-pad@pdic.gov.ph;

2. Mail addressed to the PDIC Public Assistance Department, Ground
   Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City
   1231. Claims filed by mail must have a postmark date no later
   than August 30, 2024; or

3. Personal filing at the PDIC Public Assistance Center (PAC)
   located on the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces

   Avenue, Makati City, from Monday to Friday, from 8:00 AM to
   5:00 PM. For visits to the PAC, clients are highly encouraged
   to request an appointment by calling the Public Assistance
   Hotline during office hours at (02) 8841-4141 or at Toll-Free
   number 1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an
   e-mail request to cuyorb-pad@pdic.gov.ph, or by sending a
   request through private message at PDIC's official Facebook
   page at www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after August 30, 2024, shall be disallowed. PDIC, as
Receiver, shall notify creditors of the denial or disallowance of
claims through mail. Claims denied or disallowed by the PDIC may be
filed with the liquidation court within 60 days from receipt of
final notice of denial or disallowance of claim or within 20 days
from the date of publication of the Order setting the Petition for
Assistance in the Liquidation Proceeding for initial hearing,
whichever is later.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of August 30, 2024, are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Cuyo (Palawan), Inc. was ordered closed by virtue of
Monetary Board Resolution No. 631.C dated June 6, 2024. It is a
two-unit rural bank with Head Office located on Mendoza Street,
Bancal, Cuyo, Palawan; and a branch lite unit located in Subic Bay,
Zambales.

All requests and inquiries relating to Rural Bank of Cuyo
(Palawan), Inc. shall be addressed to the PDIC Public Assistance
Department through e-mail at cuyorb-pad@pdic.gov.ph, or through
telephone number (02) 8841-4141. Creditors outside Metro Manila may
call the PDIC Toll Free Hotline during office hours at
1-800-1-888-PDIC (7342). Inquiries may also be sent as a private
message to the PDIC's official Facebook page at
www.facebook.com/OfficialPDIC




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

FISCHER TECH: Commences Wind-Up Proceedings
-------------------------------------------
Members of Fischer Tech International Pte Ltd, on July 9, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Cosimo Borrelli
          Jason Aleksander Kardachi
          Kroll Pte. Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315


FLESH IMP: Court to Hear Wind-Up Petition on Aug. 2
---------------------------------------------------
A petition to wind up the operations of Flesh IMP Clothings Pte Ltd
will be heard before the High Court of Singapore on Aug. 2, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 8, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


FLMP INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 2
------------------------------------------------------------
A petition to wind up the operations of FLMP International Pte Ltd
will be heard before the High Court of Singapore on Aug. 2, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 8, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


M & C SERVICES: Creditors' Proofs of Debt Due on Aug. 16
--------------------------------------------------------
Creditors of M & C Services Private Limited are required to file
their proofs of debt by Aug. 16, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2024.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


SEAGARDEN RESOURCES: Creditors' Proofs of Debt Due on Aug. 16
-------------------------------------------------------------
Creditors of Seagarden Resources Pte. Ltd. are required to file
their proofs of debt by Aug. 16, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 2024.

The company's liquidator is:

          Balasubramaniam Janamanchi
          c/o JBS Practice PAC
          137 Telok Ayer Street
          #05-03
          Singapore 068602




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

SAIGON THUONG: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Saigon Thuong Tin Commercial Joint Stock
Bank (Sacombank) a Long-Term Issuer Default Rating of 'BB-'. The
Outlook on the IDR is Stable. At the same time, the agency has also
assigned Sacombank a Viability Rating (VR) of 'b+' and Government
Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

IDR Driven by State Support: Sacombank's Long-Term IDR is driven by
its GSR of 'bb-', which is two notches below Vietnam's sovereign
rating (BB+/Stable). This reflects its belief that the authorities
have a strong propensity to support systemically important banks,
but the timeliness of support may be constrained by the large size
of the banking system relative to GDP. Sacombank's moderate market
share of about 4% of system deposits makes it less systemically
important than the larger state-owned peers, but on par with its
largest privately owned peers.

The bank's Short-Term IDR of 'B' is mapped from the Long-Term IDR
according to Fitch's Bank Rating Criteria.

Restructuring Enhances Standalone Profile: Sacombank's VR of 'b+'
reflects sustained improvements in its financial performance since
it embarked on its restructuring programme in 2017, following the
merger with Southern Commercial Joint Stock Bank. The rating also
considers Vietnam's favourable medium-term banking business
prospects, the bank's enhanced profitability and steady funding
profile, counterbalanced against its modest local franchise and
weak, albeit, improving capitalisation.

Sustained Economic Growth: Vietnam's economy grew by 6.4% in 1H24,
following a healthy 5.1% increase in 2023. A recovery in external
demand and gradual resolution of challenges in the domestic
property market should help to sustain economic growth, which Fitch
projects to be around 7% over the medium term. This should provide
favourable business prospects for the banking sector.

Restructuring Nearly Complete: Sacombank's financial performance
and business profile have improved considerably since it embarked
on restructuring in 2017. Legacy asset-quality problems are largely
resolved and the bank continues to enhance its franchise as one of
the larger private-sector banks in the country.

Growth Constrained by Capital: The bank has been growing its loan
book broadly in line with the industry average but slower than most
of its rated mid-sized peers over 2018-2023, largely due to its
focus on cleaning up legacy loan impairments and its low capital
buffers. Its risk profile score of 'b+'/stable takes into account
its high proportion of secured loans, but is counterbalanced by its
view that the bank's risk acceptance parameters are laxer than
peers, as reflected by its recent asset-quality performance that
has lagged most local rated peers.

Shrinking Legacy Problem Loans: Sacombank has fully provisioned its
remaining Vietnam Asset Management Company (VAMC) special bonds,
and it plans to completely write them off over the next few
quarters as it completes its restructuring efforts. The bank's
non-performing loan (NPL) ratio of 2.3% at end-March 2024 was
higher than most rated peers, but NPL formation is likely to steady
amid the supportive economic environment. The assigned asset
quality score of 'b+'/stable is lower than the implied score in the
'bb' category to account for the bank's risk profile.

Improved Profitability: Sacombank's operating profit/risk-weighted
assets (RWA) ratio rose to 1.7% in 2023 from 0.9% in 2019, driven
by a sustained expansion in margins and increases in core operating
income as its restructuring of legacy credit issues near an end.
Fitch believes the bank's profitability could improve further on
large recoveries from the sale of collaterals associated with the
VAMC bonds over the next few years. This will more than offset the
higher credit costs as well as sustained operating cost growth.

Thin but Gradually Improving Capital: Sacombank has thin capital
buffers, as reflected in its Fitch Core Capital (FCC) ratio of 7.3%
at end-2023. Nevertheless, the positive outlook on the bank's
capitalisation score reflects its belief that its core capital
ratio will continue to increase gradually over the next 12-18
months, on account of better internal capital generation and
restraint on paying cash dividends.

Largely Steady Funding Profile: Sacombank sources about 93% of its
non-equity funding from customer deposits, of which retail
customers make up 83%, underlining the bank's granular deposit
base. The bank's funding and liquidity score of 'bb'-/stable also
reflects a moderately weaker funding franchise than larger local
rated peers, as indicated by its higher-than-average funding costs.
Recent investments to beef up its digital capabilities, however,
may help it narrow the gap over the medium term, in its view.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs and GSR

A downgrade in the sovereign rating is likely to result in the
downgrade of the bank's GSR and Long-Term IDRs. The bank's
Short-Term IDR could be downgraded if the Long-Term IDR is
downgraded to below 'B-'.

VR

A decline in the FCC ratio to less than 6%, without concrete plans
to restore its capital levels, is likely to lead to negative rating
action on the bank's VR. The VR may also be under pressure should
Fitch sees significant deterioration in asset quality, such that
its NPL ratio rising above 5% on a sustained basis.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs and GSR

An upgrade in the sovereign rating may result in the upgrade of the
bank's GSR and Long-Term IDR, provided that the state's propensity
to support the bank remains intact. The bank's Short-Term IDR could
be upgraded if the Long-Term IDR is upgraded to above 'BB+'.

VR

Fitch may upgrade the bank's VR should Fitch sees its FCC ratio
rising to above 8% on a sustained basis, assuming that its risk
profile and other financial performance are broadly intact.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's Long-Term IDR (xgs) of 'B+(xgs)' excludes assumption of
government support from its underlying rating and is, therefore,
driven by its VR. Its Short-Term IDR (xgs) of 'B(xgs)' is assigned
based on the mapping according to Fitch's Bank Rating Criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

The Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the Long-Term IDR (xgs) is downgraded to below 'B-'.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

The Long-Term IDR (xgs) could be upgraded if the VR is upgraded.
The bank's Short-Term IDR (xgs) could be upgraded if the Long-Term
IDR (xgs) is upgraded above 'BB+'.

VR ADJUSTMENTS

The operating environment score has been assigned above the implied
score due to the following adjustment reason (s): Economic
Performance (positive)

The asset quality score has been assigned below the implied score
due to the following adjustment reason(s): Underwriting Standards
and Growth (negative)

The earnings and profitability score has been assigned above the
implied score due to the following adjustment reason(s): Historical
and Future Metrics (positive)

DATE OF RELEVANT COMMITTEE

09 July 2024

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Sacombank's GSR and IDR are linked to Vietnam's sovereign rating.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of'3' means ESG issues
are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                       Rating                Prior
   -----------                       ------                -----
Saigon Thuong Tin
Commercial Joint
Stock Bank          LT IDR             BB-    New Rating   WD
                    ST IDR             B      New Rating   WD
                    LC LT IDR          BB-    New Rating
                    LC ST IDR          B      New Rating
                    Viability          b+     New Rating   WD
                    Government Support bb-    New Rating
                    LT IDR (xgs)       B+(xgs)New Rating
                    ST IDR (xgs)       B(xgs) New Rating
                    LC LT IDR (xgs)    B+(xgs)New Rating
                    LC ST IDR (xgs)    B(xgs) New Rating



                           *********


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.

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