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250505.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 5, 2025, Vol. 28, No. 89 Headlines A U S T R A L I A BRITE ADVISORS: ASIC Cancels AFS Licence After CSLR Payment COST ASSESSMENT: First Creditors' Meeting Set for May 8 GREENSILL CAPITAL: Administrator Sues Founder Lex Greensill IG ENERGY: Second Creditors' Meeting Set for May 9 INSPIRE ADMIN: First Creditors' Meeting Set for May 13 MYOB INVEST: Moody's Puts 'B3' CFR on Review for Downgrade PLANET ARK: First Creditors' Meeting Set for May 8 RAMESH KC: First Creditors' Meeting Set for May 8 B A N G L A D E S H BANGLADESH: Substantially Cut Outstanding Dues to Adani Power I N D I A AUTOCZARS: CARE Keeps C Debt Rating in Not Cooperating Category BAJORIA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category BHUSHAN POWER: Supreme Court Rejects JSW Steel's Acquisition Bid CYBER INFOSYSTEMS: Liquidation Process Case Summary DAHISAR TRADERS: Insolvency Resolution Process Case Summary DUNZO DIGITAL: NCLT Defers Insolvency Order For Third Time FAIRFILD RESISTORS: Voluntary Liquidation Process Case Summary GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating HAMSA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating LEASEWORKS R&D: Voluntary Liquidation Process Case Summary MARIGOLD ALLIED: CARE Keeps B- Debt Rating in Not Cooperating MEENAKSHI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating MEHRAB N: CARE Keeps B- Debt Rating in Not Cooperating Category MICRO INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category NAKODA TECHNOFIBE: CARE Keeps D Debt Rating in Not Cooperating NOW DISTRIBUTION: Voluntary Liquidation Process Case Summary OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category PREMIER AGENCIES CARE Keeps C Debt Rating in Not Cooperating ROOPAM TEXTILES: Liquidation Process Case Summary ROSEBERRY DEVELOPERS: ICRA Assigns D Rating to INR300cr NCD SARAS PERMANENT: Voluntary Liquidation Process Case Summary SUNDER BISCUIT: CARE Keeps B- Debt Rating in Not Cooperating SURAJ SHIV: CARE Keeps C Debt Rating in Not Cooperating Category SWASTIK TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating THALES DIS MCS: Voluntary Liquidation Process Case Summary TRISHUL DREAM: CARE Keeps D Debt Ratings in Not Cooperating VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ZENICA CARS: Liquidation Process Case Summary ZENICA PERFORMANCE: Liquidation Process Case Summary M A L A Y S I A CAPITAL A: Eyes Listing on Hong Kong Stock Exchange N E W Z E A L A N D 230 BOWER: Creditors' Proofs of Debt Due on July 1 LDW PROPERTIES: Court to Hear Wind-Up Petition on May 30 NEW ZEALAND TOURISM: Court to Hear Wind-Up Petition on May 23 NOEMAR HOMES: Creditors' Proofs of Debt Due on June 2 PACIFIC EDGE: Cancer Test Excluded From US Medicare Funding PENINSULA TEST: Creditors' Proofs of Debt Due on May 29 [] NEW ZEALAND: Insolvency Rates Up 31% in January to March 2025 S I N G A P O R E CONTROLS PLUS: Commences Wind-Up Proceedings LIBERTY HOUSE: Court Enters Judicial Management Order NEW EMINENT: Court to Hear Wind-Up Petition on May 9 SGMP PTE: Court to Hear Wind-Up Petition on May 9 VIRAGO AGRI: Court to Hear Wind-Up Petition on May 9 - - - - - ================= A U S T R A L I A ================= BRITE ADVISORS: ASIC Cancels AFS Licence After CSLR Payment ----------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence (AFS) licence of Brite Advisors Pty Ltd following a payment of compensation by the Compensation Scheme of Last Resort (CSLR). On Sept. 30, 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Brite Advisors, which it failed to pay. On April 2, 2025, the CSLR paid AUD21,888.20 to a person for the AFCA determination and notified ASIC. As a result, on April 29, 2025, ASIC cancelled Brite Advisors' AFS licence. Although Brite Advisors' AFS licence is cancelled, this is on the condition, imposed by ASIC, that Brite Advisors must remain a member of AFCA for a period of 12 months, ending on April 29, 2026. Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the AFS licence or credit licence of the firm. The cancellation is not subject to discretion or merits review. The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to AUD150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met. AFCA's complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the financial firm must be taken before a CSLR payment can be made. ASIC's decision to cancel the AFS licence of Brite Advisors follows previous ASIC decisions to cancel six AFS licences and four credit licenses after CSLR payments to clients. COST ASSESSMENT: First Creditors' Meeting Set for May 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Cost Assessment Dispute Pty Limited will be held on May 8, 2025 at 11:00 a.m. via Microsoft Teams teleconferencing facility. Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin were appointed as administrators of the company on April 25, 2025. GREENSILL CAPITAL: Administrator Sues Founder Lex Greensill ----------------------------------------------------------- The Financial Times reports that Greensill Capital's administrator has filed a lawsuit against its founder Lex Greensill and six other former directors of the failed financial firm, adding to the legal challenges facing the Australian financier. The FT relates that Greensill Capital's main UK company, which collapsed into administration in March 2021 as part of a sprawling political and financial scandal, filed the lawsuit in London's High Court on April 29. Court records list the case type as "breach of fiduciary duty" but the full details of the claim and the nature of the allegations against each of the defendants are not yet available, the FT says. Administrator Grant Thornton, which is tasked with recouping funds on behalf of the failed company's creditors, wrote in a report this month that it was taking "recovery actions against third parties" and had "issued additional letters before action against a number of parties," the FT relays. The report added that the administrator had also "issued proceedings" in a bid to reclaim AUD570,000 of loans made to "former employees". According to the FT, the lawsuit is the latest legal action against Lex Greensill, the charismatic founder of the eponymous lending start-up, who forged close ties to politicians such as Britain's former prime minister David Cameron and prominent business figures including SoftBank founder Masayoshi Son. The UK's Insolvency Service last year launched proceedings to disqualify Lex Greensill from "running or controlling companies" for up to 15 years, the maximum possible ban, the FT recalls. The government agency's allegations included that the now 48-year-old financier made a "series of misrepresentations" about key insurance contracts. The FT relates that Lex Greensill has previously rejected the Insolvency Service's allegations against him and has also sued the UK's Department for Business and Trade for alleged misuse of private information during the Insolvency Service's investigation. While the Insolvency Service did not take action against any other former directors of Greensill Capital, court records show that six other former board members have been named as defendants in the administrator's lawsuit: Alastair Eadie, Divya Eapen, Neil Garrod, Sean Hanafin, Jonathan Lane and Bartholomeus Ras, the FT says. Before joining Greensill Capital as chief financial officer, Garrod was Vodafone's treasurer for more than 18 years. The London-listed telecoms group was also a major client of Greensill Capital, which specialised in providing funding to companies against their invoices. Eadie and Lane retained business ties to Lex Greensill after the collapse of the firm, having both invested alongside the Australian financier's family in a sustainable coconut waste start-up in 2022. The Solicitors Regulation Authority's solicitors register lists Lane's place of work as Cultivar International UK, an investment vehicle linked to the Greensill family. Greensill Capital's collapse led to billions of dollars in losses for investors in its financial products, including the now-defunct Swiss bank Credit Suisse and a regional German bank that was part of the wider Greensill group. The firm's most recent administrator's report shows that USD8.4 billion has still not been repaid out of the USD17.7 billion of assets that Greensill Capital oversaw at the time of its collapse, the FT discloses. About Greensill Greensill was an independent financial services firm and principal investor group based in the United Kingdom and Australia. It offered structures trade finance, working capital optimization, specialty financing and contract monetization. Greensill Capital Pty was the parent company for the Greensill Group. Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited both entered into administration on March 8, 2021. Greensill Limited entered into Creditors' Voluntary Liquidation on July 30, 2021. Greensill Capital Securities Limited entered into Creditors' Voluntary Liquidation on June 24, 2022. Greensill Capital Pty Limited was the parent company to the Greensill Group of which Greensill Capital (UK) Limited and Greensill Limited formed a part. It entered into administration in Australia on March 9, 2021 and then subsequently into liquidation in Australia on April 22, 2021. IG ENERGY: Second Creditors' Meeting Set for May 9 -------------------------------------------------- A second meeting of creditors in the proceedings of IG Energy Holdings (Australia) Pty Ltd (formally known as Intergen Energy Holdings (Australia) Pty Ltd) has been set for May 9, 2025, at 10:30 a.m. via online facility 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 May 8, 2025 at 4:00 p.m. John Richard Park and Benjamin Peter Campbell of FTI Consulting were appointed as administrators of the company on June 27, 2024. INSPIRE ADMIN: First Creditors' Meeting Set for May 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Inspire Admin NSW Pty Limited, trading as Inspire Employment, will be held on May 13, 2025 at 11:00 a.m. via virtual facilities. Andrew John Spring of Jirsch Sutherland was appointed as administrator of the company on May 1, 2025. MYOB INVEST: Moody's Puts 'B3' CFR on Review for Downgrade ---------------------------------------------------------- Moody's Ratings has placed the B3 corporate family rating of MYOB Invest Co Pty Ltd (MYOB) on review for downgrade. Additionally, Moody's have placed the B3 senior secured rating of MYOB's first lien secured term loan B (TLB) and delayed-draw first lien senior secured TLB facility on review for downgrade. The outlook was previously negative. RATINGS RATIONALE/ FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS MYOB's ratings have been placed on review for downgrade due to heightened refinancing risks related to its first lien term loans totaling around AUD1.2 billion, which will go current in early May 2025 and mature May 06, 2026. The review for downgrade also reflects material liquidity risks associated with the upcoming $135 million Flare earn-out payment due in April 2026. Moody's anticipates that external financing will be needed, as MYOB is not expected to have sufficient internal liquidity to fund this payment. The company is addressing these risks through proposed transactions that will refinance the maturities and source additional external funding to meet their Flare earn out requirements. Additionally, Moody's expects that its AUD43.5 million revolving credit facility, which becomes current in February 2026, will also be extended or replaced. The review will focus on MYOB's ability to address its refinancing needs, including securing external funding for the upcoming Flare earn-out due in April 2026. Moody's expects to conclude the review within the next several weeks. Operationally, Moody's expects MYOB's performance to improve due to past acquisitions and strong customer retention. This should result in reduced financial leverage, albeit from a higher base, and improved free cash flows, which have been thin to negative due to previous growth initiatives. Moody's anticipates free cash flows to remain thin to negative over the next 12 months. Moody's also expects R&D expenses to decline as the bulk of the cloud migration is completed, and operational leverage to improve as the business scales up. MYOB is supported by its strong position in providing accounting and business software to SMEs in Australia and New Zealand, the essential and mission-critical nature of its products, and enhanced operating performance from previous bolt-on acquisitions and developments. Additionally, its successful migration to cloud accounting software enhances recurring revenues and customer retention. Moody's could confirm MYOB's ratings at B3 if the company addresses its refinancing requirements and secures funding for the Flare earn-out in the next several weeks. MYOB's ratings could be downgraded if the company does not address the refinancing risks related to its AUD 1.2 billion equivalent of outstanding first lien term loan B maturities in the next several weeks. This includes securing external funding for the AUD 135 million Flare earn-out payment due in April 2026. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS MYOB's ESG Credit Impact Score of (CIS-4) indicates the rating is lower than it would have been if ESG risk exposures did not exist. This reflects the company's private equity ownership, which can result in prioritization of shareholder interests over creditor interests, such as more aggressive growth plans and strategies, including a tolerance for higher debt and leverage. MYOB's governance Issuer Profile Score (IPS) of (G-5) reflects increased refinancing risk associated with its first lien debt maturities due in May 2026, and the company's private equity ownership, which can result in prioritization of shareholder interests over creditor interests. However, MYOB's shareholder KKR has established a track record of providing equity capital support for growth initiatives. METHODOLOGY The principal methodology used in these ratings was Software published in June 2022. COMPANY PROFILE MYOB Invest Co Pty Ltd (MYOB) is an Australian accounting software company that operates in three main segments, namely SMEs, accounting practices, and enterprise and payments. PLANET ARK: First Creditors' Meeting Set for May 8 -------------------------------------------------- A first meeting of the creditors in the proceedings of Planet Ark Environmental Foundation will be held on May 8, 2025 at 3:30 p.m. via videoconference only. Michael Gregory Jones and Bruce Gleeson of Jones Partners Insolvency & Restructuring were appointed as administrators of the company on April 28, 2025. RAMESH KC: First Creditors' Meeting Set for May 8 ------------------------------------------------- A first meeting of the creditors in the proceedings of Ramesh KC Pty Ltd will be held on May 8, 2025 at 11:00 a.m. via Microsoft teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on April 28, 2025. =================== B A N G L A D E S H =================== BANGLADESH: Substantially Cut Outstanding Dues to Adani Power ------------------------------------------------------------- Reuters reports that Bangladesh has substantially reduced its outstanding dues to India's Adani Power related to a power-supply deal and the company is confident of recovering the roughly USD900 million still remaining, its chief financial officer said. According to Reuters, Bangladesh has struggled to pay its dues per the deal, signed in 2017, as imports got costly since the Russia-Ukraine conflict in 2022 and amid the domestic political turmoil last August that led to the ouster of the country's prime minister. As a result, Adani had halved supply last year but CFO Dilip Jha said the company has resumed full supply since as the country's monthly payments started covering some of the dues, Reuters relays. "We are supplying full power to Bangladesh . . . the payment we are receiving now is more than the monthly billing," Reuters quotes Jha as saying in a post-earnings call with analysts on May 1. "We are hopeful that not only will we continue to receive payments equivalent to the current month's billing, but that the old outstanding dues will also be liquidated." The company said Bangladesh has paid nearly USD1.2 billion of the roughly USD2 billion totally billed to the country, the report notes. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= I N D I A ========= AUTOCZARS: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of AUTOCZARS (A) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 3.50 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 3.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of A under the 'issuer non-cooperating' category as A had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. A continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Auto Czars was established as a partnership firm in 2008 and is currently being managed by Mr. Amit Jain and Mr. Vishnu Bhargava. The firm is an authorized distributor of spare parts of Maruti Suzuki India Limited in West Delhi. The customer base comprises of authorized service centers and retailers and workshops. Auto Czars also operates ten retail outlets in and around West Delhi. BAJORIA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bajoria Agro Processing Private Limited (BAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 32.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 23, 2024, placed the rating(s) of BAPPL under the 'issuer non-cooperating' category as BAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 9, 2025, March 19, 2025 and March 29, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rajasthan based Bajoria Agro Processing Private Limited (BAPPL) was incorporated in 2013 and is currently being managed by Mr. Mahender Gopal Bajoria and Mr. Ankur Bajoria. BAPPL manufactures wheat-based products including maida, sooji, rava and atta at its manufacturing facility at Abohar, Punjab. BHUSHAN POWER: Supreme Court Rejects JSW Steel's Acquisition Bid ---------------------------------------------------------------- Reuters reports that India's top court on May 2 rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said. The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order, Reuters relates. The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media. The full judgment will be uploaded later on the court's website. Reuters says the basis for the court's decision was not immediately clear. On May 2, news channel CNBC-TV18 reported the Supreme Court saying that JSW Steel's plan to acquire Bhushan Power was "illegal" and should not have been accepted by the latter's committee of creditors, according to Reuters. Reuters relates that JSW Steel said it is yet to receive a formal copy of the order to understand the grounds for rejection and the implications. "Once we receive the order . . . we will decide on our further course of action." Bhushan Power did not immediately respond to Reuters' email seeking comment. JSW Steel was the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021, Reuters notes. Bhushan Power owed over INR470 billion to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code in 2017. Punjab National Bank had initiated criminal proceedings in 2019 against the former board of directors of Bhushan Power after the lender discovered fraud amounting to INR38 billion in the accounts of the company, Reuters recalls. Punjab National Bank and State Bank of India, which led the committee of creditors, also did not respond to Reuters' emails. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26 closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. CYBER INFOSYSTEMS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Cyber Infosystems and Technologies Private Limited Gala No. 106, Everest Industrial Estate, Near 66 KVA Power Substation, Amli, Silvassa, Dadar & Nagar Haveli, Silvassa, Dadra & Nagar Havrli, India 396230 Liquidation Commencement Date: April 22, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Riddhi Sanket Gandhi B-21, Kalpana Society-2, Opposite Suzuki Show Room Near Deepa Complex Adajan Patiya, Rander Road, Surat, Gujarat 395009 Email: kadhiwala_riddhi@yahoo.co.in -- and -- 103 Shree Apartment Beside "Samrudhdhi" Building Nanpura, Surat 395003 Email: cirp.cyberinfosystems@gmail.com Last date for submission of claims: May 22, 2025 DAHISAR TRADERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Dahisar Traders Private Limited 2/7 Sarat Bose Road, Vasundhara 6th Floor Space No. 7, Kolkata, West Bengal, India 700020 Insolvency Commencement Date: April 23, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: October 19, 2025 Insolvency professional: Seikh Abdul Salam Interim Resolution Professional: Seikh Abdul Salam 64J, Linton Street, P.S. Beniapukur, Kolkata, West Bengal 700014 Email: salam10695@gmail.com Email: cirp.dtpld25@gmail.com Last date for submission of claims: May 6, 2025 DUNZO DIGITAL: NCLT Defers Insolvency Order For Third Time ---------------------------------------------------------- Storyboard 18, citing Bar & Bench, reports that the National Law Company Tribunal (NCLT) in Bengaluru on May 1 once again deferred its order on a petition seeking the initiation of insolvency proceedings against hyperlocal delivery platform Dunzo. This marks the third postponement by the Tribunal, despite the urgency outlined under India's Insolvency and Bankruptcy Code (IBC), Storyboard 18 says. According to the report, the insolvency plea, filed by invoice discounters of the Reliance Retail-backed startup, was first scheduled for pronouncement on April 4, then pushed to April 28, and again to May 1. On each occasion, the Tribunal cited the inability to finalise the written order. It has now scheduled the pronouncement for May 27. The plea was originally filed in 2024, seeking the admission of Dunzo into the Corporate Insolvency Resolution Process (CIRP), Storyboard 18 notes. Under Section 7(4), 9(5), and 10(4) of the IBC, the NCLT is expected to admit or reject such applications within 14 days. However, in Surendra Trading Company v. Juggilal Kamalpat Jute Mills Co. Ltd. (2017), the Supreme Court clarified that this timeline is directory, not mandatory. According to Storyboard 18, Dunzo has been battling a mounting financial crisis, with several creditors initiating insolvency proceedings. Among them are: * Invoice Discounters who claim only partial payments were made by Dunzo; * Velvin Packaging Solutions, which filed a petition in November 2023 over undisclosed dues; and * Betterplace Safety Solutions, an operational creditor claiming unpaid dues worth INR4 crore for staffing and logistics-related services. In September 2024, the NCLT pulled up Dunzo for failing to file replies to petitions despite being granted time, the report recalls. The Tribunal even forfeited the company's right to respond after repeated non-compliance. Dunzo's counsel cited ongoing settlement negotiations, but the bench insisted any such efforts must come from the petitioners and be backed by a joint affidavit. Dunzo's financial stress is evident, Storyboard 18 states. For FY23, it reported a loss of INR1,801.8 crroe, a steep rise from the previous fiscal, Storyboard 18 discloses. It is also facing legal claims from multiple vendors, including Google India, Meta (Facebook India), Koo, Glance, and Cupshup, with dues totalling nearly INR11.4 crore, Storyboard 18 adds. Dunzo provides delivery services in eight Indian cities - Bengaluru, Delhi, Gurugram, Pune, Chennai, Jaipur, Mumbai and Hyderabad - and is also dealing with internal challenges. FAIRFILD RESISTORS: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Fairfild Resistors Private Limited 214 Hill Top Bhatolikalan, Barotiwala Baddi, Barotiwala, Solan, Kasauli, Himachal Pradesh 174103 Liquidation Commencement Date: April 23, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II, New Delhi 110048 Email: arungupta2211@gmail.com Email: Fairfild.vol.liq@gmail.com Tel: 011-410663113 Last date for submission of claims: May 23, 2025 GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Garg Ispat Udyog Limited (GIUL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 9.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 15, 2024, placed the rating(s) of GIUL under the 'issuer non-cooperating' category as GIUL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GIUL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 1, 2025, March 11, 2025 and March 21, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based, Garg Ispat Udyog Ltd. (GIUL) was incorporated in 1987 and is being managed by Mr. Manish Gupta, Ms. Nidhi Gupta, Ms. Alka Gupta and Ms. Kamini Goyal. GIUL is engaged is manufacturing of MS black pipes, scaffolding, PPG fabricated sheets for Buildings, MS fabrications etc. GUIL procures key raw-material viz. HR-coil, aluminium extrusion, aluminium form work from traders. The company sells its products domestically to real estate developers and construction contractors. GLAZE GARMENTS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Glaze Garments (India) Limited (GGIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 21.94 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 10.50 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of GGIL under the 'issuer non-cooperating' category as GGIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GGIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025, March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable GGIL was incorporated in the year 1998 by Mr. Anil Kumar Jain. The company, based in Ludhiana, Punjab, is engaged in the manufacturing of garments and trading of yarn & fabrics. The products manufactured by the company include polo shirts, Tshirts, jogging suits, sweat shirts, thermal wear, sweaters, etc. GGIL belongs to the Ludhiana based 'Venus group' which is integrated from knitting to garment manufacturing and consists of other group companies. HAMSA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Hamsa Minerals & Exports LLP 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- 3.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.35 [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 Unallocated to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Hamsa Minerals, 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. Hamsa Minerals & Exports was a partnership firm Incorporated in 2004, converted into a Limited Liability Partnership (LLP) on August 16, 2018. Firm engaged in granite quarrying and exporting dressed granite blocks to countries such as China, Hong Kong, Taiwan and Switzerland. Initially, the firm was into iron ore exports business and subsequently got 100 per cent EOU (Export Oriented Unit) certificate from Vishakhapatnam SEZ to export squared and dressed granite blocks. INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Indo Fabrics (IF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.84 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of IF under the 'issuer noncooperating' category as IF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Indo Fabrics (IFB) is a proprietorship concern established in the year 1999 by Mrs. Indumathi. The firm is primarily engaged in the manufacture of grey fabrics. Mrs. Indumathi is supported by her husband Mr. Palanisamy in handling the operations. IFB has two divisions namely sizing division and weaving division. It has 36 sulzer looms in the weaving division and 700 power looms. As of September 2021, IFB has installed capacity of 2500 kg/day for yarn sizing and 13 lakh meter/month for manufacturing of grey fabrics. The firm has its manufacturing unit at Sommanur, Coimbatore. INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Infutec Healthcare Limited (IHL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 49.09 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 14.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of IHL under the 'issuer non-cooperating' category as IHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IHL continues to be non-cooperative despite repeated requests for submission of information through emails dated March 2, 2025, March 12, 2025, March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable IHL (erstwhile Goa Formulations Ltd, CIN: U24230MH2005PLC155962) was a wholly owned subsidiary of Indore-based Parental Drugs India Limited (PDIL). As on July 10, 2018, one of the investors i.e. Mahaganpati Investment Private Limited (MIPL) converted preference share of INR48.50 crore (book value) into equity share leading to dilution of the shareholding of PDIL. As on March 31, 2021, PDIL holds 12.24% equity stake in the company whereas the majority holding of 87.76% equity stake is held by MIPL. IHL is engaged in manufacturing of pharmaceutical products mainly into intravenous fluids at its plant located at Hoshiarpur, Punjab. LEASEWORKS R&D: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Leaseworks R&D Services Private Limited HD-038, WeWork Latitude, 9th Floor, RMZ Latitude Commercial, Bellary Road, Hebbal, Near Godrej Apartment, Hebbal Kempapura, Bangalore - 560024 Liquidation Commencement Date: April 23, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Chennur Dwarakanath No. 31, Vidya Bhavan, 3rd Floor, Rear Block, Opposite Karanji Anjaneya Temple, West Anjaneya Temple Street, Basavanagudi, Bengaluru, Karnataka - 560004 Email: dwarakanath.c@gmail.com Tel: 080-41203012 Last date for submission of claims: May 22, 2025 MARIGOLD ALLIED: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Marigold Allied Corporation (MAC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.98 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of MAC under the 'issuer non-cooperating' category as MAC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025 and March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Marigold Allied Corporation (MAC) was established as a partnership firm in May 2008 and is currently being managed by Mrs Jatinder Kaur, Mr. Ramandeep Singh, and Mr. Hardeep Singh, as its partners. The firm was engaged in milling of rice on job work basis till 2016. However, post 2016, the firm commenced extraction of rice bran oil at its processing facility located in Jagraon, Punjab. The firm manufactures rice bran oil in semi edible form for industrial use, which is sold to refineries based in Punjab only. MEENAKSHI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Meenakshi Cotgin (MC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.76 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of MC under the 'issuer non-cooperating' category as MC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable MC was established as a partnership firm in 2016. The firm is engaged in the business of cotton ginning and pressing and oil extraction at its manufacturing facility located at Vaijpur, Aurangabad. MEHRAB N: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mehrab N. Irani and Company (MNIC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 12.50 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of MNIC under the 'issuer non-cooperating' category as MNIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MNIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mehrab N Irani and Company (MNIC) was founded as a partnership firm in the 1991 by Mr. Laxman Tidwani and Mr Bharat Tidwani. MNI is wholesale distributor for products of United Spirits Limited (USL) and Sula Vineyards Private Limited for a period of more than 15 years for Pune District. MNI operates out of a leased warehouse located at Phursungi, Pune. MICRO INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Micro International (MI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.60 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 17, 2024, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 3, 2025, March 13, 2025 and March 23, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnal (Haryana) based Micro International (MI) was established in March, 2015 and started its commercial operations from May, 2016. The firm is currently managed by Mr. Vinay Singla, Mr. Ankur Singla, Mr. Mohan Lal and Mrs Meera Rani. The firm is engaged in the manufacturing of mink blankets. MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Sri Murari Oil Industries Private Limited (SMOIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category 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 SMOIPL, 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, SMOIPL is involved in de-linting and crushing of cottonseeds to produce cottonseed oil, deoiled cake and cotton linters along with hull and liquid soap as by-products since November 2016. The plant is located in Ballari, Karnataka. Four promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy, Mr. Ananda Mohan Rao and Mr. V Chandrashekar manage the operations of the company. The promoters have rich experience in the businesses such as cotton ginning, edible oil extraction, manufacturing of equipments for oil extraction and trading of agriculture products. NAKODA TECHNOFIBE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nakoda Technofibe Private Limited (NTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.48 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 10, 2024, placed the rating(s) of NTPL under the 'issuer non-cooperating' category as NTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 24, 2025, March 6, 2025, March 16, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Indore (Madhya Pradesh) based Nakoda Technofibe Private Limited (NTPL) was incorporated in 2014 as Private Limited company. NTPL is engaged in the business of cotton ginning, pressing activities and trading of cotton seeds and bales. Company is also engaged in the business of chana processing. The processing plant of the company is located at Indore and has total production capacity of 75 bales per day. NOW DISTRIBUTION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Now Distribution India Private Limited Unit No. 16, Bldg No 1, Sector 2, MBP, Mahape Navi Mumbai, Thane, Maharashtra, India 400710 Liquidation Commencement Date: April 22, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sunita Umesh 1315, Ansal Tower, 38 Nehru Place South Delhi, Delhi 110019 Email: sunita.umesh@ucoglobal.in Mobile: +919810266702 Last date for submission of claims: May 22, 2025 OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ozone GSP Infratech (OGI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 35.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of OGI under the 'issuer non-cooperating' category as OGI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OGI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025 and March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ozone GSP Infratech constituted as a partnership firm on September 20, 2010 is currently partnered by Jotindra steel and tubes limited and Mr. Akhil Kumar Sureka. The entity is a part of a business conglomerate that is engaged in diverse industries viz. Steel tube manufacturing, LPG Cylinder manufacturing, trading and finance businesses and real estate. PREMIER AGENCIES CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Premier Agencies (PA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 7.00 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 16, 2024, placed the rating(s) of PA under the 'issuer non-cooperating' category as PA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025 and March 22, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Premier Agencies (PA) was established in April, 1979 as a partnership firm and is currently being managed by Mr. Harish Chander, Mr. Tarun Puniani and Mr. Bharat Puniani sharing profit and losses in the ratio of 4:3:3. PA is the sole authorized distributor of Hamilton Housewares Private Limited for providing Milton, Treo and Spot Zero brand products in Haryana. The product line consists of plasticware, thermoware, glassware, and melamine ware. The firm is having network of 1000 dealers located in different parts of Haryana. ROOPAM TEXTILES: Liquidation Process Case Summary ------------------------------------------------- Debtor: Roopam Textiles Trading Private Limited One, Janpath, Kharvel Nagar, Bhubaneswar - 751001 Liquidation Commencement Date: April 25, 2025 Court: National Company Law Tribunal, Cuttack Bench Liquidator: Payal Agarwal Old College Lane, Nimchouri, Cuttack, Odisha - 753002 Email: agarwalpayal2008@gmail.com Email: roopam.cirp@gmail.com Last date for submission of claims: May 25, 2025 ROSEBERRY DEVELOPERS: ICRA Assigns D Rating to INR300cr NCD ----------------------------------------------------------- ICRA has assigned rating to the bank facilities of Roseberry Developers Private Limited (RDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Proposed non- 300.00 [ICRA]D; Assigned Convertible debenture Rationale The rating assigned to RDPL considers the delays in debt servicing due to poor liquidity position on account of delays in the launch of its residential project in Indirapuram, Ghaziabad. RDPL has entered into one time settlement (OTS) with the debenture trustee on behalf of the lenders in October 2024, with payment to be made by January 31, 2025. However, the payment could not be made by January 31, 2025 and the company entered into supplementary OTS in March 2025 with extension of payment timeline to April 30, 2025. Further, the rating is constrained by the company's exposure to execution and market risks as the project is yet to be launched. Also, it is exposed to funding risk as debt for construction of the project is yet to be tied-up. The company is exposed to high geographical concentration risk as it is launching only one project in Indirapuram, Ghaziabad and is exposed to the cyclical nature of the real estate industry. ICRA notes the favourable location of the upcoming residential project, which is expected to support the marketability of the project. Key rating drivers and their description Credit strengths * Favourable project location: The upcoming residential project is being developed in Indirapuram, Ghaziabad. The region is seen as one of the preferred locations in the National Capital Region. The residential project's demand prospects appear favourable due to its well-developed social infrastructure and connectivity to various corporate offices in Gurgaon, Delhi and Noida. The location will support the marketability of the project. Credit challenges * Instances of delays in debt servicing: The company reported existing delays in servicing of its debt obligations in the past due to poor liquidity position, considering delays in the launch of its residential project in Indirapuram, Ghaziabad. * Exposure to execution, funding and market risks: As the project is at land stage and approvals are awaited, it is exposed to execution and market risks. Moreover, the company is yet to tie-up loans for construction of the project, exposing it to funding risk. * High geographical concentration and vulnerability of revenues to cyclicality in real estate industry: The rating factors in the cyclicality risk inherent in the real estate business and high geographical concentration risk with significant dependence on the Ghaziabad market, which accounts for ~100% of the total saleable area in its upcoming residential project. Liquidity position: Poor RDPL's liquidity is poor, primarily due to its nature as a project-level entity with no ongoing operations. Further, delays in the project launch have adversely impacted its ability to meet the debt obligations. Rating sensitivities Positive factors – The rating could be upgraded if the debt servicing is regularised for a sustained period, as per ICRA's policy. Negative factors – Not applicable Roseberry Developers Private Limited (RDPL) was incorporated in 2007. It was previously owned by the Shipra Group. In 2019, the Saya Group acquired RDPL for construction and development of a project. The entity had land of ~1.93 acres in Indirapuram, Ghaziabad, on which the residential project is proposed to be developed under a Joint Development Agreement (JDA). RDPL will be the landowner with Harmony Infrasolutions Private Limited as the JDA partner. The JDA terms are under discussion and yet to be finalised. SARAS PERMANENT: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Saras Permanent Fund Limited Plot-1189, Sector-3, Street-16, Anna Nagar, Western extension, Mogappair, Madras-600050, Tamil Nadu, India Liquidation Commencement Date: April 22, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Premnarayan Ramanand Tripathi Door A, Second Floor, 97, Kundrathur Main Road, Kumananchavedi, Poonamalee, Chennai - 600056, Tamil Nadu, India -- and -- 606, 6th Floor, Shivalik Square, Near Adani CNG Pump, 132 Ft. Ring Road, New Vadaj, Ahmedabad 380013, Gujarat, India Email: premnarayan.cs@gmail.com Tel: +91-8980026497 Last date for submission of claims: May 21, 2025 SUNDER BISCUIT: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sunder Biscuit Industries (SBI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.84 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 22, 2024, placed the rating(s) of SBI under the 'issuer non-cooperating' category as SBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBI continues to be non-cooperative despite repeated requests for submission of information through emails dated March 8, 2025, March 18, 2025 and March 28, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nagpur (Maharashtra) based, SuBI was established on February 2003 by Mr. Inderkumar Sunderdas Setiya. The entity is engaged in manufacturing of biscuit, cookies, toast and namkeens at its manufacturing facility located at Nagpur, Maharashtra. SURAJ SHIV: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Suraj Shiv Industries Private Limited (SSSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.00 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 2.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 12, 2024, placed the rating(s) of SSSIPL under the 'issuer non-cooperating' category as SSSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 26, 2025, March 8, 2025, March 18, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shree Suraj Shiv Industries Private Limited (SSSIPL) was incorporated in January 2019 by Mr. Sharad Chandra Goyal, Mr. Chetan Jalan, and Mr. Vishnu Kumar Goyal for setting up a processing and milling unit for rice and its bi-products with an aggregate project cost of INR12.34 crore (including INR1.67 crore as margin money of working capital) which is estimated to be funded through term loan of INR8.00 crore and balance through promoter's contribution of INR4.34 crore. SWASTIK TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term of Swastik Traders in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Swastik Traders, 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. Swastik Traders was established as a proprietorship firm in 1986. The firm is engaged in construction and maintenance of roads. The firm majorly executes contracts from Madhya Pradesh Rural Road Development Authority (MPRRDA) under Pradhan Mantri Gram Sadak Yojna (PMGSY) along with smaller contracts for private players. The company is registered as class A contractor which enables it to bid for contracts of any value across state. Swastik Traders is managed by Narendra Modi who has over 3 decades of experience in construction. THALES DIS MCS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Thales DIS MCS India Private Limited Flat No. 803, 804, 805 & 806, Vaibhav Chambers Plot No. 1, Survey No. 341 (Part), CST No. 629/1264, Mumbai City, Bandra East, Maharashtra, India 400051 Liquidation Commencement Date: April 21, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Deepak Kukreja 31/36, Basement, Old Rajinder Nagar, New Delhi 110060 Tel: +919871315000 Email: csdeepakkukreja@yahoo.com Email: liquidatordeepak@gmail.com Last date for submission of claims: May 20, 2025 TRISHUL DREAM: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Trishul Dream Homes Limited (TDHL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 15.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 27.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated April 11, 2024, placed the rating(s) of TDHL under the 'issuer non-cooperating' category as TDHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TDHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 25, 2025, March 7, 2025 and March 17, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Trishul Dream Homes Ltd (TDHL) incorporated in 2007 is into real estate development. It is part of Trishul Group which was established in 1992 and has more than 25 years of experience in real estate and construction industry. The group has successfully executed a number of residential buildings projects in Delhi NCR. VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank Facility of Vama Infra (VI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [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 VI, 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. Vama Infra (VI) was established in 2013 as a partnership firm based in Surat (Gujarat) and is involvedin the construction of a residential project -Veronaa Residency in the Sarthana-Simada area of Surat. The firm is apart of the 'RiseOnGroup,' which is engaged actively in real estate development in Surat and Ahmedabad. Thepartners have almost three decades of experience in real estate development through the Rise On group. VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Vanshika Sugar & Power Industries Limited ((VSPIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 14.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 10.00 [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 VSPIL, 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. The company Vanshika Sugar and Power Industries Limited (VSPIL), incorporated in 2012, is engaged in the business of manufacturing White Crystal Sugar and sale of its by-product. The company's cane processing plant is at Narsinghpur in Madhya Pradesh with an installed capacity of 2,500 tonnes of canes crushed per Day TCD). ZENICA CARS: Liquidation Process Case Summary --------------------------------------------- Debtor: Zenica Cars India Private Limited Orchid Centre, Sector - 53 Golf Course Road, Gurgaon, Haryana, India 122001 Liquidation Commencement Date: April 25, 2025 Court: National Company Law Tribunal, Chandigarh, Bench II Liquidator: Navneet Gupta #1598, Level-1, Sector 22-B, Chandigarh 160022 Email: navguptaca@gmail.com Phone: 0172-5085213, 0172-5012214 Mobile: 9814333213 Email: liq.zenicacarsindia@gmail.com Last date for submission of claims: May 25, 2025 ZENICA PERFORMANCE: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Zenica Performance Cars Private Limited Orchid Centre, Sector - 53 Golf Course Road, Gurgaon, Haryana, India 122001 Liquidation Commencement Date: April 25, 2025 Court: National Company Law Tribunal, Chandigarh Bench II Liquidator: Navneet Gupta #1598, Level-1, Sector 22-B, Chandigarh 160022 Email: navguptaca@gmail.com Phone: 0172-5085213, 0172-5012214 Mobile: 9814333213 Email: liq.zenicaperfomance@gmail.com Last date for submission of claims: May 25, 2025 =============== M A L A Y S I A =============== CAPITAL A: Eyes Listing on Hong Kong Stock Exchange --------------------------------------------------- Reuters reports that Capital A, the owner of budget carrier AirAsia, said on May 2 it was exploring listing on the Hong Kong stock exchange, as it looks to broaden access to global capital once it exits its financially distressed status. The company, hard hit by pandemic travel restrictions, was classified by Malaysia's stock exchange as financially distressed in 2022. It expects a return to profitability this year after posting a loss for fiscal year 2024, Reuters note. Its shareholders will need to approve a plan to exit the financially distressed status and Malaysia's high court has to approve the firm's planned capital reduction, Capital A Group CEO Tony Fernandes said in early March. Reuters says the company aims to have the status revoked by mid-2025. A shareholder meeting is set for May 7. This would allow Capital A to sell its AirAsia aviation business to long-haul unit AirAsia, which it announced a year ago to consolidate long and short-haul operations under a single AirAsia brand. In a separate statement, Capital A reaffirmed its confidence in completing its proposed regularisation and restructuring plan by June 2025, Reuters reports. It was responding to the auditors of its full year financial results stating there was a material uncertainty related to the company's ability to continue as a going concern, according to Reuters. "The inclusion of [that] paragraph is an audit requirement when certain milestones remain pending at the date of issuance of audit report - even when they are well on track. It does not reflect any concern about the strength of our business," Reuters quotes Fernandes as saying. The potential Hong Kong listing is the "natural next step" and would allow the company to tap into deeper global and Mainland Chinese investor pools, Capital A said, Reuters relays. Reuters notes that he plan comes at a time when Hong Kong's equity capital markets are coming back to life after at least two years of flat-lining activity. "Discussions are ongoing and Capital A is close to appointing an international investment bank to advise on the proposed listing structure and timeline," the firm said, without sharing details. Plans to initiate the formal process are subject to internal assessments and regulatory approvals, it said. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. The TCR-AP reported on March 17, 2025, that Capital A Berhad has reached a major milestone in its financial transformation journey with the approval of its Proposed Regularisation Plan by Bursa Malaysia Securities Berhad. ===================== N E W Z E A L A N D ===================== 230 BOWER: Creditors' Proofs of Debt Due on July 1 -------------------------------------------------- Creditors of 230 Bower Ave Limited are required to file their proofs of debt by July 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2025. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate PO Box 3678 Auckland 1140 LDW PROPERTIES: Court to Hear Wind-Up Petition on May 30 -------------------------------------------------------- A petition to wind up the operations of LDW Properties Group Limited will be heard before the High Court at Auckland on May 30, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 NEW ZEALAND TOURISM: Court to Hear Wind-Up Petition on May 23 ------------------------------------------------------------- A petition to wind up the operations of New Zealand Tourism Holding Group Limited will be heard before the High Court at Auckland on May 23, 2025, at 10:00 a.m. Auckland Council filed the petition against the company on March 5, 2025. The Petitioner's solicitor is: Kirstin Margaret Wakelin 135 Albert Street Auckland NOEMAR HOMES: Creditors' Proofs of Debt Due on June 2 ----------------------------------------------------- Creditors of Noemar Homes Limited are required to file their proofs of debt by June 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 PACIFIC EDGE: Cancer Test Excluded From US Medicare Funding ----------------------------------------------------------- Radio New Zealand reports that Dunedin-based cancer diagnostic firm Pacific Edge has been dealt a severe financial blow after its key testing procedure was excluded from coverage by the United States Medicare federal health insurance scheme. According to RNZ, the firm has been battling for more than a year to overturn a draft decision by a regional manager of the Medicare scheme to cease paying for the bladder cancer tests. However, the new coverage regime has now come into force and excluded Pacific Edge's test, which accounted for 60 percent of the company's income. "We are obviously disappointed we have been unable to maintain coverage of our tests in the short term," RNZ quotes chief executive Peter Meintjes as saying. "This finalisation is a poor outcome for Medicare patients and urologists, as it removes coverage for guideline-recommended testing and followed a flawed process that failed to review the most-current evidence." An attempt for a judicial review of the decision was unsuccessful, with the judge last week saying the court had no jurisdiction, and lobbying of new political appointees to various health authorities had come to nothing, according to RNZ. The company's tests are still being used and paid for by private health insurance providers, and the US Veterans Administration. RNZ relates that Meintjes said the company has resubmitted one of its tests for reconsideration, which is likely to take months, but had planned for the possibility of not getting coverage. "We will update shareholders as these plans are finalised, though our focus will remain on further evidence generation in parallel with the reconsideration pathway made available to all providers seeking Medicare coverage of their tests." Pacific Edge has already restructured to cut staff and costs to limit its cash burn, and previously said it would also look to diversify markets, RNZ adds. About Pacific Edge Dunedin, New Zealand-based Pacific Edge Biotechnology Limited -- http://www.pacificedgebiotech.com/-- is a biomedical company specializing in the discovery and commercialization of diagnostic and prognostic products for human cancer. The company is focused on developing genomic and proteomic tools for the earlier detection, improved characterization and better management of gastric, bladder, colorectal, endometrial cancers and melanoma. PEBL's early detection program for gastric cancer uses different detection technology to the bladder and endometrial programs. This program is developing protein/antibody assays that can be used to detect the targeted biomarkers in blood samples. The company has a 25% investment in Prognostic Systems Limited, which has been formed to investigate the possible usage of PEBL's core software in predictive cardiovascular disease onset. Pacific Edge reported three consecutive annual net losses of NZD21.28 million, NZD28.80 million, and NZD32.19 million for the years ended March 31, 2022, 2023 and 2024, respectively. PENINSULA TEST: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------------- Creditors of Peninsula Test & Tag Limited are required to file their proofs of debt by May 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 [] NEW ZEALAND: Insolvency Rates Up 31% in January to March 2025 ---------------------------------------------------------------- Latest insolvency figures reveal a sharp rise in business failures, highlighting both challenges and opportunities for New Zealand business owners. The BWA Insolvency Quarterly Market Report released on May 2 shows insolvency rates between January and March 2025 surged by 31% compared to the same period in the previous year. Liquidations rose by 40%, while receiverships and voluntary administrations saw a decline. The report's author, BWA Insolvency principal Bryan Williams, says that despite the data there is a path forward for those with strategic foresight. "These numbers, while concerning, serve as a crucial alert for business owners to review their financial strategies," Mr. Williams said. Key Data NZ Insolvencies Q1 2025 vs. Q1 2024 - Annual Comparison * Liquidations: Up from 504 to 705 (40%) * Receiverships: Down from 40 to 39 (-3%) * Voluntary Administrations: Down from 25 to 4 (-84%) * Total Insolvencies: Up from 569 to 748 (31%) NZ Insolvencies Q1 2025 vs. Q4 2024 – Quarterly Comparison * Liquidations: Up from 666 to 705 (5.86%) * Receiverships: Up from 37 to 39 (5.41%) * Voluntary Administrations: Down from 6 to 4 (-33.33%) * Total Insolvencies: Up from 709 to 748 (5.5%) Mr. Williams said the rise is partially attributed to global economic factors, including trade instabilities and market uncertainties, but is also a carryover of COVID-19 and the accumulated debt that resulted. "Insolvency is always late to the party. It has a long incubation period and often doesn't show itself until the conditions that caused it have moved on." Mr. Williams believes that amid rising insolvency rates, companies should remain vigilant in looking for ways to minimise the impact of the current turbulence. "Hedge against the potential for risk wherever and whenever you can," he says. "By identifying warning signs early, businesses can adapt and thrive despite the economic pressures." Industries hit hardest in the last quarter were tourism, transport and delivery, construction and manufacturing. The construction industry has seen continued high rates of business failures, with this quarter's figures showing no reprieve—insolvencies increased by 44%, up from 130 in Q1 2024 to 187 in Q1 2025. "Companies with solid balance sheets can expect to ride out the challenges immediately ahead. Focusing on efficiency and innovation will be the wet weather coat for these companies." Acknowledging the impact of the current "arm wrestle" between the United States and China, Mr. Williams hopes both parties will soon recognise that fighting it out may cost more than it will gain. "The best that can be hoped for is that leaders will pull back and let their respective societies grow as they will. The interplay of global tensions and local economic factors means New Zealand businesses must be agile and prepared. Our current insolvency figures are a reflection of these broader issues." Looking ahead, Mr. Williams believes there are reasons to be optimistic: "Though the short-term outlook remains challenging, New Zealand's inherent resilience and adaptability are its greatest assets. "Even one or two major projects within the country can dramatically shift business optimism, reinvigorating growth and opportunity," he says. "Such developments can serve as a catalyst for broader economic revival. "There is a road of turbulence ahead and this will damage plans that were made during more stable times. The effects will be universal and avoiding them will be like a rally driver trying to avoid potholes. "Businesses that stay nimble, focus on core strengths, and prepare for future opportunities will be well-positioned when stability returns." ================= S I N G A P O R E ================= CONTROLS PLUS: Commences Wind-Up Proceedings -------------------------------------------- Members of Controls Plus Pte. Ltd. on April 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Chia Lee Cheng 150 Cecil Street #14-01 Singapore 069543 LIBERTY HOUSE: Court Enters Judicial Management Order ----------------------------------------------------- The High Court of Singapore entered an order on April 21, 2025, to place the operations of Liberty House Group Pte. Ltd. under judicial management. The company's judicial manager is Cameron Duncan. NEW EMINENT: Court to Hear Wind-Up Petition on May 9 ---------------------------------------------------- A petition to wind up the operations of New Eminent Construction Pte. Ltd. will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 11, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 TheConcourse Singapore 199555 SGMP PTE: Court to Hear Wind-Up Petition on May 9 ------------------------------------------------- A petition to wind up the operations of SGMP Pte. Ltd. will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on April 17, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 VIRAGO AGRI: Court to Hear Wind-Up Petition on May 9 ---------------------------------------------------- A petition to wind up the operations of Virago Agri Pte. Ltd. will be heard before the High Court of Singapore on May 9, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 15, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* 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 ***