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260219.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 Thursday, February 19, 2026, Vol. 29, No. 36 Headlines A U S T R A L I A ACCO BRANDS: Fitch Affirms BB+ Rating on Senior Secured LT Loan BEST FOR THE JOB: First Creditors' Meeting Set for Feb. 23 FRAMELESS GLAZING: First Creditors' Meeting Set for Feb. 24 GRAM CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 24 MANY PEAKS: First Creditors' Meeting Set for Feb. 24 NETBAY INTERNET: First Creditors' Meeting Set for Feb. 23 C H I N A CHINA PHARMA: Hainan Helpson Inks $8.82MM Patent Transfer Deal I N D I A BNR INFRASTRUCTURE: ICRA Withdraws B+ Rating on INR14cr Loan BRIJBASI ART: ICRA Keeps B+ Debt Ratings in Not Cooperating BYJU'S: Parent Moves SC Against NCLAT Nod to Aakash's Rights Issue CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating CIGORA EXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating Category DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating GR CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category HIM CYLINDERS: Liquidation Process Case Summary HOTEL HORIZON: NCLAT to Hear Challenge to Oberoi Realty's Bid ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category JAI BALAJI: ICRA Assigns B+/Stable Issuer Rating JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating KMCT GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating Category KRISHNA COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating NORTH WESTERN: ICRA Keeps D Debt Rating in Not Cooperating Category NUPUR CARPETS: ICRA Keeps B- Debt Ratings in Not Cooperating PEEL-WORKS PVT: ICRA Keeps D Rating in Not Cooperating Category SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category SARVESH CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating [] INDIA: Telecoms Cannot Claim Spectrum as Asset in Insolvency J A P A N JAPAN: Narrowly Avoids Technical Recession in 2025 M A L A Y S I A MALAYAN FLOUR: Unit to Seek Judicial Review Over MYR70MM MyCC Fine N E W Z E A L A N D BURDAK ENTERPRISES: Creditors' Proofs of Debt Due on March 12 CARPE DIEM: Court to Hear Wind-Up Petition on Feb. 24 CSTT BUILDING: Creditors' Proofs of Debt Due on March 11 K & S HOLDINGS: Creditors' Proofs of Debt Due on March 10 SILVER FERN: Court to Hear Wind-Up Petition on March 5 S I N G A P O R E 98 HOLDINGS: Creditors' Proofs of Debt Due on March 15 ASCENDAS DEVELOPMENT: Creditors' Proofs of Debt Due on March 13 AVANT PROTEINS: Voluntarily Winds Up Business Due to Debts BROWNY HEALTHCARE: Creditors' Proofs of Debt Due on March 13 EXCEL PARTNERS: Creditors' Proofs of Debt Due on March 15 VIET 3S: Court to Hear Wind-Up Petition on March 6 - - - - - ================= A U S T R A L I A ================= ACCO BRANDS: Fitch Affirms BB+ Rating on Senior Secured LT Loan --------------------------------------------------------------- Fitch Ratings has affirmed the ratings for seven North American Consumer Products companies and their related subsidiaries: 1. ACCO Brands Corporation and ACCO Brands Australia Holding Pty Limited 2. Central Garden & Pet Company 3. Johnson (S.C.) & Son, Inc. 4. Knowlton Development Corporation, Inc., kdc/one Development Corporation, Inc., Zobele Mexico, S.A. de C.V., KDC US Holdings, Inc. 5. Mattel, Inc. 6. Reynolds Consumer Products LLC and Reynolds Consumer Products Inc. 7. Spectrum Brands, Inc. and Spectrum Brands Holdings, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores ACCO Brands Corporation and ACCO Brands Australia Holding Pty Limited Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB-'. Central Garden & Pet Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended in September 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB'. Johnson (S.C.) & Son, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended June 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB+'. Knowlton Development Corporation, Inc., kdc/one Development Corporation, Inc., Zobele Mexico, S.A. de C.V., KDC US Holdings, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (b, Higher), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024 (ended April 30,2025), 40% for the forecast year 2025 and 40% for the forecast year fiscal 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'b-'. To derive the IDR - No adjustments made to SCP resulting in an IDR of 'B-'. Mattel, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB-'. Reynolds Consumer Products LLC and Reynolds Consumer Products Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB+'. Spectrum Brands, Inc. and Spectrum Brands Holdings, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (bbb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke issuer calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Johnson (S.C.) & Son, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Reynolds Consumer Products Inc. LT IDR BB+ Affirmed BB+ Central Garden & Pet Company LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Reynolds Consumer Products LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Spectrum Brands Holdings, Inc. LT IDR BB Affirmed BB Spectrum Brands, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Mattel, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- ACCO Brands Australia Holding Pty Limited senior secured LT BB+ Affirmed BB+ Zobele Mexico, S.A. de C.V. senior secured LT B Affirmed B KDC US Holdings, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B ACCO Brands Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- kdc/one Development Corporation, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B Knowlton Development Corporation, Inc. LT IDR B- Affirmed B- BEST FOR THE JOB: First Creditors' Meeting Set for Feb. 23 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Best For the Job Pty Ltd will be held on Feb. 23, 2026, at 11:30 a.m. via virtual facilities only. Graeme Beattie of Worrells was appointed as administrator of the company on Feb. 11, 2026. FRAMELESS GLAZING: First Creditors' Meeting Set for Feb. 24 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Frameless Glazing Systems Pty Ltd (trading as FGS Glass) will be held on Feb. 24, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Feb. 12, 2026. GRAM CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 24 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Gram Constructions Pty Ltd has been set for Feb. 24, 2026, at 12:00 p.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 23, 2026 at 4:00 p.m. David Henry Sampson at BPS Recovery was appointed as administrator of the company on Jan. 19, 2026. MANY PEAKS: First Creditors' Meeting Set for Feb. 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Many Peaks Copper Pty Ltd will be held on Feb. 24, 2026, at 11:30 a.m. via teleconference and video conference only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on Feb. 12, 2026. NETBAY INTERNET: First Creditors' Meeting Set for Feb. 23 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Netbay Internet Pty Ltd will be held on Feb. 23, 2026, at 11:30 a.m. via Zoom. Henry Kwok and Antony Resnick of DVT Mcleods were appointed as administrators of the company on Feb. 12, 2026. ========= C H I N A ========= CHINA PHARMA: Hainan Helpson Inks $8.82MM Patent Transfer Deal -------------------------------------------------------------- China Pharma Holdings, Inc. disclosed in a regulatory filing that Hainan Helpson Medical & Biotechnology Co., Ltd, a wholly owned subsidiary of the Company, entered into a Technology Transfer Agreement with Xiaoyun Chen. The Transferor owns an invention patent of a Topiroxostat Nanoemulsion and Method for Its Preparation. Pursuant to the Agreement, the Transferor will transfer the ownership of the Invention Patent to Helpson. The Transferor or its designated third party shall provide relevant technical services, which include but are not limited to product research and development, writing of registration materials, registration application and other technical services. The transfer price as contemplated by the Agreement is $8.82 million, which will be paid in the form of common stock of the Company, par value $0.001 per share, at $0.70 per share. The closing is expected to be completed by February 20, 2026. About China Pharma China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures, and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing as of December 31, 2024, the Company had a working capital deficit of $1.7 million and had an accumulated deficit of $44 million. In addition, the Company had incurred net losses of $4.7 million and had negative cash flows from operating activities of $0.5 million for the year ended December 31, 2024. This condition raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $15.8 million in total assets, $7.5 million in total liabilities, and $8.3 million in total stockholders' equity. ========= I N D I A ========= BNR INFRASTRUCTURE: ICRA Withdraws B+ Rating on INR14cr Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of BNR Infrastructure Projects Private Limited, at the request of the company and based on the No Objection Certificate/Closure Certificate received from its bankers. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Key financial indicators, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 14.00 [ICRA]B+ (Stable); ISSUER NOT facility COOPERATING; Withdrawn Non fund-based 45.00 [ICRA]A4; ISSUER NOT Facility COOPERATING; Withdrawn BNR Infrastructure Projects Private Limited was established in 1971 by B. Nadamuni Reddy as a small-scale contracting company in Tirupathi. The company is headed by B. Venu Gopal Reddy since 1979. During his tenure the company had grown significantly and in 2011, Mr. Charan Prasad Boya, a management degree graduate from Stanford University joined BNR. Over the years, the company has completed numerous projects in high-rise and commercial building construction, industrial' construction, and property development. BRIJBASI ART: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Brijbasi Art Press Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.55 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 37.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 0.85 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 0.60 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Brijbasi Art Press Limited's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Brijbasi Art Press Limited, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Brijbasi Art Press Limited, based in New Delhi, is a closely-held company by the Garg family. Mr. M. L. Garg and his two sons, Mr. Saurabh Garg and Mr. Apurv Garg manage the business operations. The company is involved in publishing children's books, calendars and posters, apart from undertaking commercial printing orders for corporate and book publishing houses. BAPL began as a partnership firm in 1988 and was subsequently converted into a limited company in April 1993. Its printing units are situated at Okhla in Delhi, Noida and Greater Noida in Uttar Pradesh. BYJU'S: Parent Moves SC Against NCLAT Nod to Aakash's Rights Issue ------------------------------------------------------------------ Business Standard reports that Think & Learn Private Limited, the parent company of Byju's, has approached the Supreme Court challenging a February 3, 2026 order of the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, which permitted Aakash Educational Services to go ahead with the second tranche of its Rs 240-crore rights issue. Think & Learn, which holds about 25.75 per cent in Aakash Educational Services, is under the insolvency process following its admission by the NCLT, Bengaluru Bench, on July 16, 2024. According to Business Standard, the dispute stems from Aakash's proposal to raise Rs 240 crore through a rights issue structured in two parts - Rs 100 crore in the first tranche and Rs 140 crore in the second. On Oct. 28, 2025, the NCLAT had allowed Aakash to proceed with the fund-raise and directed Think & Learn to subscribe proportionately to maintain its shareholding, Business Standard recalls. The company participated in the first tranche and deposited the subscription amount. However, Aakash did not allot the shares to Think & Learn, citing concerns over possible violations of foreign exchange regulations relating to the source of funds deployed by the resolution professional. It also moved the NCLT seeking directions to verify the legitimacy of the funds, Business Standard relates. In the meantime, Aakash issued a notice on Jan. 8, 2026, announcing the second tranche of the rights issue. According to Business Standard, Think & Learn contended before the appellate tribunal that the non-allotment of shares in the first tranche had effectively reduced its stake from 25.75 per cent to 10.99 per cent, thereby impairing its voting power and its ability to meaningfully participate in the second tranche. In its February 3 order, the NCLAT observed that the issues raised warranted detailed examination, Business Standard relays. Nevertheless, it declined to halt the second tranche. Instead, it allowed Think & Learn to apply for shares up to its original 25.75 per cent entitlement and directed Aakash not to undertake any actions requiring a special resolution until the dispute is adjudicated. Aggrieved by this arrangement, Think & Learn has moved the Supreme Court, seeking to set aside the NCLAT's order. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Chaitanya Enterprises (CE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CE's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Chaitanya Enterprises, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Chaitanya Enterprises (CE), established in the year 2010, is engaged in ginning and pressing of cotton. It is a partnership firm promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The ginning and pressing factory is located in Guntur district of Andhra Pradesh. The ginning facility includes 36 Gins, Auto Pressing and Auto feeder. Each gin has a capacity of producing 70 kgs of lint per hour. Each baling press has a capacity of 15 bales per hour. CIGORA EXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term ratings of Cigora Exim Private Limited (CEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding CEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with CEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2015 and with commencement of operations in FY20, CEPL is involved in trading of coal, agricultural produce and home appliances. The company procures coal locally from importers and caters to customers located in Tamil Nadu, primarily in sugar and steel industries. About 50% of the sales is from coal trading and the rest is from agricultural produce and home appliances. Mr. Hemanth is the managing director of the company and takes care of the day to day activities. DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Devdeep Cotton Industries (DCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 14.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding DCI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with DCI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Devdeep Cotton Industries (DCI) was incorporated in 2005 and is engaged in cotton ginning and pressing business. The firm has 36 ginning machines and 1 pressing machines. The firm is managed by Mr. Nilesh Patel, Mr. Hitesh Aghera and Mr. Dharmesh Dadhania. The firm's manufacturing facility is located in Hadamtala, District- Rajkot. DWARKADHIS BUILDWELL: ICRA Keeps B Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Dwarkadhis Buildwell Private Limited (DBPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding DBPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with DBPL, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Dwarkadhis Buildwell Pvt. Ltd. (DBPL) was incorporated in 2005 and is the flagship company of Dwarkadhis Group which is promoted by Mr. Jai Bhagwan Garg and his brother Mr. Bal Krishan Garg. They entered the real estate sector in 2002 and were involved in construction of floors in Shalimar Bagh. DBPL is undertaking a plotted development project spread across 60.73 acres of land parcel in Sector 23, Dharuhera, District Rewari (Haryana) under the name 'Dwarkadhis City'. The company initially received a license for developing 60.73 acre of land and started development on this since 2006. In August-2013, it received LOI from Directorate Town & Country Planning, Haryana to develop additional adjoining land of 15.91 acres. The land is owned by the promoters and group companies. FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Farooq Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Farooq Constructions's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Farooq Constructions, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Farooq Constructions was established by Mr. Baiju Farooq in the year 2000 as a proprietorship concern. In 2009, the entity was converted into a partnership firm with Mr. Baiju Farooq and his wife Ms. Sajeela Baiju as equal partners. The firm is a civil works contractor located in Alappuzha, Kerala. The firm undertakes projects for Public Works Department (PWD, Kerala), especially construction of roads and other related civil works. The firm has so far executed 12 projects for PWD and has four ongoing projects. GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Ginni Holdings in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 22.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Ginni Holdings's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ginni Holdings, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ginni Holdings is a manufacturer, wholesaler and trader of gold, diamonds and silver ornaments/jewellery. Ginni Holdings is a partnership firm established in the year 2006 and promoted by Mr. Pradeep Kumar Goel and his family. Ginni Holdings's customers primarily consist of wholesalers and retailers based in New Delhi area. GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Short-Term rating of Gouttephone Technology Private Limited (GTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 8.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GTPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with GTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Gouttephone Technology Private Limited (GTPL) was incorporated in February 2017 to manufacture TSPs. The company intends to set up a manufacturing plant with an annual capacity of 1.5 million TSP units per annum at Visakhapatnam Industrial Park (SEZ) in Andhra Pradesh. The plant is completely export oriented, and the company has entered into an agreement with Fortrend for technology transfer, procurement of raw materials, and offtake of TSPs produc ed. Fortrend was registered in 1999 in Taiwan and primarily manufactures TSPs, with a number of patents registered to its name. GTPL is promoted by Mr. Ramesh Kumar and Mr. Amardeep Singh. GR CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of GR Constructions (GRC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 10.00 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category Long Term/ 1.00 [ICRA]B+(Stable) ISSUER NOT Short Term COOPERATING/[ICRA]A4 ISSUER Non-fund NOT COOPERATING; Rating based-Others continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding GRC's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with GR CONSTRUCTIONS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. G R Constructions (GRC) is a proprietorship firm engaged in civil construction, primarily roads, and has started building works form FY2016. It was founded by Mr. K Gangadharan Rao in the year 1998 and operates in and around Visakhapatnam (VSP). It started with industrial structural works for clients like Engineers India Limited (EIL), Mecon Limited and government Roads & Buildings department which are consultants to the public-sector companies based in Vishakhapatnam. Up to 2002, GRC carried out construction of buildings, reservoirs, compound walls for HPCL (Hindustan Petroleum Corporation Ltd), BPCL (Bharat Petroleum Corporation Limited) and APIIC (Andhra Pradesh Industrial Infrastructure Corporation). Subsequently, it shifted focus to roads and related works. Currently the firm has two divisions - construction division and Petrol Pump division. GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Green Farm Agri Exports in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.60 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 1.58 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short Term- (14.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable- Rating Continues to remain under Others 'Issuer Not Cooperating' Category Short-term 0.69 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Green Farm Agri Exports's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Green Farm Agri Exports, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in September 2012, Green Farm Agri Exports is involved in the trading of various agro- commodities. The firm is located in Rajkot (Gujarat) and is promoted by two partners- Mr. Dinesh Tanna and Mrs. Rita Tanna. Tirupati Agri Brokers is a group concern of GFAE, where Mr. Dinesh Tanna is associated as a partner. It is involved in the dealing of various agro-commodities as broker. HIM CYLINDERS: Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s Him Cylinders Limited Plot No. 1-4 Industrial Area Amb, NA Himachal Pradesh, India, 177203 Liquidation Commencement Date: January 22, 2026 Court: National Company Law Tribunal Chandigarh Bench Liquidator: Mr. Rajesh Srivastava A3/302, Tower 3, Silver City Purvanchal, Sector 93, Noida, Uttar Pradesh-201304 Email: rajesh1701@gmai.com Email: rp.himcylinders@gmail.com Last date for submission of claims: February 21, 2026 HOTEL HORIZON: NCLAT to Hear Challenge to Oberoi Realty's Bid ------------------------------------------------------------- The Economic Times reports that insolvency appellate tribunal NCLAT will hear an appeal filed against an NCLT order approving a INR919 crore bid by Oberoi Realty-led consortium for Hotel Horizon. A two-member bench Delhi-based Principal bench of NCLAT has admitted the appeal and directed not to create an equity in favour of successful resolution applicants, ET relates. Earlier on January 29, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan filed by a consortium of Oberoi Realty, Shree Aman Developers and JM Financial Properties and Holdings. Hotel Horizon owns a strategically located land parcel of about 7,500 square meters in Juhu, Mumbai, with a direct sea-facing view, making the asset significant for future development opportunities. This was challenged by the former promoters/suspended board before the National Company Law Appellate Tribunal (NCLAT), ET says. Passing an interim order, NCLAT said "this appeal also needs to be heard along with other appeals," which are listed on February 25, 2026. The bench which comprised Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed it list along with those appeals on Feb. 25, 2026, ET relays. About Hotel Horizon Hotel Horizon is involved in the business of construction, furnishing and carrying on the operations of hotels, restaurants, and cafes. The corporate debtor has a hotel by the name of "Hotel Horizon", located at Juhu Beach in Mumbai, which is currently non-operational. In 2024, the tribunal had admitted Assets Care & Reconstruction Enterprise Ltd.'s petition to start insolvency proceedings against Hotel Horizon, InformistMedia.com notes. The debt-ridden company had admitted dues of INR12.94 billion. The committee of creditors of Hotel Horizon approved the consortium's resolution plan with favourable votes in 2025. Oberoi Realty and its subsidiary companies are primarily engaged in real estate development activity operating in the Mumbai Metropolitan Region, focussed on premium development. While the company's focus is on residential projects, it has a diversified portfolio of projects across key segments of the real estate market including residential, office space and retail developments. Shree Naman Developers is the flagship company of Shree Naman Group, a renowned diversified conglomerate having presence in Mumbai and Goa. Shree Naman Developers is an established leader in the real estate industry with over two decades of experience and has developed landmark properties in Mumbai. JM Financial Properties is in the business to acquire, develop, take on exchange, lease or otherwise deal in sale of any movable or immovable property. ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Ishwar Oil Mill (IOM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 0.51 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding IOM's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Ishwar Oil Mill, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ishwar Oil Mill (IOM) was incorporated in 2012 by Mr. Ashok Gamdha and Mr. Ramesh Gamdha as a partnership firm and is engaged in manufacturing of edible cottonseed oil and cottonseed oil cake as well as trading of cotton bales. The firm markets crude cottonseed oil in loose form to bulk dealers and cottonseed oil cake as cattle feed to dairies. IOM operates from its plant located in Rajkot, Gujarat with a total installed capacity of crushing ~113 MT of cottonseeds per day. JAI BALAJI: ICRA Assigns B+/Stable Issuer Rating ------------------------------------------------ ICRA has assigned rating to the bank facilities of Jai Balaji Maharaj Polymers India Private Limited (JBM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+(Stable); assigned Rationale The rating assigned considers the extensive track record of JBM in manufacturing of plastic polypropylene (PP) pellets and granules/polymer processing industry. The business is well supported by availability of plastic scrap in the Delhi-NCR region, its key raw material, ensuring logistical efficiencies. JBM's revenues rose significantly to about INR174 crore in FY2025 from about INR63 crore in FY2024, led by an increase in sales volumes. Further, the rating favourably factors in the long relationship with its customers, which ensures repeat orders. However, the rating is constrained by JBM's modest financial risk profile on account of low earnings, small net worth and weak debt coverage metrics. The rating also considers the moderate scale of operations amid intense competition in the plastic polymers/granules industry, which restricts its operating profit margin (OPM). JBM remains exposed to high geographical concentration risk as the major portion of its revenue is derived from the Delhi-NCR region (around 79% in FY2025). Going forward, given the thin margin in the business and limited net cash accruals, the company's liquidity position is likely to remain stretched, and any further pressure would be a key rating sensitivity. The Stable outlook on the long-term rating reflects ICRA's opinion that JBM Polymers will continue to benefit from the extensive experience of its promoters in the plastic polymers manufacturing industry and its established relationship with customers, which supports its business and profitability. The company is also expected to fund future capital expenditure (capex) prudently so that its debt metrics remain aligned with the existing rating category. Key rating drivers and their description Credit strengths * Significant experience of promoters in polymer processing: JBM's promoter has more than fourteen years of experience in the trading and manufacturing of plastic polypropylene (PP) pellets and granules/polymer processing industry. The promoter's long presence in the industry also facilitates ease in procuring plastic scrap, its key raw material, which is sourced predominantly from the Delhi NCR region, ensuring ease of logistical efficiencies. * Established relationship with customers: JBM primarily supplies its products to companies across diverse industries. The company has established long relationships with key clients, including Balaji Fibroplast Pvt. Ltd., a major supplier of bumpers to the automobiles industry. In addition, JBM provides granules to National Plastics Industries Limited, a reputed manufacturer of plastic furniture marketed under its well-known domestic brand, National. Credit challenges * Modest financial profile due to low earnings: JBM's financial profile remains modest, given its thin operating margins and low net worth base. The company's earnings have remained limited in absolute terms owing to its moderate scale. In FY2025, the debt service ratio stood below 1 times, while the Total Debt/OPBDITA remained elevated at around 5.4 times due to the company's high reliance on external debt as well as the promoters' unsecured loans, highlighting the company's inability to cover its debt obligations from its operating profits. The debt protection metrics are expected to remain at similar levels in the near term owing to the limited scope for improvement in profit margins and continued reliance on unsecured loans to the repayment liability and other funding requirements. * Moderate scale of operations: JBM remains a moderate-sized player in the polymer processing industry. However, the company's revenues have increased over the years, driven by an increase in sales volumes, however, the same are expected to remain moderate in scale. * High geographical concentration risk: JBM remains exposed to high geographical concentration risk, with the major portion of its revenue derived from the Delhi NCR region (around 79% in FY2025). The company is also exposed to customer concentration risk, with its top four customers accounting for around 60% of its revenue in FY2025. * Intense competition in the industry: JBM faces stiff competition from both organised and unorganised players, which limits its pricing flexibility and bargaining power with customers. This is evident in its moderate profitability level. Liquidity position: Stretched JBL's liquidity position remains Stretched, primarily due to the limited buffer available in its working capital limits and limited cash flow from operations. Further, the company has planned a capital expenditure to set up an additional manufacturing facility, which is expected to entail a cash outlay of approximately INR5-6 crore over the near-to-medium term. As per ICRA's estimates, the expected cash flows and need-based support, in the form of unsecured loans from the promoters, would be critical in meeting any cash-flow mismatch. Rating sensitivities Positive factors – ICRA could upgrade JBM's rating if the company demonstrates a material increase in its earnings, leading to an improvement in its net worth and liquidity on a sustained basis. Specific credit metrics that could lead to rating upgrade include DSCR above 1.1 times on a sustained basis. Negative factors – Pressure on the rating could arise if there is a significant decline in its revenues and earnings, leading to a further stretch in its liquidity and debt protection metrics. Jai Balaji Maharaj Polymers India Pvt. Ltd. (JBM) is engaged in the manufacturing of plastic/polypropylene (PP) pellets and granules through recycling of industrial and other qualified plastic wastes and scraps. The company relies primarily on plastic scrap as its raw material. The scrap is procured mainly from the Delhi NCR and is converted into granules suitable for various industrial applications. JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Jeppiaar Power Corporation Private Limited (JPCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 92.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding JPCPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Jeppiaar Power Corporation Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jeppiaar Power Corporation Private Limited (JPCPL) was incorporated in October 2009 by the Jeppiaar Group which manages a diverse set of businesses in the state of Tamil Nadu. The company is establishing a coal-based Captive Power Plant (CPP) with a total generating capacity of 30 MW in Kanchipuram, Tamil Nadu. KMCT GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of KMCT Group of Institutions (KMCT) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 17.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KMCT's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with KMCT group of institutions, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kunhitharuvai Memorial Charitable Trust (KMCT) was established in 1999 in Kozhikode, Kerala. The operations of the trust are managed by Dr. K Moidu, the Chairman and Managing Trustee and Dr. Navas Komath Moidu, the CEO and Executive Trustee. The trust manages 24 educational institutions under medical campus, technical campus and educational campus located in Manassery, Kallanthode and Kuttipuram, respectively. The trust has one medical college, one dental college, two engineering colleges, three nursing colleges, three pharmacy colleges, two polytechnic colleges, one business school, one teachers' training institute, one teacher education college, one ayurveda medical college, one law college, two colleges of architecture, three arts and science colleges and two institutes of allied health sciences. KRISHNA COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Krishna Cottex Industries (KCI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.87 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long-Term- 0.68 [ICRA]B(Stable); ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding KCI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Krishna Cottex Industries, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in March, 2014, Krishna Cottex Industries (KCI) has set up a cotton ginning and pressing facility at Rajkot in Gujarat. The plant is equipped with 24 ginning machines and 1 pressing machine with processing capacity of 8160 MT of raw cotton annually (considering 200 bales a day with 24 hours of operations with 240 working days in a year). KCI is a partnership firm with the promoters having an extensive experience in the cotton industry. The firm commenced commercial operations from October – 2014. MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Maharaja Industries (SMI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based Rating continues to remain under the 'Issuer Not Cooperating' category Short-term- 33.75 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under the 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SMI's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SMI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries (SMI) is engaged in trading of refined, bleached and deodorized (RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined palm oil to wholesalers across Southern states such as Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity also operates a theatre and theme park (facilities leased from Maharaja Theme Parks Private Limited, associate entity) in Erode. The entity has discontinued its business operation since September 2016. NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Nandini Fitness Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding NANDINI FITNESS PRIVATE LIMITED's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Nandini Fitness Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Nandini Fitness Private Limited was incorporated in July, 2009 by Mr. Sumit Goel & Hemant Kumar Singh. The company was established to promote health & fitness business in Lucknow. NFPL is a franchisee of "Gold's Gym" in Lucknow, Uttar Pradesh and is currently managing a gymnasium along with the Mojjo restaurant, at Mahanagar, Lucknow. Further, the management has set up a new center of "Gold Gym" at Gomti nagar, Lucknow. NORTH WESTERN: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------- ICRA has kept the Long-Term rating of North Western Karnataka Road Transport Corporation (NWKRTC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 250.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding NWKRTC's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Please refer to the below language if the entity is under non-cooperation only because of inadequate information sharing As part of its process and in accordance with its rating agreement with North Western Karnataka Road Transport Corporation, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. The NWKRTC was incorporated in November 1997 as an independent entity under Section 3 of the Road Transport Corporation (RTC) Act, 1950 as a charitable trust, with the aim of providing a public transport system to the commuters in the northwestern region of Karnataka. As on March 31, 2020, with a fleet strength of around 5,071, NWKRTC has been operating close to 4662 schedules daily through 51 depots and it has around 23,200 personnel on its payrolls. In FY2020, on a provisional basis, the entity reported a net loss of INR157.1 crore on an operating income of INR2019.0 crore compared to a net loss of INR89.1 crore on an operating income of INR2027.6 crore in FY2019. NUPUR CARPETS: ICRA Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Nupur Carpets in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.80 [ICRA]B- (Stable); ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 4.00 [ICRA]B- (Stable); ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Nupur Carpets's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Nupur Carpets, ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Nupur Carpets trades and exports Kashmir Silk Carpets and Hand Knotted Woollen Carpets which it procures from Gwalior, Bhadohi, Agra and Jaipur. Trading constitutes 80% and manufacturing constitutes 20% of the sales mix. The firm primarily exports to the European market. PEEL-WORKS PVT: ICRA Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term with Convertible Debenture rating of Peel - Works Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Convertible Rating continues to remain under Debentures 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding Peel - Works Pvt. Ltd.'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Peel - Works Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Peel-Works Pvt. Ltd. was set up in September 2010 by Mr. Sachin Chhabra (ex-HUL) as a 'Software as a Service' (SaaS) and big data analytics company focused on the general trade (mom-and-pop retail) channel. It is headquartered in Gurugram (Haryana), with offices across India, including Mumbai, Pune, and Bengaluru. The company provides software products to retailers and consumer-packaged goods (CPG) companies and other corporates. SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Sai Radha Pharma (India) Private Limited (SRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 17.50 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SRPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2012, SRPL is involved in the retail and wholesale distribution of pharmaceutical products. The Sai Radha Group has presence in pharmaceutical distribution since 1989 through a retail store operated under a partnership firm Radha Medicals and General Stores. In 2007, the Sai Radha Group ventured into wholesale distribution business through acquisition of Panchavati Pharma. With a view to consolidate the entire pharmaceutical distribution business under one company, Mr.Manohar Shetty started SRPL in January 2012.SRPPL has four retail stores at present, two in Udupi and two in Mangalore. The wholesale segment caters to retail medical stores, hospitals and doctors in and around Udupi, Mangalore, Manipal and nearby regions. Some of its major suppliers include Lupin Limited, Dr. Reddy's Laboratories, Abbott Laboratories, Zydus Cadila, Mankind Pharma and Cipla Limited, among others. SARVESH CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Sarvesh Cars and Motors Private Limited (SCMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.57 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 8.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category The rating continues to remain under "Issuer Not Cooperating" is because of lack of adequate information regarding SCMPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with SCMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2009 by Mr. B. Gnanaprakash and his wife Ms. Ashwini, Sarvesh Cars and Motors Private Limited (SCMPL) is an authorized dealer for Ford India Private Limited, for Vellore, Kanchipuram, Tiruvannamalai and Pondicherry regions. In addition to new models, SCMPL also sells spare parts, accessories and provides service to passenger cars in Vellore. [] INDIA: Telecoms Cannot Claim Spectrum as Asset in Insolvency --------------------------------------------------------------- The Hindu BusinessLine reports that the Supreme Court on Feb. 13 laid down that telecom service providers (TSPs) do not own spectrum, a precious and finite public resource meant to be used for the common good of all, and cannot include it among their pool of "assets" for insolvency or liquidation. According to BusinessLine, a Bench of Justices P.S. Narasimha and Atul Chandurkar held that Insolvency and Bankruptcy Code (IBC) excludes any assets over which a corporate debtor has no ownership rights. "Mere recognition of spectrum licensing rights as an intangible asset by TSPs in the financial statements is not conclusive of their ownership, as it only represents control over future economic benefits," Justice Narasimha clarified the law, says the report. BusinessLine relates that the court said spectrum was a scarce natural resource owned by the people of India, with legal title vesting exclusively in the Union of India, which holds it in trust for the public. "Licensees acquire no proprietary interest in spectrum," Justice Narasimha, who authored the judgment, underscored. BusinessLine says the mere grant of spectrum under a licence does not mean a complete transfer of a finite natural resource from the Union government to a TSP. "It confers only a limited, conditional and revocable privilege to use spectrum, subject to statutory requirements, licence conditions and overriding public interest," Justice Narasimha clarified. According to BusinessLine, the court observed that the Union, as the owner and trustee of spectrum on the one hand and the Telecom Regulatory Authority of India as the regulator on the other, occupy the entire province of telecommunications. "The statutory regime under IBC cannot be permitted to make inroads into the telecom sector and rewrite and restructure the rights and liabilities arising out of administration, usage, and transfers of spectrum, which operate under an exclusive legal regime concerning telecommunications. The disharmony caused by applying IBC to the telecom sector, which operates under a different legal regime, was never intended by the Parliament," the court noted. BusinessLine says the verdict is the culmination of a train of events dating back to the grant of telecom licences to corporate debtors - Aircel Ltd, Aircel Cellular Ltd and Dishnet Wireless Ltd - by the Department of Telecommunications under Unified Access Service Licences (UASL). Domestic lenders, including the State Bank of India, had extended loan facilities to the corporate debtors for the acquisition of rights to use spectrum. Eventually, the corporate debtors failed to pay the licence fee. When DoT attempted to recover these amounts, the debtors invoked IBC for a voluntary corporate insolvency resolution process. BusinessLine notes that the Supreme Court judgment was based on a series of separate appeals filed by the State Bank of India and others against a 2021 National Company Law Appellate Tribunal judgment requiring TSPs undergoing insolvency to clear statutory dues to DoT before transferring or selling spectrum under the IBC. The judgment made it clear that the spectrum cannot be brought under the IBC framework, BusinessLine relays. The TSPs did not own spectrum in the first place to sell it. Besides, the apex court made it clear that DoT dues owed by TSPs were not 'operational debts' under the IBC. "Licence fees and spectrum usage charges arise from the grant of a sovereign privilege and represent regulatory consideration, not payment for goods or services. The relationship between the Union and the licensee is that of sovereign licensor and licensee, not a commercial creditor-debtor relationship. Treating such dues as operational debt would permit insolvency proceedings to undermine statutory and regulatory control over natural resources," the Supreme Court held. ========= J A P A N ========= JAPAN: Narrowly Avoids Technical Recession in 2025 -------------------------------------------------- Euronews.com reports that Japan's economy barely expanded at a 0.2% annual pace in the last quarter, with private consumption rising by 0.4% between October and December. The minor growth in consumption was offset by a 1.1% drop in exports, Euronews.com relates citing latest seasonally adjusted preliminary data. Growth for all of 2025 came in at just 1.1% as Japan's export-reliant economy has been shaken by US President Donald Trump's tariffs. On a quarterly basis, the economy grew only 0.1%, the Japanese government reported. According to Euronews.com, the country narrowly avoided a technical recession which is defined by two consecutive quarters of negative growth. In the third quarter of last year, Japan's economy contracted 0.7%, with revised data showing a 2.3% annualised decline. While technically not in a recession, the current numbers paint a bleak picture for the Japanese economy, Euronews.com notes. In response, Japanese Prime Minister Sanae Takaichi is expected to roll out policies to help revive it after a landslide victory in the general election earlier this month. Euronews.com relates that Takaichi has promised to spend more and to suspend Japan's sales tax on food, among other measures. After Takaichi's election victory, Japan's Finance Minister Satsuki Katayama sought to ease concerns about the country's debt and recent currency weakness, which many investors believe could prompt a rise in interest rates. Euronews.com says Katayama suggested utilising foreign exchange reserves to fund national expenditures. Although possible, this approach can be challenging, as those reserves are usually used only for currency interventions. The interest rate in Japan currently stands at a 30-year high of 0.75% after the Bank of Japan (BOJ) hike last December. Takaichi has vowed to end "excessively tight fiscal policy" and the markets are waiting to see what the BoJ's rate decision will be next month, adds Euronews.com. The government projects the economy will expand at an average rate of about 0.6% in the near term. =============== M A L A Y S I A =============== MALAYAN FLOUR: Unit to Seek Judicial Review Over MYR70MM MyCC Fine ------------------------------------------------------------------ The Malaysian Reserve reports that Malayan Flour Mills Bhd's partly-owned Dindings Poultry Development Centre Sdn Bhd will apply for a judicial review at the High Court after the Competition Appeal Tribunal (CAT) dismissed its appeal against a MYR70 million fine imposed by the Malaysia Competition Commission (MyCC) for involvement in a chicken feed cartel. According to the report, the group said Dindings Poultry will also seek an interim stay to suspend enforcement of the tribunal's decision pending the court's determination. A judicial review allows the High Court to assess whether a public authority's decision was made legally and fairly, without re-examining the merits of the case. Dindings Poultry was among five feedmillers penalised in MyCC's December 2023 ruling for colluding to fix poultry feed prices between January 2020 and June 2022, The Malaysian Reserve notes. MyCC imposed total penalties of MYR415.5 million, its largest to date, with four companies, including Dindings Poultry, collectively fined MYR367 million challenging the decision. The Malaysian Reserve relates that MyCC said the tribunal upheld its findings that the companies coordinated price increases during three periods, confirmed that the Competition Act 2010 was correctly applied, and ruled that the penalties were appropriate given the seriousness of the infringements. The tribunal also rejected claims that the regulator had acted unfairly or breached due process. Malayan Flour Mills Berhad, together with its subsidiaries, operates in the flour milling industry in Malaysia and Vietnam. The company operates through Flour and Grain Trading, Poultry integration, and Others segmets. It is involved in milling and selling wheat flour; trading in grains and other allied products; manufactures and sells animal feed, and related raw materials; and processes and sells poultry products. ===================== N E W Z E A L A N D ===================== BURDAK ENTERPRISES: Creditors' Proofs of Debt Due on March 12 ------------------------------------------------------------- Creditors of Burdak Enterprises Limited are required to file their proofs of debt by March 12, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 6, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 CARPE DIEM: Court to Hear Wind-Up Petition on Feb. 24 ----------------------------------------------------- A petition to wind up the operations of Carpe Diem Kids Limited will be heard before the High Court at Auckland on Feb. 24, 2026, at 9:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 19, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CSTT BUILDING: Creditors' Proofs of Debt Due on March 11 -------------------------------------------------------- Creditors of CSTT Building Group Limited and Magic Designer Kitchens (NZ) Limited are required to file their proofs of debt by March 11, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 11, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 K & S HOLDINGS: Creditors' Proofs of Debt Due on March 10 --------------------------------------------------------- Creditors of K & S Holdings Limited (trading as Stirling Sports Silverdale) are required to file their proofs of debt by March 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 10, 2026. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 SILVER FERN: Court to Hear Wind-Up Petition on March 5 ------------------------------------------------------ A petition to wind up the operations of Silver Fern Immigration Services 2015 Limited will be heard before the High Court at Auckland on March 5, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 12, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= 98 HOLDINGS: Creditors' Proofs of Debt Due on March 15 ------------------------------------------------------ Creditors of 98 Holdings Pte. Ltd. are required to file their proofs of debt by March 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2026. The company's liquidators are: Tan Jianwen Eugene 1 Scotts Road #21-07 Shaw Centre Singapore 228208 ASCENDAS DEVELOPMENT: Creditors' Proofs of Debt Due on March 13 --------------------------------------------------------------- Creditors of Ascendas Development Pte. Ltd. are required to file their proofs of debt by March 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 6, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 AVANT PROTEINS: Voluntarily Winds Up Business Due to Debts ---------------------------------------------------------- The Straits Times reports that cultivated meat company Avant Proteins is giving up its slice of the Singapore market. In a notice on Singapore's Government Gazette, the seafood cell research company declared on Jan. 26 that it was voluntarily winding up its business due to its liabilities, ST relates. A LinkedIn post by the company the next day on Jan. 27 said it plans to transition operations out of Singapore. Avant Proteins is the research firm of Hong Kong-founded Avant, which is branded as Asia's first cultivated fish company. It was founded in 2018 with the dream of producing fish meat without killing them. BROWNY HEALTHCARE: Creditors' Proofs of Debt Due on March 13 ------------------------------------------------------------ Creditors of Browny Healthcare Pte. Ltd. are required to file their proofs of debt by March 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 9, 2026. The company's liquidator is: Tan Lye Heng Paul c/o CACS Corporate Advisory 36 Robinson Road #11-01 Singapore 068877 EXCEL PARTNERS: Creditors' Proofs of Debt Due on March 15 --------------------------------------------------------- Creditors of Excel Partners Pte. Ltd. are required to file their proofs of debt by March 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 13, 2026. The company's liquidator is: Tan Jianwen Eugene 1 Scotts Road #21-07 Shaw Centre Singapore 228208 VIET 3S: Court to Hear Wind-Up Petition on March 6 -------------------------------------------------- A petition to wind up the operations of Viet 3s Hair Salon Pte. Ltd. will be heard before the High Court of Singapore on March 6, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Feb. 9, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. 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 ***