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260309.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, March 9, 2026, Vol. 29, No. 48 Headlines A U S T R A L I A 2XM CONSULT: First Creditors' Meeting Set for March 12 AUSNET SERVICES: Fidelity School Marks AUD530,000 Bond at 31% Off AUSSIE DISPOSALS: Falls Into Administration Owing AUD4 Million AUSSIE DISPOSALS: First Creditors' Meeting Set for March 13 CARCONNECT PTY: First Creditors' Meeting Set for March 10 ENVATO PTY: To Slash Up to 200 Jobs Amid AI Push GFG ALLIANCE Judge Orders Tahmoor Coal Mine To Be Wound Up GFG ALLIANCE: ASIC Files Court Action to Wind Up Liberty Bell Bay IC TRUST 2024-1: Moody's Upgrades Rating on Class D Notes from Ba3 N H JOINERY: Second Creditors' Meeting Set for March 11 P&G SOLUTIONS: First Creditors' Meeting Set for March 13 URSULA: Restaurant Closes After Just Five Years in Operation C H I N A RETO ECO-SOLUTIONS: Streeterville Capital Holds 9.9% Stake VNET GROUP: Moody's Upgrades CFR to B1, Outlook Remains Stable XINYUAN REAL ESTATE: Loses Bid to Dismiss Involuntary Bankruptcy H O N G K O N G CIMG INC: Faces Added Nasdaq Delisting Risk in Monitor Period I N D I A AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating Category ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating AJS AGRO: Insolvency Resolution Process Case Summary ALCOB INDIA: Insolvency Resolution Process Case Summary AMB LIFTING: Voluntary Liquidation Process Case Summary AMRIT HUMIFRESH: CARE Keeps B- Debt Rating in Not Cooperating AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category BAGGIT INDIA: Insolvency Resolution Process Case Summary BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating BASANDARI BOTTLERS: Insolvency Resolution Process Case Summary BTW ATLANTA: CARE Keeps C/A4 Debt Rating in Not Cooperating CI CAPITAL: CARE Lowers Rating on INR20cr LT Loan to B+ CLASSIC CORRUGATIONS: CARE Keeps D Debt Ratings in Not Cooperating CONTOUR STEEL: CARE Keeps D Debt Ratings in Not Cooperating CPR CAPITAL: Insolvency Resolution Process Case Summary DALOWJAN TEA: CARE Keeps B- Debt Rating in Not Cooperating DEV INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category EQUITABLE FINANCIAL: Voluntary Liquidation Process Case Summary GLUHEND INDIA: CARE Keeps D Debt Rating in Not Cooperating HOK DESIGN: Voluntary Liquidation Process Case Summary HYGEIA FRUIT: Insolvency Resolution Process Case Summary IDESA INDIA: Voluntary Liquidation Process Case Summary IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating INDIA DAIRY: CARE Keeps B- Debt Rating in Not Cooperating Category J V GOKAL: Insolvency Resolution Process Case Summary JKIRTI CONSULTANCY: Voluntary Liquidation Process Case Summary JUSTICE AV: Voluntary Liquidation Process Case Summary KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating KORIYA INFRA: Insolvency Resolution Process Case Summary KRISHNA SAHIL: CARE Keeps C Debt Rating in Not Cooperating M J ENGINEERING: CARE Lowers Rating on INR14.35cr LT Loan to D MARVEL GROUP: NCLT Initiates Insolvency Proceedings vs. Promoter MP BORDER: CARE Keeps D Debt Rating in Not Cooperating Category MUSALE CONSTRUCTION: CARE Lowers Rating on INR35cr Loans to D NOVUS GREEN: Insolvency Resolution Process Case Summary PARISHUDH MACHINES: CARE Keeps D Debt Rating in Not Cooperating SKILL JUNCTION: Voluntary Liquidation Process Case Summary SONI SOYA: Insolvency Resolution Process Case Summary STATUS SERAMIK: Insolvency Resolution Process Case Summary SUHRUD CARDIOLOGY: Voluntary Liquidation Process Case Summary TERRAFORM GLOBAL: Voluntary Liquidation Process Case Summary THYNKCUE BRANDS: Voluntary Liquidation Process Case Summary TRANSOCEAN SUPPORT: Voluntary Liquidation Process Case Summary UNIPHI PRIVATE: Voluntary Liquidation Process Case Summary UNIT CONSTRUCTION: Insolvency Resolution Process Case Summary M A L A Y S I A KHEE SAN: Completes Debt Settlement and Share Capital Reduction N E W Z E A L A N D CRUX INTERNATIONAL: Court to Hear Wind-Up Petition on April 23 ELLERSLIE BOWLING: Creditors' Proofs of Debt Due on March 23 MK INVESTMENTS: Court to Hear Wind-Up Petition on March 19 ODIN ENTERPRISE: Creditors' Proofs of Debt Due on April 7 SHUNDI CUSTOMS: First Creditors' Meeting Set for March 13 P H I L I P P I N E S PHOENIX PETROLEUM: Inks Restructuring Deal With 4 Major Banks S I N G A P O R E COSTANK (S): Court to Hear Wind-Up Petition on March 20 EW SPECIAL: Creditors' Proofs of Debt Due on April 6 PUMA ENERGY: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable REG INTERIORS: Court to Hear Wind-Up Petition on March 20 REGROW HERBAL: Court to Hear Wind-Up Petition on March 20 TK ENTERPRISE: Court to Hear Wind-Up Petition on March 27 S O U T H K O R E A SK INNOVATION: Moody's Affirms 'Ba1' CFR, Outlook Remains Negative - - - - - ================= A U S T R A L I A ================= 2XM CONSULT: First Creditors' Meeting Set for March 12 ------------------------------------------------------ A first meeting of the creditors in the proceedings of 2XM Consult Pty Ltd will be held on March 12, 2026, at 3:00 a.m. via teleconference only. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on March 2, 2026. AUSNET SERVICES: Fidelity School Marks AUD530,000 Bond at 31% Off ----------------------------------------------------------------- Fidelity School Street Trust has marked its AUD530,000 corporate bond extended to AusNet Services Holdings Pty Ltd to market at AUD364,253 or 69% of the outstanding amount, according to Fidelity School's Form N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Fidelity School Street Trust is a participant in a corporate bond extended to AusNet Services Holdings Pty Ltd. The bond accrues interest at a rate of 6.134% per annum. The bond matures on May 31, 2033. Fidelity Advisor Multi-Asset Income Fund is a fund of Fidelity School Street Trust and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Multi-Asset Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund is led by Laura M. Del Prato as President and Treasurer (Principal Executive Officer) and Stephanie Caron as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Laura M. Del Prato Fidelity School Street Trust 245 Summer St. Boston, MA 02210 Telephone: (617) 563-7000 About AusNet Services Holdings Pty Ltd AusNet Services Holdings Pty Ltd operates as a holding company. The Company, through its subsidiaries, manages and controls gas, and electricity distribution networks. AusNet Services Holdings serves clients in Australia. AUSSIE DISPOSALS: Falls Into Administration Owing AUD4 Million -------------------------------------------------------------- SmartCompany reports that discount outdoor and camping retailer Aussie Disposals has become the latest Australian retail chain to be plunged into voluntary administration. Founded in Victoria in 1962, Aussie Disposals first made its name by selling surplus military supplies and products to the public. More recently, the retailer has expanded its offering to specialise in outdoor and camping products, including tents, hiking gear, and other clothing and footwear. SmartCompany says the long-running retailer survived voluntary administration back in 2020, following a restructure; however, the business is now once again in the hands of external managers. SmartCompany, citing a notice published by the Australian Securities and Investments Commission (ASIC), discloses that Manuel Hanna from Romanis Cant was appointed as administrator of Aussie Disposals Pty Ltd on March 2. In a statement provided to SmartCompany on March 4, Mr. Hanna said Aussie Disposals will continue to trade as usual during the administration process, and all staff wages, superannuation and other entitlements are up to date. The administration includes seven company-owned stores in Victoria, South Australia, and New South Wales, as well as the Aussie Disposals online store, two warehouses, and the company's head office. An additional 10 franchised stores are not affected by the administration and continue to operate as usual, SmartCompany notes. It is believed the company owes around AUD4 million to its creditors, which includes more than AUD1 million owed to directors and related parties who have poured funding into the business over the past 12 months or so. Mr. Hanna is urgently assessing the financial position of the company and will begin selling down stock while seeking expressions of interest from potential buyers to purchase the business as a going concern, SmartCompany relays. SmartCompany adds that new owners will also have an opportunity to employ existing staff members. Aussie Disposals currently has 47 employees, including 18 full-time staff and 29 casuals. "With more than 60 years of brand recognition, an established retail footprint and a loyal customer base across the camping and sporting goods market, there are solid foundations for a new owner to reshape the business for future success," Mr. Hanna told SmartCompany. According to the administrators, economic conditions and increased competition from local and overseas competitors have contributed to the company's financial position. Aussie Disposals previously operated a much larger retail footprint across Victoria, NSW and South Australia, with five stores still listed on the company's website now marked as 'permanently closed'. This includes one Aussie Disposals store in Bathurst, NSW, and four Victorian outlets in Mildura, Frankston, Shepparton and Moe. The Moe store represented the birthplace of the long-running retail business, as it was the first-ever Aussie Disposals store to open. However, it has been closed since September 2025, according to the Latrobe Valley Express. Information published on the Aussie Disposals website indicates the franchised stores in Bendigo and Bairnsdale are currently for sale, adds SmartCompany. AUSSIE DISPOSALS: First Creditors' Meeting Set for March 13 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Aussie Disposals Pty. Ltd. will be held on March 13, 2026, at 10:00 a.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on March 2, 2026. CARCONNECT PTY: First Creditors' Meeting Set for March 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Carconnect Pty Ltd, trading as Stratton Fleet Services, will be held on March 10, 2026, at 9:30 a.m. at the offices of RSM Australia Partners, at Level 27, 120 Collins Street, in Melbourne, VIC, and via virtual meeting technology. Jonathon Kingsley Colbran and Brett Lord of RSM Australia Partners were appointed as administrators of the company on Feb. 16, 2026. ENVATO PTY: To Slash Up to 200 Jobs Amid AI Push ------------------------------------------------ SmartCompany reports that veteran creative marketplace Envato is set to shed up to 200 jobs - a third of its headcount following a strategic review of the 20-year-old tech pioneer. SmartCompany relates that the size of the cuts was reported in Mumbrella, but Envato said in a statement to Startup Daily that while the restructure is underway, "we're not in a position to share details about role reductions or numbers". According to SmartCompany, Envato CEO Hichame Assi said he notified staff via email earlier last week that, following "a strategic review of our team structure and operations," the business is "making a number of significant changes to the Envato team globally this week". A focus on AI was one of the reasons behind the restructure. "These changes will include redundancies, redeployments, role changes, promotions and reporting line changes, and will impact all teams across Australia, New Zealand, Mexico and the US," he wrote. Mr. Assi told staff the review set out to reimagine Envato's team structure "to execute our strategy and respond to rapidly changing customer expectations" for the business he's led since founder Collis Ta'eed stepped down from the CEO role in late 2020. "We are reducing the number of layers, creating smaller and more focused teams, and elevating the importance of individual contributors so more of us can directly impact customer outcomes," he wrote. "In parallel, we are reducing operational costs to ensure we can invest further in product, marketing and AI." Envato was acquired by US-listed imagery company Shutterstock in a deal worth US$245 million (AUD373 million) in 2024, 18 years after Ta'eed and his wife Cyan launched the startup in a Bondi garage in 2006. SmartCompany notes that the latest restructure comes nearly four years after Mr. Assi cut around 100 roles in mid-2022 as part of a "renewed and sharpened business focus will ensure we continue on our long-term growth trajectory". Since then, Envato's workforce has grown back to the same size as that previous cull, around 600 people. About Envato Envato is an online community and marketplace ecosystem for creative assets, tools, and talent. The company provides a comprehensive range of digital products - including stock video, music, code, website themes, graphics, and 3D models - designed to help creatives and businesses bring their projects to life. GFG ALLIANCE Judge Orders Tahmoor Coal Mine To Be Wound Up ---------------------------------------------------------- ABC News reports that a New South Wales Supreme Court judge has acknowledged the serious impact job losses would have on workers, their families and the local community, while ordering a coal mine owned by Sanjeev Gupta into liquidation. According to the ABC, Justice Ashley Black on March 6 ordered Tahmoor Coal, south-west of Sydney, to be wound up in insolvency, after more than a year of delays and voluntary administration. The mine has been non-operational for more than 12 months, leaving about 500 workers stood down and raising a series of questions about the related-party loans within Mr. Gupta's GFG business empire. The ABC relates that Justice Black acknowledged the human impact, saying he was aware of "the real and substantial personal hardship to employees, their families and the local community of a significant displacement of the workforce." The winding up application was launched by Coal Mines Insurance (CMI) in August as the insurance provider sought about $4.5 million in unpaid premiums. In November Mr. Gupta's GFG Alliance placed the mine's holding company, Liberty Primary Metals Australia (LPMA), into voluntary administration, the ABC recalls. Around the same time, 250 of the mine's contract workers stopped receiving pay, with contractor RStar attempting to rescue operations. Last month, as CMI pressed for liquidation, GFG placed the mine into voluntary administration in a bid to avoid winding up, the ABC notes. The ABC says the winding up application returned to court on March 5, where CMI continued to push for liquidation and explained the move would lead to the immediate loss of 238 jobs. It said 50 staff would be retained in care and maintenance. At the hearing, newly appointed administrator Joseph Hayes sought a further three-week adjournment, saying extra time might help secure alternative funding after a AUD40 million commitment from Clydesdale - another Gupta-owned company - to run the administration remained uncertain, according to the ABC. Mr. Hayes noted the 2024 accounts suggested the facility might be worth only $5 million and admitted he had no visibility of 2025 accounts or how other GFG entities would provide funding. Christopher Withers SC, appearing for CMI, highlighted the unusually high level of related-party debt — around $250 million of $432 million in total claims. He also argued that liquidation would provide stronger powers to investigate loans and security arrangements entered into while the company was insolvent. The Mining and Energy Union (MEU) provided a statement to court in support of the voluntary administration to try to save jobs. The NSW government reminded the applicant and administrator that it held a charge over the Tahmoor mining lease to recover unpaid royalties and could appoint a receiver to protect its interests. The government is owed about AUD30 million in unpaid royalties, the ABC discloses. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal on Feb. 9, 2026. GFG ALLIANCE: ASIC Files Court Action to Wind Up Liberty Bell Bay ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has filed an application in the Supreme Court of New South Wales to wind up Liberty Bell Bay Pty Ltd following its failures to lodge annual financial reports with ASIC. Liberty Bell Bay failed to lodge annual reports for the financial years ending in 2021, 2022, 2023, and 2024. In June 2025, ASIC obtained orders from the Court to enforce compliance. Liberty Bell Bay subsequently failed to comply with the Court orders. ASIC alleges that Liberty Bell Bay has also failed to lodge reports for the financial year ending in 2025. ASIC has now applied to wind up Liberty Bell Bay on just and equitable grounds. Financial reporting misconduct, including failure to lodge financial reports is an ASIC enforcement priority for 2026. ASIC will continue to monitor and address lodgement failures, including taking regulatory action for ongoing non-compliance. It is important that annual reports are lodged in a timely manner to assist creditors and other users of the annual reports in making informed decisions when dealing with large companies. Liberty Bell Bay is part of the GFG Alliance, a global group of businesses focused on industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Ltd (which is currently in external administration), InfraBuild Australia Pty Ltd, Tahmoor Coal in New South Wales (which is currently in external administration), and Liberty Bell Bay in Tasmania. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck was appointed as administrator of the company on Nov. 3, 2025. IC TRUST 2024-1: Moody's Upgrades Rating on Class D Notes from Ba3 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on three classes of notes and affirmed the rating on one class of notes issued by IC Trust Series 2024-1. The affected ratings are as follows: Issuer: IC Trust Series 2024-1 Class A Notes, Affirmed A1 (sf); previously on Sep 16, 2025 Affirmed A1 (sf) Class B Notes, Upgraded to A1 (sf); previously on Sep 16, 2025 Upgraded to A3 (sf) Class C Notes, Upgraded to A3 (sf); previously on Sep 16, 2025 Upgraded to Ba1 (sf) Class D Notes, Upgraded to Baa2 (sf); previously on Sep 16, 2025 Upgraded to Ba3 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and collateral performance to date. Class A rating affirmation at A1 (sf) takes into account operational risks. The servicer is relatively small and has low durability, posing higher risk of servicing transfer and volatility in pool losses, in particular if the substitute servicer does not have the same specialised approach to servicing as the current servicer. The fully-funded and non-amortising Yield Enhancement Reserve provides credit support of 1.5% of the original notes balance (equivalent to 2.7% of the outstanding notes balance) to the deal. The reserve can be used to cover interest payment shortfalls on the required payments and any losses not covered by excess spread. Following the February 2026 payment date, the credit enhancement available for the Class A, Class B, Class C and Class D Notes has increased to 50.5%, 43.5%, 29.3%, and 24% respectively, from 42.6%, 36.3%, 23.2%, and 18.4% at the time of the last rating action in September 2025. Principal collections have been distributed on a pro-rata basis since the December 2025 payment date. Current outstanding notes as a percentage of the closing notes balance is 55.2%. As of end-January 2026, 11% of the outstanding pool was 30-plus day delinquent, and 4.8% was 90-plus day delinquent. The portfolio has incurred 0.4% of gross losses to date, which have been covered by excess spread. In addition, the seller has repurchased 1.2% of delinquent loans at par since closing. Moody's have incorporated these repurchases into Moody's observed cumulative gross loss assessment, which adds up to 1.6% (as a percentage of original portfolio balance). Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 15% of the outstanding portfolio balance (equivalent to 9.9% of the original portfolio balance), from 20.2% of the outstanding portfolio balance (equivalent to 14.7% of the original portfolio balance) at the time of the last rating action in September 2025. Moody's have maintained the Aaa portfolio credit enhancement at 50%. Moody's analysis has also considered various scenarios involving higher default rates, lower recovery rate, higher index rate and back-loaded losses to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of consumer and commercial auto loan receivables extended to non-conforming borrowers in Australia originated by Fin One Pty Ltd and Finance One Commercial Pty Ltd (collectively, Fin One). The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, (2) an increase in the notes' available credit enhancement, and (3) a decrease in operational risk of Fin One. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, (3) an increase in operational risk of Fin One, and (4) a deterioration in the credit quality of the transaction counterparties. N H JOINERY: Second Creditors' Meeting Set for March 11 ------------------------------------------------------- A second meeting of creditors in the proceedings of N H Joinery Co Pty Ltd, trading as Viking Joinery and Construction & Viking Joinery, has been set for March 11, 2026, at 10:30 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 10, 2026 at 4:00 p.m. Bruce Gleeson of Jones Partners Insolvency & Restructuring was appointed as administrator of the company on Feb. 4, 2026. P&G SOLUTIONS: First Creditors' Meeting Set for March 13 -------------------------------------------------------- A first meeting of the creditors in the proceedings of P&G Solutions Pty Ltd will be held on March 13, 2026, at 11:00 a.m. at via virtual meeting technology only. Anne Marie Barley of AMB Insolvency was appointed as administrators of the company on March 2, 2026. URSULA: Restaurant Closes After Just Five Years in Operation ------------------------------------------------------------ News.com.au reports that Ursula's, a two-hat gourmet restaurant Sydney's east, will shut its doors later this year. Due to close on May 23, the Paddington restaurant, which owner and head chef Phil Wood said he was "so proud" of, will continue to take bookings right up until its last hurrah, the report says. According to news.com.au, the emotional announcement was made in a post on the restaurant's Instagram page on March 5 that garnered dozens of comments of support from saddened community members. "We're so proud of this restaurant and what our wonderful team has created. Over the next 10 weeks we'll be celebrating it the best way we know how – with plenty of champagne, more plates of Moreton Bay bug pasta than we can count and the warm hospitality of our team," the post read. "If Ursula's has meant something to you, we'd love to welcome you in over the next 10 weeks to give the restaurant the send-off she deserves." News.com.au relates that ABC radio host and comedian Mark Humphries said he was "hoping this was just the end of one chapter before the start of another". "Congratulations on what you achieved . . . you're going to be showered with love and praise for the next 10 weeks and rightly so," the report quotes Mr. Humphries as saying. Hospitality Magazine writer Annabelle Cloros called the closure a "huge loss to Sydney's dining landscape" and said Mr Wood should be "so proud". Bookstore owner and lifestyle blogger Jordan Turner said Ursula's was his "favourite restaurant in Sydney," news.com.au relays. "I'm so happy I got to spend as many nights as I did in your beautiful space eating your delicious food. Made my booking to visit in May," he said. Shortly after Ursula's opened in 2021, Delicious magazine said it was "the neighbourhood restaurant worth moving for". "Phil Wood's modern Australian menu is home to surprising contrasts and whimsical details that turn simple dishes into showstopping masterworks," the review reads. "The restaurant is billed as a neighbourhood diner, but we're not so sure about that. If locals thought they could keep Ursula's all to themselves, they'd better think again." ========= C H I N A ========= RETO ECO-SOLUTIONS: Streeterville Capital Holds 9.9% Stake ---------------------------------------------------------- Streeterville Capital LLC, Streeterville Management LLC, and John M. Fife, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 781,966 Class A Shares of ReTo Eco-Solutions, Inc., representing 9.9% of the shares, based on 7,827,491 shares outstanding as reported in the Issuer's Form 424B5 filed October 24, 2025. Streeterville Capital LLC holds the shares directly; Streeterville Management LLC is its manager; and John M. Fife is the sole member of Streeterville Management LLC. Each has sole voting and dispositive power over the reported shares. Streeterville Capital LLC may be reached through: John Fife, President 300 East Randolph Street, Suite 40.150 Chicago, IL 60601 Tel: 312-297-7000 A full-text copy of Streeterville Capital LLC's SEC report is available at: https://tinyurl.com/ycyrksjj About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA Inc., the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 8, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company reported a net loss of approximately $8.4 million and $16.1 million for the years ended December 31, 2024 and 2023, respectively, and the Company had a working deficit of approximately $2.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $41.4 in total assets, $7.2 million in total liabilities, and $34.2 in total equity. VNET GROUP: Moody's Upgrades CFR to B1, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has upgraded VNET Group, Inc.'s (VNET) corporate family rating to B1 from B2. The outlook remains stable. "The rating upgrade is driven by VNET's enhanced business profile as the company executes its expansion plan, highlighted by a growing revenue contribution from its expanding wholesale IDC business. This segment exhibits higher profit margins and has led to better than expected earnings and cash flow. Moody's expects continued strong revenue and earnings growth in the next 12 to 18 months, supported by strong demand for data center capacity in China," says Shawn Xiong, Moody's Ratings Vice President and Senior Analyst. "The stable outlook indicates Moody's expectations that the company will successfully implement its significant capital spending plans, further raise the utilization of its wholesale IDC business, enhance profit margins, and maintain strong access to funding along with an adequate liquidity buffer," Xiong adds. RATINGS RATIONALE VNET's B1 CFR reflects the company's solid position in China's internet data center (IDC) market, its strategically located data centers with significantly expanded wholesale IDC capacity, operating track record featuring solid revenue growth, diversified customer base and established partnerships with leading cloud service providers and internet giants. It also considers the strong funding access, with Shandong Hi-Speed Holdings Group Limited being a strategic shareholder. Shandong Hi-Speed Holdings Group Limited is a subsidiary of Shandong Hi-speed Group Co., Ltd (A3 stable). These strengths are counterbalanced by VNET's quickly growing but relatively limited operating scale, moderate but improving financial metrics and significant investment needs for capacity expansion over the next two years. Moody's expects VNET to continue to expand its operation, benefitting from strong demand for digital infrastructure in China. This will be supported by strong investment in AI, cloud computing and continued government support for the sector over the next few years. Evidently, the company's in-service capacity has grown significantly to 783MW as of September 2025 from 486MW at year-end 2024. Moody's projects VNET's gross revenue will grow by around 20% per annum over the next 12-18 months, driven primarily by growth in new wholesale IDC capacity and increasing utilization rate of its newly-built capacity. Wholesale IDC utilization rate improved to over 74%, its mature wholesale IDC utilization rate reached around 95% as of September 2025, while the retail IDC utilization rate remained steady at 64% over the same period. Moody's forecasts VNET's Moody's-adjusted EBITDA margin will improve to over 45% in the next 12-18 months from 36% in 2024. This improvement is supported by increasing revenue from its wholesale IDC business which has higher profitability. Notably, the wholesale IDC business's revenue contribution is projected to grow to over 45%-50% in the next 12-18 months from 24% in 2024. To meet the strong demand, Moody's expects VNET to sustain substantial capital spending in the range of RMB8 billion-RMB10 billion for 2026, similar to its 2025 level. A significant portion of this investment is expected to be financed through additional debt. Nevertheless, a strong pre-commitment for these new planned capacities will provide greater certainty regarding ramp-up in utilization, revenue and cash flow generations in the next 12-18 months. Consequently, VNET's debt leverage, as measured by adjusted debt-to-EBITDA, will trend below 5.5x over the next 12 months. The forecasted improvement in leverage will be driven by earnings growth from higher utilization and increased revenue contribution from its wholesale IDC business. VNET's liquidity remains adequate. Moody's projects its cash and cash-like resources of RMB5.3 billion (including short-term investment of RMB1.2 billion) as of September 2025 together with projected annual operating cash flow and project financing will be sufficient to cover its planned capital spending and debts maturing in the next 12-18 months. The company also completed another private REITs transaction with cash proceeds of RMB800 million in November 2025 which has supplemented its liquidity buffer. VNET's Credit Impact Score (CIS) of CIS-4 is primarily driven by the company's financial policy to meet its investment needs, resulting in periodic high financial leverage due to debt-funded investment lagging the ramp-up of new wholesale IDC business, as well as its large financing needs. The governance consideration also factor in VNET's concentrated ownership and the voting power held by Shandong Hi-Speed Holdings Group Limited, which acts in concert with the company's founder and executive chairperson, Mr. Josh Chen. The presence of four independent directors on VNET's six-member board partially tempers this risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING VNET's rating could be upgraded if it (1) continues to strengthen its business profile by growing operating scale and increasing revenue contribution from its expanding wholesale IDC business, (2) improves profitability and reduces its debt leverage to below 5.0x, (3) maintains an adequate liquidity position and debt service coverage ratio, and (4) broadens its funding channels and consistent financial planning, all on a sustained basis. VNET's rating could be downgraded if (1) the company fails to maintain growth and profitability such that it is unable to maintain its debt leverage around 5.0x-6.0x on a sustained basis, or (2) its liquidity position weakens due to weaker operating cash flow or restricted access to project financing. The principal methodology used in this rating was Communications Infrastructure published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Beijing, VNET Group, Inc. (VNET) began operations in 1999 and listed on the NASDAQ in 2011. The company is China's largest carrier- and cloud-neutral internet data center (IDC) services provider, operating in more than 30 cities. It also provides interconnectivity services and complementary value-added services, such as cloud services, virtual private network services and hybrid IT services. XINYUAN REAL ESTATE: Loses Bid to Dismiss Involuntary Bankruptcy ---------------------------------------------------------------- The Hon. Philip Bentley of the U.S. Bankruptcy Court for the Southern District of New York denied Xinyuan Real Estate Co. Ltd.'s motion to dismiss the involuntary bankruptcy petition filed against it. The motion is denied without prejudice to the Debtor's right to seek dismissal of this case, or a suspension of further proceedings in the case, pursuant to 11 U.S.C. Sec. 305(a)(1) at a later date if warranted by subsequent developments. Xinyuan Real Estate Company Limited is the parent company of a corporate group that operates a large property development company in the People's Republic of China. The Debtor is incorporated in the Cayman Islands, but its management lives and works in China, where the bulk of the Group's operations and assets are located. Since the downturn in China's real estate market that began in late 2020, Xinyuan has been struggling to pay its billions of dollars of funded debt. In 2022 and 2023, Xinyuan restructured some of that debt, but that restructuring proved insufficient. In January 2025, unable to pay $170 million of senior notes that came due that month, the Debtor commenced restructuring negotiations with the holders of those notes. In April 2025, three investment funds holding about $65 million of the Debtor's senior notes filed an involuntary chapter 11 petition in the Southern District of New York Court. The following month, shortly before its deadline to respond to that petition, the Debtor announced its plan to restructure in the Cayman Islands. In June 2025, the Debtor filed a judicial proceeding in the Cayman Islands to restructure about $600 million of U.S.-dollar denominated debt, including the senior notes held by the petitioning creditors, through a scheme of arrangement. The Debtor has now moved to dismiss the involuntary petition on a number of grounds, principally abstention under Bankruptcy Code Sec. 305(a). The Debtor also seeks dismissal for cause under Code Sec. 1112(b) or, alternatively, on forum non conveniens grounds. Abstention by a bankruptcy court in favor of a competing foreign insolvency proceeding is often warranted to avoid the disruption and additional expense that dueling proceedings can cause. If the Debtor were making progress in its Cayman Islands proceeding and could show a reasonable likelihood of successfully reorganizing there, the Bankruptcy Court would be inclined to dismiss the involuntary petition on abstention grounds. However, over the past half year, there has been no activity in the Cayman case, nor does the Debtor appear to have made any progress behind the scenes, the Court recounts. Despite repeated representations that it would soon obtain additional creditor support, the Debtor still only has the support of creditors holding 31% of the Scheme debt -- the same level of support it had last July. The Debtor's restructuring appears to have reached an impasse. Moreover, even if the Debtor were somehow able to obtain the 75% level of creditor support that Cayman Islands law requires for approval of the Scheme, its Cayman restructuring would still face additional hurdles. The Cayman court would need to approve the Debtor's decision to put all Scheme creditors in a single class, despite the varying interest rates (ranging from 3% to 14.5%) and varying maturities of the four tranches of Scheme debt. In addition, the Debtor would need to obtain a U.S. bankruptcy court's recognition of its Cayman restructuring as a foreign proceeding -- an essential step, since all Scheme debt is U.S.-dollar denominated and subject to New York choice of law and forum selection clauses. According to the Bankruptcy Court, this could prove challenging, given the Debtor's lack of any business operations in the Cayman Islands, plus the fact that the Group's business and the Debtor's restructuring are being managed from Beijing. Existing precedent in this District would support a finding that the Debtor's center of main interests is in the Cayman Islands if, but only if, the Debtor first obtained overwhelming creditor support and no objections to recognition were filed. In these circumstances, the Bankruptcy Court finds the Debtor has not met its burden of demonstrating that abstention would be in the best interests of its creditors. To the contrary, it appears that creditor interests would be better served by allowing this involuntary case to proceed. Most important, chapter 11 gives the Court the power to ensure that the restructuring will not continue to stall. If the Debtor fails to make progress within a reasonable time, its exclusive right to file a chapter 11 plan may lapse or be terminated, giving creditors the ability to file and confirm a plan of their own -- something they cannot do in the Cayman Islands without the Debtor's support. Moreover, the mere possibility of an eventual creditor plan in this case could potentially break the impasse in the Cayman case, in which event the Court might be receptive to a motion to suspend further proceedings in this case on abstention grounds. At present, however, the Debtor has not shown that abstention would benefit creditors. Even more clearly, the Debtor has not shown cause to dismiss under Bankruptcy Code Sec. 1112(b) or on forum non conveniens grounds. The Bankruptcy Court therefore will deny the Debtor's motion to dismiss in its entirety. A copy of the Court's decision dated March 3, 2026, is available at https://urlcurt.com/u?l=swjnPh from PacerMonitor.com Counsel for the Debtor: Gabriel Altman, Esq. Eloy A. Peral, Esq. WINDELS MARX LANE & MITTENDORF, LLP 156 W. 56th Street New York, New York 10019 Email: galtman@windelsmarx.com eperal@windelsmarx.com Counsel for the Petitioning Creditors: Paul R. DeFilippo, Esq. Nicholas Servider, Esq. Ryan Kane, Esq. James N. Lawlor, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, NY 10110 Email: pdefilippo@wmd-law.com jlawlor@wmd-law.com Counsel for the Office of the United States Trustee: Tara Tiantian, Esq. UNITED STATES DEPARTMENT OF JUSTICE One Bowling Green New York, NY 10104 About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ================= H O N G K O N G ================= CIMG INC: Faces Added Nasdaq Delisting Risk in Monitor Period ------------------------------------------------------------- CIMG Inc. disclosed in a regulatory filing that it received a letter from The Nasdaq Stock Market LLC indicating that the Nasdaq Hearings Panel will consider the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1), due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the period ended December 31, 2025, as an additional basis for the potential delisting of the Company's securities from The Nasdaq Capital Market during the Panel's monitor period. As previously disclosed, in a decision letter dated December 4, 2025, the Panel imposed a Mandatory Panel Monitor with respect to the Company pursuant to Nasdaq Listing Rule 5815(d)(4)(B), which requires Nasdaq Staff to issue a delisting determination if the Company fails to maintain compliance during the monitoring period. The Mandatory Panel Monitor will remain in effect until November 14, 2026. The Nasdaq letter does not immediately impact the listing or trading of the Company's common stock on The Nasdaq Capital Market. The Company is working diligently to complete and file the Form 10-Q as soon as practicable. About CIMG Inc. CIMG is a business group specializing in digital health and sales development, with a cryptocurrency-focused strategy. The Company leverages AI and cryptocurrencies (such as Bitcoin and stablecoins) to drive business growth, helping clients maximize user growth and enhance brand management value. The Company's current client portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has experienced recurring losses from operations and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $74.18 million in total assets, $27.65 million in total liabilities, and a total stockholders' equity of $46.53 million. ========= I N D I A ========= AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AAA Roller Flour Mills Private Limited (ARFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.32 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of ARFMPL under the 'issuer non-cooperating' category as ARFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable AAA Roller Flour Mills Private Limited (ARFMPL) was incorporated in 2011 by Mr. Vijay Gupta (Chairman and MD) and family and commenced operations in May, 2013. It is engaged in the processing of wheat to manufacture different forms of flour such as Maida, Rawa, Suji, and wheat flour (atta) at its plant located at Pune, Maharashtra. ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Adore Suitings Private Limited (ASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.73 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 21, 2025, placed the rating(s) of ASPL under the 'issuer non-cooperating' category as ASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 7, 2025, December 17, 2025, December 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ASPL was incorporated in 2003 by Mr Paras Mal Gokhru and Mr Roop Chand Gokhru of Bhilwara, Rajasthan. ASPL is engaged in the business of manufacturing of synthetic grey fabrics at its sole manufacturing facility located at Bhilwara, Rajasthan, a textile hub. AJS AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: AJS Agro Trade Private Limited S/O Hazi Zikarbhai Dhebar, Beside Vidya Hospital, Main Road, Shankar Nagar, Raipur-492002, Chhattisgarh Insolvency Commencement Date: January 16, 2026 Estimated date of closure of insolvency resolution process: July 15, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Vekas Kumar Garg 1-B, 1/17, Lalita Park, Laxmi Nagar, Near Laxmi nagar Metro Station, New Delhi, 110092 Email ID: vikasgarg_k@outlook.com Email ID: ajsagrotrade.cirp@gmail.com Last date for submission of claims: March 2, 2026 ALCOB INDIA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Alcob India Private Limited Office 201, A Wing, Sai Gaurav 2040, Jan Mohamad-Street, Babajan Chowk Pune City, Maharashtra, India, 411001 Insolvency Commencement Date: February 23, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 22, 2026 Insolvency professional: Rajesh S. Shah Interim Resolution Professional: Rajesh S. Shah 701, Laxmikunj Apartment, Navi Peth, Opposite Premanand Society, Near Rajendra Nagar, Pune, 411030, Maharashtra Email: rsshah27@hotmail.com alcob.cirp@gmail.com Last date for submission of claims: March 9, 2026 AMB LIFTING: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: AMB Lifting Solutions Private Limited No. 1, Perianna Maistry Street, Broadway, Chennai - 600001, Tamil Nadu, India Liquidation Commencement Date: February 23, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Premnarayan Ramanand Tripathi Door A, 2nd Floor, 97, Kundrathur Main Road, Kumananchavedi, Poonamalee, Chennai - 600056, Tamil Nadu, India 606, 6th Floor, Shivalik Square, Near Adani CNG Pump, 132 Fl. Ring Road, New Vadaj, Ahmedabad - 380013, Gujarat, India Tel: +91-89800 26497 Email: premnarayan.cs@gmail.com Last date for submission of claims: March 24, 2026 AMRIT HUMIFRESH: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Amrit Humifresh Preservation Private Limited (AHPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 27, 2025, placed the rating(s) of AHPPL under the 'issuer non-cooperating' category as AHPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 23, 2025, January 2, 2026, February 20, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Amrit Humifresh Preservation Private Limited (AHPPL) was set-up in 2000 and became operational in 2003. AHPPL is currently being managed by Mr. Bal Krishan Gupta, Mrs. Geeta Aggarwal, Mr. Deepak Aggarwal, Mr. Manish Aggarwal and Miss Amita Aggarwal. The company is engaged in the business of providing space on rental basis in the cold storage for storage of fruits, vegetables, dry fruits and spices. Along with this the company also provides maintenance of storage facilities like refrigerators, cold rooms and freezers. The storage location of AHPPL is located in Sonipat, Haryana. AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amul Feed Private Limited (AFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of AFPL under the 'issuer non-cooperating' category as AFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Amul Feed Private Limited. (AFPL) incorporated in September 1997 as Ahmad Vyapar Pvt Ltd, (AVPL) to setup a trading business near Patna and remained dormant thereafter. During December 2003, present promoters took over the business of AVPL and rechristened as AFPL and initiated a hatchery business. In recent past, the company has completed a poultry feed production unit at Ranipur Chak- Patna. The unit has started operation from January 2015. The day-to-day affairs of the company are looked after by Mr. Ashok Kumar Singh (Director) with adequate support from other three directors and a team of experienced personnel. BAGGIT INDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Baggit India Private Limited 218, Narayan Udyog Bhavan, Dr. Ambedkar Road, Lalabaug, Mumbai, Maharashtra, India, 400012 Insolvency Commencement Date: February 27, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: August 26, 2026 Insolvency professional: Amit Vijay Karia Interim Resolution Professional: Amit Vijay Karia 405, Hind Rajasthan Building, Dadasaheb Phalke Road, Gautam Nagar, Dadar (East), Mumbai City, Maharashtra - 400014 Email: ipamitkaria@gmail.com cirp.baggit@gmail.com Last date for submission of claims: March 13, 2026 BALAJI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Balaji Industries (SBI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.63 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of SBI under the 'issuer non-cooperating' category as SBI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SBI is a proprietorship concern, established in 2011 by Mr M R Subrahmanyam. The firm is engaged in distillation of Solvents used by petrochemical and other chemical manufacturing companies. In FY15, SBI had a surplus of INR0.27 crore on a total operating income of INR13.45 crore, as against PAT and TOI of INR0.27 crore and INR7.78 crore, respectively, in FY14. BASANDARI BOTTLERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Basandari Bottlers Private Limited SCF-247, 1st Floor Motor Market, Manimajra, Chandigarh - 160101 Insolvency Commencement Date: February 20, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: August 22, 2026 Insolvency professional: Bhavna Bansal Interim Resolution Professional: Bhavna Bansal A/19-B, DDA Flats, Munirka, Delhi - 110067 Email: bhavnabansalus@yahoo.com E-9/23, LGF, Vasant Vihar, Delhi - 110057 Email: cirp.brb@gmail.com Last date for submission of claims: March 9, 2026 BTW ATLANTA: CARE Keeps C/A4 Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BTW Atlanta Transformers India Private Limited (BATIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 75.00 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 23, 2025, placed the rating(s) of BATIPL under the 'issuer non-cooperating' category as BATIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BATIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 9, 2025, December 19, 2025, December 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BTW India (CIN: U31102GJ2012PTC069372) was incorporated in March 2012, as a Joint Venture between BTW China, and Atlanta Electricals Private Limited, India (AEP). Subsequently, during FY17, AEP transferred its holding in BTW India to one of the group companies of Atlanta group, viz. Atlanta UHV Transformers LLP. BTW India is primarily set up as an Indian manufacturing base of BTW group of China to manufacture distribution transformers and reactors up to 1200 KVA to cater to the domestic market. The company has its manufacturing facility at Vadodara, Gujarat. CI CAPITAL: CARE Lowers Rating on INR20cr LT Loan to B+ ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of CI Capital Private Limited (CICPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has sought information from CICPL to monitor the rating(s) vide e-mail communications dated February 17, 2026, February 10, 2026, February 4, 2026, January 30, 2026, and January 14, 2026 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on the best available information, which however, in CareEdge Rating's opinion is not sufficient to arrive at a fair rating. Hence, its rating has been revised considering non-availability of operational or financial details to support the previous rating as the same have not been provided by the company. The rating on CICPL's bank facilities will now be denoted as CARE B+; Stable/ ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on April 4, 2025, the following were the rating weaknesses and strengths (updated based on limited information available from Registrar of Companies). Key weaknesses * Small, despite growing, scale: The company began its operations in July 2018 in vehicle financing segment (new and used both). In January 2020, the company further ventured into business loans, personal loans, and loans against property (LAP). However, from FY24, the company reduced its exposure in the new vehicle segment due to the long loan contractual tenure of seven to eight years. Overall, its scale of operations has remained relatively modest, despite a healthy growth has been seen in 9M FY25. As on March 31, 2025, the company's loan book stood at INR24 crore, improving from INR8.87 crore in March 2024 (INR8.18 crore in March 2023). * Modest earning profile, owing to high opex: In FY25, CICPL's total income doubled to INR6.46 crore from INR3.15 crore in FY24. Despite this growth, return on total asset (RoTA) declined due to higher operating expenses, which rose to 16.48% from 9.36% in FY24, primarily driven by increased employee expenses and other expenses. * Geographically concentration operations: Until February 2025, CICPL's operations were limited to customers of its group entities based in Bhopal, Madhya Pradesh, resulting in regionally concentrated operations. The company strengthened its presence in the Bhopal, increasing from two branches in FY24 to five branches in the first nine months of FY25. * Concentrated resource profile: The company's resource profile is highly concentrated with lending relations with only two lenders. While 99.9% of its resource profile is funded by a public sector bank in the form of term loans and cash credit limits, its ability to increase its lending relations and continuously raise money from sources as adequate cost will be key for its growth and overall earnings profile. Key strengths * Comfortable capitalisation level for current scale: The company's tangible net worth (TNW) increased to INR7.05 crore as on March 31, 2025, from INR4.91 crore as on March 31, 2024. With the substantial growth in scale, its gearing rose to 2.89x as on March 31, 2025, from 1.57x as on March 31, 2024. This is expected to further increase in FY26 given management's growth plans, however, remain below 7x with further expected capital raise. Any delay in raising adequate capital to meet Reserve Bank of India's (RBI's) Net own fund (NOF) requirement by March 2027 shall be detrimental for its credit profile. * Improved asset quality, though unseasoned book: The company's asset quality improved by December 31, 2024, with the gross non-performing asset (GNPA) and net NPA (NNPA) reducing to 1.53% and 0.54%, respectively, from 4.31% and 2.73% as on March 31, 2024. This improvement was supported by high provisions and reduction in slippages. Notably, the portfolio largely accelerated in the first nine months of FY25, so the book remains unseasoned. Liquidity: Adequate The company had free cash and bank balance of INR4 crore as on December 31, 2024, it has monthly debt obligations due of ~INR0.35 crore with monthly opex of ~INR0.24 crore, against monthly scheduled collections of INR1.35 lakh. Even in a stressed collection scenario of ~90% CE, its liquidity seems adequate for six months. Apart from this, the company has unavailed sanction lines of INR3.69 crore. Incorporated in 1996 as Penny Care Leasing and Finance Private Limited, CICPL is registered with the RBI as a non-deposit-taking non-banking financial company (NBFC-ND). In 2017, Rakesh Malik of the CI group, Bhopal, took over the company and rechristened it to its present name. The company commenced regular lending operations from July 2018. CICPL operates in Bhopal, Madhya Pradesh, and is primarily engaged in providing vehicle finance, personal loan, business loans, and LAP. CLASSIC CORRUGATIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Classic Corrugations Private Limited (CCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 17, 2025, placed the rating(s) of CCPL under the 'issuer non-cooperating' category as CCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 3, 2025, December 23, 2025, February 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings. has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ahmedabad (Gujarat) based CCPL is a private limited company incorporated in 2011. The company is engaged into manufacturing of kraft paper based corrugated boxes which are used in packaging purpose by various industries such as home appliances, food products, liquor, confectioneries, pharmaceuticals etc. Presently, operations of CCPL are managed by Mr. Yogesh Todi and Mrs Manisha Todi. CCPL operates from its sole manufacturing facilities located in Ahmedabad with an installed capacity of manufacturing 18,000 metric tons of boxes per annum as on March 31, 2017. Further, there is an associate concern of CCPL known as Century Ventures (operational since 2015) which is also engaged into manufacturing of customized corrugated boxes. CONTOUR STEEL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Contour Steel Engineering India Private Limited (CSEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of CSEIPL under the 'issuer non-cooperating' category as CSEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Contour Steel Engineering India Private Limited (CSEIPL), incorporated in August 2007, and has been promoted by Mr. Shivanand Sudhakar Gokhale and Mr. Mohammed Adil Riaz. The company is primarily engaged in manufacturing of PreEngineered metal buildings, pre-painted steel profiled roofing & cladding sheets and cold formed steel sections. The promoters have about 25 years of experience in the industry and by virtue of that have developed established relationships with both suppliers and clients. CPR CAPITAL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: CPR Capital Services Limited Tower C-2022, Redwood Residency, Sec 78, N.I.F.M. Faridabad, Haryana - 121001 Insolvency Commencement Date: February 19, 2026 Court: National Company Law Tribunal, Chandigarh Bench-II Estimated date of closure of insolvency resolution process: August 18, 2026 Insolvency professional: Sanjay Mehra Interim Resolution Professional: Sanjay Mehra B-11, 3rd Floor, Geetanjali Enclave, Opposite Aurbindo College, New Delhi - 110017 Email: sanjay.mehra64@gmail.com Upper Ground Floor, A-394, Defence Colony, New Delhi - 110024 Email: cirp.cprcapital@gmail.com Last date for submission of claims: March 11, 2026 DALOWJAN TEA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dev India Projects Private Limited (DIPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.37 CARE B-; Stable, Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of DIPPL under the 'issuer non-cooperating' category as DIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dev India Projects Private Limited (DIPPL) was incorporated on March 9, 2009 by Ms. Kumari Aarty, Mr. Mukesh Kumar Mehta and Mr. Gopal Mehta of Muzaffarpur, Bihar. Since its inception, DIPPL has been engaged in the business of distributorship of home appliances of Samsung India Electronics Private Ltd (SIEPL). The company is the sole distributor of SIEPL for the fifteen districts of Bihar. DIPPL sells its products to dealers (currently 150 dealers) and retailers (75) in the districts like Chhapra, Siwan, Gopalganj, Mirganj, Hajipur, Darbhanga, Madhubani, Jaynagar, Muzaffarpur, Sitamarhi, Motihari, Bettiah, Rexaul, Bagha and Balmikinagar. Currently, the company is managed by Mr. Rajeev Ranjan and Mr. Manish Raj who are having about seven years of experience in distributorship business of home appliances. DEV INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dev India Projects Private Limited (DIPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.37 CARE B-; Stable, Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 22, 2025, placed the rating(s) of DIPPL under the 'issuer non-cooperating' category as DIPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 8, 2025, December 18, 2025, December 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Dev India Projects Private Limited (DIPPL) was incorporated on March 9, 2009 by Ms. Kumari Aarty, Mr. Mukesh Kumar Mehta and Mr. Gopal Mehta of Muzaffarpur, Bihar. Since its inception, DIPPL has been engaged in the business of distributorship of home appliances of Samsung India Electronics Private Ltd (SIEPL). The company is the sole distributor of SIEPL for the fifteen districts of Bihar. DIPPL sells its products to dealers (currently 150 dealers) and retailers (75) in the districts like Chhapra, Siwan, Gopalganj, Mirganj, Hajipur, Darbhanga, Madhubani, Jaynagar, Muzaffarpur, Sitamarhi, Motihari, Bettiah, Rexaul, Bagha and Balmikinagar. Currently, the company is managed by Mr. Rajeev Ranjan and Mr. Manish Raj who are having about seven years of experience in distributorship business of home appliances. EQUITABLE FINANCIAL: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Equitable Financial Consultancy Services Private Limited 3-3A 32/34 Churchgate House, Veer Nariman Road, Bombay -1, Mumbai, Maharashtra, India, 400001 Liquidation Commencement Date: February 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Raghunath Sabanna Bhandari Flat No. 501 Raj Atlantis 2, Opposite SVP High School, Kanakia, Mira Road, Thane, Maharashtra - 401107 Email: raghunathsb@yahoo.com Office No. 402, 4th Floor, "A" Wing, Pushp Vinod No. 2, S.V. Road, Borivali West, Mumbai - 400092 Tel: 70214 00658 Email: liquidation.equitable@gmail.com Last date for submission of claims: March 28, 2026 GLUHEND INDIA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gluhend India Private Limited (GIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 263.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated March 4, 2025, placed the rating of GIPL under the 'issuer non-cooperating' category as GIPL had failed to provide information for monitoring of the rating. GIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated February 18, 2026. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. CareEdge Ratings has reaffirmed the rating assigned to Non-convertible Debentures (NCD- ISIN INE744Z07027) of GIPL at CARE D category on account of inability of the company to repay the NCDs on due date. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: At the time of last rating on March 4, 2025, the following were the rating strengths and weaknesses (updated for the information available from BSE): Key weaknesses * Non-redemption nor refinancing of NCDs: The rated NCD's were due for redemption on June 30, 2023. However, the Board of Directors of the Company, pursuant to its discussions with the debenture holders, had approved the restructuring of NCDs in terms of extension of date of redemption by 14 days i.e., from 30th June 2023 to 14th July 2023. As per discussion with management, the rated NCD's were meant to be refinanced at end of the term as company's cash flow from operation were not sufficient for redemption. The company have been exploring US markets for re-financing; however, US markets are not favourable in recent times. Extension for redemption is given by the lenders to let company explore India market for refinancing. Further, as per the last written feedback received from the debenture trustee, the NCDs were still in default as of March 2024. Key Strengths: Not Applicable Incorporated in 2017, Gluhend India Private Limited is sponsored by New York based Private Equity firm Delos Capital Management. The company took over the business of Sage Metal Private Limited (SMPL) and is engaged in export die-cast components made of steel, copper, aluminium, zinc, and iron, which are used in electrical fittings, industrial castings, sanitary drainage fittings, automotive components, and water pump accessories and has manufacturing facilities each in Bawal (Haryana), Faridabad (Haryana) and Sahibabad (Uttar Pradesh). Further, Sage International Inc (SII), incorporated in July 1999 in the US, is a wholly owned subsidiary of GIPL (acquired by SMPL pre-acquisition) and acts as its marketing and warehousing arm in the US and Canada. Trident Components and Jayco Manufacturing, subsidiaries of SII based in USA, are engaged in manufacturing and trading of metal components (same line of business) having 2 manufacturing facilities in USA. HOK DESIGN: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: HOK Design and Planning Services (India) Private Limited F7, Laxmi Mills, Shakti Mills Lane Off Dr. E Moses Road, Mahalakshmi, Mumbai City, Mumbai, Maharashtra, India, 400011 Liquidation Commencement Date: February 20, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Parshva Shah REGISTERED ADDRESS: 1043, Clover Regency, Ramji Ashar Lane, Ghatkopar East, Mumbai 400077 COMMUNICATION ADDRESS: 106, 1st Floor, Kanakia Atrium 2, Cross Road A, Behind Courtyard Marriott, Chakala, Andheri East, Mumbai - 400093 Email: liquidator.hokindia@gmail.com Email: ip.parshvashah@outlook.com Last date for submission of claims: March 22, 2026 HYGEIA FRUIT: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Hygeia Fruit and Vegetable Processors Private Limited Plot No. 1-A Industrial Area, Nerchowk Ratti, Mandi, Sadar, Himachal Pradesh - 175008 Insolvency Commencement Date: February 19, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: August 22, 2026 Insolvency professional: Bhavna Bansal Interim Resolution Professional: Bhavna Bansal A/19-B, DDA Flats, Munirka, Delhi - 110067 Email: bhavnabansalus@yahoo.com E-9/23, LGF, Vasant Vihar, Delhi - 110057 Email: cirp.hygiea@gmail.com Last date for submission of claims: March 9, 2026 IDESA INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Idesa India Private Limited 318, 319 Labh Icon, Near Bansal Mall, Gotri, T B Sanatorium, Vadodara, Gujarat, India, 390021 Liquidation Commencement Date: February 24, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Kashyap Shah B-203, Manubhai Towers, Opposite M S University, Sayajigunj, Vadodara, 390020 Tel: 99980 62244 Email: kashyap.cs.ip@gmail.com Last date for submission of claims: March 25, 2026 IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of IL&FS Transportation Networks Limited (ITNL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,241.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 890.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 230.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 225.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 390.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 425.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 250.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 200.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Non Convertible 100.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) placed the rating(s) of ITNL under the 'issuer non-cooperating' category vide its press release dated March 27, 2019, because ITNL had failed to provide information for monitoring the rating as agreed in its Rating Agreement. ITNL continues to be non-cooperative despite repeated requests for submission of information through e-mails and phone calls from January 12, 2026 to February 18, 2026. In line with extant SEBI guidelines, CareEdge Ratings reviewed the rating basis best available information, which in CareEdge Ratings' opinion, is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and public) are requested to exercise caution while using the rating(s). Ratings factor in continued delays in debt servicing. Rating sensitivities: Factors likely to lead to rating actions Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt-servicing obligations: Per disclosures on stock exchanges, there have been continuous delays in servicing debt obligations. Liquidity: Not applicable Assumptions/Covenants: Not applicable ITNL was incorporated in 2000 and is part of the IL&FS group. It is involved in development, operations and maintenance of surface transportation infrastructure projects encompassing national and state highways, roads, tunnels, flyovers and bridges with expertise in development of build operate transfer (BOT) road projects. ITNL also renders services in project advisory and management, supervisory in the capacity of lenders' engineer, operation and maintenance (O&M) and toll collection services. On a standalone basis, ITNL incurred a loss (including other comprehensive income) of INR973 crore for FY20 and has net liabilities of INR14860 crore as on March 31, 2020. Per the FY20 audited report, the matter is still pending with the National Company Law Tribunal (NCLT). INDIA DAIRY: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of India Dairy Feeds Private Limited (IDFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 8, 2025, placed the rating(s) of IDFPL under the 'issuer non-cooperating' category as IDFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IDFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 24, 2025, December 4, 2025, December 14, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable India Dairy Feeds Private Limited (IDFPL), incorporated in the year 2014 was promoted by Shri Anirban Nath, Smt. Susmita Nath and Shri Surajit Chakravarti of Kolkata. IDFPL set up a unit engaged in manufacturing of cattle feed at Bankura, West Bengal with installed capacity of 30000 MTPA. IDFPL has entered into authorized agreement with Kaira District Cooperative Milk Producers' Union Ltd, referred as Amul Dairy in August, 2016 for a period of 5 years, whereby Amul Dairy will obtain cattle feed of different types produced by IDFPL, packed in HDPE bags or in different pack sizes as decided by Amul Dairy, with the objective of marketing the cattle feed under 'Amul' brand in Kolkata and other markets in the eastern region as decided by Amul dairy. Shri Anirban Nath, the Managing Director, looks after the day to day operations of the entity along with a team of experienced personnel. J V GOKAL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: J V GOKAL AND COMPANY PRIVATE LIMITED Ground Floor Plot 570, Sadhana Mill Compound (Sadhana House), Shivram Seth Amrutwar Road, Nr. Doordarshan Kendra, Pandurang Budhkar Marg, Worli, Worli, Mumbai - 400018, Maharashtra Insolvency Commencement Date: February 19, 2026 Estimated date of closure of insolvency resolution process: August 18, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: SABBANI MARUTHI RSDS Advisory & Restructuring LLP Eighth Floor, I 807, Godrej Garden City, Behind Nirma University, Jagatpur Village, Ahmedabad, Gujarat Email: ravindra1960_goyal@yahoo.co.in New Mhada Ews Towers, Block 3C Flat no 303 , Bangurnagar Goregaon(W), Mumbai Suburban, Maharashtra, 400104 Email: IP@JVGOKALCIRP.COM Last date for submission of claims: March 5, 2026 JKIRTI CONSULTANCY: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Jkirti Consultancy Private Limited 510, Himalaya House, 79 - Palton Road, Mumbai, Maharashtra, India, 400001 Liquidation Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Amit Rustogi C-305 Great Eastern Gardens, Kanjur Marg West LBS Marg Mumbai, 400078 Email: amitrustogi@rediffmail.com Opposite Naval Colony, Mumbai City, Maharashtra, 400078 Email: jkirtivolliq@outlook.com Last date for submission of claims: March 26, 2026 JUSTICE AV: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Justice AV Solutions India Private Limited A86 Shanti Nagar MG Road, BHD ST Depot, Borivali East, Mumbai - 400066, Maharashtra, India Liquidation Commencement Date: February 24, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Tejas Patel 126, Lawyers Chambers, R.K. Jain Block, Supreme Court of India, Tilak Marg, New Delhi, 110001, India Tel: +91 99710 06440 Email: mail@tejaspatel.in vljasipl@gmail.com Last date for submission of claims: March 26, 2026 KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kohinoor Foods Limited (KFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 199.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 747.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 20, 2025, placed the rating(s) of KFL under the 'issuer non-cooperating' category as KFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 6, 2025, December 16, 2025, December 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the milling, processing, and selling of rice, and trading of food products and other agri-commodities. The company has a rice mill located at Murthal (Haryana) and a food processing unit at Sonepat (Haryana). Over the years, KFL has emerged as one of the dominant Indian players in the global basmati rice market. KFL has established its brand both in India and abroad in geographies like USA, UK, Middle Eastern countries, Australia, Belgium and other European countries. KORIYA INFRA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Koriya Infra Private Limited Registered Office: 302, Radhe Gyan, Opp Pramukh Swami Hospital, Atladara, Vadodara, Gujarat -390012 Office Address: Kishan Ambrosia, Plot No. 82, TP No. 60, Village Monje Gotri, Vadadora, Gujarat Insolvency Commencement Date: February 27, 2026 Estimated date of closure of insolvency resolution process: August 26, 2026 (180 Days) Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Rathnin Amishbhai Majmudar 604, Scarlet Gateway, Opp. Rivera Antilia Corporate Road, Near Prahladnagar Garden, Ahmedabad-380 015 Email: info@carathin.com Mobile: 99747 17070 Email: cirp.koriyainfra@gmail.com Representative of creditors in a class: 1. Mrs. Anjali Choksi 2. Mr. Dharit Shah 3. Mrs. Shubham Agarwal Last date for submission of claims: March 13, 2026 KRISHNA SAHIL: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krishna Sahil Constructions Private Limited (KSCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 24, 2025, placed the rating(s) of KSCPL under the 'issuer non-cooperating' category as KSCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 10, 2025, December 20, 2025, December 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Krishna Sahil Constructions Private Limited was constituted in 2008 and was offshoot of Krishna Construction Company Private Limited and is currently headed by Mr. Rajesh Bahl who is currently also the Managing Director. He was joined by his son Sahil Bahl in 2006 and he is handling construction sites. Krishna Sahil Construction Company Private Limited is involved in infrastructure and act as sub-contractor for many reputed builders and developers in and around Delhi NCR, and have completed number of high-rise buildings with renowned Developers like DLF, UNITECH, ELDECO & ANSAL etc. M J ENGINEERING: CARE Lowers Rating on INR14.35cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of M J Engineering Works Private Limited (MJEWPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.35 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Long Term/ 2.70 CARE D/CARE D; ISSUER NOT Short Term Bank COOPERATING; Rating continues Facilities to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable/ CARE A4 Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 25, 2025, placed the rating(s) of MJEWPL under the 'issuer non-cooperating' category as MJEWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MJEWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 8, 2026, February 18, 2026 and February 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MJEWPL have been revised on account of non-availability of requisite information. The rating revision also considers delays in debt servicing as recognized from auditor feedback and publicly available information i.e. auction notice issued by the lender. Analytical approach: Standalone Outlook: Not Applicable MJEWPL was incorporated in 1991 and is currently being managed by Mr Pradeep Kumar Jain. The company is engaged in designing and manufacturing of transmission line towers, microwave towers, sub-station structures, and cable trays up to 400 Kilovolts along with hot-dip galvanizing at its manufacturing facility located at Alwar, Rajasthan. MARVEL GROUP: NCLT Initiates Insolvency Proceedings vs. Promoter ---------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has ordered to initiate the insolvency proceedings against Marvel Group promoter Vishwajeet Jhawar. ET relates that the NCLT Mumbai order, pronounced by Justices Prabhat Kumar and Sushil Mahadeorao Kochey on January 30, was passed on a petition filed by APRN Enterprises (APRN), formerly known as Ansapack, for outstanding debt of INR226.89 crore. APRN Enterprises in its petition, filed on July 7, 2025, asked for initiation of the Corporate Insolvency and Resolution Process against Jhawar. In its petition, APRN stated that the Marvel Group promoter, who was the personal guarantor, failed to repay the outstanding dues arising on account of interest payments and loan repayment and hence, asked for initiation of insolvency resolution against Jhawar, ET relays. On Feb. 10, 2017, APRN Enterprises had granted financial facilities of INR25 crore to the Marvel Group promoter, which was to be used towards general corporate purpose, in the ICD agreement. The deposit was to be repaid within a period of 3 months from the date of the ICD Agreement. According to ET, the tribunal in its order said, "It is established that the Corporate Debtor (Marvel Group promoter) has committed defaults by not fulfilling their obligations under the finance documents read with the Settlement Agreement dated January 20, 2025. "Jhavar, personal guarantor to Marveledge Realtors has also committed default in payment of amount due from the principal borrower. Hence, we have no hesitation to hold that the Respondent is liable to be admitted to the bankruptcy process in terms of Section 100 (2) of the Code." "Initiate Insolvency Resolution process against Jhawar and moratorium in relation to all the debts is declared, from Jan. 30, 2026, shall cease to have effect at the end of the period of 180 days," according to ET. The tribunal appointed Truvisory Insolvency Professionals as the RP to manage to conduct the insolvency in a time bound period, ET discloses. The NCLT Mumbai bench directed the RP to issue a public notice within seven days inviting all creditors to submit their claims. MP BORDER: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MP Border Checkpost Development Company Limited (MBCDCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 552.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated January 9, 2025, placed the rating(s) of MBCDCL under the 'issuer non-cooperating' category as MBCDCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBCDCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2025, December 5, 2025, December 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable MP Border is a Special Purpose Vehicle, sponsored by IL&FS Transportation Networks Ltd. (ITNL, rated CARE D; Issuer Not Cooperating) and Spanco in the ratio of 74:26, to perform up-gradation, modernization, construction, operation and maintenance of 24 Border Check Posts (BCPs) and two Central Control Facilities (CCFs) on Build, Operate and Transfer (BOT) basis for a period of 12.5 years starting from appointed date i.e. May 5, 2011. CARE does not have any update on the latest developments in this regard MUSALE CONSTRUCTION: CARE Lowers Rating on INR35cr Loans to D ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Musale Construction (MCN), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D Revised from CARE B-; Facilities Stable Short Term Bank Facilities 25.00 CARE D Revised from CARE A4 Rationale and key rating drivers Revision in the ratings assigned to the bank facilities of MC factors in overdrawals in the Cash Credit (CC) account for more than 30 consecutive days during December' 2025 and January' 2026. The rating action is in line with CARE Rating Limited's (CareEdge Ratings') policy on default recognition. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Timely servicing of debt obligations/ overdrawal- free track record for a period of at least 90 days Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Ongoing delays in debt servicing: As per the statements for CC facility shared by MC, there were instances of continuous overdrawals in CC for more than 30 days (December 18, 2025 to January 19, 2026) The same has also been confirmed by the lender. Delayed realisation of receivables resulted in poor liquidity, leading to the said overdrawal. Liquidity: Poor The firm has poor liquidity marked by full utilisation of working capital limits with frequent instances of overdrawals. Assumptions/Covenants: Not applicable Nagpur (Maharashtra) based Musale Construction (MCN) was established in October 1989 as a partnership firm. The firm is engaged in the construction business and undertakes the construction of roads, canals and other irrigation contracts. The firm is registered as a 'Class A' contractor with Public Works Department, Maharashtra, Madhya Pradesh and Chhattisgarh. The firm executes orders only for government authorities. NOVUS GREEN: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Novus Green Energy Systems Limited Suitell, 2nd Floor, Siddhi #100, P&T Colony, Tirumalagherry, Secunderabad, Telangana, India, 500015 Insolvency Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: August 23, 2026 Insolvency professional: Madhusudhan Rao Gonugunta Interim Resolution Professional: Madhusudhan Rao Gonugunta 7-1-285, Flat No. 103, Sri Sai, Swapna Sampada Apartments, Balkampet, Sanjeev Reddy Nagar, Hyderabad, Telangana, 500038 Email: madhucs1@gmail.com cirpnovus@gmail.com Last date for submission of claims: March 12, 2026 PARISHUDH MACHINES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Parishudh Machines Private Limited (PMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 3, 2025, placed the rating(s) of PMPL under the 'issuer non-cooperating' category as PMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 20, 2025, December 30, 2025, January 9, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh-based, PMPL was incorporated on February 6, 1987, by Mr. V.S. Goindi and Mr. G.S. Goindi. It started its commercial operations in 1988. PMPL is engaged in manufacturing and servicing of Computerized-Numerical-Control (CNC) turning and grinding machines and automatic lathes with the plant being located at Ghaziabad (UP) and Sitarganj (Uttaranchal). The manufacturing facility of PMPL is well equipped with modern amenities and is ISO 9001:2008 certified. This apart, PMPL also manufactures various engineering components. PMPL markets its products under the brand name 'Parishudh'. SKILL JUNCTION: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Skill Junction Infratech Private Limited Anandam, Near Kali Mandir, Chhototangra, Taljhuli P.O.-Kharagpur, Paschim Medinipur, Midnapore-721301, West Bengal Liquidation Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Hansraj Jaria 36, Abinash Sashmal Lane Beleghata, Phoolbagan, Near Pawanputra Hotel Kolkata-700010, West Bengal Email: skilljunctionvolliq@gmail.com Mobile: 9831648654 Mobile: 9836400884 Last date for submission of claims: March 27, 2026 SONI SOYA: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Soni Soya Products Limited CS-1, P Square Building, 2nd floor 350, Goyal Nagar, Indore, MP – 452016 Insolvency Commencement Date: February 17, 2026 Estimated date of closure of insolvency resolution process: August 16, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Harsh Firoda D-1101, BCM Paradise, Nipania, Near Advance Academy, Indore, MP,452010 Email: harshfiroda@gmail.com 2nd Floor, 211-B, Scheme no 134, Nipania, Indore, MP 452010 Email: sonisoya.rp@gmail.com Last date for submission of claims: March 3, 2026 STATUS SERAMIK: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Status Seramik India Private Limited Block No. 71 Salal Road, At & Po. Sonasan, Prantij, Gujarat, India, 383120 Insolvency Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: August 24, 2026 Insolvency professional: Neelam Modi Interim Resolution Professional: Neelam Modi House No. 3, Royal Krishna Society, Adipur-Gandhidham, Kachchh, Gujarat - 370205 Email: neelammodi1@gmail.com Last date for submission of claims: March 11, 2026 SUHRUD CARDIOLOGY: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Suhrud Cardiology Services Private Limited S. No. 46 2B2, Paud Road, Anand Nagar Kothrud Pune, Maharashtra India 411038 Liquidation Commencement Date: February 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sunil Gajanan Nanal c/o KANJ and Co LLP Company Secretaries, 3-4 Aishwarya Sankul, 17 G.A. Kulkarni Path, Opp. Joshi's Railway Museum, Kothrud Pune-411038 Flat No. 8, Priyanjali, Lane No. 6, Dahanukar Colony Kothrud, Pune-411038 Email: sunil.nanal@kanjcs.com Mobile No: 020 25466265 Last date for submission of claims: March 27, 2026 TERRAFORM GLOBAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Terraform Global India Private Limited Unit 702, 7th Floor, Tower 3 Equinox Business Park Off Bandra Kurla Complex, Lbs Marg, Kurl, A West, Mumbai City, Mumbai, Maharashtra, India, 400070 Liquidation Commencement Date: February 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Akansha Ashish Rathi Office No B-508, Mahaavir Icon Plot No 89, Sector 15, Cbd Belapur, Navi Mumbai, Maharashtra,400614 Email: Rathiakansha83@gmail.com Telephone Number: +91 9167735969 Last date for submission of claims: March 28, 2026 THYNKCUE BRANDS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Thynkcue Brands Private Limited Flat No-Tf-2, Kenchenahalli Surya Park View Apt, Ideal Homes, Halageva, Derahalli, Bangalore, Karnataka, India, 560098 Liquidation Commencement Date: February 26, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Pramod Srihari #3rd Floor, Raj Towers, 23rd Cross, Banashankari 2nd Stage, Bengaluru - 560070 Tel: 080-4160 7277 Email: pramod@capad.in Last date for submission of claims: March 28, 2026 TRANSOCEAN SUPPORT: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Transocean Support Services Private Limited One Boulevard, Office No.-02, 4th Floor, Lake Boulevard Street, Hiranandani Business Park, Powai, Mumbai, Maharashtra, India, 400076 Liquidation Commencement Date: February 26, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pranav J. Damania 407, Sanjar Enclave, Opposite Milap Cinema, S.V Road, Kandivali West, Mumbai - 400067 Tel: +91 98204 69825 Email: pranav@windadvisors.co.in Last date for submission of claims: March 28, 2026 UNIPHI PRIVATE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Uniphi Private Limited No. 12/11 Lavelle Road, Bangalore, Bangalore, Karnataka, India, 560001 Liquidation Commencement Date: February 23, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Srilakshmi Purushotham No. 41, Patalamma Temple Street, Basavanagudi, Near South End Circle, Bengaluru - 560004 Karnataka, India Tel: 080-42202020 Email: sri@gurujana.com Last date for submission of claims: March 25, 2026 UNIT CONSTRUCTION: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Unit Construction Company Private Limited Regd. Office: Unit House, P-40, Block- B, New Alipore Kolkata-700053 Insolvency Commencement Date: February 12, 2026 Estimated date of closure of insolvency resolution process: August 11, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: SANTOSH BHATIA D-1101, Lodha Meridia, 4th Phase, KPHB Colony, JNTU Kukatpally, Hyderabad-500072 Email: casantoshbhatia@gmail.com Last date for submission of claims: March 2, 2026 =============== M A L A Y S I A =============== KHEE SAN: Completes Debt Settlement and Share Capital Reduction --------------------------------------------------------------- The Edge Malaysia reports that Khee San Bhd has reached the final stage of its journey to exit Practice Note 17 (PN17) status, as it announced on March 6 the successful completion of its debt settlement and share capital reduction to eliminate accumulated losses. The Edge relates that the candy maker, which has been under the PN17 category since November 2021, said it had settled MYR72.49 million debt via a scheme of arrangement, which was executed through a combination of share issuance and cash. This was done by listing 210.61 million shares at 10 sen each in December 2025 to settle MYR21.06 million, and payment of MYR51.43 million cash from the proceeds of a rights issue completed in the same month that raised MYR77.12 million in total. According to The Edge, M&A Securities, acting on behalf of the board, confirmed that the scheme manager has verified full compliance with all obligations under the management. At the same time, Khee San said its share capital reduction of MYR137.52 million to eliminate accumulated losses took effect on March 6, The Edge relays. According to The Edge, the company had previously expected to seek fresh shareholder approval after the initial mandate was thought to have lapsed. However, it said in its latest filing that the Registrar of Companies (ROC) has allowed the company to proceed with the exercise without a new vote, noting that no creditors had applied to cancel the resolution for the share capital reduction under Section 118(2) of the Companies Act. Following the reduction, Khee San's issued share capital has been adjusted to MYR72.86 million, down from MYR210.4 million. Khee San first triggered PN17 criteria on Nov. 18, 2021, after its wholly owned subsidiary Khee San Food Industries Sdn Bhd, which accounted for over half of its total assets, was placed under judicial management following an application by Maybank Islamic Bhd to put the unit under court-supervised restructuring, The Edge notes. The unit was embroiled in a legal battle with several banks over debts owed. About Khee San Khee San Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, manufactures sweets and confectionery products. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management. In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd, via its solicitor Messrs Shook Lin & Bok, had filed an application to place its unit Khee San Food Industries Sdn Bhd under the court-supervised restructuring, theedgemarkets.com said. On May 9, 2023, Khee San Bhd announced a regularisation plan, which Bursa Malaysia approved on Aug. 19, 2024 and granted Khee San until Feb. 18, 2026 to complete its implementation. According to The Star, the plan includes a MYR137.52 million share capital reduction, a scheme of arrangement with creditors, and an employee share option scheme of up to 15% of the enlarged share base for directors and staff. The company currently carries total indebtedness of MYR141.47 million, with settlements amounting to MYR72.24 million - including MYR21.06 million in settlement shares. ===================== N E W Z E A L A N D ===================== CRUX INTERNATIONAL: Court to Hear Wind-Up Petition on April 23 -------------------------------------------------------------- A petition to wind up the operations of Crux International Limited will be heard before the High Court at Palmerston North on April 23, 2026, at 10:00 a.m. Mudajaya Corporation Berhad filed the petition against the company on Feb. 11, 2026. The Petitioner's solicitor is: Cameron Fraser Morrison Partners Limited Level 12 41 Shortland Street Auckland ELLERSLIE BOWLING: Creditors' Proofs of Debt Due on March 23 ------------------------------------------------------------ Creditors of Ellerslie Bowling Club Incorporated are required to file their proofs of debt by March 23, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 23, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 MK INVESTMENTS: Court to Hear Wind-Up Petition on March 19 ---------------------------------------------------------- A petition to wind up the operations of MK Investments Limited will be heard before the High Court at Auckland on March 19, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 23, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ODIN ENTERPRISE: Creditors' Proofs of Debt Due on April 7 --------------------------------------------------------- Creditors of Odin Enterprise Limited are required to file their proofs of debt by April 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 27, 2026. The company's liquidator is: Simon Rogan Kelman & Co PO Box 7575 Auckland 1141 SHUNDI CUSTOMS: First Creditors' Meeting Set for March 13 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Shundi Customs Limited and Shundi Tamaki Village Limited will be held on March 13, 2026, at 12:00 p.m. at the offices of Grant Thornton NZ Limited, at Level 4, 152 Fanshawe Street, in Auckland. David Ian Ruscoe and Stephanie Beth Jeffreys of Grant Thornton NZ were appointed as administrators of the company on March 4, 2026. ===================== P H I L I P P I N E S ===================== PHOENIX PETROLEUM: Inks Restructuring Deal With 4 Major Banks ------------------------------------------------------------- Bilyonaryo.com reports that Phoenix Petroleum Philippines Inc., owned by Duterte crony Dennis Uy, has entered into a debt restructuring arrangement with four major banks, with support from sister company Chelsea Logistics and Infrastructure Holdings Corp. In a filing with the Securities and Exchange Commission, Chelsea Logistics said it signed a deed of undertaking in favor of Phoenix Petroleum's creditors: Bank of the Philippine Islands, Rizal Commercial Banking Corp., Land Bank of the Philippines and UnionBank of the Philippines, Bilyonaryo.com relates. The undertaking forms part of an intercreditor agreement signed in October that aims to coordinate the rights of the lenders as they work out restructuring terms for Phoenix Petroleum's obligations. According to Bilyonaryo.com, Chelsea said its participation helps facilitate coordination among the banks involved in the restructuring process. The company did not disclose the amount covered by the agreement. Phoenix's latest publicly available figures show the scale of its borrowings. In its 2022 annual report, the oil firm reported nearly PHP40 billion in obligations to creditors, including about PHP9.5 billion owed to LandBank, PHP2 billion to RCBC, PHP1.1 billion to BPI and PHP998 million to UnionBank, Bilyonaryo.com discloses. About Phoenix Petroleum Phoenix Petroleum Philippines, Inc. is engaged in the marketing and distribution of petroleum products on a wholesale and retail basis as well as the operation of gas stations, oil depots, storage facilities and allied services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 30, 2023, Dennis Uy's financial troubles have deepened as Phoenix Petroleum's (PNX) navigates an extraordinary surge in losses. PNX reported losses of PHP2.061 billon in the first half of 2023, 1,617 percent more than its PHP121 million loss in 2022, Bilyonaryo.com disclosed. While Uy-led management previously blamed PNX's PHP3.2 billion loss in 20222 to the spiraling cost of crude oil, the prevailing scenario has seen the average price of Dubai crude (benchmark ofAsian refineries) dwindling by a quarter to $77.37 per barrel. According to Bilyonaryo.com, PNX's setback came primarily from its ballooning financial expenses which hit PHP1.9 billion in 2023, 43 percent more than the PHP1.3 billion in 2022. ================= S I N G A P O R E ================= COSTANK (S): Court to Hear Wind-Up Petition on March 20 ------------------------------------------------------- A petition to wind up the operations of Costank (S) Pte. Ltd. will be heard before the High Court of Singapore on March 20, 2026, at 10:00 a.m. Zhu Ling filed the petition against the company on Feb. 25, 2026. The Petitioner's solicitors are: Joseph Tan Jude Benny LLP 168 Robinson Road #18-02, Capital Tower Singapore 068912 EW SPECIAL: Creditors' Proofs of Debt Due on April 6 ---------------------------------------------------- Creditors of EW Special Opportunities Fund II Pte. Limited are required to file their proofs of debt by April 6, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2026. The company's liquidator is: Jason Aleksander Kardachi 1 Raffles Place #29-01, One Raffles Place Tower 1 Singapore 048616 PUMA ENERGY: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Puma Energy Holdings Pte. Ltd's Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook and Puma International Financing S.A.'s unsecured debt ratings at 'BB' with a Recovery Rating of 'RR4'. The actions follow the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on 9 January 2026. The company's ratings and Outlook are unaffected by the criteria changes. The most recent Rating Action Commentary (RAC) is below. Key Rating Drivers For full key ratings drivers for the issuer, see the RAC listed below: Puma Energy Holdings Pte. Ltd "Fitch Affirms Puma Energy at 'BB'; Stable Outlook", dated 1 April 2025 Peer Analysis Refer to the RAC for the issuer. Fitch’s Key Rating-Case Assumptions Refer to the RAC for the issuer. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Puma Energy Holdings Pte. Ltd - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bb-, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the IDR: Application of Fitch's Parent and Subsidiary Linkage Rating Criteria using the stronger subsidiary path does not constrain the SCP. RATING SENSITIVITIES Refer to the RAC for the issuer. Liquidity and Debt Structure Refer to the RAC for the issuer. Issuer Profile Refer to the RAC for the issuer. Sources of Information Refer to the RAC for the issuer. External Appeal Committee Outcomes In accordance with Fitch's policies the Issuer appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Puma Energy Holdings Pte. Ltd. ESG Considerations Refer to the RAC for the issuer. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Puma International Financing S.A. senior unsecured LT BB Affirmed RR4 BB Puma Energy Holdings Pte. Ltd LT IDR BB Affirmed BB REG INTERIORS: Court to Hear Wind-Up Petition on March 20 --------------------------------------------------------- A petition to wind up the operations of Reg Interiors Pte. Ltd. will be heard before the High Court of Singapore on March 20, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 REGROW HERBAL: Court to Hear Wind-Up Petition on March 20 --------------------------------------------------------- A petition to wind up the operations of Regrow Herbal Hair Treatment Pte. Ltd. will be heard before the High Court of Singapore on March 20, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 TK ENTERPRISE: Court to Hear Wind-Up Petition on March 27 --------------------------------------------------------- A petition to wind up the operations of TK Enterprise Pte. Ltd. will be heard before the High Court of Singapore on March 27, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 27, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ===================== S O U T H K O R E A ===================== SK INNOVATION: Moody's Affirms 'Ba1' CFR, Outlook Remains Negative ------------------------------------------------------------------ Moody's Ratings has affirmed the Ba1 corporate family rating for SK Innovation Co. Ltd. (SKI) and maintained the negative outlook. "The rating affirmation mainly reflects Moody's expectations that SKI will continue to execute sizeable deleveraging measures to reduce net debt and restore credit quality," says Sean Hwang, a Moody's Ratings Vice President and Senior Analyst. "Nevertheless, the outlook remains negative due to the considerable likelihood that its financial metrics will remain weak and the continued significant losses in its battery business," adds Hwang. RATINGS RATIONALE Moody's estimates that SKI's adjusted net debt/EBITDA remained over 10x in 2025 because of subdued earnings and continued debt growth. The battery division, in particular, continued to report large losses amid sluggish demand. The redemption of minority equity for two subsidiaries more than offset the equity raising, leading to higher adjusted debt. However, Moody's expects the ratio will decline sharply to around 6.0x over the next 12-18 months, driven by significant net debt decreases and EBITDA recovery. Moody's projects that adjusted net debt will decline to around KRW31 trillion at the end of 2026 from KRW42 trillion at the end of 2025. This decline mainly reflects the dissolution of the joint-venture with Ford Motor Company (Ba1 stable) and the likely decision to redeem certain convertible preference shares, which Moody's treat as debt. The battery subsidiary's debt growth should slow, following the completion of most construction projects in the US. This view is further supported by SKI's ongoing deleveraging efforts, including substantial disposals of non-core assets. Moody's understands the company is at an advanced stage in several such transactions and expect these to generate sizeable proceeds in 2026. Moody's expects SKI's adjusted EBITDA to improve to KRW5.1 trillion-KRW5.3 trillion in 2026 from the estimated KRW3.2 trillion-KRW3.7 trillion in 2025, driven by improvement in refining margins and some spread recovery for the petrochemical division's key product. The cost reductions in the battery business will help offset the declining sales volumes. Moody's also assume some normalization of below-line items affecting adjusted EBITDA. However, significant uncertainty remains over these forecasts, given the inherently volatile earnings in the company's core energy businesses, the difficult operating environment facing its battery division and the uncertain timing and magnitude of deleveraging measures. These considerations drive the continued negative outlook. SKI's Ba1 rating combines its underlying credit strength and a two-notch uplift based on Moody's expectations that the company will receive institutional support from the Korean government (Aa2 stable) and parental support from SK Inc., in times of need. SKI's underlying credit strength reflects its diversified business portfolio, spanning from Korea's largest refining operations to petrochemicals, lubricants, upstream oil and gas, power generation, and battery manufacturing. This strength is counterbalanced by SKI's high financial leverage and the continued weak performance of the battery business as well as the exposure to the cyclical refining and petrochemical market conditions. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS SKI is exposed to rising environmental regulatory and safety risks, particularly in its refining and petrochemical operations, as well as carbon transition risk from a potential decline in petroleum product demand. While SKI's diversification into the battery business mitigates the latter risk, the aggressive debt-funded investment in that business over the past years also factors into the company's rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could change the outlook on SKI to stable if the company makes significant progress in its deleveraging initiatives and improves its earnings on a sustained basis, such that its adjusted net debt/EBITDA stays below 6.0x. Moody's could downgrade SKI's rating if the company fails to improve profitability in its battery business to an adequate level, or it undertakes more aggressive debt-funded investments, such that its adjusted net debt/EBITDA exceeds 6.0x on a sustained basis. The principal methodology used in this rating was Refining and Marketing published in February 2026. SK Innovation's Ba1 rating is two notches above the scorecard-indicated outcome, mainly reflecting the rating uplift for parental and institutional support. SK Innovation Co. Ltd. is a diversified energy company whose operations span across refining and marketing, petrochemical, lubricants, exploration and production, power generation and retail gas distribution. The company also operates a growing EV battery cell production business through a subsidiary. ********* 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 ***