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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

          Thursday, April 3, 2025, Vol. 28, No. 67

                           Headlines



A U S T R A L I A

BRIGHTE GREEN 2025-1: Moody's Assigns B2 Rating to Class F-A Notes
BRINDABELLA CHRISTIAN: 2nd Creditors Meeting Extended Thru Aug. 3
CENTREX LIMITED: Adjourns Creditors Meeting Amid Sale Negotiations
DESIGNEREX GROUP: Owes AUD2MM to Creditors, Administrators Reveal
FIRST SERVICES: First Creditors' Meeting Set for April 7

METAL BLUE: First Creditors' Meeting Set for April 9
NRY INVESTMENT: Second Creditors' Meeting Set for April 8
PLENTI AUTO 2022-1: Moody's Hikes Rating on Class F Notes From Ba1
PLENTI PL 2023-1: Moody's Raises Rating on Class F Notes From Ba1
PROTECTION BARRIERS: First Creditors' Meeting Set for April 9

STAR ENTERTAINMENT: Salter Brothers Withdraws AUD750MM Lifeline
TECHNICOLOR CREATIVE: Second Creditors' Meeting Set for April 8


C H I N A

CHINA VANKE: Posts First Annual Loss in 2024, COO Resigns
DATAA ROBOTICS: Denies Shutdown Rumors; Navigating Tough Times


I N D I A

ANUDAN PROPERTIES: Can't Use Insolvency Law to Avoid SRA Duties
ARC DISTRIBUTION: Voluntary Liquidation Process Case Summary
ASHAYA RECYCLERS: Voluntary Liquidation Process Case Summary
BAREILLY HIGHWAYS: Insolvency Resolution Process Case Summary
BOMBAY BURMAH: Voluntary Liquidation Process Case Summary

DEWAN HOUSING: SC Upholds Piramal Capital's Resolution Plan
DURGA MARUTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating
ERASTEEL INDIA: Voluntary Liquidation Process Case Summary
EYLEX FILMS: Insolvency Resolution Process Case Summary
IL&FS SECURITIES: ICRA Keeps D Ratings in Not Cooperating

INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
JAGRUT MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
JOUELANA CONSTRUCTION: Insolvency Resolution Process Case Summary
JSP TEXTILES: Voluntary Liquidation Process Case Summary

JYOTI RENEWABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
KARUPPASWAMY BUILDERS: ICRA Keeps B+ Rating in Not Cooperating
LARIYA ART: ICRA Keeps B+ Debt Ratings in Not Cooperating
MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating
MAHATMA GANDHI: ICRA Keeps C+ Debt Rating in Not Cooperating

MRS. BECTOR'S CREMICA: Voluntary Liquidation Process Case Summary
NU-CHEM OILS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
OMKAR INFRATECH: ICRA Keeps B Debt Ratings in Not Cooperating
PANDHE HOSPITALITY: Insolvency Resolution Process Case Summary
PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating

PONNU FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category
POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
PRESTIGE BULK: ICRA Keeps B Long Term Rating in Not Cooperating
QUIDEL DIAGNOSTICS: Voluntary Liquidation Process Case Summary
R.H. SORTEX: ICRA Keeps D Ratings in Not Cooperating Category

R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
RAM CHANDER: ICRA Keeps Debt B+ Rating in Not Cooperating
RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating

RATHI TURBOFLEX: Voluntary Liquidation Process Case Summary
RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating
TAST HEALTHY: Insolvency Resolution Process Case Summary



I N D O N E S I A

GAJAH TUNGGAL: Moody's Withdraws 'B2' Corporate Family Rating


J A P A N

[] JAPAN: Tariff-Hit Firms May Need Business Turnaround Financing


N E W   Z E A L A N D

13 MARETH: Creditors' Proofs of Debt Due on May 30
BEECH LOGGING: Creditors' Proofs of Debt Due on April 28
ROYAL HEIGHTS: Creditors' Proofs of Debt Due on May 1
RUBIX CONSTRUCTION: Court to Hear Wind-Up Petition on April 11
SUSTAINABLE GREEN: Court to Hear Wind-Up Petition on April 15



S I N G A P O R E

1.61 INVESTMENTS: Court to Hear Wind-Up Petition on April 11
ASCOTT SERVICED: Creditors' Proofs of Debt Due on April 28
BEN SG: Creditors' Proofs of Debt Due on April 28
MADELOU INVESTMENTS: Court to Hear Wind-Up Petition on April 11
SFO TECHNOLOGIES: Court to Hear Wind-Up Petition on April 4



S O U T H   K O R E A

HOMEPLUS CO: FSS Finds Discrepancies in Homeplus' Explanation

                           - - - - -


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

BRIGHTE GREEN 2025-1: Moody's Assigns B2 Rating to Class F-A Notes
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Perpetual Corporate Trust Limited in its capacity as trustee of
the Brighte Green Trust 2025-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2025-1

AUD139.05 million Class A-A Notes, Assigned Aaa (sf)

AUD23.30 million Class A-UA Notes, Assigned Aaa (sf)

AUD20.05 million Class B-A Notes, Assigned Aa2 (sf)

AUD6.80 million Class C-A Notes, Assigned A2 (sf)

AUD3.00 million Class D-A Notes, Assigned Baa2 (sf)

AUD5.80 million Class E-A Notes, Assigned Ba2 (sf)

AUD1.20 million Class F-A Notes, Assigned B2 (sf)

The AUD0.50 million Class G1-UA and AUD0.30 million Class G2-UA
Notes are not rated by us.

The transaction is a securitisation of a portfolio of Australian
consumer Buy Now Pay Later (BNPL) and unsecured loan receivables
originated by Brighte Capital Pty Limited (Brighte, unrated). The
majority of receivables are originated to homeowners to fund solar
panel and home batteries installations. A smaller portion are
originated to fund home improvement products and services, and to
acquire energy efficient products. This is Brighte's sixth term
securitisation.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's views, this is a significant credit strength of the
transaction.

-- The limited amount of historical data. Brighte was established
in 2016, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q3 2017 and Q3 2024 — and does not cover a full economic
cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
rated Notes. Following the call date or if the pro rata conditions
are otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A-A and Class A-UA
Notes.

-- The availability of excess spread over the life of the
transaction. The portfolio yield of 11.80% providing significant
excess spread to cure portfolio losses.

-- The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD400,000.

-- The interest rate swap provided by National Australia Bank
Limited (NAB, Aa2/P- 1/Aa1(cr)/P-1(cr)).

-- The experience of Brighte as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.25%, a
recovery rate of 15.0% and a Aaa portfolio credit enhancement
("PCE") of 16.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.54%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 16.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessments of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.80%
(which includes account keeping fee income).

-- The weighted average Equifax credit score of the portfolio is
around 759.

-- The weighted average remaining term of the portfolio is 44.5
months. The weighted average seasoning of the initial portfolio is
11.3 months.

-- The pool consists of loans extended to mostly homeowners, with
around 88.2% relating to green receivables such as solar panels and
battery products.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


BRINDABELLA CHRISTIAN: 2nd Creditors Meeting Extended Thru Aug. 3
-----------------------------------------------------------------
Riotact reports that Brindabella Christian College administrators
have secured an extension of time to hold the pivotal second
creditors' meeting, and funding to keep the K-12 school running
while a buyer is sought to take it on as a going concern.

According to Riotact, the Deloitte administrators had 20 days from
the start of the administration to hold the second meeting but
successfully applied to the Federal Court to push this out to
August 3 to give it more time to conduct the administration
process, including any sale or recapitalisation process.

However, the administrators can call the meeting at any time.

Riotact relates that the administrators also went to court to seek
orders removing the administrators' personal liability relating to
funding arrangements with the NAB and the ACT and Federal
Governments, which are both listed as creditors for "to be
confirmed" amounts.

Riotact, citing orders dated March 31, says the administrators
secured an initial advance from NAB of AUD602,000 to pay staff
wages, a funding deed with NAB and arrangements with both
governments to continue paying wages and keep the school open, but
no amounts are listed.

The next step in the administration is the announcement of a
seven-member representative Committee of Inspection from 21
nominated creditors to assist and monitor the administrators.

It is understood the composition of a COI has been formalised, with
creditors to be informed within the next day.

According to minutes of the first creditors' meeting on March 17
posted on March 28 by ASIC, these creditors include the Australian
Tax Office, which is claiming AUD6,051,760, although the number
listed in its wind-up action against the school was AUD8 million,
and NAB for AUD9,282,220, Riotact discloses.

Controversial former board chair Greg Zwajgenberg is owed
AUD205,000 and could have conceivably been voted on to the COI,
despite concerns about conflict of interest. The administrators
told the meeting that as a secured creditor he had a right to be
considered.

Life Unlimited Church is owed AUD241,089 as one of five trade
creditors, including Guardian Business Consulting (AUD52,800) and
Canberra Discount Chemicals trading as The Cleaning Warehouse
(AUD23,208).

Two former employees are claiming AUD21,333 and AUD12,741, and
there are eight parents saying they are owed amounts ranging from
AUD8000 to AUD23,000.

Riotact adds that creditors at the second meeting will face three
options for the future of the college: entering into a deed of
company arrangement if one was put forward, ending the
administration with control returned to the directors or placing
the college into liquidation.

                 About Brindabella Christian College

Brindabella Christian College (BCC) is a private non-denominational
Christian co-educational early learning, primary and secondary day
school, located in the Canberra suburbs of Charnwood and Lyneham,
in the ACT, Australia.

Sam Marsden and Sal Algeri of Deloitte SRT Pty Ltd were appointed
as administrators of Brindabella Christian Education Limited on
March 5, 2025.

The private school was placed into administration after not being
able to pay some of its teachers and facing a wind-up application
from the Australian Taxation Office over an AUD8 million debt,
according to RioACT.  It is also still facing regulatory action
from the Commonwealth and the ACT Government over governance and
financial issues.


CENTREX LIMITED: Adjourns Creditors Meeting Amid Sale Negotiations
------------------------------------------------------------------
TipRanks reports that Centrex Limited, currently under
administration, has announced the convening of a second meeting of
creditors, initially scheduled for April 8, 2025.

TipRanks says the administrators are in advanced negotiations for a
potential sale or recapitalization of the company, which may
involve a Deed of Company Arrangement.

To allow more time for these negotiations, the meeting will be
adjourned for up to 45 business days, with a supplementary report
to be issued detailing potential outcomes and recommendations for
creditors, TipRanks notes.

                          About Centrex

Centrex Limited (ASX:CXM) -- https://www.centrexlimited.com.au/ --
together with its subsidiaries, engages in the exploration,
evaluation, development, and production of mineral resources in
Australia. The company produces phosphate rock, as well as explores
for base metals, potash, zinc, and copper deposits. Its flagship
project is the 100% owned Ardmore rock phosphate mine located in
North West Queensland. The company was formerly known as Centrex
Metals Limited and changed its name to Centrex Limited in December
2021.  

Joanne Emily Dunn of FTI Consulting was appointed as administrator
of the company on March 3, 2025.


DESIGNEREX GROUP: Owes AUD2MM to Creditors, Administrators Reveal
-----------------------------------------------------------------
Harrison Christian at Daily Mail Australia reports that a fashion
label that ceased trading last month owes AUD2 million to hundreds
of creditors, including a disgruntled investor and scores of
furious customers.

Dubbed the 'Airbnb' of designer dresses, Designerex, run by Sydney
couple Kirsten Kore and Costa Koulis, was a platform connecting
renters of high-end clothes with lenders.

It had been touted as a global success story after expanding into
the US market but last month, Daily Mail Australia revealed that
many lenders on the site were owed money.

Last month, the company collapsed and ceased trading.  The full
extent of its debts have been revealed in a report to creditors by
administrator Liam Bailey, managing partner at O'Brien Palmer,
Daily Mail Australia says.

According to Daily Mail Australia, the March 18 report showed that
Designerex Group, which owns the intellectual property, and
Designerex Services, which trades as a business, owe a combined
AUD1.8 million to 737 creditors.

They include local app developer Pixelforce (owed AUD200,000), the
Australian Taxation Office (owed more than AUD335,000) and
Australia Post (owed AUD33,600).

Daily Mail Australia relates that Mr. Bailey said in the report
that he intended to 'sell the business of the companies or at the
very least, sell the assets of the business'.

The potential sale might be structured by way of a Deed of Company
Arrangement (DOCA), he said.  

Dozens of small business owners who had lent clothes through the
site were also owed thousands of dollars.

Brittany Courtney, 21, who runs the Brisbane hire business ABC
Dress Hire, was owed AUD4,000.

'They just don't pay us,' Ms. Courtney told Daily Mail Australia
last month.

'I don't know if I'm ever going to see this money. We're just
giving out our services for free. The founders are living a life of
luxury and they really couldn't care less.'


FIRST SERVICES: First Creditors' Meeting Set for April 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of First
Services Group Pty Ltd will be held on April 7, 2025 at 11:00 a.m.
at the offices of Cor Cordis at Level 29, 360 Collins Street in and
via Microsoft Teams video conference.

Shaun Matthews and Daniel Peter Juratowitch of Cor Cordis were
appointed as administrators of the company on March 26, 2025.


METAL BLUE: First Creditors' Meeting Set for April 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Metal Blue
Roofing Pty Ltd will be held on April 9, 2025 at 11:00 a.m. by
virtual meeting via Zoom.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisory was
appointed as administrator of the company on March 28, 2025.


NRY INVESTMENT: Second Creditors' Meeting Set for April 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of NRY Investment
Pty Ltd has been set for April 8, 2025 at 10:30 a.m. via virtual
meeting by Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 7, 2025 at 4:00 p.m.

Scott Anthony Newton of Shaw Gidley was appointed as administrator
of the company on March 4, 2025.


PLENTI AUTO 2022-1: Moody's Hikes Rating on Class F Notes From Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Plenti Auto ABS Trust 2022-1.

The affected ratings are as follows:

Issuer: Plenti Auto ABS Trust 2022-1

Class B Notes, Upgraded to Aaa (sf); previously on Apr 4, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Dec 12, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa2 (sf); previously on Sep 11, 2024
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to A1 (sf); previously on Sep 11, 2024
Upgraded to A2 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on Dec 12, 2023
Upgraded to Ba1 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and performance of the collateral
pool to date.

No action was taken on the remaining rated class in the deal as
credit enhancements remain commensurate with the current rating for
the respective notes.

Following the March 2025 payment date, credit enhancement available
for the Class D and Class E Notes has increased to 11.6% and 9.8%
respectively, from 10.1% and 8.2% at the time of the last rating
action for these notes in September 2024. Note subordination for
the Class C and Class F notes has increased to 13.6% and 6.2%
respectively, from 10.9% and 3.2% at the time of the last rating
action for these notes in December 2023. Note subordination for the
Class B Notes has increased to 16.5% from 11.8% at the time of the
last rating action for this class in April 2023. Principal
collections have been distributed on a pro-rata basis among the
rated notes since the August 2023 payment date. Current outstanding
notes as a percentage of the total closing balance is 28.2%.

As of end-February 2025, 1.9% of the outstanding pool was 30-plus
day delinquent and 0.2% was 90-plus day delinquent. The portfolio
has incurred net losses of 0.8% (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 2.7%
of the current pool balance (equivalent to 2.1% of the original
balance). Moody's have also maintained the Aaa portfolio credit
enhancement at 13.5%.

The deal includes an interest rate swap agreement to mitigate the
fixed-floating mismatch between underlying asset and the rated
notes. Following the March 2025 payment date, the swap's notional
balance is 7.2% below the balance of the rated notes. In Moody's
analysis, Moody's have considered the extra costs the deal may
incur due to under-hedging and assuming different interest rates.

The transaction is a cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


PLENTI PL 2023-1: Moody's Raises Rating on Class F Notes From Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Plenti PL & Green ABS Trust 2023-1.

The affected ratings are as follows:

Issuer: Plenti PL & Green ABS Trust 2023-1

Class B Notes, Upgraded to Aaa (sf); previously on Dec 11, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Sep 4, 2024
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa2 (sf); previously on Sep 4, 2024
Upgraded to A1 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Sep 4, 2024
Upgraded to Baa1 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Sep 4, 2024
Upgraded to Ba1 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes.

No action was taken on the remaining rated class in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the March 2025 payment date, the credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 25.1%, 20.9%, 16.3%, and 10.9%, respectively, from
21.2%, 17.3%, 13.0%, and 8.0% at the time of last rating action for
these notes in September 2024. Credit enhancement for the Class B
Notes has increased to 30.9% from 22.9% at the time of the last
rating action for this class in December 2023.

Since the transaction started making pro-rata payments from the
January 2024 payment date, principal payments have switched back to
sequential pay several times due to carry-over charge-offs that
were not reimbursed fully through excess spread. Since the March
2025 payment date, principal collections have been distributed on a
pro-rata basis among the rated notes. Current outstanding notes as
a percentage of the total closing balance is 34.7%.

As of end-February 2025, 5.2% of the outstanding pool was 30-plus
day delinquent, and 1.8% was 90-plus day delinquent. The deal has
incurred of 3.5% of gross losses to date.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 5.5%
of the outstanding pool balance (equivalent to 5.4% of the original
pool balance). Moody's have also maintained the Aaa portfolio
credit enhancement at 26.0%.

Moody's analysis has also considered various scenarios involving
higher mean default rates to evaluate the resiliency of the note
ratings.

The transaction is a cash securitisation of personal loans,
renewable energy loans and renewable energy buy-now-pay-later
(BNPL) receivables originated by Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


PROTECTION BARRIERS: First Creditors' Meeting Set for April 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Protection
Barriers Pty Ltd will be held on April 9, 2025 at 11:00 a.m. via
Zoom video conferencing only.

Shabnam Amirbeaggi and Nicholas Crouch of Crouch Amirbeaggi were
appointed as administrators of the company on March 28, 2025.


STAR ENTERTAINMENT: Salter Brothers Withdraws AUD750MM Lifeline
---------------------------------------------------------------
News.com.au reports that Star Entertainment has failed to secure a
AUD750 million lifeline from the Salter Brothers, leaving the
business at risk of collapse.

In a statement to the ASX, Star Entertainment confirmed the
discussions with asset managers Salter Brothers had fallen
through.

"The Star has continued to work diligently with Salter Brothers
Capital in relation to the refinancing proposal but has not
received a binding debt commitment letter and the refinancing
proposal has now been withdrawn," The Star said.

According to news.com.au, The Star told investors that Salters
Brothers had withdrawn their proposal to buy out despite state
regulators and governments being on-board with the proceedings.

"As a result of that engagement, it became apparent that it was
unlikely that a number of the conditions precedent to the
refinancing proposal would be able to be satisfied, either at all
or in sufficient time to address the current liquidity needs of the
company," The Star statement said.

News.com.au relates that the company said it continued to explore
liquidity solutions that might materially increase The Star's
position in the medium term.

This includes engaging with US casino operator Bally's Corporation
following a proposal received on March 10.

Star Entertainment said at the time it had received an offer of
AUD250 million in return for a 50.1 per cent stake in the company,
news.com.au relates.

The Bally's proposal had the added advantage of letting The Star
keep its newly built Queen's Wharf complex in Brisbane.

If the group had taken the Salters Brothers deal, it would have
needed to sell its stake in the precinct.

At the time, Bally's chairman Soo Kim said the deal would preserve
Star's "businesses, assets and platforms", meaning its Brisbane,
Gold Coast and Sydney operations.

"Our strategy for Star is built on the simple premise that keeping
in place Star's current businesses, assets and platforms will
provide a stronger and more successful business over time," the
letter, as cited by news.com.au, reads.

"While we understand the rationale for Star's recently announced
transactions, we believe that our proposal offers Star and its
stakeholders far greater value and operational flexibility as well
as the upside from retaining Star's current projects and other
assets."

News.com.au says the key of the proposal involves a capital raise
of at least AUD250 million in convertible notes subordinated to
Star's existing senior lenders.

A convertible note is a loan that can be transferred, or
"converted", into ownership of the business through equity or
shares in the company.

"The convertible notes would be convertible into at least 50.1 per
cent of Star's fully diluted ordinary shares," the letter stated.

                      About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.

As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.

TECHNICOLOR CREATIVE: Second Creditors' Meeting Set for April 8
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Technicolor
Creative Studios Australia Pty Limited has been set for April 8,
2025 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 April 7, 2025 at 4:00 p.m.

Katherine Sozou and Damien Pasfield of McGrathNicol were appointed
as administrators of the company on March 3, 2025.




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

CHINA VANKE: Posts First Annual Loss in 2024, COO Resigns
---------------------------------------------------------
The Standard reports that China Vanke reported its first-ever
annual loss of CNY49.5 billion since its listing in 1991 last
year.

That was worse than the CNY45 billion loss it warned about in late
January. The Chinese developer earned CNY12.2 billion in 2023.

The Standard relates that Vanke attributed the loss to the
significant decrease in the settlement scale and gross profit
margin of the development business; the new provision for credit
impairment and inventory impairment allowance; the loss on some
nonmainline financial investments; lower-than-book-value
transactions.

The Standard says the developer warned in a results announcement on
March 31 that it will face a concentrated repayment of its public
debts in 2025, further intensifying the liquidity pressure.

Revenue for the year slumped by 26 percent to CNY343.2 billion, The
Standard discloses.

In a separate filing, Vanke said its executive vice president and
the chief operating officer Liu Xiao has stepped down from the
roles but will continue to work for the developer, focusing on
strategic investment business.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on March
7, 2025, S&P Global Ratings placed on CreditWatch with developing
implications the following ratings: the 'B-' long-term issuer
credit ratings on China Vanke and on China Vanke's subsidiary Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue
ratings on Vanke HK's senior unsecured notes.

The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has
downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-',
from 'B+'. Fitch has also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are
on Rating Watch Negative (RWN).

The downgrade reflects a deterioration in China Vanke's sales and
cash generation, which is eroding its liquidity buffer against
large capital market debt maturities in 2025.


DATAA ROBOTICS: Denies Shutdown Rumors; Navigating Tough Times
--------------------------------------------------------------
Yicai Global reports that Dataa Robotics is moving steadily forward
through a rough patch in the industry, despite the difficult
external environment and short-term cash flow crisis, the Chinese
humanoid robot maker, which was once worth CNY22.3 billion (USD3.1
billion), told Yicai in response to recent reports that the firm
was closing operations.

Dataa Robotics' Guangzhou office and Shanghai showroom have both
been shuttered, Securities Times reported on March 31.

"The firm is not officially bankrupt, but it is basically in the
'ICU' right now," the report said, citing a former employee who
left the company in July 2024, Yicai relays.

Yicai relates that Dataa Robotics generated about CNY600 million
(USD82.7 million) in revenue last year, and this year it already
has between CNY200 million and CNY300 million of pending or newly
signed orders, the Beijing-based said. The company remains
committed to delivering robots for use in airport services,
healthcare and other fields to gather experience for future
large-scale applications.

Amid tightening global tech financing conditions and the withdrawal
of US dollar funding, the company underwent strategic adjustments
last year, including optimizing its organization and resources, it
said. It now focuses on humanoid robot R&D and three core sectors,
namely smart manufacturing, the silver economy, and business
services.

The company's Ginger 2.0, the world's first humanoid robot with 58
joints, has secured orders worth tens of millions of Chinese yuan,
equivalent to millions of US dollars, said founder and Chief
Executive Officer Huang Xiaoqing. Development of its 68-joint
bipedal humanoid robot, the first in the country, is progressing
smoothly, and it should be ready for trial commercial use at the
end of the year.

China Best Group Holdings has completed a restructuring deal with
Dataa to form a new subsidiary, Aberdeen Robotics, the investment
holding firm said yesterday. The group plans to build a flagship
'AI robotics + elderly care' project in eastern Jiangsu province.
Earlier this year, Dataa also signed an investment agreement with
Tianjin's Jinnan District.

Founded in 2015, Dataa has raised over CNY5.4 billion (USD744
million) across six funding rounds so far. After completing its
Series C round in 2023, its valuation briefly peaked at CNY22.3
billion (USD3.1 billion), making it China's highest-valued robotics
unicorn at the time. Its investors include SoftBank, Everest
Venture Capital, Bojiang Capital, and Keytone Ventures, alongside
industrial funds from cities such as Shanghai and Guangzhou.
However, the company has yet to go public.




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

ANUDAN PROPERTIES: Can't Use Insolvency Law to Avoid SRA Duties
---------------------------------------------------------------
Mumbai Property Exchange reports that the Bombay High Court
clarified that developers cannot use insolvency law to bypass their
responsibilities under the Slum Rehabilitation Scheme (SRS).
According to the report, the court ruled that the developer's
appointment could be terminated by the Slum Rehabilitation
Authority (SRA), even if a resolution plan (RP) has been approved
under the Insolvency and Bankruptcy Code (IBC). However, the ruling
also clarified that such termination cannot be used to recover
prior debts.

This decision came after the court dismissed a petition filed by
Anudan Properties Pvt Ltd, which challenged the SRA's decision to
terminate its appointment as the developer for a slum
rehabilitation project in Thane (West), Mumbai Property Exchange
relates. The termination followed Anudan's prolonged failure to pay
transit rent arrears and meet the project completion deadlines. The
SRA had previously approved the project in 2009, and a revised
approval was granted in 2018. However, despite completing one rehab
building for 135 slum dwellers, the second building was only 75%
complete.

In 2021, the builder was dragged into insolvency proceedings by a
finance company, LICHFL Trustee Company, over unpaid dues of Rs.
158 crore, the report recalls. Despite this, Anudan Properties
argued that the resolution plan approved in 2023 had wiped out all
past dues, including transit rent arrears. However, the SRA
defended its decision, stating that the termination was based on
the statutory provisions of the Slum Rehabilitation Act, which aims
to expedite the completion of slum projects and ensure the welfare
of slum dwellers.

According to Mumbai Property Exchange, the court noted that the
developer's claims for arrears of transit rent, pre-resolution, had
been extinguished but emphasized that the SRA could still use
non-performance as a ground for termination. The HC further ruled
that while the resolution plan bound all stakeholders, it did not
override the SRA's authority, especially when it pertains to the
welfare of slum residents.

As a part of the judgment, the Bombay HC provided Anudan Properties
with a final opportunity to present a time-bound completion plan
for the project and resolve the outstanding transit rent dues, the
report says. The court also directed that if a new developer is
appointed, they would be required to deposit a significant amount
as part of the transit rent arrears.

Mumbai Property Exchange notes that the ruling highlights the
importance of ensuring that developers fulfill their commitments to
slum rehabilitation projects, irrespective of their financial
status under the insolvency resolution framework.

Anudan Properties Private Limited owns and develops real estate
properties.


ARC DISTRIBUTION: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Arc Distribution India Private Limited
        73, 3rd Floor Main Road
        Chirag Delhi,
        Delhi, India 110017

Liquidation Commencement Date: March 20, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator:  Piyush Kumar Kapoor
             202-204, Kapoor Chambers,
             Rajul Arcade, Russel Square,
             Napier Town, Jabalpur (M.P.) 482001
             Cell: +9993844411
             Email: capiyushkapoor@yahoo.com

Last date for
submission of claims: April 19, 2025


ASHAYA RECYCLERS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Ashaya Recyclers Private Limited
        F No. A-P02, Verde, S.N. 102,
        A/1B, A/1B, FP.N.3, O,
        Yerwada, Pune,
        Pune City, Maharashtra,
        India, 411006

Liquidation Commencement Date: March 26, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Kondisetty Kumar Dushyantha
            #337, Ashoka Pillar, 5th Floor,
            3rd Cross Jayanagar I Block,
            Bangalore - 560011
            Email: dushyanthak@gmail.com
            Tel: 080 26560400

Last date for
submission of claims: April 25, 2025


BAREILLY HIGHWAYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Bareilly Highways Project Limited
        8-292, Chandra Kanta Complex,
        Shop No. 2 & 3,
        Near Metro, Pillar No. l6l,
        New Ashok Nagar, New Delhi,
        Delhi, India 110096

Insolvency Commencement Date: September 23, 2024

Court: National Company Law Tribunal, New Delhi Principal Bench

Estimated date of closure of
insolvency resolution process: August 30, 2025

Insolvency professional: Sandeep Goel

Interim Resolution
Professional:       Sandeep Goel
                    410, Pratap Bhawan,
                    5 Bahadur Shah Zafar Marg,
                    Central Delhi 110002
                    Email: cmasandeepgoel@gmail.com

                       -- and --

                    Stalwart Resolution Professional LLP
                    Block-SD, Flat No. 73,
                    Pitampura, Delhi - 110034
                    Email: qirp.bhpl@gmail.com

Last date for
submission of claims: April 7, 2025


BOMBAY BURMAH: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: The Bombay Burmah Trading
        Employees' Welfare Company Limited
        9, Commercial Union House,
        Wallace Street,
        Fort, Mumbai 400001,
        Maharashtra, India

Liquidation Commencement Date: March 19, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Nayana Premji Savala
            1/101-A, Vishal Sucheel CHS,
            Nariman Road,
            Vile Parle (East),
            Mumbai - 400057
            Maharashtra, India
            Email: nalinisavala@gmail.com
            Tel: 9082605500/9869043453

Last date for
submission of claims: April 18, 2025


DEWAN HOUSING: SC Upholds Piramal Capital's Resolution Plan
-----------------------------------------------------------
The Economic Times reports that the Supreme Court on April 1 upheld
Piramal Capital & Housing Finance's resolution plan for erstwhile
Dewan Housing Finance Corporation Ltd (DHFL), overturning the
National Company Law Appellate Tribunal's (NCLAT) order that asked
the lenders of the debt-laden firm to relook into certain parts of
the resolution plan that ascribed a value of only INR1 to INR45,000
crore worth of bad loans (avoidance and fraudulent transactions) of
DHFL.

ET relates that the apex court also dismissed various appeals
including one by former promoter Kapil Wadhawan, challenging the
resolution plan on the grounds that Piramal acquired the
INR90,000-crore company for just INR37,000 crore. It also dismissed
appeals filed by fixed deposit holders and non-convertible
debenture holders, including 63 Moons Technologies, who were
against the mechanism of distributing the recoveries, saying the
treatment given to them violated their rights to receive full
payment of their deposits.

According to ET, a Bench led by Justices Bela Trivedi and Satish
Chandra Sharma asked the NCLAT to take a fresh call on how and
under which provisions of the Insolvency and Bankruptcy Code 2016
the applications related to avoidance transactions are to be
decided.

ET says the recoveries or benefits that may follow from such
avoidance applications shall be appropriated in favour of the
committee of creditors (CoC) in case of avoidance applications
under Section 43, 45 and 50, and in favour Piramal Capital in case
of applications under Section 66 of the 2016 law.

While Section 43, 45 and 50 refers to "avoidable transactions,"
specifically preferential, undervalued, and extortionate credit
transactions, Section 66 refers to fraudulent trading or wrongful
trading.

DHFL had collapsed after it failed to repay its debt worth
INR90,000 crore to the lenders and was sent for debt resolution
under the IBC in November 2019, ET notes. The total value of future
recoveries from such avoidance applications allegedly stands at
around INR45,000 crore.

ET relates that Piramal Capital and the DHFL's committee of
creditors led by Union Bank of India had challenged the NCLAT
January 22, 2022 decision as it misinterpreted the 2016 Code and
Section 66 in particular. The recoveries under Section 66 are to be
returned to the corporate debtor as its asset, the CoC, said,
adding that most of these transactions by the former management
were irregular or fraudulent, and the banks did not expect to get
any money out of it.

According to ET, lenders said that the NCLAT had incorrectly held
that it is not within the commercial wisdom of the CoC to decide
the treatment of recoveries from avoidance applications.

Stating that the proceeds from avoidance applications will be
shared between the CoC and it, Piramal told the SC that such
tinkering, alteration, modification of its approved plan at the
appellate stage was "illegal, and contrary to the statute and
established law" and "the commercial wisdom of the CoC should not
be second-guessed except in case of the rarest of the rare
perversity . . ."

The CoC had approved its RP with a 93.65% majority vote with the
affirmative vote of 63 Moons Technologies, Piramal, said, adding
that the concept of ascribing a notional value of INR1 to uncertain
recoveries and/ or where it is difficult to assess the actual value
is not only within the commercial wisdom of the CoC but is also
upheld by the SC in the case of CoC of Essar Steel India vs Satish
Kumar Gupta.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

In September 2021, Piramal Capital acquired DHFL for the
consideration of INR34,250 crore and merged following a resolution
under the IBC.

According to The Economic Times, the creditors of DHFL (including
FD holders) had recovered an aggregate amount of INR38,000 crore
from the resolution process of DHFL at the time of approval of the
plan. Around 94% of the creditors had voted in favor of Piramal's
resolution plan, which had proposed a recovery of about 46% for the
lenders.


DURGA MARUTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Durga Maruthi Automotive
Pvt. Ltd (SDMAPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.86       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with SDMAPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2016, SDMAPL is an authorized dealer of MSIL at
Anantpur in Andhra Pradesh for the Nexa range of four wheelers and
spares, accessories and services. The company is promoted by Mr.
Venkateshwar Rao.  

Incorporated in 1995 as a partnership firm, at Anantpur (Andhra
Pradesh), SDA is an authorized dealer of Maruti Suzuki India Ltd
(MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in Anantpur, Hindupur,
Gatkal, Thadipatri and Kadri (Andhra Pradesh), for sale of
four-wheelers, spares and accessories, and servicing of vehicles.
Mr S Venkateswara Rao is the main partner.


ERASTEEL INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Erasteel India Private Limited
        710, Swastik Chambers,
        Off Sion Trombay Road Chembur East,
        Mumbai, Maharashtra, India 400071

Liquidation Commencement Date: March 21, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Nayana Premji Savala
            1/101-A, Vishal Susheel CHS,
            Nariman Road, Vile Parle (East),
            Mumbai - 400057, Maharashtra, India

Last date for
submission of claims: April 19, 2025


EYLEX FILMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Eylex Films Pvt Ltd
        Regus, Earth Arise
        Unit No. 1101-1106, 1lth Floor,
        Sarkhej-Gandhinagar Highway
        Makarba, Ahmedabad
        Gujarat – 380015

Insolvency Commencement Date: March 20, 2025

Court: National Company Law Tribunal, Ahmedabad Bench          

Estimated date of closure of
insolvency resolution process: September 16, 2025

Insolvency professional: Keshav Khaneja

Interim Resolution
Professional:     Keshav Khaneja
                  C-7, Parth Apartment Ramdev Nagar
                  Satellite, Ahmedabad - 380015
                  Email: Khanejakes@gmail.com
                  Email: cirpeylexfilms@gmail.com

Last date for
submission of claims: April 3, 2025


IL&FS SECURITIES: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Short-Term ratings of IL&FS Securities Services
Limited (ISSL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term       100.00       [ICRA]D; ISSUER NOT COOPERATING;
   fund based-                   Continues to remain under the
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term       250.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based-               Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with ISSL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

ISSL is engaged in a range of capital market related activities
such as depository, custodial, and professional clearing services.
Small brokerage houses avail its services to maintain a demat
account for their broking clients and to act as a professional
clearing member on their behalf. As a professional clearing member,
ISSL serves as an intermediary between the brokerage houses and the
exchange houses for maintaining adequate margin cover with the
exchange houses on behalf of the trading
members.  ISSL also provides smaller brokerage houses the
convenience of interaction with a single point of contact instead
of transacting with multiple exchange houses. Moreover, brokerage
houses have the liberty of placing only a single pool of margin
with ISSL for all the trading segments (like equity, futures &
derivatives, commodity and currency futures) rather than placing
separate margins for each trading segment. This helps the small
brokerage houses in efficient utilisation of their financial
resources.  


INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Instyle
Exports Private Limited (IEPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        52.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category


As part of its process and in accordance with its rating agreement
with IEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Instyle Exports Private Limited (IEPL) was incorporated in 1981 for
manufacturing and exports of garments. IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon, Haryana,
with a collective manufacturing capacity of 4 Lakh pieces per
month. The company primarily exports to European countries like
Germany, France, Denmark, Netherlands, and Turkey.


JAGRUT MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Jagrut Motors Private Limited
(JMPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."


                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.55       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.26       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with JMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2014, JMPL is engaged in dealership of in full
Maruti Suzuki India Limited (MSIL) in the districts of Ratnagiri
and Sindhudurg of Maharashtra and dealership of in full Honda
Motorcycle and Scooter India (HMSI) in Ratnagiri district of
Maharashtra. Additionally, the company also provides auxiliary
services like sale of spare parts, accessories, insurance services,
workshop, and financing of vehicles among others.


JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Jaigo Agro Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Jaigo Agro Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Jaigo Agro Industries was incorporated in 2015 as a partnership
firm by merging four proprietorship concerns owned by the managing
partner and his family members, namely, Murrali Modern Rice Mill
engaged in operating a rice mill since 2004, Sumathi Traders and
Perumal Traders which have been engaged in the trading of dhal and
rice since 2013 and Goutham Dhall Mill which has been operating a
dhal mill from 2015. It is engaged in milling, processing, sorting
and trading of rice and dhal.


JOUELANA CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Jouelana Construction Private Limited
        Plot No. 8, Western Industrial Estate, Cepz,
        Opposite Seepz Main Gate
        MIDC, Andheri (East),
        Mumbai, Maharashtra 400093, India

Insolvency Commencement Date: March 18, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 14, 2025

Insolvency professional: Debi Prasanna Sarangi

Interim Resolution
Professional:      Debi Prasanna Sarangi
                   125, Bhoomi Mall,
                   Plot No. 9, Sector-15,
                   CBD Belapur, Navi Mumbai,
                   Maharashtra 400614
                   Email: debi.sarangi@judilegalcombine.com
                   Email: rp.jcpl17@gmail.com

Last date for
submission of claims: April 1, 2025


JSP TEXTILES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: JSP Textiles Private Limited
        1230, 18th Main Road
        Anna Nagar West, Chennai 600040

Liquidation Commencement Date: March 21, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
            132A, NTR Street
            Rangarajapuram Main Road
            Kodambakkam, Chennai 600024
            Email: saraskcsca@gmail.com
            Mobile: 9444011294

Last date for
submission of claims: April 20, 2025


JYOTI RENEWABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Sri Jyoti Renewable Energy
Pvt. Ltd. (SJREPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         37.17       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with SJREPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Sri Jyoti Renewable Energy Private Limited (SJREPL), incorporated
in 2008, operates a 9.5 MW biomass-based power plant. The power
plant is located in the Bhiwani District of Haryana. The power
generated from the plant is evacuated to the 132 kV sub stations,
which is 2 km away from the project site. The power plant commenced
operations from April 2014. The entire power generated from the 9.5
MW power plant is sold to the Haryana Power Purchase Centre (HPPC),
which is purchasing on behalf of state distribution companies
(discoms) such as the Uttar Haryana Bijli Vitran Nigam and the
Dakshin Haryana Bijli Vitran Nigam. The company has a 20- year
Power Purchase Agreement (PPA) with HPPC. The applicable tariff
would be decided and amended by the Haryana Electricity Regulatory
Commission (HERC) from time to time; and the current tariff is
INR7.92 per unit for FY2018.


KARUPPASWAMY BUILDERS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Karuppaswamy Builders Private Limited in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-          7.00       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Karuppaswamy Builders, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1998, Karuppaswamy Builders Private Limited is
involved in construction and sale of residential property. The
entity was initially set up as a partnership firm and got
registered as a private limited company in 2015. Its promoters have
separate proprietorship concerns of their own namely, aruppaswamy
Builders, owned by Mr. R. S. Sivasaravanan and Mahendran
Constructions, owned by Mr. Kartick Mahendran. At present, the
company is involved in developing Diamond Apartments, a project
comprising 58 residential units, located in Chennai.


LARIYA ART: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Lariya Art Palace Private Limited (LAPPL) in the
'Issuer Not Cooperating' category. The rating are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.00       [ICRA]B+(Stable) ISSUER NOT
   Short Term                     COOPERATING/[ICRA]A4 ISSUER NOT
   Unallocated                    COOPERATING*; Rating continues
                                  to remain under 'Issuer  Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with LAPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2004, Lariya Art Palace Private Limited (LAPPL) is
a closely held private limited company operated and managed by Mr.
Rajendra Mehta. The company is engaged into the business of
manufacturing and export of handicraft furniture. The company deals
into wooden as well as wrought iron furniture. The company mainly
caters to export markets like USA and Europe. The manufacturing
facility located at Jodhpur is mainly labor-intensive employing
more than 150 laborers and artisans for craft work.


MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Madurai Tuticorin Expressways Limited (MTEL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       433.26      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MTEL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

MTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Limited, Madhucon Granites Ltd and SREI Infrastructure
Finance. MTEL has been formed to improve and widen a 128.15 km
stretch on National Highway (NH) - 45B on BOT basis. The stretch
extends between Km 138/800 and 264/500, connecting the cities of
Madurai & Tuticorin in the State of Tamil Nadu. The project has
been awarded by National Highway Authority of India (NHAI) on
Build-Operate-Toll (BOT) basis, with a concession period of 20
years starting July 2006. The scheduled Commercial Operations Date
(COD) of the project was January 2010; however, after a delay of
more than 16 months, tolling has started in July 2011. The project
road is a key arterial route connecting Tuticorin to Madurai and
the rest of India. The only other highway that connects Tuticorin
is NH-7A, which goes towards Tirunelveli, & southern Tamil Nadu.  


MAHATMA GANDHI: ICRA Keeps C+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of The Mahatma Gandhi Sahakara
Sakkare Karkhane (MGSSK) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]C+; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        20.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-        15.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with MGSSK, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

MGSSK, a co-operative society registered under the Karnataka
Co-operative Societies Act, 1959, operates a sugar mill with a
capacity of 3,500 tonne of cane per day (TCD), integrated with an
8-megawatt (MW) co-generation power plant, in Balki Taluk of Bidar
district in Karnataka. Registered in March 1981, the entity
commenced its commercial operations in FY2003 with www.icra .in
Page |2 2,500-TCD crushing capacity. Registered in April 1991, the
society commenced its operations in November 2003 with 2500 TCD. In
FY2012 and FY2013, the entity expanded its processing capacity to
3500 TCD and installed the cogeneration plant.


MRS. BECTOR'S CREMICA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Mrs. Bector's Cremica Dairies Private Limited
        1st Floor, Emmar Digital Greens
        Tower-A, Golf Course Extension Road
        Sector-61, Gurugram, Haryana 122102

Liquidation Commencement Date: March 21, 2025

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Bhupesh Gupta
            #2181, Sector 38-C, Chandigarh (U.T.) 160036
            Email: vol.liq.mbcdairies@gmail.com
            Phone: +91 98156-05702

Last date for
submission of claims: April 20, 2025


NU-CHEM OILS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Nu-Chem Oils Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/         20.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Fund Based-                    Rating Continues to remain
   Cash Credit                    under issuer not cooperating
                                  Category

As part of its process and in accordance with its rating agreement
with Nu-Chem, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Nu-chem, a part of Partap Group, is a private limited company,
incorporated in the year 1991, involved in the solvent extraction
of sunflower oil, rice bran oil, groundnut oil and de-oiled cakes.
The company has one solvent extraction plant with a capacity of 300
MTPD and another refinery plant with an installed capacity of 150
MTPD with its facilities located in Karnal (Haryana).  


OMKAR INFRATECH: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Omkar Infratech Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Omkar, ICRA has been trying to seek information from the
entity to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative.  In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Omkar is engaged in the crushing stones (boulders) into grits of
sizes 10, 20 and 40 mm in size depending upon customers'
requirements. SSCPL is promoted by Mr. Ankur Aggarwal who set up
the entity in Jan 2013. Omkar operates one stone crushing plant
with a total capacity of 4.4 lakh MT (Metric Tonne) per year (~1400
MT per day) at Bazpur (Uttarakhand). The company supplies crushed
stones of varying sizes and specification to real estate,
construction and trading companies largely located in the state of
Uttar Pradesh. The promoters have been associated with this
industry for the last five years and have been in
business for over two decades. The promoters also own a rice mill,
steel plant, petrol pump and hotel at Kashipur Bazpur along with
having significant land holdings.


PANDHE HOSPITALITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pandhe Hospitality Private Limited
        234, Praneet,
        Jaywant Palkar Marg Worli,
        Mumbai, Maharashtra 400030

Insolvency Commencement Date: March 3, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 31, 2025

Insolvency professional: Shravan Kumar Vishnoi

Interim Resolution
Professional:       Shravan Kumar Vishnoi
                    Block-LD-30, S F S Flats,
                    Pitampura, North West Delhi,
                    Delhi 110034
                    Email: cmasandeepgoel@gmail.com

                        -- and --

                    BCC Tower, 1008, 10th Floor,
                    Sultanpur-Lko Road, Arjun Ganj,
                    Near Saheed Path, Lucknow - 226002
                    Email: cirpofphpl@outlook.com

Last date for
submission of claims: April 3, 2025


PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Pandit Automotive Private
Limited (PAPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        22.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with PAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Pandit Automotive Private Ltd. (PAPL) was incorporated in 1980. The
business was taken over in the year 1987 from Automotive Services,
a proprietary firm established in 1956, then run by Mr. RH Pandit.
PAPL was in the business of retailing cars/commercial vehicles for
TATA Motors Limited (TML) and spare parts. The Company (including
subsidiaries) retails the whole range of vehicles produced by TML
in three districts in Maharashtra viz. Pune, Satara and Sangli. It
also deals in other manufacturers' vehicles (Fiat Automobiles)
which are marketed in India by TML.



PONNU FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Ponnu Food Products in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         8.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category  
  

   Long Term-         0.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating continues to remain under
                                'Issuer Not Cooperating' category

As part of its process and in accordance with its rating agreement
with Ponnus, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Ponnu Food Products (Ponnus) was formerly established as a
proprietary concern by Ms Suja Shajilal in August 1999 at Aylara in
Kollam District of Kerala which was later converted into a
partnership firm in December 2012. The firm is engaged in the
business of manufacturing, milling, grading and packaging of
various cooking ingredients and spices.


POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Pooja Jewellers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Pooja Jewellers, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 1993 as a sole proprietorship concern promoted by
Mr Shankar Maity, Pooja Jewellers is engaged in the trading and
manufacturing of gold and diamond jewellery. The firm operates from
Chandni Chowk, Delhi and largely supplies its products in the
wholesale market. The product portfolio of the firm includes gold
and diamond jewellery necklace sets, rings, earrings, chains etc.


PRESTIGE BULK: ICRA Keeps B Long Term Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Prestige Bulk Handling
Corporation Pvt.Ltd.in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

As part of its process and in accordance with its rating agreement
with Prestige bulk Handling Corporation Pvt. Ltd., ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available
information.

Incorporated in 2015, Prestige bulk Handling Corporation Pvt Ltd
provides post-harvest solutions to agriculture producers and
buyers. The post-harvest services offered by the company includes
warehousing, collateral management, collateral based financing,
procurement, quality testing and other value-added services to
enhance efficiency across the food supply chain.


QUIDEL DIAGNOSTICS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Quidel Diagnostics India Private Limited
        Office No. 05, 1st-Floor, Hari Smruti
        SVP Road, Opposite HDFC Bank
        Chamunda Circle, Borivali West,
        Mumbai, Maharashtra - 400092

Liquidation Commencement Date: March 21, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Chitra Srinivas
            ASTA AVM, Flat B4E
            P.V. Rajamannar Salai
            K.K. Nagar, Chennai  600078
            Email: schitra18@gmail.com
            Mobile: 9884355245

Last date for
submission of claims: April 20, 2025


R.H. SORTEX: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of R.H. Sortex Rice Mills
Private Limited (RHS) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         2.12      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with RHS, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

RHS was established in 2011 as a private limited company. The
company is primarily involved in the milling of rice with an
installed capacity of 8 tonne per hour at Gorakhpur, Uttar Pradesh.
The company is professionally managed by Mr. Sukhdev Jaiswal.  



R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of R.K. Grover &
Co. (RKGC) in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         4.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with RKGC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 1984 as a proprietorship concern, RKGC is constructs
roads, bridges, border fencing and coal handling plants in Assam,
Meghalaya, West Bengal, Delhi, and Bihar. Subsequently, it was
converted into a partnership firm in 2006 and is at present a
registered contractor with the National Buildings Construction
Corporation Limited.


RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Radiant Solar
Private Limited (RSPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         1.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         2.35      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short term-        2.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based               Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with RSPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2007, Radiant Solar Private Limited (RSPL) is a
system integrator and also a manufacturer of photovoltaic multi
crystalline silicon modules (panels) for residential, commercial
and utility scale power generation. The company was originally
founded in 2007 in United States of America as a system integrator
and subsequently shifted its operation to India in 2009. In FY2014,
RSPL has completed the construction of manufacturing facility for
SPV modules production unit at Fab city, Hyderabad with an
installed annual capacity of 20 MW per annum.


RAM CHANDER: ICRA Keeps Debt B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Ram Chander Builders Private
Limited (RCB) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.07        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with RCB, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 1995 by Mr. Shyam Agarwal, Mr. Subhash Agarwal and
Mr. Mahesh Chan Vashist, RCB is involved in real estate development
of residential cum commercial projects. The company has developed
projects under the Uttar Pradesh Avas Vikas Parishad (UPAVP) though
the scale of the projects has been low. The projects are located
majorly in Lucknow being covered under UP Housing & Development
Board with the land being purchased by the company from the
government. The company has completed residential projects like
Shiva Palace, Parvati Palace in Indira Nagar, Lucknow. The recently
completed project by the company was the Shiva Gardens initially
started as a commercial project was later converted into a
residential project having around 64 apartments in total. In
FY2017, the company reported a net profit of INR0.42 crore on an OI
of INR1.24 crore compared with a net profit of INR0.28 crore on an
OI of INR0.98 crore in the previous year.


RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Rashmi
Housing Private Limited in the 'Issuer Not Cooperating' category.
The ratings is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        65.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Rashmi Housing, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group—promoted and managed by the Bosmiya
family - engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.


RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Rathi Graphic Technologies Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-         6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-         0.82      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term-        1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.49      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Rathi Graphic, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Rathi Graphic Technologies Limited is a public limited company
engaged in the manufacturing of toners for photocopiers, laser
printers, and multi-function printers. The company was incorporated
in December 1991 by Mr. Raj Kumar Rathi. The manufacturing facility
is located at Bhiwadi, Rajasthan and the company sells its product
under the brand name 'Rathi Toner'. In addition to Rathi Graphic,
the promoters have also promoted RGTL Industries Ltd, engaged in
manufacturing of TMT bars.


RATHI TURBOFLEX: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Rathi Turboflex Private Limited
        Gaia Apex, S. R. No 33/1/1/2,
        Plot-D, Second Floor, Viman Nagar,
        Pune, Maharashtra, India, 411014

Liquidation Commencement Date: March 25, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pramod Dattaram Rasam
            Room No. 5,
            Shri Niwas Chawl, J B Nagar,
            Andheri East Mumbai - 400059.
            Phone: +91-9820024763
            Email: pdrasam@gmail.com      

Last date for
submission of claims: April 24, 2025


RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Reliance Industrial
Consortium Limited (RICL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".


                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.20       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.30       [ICRA]B- (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with RICL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 1985, Reliance Industrial Consortium Limited (RICL)
is an authorised dealer of Tata Motors Limited (TML) since 2005.
The company sells and services vehicles along with spare parts and
accessories. RICL has three 3-S facilities (sales services-spares),
located in Malda, Siliguri and Behrampore in West Bengal. The
company is promoted by the Kolkata-based Himatsingka family, who
has long experience in the automotive dealership industry.


S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of S.N.N. Textiles Private
Limited (SNNTPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with SNNTPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

SNNTPL, incorporated in 2013, manufactures cotton yarn. The company
manufactures cotton yarn in the count range of 30s to 60s. It
commenced operations with 9,600 spindles in FY2015 and has an
installed capacity of 18,480 spindles, with its manufacturing
facility located in Annur in Tamil Nadu. It also has a 0.6-MW
windmill capacity and a 3-MW solar power capacity to meet a part of
its power requirements.


SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Swastik
Tradelink Private Limited (STPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term/        (2.00)     [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                  COOPERATING; Rating moved to the
   Interchangeable              'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with STPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2001, Swastik Tradelink Private Limited (STPL) is
engaged in trading of grey cloth, chemicals, paper, steel and
cement. STPL is also a distributor of LG mobile phones and Reliance
'Jio' in Gujarat state. The company is promoted by Mr. Sandeep Jain
and his family members.


TAST HEALTHY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Tast Healthy Foods India Private Limited
        51, Satyadev Nagar
        Gandhi Road, Gwallor
        Gwallor, Madya Pradesh, India 474002

Insolvency Commencement Date: March 17, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: September 12, 2025

Insolvency professional: Rahul Anand

Interim Resolution
Professional:       Rahul Anand
                    Flat No. 9A
                    Orchard Residency
                    Sarvdharm Sector A
                    Kolar Road,
                    Bhopal, Madhya Pradesh 462042
                    Email: rahulpnb@hotmail.com
                    Email: cirp.tasthealthy@gmail.com

Last date for
submission of claims: April 2, 2025




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

GAJAH TUNGGAL: Moody's Withdraws 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn Gajah Tunggal Tbk (P.T.)'s B2
corporate family rating.

Prior to the withdrawal, the outlook on the rating was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Gajah Tunggal Tbk (P.T.) is a tire manufacturer based in Indonesia.
Its key shareholders include Denham Pte Ltd (49.5%) and Compagnie
Financiere Michelin (10%). The remaining shares are publicly traded
on the Indonesian Stock Exchange.




=========
J A P A N
=========

[] JAPAN: Tariff-Hit Firms May Need Business Turnaround Financing
-----------------------------------------------------------------
Reuters reports that Japanese banks may need to offer business
turnaround support to companies hit by tariffs imposed by the
administration of U.S. President Donald Trump, the head of the
country's banking lobby said.

According to Reuters, many large Japanese firms, including major
exporters and manufacturers, are grappling with U.S. duties on
imports of steel and aluminium and a 25% tariff on imported cars
and light trucks starting this week.

"We think tariffs could lead to a deterioration in corporate
earnings," the new chair of the Japan Banks Association, Junichi
Hanzawa, told Reuters in an interview.

"We will have to ascertain whether this weighs on employment and
salaries and then become a burden for companies' and households'
repayments," Hanzawa added.

Almost 90% of Japanese companies see the Trump administration as
bad for business, with the majority of these pointing to trade
policy - including tariffs - as the most detrimental factor, a
Reuters poll showed in February.

On top of their usual financing, bank customers may also need
turnaround support, Hanzawa added.

Reuters relates that Hanzawa also said that Japan's banks and
companies remained committed to decarbonisation efforts despite the
withdrawal of several major banks from the Net Zero Banking
Alliance decarbonisation framework.

Following the departure of Wall Street banks from the framework,
Japanese signatories including Mitsubishi UFJ Financial Group,
Sumitomo Mitsui Financial Group and Norinchukin Bank have pulled
out in the past month.

"We don't see recent moves as connected to a change in Japanese
banks' fundamental principles about responding to climate change,"
Hanzawa said.

Hanzawa is also chief executive of MUFG's banking arm, MUFG Bank.

"It was a very good framework for sending out information, but with
the withdrawal of major U.S. and Canadian banks it has lost
influence," Hanzawa said of MUFG's withdrawal.

MUFG has no intention of altering its existing commitments and
strategy on carbon neutrality, Hanzawa said.




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

13 MARETH: Creditors' Proofs of Debt Due on May 30
--------------------------------------------------
Creditors of 13 Mareth Limited are required to file their proofs of
debt by May 30, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 31, 2025.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          DO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


BEECH LOGGING: Creditors' Proofs of Debt Due on April 28
--------------------------------------------------------
Creditors of Beech Logging Limited are required to file their
proofs of debt by April 28, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 28, 2025.

The company's liquidators are:

          Richard Nacey
          Wendy Somerville
          C/o PwC
          PwC Wellington
          PO Box 243
          Wellington 6140


ROYAL HEIGHTS: Creditors' Proofs of Debt Due on May 1
-----------------------------------------------------
Creditors of Royal Heights Pharmacy (2015) Limited, Kirkbride
Pharmacy Limited and Tisco Waikato 2005 Limited are required to
file their proofs of debt by May 1, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


RUBIX CONSTRUCTION: Court to Hear Wind-Up Petition on April 11
--------------------------------------------------------------
A petition to wind up the operations of Rubix Construction Limited
will be heard before the High Court at Auckland on April 11, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 28, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SUSTAINABLE GREEN: Court to Hear Wind-Up Petition on April 15
-------------------------------------------------------------
A petition to wind up the operations of Sustainable Green
Developments Limited will be heard before the High Court at
Auckland on April 15, 2025, at 10:45 a.m.

Anderson Lloyd filed the petition against the company on Feb. 26,
2025.

The Petitioner's solicitor is:

          Anderson Lloyd
          Floor 2, The Regent Building
          33 Cathedral Square
          Christchurch 8011




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

1.61 INVESTMENTS: Court to Hear Wind-Up Petition on April 11
------------------------------------------------------------
A petition to wind up the operations of 1.61 Investments Pte. Ltd.
will be heard before the High Court of Singapore on April 11, 2025,
at 10:00 a.m.

Luther Corporate Services Pte. Ltd. filed the petition against the
company on March 21, 2025.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908


ASCOTT SERVICED: Creditors' Proofs of Debt Due on April 28
----------------------------------------------------------
Creditors of Ascott Serviced Residence (China) Fund Management pte.
Ltd. are required to file their proofs of debt by April 28, 2025,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 19, 2025.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


BEN SG: Creditors' Proofs of Debt Due on April 28
-------------------------------------------------
Creditors of Ben SG Pte. Ltd. and Mauna SG Pte. Ltd. are required
to file their proofs of debt by April 28, 2025, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 24, 2025.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


MADELOU INVESTMENTS: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------------
A petition to wind up the operations of Madelou Investments Pte.
Ltd. will be heard before the High Court of Singapore on April 11,
2025, at 10:00 a.m.

Luther Corporate Services Pte. Ltd. filed the petition against the
company on March 21, 2025.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908


SFO TECHNOLOGIES: Court to Hear Wind-Up Petition on April 4
-----------------------------------------------------------
A petition to wind up the operations of SFO Technologies Pte. Ltd.
will be heard before the High Court of Singapore on April 4, 2025,
at 10:00 a.m.

Arrow Electronics Asia (S) Pte Ltd filed the petition against the
company on March 11, 2025.

The Petitioner's solicitors are:

         Rev Law LLC
         1D Duxton Hill
         Singapore 089587




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: FSS Finds Discrepancies in Homeplus' Explanation
-------------------------------------------------------------
Korea JoongAng Daily reports that Korea's financial watchdog
discovered discrepancies between facts and explanations from MBK
Partners - the country's largest private equity - about the recent
rehabilitation filing of Homeplus, the Financial Supervisory
Service (FSS) said on April 1.

According to JoongAng Daily, the regulator suspects that MBK
Partners may have been dishonest about when the firm became aware
of the credit rating downgrade of Homeplus, which could potentially
constitute fraud, as the discount retail chain issued commercial
papers and short-term corporate bonds almost right before the
downgrade and a subsequent rehabilitation filing on March 4.

"There has been meaningful progress in the ongoing investigation,"
JoongAng Daily quotes FSS Senior Deputy Gov. Hahm Yong-il, who
oversees capital markets and accounting regulations, as saying
during a press briefing that day in western Seoul.

"We found inconsistencies between previous explanations from MBK
and Homeplus and the actual circumstances regarding when they
became aware of the credit rating downgrade and the events leading
up to the rehabilitation filing."

However, as the investigation is still in progress, the FSS has yet
to finalize any allegations or consider referring the case to the
prosecution, JoongAng Daily says.

JoongAng Daily relates that Hahm demanded MBK Partners and Homeplus
take "responsible actions" to restore trust from the market and
investors.

"MBK and Homeplus promised that [MBK founder] Michael ByungJu Kim
would use his private funds and that they would classify Homeplus's
asset-backed securities as trade credits," which may ensure
repayment for investors, Hahm said. "But the announced measures
were not concrete enough, raising questions on their sincerity and
effectiveness."

Hahm demanded that Homeplus and MBK Partners provide details on the
amount of bonds that will be repaid and the due date for
repayment.

Regardless, Homeplus reiterated its previous stance that it was
unaware of the credit rating downgrade before granting the
short-term bond issuance in a statement released on April 1.

"Regarding the issue, we will do our best to answer any questions
during the FSS investigation," Homeplus said.

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.



                           *********


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 2025.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***