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251219.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, December 19, 2025, Vol. 28, No. 253 Headlines A U S T R A L I A CRITICAL TURN: First Creditors' Meeting Set for Dec. 23 FALCON CAPITAL: Netwealth to Compensate First Guardian Investors INCORE AIR: First Creditors' Meeting Set for Dec. 23 INFINITY PHARMACY: Receivers Appointed to 54 Pharmacies JAAPCHHINA PTY: First Creditors' Meeting Set for Dec. 30 JMG - 5 PROJECTS: First Creditors' Meeting Set for Dec. 22 MERIT GROUP: First Creditors' Meeting Set for Dec. 29 NEW WILKIE: Wilkie Creek Re-Established as Dalmore Resources NGS GROUP: Federal Court Enters Wind Up Order ZONE RV: Some Customers Collect Caravans Despite Collapse C H I N A PLANET GREEN: Stockholders Deficit Triggers NYSE Deficiency Notice I N D I A 5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category 63IDEAS INFOLABS: Insolvency Resolution Process Case Summary AASHIRWAD INDUSTRIES: CRISIL Keeps C Ratings in Not Cooperating ACTIFY DATA LABS: Voluntary Liquidation Process Case Summary AJANTA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ANANDA BHARATHI: CRISIL Lowers Rating on INR9cr LT Loan to D AQUACO INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating BANSI MALL: CRISIL Keeps D Debt Ratings in Not Cooperating BHAGWATI RICE: Insolvency Resolution Process Case Summary BHARAT WATERFRONT: Liquidation Process Case Summary BLACKSTONE LOGISTICS: CRISIL Keeps B- Ratings in Not Cooperating BLU-SMART FLEET: Insolvency Resolution Process Case Summary CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating CHUGH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating CREW B.O.S.: Insolvency Resolution Process Case Summary ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating ETERNAL MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating GLOBAL MEDICINES: Insolvency Resolution Process Case Summary GURU KIRPA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating INTERTEC TECHNOLOGIES: Voluntary Liquidation Process Case Summary JAY DEE: CRISIL Keeps D Debt Ratings in Not Cooperating Category KALS INFORMATION: Voluntary Liquidation Process Case Summary KANAHYA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating KL ENTERPRISES: Insolvency Resolution Process Case Summary KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating KRISHNA CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating M.G. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating METCALFE PROPERTIES: Insolvency Resolution Process Case Summary NEHA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating RAINE INDUSTRIES: Liquidation Process Case Summary RAMDURLABHPUR TEA: Prepackaged Insolvency Resolution Case Summary SALTER LABS: Voluntary Liquidation Process Case Summary UNITED ROYALFAB: Insolvency Resolution Process Case Summary VANCE TECHLABS: Monika Kohli Named as New Liquidator VHV BEVERAGES: Liquidation Process Case Summary N E W Z E A L A N D DACK HOLDINGS: Grant Reynolds Appointed as Liquidator DURABUILD CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 16 MACKENZIE COUNTRY: Unsecured Creditors Unlikely to See Any Money MSK TRANSPORT: Court to Hear Wind-Up Petition on Feb. 4 PAPAQ LIMITED: Creditors' Proofs of Debt Due on Jan. 18 RUDRAKSH LIMITED: Court to Hear Wind-Up Petition on Feb. 23 SKY MASON: Ratepayer Funds on the Line After Failed Subdivision [] NEW ZEALAND: Corporate Liquidations Hit 14-Year High in 2025 S I N G A P O R E AUTOW PTE: Court to Hear Wind-Up Petition on Dec. 26 JEFFERSON GROUP: Creditors' Proofs of Debt Due on Jan. 15 RH GUILLEMARD: Creditors' Proofs of Debt Due on Jan. 12 TED ENGINEERING: Court to Hear Wind-Up Petition on Dec. 26 VALORES GLOBAL: Court to Hear Wind-Up Petition on Dec. 26 - - - - - ================= A U S T R A L I A ================= CRITICAL TURN: First Creditors' Meeting Set for Dec. 23 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Critical Turn Pty Ltd, trading as Elaro, will be held on Dec. 23, 2025 at 11:00 a.m. at the offices of RSM Australia, at Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT, and via virtual meeting technology. Frank Lo Pilato of RSM Australia Partners was appointed as administrator of the company on Dec. 12, 2025. FALCON CAPITAL: Netwealth to Compensate First Guardian Investors ---------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) said that Netwealth has agreed to pay over AUD100 million in compensation to more than 1,000 Australians who invested their superannuation in the First Guardian Master Fund and has admitted it contravened the Corporations Act. ASIC has commenced proceedings in the Federal Court against Netwealth Superannuation Services Pty Ltd (NSS) and Netwealth Investments Limited (NIL), as trustees of the Netwealth Superannuation Master Fund (NSMF). NSS and NIL have admitted they failed to obtain and therefore did not assess sufficient information about the First Guardian Master Fund, or make sufficient independent enquiries, to understand or evaluate the investment risk in the First Guardian Diversified Class and Growth Class prior to or while offering them as investment options to NSMF members. ASIC will seek orders that NSS and NIL failed to do all things necessary to ensure that the financial services covered by their financial services licences were provided efficiently, honestly and fairly. ASIC has also accepted a court-enforceable undertaking from NSS and NIL to ensure members are compensated 100% of the amounts they invested in First Guardian less any amounts withdrawn. The compensation payments will be made by Jan. 30, 2026. ASIC Deputy Chair Sarah Court said the ongoing investigation into First Guardian including work to recover available money for investors was at the heart of ASIC's enforcement priorities. 'This is a welcome outcome for many Australians and stems the significant losses that threatened their retirement savings. 'More than 1,000 members who invested through Netwealth's superannuation platform were facing huge uncertainty when First Guardian collapsed. 'ASIC's investigation will ensure Netwealth restores these members to the position they were in before they saw their savings eroded. 'This is the fourth action we've taken against a superannuation trustee in relation to our ongoing First Guardian and Shield investigations, and follows ASIC securing the payment of AUD321 million to Shield investors by Macquarie', the Deputy Chair said. NSS and NIL have admitted the allegations in the proceeding. It is a matter for the Court to determine whether the declarations are appropriate. ASIC will not seek a pecuniary penalty due to the exceptional circumstances of this matter, including: * the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms, * the interests of providing affected members who invested into First Guardian through a regulated superannuation fund with certainty in a timely manner, and * the level of cooperation demonstrated by NSS and NIL in agreeing to compensate members 100% of the amounts invested in First Guardian less any amounts withdrawn, without waiting for an outcome of the First Guardian liquidation or proceedings against other parties involved. 'The action we've taken in the last few months puts super trustees well on notice: they are gatekeepers for their members' retirement savings and ASIC expects them to take active steps to monitor the funds they make available on their choice platforms. 'ASIC now has 12 cases underway against 20 defendants and is continuing to investigate misconduct relating to Shield and First Guardian to hold those involved to account', the Deputy Chair said. ASIC notes that APRA accepted a Court Enforceable Undertaking from NSS on Dec. 17, 2025 to uplift its processes and procedures for investment governance. ASIC and APRA continue to work closely together to hold trustees of regulated super funds to account consistent with ASIC and APRA's respective mandates. ASIC will seek declarations that NSS and NIL contravened sections 912A(1)(a) and 912A(5A) of the Corporations Act. NSS and NIL are subsidiaries of Netwealth Group Limited which is listed on the ASX. NIL (until June 30, 2021) and NSS (from July 1, 2021) were the trustees of the NSMF. The NSMF is a public offer retail superannuation fund. NSMF has around 115,000 member accounts and over AUD40 billion in funds under management. The NSMF offers members access to two choice superannuation products – Super Accelerator Core and Super Accelerator Plus. The First Guardian Growth and Diversified classes were first made available to adviser-led members through Netwealth's Super Accelerator Plus product on March 26, 2021. The First Guardian classes were closed to new investments on Dec. 28, 2022. Between March 26, 2021 and Dec. 28, 2022, approximately AUD128.5 million was invested across the two First Guardian classes by 1,303 members. 1,084 members were still invested in First Guardian when Falcon Capital froze redemptions in May 2024, with member investments totalling approximately AUD100.6 million. In May 2024, Falcon Capital Limited, the Responsible Entity of First Guardian, temporarily suspended the processing of applications and withdrawals from First Guardian, to allow for a restructure of the fund and its underlying assets. The suspension was never lifted and in February 2025, ASIC took action to freeze the assets of Falcon Capital Limited and First Guardian. Following action by ASIC, Falcon Capital was placed into liquidation. Ross Blakeley and Paul Harlond of FTI Consulting were appointed as liquidators of Falcon Capital and were directed to wind up First Guardian. The liquidators issued an update report to unitholders and creditors of First Guardian on Dec. 2, 2025. About Falcon Capital Falcon Capital Limited is the responsible entity for the First Guardian Master Fund, a registered managed investment scheme. As reported in the Troubled Company Reporter Asia Pacific on April 11, 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon Capital Limited and ordered the Liquidators to wind up Falcon, the First Guardian Master Fund and related unregistered subsidiary funds. The Liquidators were appointed following an application by ASIC. ASIC took this action as it was concerned about Falcon's management and operation of First Guardian and the associated risks to investors. The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne be appointed as receiver to the property of David Anderson, a director of Falcon. This action follows previous action taken by ASIC in February 2025 to freeze the assets of Falcon, First Guardian and Mr. Anderson to help protect investor funds while ASIC continues its investigation. The related unregistered subsidiary funds are: * the First Guardian Global Income Fund * the First Guardian Australian Development Fund * the First Guardian Absolute Equities Fund * the First Guardian Trulet Innovation Fund * the First Guardian Global Equity Fund. INCORE AIR: First Creditors' Meeting Set for Dec. 23 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Incore Air NSW Pty Ltd will be held on Dec. 23, 2025 at 11:00 a.m. at the offices of HoganSprowles, at Level 1, 44 Pitt St, in Sydney, NSW. Michael Hogan and Christian Sprowles of Hogan Sprowles were appointed as administrators of the company on Dec. 12, 2025. INFINITY PHARMACY: Receivers Appointed to 54 Pharmacies ------------------------------------------------------- Pharmacy Daily reports that Wesfarmers Health CCO Richard Pearson has informed Priceline Pharmacy franchisees that receivers and administrators have been appointed for 54 Infinity pharmacies. "As many of you are aware, we have worked tirelessly with the Infinity Pharmacy Group (Infinity) over many years to support them to trade through significant financial challenges," Pharmacy Daily quotes Mr. Pearson as saying in an open letter to franchisees. "Despite these efforts, Infinity's failure to meet their financial obligations over a prolonged period, as well as their worsening debt position, has placed them in an untenable situation, threatening their ability to continue trading." Pharmacy Daily says receivers and managers KPMG and administrators Teneo will now take responsibility for the day-to-day operation of the pharmacies. According to Pharmacy Daily, Mr. Pearson stressed that the pharmacies within the Infinity group are viable, and at the end of this process should be on a more stable and sustainable footing for the future. "To summarise, this is a difficult situation which has unfortunately become unavoidable," Mr. Pearson said. "We have approached this in the most prudent and responsible manner to enable a sustainable outcome for all stakeholders and especially our franchisees, who have worked to maintain the premium reputation of our brand." Infinity Pharmacy Group operates 120 sites throughout Australia, which are mostly Priceline-branded stores. JAAPCHHINA PTY: First Creditors' Meeting Set for Dec. 30 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Jaapchhina Pty Ltd will be held on Dec. 30, 2025 at 10:00 a.m. at the offices of B&T Advisory, at Level 12, 200 Mary Street, in Brisbane, QLD, and via virtual meeting technology. Travis Pullen of B&T Advisory was appointed as administrator of the company on Dec. 16, 2025. JMG - 5 PROJECTS: First Creditors' Meeting Set for Dec. 22 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of JMG - 5 Projects Pty Ltd will be held on Dec. 22, 2025 at 1:00 p.m. via teleconference facilities. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on Dec. 12, 2025. MERIT GROUP: First Creditors' Meeting Set for Dec. 29 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Merit Group Australia Pty Ltd will be held on Dec. 29, 2025 at 10:30 a.m. via Zoom and telephone only. Nicholas David Cooper and Yulia Petrenko of Oracle Insolvency Services were appointed as administrators of the company on Dec. 15, 2025. NEW WILKIE: Wilkie Creek Re-Established as Dalmore Resources ------------------------------------------------------------ The Wilkie Creek open-cut coal mine, one of Queensland's historic coal operations, is officially back on a pathway to full revitalisation following substantial new investment and a successful corporate turnaround – and has been re-launched as Dalmore Resources. Located in the Surat Basin - approximately 250km west of Brisbane and 30km north-west of Dalby - Dalmore is long regarded for its strategic importance to both the state and national resources sector. The mine has historically produced at a run rate of 2.6 mtpa, with plans to produce up to 3.7 mtpa. After a challenging period that included operational closure and significant financial distress, Hall Chadwick worked with Nathan Boom (of Boom Advisory), guiding the mine through a complex Voluntary Administration, Deed of Company Arrangement (DOCA), and receivership. A major turning point came with the involvement of Blackbird Capital (introduced by Hall Chadwick); the funder whose support enabled the DOCA to conclude successfully. This played a central role in delivering a viable pathway for the site's long-term future. Stewart Wilkinson, Managing Director of Blackbird Capital said: "Blackbird Capital has been working closely with the Hall Chadwick corporate finance/M&A team assessing assets globally, and identifying underperforming non- renewable and rare earth opportunities with a view to deliver projects to the US markets." "Blackbird Capital is committed to financing Dalmore's ongoing operations and future development, ensuring the mine is positioned to realise its full potential. It's a demonstration of our confidence and belief in the business plan that Blackbird Capital has also become a shareholder, aligning our interests with the strategic vision for Dalmore's regeneration." The mine's reopening will deliver a significant economic uplift to the local community of Dalby. With operational activity to recommence, new jobs will be created, local businesses to experience renewed demand, and funding directed towards recommissioning the mine. These benefits come at a critical time for Queenslanders confronting rising cost-of-living pressures. Dalmore Resources emphasizes its commitment to supporting local employment and strengthening Dalby's economic resilience. The revitalisation of Dalmore is also drawing attention from U.S. capital markets, coinciding with increasing global discussions around energy security and long-term supply requirements. Recent international analysis suggests that energy storage demand is surging, and fossil fuels will retain a material role in global industry through at least 2056. This shift in sentiment has reinforced Dalmore's significance within broader energy and resources supply chains. Domestically, AEMO this month released its draft 2026 ISP which realigned its coal-fired power plants closure in Australia to 2049, an extension of 11 years compared to 2024 forecast. In October 2025, the Australian Government and the White House signed a bilateral framework agreement to cooperate on the mining, processing, and supply of critical minerals and rare earths — a sector vital for defence industries, advanced technologies, energy, and manufacturing. This agreement is an ~US$8.5 billion (approximately AU$13 billion) partnership or pipeline of investment and projects aimed at securing and diversifying these supply chains. Richard Albarran, Managing Partner of Hall Chadwick, said: "Dalmore is not only an important Queensland asset, but a catalyst for renewed regional investment and international engagement. With Blackbird's backing and a clear operational strategy, the mine is well-placed to deliver strong economic contributions locally while meeting emerging global market needs." "This is a great example of the evolution of Hall Chadwick into a full-service corporate consultancy, beyond its 139-year history of Chartered Accounting, and offers significant recognition of the growing reputation and capabilities in capital markets, corporate advisory, and transactional execution – and our international footprint. "This is exactly the type of business we want to use our depth of capabilities on and gain exposure to international capital markets to maximise its value. "At Hall Chadwick we work on a number of restructures and turnarounds every year, and most of the time the success stories never get talked about - they just quietly keep people employed and businesses moving forward. It's usually only when a company can't be saved that our work ends up in the spotlight. "That's why Dalmore Resource is such an important story. It shows what can happen when everyone pulls together and there's a real commitment to finding a path through. Our team has put an enormous amount of effort into this, alongside the people on site and the Dalby community, and Blackbird's support has been a game-changer. We're genuinely proud of what's been achieved here and what it means for the region going forward." The resurgence of the former Wilkie Creek mine as Dalmore Resources marks a milestone for Queensland's resources sector and sets the foundation for long-term growth, stability, and strategic relevance in an evolving global energy landscape. New Wilkie Energy, which operates the Wilkie Creek mine near Dalby, about 200 kilometres west of Brisbane, was placed into administration on Dec. 27, 2023. NGS GROUP: Federal Court Enters Wind Up Order --------------------------------------------- The Federal Court has found that blockchain mining companies NGS Group Limited, NGS Crypto Pty Ltd and NGS Digital Pty Ltd operated a financial services business without an Australian financial services (AFS) licence, the Australian Securities & Investments Commission (ASIC) said. NGS Group, NGS Crypto and NGS Digital have been permanently restrained by the Court from operating a financial services business. The Court has ordered that NGS Group, NGS Crypto and an unregistered managed investment scheme operated by NGS Group be wound up and liquidators appointed. Over 450 Australians invested approximately AUD59 million with NGS Group over a 6-year period, with many investing their retirement savings via self-managed superannuation funds (SMSFs) that NGS Crypto encouraged them to establish. In reaching its decision, the Court found that the NGS companies operated and promoted an unregistered managed investment scheme 'in blatant contravention of the Corporations Act.' Deputy Chair Sarah Court said, 'The NGS companies showed a complete disregard for the Australian financial services laws and denied investors fundamental protections, leaving them exposed to the significant risk of financial losses. 'This was compounded by encouraging people to invest through self-managed superannuation funds, putting their retirement savings outside a licensed regime. 'The licensing regime is designed to ensure people receive proper information about what they're investing in from people who are qualified to provide advice in their best interests, and that their investments are properly managed. 'Investments in crypto-related products like blockchain mining may be regulated under financial services laws and it is incumbent on companies or individuals offering these products to Australian investors to ensure they comply with the law,' Ms Court said. In deciding to wind up NGS Group, the Court held that investors were harmed by NGS Group's failure to hold an AFS licence and found that there is a wholly justifiable lack of confidence in the conduct and management of NGS Group. In relation to NGS Crypto, the Court found that NGS Crypto carried on a business in contravention of the Corporations Act at the expense of hundreds of investors. Her Honour Acting Chief Justice Collier held that 'after becoming aware of ASIC's concerns regarding its operations, the controller of NGS Crypto did not rectify the fatal flaws in its operations. In those circumstances, I have no confidence in the conduct and management of NGS Crypto in respect of its affairs.' The Court ordered Anthony Connelly, Katherine Sozou, and William James Harris of McGrathNicol be appointed as liquidators to NGS Group, NGS Crypto and the unregistered managed investment scheme operated by NGS Group. The NGS Companies targeted Australian investors, encouraging them to use superannuation funds to invest in blockchain mining packages promising fixed-rate returns. On April 10, 2024, the Federal Court made orders appointing Anthony Connelly, Katherine Sozou, and William James Harris of McGrathNicol as receivers over the digital currency assets of the NGS Companies and of directors Brett Mendham, Mark Ten Caten and Ryan Brown. ASIC applied for these orders because it was concerned that the digital assets of investors, which are invested in the blockchain mining products offered by the NGS Companies, were at risk of dissipation and considered the appointment of a receiver was the best way to protect the assets. The Court also made orders restraining Mr. Mendham from travelling outside of Australia. ASIC sought winding up orders against NGS Group, NGS Crypto and the unregistered managed investment scheme as it considered that winding up orders and the appointment of liquidators was the best way to facilitate an orderly resolution of the companies' affairs in Australia and the distribution of any recoverable assets, including those held by the receivers, back to investors. The Court agreed, stating in relation to the winding up of the scheme that 'the scheme's members have the best chance of recovering at least some of their contributed funds through a liquidation process.' ASIC's investigation into the NGS Companies and their directors is otherwise continuing. ASIC provides updates on this matter on its NGS Crypto Companies webpage. ZONE RV: Some Customers Collect Caravans Despite Collapse --------------------------------------------------------- ABC News reports that administrators for collapsed caravan manufacturer Zone RV have begun allowing some customers to collect their vans. The ABC understands that customers who had paid in full are being given the keys, but only after paying an extra fee. Luxury van maker Zone RV owes $42 million to about 180 customers, 75 suppliers and 280 employees after plunging into administration on December 1, the ABC notes. According to the ABC, more than a dozen customers had paid in full but were blocked from collecting their vans while administrators Cor Cordis examined the Sunshine Coast-based company's accounts. While the majority of customers are still in limbo, those who had fully paid are now receiving the keys to their vans. The ABC says Perth couple Nik and Jo Norin's fortnight from hell is finally over after they took possession of their caravan on Dec. 15. The ABC relates that Ms. Norin said it felt surreal driving away with their prized possession. "I was definitely in a total brain fog," she said. "We can [now] start the dream we had and just feel really sorry for people who won't be able to do that." The Norins paid their final instalment in early November and were due to collect their van on November 25, before they postponed it to early December. "You just feel all of the emotions, you feel anxious and sad and then hopeful," Ms Norin said. Ironically, customers such as the Norins who paid in full - and stood to lose the most - were the ones in the strongest position. Thw ABC says the decision could affect other creditors in the event Zone RV is wound up because there will be fewer assets to liquidate. Customers signed confidentiality agreements before collecting their caravans. Ms. Norin could not discuss the details, but the ABC understands from speaking to multiple people familiar with the process that customers had to pay an additional 12 per cent fee before collecting their caravans. Administrators Cor Cordis did not respond to requests for information regarding the number of caravans released and any extra fees paid. Corporate watchdog ASIC does allow external administrators to collect "reasonable fees" for work they perform. According to the ABC, administrators will present an initial creditors report at the next creditors meeting in January. The report will shed more light on why Zone RV collapsed and how it came to owe so much money. The company's most recent annual report showed a loss of AUD4.75 million in 2023-24, the ABC discloses. Zone Manufacturing Pty Ltd designs and manufactures premium off-road caravans. ========= C H I N A ========= PLANET GREEN: Stockholders Deficit Triggers NYSE Deficiency Notice ------------------------------------------------------------------ Planet Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it received a notice from the New York Stock Exchange that it is below the continued listing criteria under Sections 1003(a)(i), (ii), and (iii) of the NYSE's listing standards set forth in Part 10 of the NYSE American Company Guide, because the Company reported stockholders' deficit of ($573,528) at September 30, 2025, and has had losses in its five most recent fiscal years ended December 31, 2024. The Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. In connection with its non-compliance with Sections 1003(a)(i), (ii), and (iii) of the Company Guide, the Company must submit a plan by January 7, 2026, advising of actions it has taken or will take to regain compliance with the continued listing standards by June 8, 2027. During the eighteen-month cure period, the Company's common stock will continue to be listed and traded on the NYSE, subject to the Company's continued compliance with the NYSE's other applicable listing rules. On December 9, 2025, the Company announced, through a press release, its receipt of the non-compliance notice and its intention to regain compliance. A full-text copy of the press release is available at https://tinyurl.com/mrhcmj2k About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $12.9 million in total liabilities, and $573,528 in total stockholders' deficit. ========= I N D I A ========= 5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of 5 Core Acoustics Private Limited (5Core; a part of the Five Core group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 25 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Packing Credit in 10 CRISIL D (Issuer Not Foreign Currency Cooperating) Crisil Ratings has been consistently following up with 5Core for obtaining information through letter and email dated November 10, 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 5Core, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on 5Core is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of 5Core continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the National Stock Exchange Emerge platform since May 2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan). Set up in 2008 as a partnership firm, EMS has a facility in Kashipur (Uttarakhand). Visual is a limited-liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha is a proprietorship firm set up in 2009 and has a unit at Daruhera (Gurugram). Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private-limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core was set up in 2012 and has a unit in Bhiwadi. 63IDEAS INFOLABS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: 63Ideas Infolabs Private Limited Indiqube Helios Business Park Tower-E, 2nd floor Chandana, Kadubeesanahalli, Panathur, Bangalore, Karnataka, 560103 Insolvency Commencement Date: October 31, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: April 29, 2026 Insolvency professional: Addanki Haresh Interim Resolution Professional: Addanki Haresh No. 36/1, 2nd floor, Munivenkatappa Complex Bellary Road, Ganga Nagar Bangalore - 560032 Email: addanki.haresh@gmail.com Email: 63ideas.cirp@gmail.com Last date for submission of claims: December 18, 2025 AASHIRWAD INDUSTRIES: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings for the bank facilities of Aashirwad Industries Private Limited (AIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL C (ISSUER NOT COOPERATING) Funded Interest 0.54 CRISIL C (ISSUER NOT Term Loan COOPERATING) Mortgage Loan 1.21 CRISIL C (ISSUER NOT Facility COOPERATING) Proposed Long Term 3.8 CRISIL C (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.06 CRISIL C (ISSUER NOT COOPERATING) Working Capital 5.39 CRISIL C (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated November 10, 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil C Issuer not cooperating'. AIPL (formerly known as R R Tupe Builders Pvt Ltd) was incorporated on July 29, 2004. The company manufactures asbestos sheet at its unit in Butibori Industrial area of Nagpur (Maharashtra) and has installed capacity of 30,000 tonne per annum. It is also engaged in real estate and construction activities. Mr Rahul Tupe and Mr Karan Tupe are the promoters. ACTIFY DATA LABS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Actify Data Labs Private Limited 1507, 19th Main, 11th Cross, HSR Layout Sector 1, Bangalore, Karnataka, India 560034 Liquidation Commencement Date: December 3, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mohammad Khalid G3/2 2nd Floor, Malviya Nagar, New Delhi 110017 Email: cskhalid01@gmail.com Tel No: 9654631686 Last date for submission of claims: January 2, 2026 AJANTA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ajanta Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AI for obtaining information through letter and email dated November 10, 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 AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AI continues to be 'Crisil D/Crisil D Issuer not cooperating'. AI was established in 1982 by Mr A S Kamath as a proprietorship firm. It processes and exports certified organic cashew kernels. The manufacturing facility is in Goa. ANANDA BHARATHI: CRISIL Lowers Rating on INR9cr LT Loan to D ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Ananda Bharathi Fertilizers (India) Private Limited (ABFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 1 Crisil D (ISSUER NOT Overdraft COOPERATING; Downgraded from facility 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 9 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ABFPL for obtaining information through letter and email dated September 5, 2025 and December 11, 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 ABFPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, ratings on bank facilities of ABFPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating', owing to delay in debt servicing. ABFPL, incorporated in January, 2011 is setting up a facility for manufacturing customized fertilizers. Based out of Hyderabad (Telangana), ABFPL is promoted by Mr Rajashekar Rao. AQUACO INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Aquaco Industries Private Limited (AIPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.84 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 7.37 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 1.79 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated November 10, 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. AIPL is setting up a unit for manufacturing PVC, HDPE pipes, and HDPE blow-molded tanks and fittings. The company is promoted by Mr. Arun Agarwal and Mr. Vikas Agarwal. BANSI MALL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bansi Mall Management Company Private Limited (BMMCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 100 CRISIL D (Issuer Not Cooperating) Long Term Loan 150 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BMMCPL for obtaining information through letter and email dated November 12, 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 BMMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMMCPL continues to be 'Crisil D Issuer not cooperating'. BMMCPL was incorporated in 2005 by the promoters of the Future group to develop and manage SOBO Central Mall (formerly Crossroad Mall) at Haji Ali, in Mumbai. It also acts as a special-purpose vehicle for other companies of the Future group. SOBO Central Mall has total leasable area of 1.5 lakh sq ft, which has been entirely rented out to clients such as Future Consumer Enterprises Ltd (FCEL), FRL and FLFL, with FCEL occupying only 1% of the leasable area. BHAGWATI RICE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Bhagwati Rice Mill Private Limited Sirsaganj Roadmainpuri Mainpuri, Uttar Pradesh, India, 205001 Insolvency Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: June 4, 2026 Insolvency professional: Babita Jain Interim Resolution Professional: Babita Jain 35B/6, Madhokunj, Rammohan Plaza, Allahabad 211002 Email: jainbabita06@gmail.com Email: cirp.bhagwatiricemills@gmail.com Last date for submission of claims: December 20, 2025 BHARAT WATERFRONT: Liquidation Process Case Summary --------------------------------------------------- Debtor: Bharat Waterfront Private Limited Sanpras Corporate Capital, #115/1 & 115/29, 6th Floor, Sheraton Towers, Financial District Nanakramguda, Gachibowli, Hyderabad-500032, Telangana Liquidation Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Hyderabad Bench-II Liquidator: Golla Ramakantha Rao H.No. 5-54-8/1, Ground Floor, 6/18, Brodipet, Guntur, Andhra Pradesh-522002 Email: gollarama@yahoo.com -- and -- Plot No. 1, SLV Bhavan, D.No. 1-2-597/1, 2nd Floor, Baraf Bagh Colony, Lower Tankbund Road, Hyderabad-500029 Email: liquidation.bharatwaterfront@gmail.com Last date for submission of claims: January 2, 2026 BLACKSTONE LOGISTICS: CRISIL Keeps B- Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Blackstone Logistics Private Limited (BLPL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.99 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BLPL for obtaining information through letter and email dated November 10, 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 BLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLPL continues to be 'Crisil B-/Stable Issuer not cooperating'. BLPL, incorporated in November 2010 and promoted by Mr Snehal Patel, Mr Sagar Bhatewara, and Mr Hrishikesh Deshmukh, has a warehouse at Khamgaon in Buldhana, Maharashtra, with capacity of 35,000 tonne. The warehouse has been leased to MSWC for 10 years. BLU-SMART FLEET: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Blu-Smart Fleet Private Limited 15th Floor, A Block, Westgate Business Bay, S.G Road, Jivraj Park, Ahmedabad, Ahmadabad City, Gujarat, India, 380051 Insolvency Commencement Date: December 3, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: June 1, 2026 Insolvency professional: Pawan Kumar Goyal Interim Resolution Professional: Pawan Kumar Goyal 304. D.R. Chamber, 12/56, D.B Gupta Road, Karol Bagh, New Delhi-110005 Email: ca.pawangoyal@gmail.com Email: blusmartfleet.cirp@gmail.com Last date for submission of claims: December 17, 2025 CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chahal Spintex Limited (CSL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.29 CRISIL D (Issuer Not Cooperating) Cash Credit 16.00 CRISIL D (Issuer Not Cooperating) Term Loan 22.81 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CSL for obtaining information through letter and email dated November 10, 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 CSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CSL continues to be 'Crisil D/Crisil D Issuer not cooperating'. CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his family members. The company manufactures cotton yarn in counts of 20 to 30 at its unit in Bhatinda, Punjab; it sells to traders and merchant exporters. The promoters also manage a ginning and oil unit under group concern, Chahal Cotton Factory. CHUGH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chugh Industries (CI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Proposed Fund- 1.5 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CI for obtaining information through letter and email dated November 10, 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 CI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CI continues to be 'Crisil D Issuer not cooperating'. Set up in 2013, CI, a proprietorship firm of Mr Sunny Chugh, mills, processes and packs basmati and non-basmati rice. The production facilities, at Jalalabad, Punjab, have a milling and sorting capacity of 4 tonne per hour. CREW B.O.S.: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Crew B.O.S. Products limited 304A, Jaina Tower-1, District Centre, Janakpuri, New Delhi 110058 Insolvency Commencement Date: November 28, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 27, 2026 Insolvency professional: Pankaj Mahajan Interim Resolution Professional: Pankaj Mahajan H-223 22nd, Floor, DLF Capital Greens, 15, Shivaji Marg, Delhi - 110015 Email: pankaj@acgasso.com -- and -- 102-103 Surya Kiran Building, 19 K.G Marg, Connaught Place, New Delhi-110001 Email: cirp.crewbos@gmail.com Last date for submission of claims: December 16, 2025 ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Essma Textiles Private Limited (ETPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ETPL for obtaining information through letter and email dated November 10, 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 ETPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ETPL continues to be 'Crisil D Issuer not cooperating'. ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company manufactures textile products and specializes in woolen fabrics such as blankets, shawls, suitings, tweed, and soft furnishings. Its manufacturing facilities are in Amritsar. ETERNAL MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eternal Motors Private Limited (EMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 0.45 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with EMPL for obtaining information through letter and email dated November 10, 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 EMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EMPL continues to be 'Crisil D Issuer not cooperating'. EMPL was incorporated in 1998. It is an authorized dealer of Maruti Suzuki India Limited (MSIL) passenger and commercial vehicles. GLOBAL MEDICINES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Global Medicines Limited N.H.No.-8, Near Sadanshah Pir, Gutal Road, TA.- Nadiad, Uttarsanda, Kheda Gujarat, India, 387370 Insolvency Commencement Date: December 5, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: June 3, 2026 Insolvency professional: Mahendra Prasad Jindal Interim Resolution Professional: Mahendra Prasad Jindal B-501, Safal Pegasus, 100ft Ring Road, Prahalad Nagar, Ahmedabad, Gujarat-380015 Email: mpjindal@rediffmail.com Email: cirp.globalmedicinesltd@gmail.com Last date for submission of claims: December 19, 2025 GURU KIRPA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Guru Kirpa Rice Mills (GKRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Cash Credit 9.25 CRISIL D (Issuer Not Cooperating) Inventory Funding 4.00 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with GKRM for obtaining information through letter and email dated November 10, 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 GKRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKRM continues to be 'Crisil D Issuer not cooperating'. GKRM, established in 2002, was set up as a partnership firm by Mr. Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh. The firm is into milling and processing of basmati rice (Pusa 1121 quality). It has one processing unit at Jalalabad (Punjab), with milling and processing capacity of 30 tonnes per day. GKRM primarily sells rice and its byproducts in the domestic market. The majority of its customers are merchant exporters, who export the rice to the Middle East. GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Gurudeva Trust (GT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3.0 CRISIL D (Issuer Not Cooperating) Term Loan 8.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GT for obtaining information through letter and email dated November 10, 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 GT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GT continues to be 'Crisil D/Crisil D Issuer not cooperating'. GT was established in January 2001 by Mr K R Kusuman along with other partners. Based in Ernakulam, the trust runs the Sree Narayana Guru Institute of Science & Technology, which offer post-graduate courses in business and computer management and engineering degree courses under the Mahatma Gandhi University. GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings the rating on bank facilities of GVR RMN Hubli Lakshmeshwar Road Project Private Limited (GVR-RMN-HL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 160 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GVR-RMN-HL for obtaining information through letter and email dated November 10, 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 GVR-RMN-HL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GVR-RMN-HL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GVR-RMN-HL continues to be 'Crisil D Issuer not cooperating'. Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set up by the joint venture (JV) between GVR Infra Projects Ltd. and RMN Infra Structures Ltd (51:49). The SPV was set up to carry out improvements and widening of the two lane Hubli'Lakshmeshwar state highway (SH-73) between Dharwad and Gadag districts of Karnataka. The project is being carried out on a BOT- annuity basis. HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hotel Rathi Residency (HRR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRR for obtaining information through letter and email dated November 10, 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 HRR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HRR continues to be 'Crisil D Issuer not cooperating'. Set up in 2010 as a partnership firm by Mr. Vijay Sheena Shetty and Mr. Anil Savale, HRR runs a hotel in Chikhali, Pune, which offers lodging services, multi-cuisine restaurant, and bar. The operations of the hotel started in fiscal 2016. INTERTEC TECHNOLOGIES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Intertec Technologies Limited No. 28, Shankarmutt Road, Bangalore, Karnataka, India, 560004 Liquidation Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Medha Kulkarni D-301, Admiralty Square, 13 Cross, 6th Main, Indiranagar, Bangalore-560038, Karnataka Email: medha1273gmail.com Tel No: +91 9945180862 Last date for submission of claims: January 2, 2026 JAY DEE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jay Dee Enterprises (JDE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8.2 CRISIL D (Issuer Not Cooperating) Export Packing Credit 3.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JDE for obtaining information through letter and email dated November 10, 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 JDE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JDE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JDE continues to be 'Crisil D Issuer not cooperating'. Promoted by Mr. Pawandeep Sachdeva, JDE is engaged in manufacturing and exports of the ready-made garments. KALS INFORMATION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Kals Information Systems Private Limited #31, 1st Floor, 7th Cross, Behind South Indian Park, Malleshwaram, Bengaluru 560003 Karnataka, India Liquidation Commencement Date: December 2, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Devika Sathyanarayana B 106, Sai Siri Heritage Apartments, B Block, Uttarahalli Road, Kengeri, Bangalore, Karnataka, Bengaluru – 560060 Email: devikabushan@gmail.com Contact No: 9620698482 Last date for submission of claims: January 1, 2026 KANAHYA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kanahya Industries (KI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- 5.1 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 0.3 CRISIL D (Issuer Not Cooperating) Term Loan 1.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KI for obtaining information through letter and email dated November 10, 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 KI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KI continues to be 'Crisil D Issuer not cooperating'. KI is a proprietorship firm set up by Mr Pawan Kumar Sharma in 2009, KI manufactures polyurethane (PU) foam sheets used in sofas, mattresses and cushions. KI has a manufacturing unit and 2 warehouse in Una District, Himachal Pradesh. KL ENTERPRISES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: KL Enterprises LLP Registered Address: 42, 1st Floor, 8 To 10 Bara Chawi, Sitaram Jadhav Marg, Delisle Road, Lower Parel, Mumbai, Maharashtra, India, 400013 Previous Registered Office Address: 601 & 602, 6th Floor, Sukh Sagar, N.S. Patkar Marg, Girgaum Chowpatty, Mumbai, Maharashtra 400007, India Insolvency Commencement Date: December 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: June 2, 2026 Insolvency professional: Pradeep Kumar Kabra Interim Resolution Professional: Pradeep Kumar Kabra C/905, Ofira Building, V.I.P Road, Bharthana, Vesu, Surat, Gujarat, 395007 Email: ippradeepkabra@gmail.com -- and -- 301, 3rd Floor, Reegus Business Centre, Above Mercedes Benz Showroom, New Citylight Road, Bharthana-Vesu, Surat-395007, Gujarat, 395007 Email: ip.klenterprises@gmail.com Last date for submission of claims: December 18, 2025 KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kothainayagi A (KA) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KA for obtaining information through letter and email dated November 10, 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 KA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KA continues to be 'Crisil D Issuer not cooperating'. KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started commercial operations from June 2017. Its operations are run by Mr Ayyasamy and his son, Mr Annadurai. KRISHNA CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishna Constructions (KC; part of KC group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.5 Crisil D (Issuer Not Cooperating) Bank Guarantee 2.5 Crisil D (Issuer Not Cooperating) Cash Credit 5.5 Crisil D (Issuer Not Cooperating) Proposed Bank 2 Crisil D (Issuer Not Guarantee Cooperating) Proposed Cash 3 Crisil D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with KC for obtaining information through letter and email dated November 10, 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 KC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KC continues to be 'Crisil D/Crisil D Issuer not cooperating'. KC was set up in May 2008 in Andhra Pradesh as a partnership. The firm lays bitumen and concrete roads and is registered as a special class contractor with government bodies. KHB, a partnership firm, lays bitumen roads. The firm is registered as a Class 1 contractor with the Department of Roads & Buildings, Andhra Pradesh, which primarily focuses on small contracts. M.G. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M.G. Industries - Nashik (MGINNA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Term Loan 1.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MGINNA for obtaining information through letter and email dated November 10, 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 MGINNA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGINNA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MGINNA continues to be 'Crisil D Issuer not cooperating'. MGINNA was set up in 1980 in Nashik as a proprietorship firm by Mr K N Changrani. It manufactures machined precision components for automobile and electrical tools, and also pneumatic tools components. M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. P. K. Metals Private Limited (MPKM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.80 CRISIL D (Issuer Not Cooperating) Standby Line 0.22 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 0.98 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPKM for obtaining information through letter and email dated November 10, 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 MPKM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPKM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPKM continues to be 'Crisil D Issuer not cooperating'. MPKS was set up as a private limited concern in 2005. It manufactures structural products, including thermo-mechanically treated (TMT) bars, channels, angles, and joints, at its manufacturing facility in Jaipur. The company markets the products under its own brand, MPK. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay. MPKM was set up as a private limited concern in 2009 and manufactures structural products including TMT bars, channels, angles, and joints at its manufacturing facility in Jaipur and markets the same under its MPK brand. The operations of the company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. MPKI was set up as a private limited concern in 2010 and started operations in 2012-13 (refers to financial year, April 1 to March 31) with 2013-14 being its first full year of operations. The company has been set up as a backward integration unit of the group to manufacture steel billets and ingots for captive consumption in MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay. METCALFE PROPERTIES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Metcalfe Properties Private Limited KH No. 154/470, V & PO Pooth Khurd, North West Delhi-110039 Insolvency Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Delhi Bench V Estimated date of closure of insolvency resolution process: May 2, 2026 Insolvency professional: Sanjay Kumar Jha Interim Resolution Professional: Sanjay Kumar Jha 123/8, Gali No. -15, T-Point, Main Market Sant Nagar, Burari, New Delhi-110084. Email: sanjayjhafcs@gmail.com -- and -- 308-309, Vardhman Fortune Mall, G. T. Karnal Road, Opposite Mahendru Enclave, Hans Cinema, Azadpur, New Delhi-110033 Gmail: ipmetcalfe05@gmail.com Last date for submission of claims: December 17, 2025 NEHA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Neha Infrastructures (NI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.00 CRISIL D (Issuer Not Cooperating) Cash Credit 3.60 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.83 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with NI for obtaining information through letter and email dated November 10, 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 NI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NI continues to be 'Crisil D/Crisil D Issuer not cooperating'. NI is a Bengaluru-based proprietorship firm. It was set up in 2004 by Mr. Sundar Raju. The firm undertakes civil construction work mainly for overhead tanks in and around Bangalore, Karnataka. RAINE INDUSTRIES: Liquidation Process Case Summary -------------------------------------------------- Debtor: Raine Industries and Engineering Private Limited Sy No.156, Chinnaravulpally(V), Bibi Nagar(M), Yadadri, Bhonagiri District, Nalgonda, Bhonagiri, Telangana - 508124, India Liquidation Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Shaik Gouse Flat No. 406 & 407, 4th Floor, MGR Estates, Dwarakapuri Colony, Punjagutta, Hyderabad-500082, India Email: skgouse@gmail.com Email: cirp.raine@gmail.com Last date for submission of claims: January 2, 2026 RAMDURLABHPUR TEA: Prepackaged Insolvency Resolution Case Summary ----------------------------------------------------------------- Debtor: Ramdurlabhpur Tea Co Limited Registered Address: P36 Radha Bazar Street, Kolkata, West Bengal - 700001 Tea Garden: P/O-Ramdurlabhpur, Dhalai, Ramdurlabhpur Tea Estate, Mayachari Agartala, Tripura, 799285 Prepackaged Insolvency Commencement Date: December 1, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Pvt. Ltd 2/7 Sarat Bose Road Vasundhara Building, 2nd Floor, Kolkata-700020 Email: jitulohia@knjainco.com Email: ppirp.ramdurlabhpur@gmail.com List of claims shall be made available from: December 5, 2025 SALTER LABS: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Salter Labs India Private Limited D-69, Ground Floor, Sector-30, Gautam Buddha Nagar, Noida, Uttar Pradesh - 201303 Liquidation Commencement Date: December 5, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Sachin Sapra 424, 4h Floor, Tower-3, RPS Infinia, 12/6 Milestone, Main Mathura Road, Sector 27C, Faridabad, Haryana - 121001 Last date for submission of claims: January 3, 2026 UNITED ROYALFAB: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: United Royalfab Engineering Private Limited Nabanagar Street Nangi Parbangla Batanagar, Kolkata, West Bengal, India, 700140 Insolvency Commencement Date: December 3, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: June 1, 2026 Insolvency professional: Niraj Agrawal Interim Resolution Professional: Niraj Agrawal Matrix Tower, DN-24, 4th Floor, Room No. 407, Sector V, Salt Lake, Kolkata - 700091 Email: niraj@execonservices.com Email: united.cirp@gmail.com Last date for submission of claims: December 17, 2025 VANCE TECHLABS: Monika Kohli Named as New Liquidator ---------------------------------------------------- Pursuant to Section 59 of the Insolvency and Bankruptcy Code 2016, and the Insolvency and Bankruptcy Board of India Regulations 2017, the shareholders of Vance Techlabs Private Limited passed a special resolution on November 26, 2025 for: (a) accepting the resignation of Mr. Amit Talwar, insolvency professional, as liquidator as of the closing hours of Nov. 26.; and (b) appointing Ms. Monika Kohli, insolvency professional as liquidator as of Nov. 27. The last date of submission was on Aug. 18, 2025 and was under the supervision of Mr. Amit Talwar. The Then Liquidator and the claims submission process has since been closed. At present, all stakeholders, creditor and claimants are informed to correspond with the newly appointed liquidator Mr. Monika Kohli at the address provided for any matters relating to the voluntary liquidation of the company: Ms. Monika Kohli Insolvency Professional 31/36, Basement, Old Rajindar Nagar, Delhi 110060 Email: monikakohli@gmail.com liqvance@gmail.com Mobile: +91-9810480983 Vance Techlabs was placed in a voluntary liquidation process under the IBBI on July 19, 2025 with the National Company Law Tribunal New Delhi Bench. In July 2025, Amit Talwar was appointed as liquidator. Vance Techlabs' registered address is: WeWork Prestige Atlanta 80 Feet Main Road, Koramangala 1A Block, Software Industry, Industrial Layout, Koramangala I Block, Bangalore, Bangalore South, Karnataka, India 560034 VHV BEVERAGES: Liquidation Process Case Summary ----------------------------------------------- Debtor: VHV Beverages Private Limited 14-B, Fourth Floor, (Front Side Flat), Vijay Park, Najafgarh, South West Delhi, New Delhi, India, 110043 Liquidation Commencement Date: December 2, 2025 Court: National Company Law Tribunal, Principal Bench Liquidator: Vivek Parti A-166, 2nd Floor, Defence Colony, New Delhi 110024 Delhi Email: v_parti@yahoo.com Email: liq.vhvbeverages@gmail.com Last date for submission of claims: January 1, 2026 ===================== N E W Z E A L A N D ===================== DACK HOLDINGS: Grant Reynolds Appointed as Liquidator ----------------------------------------------------- Grant Reynolds of Reynolds & Associates Limited on Dec. 10, 2025, was appointed as liquidator of Dack Holdings Limited and Dack Project Management Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 DURABUILD CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 16 ---------------------------------------------------------------- Creditors of Durabuild Construction Limited are required to file their proofs of debt by Jan. 16, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 15, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MACKENZIE COUNTRY: Unsecured Creditors Unlikely to See Any Money ---------------------------------------------------------------- Brooke Black at The Timaru Herald reports that unsecured creditors of a Mackenzie tyre business owed more than NZD400,000 are not expected to get any money as liquidators prepare to wrap up the liquidation. Mackenzie Country Tyres 2014 Ltd was put into liquidation on April 22, 2024, by resolution of its shareholders with the company unable to pay debts and meet its obligations with Inland Revenue. The company operated a Carters Tyre Service outlet at Fairlie and Goodyear Autocare in Twizel, and was owned by Michael and Emma Derrick, with the former the sole director. Liquidators Trevor Laing and Emma Laing, of Laing Insolvency Specialists Ltd, of Dunedin, were appointed in April 2024. They were advised there were "difficulties in running the two operations at some distance, along with the ongoing issues from Covid having contributed the company's current insolvent position," The Timaru Herald says. According to The Timaru Herald, the second six-monthly report, covering the period from October 22, 2024 until April 21, was uploaded to the Companies Office in November. It showed liquidators had received claims for just over NZD508,000, one from a secured creditor for NZD97,000, one from IRD for NZD261,000 and 17 from unsecured creditors for NZD149,900, The Timaru Herald discloses. The secured creditor, ANZ Bank, had been paid NZD68,888. "It is estimated that the liquidation will be completed within the next six months. "At this stage, given the limited assets available, a distribution to unsecured creditors is not anticipated." Much of the money owed to Inland Revenue related to GST and employer deductions. At the time of releasing their first report, Emma Laing said there were two employees, one of which was director Michael Herrick, The Timaru Herald relates. According to The Timaru Herald, the liquidators had been advised wages and holiday pay had been paid up to date. The outlet at Twizel was closed a few months prior to the liquidation, however there was plant and equipment at both premises, which were leased, at the time of the liquidation. "All plant and equipment owned by the company was secured to ANZ Bank by way of a General Security Agreement," the report said. "The liquidators made arrangements for these items to remain at the company premises so that an on site auction could be conducted." The Timaru Herald says the sale of plant and the auction brought in NZD148,422 with another NZD48,367 collected from accounts owed to the company. Company records also showed a number of outstanding debts, which had been collected by liquidators where possible, they said. MSK TRANSPORT: Court to Hear Wind-Up Petition on Feb. 4 ------------------------------------------------------- A petition to wind up the operations of MSK Transport NZ Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:45 a.m. Allied Petroleum Limited filed the petition against the company on Oct. 17, 2025. The Petitioner's solicitor is: Catherine Louise Waugh c/o Credit Consultants Group NZ Limited Level 6, 15 Willeston Street Wellington Central Wellington 6011 PAPAQ LIMITED: Creditors' Proofs of Debt Due on Jan. 18 ------------------------------------------------------- Creditors of Papaq Limited are required to file their proofs of debt by Jan. 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 11, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 RUDRAKSH LIMITED: Court to Hear Wind-Up Petition on Feb. 23 ----------------------------------------------------------- A petition to wind up the operations of Rudraksh Limited will be heard before the High Court at Hamilton on Feb. 23, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 5, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton SKY MASON: Ratepayer Funds on the Line After Failed Subdivision --------------------------------------------------------------- Waikato Times reports that Thames Coromandel ratepayers could end up carrying the can for earthworks at a failed coastal subdivision in Tairua, to the tune of millions. However, just how much skin the Thames Coromandel District Council has got in the game can't be confirmed until after the developer finishes liquidation proceedings, now in their final stages, Waikato Times relates. But according to the developer of Azimuth Rise the total bill could be as high as NZD1.8 million. Six years since developer Sky Mason went into liquidation after he ran out of money to continue work on the last stages of his high-end eco-subdivision overlooking the Pacific Ocean and bordering Tairua Country Club, liquidators said final settlement is due early next year, according to Waikato Times. The 28-lot subdivision on almost 10 hectares of farmland ran into problems after a one-in-50-year storm hit the region in 2019 causing further land stability issues which he could not afford to fix. The Waikato Times understands the council stepped into the breach to complete necessary earthworks and protect existing properties. Waikato Times relates that the issue was discussed behind closed doors at a council meeting in November, but staff and elected members cannot discuss the issue publicly until liquidation proceedings are over due to restrictions placed on them by the Local Government Official Information Act. "Due to the commercial sensitivity of this matter, we are unable to release any additional information," said TCDC in a statement. "Where releasing it could prejudice negotiations and where there is a good reason to maintain confidentiality." But Mr. Mason said he'd been left out of the process, and said his problems with council began before the storm put the final nail in his development's coffin, Waikato Times relays. "We gained resource consent. We had a plan. We were given the green light. "But when we started the development, the goalposts started moving. "Virtually the whole development had to be redesigned, re-engineered, and peer reviewed many times over." He said after months of going back and forward with council's engineers, "the profits went to zero". "It just became a bit of a pissing contest, engineer versus engineer. "And then there was a landslide down one side and all hell broke loose from there ... with remedial works to get the subdivision over the line." Waikato Times adds that Mr. Mason said he lodged a NZD600,000 bond with council, which it used to partly complete some remedial work, and is now gunning for another NZD800,000 he has held in a trust. He believes the council has spent far too much on remedial work, and he could have done it a lot cheaper. Mr. Mason said the NZD1.8 million figure included NZD400,000 worth of legal fees, and he's disputing the council's expenditure. A council spokesperson said council did not agree with any of the allegations made by Mr. Mason. "Geotechnical reports undertaken prior to the finalisation of the subdivision consent revealed that further work had to be completed. "The company had the opportunity to undertake that work but did not do so. "The company went into liquidation in September 2019 and so council relied on the bond to complete the work that the developer had not completed. "Council worked with the liquidators on these matters as the company, and its directors [and] shareholders were no longer involved in the development," the council said. According to the most recent liquidators report, there are two sections left to sell, which could lighten Mr. Mason's load, and while he had plans to continue with further two stages, including a boutique hotel near to Tairua Country Club, those plans have been scrapped. "I don't want this to fall back on ratepayers . . . and I'm sure they'd like to see the council open its books and see what they've spent on this." About Sky Mason Developments Sky Mason Developments Limited was engated in property development. Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were appointed liquidators of Sky Mason Developments Limited and Tairua Mason Trustee 2013 Limited on Sept. 27, 2019. [] NEW ZEALAND: Corporate Liquidations Hit 14-Year High in 2025 --------------------------------------------------------------- The Timaru Herald reports that the final 2025 credit indicator report released in November by Centrix, a company that collected information on liquidations, showed the number of companies put into liquidation in October was the highest monthly number since 2011. According to The Timaru Herald, Centrix chief operating officer, Monika Lacey, said that was a sign of both the "persistent financial pressure many businesses are under, as well as increased auditing and enforcement by IRD". "Construction remains the most affected industry, with 753 firms liquidated during the past year, an increase of 21% compared to the previous year. Despite this, liquidations represent only 0.9% of all registered companies in the sector," The Timaru Herald quotes Ms. Lacey as saying. "Hospitality is the second most impacted, with 318 liquidations in the past years, up 45% year-on-year. "Encouragingly, signs of improvement are emerging across six of the 19 industry sectors, notably wholesale trade, financial and insurance services, and information media and telecommunications." Eighteen months ago Inland Revenue issued a warning to construction companies to sort their taxes or face enforcement action, with about 40,000 companies behind in their obligations, according to The Timaru Herald. In December last year, the tax department gave an update on its work to chase unpaid taxes, saying the crackdown had netted NZD89 million. Of that, NZD38.8 million in outstanding taxes had been paid and arrangements made for a further NZD50.5 million to be paid, The Timaru Herald relays. In June, an Inland Revenue spokesperson said auditors had uncovered another NZD6.6 million in unpaid tax after completing 56 audits. IRD's 2025 campaign saw it contact 33,574 customers in the construction sector. The department has been approached to provide an update on that work, The Timaru Herald notes. ================= S I N G A P O R E ================= AUTOW PTE: Court to Hear Wind-Up Petition on Dec. 26 ---------------------------------------------------- A petition to wind up the operations of Autow Pte. Ltd. will be heard before the High Court of Singapore on Dec. 26, 2025, at 10:00 a.m. Oversea-Chinese Banking Corporation Limited filed the petition against the company on Dec. 5, 2025. The Petitioner's solicitors are: Hin Tat Augustine & Partners No. 20 Upper Circular Road #02-10/12 The Riverwalk Singapore 058416 JEFFERSON GROUP: Creditors' Proofs of Debt Due on Jan. 15 --------------------------------------------------------- Creditors of Jefferson Group Pte. Ltd. are required to file their proofs of debt by Jan. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 8, 2025. The company's liquidators are: Terence Ng Chi Hou Phang Lay Koon c/o Impetus Advisory & Outsourcing 11 Collyer Quay #16-02 The Arcade Singapore 049317 RH GUILLEMARD: Creditors' Proofs of Debt Due on Jan. 12 ------------------------------------------------------- Creditors of RH Guillemard Pte. Ltd. are required to file their proofs of debt by Jan. 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 10, 2025. The company's liquidator is: Lee Chong Xiang Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 TED ENGINEERING: Court to Hear Wind-Up Petition on Dec. 26 ---------------------------------------------------------- A petition to wind up the operations of Ted Engineering (S) Pte. Ltd. will be heard before the High Court of Singapore on Dec. 26, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Dec. 5, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 VALORES GLOBAL: Court to Hear Wind-Up Petition on Dec. 26 --------------------------------------------------------- A petition to wind up the operations of Valores Global Pte. Ltd. will be heard before the High Court of Singapore on Dec. 26, 2025, at 10:00 a.m. Terrenus Energy Sl1x Pte. Ltd. filed the petition against the company on Dec. 2, 2025. The Petitioner's solicitors are: Peter Ong Law Corporation 77 High Street #02-13/14 High Street Plaza Singapore 179433 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***