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

                     A S I A   P A C I F I C

          Friday, June 13, 2025, Vol. 28, No. 118

                           Headlines



A U S T R A L I A

ANNECTO: Shuts Down After 70 Years in Business
BERBERIAN GROUP: Second Creditors' Meeting Set for June 18
BIS INDUSTRIES: Gets AUD135M Debt Lifeline From iPartners, Balmain
CRIMSON BOND 2022-1P: S&P Raises Class F Notes Rating to B+ (sf)
NEW AGE MEDIA: Second Creditors' Meeting Set for June 19

RC WORLD: First Creditors' Meeting Set for June 19
REX AIRLINES: Bidder Plans to Return Airline to ASX
REX AIRLINES: Buyout Fund Lobs Bid for Collapsed Airline
RIO TINTO: Tomago Aluminium Smelter Reportedly Close to Collapse
THORNEGOODE PTY: First Creditors' Meeting Set for June 19

WHYALLA PORTS: First Creditors' Meeting Set for June 19


C H I N A

CHINA VANKE: Sells Repurchased Shares to Raise Funds
[] CHINA: Carmakers Vow to Make Supplier Payments Within 60 Days


H O N G   K O N G

NEW WORLD: Gains Support for 87% of Loan Refinancing From Banks


I N D I A

ABACO SYSTEMS: Voluntary Liquidation Process Case Summary
ADI K C PAUL: CRISIL Moves B+ Debt Ratings to Not Cooperating
ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
ANJANEY DEVELOPERS: Insolvency Resolution Process Case Summary
AYODHYA COTSPIN: CRISIL Moves B- Debt Ratings to Not Cooperating

BHARAT MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
BHOOMIKA MEDIA: Insolvency Resolution Process Case Summary
CRIMSON INFRASTRUCTURE: Insolvency Resolution Process Case Summary
DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
DIVINE INFRACON: CRISIL Keeps D Debt Ratings in Not Cooperating

DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
EKAGRID GLOBAL: Voluntary Liquidation Process Case Summary
ENCON IMPEX: CRISIL Keeps B Debt Rating in Not Cooperating
FALCON STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

FASTWAY TRANSMISSIONS: CRISIL Keeps B Ratings in Not Cooperating
FORZZA REALTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
GAGAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings in Not Cooperating
INDUSTRIES PRIVATE: CRISIL Keeps D Debt Rating in Not Cooperating

INSTAMEDICO AND: Insolvency Resolution Process Case Summary
KAGAZ PRINT: Liquidation Process Case Summary
LAVASA CORP: NCLT Allows 90-Day Extension of Insolvency Resolution
M.P. MINING: CRISIL Moves B+ Debt Ratings to Not Cooperating
MOTI CHAND: Voluntary Liquidation Process Case Summary

ORBIT ELECTROMECH: Insolvency Resolution Process Case Summary
POMEGRANATE COATERS: Liquidation Process Case Summary
PSR METALS: Insolvency Resolution Process Case Summary
RAMAPATI INFRA: Insolvency Resolution Process Case Summary
SHRESTH DETECTIVE: Insolvency Resolution Process Case Summary

SHRUSTI: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
SHWETA INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SOUMAK FLOATING: CRISIL Moves B Debt Ratings to Not Cooperating
SOURCE DOT COM: Insolvency Resolution Process Case Summary
SUSHIL TRADERS: CRISIL Moves B Debt Ratings to Not Cooperating

SYMPHONY REALTORS: Insolvency Resolution Process Case Summary
TALIB HUSSAIN: CRISIL Moves B Debt Ratings to Not Cooperating
TICKET UTILS: Voluntary Liquidation Process Case Summary
V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
VIVEKANAND MAHILA: CRISIL Withdraws B Rating on INR1cr LT Loan

VIVEKANANDA VIDYAVARDHAKA: CRISIL Withdraws B+ Long Term Rating


N E W   Z E A L A N D

BEENS GROUP: Khov Jones Appointed as Receivers and Managers
NUTTY B: Khov Jones Appointed as Receivers and Managers
OBELISK INDUSTRIAL: Creditors' Proofs of Debt Due on July 3
RESEARCH FIRST: Creditors' Proofs of Debt Due on July 5
WHARE MANAAKI: Creditors' Proofs of Debt Due on July 10



S I N G A P O R E

ADAMA ASIA: Creditors' Proofs of Debt Due on July 6
BAYSWATER FIDUCIARY: Creditors' Proofs of Debt Due on July 9
CCIC SINGAPORE: Faces Liquidation After Employees Laid Off
O'HARA WEDDINGS: Court to Hear Wind-Up Petition on June 20
R N D CONSULTANCY: Court Enters Wind-Up Order

SMILE AUTO: Court Enters Wind-Up Order


S O U T H   K O R E A

HOMEPLUS CO: Liquidation Value Exceeds Going-Concern Value

                           - - - - -


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

ANNECTO: Shuts Down After 70 Years in Business
----------------------------------------------
News.com.au reports that national aged care and disability services
provider Annecto will close in July, putting the care of more than
3,000 patients in limbo.

According to the report, the business announced the shock closure
on June 11, citing "service model shifts and financial challenges"
for the breakdown.

"This difficult decisions follows careful deliberation and
extensive stakeholder consultation which considered the service
model shifts and financial challenges facing the organisation into
the future," the company said in a statement, notes the report.

The provider supports more than 3,000 people with disabilities,
members of the veteran community and older adults across Victoria,
NSW, Queensland and the ACT.

"Our focus now is working to transition our customers and services
to other trusted providers who can continue delivering the support
and assistance our customers expect and deserve," it said,
according to the report.

News.com.au relates that the company said it was working with the
Department of Health, the NDIS and the Department of Veterans'
Affairs and "other key stakeholders" to ensure "the seamless
transition" of its customers and staff to "trusted and quality
accredited providers".

The business ran for some 70 years.

Annecto chair Colleen Furnaletto OAM said the decision to shut down
the enterprise "was not made lightly," news.com.au relays. "We
deeply appreciate the support of our community over all these years
and the dedication of our staff and partners to high quality of
support standards," she said.

Annecto is a disability and aged care support provider.

BERBERIAN GROUP: Second Creditors' Meeting Set for June 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of Berberian Group
Pty Ltd has been set for June 18, 2025 at 11:00 a.m. at the offices
of Vincents at Level 34, 32 Turbot Street in Brisbane and via
virtual meeting technology.

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 June 17, 2025 at 4:00 p.m.

Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on May 14, 2025.


BIS INDUSTRIES: Gets AUD135M Debt Lifeline From iPartners, Balmain
------------------------------------------------------------------
The Australian Financial Review's Street Talk reports that
alternatives investing platform iPartners has finalised a fresh
loan to Bis Industries, signing off on a deal to lead a senior
secured corporate facility for the mining services player.

The move comes two months after Street Talk reported that iPartners
was in advanced discussions to join non-bank lender Balmain Group,
which had tabled its own AUD110 million to AUD120 million loan
proposal structured as a cashflow lending facility. This would pay
out Bis's five existing lenders - Deutsche Bank, Davidson Kempner
Capital Management, Soul Patts, Bank of America and GCI - whose
three-year loan was due to expire in July.

Bis Industries Ltd. provides logistics and materials handling
solutions. The Company offers high payload off-road load, haul,
underground equipment delivery, logistics management, crushing,
screening, blending, and molten materials management. Bis
Industries operates throughout Australia.


CRIMSON BOND 2022-1P: S&P Raises Class F Notes Rating to B+ (sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on five note classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Crimson Bond Trust 2022-1P. At
the same time, S&P affirmed its ratings on two classes of notes.

Crimson Bond Trust 2022-1P is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd. (BCS).

The rating actions reflect our view of the credit risk of the pool,
which has been amortizing in line with our expectations. The
underlying collateral portfolio comprises residential mortgage
loans to residents and nonresidents of Australia and to
self-managed superannuation fund (SMSF) borrowers.

As of April 30, 2025, loans to nonresident and SMSF borrowers make
up 19.1% and 50.9% of the pool, respectively. Effective
loan-to-value (LTV) ratios across the pool have been declining,
reducing our expectation of losses for the pool.

As of April 30, 2025, the pool has a balance of about A$179.8
million and a pool factor of about 44.9%. The pool's
weighted-average effective LTV ratio is 65.6% and weighted-average
seasoning is 41.3 months. Loans more than 30 days in arrears make
up 1.2% of the pool, of which 0.4% are more than 90 days in
arrears.

S&P said, "Our expectation is that the various mechanisms to
support liquidity within the transaction, including the loss
reserve, the liquidity reserve, and the principal draw function,
are sufficient under our cash flow stress assumptions to ensure
timely payment of interest. We further note the transaction has
performed to date with no losses or charge-offs, and it has not
required drawing on any of the liquidity support mechanisms."

The transaction is currently repaying principal on a pro-rata basis
and hence there is no further buildup of credit support for most of
the rated notes in percentage terms while all of the pro-rata
triggers are met. The class F notes, however, as the most
subordinated rated note outstanding, also receive the class G
notes' portion of principal collections under pro-rata pay and are
continuing to build credit support. The transaction can only pay
pro-rata up until the first call option date, which is the payment
date in August 2025. After that, if the notes are not called, the
transaction will revert to repaying principal sequentially, and
credit support will again start to build up for the rated notes.

S&P said, "Ratings on some of the classes of rated notes are
constrained below the level that our credit and cash flow analysis
would suggest due to risk considerations such as pool concentration
to nonresidents and sensitivities to the outlook for yield. With a
meaningful concentration to nonresidents, the portfolio is exposed
to macroeconomic events and policies that affect both Australia and
the borrowers' countries of residence or income sources. This could
expose the transaction to potential disruptions in cash flow due to
events or policies affecting the flow of funds between countries.
In our cash flow analysis, we applied additional compressed default
curves to simulate a possible concentrated disruption in cash flow
to the trust.

"The pool is also concentrated to SMSF borrowers. Although as a
subsector the performance of SMSF loans has been strong, we apply
additional adjustment in our credit support calculation to reflect
the more significant consequences of noncompliance in an
ever-changing regulatory landscape, elevated risk profile of SMSF
lending, limited data history of performance in more stressful
economic periods, and its more nuanced underwriting complexity. Due
to the nature of the product, we expect such loans to have lower
prepayment rates compared with typical prime residential loans and
therefore expect the SMSF concentration to continue to increase."

  Ratings Raised

  Crimson Bond Trust 2022-1P

  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA+ (sf) from AA (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Crimson Bond Trust 2022-1P

  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)


NEW AGE MEDIA: Second Creditors' Meeting Set for June 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of New Age Media
Goup Pty Ltd has been set for June 19, 2025 at 11:00 a.m. at the
offices of Vincents at Level 34, 32 Turbot Street in Brisbane and
via virtual meeting technology.

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 June 18, 2025 at 4:00 p.m.

Nick Combis of Vincents was appointed as administrator of the
company on May 15, 2025.


RC WORLD: First Creditors' Meeting Set for June 19
--------------------------------------------------
A first meeting of the creditors in the proceedings of RC World
Square Pty Ltd will be held on June 19, 2025 at 11:30 a.m. at Suite
10.01, Level 10, 50 Pitt Street in Sydney and via virtual meeting
technology.

Ozem Kassem and Ian Niccol of KPT Restructuring were appointed as
administrators of the company on June 6, 2025.


REX AIRLINES: Bidder Plans to Return Airline to ASX
---------------------------------------------------
The Australian Financial Review reports that Regional Express would
remain on the ASX and relocate from Sydney to Canberra under a
proposal put to administrators of the collapsed airline as they
finalise an auction process for the company.

According to the Financial Review, Renaissance Infrastructure said
if its bid is successful, it would repay the federal government the
AUD130 million it has invested to keep the airline, known as Rex,
afloat. Other creditors would convert to shareholders.

But Rex's administrators at EY and the government are lukewarm on
Renaissance's proposal, believing it is too complex, the report
relates. The firm had bid for the company last year, but been
knocked back before the process was restarted.

Rex collapsed in July after burning cash competing against Virgin
Australia and Qantas on capital city routes. That part of the
business was shuttered almost immediately, while its profitable
assets were sold.

The Financial Review notes that the regional airline - which will
require a huge investment in new planes given many of its planes
are more than 40 years old - has remained up for sale for nearly a
year. The extended sale process forced Labor to buy out PAG Asia
Capital, the private equity firm that was Rex's biggest creditor,
to prevent the airline from being liquidated before the federal
election.

A sales process was extended until June, with final bids received
this week, the Financial Review says. As part of the process,
interested parties had to outline how they would repay the
government and what assistance would be needed to run Rex over the
long term. Renaissance said it would also offer partial repayment
to unsecured creditors in Rex and convert some of their debt to
equity.

"The government has been a fine steward in gaining control as
secured creditor, it's now time for the government to grab hold of
the promise of our plan for the best future for Rex, a future made
in Australia," the report quotes Renaissance spokesman Andrew
Cochrane as saying. "The mum and dad unsecured creditors and the
Australian public should not bear the cost of returning profits to
faceless offshore banks and consulting firms; instead, we should
strive to invest in a sustainable, locally driven future."

The Financial Review relates that Renaissance said it would
relocate the airline to Canberra. The firm said it would push to
have Rex trading on the ASX by next year with a "new board, new
leadership, new plan, new vision and new brand".

Canberra Airport chief executive Stephen Byron said keeping Rex
flying would be "great for aviation and for competition in the
Australian market."

                        About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


REX AIRLINES: Buyout Fund Lobs Bid for Collapsed Airline
--------------------------------------------------------
The Australian Financial Review's Street Talk reports that the
long-haul sale process for Regional Express is finally preparing to
land, 10 months after the airline collapsed amid a bitter boardroom
feud and a misplaced ambition to compete against Qantas and Virgin
Australia by flying popular capital city routes.

Binding bids for the carrier, better known as Rex, were due last
week after administrator EY and its sale advisor Houlihan Lokey
canvassed local and international buyers, Street Talk relates. The
investment bank was hired in February, and is expected to declare
the winning bidder within weeks.

Street Talk understands Anchorage Capital Partners is among the
parties that submitted a proposal to buy Rex. This is the same
group that acquired David Jones from South Africa's Woolworths
Holdings in 2022 and holds financial services software group GBST
Holdings.

According to Street Talk, Rex's administrator will have to convince
the courts that it has found credible buyers - and not just tyre
kickers - to get an extension to the looming June 30 deadline and
complete the sale. The Albanese government has previously said it
will consider taking ownership of the airline if a buyer doesn't
emerge by then.

Street Talk relates that bidders have been negotiating directly
with the federal government, given it is a secured creditor and
will have a meaningful say in the final deed of company
arrangement. They added bidders have carefully weighed what support
the government could supply to the airline under its new owners.

In addition to Anchorage, Perth-based HMC Group, the parent of
Nexus Airlines, had considered submitting a bid. However, it is
unclear if it tabled a competing offer, Street Talk states.

Nexus flies a limited number of routes around Western Australia and
has bid against Rex for some government-protected and subsidised
services.

Street Talk adds that the administrators have also weighed a
left-of-field proposal to put Rex's planes back in the sky via a
debt-for-equity swap.

Under this scenario, creditors to Rex's regional business - secured
and unsecured - are expected to convert to equity. It would see Rex
return to trading on the ASX, with the government owning about 10
per cent.

                        About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


RIO TINTO: Tomago Aluminium Smelter Reportedly Close to Collapse
----------------------------------------------------------------
Duncan Evans at News.com.au reports that Rio Tinto's massive Tomago
aluminium smelter in NSW is reportedly close to collapse.

News.com.au relates that the facility, situated in Tomago about
13km west of Newcastle, employs some 1,000 workers directly, but a
stoppage would hit another 5,000 indirect workers across the Hunter
Valley.

Mining giant Rio Tinto holds a 51.6 per cent interest in the
smelter, which produces about 590,000 tonnes of aluminium each
year, or about 37 per cent of Australia's total production.

According to news.com.au, multiple reports suggest the company is
in emergency talks with state and federal governments for a
bailout.

NewsWire has contacted NSW energy minister Penny Sharpe, federal
energy minister Chris Bowen and the Australian Workers' Union for
confirmation of the discussions.

The AFR first reported on the talks on June 6, citing high energy
costs for the possible shutdown, news.com.au notes.

Tomago is currently powered by AGL Energy's Bayswater coal fired
power station, but is pivoting to renewable energy.

In January, the federal government announced a $2 billion
production credit for aluminium businesses to transition their
smelters to green energy, which Rio heralded as a vote of
confidence in domestic manufacturing, news.com.au recalls.

"As traditional energy sources for heavy industry become
increasingly uncompetitive, today's announcement is a critical
piece in helping future-proof the industry," news.com.au quotes Rio
Tinto chief executive for Australia Kellie Parker as saying.

"Such support is crucial for sustaining and growing regional
economies.

"As global industrial customers and consumers increasingly focus on
low-carbon products, this support signals Australia's potential to
be a major supplier of the aluminium needed for the global energy
transition."

But negotiations over a new energy contract have troubled the
smelter's operations for months. The current contract with AGL is
due to expire in 2028.

2GB's Ben Fordham, speaking on June 10, said the situation was "not
good," news.com.au relays.

"We've got the materials, we've got the workers, we've got the
smelters, but what we don't have is a working energy system," the
report quotes Mr.Fordham as saying.  "If it shuts, we're not just
losing a smelter, we're risking 6,000 jobs."

Some 90 per cent of Tomago aluminium is exported to Asia.

Aluminium is a key material used in a range of industries, from
aircraft bodies to drink cans.

Rio Tinto Group engages in exploring, mining, and processing
mineral resources worldwide. The company operates through Iron Ore,
Aluminium, Copper, and Minerals Segments. The Iron Ore segment
engages in the iron ore mining, and salt and gypsum production in
Western Australia.


THORNEGOODE PTY: First Creditors' Meeting Set for June 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Thornegoode
Pty Ltd and Care Metaz Global Pty. Ltd. will be held on June 19,
2025 at 10:30 a.m. and 11:30 a.m., respectively, virtually via
Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on June 9, 2025.


WHYALLA PORTS: First Creditors' Meeting Set for June 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Whyalla
Ports Pty Ltd will be held on June 19, 2025 at 2:00 p.m. via
virtual meeting.

Michael Brereton, Sean Wengel, and Rashnyl Prasad of William Buck
were appointed as administrators of the company on June 6, 2025.




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

CHINA VANKE: Sells Repurchased Shares to Raise Funds
----------------------------------------------------
Caixin Global reports that China Vanke is offloading stock it
previously bought back at peak prices, as mounting debt and a
worsening liquidity crunch force the company into survival mode.

Caixin relates that Vanke said on June 10 that it sold 22 million
A-shares through block trading, raising about CNY146 million ($20
million) before fees. The shares represent roughly 0.18% of the
company's total outstanding stock.

                         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 May
20, 2025, Fitch Ratings has downgraded Chinese homebuilder China
Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'CCC+', 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 'CCC+', and its senior unsecured rating and the
rating on its outstanding senior notes to 'CCC', from 'CCC+', with
a Recovery Rating of 'RR4'. The ratings are removed from Rating
Watch Negative.

The TCR-AP in March 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.


[] CHINA: Carmakers Vow to Make Supplier Payments Within 60 Days
----------------------------------------------------------------
Reuters reports that most Chinese automakers have pledged to make
payments to suppliers within 60 days, responding to regulatory
pressure that followed a recent outcry from suppliers over long
payment times and other practices they call unfair.

According to Reuters, Chinese authorities issued new rules in March
that require big companies to settle most payments with suppliers
within 60 days that became effective June 1. Even so suppliers had
been worried that there were loopholes for the rules to be
circumvented.

Reuters relates that the pledges come after China's industry
ministry summoned automakers to a meeting last week where they were
told to put an end to a brutal price war and excessive competition
- factors which have put tremendous pressure on the industry's
supply chain.

Automakers issuing pledges on June 11 included BYD, Chery and
Geely. State-owned Guangzhou Automobile Group and FAW Group made
their pledges on Tuesday evening [June 10], Reuters discloses.




=================
H O N G   K O N G
=================

NEW WORLD: Gains Support for 87% of Loan Refinancing From Banks
---------------------------------------------------------------
Bloomberg News reports that New World Development Co. has received
more backing from banks for its HK$87.5 billion (US$11.2 billion)
loan refinancing, giving it written commitments for 87% of the
total, according to people familiar with the matter.

That means it has secured HK$76.1 billion of commitments as it
races to complete the deal with more than 50 banks by the end of
the month, when a covenant waiver on its existing facilities
expires, Bloomberg relates. The latest tally marks continued
progress for the distressed Hong Kong builder. As of May 30, New
World had secured written commitments from over 20 banks for 60% of
the total target, Bloomberg reported.

                          About New World

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.

New World Development, an embattled property developer controlled
by one of Hong Kong's richest families, is aiming to complete one
of the city's largest-ever corporate refinancing deals with more
than 50 banks by the end of June 2025 after pushing back an initial
deadline for May 2025, according to Bloomberg News.  As at late May
2025, about 10 banks have agreed to terms while the rest are still
talking.

Failure to reach a deal could lead to demands for immediate
repayment, Bloomberg said. The repercussions would threaten both
New World and many of the banks which are already suffering from a
sharp rise in non-performing loans from commercial real estate.



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

ABACO SYSTEMS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Abaco Systems (India) Private Limited
        Bhoruka Tech Park,
        3&4 Flr., Mahadevapura, Hoodi,
        Sy No.27/1(P), 27/2(P) & 31(P), Ward No.1,
        KR Puram Bangalore 560048

Liquidation Commencement Date: May 19, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: C. Dwarakanath
            No.31 Vidya Bhavan, 3rd Floor, Rear Block,
            Opp. Karanji Anjaneya Temple,
            West Anjaneya Temple Street,
            Basavanagudi, Bengaluru 560004
            Email: dwarakanath.c@gmail.com
            Tel: 080-41203012

Last date for
submission of claims: June 20, 2025


ADI K C PAUL: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of ADI K C Paul and Sons (ADIKCPS), as:

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.7       Crisil B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.3       Crisil B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with ADIKCPS for
obtaining NDS through letters/emails dated March 28, 2025, April
30, 2025 and May 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated May 23, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of ADIKCPS to confirm timely debt servicing
during these months, but awaits any feedback.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from ADIKCPS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on ADIKCPS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of ADIKCPS
migrated to 'Crisil B+/Stable Issuer not cooperating'.  

Set up in 2018, ADIKCPS is owned and managed by Mr Debnath Paul and
Mr Anjan Paul. The firm manufactures umbrellas and also trades in
umbrellas, raincoats, walking stick and bags. It is engaged in job
work for raincoats. Its facility is in Kolkata, West Bengal.


ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand Rice
Mills (ARM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing          9         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term      9.58      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.42      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with ARM for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ARM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ARM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ARM continues to be 'Crisil D Issuer not cooperating'.  

ARM was set up in 2001 as a proprietorship and was reconstituted as
a partnership on April 1, 2014 by Mr. Surender Kumar, Mr. Sunil
Kumar and Mr. Pankaj Singla. It mills and sorts rice, and its unit
has capacity of 12 tph.


ANJANEY DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Anjaney Developers Private Limited
Regd Office: D-109, Pocket D, Mayur Vihar,
        Phase II, East Delhi, Delhi, India, 110091

        Other Office: 224, Second Floor, Somdatt Chamber 9,
        Bhikaji Cama Place, New Delhi 110066

Insolvency Commencement Date: March 18, 2025

Estimated date of closure of
insolvency resolution process: September 14, 2025 (180 days)

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

Insolvency
Professional: Sapan Mohan Garg
              D-54, First Floor,
              Defence Colony,
              New Delhi 110024
              Email: sapan10@yahoo.com
              Email: cirp.anjaneydevelopers@gmail.com

Last date for
submission of claims: June 9, 2025


AYODHYA COTSPIN: CRISIL Moves B- Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Ayodhya Cotspin Private Limited (ACPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.54       Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating
                                    Migrated)

   Cash Credit           4          Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits     3          Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Term Loan    9          Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan            24          Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with ACPL for
obtaining NDS through letters/emails dated March 28, 2025, April
30, 2025 and May 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated May 23, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of ACPL to confirm timely debt servicing during
these months, but awaits any feedback.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from ACPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on ACPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ACPL
migrated to 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'.  

ACPL was incorporated in 2021 by Mr Surinder Kumar, Mr Rajeev
Singla, Mr Vijay Kumar, Mr Gaurav Garg, Mr Nitesh Garg and Mr
Ravinder Kumar.

The company manufactures cotton yarn at its unit in Patiala Road,
Punjab, with installed capacity of 7,770 metric tonne per annum
(6,300 for 14 counts and 1,470 for 20 counts). The plant commenced
operations on November 27, 2023.


BHARAT MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Bharat Motors
Limited (BML) continue to be 'Crisil D Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Channel Financing       1.85      Crisil D (Issuer Not
                                     Cooperating)

   Channel Financing       2.5       Crisil D (Issuer Not
                                     Cooperating)

   Channel Financing       2         Crisil D (Issuer Not
                                     Cooperating)

   Channel Financing       3         Crisil D (Issuer Not
                                     Cooperating)

   Channel Financing       1.15      Crisil D (Issuer Not
                                     Cooperating)

   Channel Financing       5.5       Crisil D (Issuer Not
                                     Cooperating)

   Corporate Loan          0.5       Crisil D (Issuer Not
                                     Cooperating)

   Term Loan               1.17      Crisil D (Issuer Not
                                     Cooperating)

   Term Loan               0.29      Crisil D (Issuer Not
                                     Cooperating)

   Term Loan               0.37      Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BML for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BML, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BML continues to be 'Crisil D Issuer not cooperating'.  

                         About the Group

BCL was originally established in 1992 as a partnership firm by the
Didwania family. The firm was reconstituted as a closely held
limited company in 2002. The company is in the road transportation
business.

BML was originally established in 1980 as a partnership firm by the
Didwania family, and was reconstituted as a closely held limited
company in 1995. The company is an authorised dealer for Hero Moto
Corp (since 1985) and General Motors (since 1998). It became the
sole dealer for Volkswagen India in Odisha in 2010 and for Piaggio
in July 2013. It started dealership of Mahindra & Mahindra Ltd's
vehicles and TVS Motor Company's two-wheelers in 2014. BML,
promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania,
is based in Bhubaneswar.

SBML, set up in 1999, started operations as a dealer of Tata Motors
Ltd's passenger cars. The company now also deals in vehicles of
Bajaj Auto Ltd (from 2005), Action Construction Equipment Ltd
(2011), Daimler India Commercial Vehicles Pvt Ltd (2012), and Fiat
Group Automobiles India Pvt Ltd (2013). The company, based in
Bhubaneswar, is promoted by Mr. Jai Prakash Didwania and Mr. Om
Prakash Didwania.


BHOOMIKA MEDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhoomika Media Initiative Private Limited
13, Motilal Atal Road, Chokdi Haweli, Behind Ganpati Plaza,
        M I Road, Jaipur, Rajasthan, India, 302001

Insolvency Commencement Date: May 28, 2025

Estimated date of closure of
insolvency resolution process: November 24, 2025 (180 days)

Court: National Company Law Tribunal, Division Bench

Insolvency
Professional: Aparna Bhardwaj
             19, Milap Nagar, Tonk Road, Jaipur 302018
             Email: Ca.aparnabhardwaj1@gmail.com
             Email: cirp.bmipl@gmail.com

Last date for
submission of claims: June 11, 2025


CRIMSON INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Crimson Infrastructure Private Limited
Regd Office: D-109, Pocket D, Mayur Vihar,
        Phase II, East Delhi, Delhi, India, 110091

        Other Office: 224, Second Floor, Somdatt Chamber 9,
        Bhikaji Cama Place, New Delhi 110066

Insolvency Commencement Date: March 18, 2025

Estimated date of closure of
insolvency resolution process: September 14, 2025 (180 days)

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

Insolvency
Professional: Sapan Mohan Garg
              D-54, First Floor,
              Defence Colony,
              New Delhi 110024
              Email: sapan10@yahoo.com
              Email: cirp.crimsoninfrastructure@gmail.com

Last date for
submission of claims: June 9, 2025



DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Desmi
Equipments Private Limited (DEPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         3.9        CRISIL C (Issuer Not
                                     Cooperating)

   Overdraft Facility     5          CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.1        CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with DEPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DEPL continues to be 'Crisil C Issuer not cooperating'.  

Incorporated in 1997 by Mr. Deepak Achuthan, DEPL manufactures
metal enclosures and wired panel assemblies in mild steel,
stainless steel, aluminium alloy and corten steel. The
manufacturing facility is located in Mumbai.


DIVINE INFRACON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divine
Infracon Private Limited (DIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             137         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              62         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              40         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              25         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              49.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              43.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              16         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DIPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DIPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. DIPL commenced operations in April 2011 and
recorded revenue of Rs.238 million for the first half of fiscal
2013. The company incurred an operating loss of Rs.424 million in
the first half of fiscal 2013, mainly because of low occupancy rate
resulting in low cash generation. The company is promoted by Mr.
Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who have experience
in the real estate industry.


DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durable
Ceramics Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DCPL for
obtaining information through letter and email dated May 02, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.


EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ediz Ceramic
Private Limited (ECPL) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.06        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           2.75        CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.86        CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.33        CRISIL C (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with ECPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ECPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.


Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based Kalaria
family and renamed ECPL, following a change in management December
2014 (acquired by Mr Bishan), the company manufactures ceramic wall
tiles. The company has been taken over by Mr Pravin Patel and Mr
Dhirajlal Aghara and their family members, in 2017.


EKAGRID GLOBAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Ekagrid Global Research Innovation
         and Development Foundation
        BHAGEERATH, Vetal Chowk,
        402E, Senapati Bapat Road,
        Pune - 411016, Pune,
        Maharashtra, India, 411016

Liquidation Commencement Date: May 21, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Varsha Shyamprasad Limaye
            303, Parag Wahini CHS Ltd, 126,
            Dahanukar Colony, Lane No. 4,
            Kothrud, PUNE 411 038
            Mobile: 9422317111
            Email id: varsha.limaye@gmail.com
            
Last date for
submission of claims: June 20, 2025


ENCON IMPEX: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Encon Impex
Private Limited (EIPL) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with EIPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
EIPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

EIPL is a Bengaluru based company promoted by Mr Prakash Chand in
2005. The company is a distributor for various leading
manufacturers of IT products such laptops, printers and other
computer hardware. The registered office is located at Bengauru,
Karnatka.


FALCON STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Falcon Steels
(FS) continue to be 'Crisil B+/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              0.98      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan     2.02      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with FS for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of FS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of FS
continues to be 'Crisil B+/Stable Issuer not cooperating'.  

FS was established as a partnership firm in 2016 in Kaithal,
Haryana, by Mr Rahul Singhal, Mr Pradeep Singhal, Mr Akhil Singhal
and Mr Raj Kumar Singhal. The firm manufactures stainless steel
tubes used in various industries such as infrastructure,
agriculture, and water and sanitary fittings, among others.


FASTWAY TRANSMISSIONS: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Fastway
Transmissions Private Limited (FTPL) continue to be 'Crisil
B/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     37        Crisil B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              60        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              40        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Term Loan              20        Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with FTPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of FTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FTPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

FTPL was set up as a joint venture between Mr Gurdeep Singh and
Digicable Network India Pvt Ltd, at Chandigarh in 2007. The
Ludhiana (Punjab)-based company has 150 branches across Punjab,
Haryana, and Himachal Pradesh.


FORZZA REALTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Forzza
Realtors Private Limited (FRPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with FRPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of FRPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FRPL continues to be 'Crisil B+/Stable Issuer not cooperating'.  

FRPL was set up as private limited company in November 2012. It
leases warehouse space in land adjacent to the Calicut national
highway (Kerala).


GAGAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagan Agro &
Rice Exporters (GARE) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Pledge Loan            5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        26.41       CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan              9.09       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GARE for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GARE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GARE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GARE continues to be 'Crisil D Issuer not cooperating'.  

Established in 2014, GARE mills, processes, and exports Basmati
rice. It is a partnership firm promoted by Mr. Sumit Singla, Mr.
Rahul Garg, and Mrs Amandeep Kaur. Its manufacturing unit at
Badrukhan in Sangrur, Punjab, has an installed rice milling
capacity of 5000 tonnes per month. The unit commenced operations in
January 2015.


HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Hanuman
Mosaic and Marble (SHM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.00      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.73      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.27      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SHM for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SHM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHM continues to be 'Crisil D Issuer not cooperating'.  

SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odishabased Ms.
Epari Rekha, and its operations are managed by her husband Mr.
Epari Bhadrachalam, who has experience of over two decades in this
line of business.


INDUSTRIES PRIVATE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shrim
Industries Private Limited (SIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan            10.55        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2014, SIPL is promoted by Mr Shubham Sharma and Ms
Priti Sharma. The company is setting up a plant in Kotdwar,
Uttarakhand to majorly cultivate and sell white button mushroom. It
has started production of oyster mushroom from September 2017 on a
modest scale. The company is also planning to sell compost and
spawn.


INSTAMEDICO AND: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Instamedico and It Services Private Limited (OPC)
Registered Address: E-15, Kings Street, 1st Avenue,
        Lal Bahadur Nagar (West) JI Nehru Marg, Jalpur, Rajasthan,
India - 302018

        Corporate Address: G-16, 17, 51, 52, F-14, 15, 16 Dwarika
Tower,
        Central Spine, Vidhyadhar Nagar, Jaipur, Rajasthan -
302023

Insolvency Commencement Date: May 22, 2025

Estimated date of closure of
insolvency resolution process: November 18, 2025

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Sunil Kumar
       4/46, KCC Nagar Ajmer Road, Hanuman Mandir,
              Near Sector 4 Park, Jalpur, Rajasthan -302021.
              Email: sunilca84@gmail.com
              Email: ibc.instamedico@gmail.com

Last date for
submission of claims: June 10, 2025





KAGAZ PRINT: Liquidation Process Case Summary
---------------------------------------------
Debtor: KAGAZ PRINT-N-PACK INDIA PRIVATE LIMITED
D-18, 1st Floor Saraswati Garden,
        New Delhi, Delhi, India, 110015

Liquidation Commencement Date: May 23, 2025

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

Liquidator: Mr. Shailendra Singh
     1112, 11th Floor, Ansal Bhawan, 16 K.G. Marg,
            Connaught Place, New Dehi110001
            Email: shailendralaw@gmail.com
            Email: cirD.kagazoD@gmail.com

Last date for
submission of claims: June 22, 2025


LAVASA CORP: NCLT Allows 90-Day Extension of Insolvency Resolution
------------------------------------------------------------------
The Economic Times reports that the Mumbai bench of National
Company Law Tribunal (NCLT) has allowed a 90-day extension in the
ongoing consolidated corporate insolvency resolution process (CIRP)
of Lavasa Corp beginning May 29.

ET relates that the planned city project is undergoing a fresh CIRP
after the NCLT, in September 2024, directed that the entire process
be restarted, following the successful bidder's failure to
implement the approved resolution plan within the specified time
frame. The company has admitted liabilities of more than INR6,642
crore, while the erstwhile successful bidder, Darwin Platform
Infrastructure, had proposed to pay INR1,814 crore.

"We are of the view that the present application deserves to be
allowed," the division bench of judicial member Ashish Kalia and
technical member Sanjiv Dutt observed on June 2, ET relays. "Since
the CIRP is at an advanced stage and resolution plans have already
been submitted by PRAs (prospective resolution applicants), which
are required to be considered by the CoC (committee of creditors),
the extension is being sought in the interest of value maximization
and to ensure that the objectives of the Code (Insolvency and
Bankruptcy Code) are duly met."

                         About Lavasa Corp

Lavasa Corporation Limited develops and manages a hill city in
India. Its portfolio includes R&D and training centers, IT and
biotech industry, KPOs and those related to art, fashion, and
animation companies; hospitality, tourism, health, education, and
IT and ITES industries; lakeside apartments, villas, rental
housing, and retiree housing; and studio apartments, starter homes,
and workforce apartments.

Lavasa is a subsidiary of construction major Hindustan Construction
Company (HCC) and entered insolvency proceedings at the National
Company Law Tribunal, Mumbai, in August 2018.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2023, the National Company Law Tribunal has approved a
INR1,814 crore resolution plan for the private hill station Lavasa,
nearly five years after the initiation of the insolvency resolution
process.

Darwin Platform Infrastructure Ltd. (DPIL) has emerged as the
winning bidder for Lavasa Corp., which is primarily into the
business of the development of the private hill station by the same
name in Pune, according to BQ Prime.


M.P. MINING: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of M.P. Mining & Energy Limited (MPMEL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating
                                    Migrated)

   Cash Credit            18        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             0.2      Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        1        Crisil A4 (ISSUER NOT
                                    COOPERATING; Rating
                                    Migrated)

   Term Loan               7        Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               1.8      Crisil B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with MPMEL for
obtaining information through letter and email dated May 9, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MPMEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MPMEL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of MPMEL to 'Crisil B+/Stable/Crisil A4 Issuer not
cooperating'.  

Incorporated in 2011 and promoted by Mr. Abhinav Jha and Ms. Usha
Rani, MPMEL manufactures carbon steel shots and steel grit that are
used in the process of cleaning and finishing metal surfaces to
improve surface tension. These products also find application in
the construction, automobile and steel industries.


MOTI CHAND: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Moti Chand Construction Company Private Limited
        No. 11, 1st floor,
        Maker Chambers Vlm Nariman Point,
        Mumbai City, Mumbai,
        Maharashtra, India, 400021

Liquidation Commencement Date: May 19, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Varsha Shyamprasad Limaye
            303, Parag Wahini CHS Ltd,
            126, Dahanukar Colony, Lane No. 4,
            Kothrud, PUNE 411 038
            Mobile: 9422317111
            Email id: varsha.limaye@gmail.com

Last date for
submission of claims: June 18, 2025


ORBIT ELECTROMECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Orbit Electromech tNdio Privote Limited
        Orbit industries. Plot NO. L-45. MIDC. Waluj,
        Aurangabad, Chhatrapati Sambhaji Nagar, 431133 Maharahstra
Bharat

Insolvency Commencement Date: May 26, 2025

Estimated date of closure of
insolvency resolution process: November 22, 2025

Court: National Company Law Tribunal, Nagpur Bench

Insolvency
Professional: Charudutt Pandhrinath Marathe
       Gomed, 915 Khare Town, Dharampeth Nagpur-44010
              Email: charuduttm@yahoo.co.in
              Email: orbit.CIRP@gmail.com

Last date for
submission of claims: June 12, 2025





POMEGRANATE COATERS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Pomegranate Coaters Private Limited
        KD-17, MIG Flats,
        Pitampura, New Delhi – 110034

Liquidation Commencement Date: May 22, 2025

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

Liquidator: Santanu Kumar Samanta
            C-170, Golf View Apartments,
            Saket Delhi-110017
            Email: santanukumar@yahoo.com

            -- and --

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

Last date for
submission of claims: June 22, 2025


PSR METALS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: PSR Metals Private Limited
7th Floor Towel-1, Unit No. 1701 Express Trade Tower-2 B-36
Sector-132,
        Gautam Buddha Nagar, Noida Uttar Pradesh-2011301 India

        362/2, Village Hussainpur Bopada, Begrajpur Industrial
Area,
        Muzaffarnagar, Uttar Pradesh, India-251003

Insolvency Commencement Date: May 26, 2025

Estimated date of closure of
insolvency resolution process: November 22, 2025

Court: National Company Law Tribunal, Agra Bench

Insolvency
Professional: Pramod Kumar Sharma
       H. No 16, Dasharath Kunj-B West Arjun Nagar,
              Agra, Uttar Pradesh-282001
              Email: pksharmafcs@gmail.com
              Email: cirp.ps.metals@gmail.com

Last date for
submission of claims: June 11, 2025


RAMAPATI INFRA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ramapati Infra Private Limited
218-219, Opposite Rajasthan Patrika, Manji Ka Hatta,
        Paota, Jodhpur, Rajasthan -342006

Insolvency Commencement Date: May 28, 2025

Estimated date of closure of
insolvency resolution process: November 24, 2025 (180 days)

Court: National Company Law Tribunal, Division Bench

Insolvency
Professional: Kuldeep Kumar Gupta
       189, Subhash Colony, Shastri Nagar, Jaipur,
              Rajasthan - 302016
              Email: kkgupta209@gmail.com

              209, Jaipur Tower, Opposite All India Radio,
              MI Road, Jaipur – 302001
              Email: cirp.ramapatiinfra@gmail.com

Last date for
submission of claims: June 11, 2025



SHRESTH DETECTIVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shresth Detective And Securities Private Limited

        Registered Address:
        Vivekananda Park, Lower Kumarpur,
        Asansol, West Bengal, India, 713305

Insolvency Commencement Date: May 23, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 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.sdspl25@gmail.com

Last date for
submission of claims: June 6, 2025


SHRUSTI: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Shrusti
continue to be 'Crisil B+/Stable Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Cash Credit            9.89      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING

   Proposed Long Term     3.11      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING

   Proposed Long Term    10         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING

   Proposed Long Term     7         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING

Crisil Ratings has been consistently following up with Shrusti for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Shrusti, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Shrusti is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Shrusti continues to be 'Crisil B+/Stable Issuer not
cooperating'.  

Shrusti was established in 2003. The firm is undertaking a
residential-cum-commercial project, Vedanshi, Velachery. The
project consists of 10 floors, wherein 3 floors are commercial and
7 residential.


SHWETA INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shweta Infrastructure
and Housing India Private Limited (SIHPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against         25          CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

   Loan Against         19.76       CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

   Loan Against          3.50       CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

   Loan Against         17.36       CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

   Long Term Loan       35          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       19.12       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   10.26       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with SIHPL for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SIHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIHPL continues to be 'Crisil B+/Stable Issuer not cooperating'.  

SIHPL, based in Nashik and established in 2005, develops
residential and commercial real estate. The company is promoted by
Mr Sujoy Gupta and his wife Ms Shweta Gupta, who have developed
more than 30 projects in Nashik through group entities. Currently
SIHPL has 8 ongoing real estate projects; it is also setting up a
luxury business hotel in Nashik which is expected to start
operations in Fiscal 2018.


SOUMAK FLOATING: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of
Soumak Floating Feed Mills Private Limited (SFFMPL) to 'Crisil
B/Stable/Crisil A4 Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.56       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Cash Credit            4.06       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Proposed Fund-         1.11       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                     Migrated)

   Term Loan              7.92       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Term Loan              1.35       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

Crisil Ratings has been consistently following up with SFFMPL for
obtaining information through letter and email dated May 9, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SFFMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SFFMPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of SFFMPL to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.  

SFFMPL was incorporated in 2020, it is engaged in manufacturing
floating feed for fish with the capacity of 50 TPD fish feed.

SFFMPL is promoted and managed by Mr. Sambhu Pal, Mr. Gunakar Paul,
Mr. Santanu Paul and started its commercial operation from March
2022.


SOURCE DOT COM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Source Dot Com Private Limited

        Registered Address:
        J.Poshna, Upper Kench's Trace
        Near Bethesda Hospital,
        East Khasi Hills, Shillong,
        Meghalaya, India, 793004

Insolvency Commencement Date: May 21, 2025

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 17, 2025

Insolvency professional: Sudhir Chandi

Interim Resolution
Professional: Sudhir Chandi
              Resurgent Resolution Professionals LLP,
              905, 09th Floor, Unitech Business Zone,
              Tower C, Sector 50,
              Gurugram, Haryana 122018
              Email: legal@resurgentindia.com
              Email: cirp.sourcedot@resurgentrpl.com

Last date for
submission of claims: June 9, 2025


SUSHIL TRADERS: CRISIL Moves B Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Sushil Traders (ST), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         0.6        Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Overdraft Facility     6.1        Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

Crisil Ratings has been consistently following up with ST for
obtaining NDS through letters/emails dated March 28, 2025, April
30, 2025 and May 30, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated May 23, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of ST to confirm timely debt servicing during
these months, but awaits any feedback.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive NDSs from ST, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on ST is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of ST migrated to
'Crisil B/Stable Issuer not cooperating'.  

ST is a partnership firm set up in 2008. It undertakes wholesale
and retail distribution of firecrackers. The firm is based in
Palghar, Maharashtra, and operates across Maharashtra and Gujarat.
The four partners -- Mr Dilip Patkar, Mr Rajan Patkar, Mr Sushil
Patkar and Mr Manoj Patkar – manage the business.


SYMPHONY REALTORS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Symphony Realtors Private Limited
Regd Office: D-109, Pocket D. Mayur Vihar,
        Phase II, East Delhi, Delhi, India, 110091

        Other Office: 224, Second Floor, Somdatt Chamber 9,
        Bhikaji Cama Place, New Delhi 110066

Insolvency Commencement Date: March 18, 2025

Estimated date of closure of
insolvency resolution process: September 14, 2025 (180 days)

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

Insolvency
Professional: Sapan Mohan Garg
              D-54, First Floor,
              Defence Colony,
              New Delhi 110024
              Email: sapan10@yahoo.com
              Email: cirp.symphonyrealtors@gmail.com

Last date for
submission of claims: June 9, 2025


TALIB HUSSAIN: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of Talib
Hussain Chashti (THC) to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6          CRISIL A4 (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Overdraft Facility     6          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Proposed Fund-         0.5        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Rating
                                     Migrated)

   Term Loan              1.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

Crisil Ratings has been consistently following up with THC for
obtaining information through letter and email dated May 9, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of THC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on THC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of THC to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.  

THC is based in Poonch, Jammu and Kashmir, and is engaged in civil
construction works, such as construction of roads and bridges. It
is owned and managed by Mr Talib Hussain and Mr Mohammad Rafiq.


TICKET UTILS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Ticket Utils India Private Limited
28, Yashodhan, Jaynagar, New Osmanpura,
        Aurangabad, Maharashtra, India, 431105

Liquidation Commencement Date: May 27, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Vighneshwar Bhat
     No. 20, Vishnu Towers, 1ST floor,
            9th cross, J.P Nagar 1st phase
            Bangalore-560078
            Email: +91 9590252851

Last date for
submission of claims: June 26, 2025

V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. T. Adaskar
and Company (VTAC) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan              8          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VTAC for
obtaining information through letter and email dated May 2, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VTAC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VTAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VTAC continues to be 'Crisil D Issuer not cooperating'.  

Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged in
civil construction for real estate players. The promoters have also
ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel
(Pune).


VIVEKANAND MAHILA: CRISIL Withdraws B Rating on INR1cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long term bank
facility of Shri Vivekanand Mahila Vikas Federation (SVMVF;
Formerly known as Shree Vivekanand Mahila Vikas Federation) at the
company request since company provided confirmation on
non-utilisation of the rating. The withdrawal is in line with the
CRISIL Ratings' policy on withdrawal of bank loan ratings

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B/Stable (Withdrawn)
   Bank Loan Facility        

Analytical Approach

For arriving at the rating, CRISIL Ratings has evaluated the
standalone business and financial risk profiles of SVMVF.

SVMVF, established as a trust, started its microfinance operations
in December 2014; its loan portfolio is of INR1.34 crore as on
March 31, 2024. The trust has a single branch in Kutch (Gujarat).


VIVEKANANDA VIDYAVARDHAKA: CRISIL Withdraws B+ Long Term Rating
---------------------------------------------------------------
Crisil Ratings has reaffirmed its rating on the long-term bank
facilities of Vivekananda Vidyavardhaka Sangha Puttur (VVSP) and
subsequently withdrawn the rating at the request of the entity and
on receipt of a no-objection certificate from the banker. This
rating action is in line with the Crisil Ratings policy on
withdrawal of bank loan rating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      30         Crisil B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

The rating reflects modest scale of operations and susceptibility
to competition from other educational institutions and regulatory
changes in the education sector. These weaknesses are partially
mitigated by the established position of the society in the
education sector in Puttur, Karnataka.

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of VVSP.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Scale of
operations remains modest, with revenue (including non-operating
income) of INR33.9 crore in fiscal 2024. Moreover, there are no
tie-ups with overseas universities or educational institutions.
Further, intense competition from other educational institutions in
the vicinity may continue to constrain scalability, pricing power
and scalability. Enhancement in operating performance, especially
in the operating margin, remains critical.

* Susceptibility to regulatory changes in the education sector:
VVSP is regulated by authorities such as All India Council of
Technical Education, Mangalore University, Department of
Pre-University Education, Department of Technical Education, the
Government of Karnataka, Visvesaraya Technological University and
National Council for Teacher Education. Each body has specific
guidelines regarding fresh courses, student intake, infrastructure,
faculty members, fee structure and syllabus and course content.
Non-compliance with the guidelines could adversely affect the
trust's operations. VVSP will continue to face stringent
regulations over the medium term.

Strength:

* Established position in the education sector in Puttur: An
established educational institution formed in 1915, VVSP manages 79
institutions and provides diversified courses -- undergraduate
courses in science, arts, commerce, management, computer
applications and law; engineering degree and diploma courses;
postgraduate courses in business administration course; and
pre-university courses in arts, science and commerce. It has both
English and Kannada medium schools. VVSP is likely to maintain its
established position in Puttur driven by its reputation in the
education sector.

Liquidity: Stretched

Bank limit utilisation is low at around 43 percent for the past 15
months ended March 2025. NCA is expected to improve to a range of
INR5-15 crores and is sufficient for the repayment obligations of
INR1.96-3.00 crores of the company. Current ratio is low at 0.45
times on March 31, 2024. Cash and bank balance was moderate at
INR6.30 crore as on March 31, 2024. Although NCA is sufficient for
the debt obligation over the medium term, NCA is majorly driven by
donation income.

Outlook: Stable

Crisil Ratings believes that VVSP will maintain its established
position in the education field over the medium term

Rating sensitivity factors

Upward factors:

* Improvement in operating profitability to more than 10% leading
to higher net cash accruals
* Improvement in interest coverage

Downward factors:

* Decline in occupancy or lower than expected donations leading to
net cash accruals below INR5 crores.
* Any large debt funded capital expenditure or delay in receipt of
fees, thereby impacting its liquidity and financial risk profile.

Founded in 1915 in Puttur, VVSP is an educational society; it
manages various institutions, including schools, pre-university
colleges, graduation colleges, engineering, law, management and
polytechnic colleges and teacher training institutes.




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

BEENS GROUP: Khov Jones Appointed as Receivers and Managers
-----------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on June 11, 2025, were
appointed as receivers and managers of Beens Group Limited and
Tauranga Scaffolding Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


NUTTY B: Khov Jones Appointed as Receivers and Managers
-------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on June 11, 2025, were
appointed as receivers and managers of Nutty B Limited,
Waterproofing Specialist Limited and Flying Birds Group Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour


OBELISK INDUSTRIAL: Creditors' Proofs of Debt Due on July 3
-----------------------------------------------------------
Creditors of Obelisk Industrial Limited are required to file their
proofs of debt by July 3, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2025.

The company's liquidators are:

         Gareth Russel Hoole
         Raymond Paul Cox
         Ecovis KGA Limited, Chartered Accountants
         Level 2, 5–7 Kingdon Street
         Newmarket
         Auckland 1023


RESEARCH FIRST: Creditors' Proofs of Debt Due on July 5
-------------------------------------------------------
Creditors of Research First Limited are required to file their
proofs of debt by July 5, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


WHARE MANAAKI: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------
Creditors of Whare Manaaki Incorporated are required to file their
proofs of debt by July 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 30, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          Level 2, 40 Lady Elizabeth Lane
          Wellington
          PO Box 57124
          Mana, Porirua 5247




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

ADAMA ASIA: Creditors' Proofs of Debt Due on July 6
---------------------------------------------------
Creditors of Adama Asia Pacific Pte. Ltd. are required to file
their proofs of debt by July 6, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 1, 2025.

The company's liquidator is:

          Yiong Kok Kong
          Avic DKKY Pte. Ltd
          180 Cecil Street, #12-04
          Singapore 069546


BAYSWATER FIDUCIARY: Creditors' Proofs of Debt Due on July 9
------------------------------------------------------------
Creditors of Bayswater Fiduciary Services Pte. Ltd. are required to
file their proofs of debt by July 9, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2025.

The company's liquidator is:

          Chan Li Shan
          c/o Agile 8 Solutions  
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


CCIC SINGAPORE: Faces Liquidation After Employees Laid Off
----------------------------------------------------------
Dimsumdaily Hong Kong reports that following its inclusion on the
US sanctions list on May 13 for allegedly aiding in concealing the
origins of Iranian oil shipments to China, CCIC Singapore, a
subsidiary of China Certification & Inspection Group (CCIC), is
reported to have terminated hundreds of employees and is moving
towards liquidation.

Dimsumdaily relates that the company, among 15 entities sanctioned
by the U.S., has been accused of facilitating the obscurity of
Iranian oil origins through various means, including ship-to-ship
transfers, oil blending, and falsified documentation. The U.S.
Treasury Department highlighted CCIC Singapore's involvement in
inspecting oil deliveries for Sepehr Energy, linked to Iran's
military, which allegedly relied on the firm for cargo
inspections.

CCIC Singapore employees, who spoke on condition of anonymity,
revealed that retrenchments were announced on May 30 following the
sanctions, according to Dimsumdaily. The impacted workforce,
comprising over 400 individuals in Singapore and Malaysia,
expressed dissatisfaction over delayed May salaries, attributed to
the impending liquidation of the firm.

Dimsumdaily says the terminated workers, particularly junior
surveyors with meagre basic salaries, aired grievances over the two
weeks' severance pay per year of service, which they found
inadequate given their reliance on overtime pay and allowances.

Despite the lack of union representation, affected employees have
sought assistance from the National Trades Union Congress (NTUC)
and the Tripartite Alliance for Dispute Management (TADM).

In response to the uncertain future of the company, employees
questioned the lack of support from CCIC's parent company and
management, criticizing the perceived lack of transparency and
communication regarding the sanctions and subsequent layoffs,
Dimsumdaily relates.

Internal emails shared with CNA unveiled a tumultuous timeline
following the sanctions, with initial assurances of continued
operations and transition to a new entity later contradicted by
notices of liquidation and delayed retrenchment benefits,
Dimsumdaily relays. As CCIC Singapore employees grapple with the
aftermath of the sanctions and ensuing fallout, questions remain
regarding the responsibility of the parent company, financial
support for affected workers, and the future of the company's
assets amidst its move towards liquidation.

CCIC Singapore offers surveying services including cargo damage
surveys, quantity surveys, weight control, loading/discharging
supervision, and bunker surveys.


O'HARA WEDDINGS: Court to Hear Wind-Up Petition on June 20
----------------------------------------------------------
A petition to wind up the operations of O'hara Weddings Private
Limited will be heard before the High Court of Singapore on June
20, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 28, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


R N D CONSULTANCY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on May 23, 2025, to
wind up the operations of R N D Consultancy Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SMILE AUTO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 30, 2025, to
wind up the operations of Smile Auto Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




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

HOMEPLUS CO: Liquidation Value Exceeds Going-Concern Value
----------------------------------------------------------
The Korea Times reports that Homeplus Co's liquidation value
exceeds its going-concern value by over KRW1.2 trillion (US$883
million), according to a financial investigation released on June
12 by the court-appointed accounting firm.

In response, the major supermarket chain decided to pursue mergers
and acquisitions (M&A) ahead of approval of its rehabilitation
plan, the report says.

Homeplus filed for corporate rehabilitation with the Seoul
Bankruptcy Court on March 4, citing a credit rating downgrade.

According to the Korea Times, Samil PwC, the country's largest
accounting firm and the court-appointed investigation committee,
conducted the review.

Earlier in the day, the firm submitted its report to the court and
held a briefing for creditors at Homeplus headquarters to present
its findings and outline the next steps.

The Korea Times relates that the report cited three main factors
leading to Homeplus' rehabilitation filing - rising fixed costs,
the impact of the COVID-19 pandemic coupled with a shift to online
retail, and liquidity risks stemming from a credit rating
downgrade.

Homeplus' assets were reported at KRW6.8 trillion, with liabilities
totaling KRW2.9 trillion, indicating a significant surplus, the
Korea Times discloses.

The Korea Times says the going-concern value was estimated at
approximately KRW2.5 trillion, while the liquidation value was
assessed at around KRW3.7 trillion - higher than the going-concern
value due to the roughly KRW4 trillion gap between assets and
liabilities.

Based on the investigation committee's recommendation, Kim
Kwang-il, a partner at MBK Partners and co-CEO of Homeplus along
with Joh Ju-yeon, plans to request court approval to proceed with
M&A transactions prior to the approval of the rehabilitation plan,
according to the Korea Times.

MBK Partners is a private equity firm and the largest shareholder
of Homeplus.

However, the executives dispute the committee's assessment,
asserting that the going-concern value exceeds the liquidation
value, and intend to submit an official opinion to the court
reflecting their position, adds the Korea Times.

                         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
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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
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                *** End of Transmission ***