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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 13, 2025, Vol. 28, No. 227
Headlines
A U S T R A L I A
AVZ MINERALS: ASIC Sues Company, Directors for Disclosure Failures
BEST LIVING: First Creditors' Meeting Set for Nov. 14
BLUE RIVER: First Creditors' Meeting Set for Nov. 14
CRIMSON BOND 2024-1: S&P Affirms B+ (sf) Rating on Class F Notes
ELECTROPULSE PROJECTS: First Creditors' Meeting Set for Nov. 14
FLOOR CONSTRUCT: First Creditors' Meeting Set for Nov. 14
HAEMOKINESIS LIMITED: First Creditors' Meeting Set for Nov. 18
MANSA GROUP: Director Sentenced to Over Four Years in Prison
OJMZ ENTERPRISES: First Creditors' Meeting Set for Nov. 17
PRECISE PREFABS: First Creditors' Meeting Set for Nov. 17
REX AIRLINES: Creditors Vote for Air T Takeover
UNDONE PTY: Second Creditors' Meeting Set for Nov. 14
H O N G K O N G
ROSSONERI SPORT: Faces Liquidation Amid Bankruptcy
I N D I A
AARGEE STAFFING: Voluntary Liquidation Process Case Summary
JAIPRAKASH ASSOCIATES: Adani Enterprises Could be Highest Bidder
KRISHNA NAGAI: CRISIL Keeps B Debt Rating in Not Cooperating
PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
PELICAN INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
PRACHIN FOUNDATION: CRISIL Keeps D Ratings in Not Cooperating
PRAESIDIA BIOTHERAPEUTICS: Voluntary Liquidation Case Summary
R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
RAMA MARKETING: CRISIL Keeps B Debt Ratings in Not Cooperating
RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
RECMET ALLOYS: CRISIL Keeps B- Debt Rating in Not Cooperating
RHG CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
S. K. TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SAGAR PULSES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAI KALYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANKER PLASTIC: CRISIL Keeps B Debt Rating in Not Cooperating
SIDDHIVINAYAK POLYTEX: CRISIL Keeps B Ratings in Not Cooperating
SNC FISH: CRISIL Keeps B Debt Ratings in Not Cooperating Category
SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SPECIAL LIME: CRISIL Keeps B Debt Rating in Not Cooperating
SPG MACROCOSM: Liquidation Process Case Summary
UNITY AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating
I N D O N E S I A
GARUDA INDONESIA: Fleet Growth at Risk as Danantara Trims Funding
M A L A Y S I A
1MDB: Asset Recovery in Final Stage, Prime Minister Anwar Says
N E W Z E A L A N D
ACECCO HOLDING: Grant Thornton New Zealand Appointed as Receivers
ALPHA RAIL: Court to Hear Wind-Up Petition on Nov. 27
AQUACEUTICALS NEW ZEALAND: First Creditors' Meeting Set for Nov 17
CONNECTX HOLDINGS: Court to Hear Wind-Up Petition on Dec. 4
FLOWING IN MOTION: Placed in Receivership
KI COMMERCIAL: BDO Christchurch Appointed as Receivers
NZ SWIMMING: Creditors' Proofs of Debt Due on Nov. 30
PUBLISHER PRIME: Blacklock Rose Appointed as Administrators
WALDMEL HOLDINGS: Creditors' Proofs of Debt Due on Dec. 1
WB LEASING: Court to Hear Wind-Up Petition on Nov. 28
S I N G A P O R E
APAC PLATFORM: Creditors' Proofs of Debt Due on Dec. 8
HYDRUS ENGINEERING: Court Enters Wind-Up Order
JOINT RAINBOW: Court to Hear Wind-Up Petition on Nov. 14
KEA INVESTMENT: Creditors' Proofs of Debt Due on Dec. 8
LOGIXTICS INC: Court to Hear Wind-Up Petition on Nov. 21
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A U S T R A L I A
=================
AVZ MINERALS: ASIC Sues Company, Directors for Disclosure Failures
------------------------------------------------------------------
Suspended WA mineral exploration company AVZ Minerals Limited (AVZ)
and two of its directors failed to disclose critical market
information about a lithium project in the Democratic Republic of
the Congo (DRC), ASIC alleges in new proceedings filed in the
Federal Court.
ASIC alleges AVZ breached continuous disclosure obligations and
engaged in misleading and deceptive conduct by failing to announce
an escalating legal dispute in the DRC relating to the acquisition
of shares in AVZ's flagship Manono Project to the Australian
Securities Exchange (ASX).
ASIC also alleges AVZ's Managing Director Nigel Ferguson and
Technical Director Graeme Johnston breached their director's
duties, authorised or permitted ASX announcements relating to AVZ
that were false or misleading, or omitted matters that rendered
them misleading.
ASIC Deputy Chair Sarah Court said, 'proper disclosures were
critically important to investors, particularly when the company is
operating an asset overseas.
'In this case it was all but impossible for retail investors to
travel to an overseas location in central Africa, in which the
company's operations are being conducted. In those circumstances,
investors rely on the company to provide accurate and timely
information. We allege Mr. Ferguson and Mr. Johnston failed to
inform investors of the ongoing issues in this matter for nearly 12
months.
'The pair allegedly failed to take reasonable steps to ensure AVZ
complied with its continuous disclosure obligations and that
statements to the ASX were not misleading or deceptive.
'Continuous disclosure and director duties are not only legal
obligations they are fundamental principles that protect the
integrity of financial markets.
'ASIC is committed to taking action against any entities we
consider fail to meet these obligations, to ensure accountability
and to maintain investor confidence,' Ms Court said.
On May 4, 2022, AVZ confirmed to the market that it retained legal
title to a 75% interest in the Manono Project however went on to
refer to 'recent media speculation in respect of several matters in
connection with AVZ's interest in the Manono Project, which the
Company considers spurious and immaterial'.
The matters included:'. . . reference to a decision by 'Le Tribunal
de Grande Instance' in the DRC . . . in respect of a claim by
Dathomir Mining Resources SARL regarding the validity of a share
certificate and an extract of a shareholders' registry from Dathcom
. . .'
This was the first reference made by AVZ to a legal dispute that
had commenced in mid-2021.
ASIC is seeking declarations of contravention against AVZ, and
declarations of contravention and pecuniary penalties against Mr.
Ferguson and Mr. Johnston.
AVZ Minerals Limited is a Perth-based company which was listed on
the ASX. AVZ is engaged in resource exploration in the DRC,
specifically in relation to the Manono Project, a significant
Lithium deposit.
AVZ went into a trading halt on May 9, 2022 and was subsequently
suspended on May 11, 2022, without trading again, before being
removed from official quotation on the ASX on May 13, 2024.
BEST LIVING: First Creditors' Meeting Set for Nov. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Best Living
Pty Ltd will be held on Nov. 14, 2025 at 10:00 a.m. via
teleconferencing facilities.
Alexander Man Chun Siu was appointed as administrator of the
company on Nov. 13, 2025.
BLUE RIVER: First Creditors' Meeting Set for Nov. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of Blue River
Landscape Supplies (Qld) Pty Ltd will be held on Nov. 14, 2025 at
10:00 a.m. at Suite 19.02, Level 19, 1 Castlereagh Street and via
virtual meeting technology.
Alan Walker and Nicholas Charlwood were appointed as administrators
of the company on Nov. 4, 2025.
CRIMSON BOND 2024-1: S&P Affirms B+ (sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Crimson Bond Trust 2024-1.
Crimson Bond Trust 2024-1 is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd.
S&P's rating affirmations reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio, which comprises residential mortgage loans to residents
of Australia and to self-managed superannuation fund borrowers.
As of Sept. 30, 2025, the portfolio has a weighted-average
effective loan-to-value ratio of 66.5% and weighted-average loan
seasoning of 19.4 months. Total arrears greater than 30 days
represent 2.47% of the portfolio.
The transaction closed in December 2024 and is paying sequentially.
S&P expects credit enhancement to continue to build during the
sequential pay period. As of September, the pool factor is
approximately 79.7%.
The pool has a concentration of self-managed superannuation fund
(SMSF) borrowers, who make up 48% of the collateral pool. S&P said,
"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 Affirmed
Crimson Bond Trust 2024-1
Class A1-MM: AAA (sf)
Class A1-AU: AAA (sf)
Class A2: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB+ (sf)
Class E: BB+ (sf)
Class F: B+ (sf)
ELECTROPULSE PROJECTS: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Electropulse
Projects Pty Ltd and Tamar Hydro Pty Ltd will be held on Nov. 14,
2025 at 10:30 a.m. at Level 30, 140 William Street in Melbourne and
via conferencing facilities.
Glenn Anthony Crisp and Clifford Rocke were appointed as
administrators of the company on Nov. 5, 2025.
FLOOR CONSTRUCT: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Floor
Construct Pty Limited will be held on Nov. 14, 2025 at 10:00 a.m.
at the offices of Bernardi Martin, 195 Victoria Square in Adelaide
and via conferencing facilities.
Hugh Sutcliffe Martin was appointed as administrator of the company
on Nov. 5, 2025.
HAEMOKINESIS LIMITED: First Creditors' Meeting Set for Nov. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Haemokinesis
Limited will be held on Nov. 18, 2025 at 11:30 a.m. via virtual
meeting only.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Nov. 6, 2025.
MANSA GROUP: Director Sentenced to Over Four Years in Prison
------------------------------------------------------------
Mansa Group director Krishnakumar Sitaram Agrawal, of Sydney NSW,
has been sentenced to a total term of imprisonment of four years
and ten months, with a non-parole period of three years and three
months, for forgery and dishonesty offences following an ASIC
investigation.
On Nov. 7, 2025, the District Court of NSW sentenced Mr. Agrawal to
prison terms of:
* three years and three months for using false documents to
obtain a financial advantage, contrary to the Crimes Act 1900
(NSW), and
* three years and ten months for dishonestly using his position
as a director with the intention to gain advantage and cause
detriment, contrary to the Corporations Act 2001 (Cth).
Mr. Agrawal's prison term commenced on November 7, 2025. He will
not be eligible for parole before February 6, 2029.
ASIC Deputy Chair Sarah Court said, 'Mr Agrawal betrayed the trust
of people within his social and cultural circles.
'This sentence will be welcomed by those who invested significant
amounts of money with Mr. Agrawal after being caught up in his
dishonest behaviour,' the Deputy Chair said.
Mr. Agrawal is the current and former director of 27 companies
collectively known as the Mansa Group, which is now in
liquidation.
Between 2017 and 2023, Mr. Agrawal removed directors and
shareholders of corporations within the Mansa Group, which he
controlled, without their knowledge. He also applied for and
obtained loans from third party lenders to the value of over AUD20
million dollars on that basis and/or with the use of false
documents and used the loans for the benefit of other corporations
which he controlled.
This conviction follows previous action by ASIC to secure travel
restraints against Mr. Agrawal and his wife following the collapse
of the Mansa Group.
This matter was prosecuted by the Office of the Director of Public
Prosecutions (Cth) (CDPP) following an ASIC investigation.
A further offence contrary to the Corporations Act 2001 (Cth) was
taken into account on sentence on a schedule pursuant to the Crimes
Act 1914 (Cth).
The companies in the Mansa Group are currently in either voluntary
administration or liquidation.
The Mansa Group companies were used for the funding, acquisition
and development of property in Sydney's west.
Liquidators, Michael Billingsley and Mohammad Mansoor of Olvera
Advisors, are appointed to Mansa Sons Pty Ltd, Dawn Enterprise Pty
Ltd, Tvesa Investments Pty Ltd, Siddhi Services Pty Ltd, and
Patidar Group Pty Ltd.
Liquidators, Shumit Banerjee and Rajiv Ghedia of Westburn Advisory,
are appointed to Pramukham Enterprises Pty Ltd, SK Homes Aus Pty
Ltd, SKTM Capital Pty Ltd, SKTM Capital Pty Ltd, TKA Investments
Pty Ltd, and SK Capital Pty Ltd.
Liquidators, Martin Walsh of Walsh & Associates, are appointed to
SK Homes Pty Ltd.
Liquidators, Simon Cathro and Declan Lane of Cathro & Partners, are
appointed to Samarpan Investments Pty Ltd, Sahyog Developers Pty
Ltd, and United Capital Australia Pty Ltd.
OJMZ ENTERPRISES: First Creditors' Meeting Set for Nov. 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of OJMZ
Enterprises Pty. Ltd. will be held on Nov. 17, 2025 at 10:00 a.m.
virtually via Microsoft Teams.
Amanda Lott of ACRIS was appointed as administrator of the company
on Nov. 5, 2025.
PRECISE PREFABS: First Creditors' Meeting Set for Nov. 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Precise
Prefabs (VIC) Pty Ltd will be held on Nov. 17, 2025 at 10:30 a.m.
via electronic means.
Jason Glenn Stone and Glenn Jeffrey Franklin were appointed as
administrators of the company on Nov. 5, 2025.
REX AIRLINES: Creditors Vote for Air T Takeover
-----------------------------------------------
ABC News reports that US-based Air T will become the new owner of
Regional Express Holdings (Rex) after creditors voted in favour of
a deed of company arrangement to keep the airline's regional
operations in the air.
According to the report, creditors met via video link on Nov. 11
and voted in favour of the deal, which is expected to see Air T
take ownership before Christmas.
Following the signing of the agreement (DOCA), the transition of
operational control and legal ownership is expected before
mid-December 2025, according to the appointed joint administrators
EY-Parthenon.
The ABC relates that these operations include:
* the regional business servicing 54 airports across Australia,
operated by Saab 340 aircraft
* Pilot training school, The Australian Airline Pilots Academy
(AAPA) Aviation service provider Australian Aero Propeller
Maintenance (AAPM)
* Frequent Flyer business Rex Flyer
According to the ABC, EY-Parthenon partner Sam Freeman said that
the DOCA provided a "superior outcome for stakeholders" with
ongoing employment for Rex and continuation of its business
connecting remote and regional communities.
Creditors also voted to place Rex Airlines, the entity that
operated Rex's 737 capital city network, into liquidation, which
was not part of the Air T DOCA proposal.
The ABC relates that Transport Minister Catherine King said in a
statement that the government's assistance "includes a support
package comprising a loan of up to AUD60 million and a
restructuring of existing Australian government debt".
In exchange for this support, Air T has agreed to a range of
commitments aimed at preserving essential regional aviation
connectivity and improving Rex's governance arrangements.
The ABC says several regional airports across Australia are owed
money by Rex Airlines, including the Albany Regional Airport, 420
kilometres south-east of Perth.
The airport is managed and run by the Albany City Council.
Mayor Greg Stocks said the city was owed about AUD456,000 from the
beleaguered airline, but was doubtful it would recover any of the
funds owed.
"We are very pleased we will continue to have a service," Mr.
Stocks told The Business. "But we want it to be an excellent
service.
"It's really important for regional cities."
The ABC adds that Mr. Stocks said lives were at stake if the
regional centre was not serviced by a reliable carrier.
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.
UNDONE PTY: Second Creditors' Meeting Set for Nov. 14
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Undone Pty
Ltd has been set for Nov. 14, 2025, at 10:00 a.m. at Level 34, 32
Turbot Street in Brisbane and via Zoom meeting.
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 today, Nov. 13, 2025, at 5:00
p.m.
Nick Combis of Vincents was appointed as administrator of the
company on Oct. 10, 2025.
=================
H O N G K O N G
=================
ROSSONERI SPORT: Faces Liquidation Amid Bankruptcy
--------------------------------------------------
The Standard reports that mainland China businessman Li Yonghong's
company, Rossoneri Sport Investment Co., Ltd., which previously
owned Italian football club AC Milan, is facing a liquidation
petition filed by creditor General Fantasy Limited, with a hearing
set for next January.
According to The Standard, Li acquired AC Milan through his
Chinese-led consortium in 2017. However, the company later failed
to repay debts after signing a bond subscription agreement with
five investment fund firms.
Last year, the funds demanded repayment of US$280 million from Li
as guarantor but were unsuccessful, prompting them to file a
petition in the High Court, The Standard relates.
The court subsequently declared Li bankrupt.
The Standard, citing judicial records, adds that the hearing for
the liquidation petition is scheduled for January 14, 2026, at 9:30
a.m.
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I N D I A
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AARGEE STAFFING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Aargee Staffing Services Private Limited
Plot No 3726 Door No 41 Ma Foi House,
6th Avenue Q Block, Anna Nagar (Chennai),
Chennai, Egmore Nungambakkam,
Tamil Nadu, India, 600040
Liquidation Commencement Date: October 24, 2025
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Sriram Krishnamoorthy
No.22, West Wing, Luz Golden Enclave,
180, Luz Church Road,
Mylapore, Chennai-600004
Email: ksrics.ip@gmail.com
Telephone No.: 9444867208
Last date for
submission of claims: November 25, 2025
JAIPRAKASH ASSOCIATES: Adani Enterprises Could be Highest Bidder
----------------------------------------------------------------
MoneyControl reports that Adani Enterprises Ltd is likely to emerge
as the highest bidder to acquire Jaiprakash Associates Ltd (JAL)
through insolvency process as its offers to pay acquisition amount
in two years have been found better than Vedanta's bid to make
payments in five years, sources said.
In early September, mining conglomerate Vedanta Group had beaten
Adani Group to emerge as the highest bidder, with an offer of
INR12,505 crore as net present value (NPV), in an auction carried
out by lenders to find suitors for JAL, whose interests span real
estate, cement, power, hotels, and road, MoneyControl recalls.
Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd
did not bid in the auction process.
Later, the lenders held negotiations with these five players to
enhance the bid value and maximize realization, MoneyControl
relates.
On October 14, these five bidders submitted fresh signed resolution
plans in sealed envelopes.
According to sources, the committee of creditors (CoC) of JAL met
last week to deliberate on these comprehensive resolution plans and
evaluate them for feasibility and viability, MoneyControl relays.
The CoC evaluated the resolution plans on the basis of evaluation
matrix and then scored the resolution plan of Adani Enterprise Ltd
as the highest, followed by Dalmia Cement (Bharat) and then Vedanta
Ltd, they added.
Now, the resolution plan could be put to vote by the CoC in the
next two weeks, sources said, according to MoneyControl.
About JAL
Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.
JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.
In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC, claiming a default of more than
INR16,000 crore.
On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.
Bhuvan Madan is the resolution professional (RP) for the JAL. SBI
has also moved NCLT against JAL, claiming a total default of
INR6,893.15 crore as of Sept. 15, 2022.
KRISHNA NAGAI: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sri Krishna
Nagai Maligai (Madurai) Private Limited (SKNMPL) continues to be
'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SKNMPL for
obtaining information through letter and email dated October 16,
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 SKNMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SKNMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SKNMPL continues to be 'Crisil B/Stable Issuer not
cooperating'.
SKNMPL, established in June 2008, trades in jewellery in its four
branches across Madurai. The day to day operations are being
managed by Mr.Selvam and his family.
PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Parameswara Poultry Farm Private Limited (SPPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 19 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.75 CRISIL D (Issuer Not
Cooperating)
Short Term Loan 3.8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated October 16,
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 SPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SPPL was set up in 2010 by Mr. B Siva Babu and his family members.
The company is engaged in the production of commercial eggs. It is
proposing to undertake a capital expenditure of Rs.700 million
towards expanding its capacity; 80 per cent would be funded by
debt. It is based in Shadnagar (Telangana).
PELICAN INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pelican
International Private Limited (PIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 13.75 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.00 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated October 16,
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 PIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. The company is based in
Hyderabad, Andhra Pradesh.
PRACHIN FOUNDATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prachin
Foundation (Prachin) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.09 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.91 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with Prachin for
obtaining information through letter and email dated October 16,
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 Prachin, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Prachin is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Prachin continues to be 'Crisil D Issuer not
cooperating'.
Prachin, based in Hyderabad (Telangana), was established by Mr. G
Satyanarayana in June 2009. The society has a franchisee agreement
with GIFL, Singapore, to manage the Global Indian International
School. The school offers education from pre-school to high school
level. Its operations are managed by Mr. A Venkateswara Rao.
PRAESIDIA BIOTHERAPEUTICS: Voluntary Liquidation Case Summary
-------------------------------------------------------------
Debtor: Praesidia Biotherapeutics Private Limited
B-1903, Karle Zenith Residences,
100ft Kempapura Main Road, Hebbal,
Venkateshapura, Bangalore,
Bangalore North, Karnataka, India, 560045
Liquidation Commencement Date: October 23, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Ganesh Panduranga Pai
No. 68, 6B, 6th Floor,
Chitrapur Bhawan
8th Main, 15th Cross Malleshwaram,
Bangalore, Karnataka, 560055
Email: pragnya.cas@gmail.com
Tel: 9845666596/080-2356541
Last date for
submission of claims: November 21, 2025
R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.N. Dwivedi
Foundation (RNDF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.3 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RNDF for
obtaining information through letter and email dated October 16,
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 RNDF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RNDF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RNDF continues to be 'Crisil D Issuer not cooperating'.
Set up in 2015, RNDF runs a school at Patna (Bihar). The school is
affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.
RADHA RUKMANI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radha Rukmani
Spinners Private Limited (RRSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RRSPL for
obtaining information through letter and email dated October 16,
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 RRSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RRSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in 2007, RRSPL trades in yarn and textiles. The
company, based in Mumbai, is promoted by Mr. Pradeep Kumar Goyal.
RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Traders -
Shahjahanpur (RT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 0.50 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Cash 0.75 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Fund- 2.13 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
Proposed Term Loan 0.62 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RT for
obtaining information through letter and email dated October 16,
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 RT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RT
continues to be 'Crisil B/Stable Issuer not cooperating'.
RT, set up in 2016 at Shahajahanpur (Uttar Pradesh), trades in
mobile phones; it is also starting a manufacturing unit to make
non-polythene carry bags. Mr Anuj Agarwal and family are the
promoters.
RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Lal Aneja
Foods Private Limited (RLAF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Working Capital 4 CRISIL D (Issuer Not
Demand Loan Cooperating)
Crisil Ratings has been consistently following up with RLAF for
obtaining information through letter and email dated October 16,
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 RLAF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RLAF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RLAF continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2013, RLAF promoted by Mr Ram Lal and his son Mr
Ashok Kumar, processes basmati rice.
RAMA MARKETING: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Rama
Marketing Enterprises (RME) continue to be 'Crisil B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17.25 Crisil B/Stable (Issuer Not
Cooperating)
Cash Credit & 24.75 Crisil B/Stable (Issuer Not
Working Capital Cooperating)
Demand Loan
Crisil Ratings has been consistently following up with RME for
obtaining information through letter and email dated October 16,
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 RME, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RME continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 1988 by the Kalani family, RME is a distributor
liquor in Mumbai, Maharashtra. The firm is managed by Mr Pradip
Kalani, Mr Girish Kalani, Ms Divya Kalani and Mr Tarun Kalani
RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranvik
Autocomponents Private Limited (RAPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.85 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.15 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RAPL for
obtaining information through letter and email dated October 16,
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 RAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2008, RAPL is promoted by Mr Vishwas Manikrao
Jagtap and family. The company manufactures auto components such as
chassis and brake parts. The manufacturing unit is in Pune
RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravisum
Processing (RP) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B-/Stable (Issuer Not
Cooperating)
Rupee Term Loan 4 CRISIL B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RP for
obtaining information through letter and email dated October 16,
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 RP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RP
continues to be 'Crisil B-/Stable Issuer not cooperating'.
Set up in 2010, RP is promoted by Mr. Sidharth Ahlawat and Ms.
Sumitra Ahlawat. The firm, based in Ludhiana, Punjab, manufactures
carpet and blankets.
RECMET ALLOYS: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Recmet Alloys
Private Limited (RAPL) continue to be 'Crisil B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.80 Crisil B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 3.95 Crisil B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.25 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RAPL for
obtaining information through letter and email dated October 16,
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 RAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RAPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
RAPL was incorporated in 2010 and is promoted by Mr. Sanjay Saini
and Mr. Rabindra Agarwal. The company refines and smelts lead to
manufacture ingots and alloys. Registered office in New Delhi, but
entire operations are carried out from Vadodara, Gujarat, which is
near the company's plant in Jambusar, Bharuch district, Gujarat.
RHG CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RHG
Constructions (RHGC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working 14 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with RHGC for
obtaining information through letter and email dated October 16,
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 RHGC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RHGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RHGC continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in 1998 as a partnership firm, Punjab-based RHGC is
engaged in civil construction works, such as construction of group
housing, commercial buildings, institutional buildings, government
projects, and other infrastructure projects Mr Rajesh Gupta and Mr
Harish Gupta are partners in the firm.
RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RM Dairy
Products LLP (RMDP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not Cooperating)
Term Loan 14.9 CRISIL D (Issuer Not Cooperating)
Crisil Ratings has been consistently following up with RMDP for
obtaining information through letter and email dated October 16,
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 RMDP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RMDP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RMDP continues to be 'Crisil D Issuer not cooperating'.
RMDP incorporated in April 2015 as limited liability partnership
firm by eight partners namely Mr. Ram Vinod Singh, Ms. Radha Singh,
Mr. Shishir Singh, Mr. Girish Goyal, Ms. Suman Goyal, Mr. Ravi
Singhal, Ms. Archana Singhal and Ms. Shally Singh. RMDP is
setting-up an integrated manufacturing plant of Skimmed Milk Power
(SMP), cream and Desi Ghee in Aligarh, Uttar Pradesh with an
installed capacity of around 4.0 lakh litres per day.
ROYAL PLAZA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Royal Plaza
Inn (RPI) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RPI for
obtaining information through letter and email dated October 16,
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 RPI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RPI continues to be 'Crisil D Issuer not cooperating'.
RPI was set up in 2010 by the proprietor, Mr. M P Shamsudheen. The
firm is currently constructing a 108-room hotel in Arayidathupalam
(Kozhikode; Kerala).
RYTHU MITRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rythu Mitra
Fertilizers Private Limited (RMF) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 10.25 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RMF for
obtaining information through letter and email dated October 16,
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 RMF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RMF continues to be 'Crisil D Issuer not cooperating'.
RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.
S. K. TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. K.
Textiles (SKT) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SKT for
obtaining information through letter and email dated October 16,
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 SKT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKT continues to be 'Crisil D Issuer not cooperating'.
SKT was established in 2006 by Mr Sunil Kukreja. The firm
manufactures and trades in fabrics, mainly cotton, polyester, and
cotton-polyester fabrics. Later on in 2014, he along with his wife,
Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in
the same line of business.
SAGAR PULSES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sagar Pulses
Private Limited (SPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Warehouse Receipts 9.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated October 16,
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 SPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
SPPL, set up in December 2013 in Sagar (Madhya Pradesh), primarily
processes chana to chana dal. The manufacturing unit has a capacity
of 1000 quintals per day. Mr Krishna Kumar Malpani, Mr Dinesh Kumar
Malpani, Mr Saket Garg and Mr Rahul Garg are the promoters.
SAI KALYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Kalyan
Builders And Developers Private Limited (SKBDPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 48 CRISIL D (Issuer Not
Cooperating)
Term Loan 27 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SKBDPL for
obtaining information through letter and email dated October 16,
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 SKBDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SKBDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SKBDPL continues to be 'Crisil D Issuer not
cooperating'.
SKBDPL is developing residential real estate in Bengaluru. The
company is promoted by Mr Yerraguntla Venkatesulu Choudary and his
family members.
SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senator
Motors Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 22 CRISIL D (Issuer Not
Cooperating)
Term Loan 9.24 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated October 16,
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 SMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SMPL, based in Mumbai and incorporated in October 2011, is promoted
by Mr. Puneet Lalit Kumar. The company started operations in
November 2011 as an authorised dealer of Skoda's entire range of
cars, spare parts, and accessories at Goregaon in Mumbai.
SHANKER PLASTIC: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanker
Plastic Products (SPP) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.4 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 1.1 CRISIL B/Stable (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with SPP for
obtaining information through letter and email dated October 16,
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 SPP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPP continues to be 'Crisil B/Stable Issuer not cooperating'.
SPP was formed as a proprietorship concern by Mr Parveen Sharma in
2012. The firm manufactures PVC (polyvinyl chloride) plastic pipes,
garden pipes and water storages tanks under the Jehlum, Victrex,
and Durend brands. It has two facilities in Samba, Jammu; and
Jaipur with installed capacity of 4 lakh plastic water tanks per
annum.
SIDDHIVINAYAK POLYTEX: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhivinayak
Polytex Private Limited (SPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.6 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated October 16,
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 SPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2012 and promoted by Mr Sunil Agarwal, SPPL
manufactures PP fabric and bags, and aluminium extrusion products.
SNC FISH: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SNC Fish
Exports Private Limited (SNCFE) continue to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 9 Crisil B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Fund- 1 Crisil B/Stable (Issuer Not
Based Bank Limits Cooperating)
Crisil Ratings has been consistently following up with SNCFE for
obtaining information through letter and email dated October 16,
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 SNCFE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SNCFE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SNCFE continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2015 and located in Midnapore West Bengal, SNCFE
sells frozen seafood products in the domestic market. Mr Nanda
Dulal Pal and Ms Sulekha Pal are the owner-promoters.
SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soni Tractors
(ST) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 0.9 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.9 CRISIL D (Issuer Not
Cooperating)
Proposed Working 2.2 CRISIL D (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with ST for
obtaining information through letter and email dated October 16,
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 ST, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ST
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
ST, a partnership firm set up in 1981, is an authorised dealer of
Mahindra and Mahindra Ltd in Lakhimpur Kheri, Uttar Pradesh. The
firm has also ventured into hospitality business in 2019, however,
majority of the revenue is derived from the dealership segment.
SPECIAL LIME: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Special Lime
Stone Private Limited (SLSPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B/Stable(Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SLSPL for
obtaining information through letter and email dated October 16,
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 SLSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SLSPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SLSPL, based in Jodhpur (Rajasthan), was set up in 1996 as a
partnership firm and was reconstituted as a private limited company
in 2001. It is promoted by Mr. Vishnu Prakash Jaju and Mr.
Nandkishore Jaju. It extracts limestone and manufactures hydrated
and quick lime, which it supplies to local customers.
SPG MACROCOSM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: SPG Macrocosm Limited
408, Anish Heritage, Flat No. 203,
Indrapuri Colony, Bhawarkua, Indore,
Madhya Pradesh 452001, India
Address where books of account are kept:
F-10, Prabha CHS Ltd, R. B. Mehta Mary,
Ghutkopar (Fast), Mumbai 400077
Liquidation Commencement Date: October 9, 2025
Court: National Company Law Tribunal, Indore Bench
Liquidator: Manish Shah
A/502, Krishna Palace, Thakur Complex,
Kandıvali (Eаst), Mumbai-400101
Email: mdshah0211@gmail.com
Email: cirp.spgmacro@gmail.com
Last date for
submission of claims: November 9, 2025
UNITY AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unity
Automobiles Private Limited. (RCAPL; Previous known as RC
Automotive Private Limited) continue to be 'Crisil B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 Crisil B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 2 Crisil B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with Unity
Automobiles for obtaining information through letter and email
dated October 16, 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 RCAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCAPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Incorporated in 2011, RCAPL is an authorised dealer of Nissan India
in north-west Delhi. RCAPL commenced operations in November 2011.
It has one showroom operating on the sales, service, and spares
(3S) format at Shalimar Bagh in Delhi. The company is promoted by
Mr. Himanshu Chawla and Mr. Parth Chawla.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Fleet Growth at Risk as Danantara Trims Funding
-----------------------------------------------------------------
Bloomberg News reports that Indonesia's sovereign wealth fund
Danantara is reducing its financial support for flag carrier Garuda
Indonesia, putting in doubt the distressed airline's ability to
refresh its fleet.
Garuda will now receive IDR23.7 trillion (S$1.9 billion) from
Danantara Asset Management, an arm of the wealth fund, through a
private placement, which comprises a cash injection and a loan
conversion, according to an exchange filing, Bloomberg relays. The
airline was supposed to obtain US$1.8 billion under a plan drawn up
last month.
In addition to covering finance expenses and providing working
capital, Danantara Asset would have helped with fleet expansion.
However, Danantara Asset notified Garuda that "there is also an
adjustment to the planned use of funds, which no longer includes
fleet expansion", the airline said in a separate statement.
According to Bloomberg News, the carrier has struggled financially
since the Covid-19 pandemic and has grounded an increasing number
of planes because of difficulties making maintenance payments. The
number of idled jets operated by the company and subsidiary
low-cost carrier Citilink Indonesia rose to 51 as at June, nearly
40 per cent of the group's total fleet, and up from 33 a year
earlier.
Leasing new planes comes with high price tags amid a dearth of
available aircraft and a global surge in travel, Bloomberg notes.
The carrier earlier this year paid twice as much to lease a Boeing
737 Max jet than it does for older 737 jets.
Garuda should focus on getting some of its grounded planes flying
again, said Gerry Soejatman, a Jakarta-based independent aviation
analyst, notes the report.
"Ordering new planes for early delivery is going to be very
expensive, and probably less prudent financially," Bloomberg quotes
Mr. Soejatman as saying. "It is better to see the grounded jets
being put back into service or returned to lessors before Garuda
place big aircraft orders."
About Garuda Indonesia
Garuda Indonesia is the flag carrier of Indonesia.
On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition
against Garuda to commence the PKPU Proceeding under Indonesian
Insolvency Law. PKPU is a court-enforced suspension of payments
process which is designed to provide a debtor a definite period of
time to restructure its debt and reorganize its affairs pursuant to
a composition plan with its creditors.
The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and
appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick
Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H.,
Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL
as administrators who, together with the Debtor, manage the
Debtor's assets during the PKPU Proceeding.
On June 17, 2022, Garuda proposed to creditors the PKPU Plan
developed in consultation with an ad hoc group of its aircraft
lessors, Sukuk Holders and a number of other creditors working to
facilitate the restructuring of Garuda's debts. The PKPU Plan
anticipates Garuda continuing to operate in the ordinary course.
PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022,
to seek U.S. recognition of its debt restructuring in Jakarta,
Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge
Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler
of Cleary Gottlieb Steen & Hamilton LLP in the U.S.
===============
M A L A Y S I A
===============
1MDB: Asset Recovery in Final Stage, Prime Minister Anwar Says
--------------------------------------------------------------
The Edge Malaysia reports that Malaysia's recovery of assets linked
to the 1Malaysia Development Bhd (1MDB) is now entering its final
stages, Prime Minister Datuk Seri Anwar Ibrahim said on Nov. 11.
The Edge relates that the efforts have "recently seen new inflows,"
he told the Dewan Rakyat during the prime minister's question time.
"I cannot specify the exact amount, but it represents an additional
RM1 billion on top of previous recoveries."
He said the process continues in Switzerland, London, and other
locations, overseen by a dedicated committee, notes the report.
The Edge says Malaysia has been intensifying efforts to reclaim
1MDB assets. On Oct. 14, the Finance Ministry reported that
MYR20.73 billion had been recovered through settlements with
several financial institutions involved in the scandal, The Edge
reports.
The Edge relates that the settlements include US$3.9 billion (about
MYR16.5 billion) from Goldman Sachs Group Inc, comprising US$2.5
billion in cash and an asset recovery guarantee valued at US$1.4
billion; MYR2.83 billion from AMMB Holdings Bhd; and US$330 million
from JPMorgan.
Separately, Anwar said that the Malaysian Anti-Corruption
Commission (MACC) had recovered about MYR8 billion in cash and
assets, which were already returned to the government's
consolidated fund under the Finance Ministry, The Edge reports.
The Edge adds that the recovery is part of a raft of seizures
totalling RM15.5 billion including cash, property, company shares,
and buildings from corruption, leakages, and smuggling since 2023,
he added.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
In July 2020, the High Court convicted former Prime Najib Razak on
all seven counts of abuse of power, money laundering and criminal
breach of trust and was sentenced to 12 years imprisonment and
fined MYR210 million.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
ACECCO HOLDING: Grant Thornton New Zealand Appointed as Receivers
-----------------------------------------------------------------
Stephen Speers Keen and Stephanie Beth Jeffreys of Grant Thornton
New Zealand Limited were appointed on Nov. 11, 2025, as receivers
and managers of Acecco Holding Limited.
The receivers and managers may be reached at:
Grant Thornton New Zealand Limited
PO Box 1961
Auckland
ALPHA RAIL: Court to Hear Wind-Up Petition on Nov. 27
-----------------------------------------------------
A petition to wind up the operations of Alpha Rail Limited will be
heard before the High Court at Auckland on Nov. 27, 2025, at 10:45
a.m.
Andy Anderson's Industrial Services (2007) Limited filed the
petition against the company on Sept. 3, 2025.
The Petitioner's solicitor is:
Kelvin Mackie
Mackie and Co
Level 1, Building 7
48 Maki Street
Auckland 0814
AQUACEUTICALS NEW ZEALAND: First Creditors' Meeting Set for Nov 17
------------------------------------------------------------------
A first meeting of the creditors in the proceedings Of
Aquaceuticals New Zealand Limited will be held on Nov. 17, 2025 at
2:00 p.m. at the offices of BDO Tauranga at Level 1, The Hub, 525
Cameron Road in Tauranga and via Microsoft Teams.
Thomas Lee Rodewald and Paul Thomas Manning were appointed as
administrators of the company on Nov. 6, 2025.
CONNECTX HOLDINGS: Court to Hear Wind-Up Petition on Dec. 4
-----------------------------------------------------------
A petition to wind up the operations of Connectx Holdings Limited
will be heard before the High Court at Auckland on Dec. 4, 2025, at
10:00 a.m.
Callaghan Innovation filed the petition against the company on
Sept. 22, 2025.
The Petitioner's solicitor is:
Alexander MacDuff
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
Auckland 1010
FLOWING IN MOTION: Placed in Receivership
-----------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway on Nov. 6, 2025, were appointed as receivers and
managers of Flowing in Motion Limited.
The receivers and managers may be reached at:
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
KI COMMERCIAL: BDO Christchurch Appointed as Receivers
------------------------------------------------------
Diana Matchett and Colin Gower of BDO Christchurch on Oct. 31,
2025, were appointed as receivers and managers of KI Commercial
Limited.
The receivers and managers may be reached at:
BDO Christchurch
Awly Building
Level 4, 287–293 Durham Street
Christchurch 8013
NZ SWIMMING: Creditors' Proofs of Debt Due on Nov. 30
-----------------------------------------------------
Creditors of NZ Swimming Pools Limited are required to file their
proofs of debt by Nov. 30, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2025.
The company's liquidator is:
Robert John Willis, Chartered Accountant
56b Bryant Road
Karaka
Auckland 2580
PUBLISHER PRIME: Blacklock Rose Appointed as Administrators
-----------------------------------------------------------
Benjamin Brian Francis and Garry Cecil Whimp of Blacklock Rose
Limited on Oct. 24, 2025, were appointed as Administrators of
Publisher Prime Limited, Publisher Prime NZ Limited, Publisher
Prime IP Limited and Publisher Prime Nominee Limited.
The Administrators may be reached at:
Benjamin Brian Francis
Garry Cecil Whimp
c/- Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
WALDMEL HOLDINGS: Creditors' Proofs of Debt Due on Dec. 1
---------------------------------------------------------
Creditors of Waldmel Holdings Limited are required to file their
proofs of debt by Dec. 1, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2025.
The company's liquidator is:
Rhys Cain
RC Restructuring Limited
c/- PO Box 20113
Christchurch 8053
WB LEASING: Court to Hear Wind-Up Petition on Nov. 28
-----------------------------------------------------
A petition to wind up the operations of WB Leasing New Zealand
Limited will be heard before the High Court at Auckland on Nov. 28,
2025, at 10:45 a.m.
Wynn Williams filed the petition against the company on Sept. 12,
2025.
The Petitioner's solicitors are:
Josh Taylor
Jackson Fletcher
Wynn Williams, Lawyers
Level 5, Wynn Williams House
47 Hereford Street
Christchurch 8013
=================
S I N G A P O R E
=================
APAC PLATFORM: Creditors' Proofs of Debt Due on Dec. 8
------------------------------------------------------
Creditors of Logos Apac Platform Solar Pte. Ltd. are required to
file their proofs of debt by Dec. 8, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2025.
The company's liquidator is:
Quar Lian Huat
c/o Tricor Singapore
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
HYDRUS ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 24, 2025, to
wind up the operations of Hydrus Engineering (S) 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
JOINT RAINBOW: Court to Hear Wind-Up Petition on Nov. 14
--------------------------------------------------------
A petition to wind up the operations of Joint Rainbow Shipping Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 14,
2025, at 10:00 a.m.
Golden Safe Shipping Co Ltd filed the petition against the company
on Oct. 22, 2025.
The Petitioner's solicitors are:
DennisMathiew
7500A Beach Road
#14-324 The Plaza
Singapore 199591
KEA INVESTMENT: Creditors' Proofs of Debt Due on Dec. 8
-------------------------------------------------------
Creditors of Kea Investment Holding Pte. Limited are required to
file their proofs of debt by Dec. 8, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2025.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road, #02-767
Singapore 160050
LOGIXTICS INC: Court to Hear Wind-Up Petition on Nov. 21
--------------------------------------------------------
A petition to wind up the operations of Logixtics Inc Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 21, 2025,
at 10:00 a.m.
Fal SG Loop Partnership filed the petition against the company on
Oct. 29, 2025.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
*********
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
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
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