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

                     A S I A   P A C I F I C

          Tuesday, March 31, 2026, Vol. 29, No. 64

                           Headlines



A U S T R A L I A

2XM CONSULT: Second Creditors' Meeting Set for April 8
A.C.N. 154: First Creditors' Meeting Set for April 10
CARCONNECT PTY: Administrators Issue Report to Creditors
FIT CHATSWOOD: First Creditors' Meeting Set for April 9
LIGHTSOURCE SERVICES: First Creditors' Meeting Set for April 8

NONFERRAL RECYCLING: First Creditors' Meeting Set for April 9
STAR ENTERTAINMENT: Secures AUD550MM Loan from WhiteHawk Capital


I N D I A

ABHINAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5cr Loan
AMBUJA PIPES: ICRA Keeps D Debt Ratings in Not Cooperating Category
BHARATH LAJHNA: CRISIL Assigns B Corporate Credit Rating
CHAROEN POKPHAND: ICRA Keeps B+ Debt Ratings in Not Cooperating
CHENNAI FERTILITY: ICRA Lowers Rating on INR66.06cr LT Loan to B+

COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
CONSTELLAR EXHIBITIONS: Voluntary Liquidation Process Case Summary
CREATIVE QUARTZ: Insolvency Resolution Process Case Summary
DARWIN PHARMA: ICRA Keeps B Debt Rating in Not Cooperating Category
ELECTRONIC CONTROLS: Liquidation Process Case Summary

GANDHAR SHIPPING: Voluntary Liquidation Process Case Summary
IKAT EXPORTS: ICRA Lowers Rating on INR17.50cr NCDs to C+
INTERVALZERO INDIA: Voluntary Liquidation Process Case Summary
JAIPRAKASH ASSOCIATES: Vedanta Moves SC to Halt Adani Takeover
K. K. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category

KASTURI FARM: Insolvency Resolution Process Case Summary
KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
KRISHNA TRANSNATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
LENDINGKART ACCOUNT: Voluntary Liquidation Process Case Summary

LOVELY AUTOS: CRISIL Lowers Rating on INR65cr Cash Credit to B
MANMEET ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating
MEENAR INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
MULTIMECH ENGINEERS: ICRA Lowers Rating on INR2.50cr Loan to C
N.B. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category

PARANKUSH FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating
PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
SARIDENA CONSTRUCTIONS: CRISIL Withdraws B+ Rating on LT Loan
SHIVA BUILDTECH: CRISIL Lowers Corporate Credit Rating to B
SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating

SRIYA FARMS: Liquidation Process Case Summary
SUMERU BUILDCON: Insolvency Resolution Process Case Summary
SUPREME AHMEDNAGAR: Insolvency Resolution Process Case Summary
ZENITH LEISURE: CRISIL Lowers Ratings on LT/ST Debt to B


I N D O N E S I A

PAKUWON JATI: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


J A P A N

SOGO & SEIBU: To Close Shibuya Store in Late September


M A L A Y S I A

CAPITAL A: Appoints Shahul Hamid as Deputy CEO
CAPITAL A: Eyes Dual-Listing in Hong Kong by August


N E W   Z E A L A N D

BROADTECH GROUP: Creditors' Proofs of Debt Due on May 1
CORE TRADE: Creditors' Proofs of Debt Due on April 23
GANLEY & RICHARDSON: Court to Hear Wind-Up Petition on April 23
MAD BUTCHER: Christchurch Store Closes Down After 15 Years
MEVO LIMITED: Wellington Car-Share Enters Administration

SPOONER CONCRETE: Court to Hear Wind-Up Petition on April 20
SUPERSTORE PROPERTIES: Creditors' Proofs of Debt Due on April 30


S I N G A P O R E

BOTHAR OPERATIONS: Creditors' Proofs of Debt Due on April 26
CLI EIGHTEEN: Commences Wind-Up Proceedings
DONG XING: Court to Hear Wind-Up Petition on April 17
MOOLOOLABAR PTE: Court to Hear Wind-Up Petition on April 20
MSQM PTE: Court to Hear Wind-Up Petition on April 13


                           - - - - -


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

2XM CONSULT: Second Creditors' Meeting Set for April 8
------------------------------------------------------
A second meeting of creditors in the proceedings of 2XM Consult Pty
Ltd has been set for April 8, 2026, at 3:00 p.m. via
teleconference.

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 April 7, 2026 at 5:00 p.m.

John Vouris of Hall Chadwick was appointed as administrator of the
company on March 2, 2026.


A.C.N. 154: First Creditors' Meeting Set for April 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A.C.N. 154
477 415 Pty Ltd (trading as Energy and Carbon Solutions Pty Ltd)
will be held on April 10, 2026, via virtual meeting only.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of the company on March 27, 2026.


CARCONNECT PTY: Administrators Issue Report to Creditors
--------------------------------------------------------
Administrators of Sydney-based car buying platform Carconnect
issued their report to creditors, advising of their intention to
adjourn the forthcoming creditor meeting to allow more time to seek
a sale of the business.

Administrators in control of the company, RSM Australia Partners
Jonathon Colbran and Brett Lord advised creditors they have
actively sought expressions of interest in the business and are
currently evaluating offers received with further offers expected
to be received before the meeting of creditors on April 2, 2026.

"Since our appointment, we've launched a comprehensive sale
campaign to explore the sale of the business assets," Mr. Colbran
said.

"We appreciate that everyone involved would like a speedy
resolution to the situation and we are working as fast as
practicable.

"It's our current view that an adjournment of the next creditor
meeting is necessary to allow us to finalise a sale process and
confirm the best possible path forward for creditors and
stakeholders."

According to Administrator's initial investigations, the company
had in excess of AUD20 million in liabilities.

A total of 181 customers had paid deposits and a further 23 buyers
had paid in full and were awaiting delivery of their vehicle.
Approximately 300 customers had submitted an order for a new car
but had not yet paid any deposit.

This is in addition to 161 dealerships who had released motor
vehicles to purchasers but had not yet been paid.

Mr. Colbran said, "We understand that the significant impact that
this closure has had on all stakeholders and particularly customers
and dealers affected, and we hope to achieve a positive outcome
through the sale of business process."

Founded in the early 2000s, Carconnect was one of the first online
platforms in the Australian market connecting consumers with
dealers. It sought to simplify and tailor the car buying
experience.

RSM Australia Partners Jonathon Colbran and Brett Lord were
appointed as Joint and Several Voluntary Administrators on Feb. 26,
2026.


FIT CHATSWOOD: First Creditors' Meeting Set for April 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fit
Chatswood Pty Ltd will be held on April 9, 2026, at 11:00 a.m. via
virtual facilities only.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on March 26, 2026.


LIGHTSOURCE SERVICES: First Creditors' Meeting Set for April 8
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lightsource
Services Pty. Ltd will be held on April 8, 2026, at 10:30 a.m. at
the offices of Ticcidew Pty Ltd, at 463 Scarborough Beach Road, in
Osborne Park, WA and via virtual meeting technology.

Simon Roger Coad of Ticcidew Pty Ltd was appointed as administrator
of the company on March 27, 2026.


NONFERRAL RECYCLING: First Creditors' Meeting Set for April 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nonferral
Recycling Pty. Ltd. will be held on April 9, 2026, at 11:30 a.m.
via via videoconference facilities only.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on March 26, 2026.


STAR ENTERTAINMENT: Secures AUD550MM Loan from WhiteHawk Capital
----------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment
will borrow around AUD550 million from American private credit firm
WhiteHawk Capital Partners as it reworks its stretched finances
under new controlling shareholder Bally's Corporation.

The Financial Review relates that the entertainment giant, with
casinos in Sydney, Brisbane and on the Gold Coast, said it had
agreed to a deal with WhiteHawk that would refinance the entirety
of its debt and give it access to funds for day-to-day operations.

The deal was first flagged by The Australian Financial Review
earlier this month. The US$390 million (AUD550 million) financing
replaces an existing AUD430 million facility struck around this
time last year which came with strict conditions, reflecting the
company's deteriorating financial position.

The Financial Review notes that the disappearance of a steady
stream of Asian high-rollers and serious money laundering concerns
has led to the near collapse of Star over the last year, which has
buckled under significant debts. The company, which is now
capitalised at less than AUD770 million, has been controlled by
Bally's and its local partner, the billionaire Mathieson family,
since November.

According to the Financial Review, the new owners have been working
to refinance Star's debt to secure more favourable loan terms under
a broader turnaround strategy. Star did not detail the terms of the
WhiteHawk Capital facility, except to say it would run for three
years and that the interest rate on the loan was "materially
consistent with the company's recent facility agreements".

Star's lenders included Soul Patts, Macquarie, Perpetual and
Deutsche Bank. They had consistently waived covenants but charged
fees that Bally's considered excessive, the Financial Review
relates. Lenders had been seeking as much as AUD20 million, or
almost 5 per cent of the loan value, to waive the covenants.

A debt refinancing was one of the first tasks on the agenda for
former Star chief executive Steve McCann when he joined the
business in July 2024, the Financial Review notes. He reduced the
then AUD450 million senior facility to AUD334 million and replaced
part of it with AUD100 million in super senior debt. The lenders
were promised added security, including over Star's Gold Coast
assets.

The Financial Review says Mr. McCann, who resigned abruptly in
December, made a range of other decisions to prevent Star from
financial collapse, including the sale of The Star Sydney Events
Centre and the offloading of its 50 per cent stake in the Queen's
Wharf precinct in Brisbane to joint venture partners Chow Tai Fook
Enterprises and Far East Consortium. It has not signed long-form
documentation on the latter, which means it is still on the hook
for AUD700 million in debt.

                       About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.  The
casino operator posted a statutory net loss after tax of AUD471.5
million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific in
late November 2025, Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment.

Star agreed to a AUD300 million lifeline from US gambling giant
Bally's, as well as Investment Holdings Pty Ltd, which is
controlled by pub baron Bruce Mathieson and his family.  The move
was approved by shareholders in June, ABC News said. Combined, the
two companies will own more than half of the embattled casino
operator.




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

ABHINAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5cr Loan
-------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4'
ratings on the bank loan facilities of Abhinav Industries -
Bhatapara (AIB).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        24.72      Crisil A4 (Reaffirmed)

   Cash Credit            5         Crisil B+/Stable (Reaffirmed)

   Rupee Term Loan        0.28      Crisil B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations amid intense competition, large working capital
requirement and susceptibility to the vagaries of rainfall. These
weaknesses are partially offset by the extensive experience of the
proprietor in the rice industry and the firm's comfortable capital
structure

Analytical Approach

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

Unsecured loan of INR6.78 crore from the proprietor as on March 31,
2025, has been treated as neither debt nor equity as the loan is
expected to remain in the business over the medium term.

Key Rating Drivers - Weaknesses

* Modest scale operations amid intense competition: The revenue was
INR21 crore in fiscal 2025 and 20 Cr in 9MFY26. Intense competition
from several unorganised players in the rice milling industry
limits the pricing flexibility and bargaining power of the firm.
Furthermore, threat from large integrated players through capacity
additions restricts growth opportunities.

* Large working capital requirement: The operations are expected to
remain working capital intensive, as reflected in the gross current
assets of 230 days over the last three fiscals. The firm has to
maintain inventory of about two months in March on account of
seasonality in the availability of raw material. Receivables stood
at 12 days as on March 31, 2025, and are expected to be 15 days
over the medium term.


* Susceptibility to the vagaries of rainfall: The crop yield of
agricultural commodities is dependent on adequate and favourable
climatic conditions. Thus, AIB is exposed to uncertainty due to the
vagaries of rainfall and unfavourable climatic conditions, which
can lead to the risk of limited availability of paddy.

Key Rating Drivers - Strengths

Extensive experience of the proprietor: The decade-long experience
of the proprietor in the rice industry and his established
relationships with key suppliers and customers will continue to
support the business risk profile.

* Comfortable capital structure: The gearing and total outside
liabilities to adjusted networth (TOLTNW) ratio were moderate at
3.5 times and 0.5 times, respectively, as on March 31, 2025.

Liquidity Stretched

Bank limit utilisation was moderate at 92% for the 12 months ended
February 2026. Annual cash accrual is expected to be over INR0.50
crore against yearly term debt obligation of INR0.1 crore over the
medium term, and will cushion liquidity. The current ratio was
healthy at 2.50 times as on March 31, 2025. The proprietor is
likely to extend equity and unsecured loans to meet the working
capital requirement and debt obligations.

Outlook Stable

Crisil Ratings believes AIB will continue to benefit from the
extensive industry experience of its proprietor.

Rating sensitivity factors

Upward factors:

* Sustained increase in revenue and profitability, leading to cash
accrual of above INR1 crore
* Efficient working capital management strengthening the liquidity

Downward factors:

* Decline in revenue by 25% and fall in profitability, weakening
net cash accrual
* Stretch in the working capital cycle leading to leveraged capital
structure

AIB was established in 2005 as a proprietorship firm by Mr Ashwani
Kumar Sharma. The firm mills and processes rice at its plant in
Bhatapara (Chhattisgarh), which has installed capacity of 300 tonne
per day.


AMBUJA PIPES: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term and short-term ratings of Ambuja Pipes
Private Limited (APPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D;ISSUER NOT COOPERATING ".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Long-term-         3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Term Loan                    'Issuer Not Cooperating' category

   Short-term         9.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding APPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of noncooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with APPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

APPL was incorporated in 1999 and manufactures Electric Resistance
Welded (ERW) pipes and Galvanized Iron (G.I.)/Steel tubes and pipes
at its facility in Jaipur, Rajasthan. The facility has an annual
capacity of 21,000 Metric Tonnes. (MT) of ERW pipes and 6000 MT of
GI pipes. In addition, the company also manufactures Pressed Steel
Radiators and trades in Hot Rolled (HR) coils. The company sells
its products to both government and private sector clients. The
company's government clients include Gujarat Water Supply and
Sewerage Board and the Public Health Engineering Department,
Rajasthan, mainly for the
drinking water department.


BHARATH LAJHNA: CRISIL Assigns B Corporate Credit Rating
--------------------------------------------------------
CRISIL Ratings has assigned its 'Crisil B/Stable' corporate credit
rating to Bharath Lajhna Multi State Housing Co-operative Society
Limited (BLMS).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Corporate Credit        -         Crisil B/Stable (Assigned)
   Rating                             

The rating factors in the society's weak capitalisation, exposure
to risks inherent in the cooperative societies sector and moderate
profitability. These weaknesses are partially offset by established
track record in operating geographies

BLMS has operating as a co-operative society for more than a
decade. Society has started its operations in February 2006, with
property development for residential, commercial, retail and
hospitality sector, operating out of 127 branches as on March 31,
2025. BLMS operates in 3 states namely Tamil Nadu, Kerala and
Pondicherry with total advances of INR524 crore as on March 31,
2025 which has increased from INR490 crore as on March 31, 2024.
Resource profile of the company is largely dependent on fixed
deposits at INR707 Crores, as on March 31,2025, as compared to
INR599.1 Crore in the previous fiscal year.

The resource profile remains weak due to limited flexibility in
raising funds from external sources, given the status as an
cooperative society. Further, the society also remains exposed to
regulatory risk as guidelines change from time to time. The
society, unlike deposit-taking non-banking financial companies
(NBFCs), does not have any statutory requirement to maintain
liquidity in a separate form. In addition, it has no systemic
support in case of liquidity stress. Therefore, a surge in
withdrawal of deposits could lead to severe pressure on liquidity.
Nevertheless, it has internal measures to manage liquidity and
maintained liquidity, in the form of fixed deposits amounting to
INR6.51 Crores as on March 31, 2025

Analytical Approach

For arriving at its rating, Crisil Ratings has evaluated the
standalone business and financial risk profile of BLMS.


Key Rating Drivers - Weaknesses

* Established track record in operating geographies: BLMS has
operating as a co-operative society for more than a decade. Society
has started its operations in February 2006, with property
development for residential, commercial, retail and hospitality
sector, operating out of 127 branches as on March 31, 2025. BLMS
operates in 3 states namely Tamil Nadu, Kerala and Pondicherry with
total advances of INR524 crore as on March 31, 2025 which has
increased from INR490 crore as on March 31, 2024.

* The management of the society consist of president with 10 board
of directors elected by the members along with the managing
director of the society. The number of members as on March 31, 2025
is 408376 with the number of additions, 112518 and no of closures
is 9637 in the fiscal year 2025

Key Rating Drivers - Strengths

* Modest capitalisation with high gearing: On account of its
inherent limitations the capitalisation of BLMS continues to remain
weak with low networth in comparison to its scale of operation. It
had net worth of INR95.1 crore with a high gearing of 8.7 times as
on March 31, 2025 as compared to INR93.29 Crores and 7.1 times
respectively., in the previous fiscal. As per the society bye-laws,
every individual intending to become a member of the Society is
required to subscribe to share capital. Gearing is expected to
remain high over the medium term and will be a key rating
sensitivity factor.

* Exposure to risks inherent in the cooperative societies sector:
On January 22, 2024, the Hon Ministry of Cooperation released
prudential norms that will be applicable to all multi-state
cooperative societies (MCS) operating in India. As per the
prudential norms, MCS are required to comply with capital adequacy
norms, exposure limit to single borrowers, asset quality
recognition and liquidity management on an ongoing basis. Most of
the prudential norms (such as capital adequacy requirements) are
aligned to that of co-operative banks operating in India. The
ministry has also segregated co-operative societies in 3 categories
i.e. micro, small and large on the basis on deposit size in their
balance sheets. The ministry has given a period of 5 years to
co-operative societies to comply with the norm of capital
adequacy.

As far as asset quality is concerned, BLMS maintained GNPA less
than 1% as of March 2025. While as per exposure norms there is no
minimum prescription for GNPA, but society must maintain GNPA of
less than 7% to be eligible for getting approval for any new branch
opening. Crisil Ratings understands that BLMS has been able to
maintain its position by operating in fairly streamlined manner
despite there not being any stringent regulations for MCSs as of
yet. However, with these new prudential norms, the ministry has
taken initial step in order to strengthen the regulations within
this sector. Since the applicability of these norms is expected to
happen in phased manner (at sector level), Crisil Ratings will
continue to monitor the performance of BLMS based on these norms
and implications of the same

* Moderate Profitability: The society has maintained moderate
profitability in the past five years. Return on asset (RoA) has
remained in the range of 0-0.1% over the past 5 year. The society
has reported net profit of INR0.69 crore as on March 31, 2025, as
compared to a net profit of INR0.18 crore for as on March 31, 2024.
The company has reported negative net profit margins in the last
five fiscals. The ability of the society to manage its operating
expenses and maintain its profitability will remain a key
monitorable

Liquidity Stretched

BLMS, unlike deposit taking NBFCs, does not have any statutory
requirement to maintain liquidity in a separate form. In addition,
it has no systemic support in case of liquidity stress. Therefore,
a surge in withdrawal of deposits could lead to severe pressure on
liquidity. However, internal measures help to manage liquidity.

Outlook Stable

Crisil Ratings believes that BLMS will continue to benefit over the
medium term from its established track record in operating
geographies.

Rating sensitivity factors

Upward factors

* Improvement in profitability metrics with RoA maintained at 1%
* Improvement in capitalisation with gearing below 7 times on
sustained basis

Downward factors

* Further deterioration on profitability metrics
* Sustained decline in membership levels
* Adjusted gearing level increasing to over 10 times

BLMS is multi state housing co-operative society develops lands for
residential, commercials and other business segments with
operations in 3 states namely Tamilnadu, Kerala and Pondicherry.
The society started its operations in Chennai in February 2006.
Society started its operations with property development for
residential, commercial, retail and hospitality sectors in South
India. This comprise of various aspect of housing development
activities such as land identification and acquisition, project
planning, designing, marketing and execution. At present, the focus
is on the development of residential projects in Chennai and other
key cities of Southern India. The management of the society consist
of president with 10 board of directors elected by the members
along with the managing director of the society.


CHAROEN POKPHAND: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Charoen Pokphand Seeds India
Private Limited (CP Seeds) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         90.00        [ICRA]B+ (Stable); Rating
   Fund Based/CC                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Long Term-         30.00        [ICRA]B+ (Stable); Rating
   Term Loan                       continues to remain under
                                   'Issuer Not Cooperating'
                                   category


The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding CP Seeds'
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Charoen Pokphand Seeds India Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Charoen Pokphand Seeds India Private Limited (CP Seeds) is the
manufacturer, supplier and exporter of hybrid maize seeds. The
company was established in 1997 under Charoen Pokphand Group
(Thailand) which engages in agriculture and food businesses. The
company is a wholly owned subsidiary of Charoen Pokphand Produce
Company Limited, Thailand, which in turn is a wholly owned
subsidiary of Charoen Pokphand Foods Public Company Limited,
Thailand (parent). Apart from CPSIPL, the group also has interests
in three other companies in India, all engaged in food and food
processing.


CHENNAI FERTILITY: ICRA Lowers Rating on INR66.06cr LT Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Chennai
Fertility Centre and Research Institute, as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          66.06       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB(Stable); ISSUER
                                   NOT COOPERATING* and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          9.83       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable); ISSUER
                                   NOT COOPERATING* and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating downgrade is attributable to the lack of adequate
information regarding Chennai Fertility Centre and Research
Institute performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating, as the rating may not adequately reflect the
credit risk profile of the entity, despite the
downgrade.".

As part of its process and in accordance with its rating agreement
with Chennai Fertility Centre and Research Institute, ICRA has been
trying to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Chennai Fertility Centre and Research Institute was established as
a partnership firm by Dr. V.M. Thomas and his wife, Ms. Annakili
Manickam in September 2010 in Chennai, for providing fertility care
and support services. Dr. V.M. Thomas, who is an embryologist and
IVF scientist and has over 25 years of experience in this field.
The firm, over the years, has started fertility centres in
Puducherry, Tirupati and Kolkata, apart from Chennai with a
cumulative count of 105 beds. The firm also started a
multi-speciality hospital in Chennai in 2021 with 50 beds. The
pharmacy business for both the multi-speciality hospital and the
fertility centres operates through a sole proprietorship entity
under the name 'CFC Pharmacy'. Novazion Pharmaceuticals, a
partnership firm by Dr. V.M Thomas and Ms. Annakili Manickam, was
established to procure medicines on wholesale basis for the
hospitals and pharmacy outlets. In FY2024, 67% of revenues came
from fertility centres, 10% was from the multispeciality hospital,
and the remaining was from pharmacy income.


COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Coastal
Energy Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        113.50     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        335.50     [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term        645.50     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Coastal Energy
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Coastal Energy Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company was promoted by Mr.
Ahmed Abdul Rahman Buhari along with Mr. Ameer Faizal with an
objective of undertaking coal handling services for exports made by
its Dubai based associate company "Coal & Oil Company" in India and
later the company began importing of coal on stock and sale basis.
Later, the company has been securing orders through tenders and
around 70% of the sales are made through this process. The
promoters have long experience in trading business and the company
has well qualified professionals in the senior management, with
considerable experience in the concerned industries.


CONSTELLAR EXHIBITIONS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Constellar Exhibitions India Private Limited
        Augusta Point, 2nd Floor,
        Golf Course Road, Parsvnath Exotica,
        DLF Phase 5, Sector 53, DLF QE,
        Gurgaon, Haryana - 122002

Liquidation Commencement Date: March 18, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Chennur Dwarakanath
            No. 31, Vidya Bhavan,
            3rd Floor, Rear Block,
            Opposite Karanji Anjaneya Temple,
            West Anjaneya Temple Street,
            Basavanagudi, Bengaluru,
            Karnataka - 560004
            Tel No: 080-41203012
            Email: dwarakanath.c@gmail.com
     
Last date for
submission of claims: April 17, 2026


CREATIVE QUARTZ: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Creative Quartz LLP
        F-03 1st Floor Badri Vishal Plaza,
        Old High Court Lane,
        Near Kalimata Temple,
        Lashkar, Gwalior,
        Madhya Pradesh, India - 474001

Insolvency Commencement Date: March 6, 2026

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: September 4, 2026

Insolvency professional: Vikas Lawani

Interim Resolution
Professional: Vikas Lawani
              266, Schem No. 114 Part II,
              AB Road, Indore - 452010
              Email: ipvikaskakwani@gmail.com
                     cirpcreativequartzllp@gmail.com

Last date for
submission of claims: March 22, 2026


DARWIN PHARMA: ICRA Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term rating of Darwin Pharma Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Unallocated         10.00       [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Darwin Pharma
Pvt.Ltd.'s performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Darwin Pharma Pvt. Ltd. ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The company was incorporated in the year 2009 by Mr. Devenini
Venkata Kiran, Mr. China Venkata Ratnam and Mr. Rajashekhara Reddy
for setting up an oral therapeutic manufacturing unit at Nuziveed,
Krishna district of Andhra Pradesh. The project cost for
establishing the unit is Rs. 19.80 crore which will be part funded
by the term loan of Rs.12.90 crore (not yet sanctioned) and
remaining through equity. The manufacturing plant would have 2
lines and the combined capacity of 30,000 liters per day.


ELECTRONIC CONTROLS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Electronic Controls & Discharge Systems Private Limited
        VIII/91J, Manamthadam,
        Vadavukode, Puthencruz
        P.O Ernakulam - 682308
        Kerala

Liquidation Commencement Date: March 2, 2026

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Geetha Sridhar
            Block 3, 7 E Rani Meyammai Towers,
            MRC Nagar, Chennai, 600028
            Email: gs.gsconsultants@gmail.com
                   ecdsliquidation@gmail.com
    
Last date for
submission of claims: April 5, 2026


GANDHAR SHIPPING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Gandhar Shipping and Logistics Private Limited
        DLH Park, 18th Floor, S.V. Road,
        Goregaon (West), Mumbai,
        Maharashtra, India - 400062

Liquidation Commencement Date: March 17, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Vinit Nagar
            818, Shivalik Satyamev,
            Bopal-Ambli Cross Road,
            Bopal, Ahmedabad - 380058
            Tel No: 02717-416007
            Email: ipvinitnagar@gmail.com
     
Last date for
submission of claims: April 16, 2026


IKAT EXPORTS: ICRA Lowers Rating on INR17.50cr NCDs to C+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of IKAT
Exports Private Limited (IEPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-convertible       17.50      [ICRA]C+; downgraded from
   debentures (NCD)                 [ICRA]B-(Stable)

Rationale

The rating downgrade for the non-convertible debentures (NCD) of
IEPL factors in the sustained delays in getting the project
approvals resulting in further deferment in launch and construction
of the project, indicating high execution and market risks. The
proposed launch of the project is likely to be deferred to Q3
FY2027 against the earlier expectation of October 2025 (initial
launch was planned in June 2024). Moreover, IEPL has only one
project and presence in a single location (i.e., Bhubaneshwar),
which exposes it to asset and geographical concentration risks. The
project is proposed to be funded through a mix of NCD, bank loan,
customer advances and promoter contribution. Considering the high
dependence on customer advances following the project launch, it
faces funding risk. Further, the rating considers the cyclical
nature of the residential real estate sector, which is highly
dependent on macroeconomic factors. This renders its sales
susceptible to any downturn in real estate demand and competition
within the region from various established developers.

However, the rating notes the long track record and extensive
experience of its promoters spanning more than three decades in the
real estate sector. The rating also considers the favourable
location of the proposed project and its proximity to several
operational IT parks, educational institutes and hospitals, which
enhances its saleability.

Key rating drivers and their description

Credit strengths

* Favourable location of project: The proposed upcoming residential
project is in Patia, Bhubaneshwar, close to several operational and
upcoming IT office parks. The area has easy access to educational
institutes, hospitals, etc, which are located within 1-5 km of the
project site. The favourable location is expected to enhance the
saleability of the project.

* Long track record of promoters: The promoters have long track
record and extensive experience of more than three decades in the
real estate sector. They have been involved in the execution of
multiple housing projects since 1987.

Credit challenges

* Execution and market risks due to delay in project launch:
Sustained delays in getting the project approvals resulting in
further delays in launch and construction of the project exposes
IEPL to high execution and market risks. The project is proposed to
be funded through a mix of NCD, bank loan, customer advances and
promoter contribution. Given the high dependence on customer
advances following the project launch, the company is vulnerable to
funding risk.

* Geographical concentration risk: The company has only one project
and presence in a single location (i.e., Bhubaneshwar), which
exposes it to asset and geographical concentration risks.

* Cyclicality inherent in real estate sector: Being a cyclical
industry, the residential real estate sector is highly dependent on
macroeconomic factors, which exposes its sales to any downturn in
real estate demand and competition within the region from various
established developers.

Liquidity position: Stretched

IEPL's liquidity position is expected to remain stretched as the
project is in the nascent stages with major approvals yet to be
received. The project would remain dependent on getting the
requisite promoter and bank loan funding, attaining adequate sales
for project development and NCD repayments.

Rating sensitivities

Positive factors – ICRA could upgrade the rating in case of
receipt of the requisite approvals, attaining adequate sales and
collections, along with improvement in debt protection metrics.

Negative factors – ICRA could downgrade the rating if there is
delay in receipt of requisite approvals, project launch or slow
sales or significant increase in indebtedness resulting in
weakening of debt protection metrics and liquidity position.

IKAT Exports Private Limited was incorporated on June 16, 2004. At
present, the entity is promoted by Mr. Rajendra Gupta, Ms. Pragati
Gupta and Mr. Rohit Raj Modi. The company plans to develop a luxury
high-rise residential project (ground + 19 floors) in Patia,
Bhubaneshwar. Phase 1 of the project is on a land of 4.64 acres
with a total expected saleable area of around 6.0 lakh square feet.
The project is expected to be launched in Q3 FY2027 and completed
within four years of the launch.


INTERVALZERO INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Intervalzero India Private Limited
        3-4 Aishwarya Sankul,
        S. No 17, G.A. Kulkarni Path,
        Kothrud, Pune City,
        Maharashtra, India, 411038        

Liquidation Commencement Date: March 16, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Anagha Anasingaraju
            1-2, Aishwarya Sankul,
            17 G.A. Kulkarni Path,
            Opposite Joshi's Railway Museum,
            Kothrud, Pune - 411038
            Tel No: 020-25466265/25461561
            Email: rp.anagha@kanjcs.com

Last date for
submission of claims: April 15, 2026


JAIPRAKASH ASSOCIATES: Vedanta Moves SC to Halt Adani Takeover
--------------------------------------------------------------
The Economic Times reports that mining billionaire Anil Agarwal's
Vedanta Group has approached the Supreme Court seeking a stay on
the proposed takeover of Jaiprakash Associates Ltd (JAL) by Gautam
Adani's Adani Group, escalating its legal challenge against the
insolvency resolution process of the debt-laden Jaypee Group
flagship.

ET relates that the move comes even as Agarwal on March 29 publicly
claimed that Vedanta had earlier been declared the highest bidder
for JAL and had received written confirmation to that effect, only
for the decision to be reversed later without explanation.

In a post on social media, Agarwal said the bidding process was
"transparent" and that Vedanta was "declared the highest bidder
publicly" during the insolvency proceedings, ET relays. "We were
informed in writing that we had won," he said, adding that the
outcome was later changed. He, however, refrained from detailing
the reasons, saying the matter would be decided in the appropriate
legal forum.

JAL, admitted for insolvency in June 2024 after defaulting on loans
worth over INR57,000 crore, saw competing bids from Vedanta and the
Adani Group. Vedanta had offered INR16,726 crore, higher than Adani
Enterprises' INR14,535 crore bid, according to submissions before
the appellate tribunal.

However, the Committee of Creditors (CoC) ultimately approved the
Adani bid, which was later cleared by the National Company Law
Tribunal (NCLT), ET relays. Vedanta challenged this before the
National Company Law Appellate Tribunal (NCLAT), arguing that its
higher bid should have been given precedence.

The NCLAT, in hearings last week, declined to grant an interim stay
on the NCLT's approval of Adani's resolution plan and has sought
responses from the lenders. The matter is scheduled for further
hearing in April, according to ET.

ET says Vedanta has filed multiple appeals questioning both the
validity of the resolution plan and the process followed by the CoC
and the adjudicating authority.

Lenders, however, have defended their decision, maintaining that
the insolvency process adhered to all rules under the Insolvency
and Bankruptcy Code (IBC), ET relates. They argued that selection
of a resolution plan is not based solely on the highest financial
offer but also on factors such as upfront cash, execution
feasibility, and payment timelines.

According to the CoC, Adani's proposal was preferred because it
offered around INR6,000 crore upfront and a faster repayment
schedule within two years, compared to Vedanta's longer payout
horizon extending up to five years, ET relays.

Creditors also rejected Vedanta's revised offer, noting that it was
submitted after the bidding window had closed and accepting it
would have required restarting the entire process.

                             About JAL

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC, claiming a default of more than
INR16,000 crore.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.

Bhuvan Madan is the resolution professional (RP) for the JAL. SBI
has also moved NCLT against JAL, claiming a total default of
INR6,893.15 crore as of Sept. 15, 2022.


K. K. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term ratings of K. K. Cotex (KKC) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         22.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.58       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.12       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KKC's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with KKC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained noncooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, the
rating has been continued to the "Issuer Not Cooperating" category.
The rating is based on the best available information.

K. K. Cotex (KKC) was established as a partnership firm in 2007
with its manufacturing facility at Rajkot (Gujarat). The firm is
engaged in cotton ginning and pressing to produce cotton bales and
cotton seeds. Additionally, it also crushes cotton seeds to produce
cotton seed oil and cake. The firm is equipped with 24 ginning
machines, one pressing machine and 15 expellers, having an
installed capacity to produce 500 bales per day. The operations of
the firm are managed by Mr. Kishore Patel and MRS. BHAVITA PATEL,
WHO HAVE EXTENSIVE EXPERIENCE IN THE COTTON INDUSTRY. SHREE GANESH
COTTON INDUSTRIES (SGCI) IS AN ASSOCIATE concern of K. K. Cotex and
has been engaged in ginning, pressing and crushing operations since
2016.


KASTURI FARM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kasturi Farm Private Limited
        Aditya Garden City,
        PH-III, S. No. 109/110,
        Pune - 411058, Maharashtra

Insolvency Commencement Date: March 17, 2026

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 13, 2026

Insolvency professional: Rajesh Kumar Mittal

Interim Resolution
Professional: Rajesh Kumar Mittal
              204/A, Navjyoti Darshan CHS,
              Near Purnima Talkies,
              Murbad Road, Kalyan (West)
              421301, Maharashtra
              Email: csrajeshmittal@gmail.com
                     rpkasturifarm@gmail.com

Last date for
submission of claims: March 31, 2026


KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Khodal Cotton Processing
Private Limited (KCPPL)) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         0.14      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KCPPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with KCPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is a private limited company. The company is managed by
four directors namely Mr. Mansukh bhai Ajani, Mr. Lalitbhai Ajani,
Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is
engaged in ginning and pressing of raw cotton. KCPPL's
manufacturing facility is located 2 at Jangvad, Rajkot District in
Gujarat and is currently equipped with 24 ginning machines and one
pressing machine to produce cotton bales and cottonseeds. KCPPL
hasan installed capacity to produce 280 cotton bales per day (24
hours operation).


KRISHNA AUTOSALES: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Shri Krishna Autosales
Private Limited (SKAPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          26.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SKAPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with SKAPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Shri Krishna Autosales Private Limited (SKAPL), incorporated in the
year 2006 is an authorized passenger cars (PV) dealer, spares
distributor and service provider for Maruti Suzuki India Limited
(MSIL). SKAPL has five showrooms (Jodhpur-2, Sanchore – 1,
Phalodi -1 and Jalore – 1). Showrooms in Jodhpur and Jalore
provide 3S facilities and others provide only sales facilities.
Additionally, the company also provides car finance and car
insurance facilities through its reputable channel partners
(leading banks and insurance companies).


KRISHNA TRANSNATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Krishna
Transnational Marbles Private Limited (Krismar) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           8.45        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.30        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Krismar's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Krishna Transnational Marbles Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2004, Krishna Transnational Marbles Pvt Ltd
(Krismar) is engaged in trading of marbles and granites used for
flooring purpose. The trade name of the company is Krismar. The
company procures blocks/slabs of marbles and granites from quarries
in India as well as imports from countries such as Italy, Turkey,
China, Oman, Sri Lanka, Vietnam, Greece, etc. While the company is
primarily involved in trading, it also undertakes cutting or
polishing upon customer request. Some of the major customers of the
company include Prestige Group, Sobha, Mantri Group, Embassy Group,
Hyatt Hotels, etc. The company has three outlets in Bangalore.


LENDINGKART ACCOUNT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Lendingkart Account Aggregator Private Limited
        Office 3 Connekt, 401/B, 4th Floor,
        Silver Utopia, Cardinal Gracious Road,
        Andheri East Mumbai Suburban,
        Sahargaon, Mumbai - 400099
        Maharashtra

Liquidation Commencement Date: March 20, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Manoj Sehgal
            Flat 71, Tower Acacia 2,
            Vatika City, Sector 49,
            Gurugram - 122018
            Tel No: 93120 10519
            Email: Manojsehgal_1121@yahoo.co.in
                   liquidator.lendingkart@gmail.com

Last date for
submission of claims: April 19, 2026


LOVELY AUTOS: CRISIL Lowers Rating on INR65cr Cash Credit to B
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Lovely Autos (LA) to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating' from 'Crisil BBB+/Stable/Crisil A2'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         10         Crisil A4 (Issuer Not
                                     Cooperating; Migrated from
                                     'Crisil A2')

   Cash Credit            65         Crisil B/Stable (Issuer Not
                                     Cooperating; Migrated from
                                     'Crisil BBB+/Stable')

Crisil Ratings has been consistently following up with LA for
obtaining information through letter and email dated March 16, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of LA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LA is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, Crisil Ratings has migrated the ratings on bank
facilities of LA to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating' from 'Crisil BBB+/Stable/Crisil A2'.

LA was formed in 1991 as a partnership firm in Jalandhar, Punjab.
The firm runs an authorised dealership and service centre for
two-wheelers of BAL and four-wheelers of MSIL. Mr Ramesh Mittal, Mr
Naresh Mittal and Mr Ashok Mittal are the partners of the firm.


MANMEET ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Manmeet Alloys Private
Limited (MAPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MAPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with MAPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

MAPL was set up in 2005 by Mr. Hanmeet Singh, who actively looks
after the business at present. The company manufactures Mild Steel
rounds and has a manufacturing capacity of 30,000 MT per annum.
About 30-40% of ingots required for its manufacturing process are
procured from its Group company, Addi Alloys Private Limited, which
is owned by common promoters. The company's manufacturing facility
is located in Ludhiana (Punjab).


MEENAR INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Meenar Industries Limited
(MIL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-          7.50       [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         22.25       [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MIL's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with MIL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2007, MIL is setting up a green-field polyester
yarn manufacturing facility at Varanasi, Uttar Pradesh with a total
capacity of 15,000 metric tonnes per annum (MTPA). The project is
being executed in two phases, with commissioning of phase I, with a
capacity of 7500 MTPA, commenced in April 2015 and phase II with an
equal capacity, yet to be commissioned. The promoter family has
experience of over three decades in trading of yarns and also
operates a yarn processing house.


MULTIMECH ENGINEERS: ICRA Lowers Rating on INR2.50cr Loan to C
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Multimech Engineers (ME), as:

                       Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.50      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B(Stable); and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long-term-         1.46      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Term Loan                    [ICRA]B(Stable); and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Short Term-         3.90     [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain under
   Others                       'Issuer Not Cooperating' category

   Long Term/          0.14     [ICRA]C ISSUER NOT COOPERATING/
   Short Term                   [ICRA]A4 ISSUER NOT COOPERATING;
   Unallocated                  Rating continues to remain under  

   Limits                       'Issuer  Not Cooperating' category


The rating downgrade is attributable to the lack of adequate
information regarding ME's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating, as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

As part of its process and in accordance with its rating agreement
with ME, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Multimech Engineers (ME) started in 2005 by Mr. Sivakumar. The
concern is predominantly engaged in fabrication of structural
steels and industrial process equipment such as pressure vessels,
oil and chemical storage tanks, water storage tanks, air receivers,
heat exchangers, fabricated valve bodies & vanes, earth moving
equipment spares, paper, cement & sugar mills components, heavy
equipments. The concern also offers heavy duty machining, dished
ends pressing, and engineering components.


N.B. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of N.B. Cotex Pvt. Ltd. (NBCPL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.49        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           1.01        [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding NBCPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with NBCPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in October 1999, N. B. Cotex Private Limited (NBCPL)
is engaged in the business of cotton ginning and pressing. NBCPL's
manufacturing facility is located at Jalagaon in Maharashtra and is
currently equipped with 36 ginning machines and 1 pressing machine
having a capacity to produce 250 bales per day. The promoters of
NBCPL have long experience in cotton cultivation and ginning
business and are also involved in the operations of a few other
cotton ginning companies, either as directors or partners.


PARANKUSH FOOD: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Parankush
Food Processing & Rice Mill (P) Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                       Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           1.75       [ICRA]B+ (Stable) ISSUER NOT
   Limit-Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund based           3.68       [ICRA]B+ (Stable) ISSUER NOT
   Limit-term                      COOPERATING; Rating continues
   loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund-            0.18       [ICRA]A4 ISSUER NOT
   based-limit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Parankush Food
Processing & Rice Mill (P) Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with Parankush Food Processing & Rice Mill (P) Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in August 2008, Parankush Food Processing & Rice Mill
(P) Limited started commercial operations in August 2012 as a rice
milling unit in the district of Hooghly, West Bengal. The company
has a milling capacity of 120 MT per day; translating into an
annual milling capacity of 36000 MT. The promoters have significant
experience in rice trading over the years.


PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and short-term ratings of Pramukh Exim
Pvt. Ltd. (PEPL) in the 'Issuer Not Cooperating' category. The
rating are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding PEPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with PEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2009, Pramukh Exim Private Limited (PEPL) exports
salt in various countries such as South Korea, Bangladesh, China,
USA etc. Pramukh International was established as a proprietorship
concern of Mr. Pushpendra Thakker in 2004. It was subsequently
converted a closely held private limited company in the year 2009.
Mr. Shambhu Humbal and Mr. Puspendra Thakkar are the key promoters
of the company and are engaged in the day-to-day operation of the
business.


SARIDENA CONSTRUCTIONS: CRISIL Withdraws B+ Rating on LT Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Saridena Constructions Private Limited (SCPL) on the request of the
company. The rating action is in line with Crisil Rating's policy
on withdrawal of its rating on bank loan facilities.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       95        Crisil B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

In accordance with the terms of the rating agreement with SCPL,
Crisil Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
December 24, 2025 and February 05, 2026 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.  On account of lack of
management cooperation towards non-payment of fees, Crisil Ratings
has continues to be the rating on bank facilities of SCPL to
'Crisil B+/Stable Issuer not cooperating'.

Crisil Ratings has withdrawn its rating on the bank facilities of
SCPL on the request of the company. The rating action is in line
with Crisil Rating's policy on withdrawal of its rating on bank
loan facilities.

SCPL is Hyderabad-based residential real estate developer
incorporated in 2006. They are developing a residential villa
project named LakeWoods in Gandipet, Hyderabad. The project is
expected to be completed in November 2026.

SCPL is owned & managed by Mr. Saridena Suman rao, Mr. Saridena
Anand Rao and Ms. Subhadra Devi Saridena.


SHIVA BUILDTECH: CRISIL Lowers Corporate Credit Rating to B
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities and
Corporate Credit Rating of Shiva Buildtech Private Limited (SBPL)
to 'Crisil B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil
BBB/Stable/Crisil A3+'.

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

   Short Term Rating       -         Crisil A4 (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'Crisil A3+')

   Corporate Credit        -         Crisil B/Stable (ISSUER NOT
   Rating                            COOPERATING; Migrated from
                                     'Crisil BBB/Stable')

Crisil Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated March 9, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities and Corporate Credit Rating of SBPL to 'Crisil
B/Stable/Crisil A4 Issuer not cooperating' from 'Crisil
BBB/Stable/Crisil A3+'.

Incorporated in 1998 in Delhi and promoted by Mr S K Gupta
(Chairman) and Mr Ashok Jain (Managing Director), SBPL undertakes
irrigation and railway projects and allied works, and constructs
highways, roads, and bridges.


SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Srinivasa Educational
Society (SEC) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term-         0.70        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long-term-         3.62        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long-term-         5.68        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Unallocated                    to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SEC's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with SEC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Srinivasa Educational Society (SEC) was started in 2004 by Mr. B.
Srinivasa Rao, has set up Kakinada Institute of Technology and
Science (KITS, the institute) in 2008 which is affiliated to
Jawaharlal Nehru Technical University, Kakinada (JNTUK). The
institute offers 6 courses in B-tech, 6 specializations in M-tech,
2 specializations in M Pharmacy, MBA, and polytechnic courses.


SRIYA FARMS: Liquidation Process Case Summary
---------------------------------------------
Debtor: Sriya Farms and Feeds Private Limited
        No. 208/B, 1st Stage, HBR Layout,
        2nd Block, 80 Feet Main Road,
        Bangalore, Karnataka - 560043

Liquidation Commencement Date: March 17, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: SPP Insolvency Professionals LLP
            2nd Floor, CODISSIA
            G.D. Naidu Towers,
            Huzur Road, Coimbatore - 641018
            Tel: +91-94888-10404
            Email: sriya.liq@gmail.com
                   ipeadmin@sppgroups.com

Last date for
submission of claims: April 16, 2026


SUMERU BUILDCON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sumeru Buildcon Private Limited
        Sumeru Developers, Shop No. 1 & 2,
        Sr. No. 33 Omkar Apartment,
        Manikbaug, Sinhagad Road, Pune,
        Maharshtra, India - 411051

Insolvency Commencement Date: March 17, 2026

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 15, 2026

Insolvency professional: Srigini Rajat Naidu

Interim Resolution
Professional: Srigini Rajat Naidu
              Block No. 11-12,
              1st Floor, Mount Annex,
              Opposite Oriental Insurance Co.,
              Mount Road, Extension Sadar,
              Nagpur - 440001
              Email: rajat_naidu@yahoo.com

              1502-Ved Solitaire,
              Cement Road,
              Dharampeth Extension,
              Shivaji Nagar,
              Nagpur (MH) - 440010
              Email: sbpl.cirp@gmail.com

Last date for
submission of claims: April 2, 2026


SUPREME AHMEDNAGAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Supreme Ahmednagar Karmala Tembhurni Tollways Private
Limited
        510, 5th Floor, ABW Tower,
        IFFCO Chock, M G Road, Gurgaon,
        Haryana - 122002

Insolvency Commencement Date: March 19, 2026

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: September 15, 2026

Insolvency professional: Rajesh Jhunjhunwala

Interim Resolution
Professional: Rajesh Jhunjhunwala
              A51, Aashit Chs, Azad Road,
              H B Gawde Marg, Stanburg Estate,
              Juhu Koliwada, Mumbai,
              Maharashtra - 400049
              Email: jhunjhunwala.rajesh@gmail.com
                     sakt.cirp@gmail.com

Last date for
submission of claims: April 2, 2026


ZENITH LEISURE: CRISIL Lowers Ratings on LT/ST Debt to B
--------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Zenith Leisure Holidays Limited (ZLHL) to 'Crisil B/Stable/Crisil
A4 Issuer not cooperating' from 'Crisil BBB/Stable/Crisil A3+'.

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

   Short Term Rating      -          Crisil A4 (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'Crisil A3+)

Crisil Ratings has been consistently following up with ZLHL for
obtaining information through letter and email dated March 16, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.      

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ZLHL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ZLHL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the ratings on
bank facilities of ZLHL to 'Crisil B/Stable/Crisil A4 Issuer not
cooperating' from 'Crisil BBB/Stable/Crisil A3+'.

ZLHL was incorporated in 1997 by Mr. Amitava Biswas and Mr. Manoj
Mishra. Based in Kolkata, ZLHL initially started as a MICE service
provider, eventually diversified its business providing end-to-end
travel related services, mainly to corporate customers. The company
also provides leisure travel services and forex related services
like currency exchange, remittance, forex cards, etc. and is an
authorized dealer in foreign currency, holding the ADII license
from RBI. The company has ~60 branches spread across India and
overseas. It provides forex related services through ~50 branches,
including exclusive forex counters in six airports.




=================
I N D O N E S I A
=================

PAKUWON JATI: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Pakuwon Jati Tbk's (PWON) Long-Term Issuer Default Rating (IDR) at
'BB+'. The Outlook is Stable. Fitch has also affirmed the USD334
million notes due 2028 at 'BB+'.

The ratings reflect its expectation that PWON's non-development
cash flow - the main source of income - will remain strong and
continue improving, with the company maintaining a conservative
financial profile. Fitch views the increased development risk from
new greenfield projects to be manageable, given PWON's strong
operating record and sufficient rating headroom to absorb its
planned capex. Fitch expects non-development EBITDA/net interest
expense to remain well above the negative sensitivity of 4.0x over
the medium term (2025 estimate: -16.5x from net interest income).

Key Rating Drivers

Solid Non-Development Earnings: Fitch forecasts non-development
EBITDA to improve and stay above the IDR3.3 trillion Fitch
estimated for 2025, underpinned by improving rental and service-fee
income, as well as continued growth in the hotel segment. New
openings in 2025 - Aloft Hotel in Pakuwon City and Four Point and
Fairfield hotels in Bekasi - will support earnings growth in the
short term. Planned greenfield and brownfield expansions should add
incremental earnings in the longer term. Fitch expects
non-development EBITDA to improve and remain at or above 85% of
total EBITDA (2025: 85%).

Stable Occupancy, Positive Rent Reversions: Fitch expects PWON to
maintain positive rent reversion and mall occupancy of around 95%
in 2026. Most of its malls are in integrated developments alongside
residential properties, offices and hotels, supporting higher
footfall than standalone malls. PWON also benefits from a diverse
mix of high-quality tenants, such as large local corporates and
multinationals leasing its offices. The malls opened in 2024,
Pakuwon City Mall Phase 3 and Pakuwon Mall Bekasi, gained solid
occupancy of above 90% in 2025.

Robust Portfolio, Concentrated Assets: PWON's rating is driven by
its investment properties that are well located in Indonesia's most
affluent cities, Jakarta and Surabaya, and generate solid
non-development EBITDA. Fitch believes the quality of its top
assets mitigates concentration risk, as around 75% of
non-development revenue is derived from four mixed-use projects.
Fitch expects this proportion to decline but remain significant
when the planned greenfield mixed-use projects start operations and
stabilise.

Capex Rephasing: PWON plans capex of about IDR8 trillion in
2026-2030 (2025 estimate: IDR436 billion), partially deferring its
earlier IDR10 trillion capex plans for 2025-2030. This is due to
site preparation requirements related to land-structure conditions
in the Semarang superblock and administrative delays in the Batam
superblock. Groundbreaking for the Semarang project began in 2025,
while the Batam project is slated to begin work in 2027-2028.

Fitch does not expect the delays to weaken PWON's credit profile,
as these greenfield projects were not expected to contribute
meaningful earnings for around four years due to the construction
and ramp-up period. PWON began the Kota Kasablanka superblock
extension in 2025 and has delayed the Gandaria City Mall extension.
The company plans to expand its malls' net leasable area by 33% to
above 1,140,000sqm and hotel rooms by 80% to around 5,258 by 2030,
relative to 2025 levels.

Strong Cash Flow to Fund Development: Fitch expects PWON to fund
its expansion comfortably with its cash balance and strong internal
cash flow. Fitch forecasts annual capex to peak at above IDR2
trillion in 2028-2029, as development activity increases across
greenfield projects. This coincides with PWON's US dollar note
maturity and may lead to some reliance on external borrowings. PWON
has some flexibility to defer its plan for opportunistic
acquisitions of land and operating assets of IDR1.1 trillion in
2026 and up to IDR570 billion annually thereafter.

Prudent Project Execution: Fitch expects PWON to remain prudent in
developing mixed-use projects, despite undertaking multiple new
greenfield projects in the medium term. Each superblock development
is multi-phased and extends over seven to eight years, with staged
construction of residential and commercial components. Fitch
expects PWON to secure enough presales to fund construction of the
for-sale properties.

Modest Contracted Sales: PWON's presales slowed to IDR1.3 trillion
in 2025, from IDR1.5 trillion in 2024, reflecting weaker end-user
sentiment, brief social unrest in Indonesia and purchase deferrals
as the VAT rebate was extended to 2027. Fitch expects presales to
grow but stay below IDR1.5 trillion in 2026-2027, supported by
PWON's IDR1.5 trillion of inventory eligible for the VAT rebate at
end-2025, a high proportion of ready-to-occupy units, new launches
in existing superblocks, steady GDP growth and interest-rate cuts.
PWON has a long history of annual presales above IDR1.3 trillion,
except in 2020.

Rated on Standalone Basis: Fitch rates PWON on a standalone basis
under its Parent and Subsidiary Linkage Rating Criteria. Its 69%
parent, PT Pakuwon Arthaniaga, is an investment vehicle for the
Tedja family. Fitch lacks financial information on the parent, but
PWON states it is debt free. Fitch believes the parent's access to
PWON's funds is governed by US dollar note covenants and that PWON
will maintain a dividend payout ratio of 25% of the prior year's
net income, which is higher than historical levels. Fitch views
greater financial disclosure from the parent as important for any
potential upgrade.

Peer Analysis

PWON is rated multiple notches higher than PT Kawasan Industri
Jababeka Tbk (KIJA, B-/Stable) due to its fivefold larger
non-development EBITDA, which has proven more resilient in economic
downturns than the homebuilding sector, and a stronger financial
profile. PWON's non-development income stems from prime-location
shopping malls with high-quality tenants in mixed-use superblocks,
while KIJA generates non-development income from its power plant,
dry port and estate-management services.

KIJA's residential property development business is also small,
with presales almost 50% lower than PWON's. KIJA also has high
exposure to industrial land sales that could be more volatile in
economic downturns than residential sales.

Starhill Global Real Estate Investment Trust's (SGREIT, BBB/Stable)
rating is driven by its portfolio of prime retail properties,
predominantly in Singapore and Malaysia. PWON has a more granular
portfolio and a stronger interest coverage and leverage profile,
but these are more than offset by SGREIT's stronger asset quality,
including sustained high occupancy, longer-term cash flow
visibility from majority master-leased properties and low exposure
to property developments. Additionally, SGREIT's properties are
located in Singapore and Australia, whose commercial real-estate
markets are more liquid than Indonesia's, supporting greater
leverage and liquidity of SGREIT's portfolio.

CapitaLand India Trust's (CLINT, BBB-/Stable) rating reflects the
high quality of its Grade A offices in five top-tier cities in
India, partly countered by rising exposure to asset development and
acquisitions. Unlike PWON's expansion that is exposed to market
risk, CLINT's pipeline carries lower risk because its acquisitions
are via forward purchases and a portion of its development is
pre-leased. Most forward purchases in 2026-2027 are pre-let with
occupancy above 60%, and CLINT typically manages leasing risk by
acquiring assets after they reach at least 90% occupancy or secures
a rental guarantee. CLINT also benefits from the deeper and more
liquid commercial real-estate markets in India compared with
Indonesia.

Fitch’s Key Rating-Case Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Mall occupancy above 90% in 2026-2027;

- Overall occupancy, including malls, office and hotels, to rise
and remain above 80% in 2026-2027;

- Positive rent reversions on retail leases;

- Average annual non-development EBITDA of above IDR3.3 trillion;

- Presales to remain flat in 2026 and grow above IDR1.4 trillion
from 2027;

- Capex and discretionary acquisition of land and operational
assets totalling IDR1.1 trillion in 2026 and IDR2.3 trillion in
2027.

Corporate Rating Tool Inputs and Scores

Fitch scored PWON as follows, using its Corporate Rating Tool (CRT)
to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, lower), access to capital (bbb-,
moderate), liability profile (bb, moderate), property portfolio
(bb, higher), rental income risk profile (bbb-, moderate),
profitability (bb+, moderate), financial structure (a, lower), and
financial flexibility (bbb, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The governance assessment of 'good' results in no adjustment.

- The operating environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'bb+'.

To derive the Long-Term IDR:

Fitch has made no further adjustment, resulting in an IDR of
'BB+'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- A decline in non-development EBITDA, including falling occupancy
rates and negative rental reversions, for a sustained period;

- Non-development EBITDA/net interest expense falling to below 4.0x
for a sustained period.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Fitch does not expect an upgrade in the medium term, due to
PWON's asset concentration and exposure to the more cyclical
homebuilding segment.

Liquidity and Debt Structure

PWON's liquidity is bolstered by a strong cash balance of around
IDR5 trillion at end-2025 according to its estimates, with no debt
maturity until 2028 when its only debt, a USD334 million unsecured
note, matures. Fitch expects free cash flow to turn negative from
2028 as expansion capex picks up. Fitch expects PWON's accumulated
cash and solid operating cash flow to cover the capex plan.

PWON may need to rely on external debt in 2028 when its bond
maturity coincides with the peak capex period. Fitch views PWON as
having strong access to local funding. It currently relies entirely
on US dollar bonds but has a solid record of liquidity management
and has benefited from incrementally lower funding costs.

Issuer Profile

PWON is a leading integrated property company in Indonesia. Most of
its cash flow stems from its portfolio of rented shopping malls,
offices and hotels, with property development accounting for a
smaller share. It owns and operates 11 malls, five offices, 10
hotels and two serviced apartments.

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 PWON.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
PT Pakuwon Jati Tbk     LT IDR BB+  Affirmed    BB+

   senior unsecured     LT     BB+  Affirmed    BB+




=========
J A P A N
=========

SOGO & SEIBU: To Close Shibuya Store in Late September
------------------------------------------------------
Japan Today reports that department store operator Sogo & Seibu Co
will close its Seibu store in Tokyo's Shibuya district at the end
of September after it failed to reach a lease agreement with the
land and building owners amid the area's redevelopment, sources
familiar with the matter said.

The store opened in 1968.

Japan Today relates that the decision comes as the profit of the
Seibu Shibuya store near the area's iconic scramble crossing has
declined due to competition with nearby commercial facilities,
according to the sources.

The department store closure will be the first for the operator
since its Sogo store in Kawaguchi, Saitama Prefecture, in 2021,
Japan Today notes. It will leave Shibuya without any department
stores.

According to the sources, the department store operator will shut
down the Shibuya store's two main buildings but will continue
opening one housing variety store chain Loft and another housing
retail brand Muji, Japan Today adds.

Sogo & Seibu Co., Ltd. operates department stores. The Company
sells foods, clothing, sundry goods, home appliances, household
utensils, and other products.




===============
M A L A Y S I A
===============

CAPITAL A: Appoints Shahul Hamid as Deputy CEO
----------------------------------------------
The Edge Malaysia reports that Capital A Bhd has appointed Effendy
Shahul Hamid as its new deputy CEO, the digital and aviation
services company revealed on March 30.

Effendy was formerly CEO for group consumer and digital banking at
CIMB Group. He was involved in the transformation of Touch 'n Go
into a leading digital payments platform through its joint venture
with Ant Group, Capital A said in a statement.

At Capital A, Effendy will be looking at value accretion across the
group's businesses that also include online travel agent AirAsia
Move, air cargo Teleport, aircraft maintenance unit ADE, and brand
management firm AirAsia Next, The Edge relays.

At a press conference on Capital A's operations, CEO Tan Sri Tony
Fernandes said he first asked Effendy "to see whether he could
assist" with BigPay and loyalty programmes, but after their
discussion, his role was expanded to cover the whole Capital A
group.

The Edge relates that Effendy, in a statement, said he is "working
closely with the various CEOs of Capital A group of companies and
AirAsia X Bhd to create and unlock the high potential of their
businesses".

"I am also looking forward to applying my previous experience in
financial services to define a proposition in this space for the
group. Its strong ecosystem access and use-cases provide an ideal
platform to demonstrate what the future could look like in this
vertical," he said.

According to The Edge, Effendy joins at a time when Capital A is
making efforts to turn around BigPay, which was once a fast-growing
provider of payment services for travellers with competitive
foreign exchange rates.

BigPay had attempted to secure a digital banking licence in
Malaysia but was unsuccessful. Capital A previously said it is
looking for potential partners in the majority-owned BigPay to
support its turnaround efforts, The Edge states.

The Edge adds that the group is also planning to unlock value in
its different subsidiaries, potentially beginning with a proposed
listing of AirAsia Next, pending Capital A's exit from Practice
Note 17 status this year.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provided
low-cost air carrier service. The company provided services on
short-haul, point-to-point domestic and international routes.

Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.

AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.

Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.

In January 2026, Capital A completed its aviation business disposal
(AirAsia Berhad and AirAsia Aviation Group Limited) to AirAsia X
Berhad. The completion of this transaction consolidates all
AirAsia-branded airlines under a single airline platform ("AirAsia
Group") while Capital A pivots to grow its non-aviation portfolio.


CAPITAL A: Eyes Dual-Listing in Hong Kong by August
---------------------------------------------------
The Edge Malaysia reports that Capital A Bhd, which has yet to exit
its financially troubled Practice Note 17 (PN17) status, is eyeing
a dual listing on the Stock Exchange of Hong Kong by August.

"So the Hong Kong [stock exchange] approached us. They saw Capital
A as one of the great companies in Asean that they would like to
list in Hong Kong. So again, I think the board has approved and we
are going to work. We have appointed bankers. And that potentially
could happen in July or August this year," its chief executive
officer Tan Sri Tony Fernandes told a press conference held at
Ormond Hotel, The Edge relays.

He first mentioned the potential Hong Kong listing in May 2025.

According to The Edge, Mr. Fernandes said the company will submit
its audited financial statements for 2025 and its March 31, 2026
(1QFY2026) results to apply for its exit from PN17 status.

He added that the 1QFY2026 results fully exclude the aviation
business, which was disposed of to sister company AirAsia X Bhd in
December last year.

"I suspect they (Bursa Malaysia) would like to see the accounts
audited. And we believe we will have our audited accounts by April
10," The Edge quotes Mr. Fernandes as saying. The 1QFY2026 results
are only due out in May.

Earlier this month, a Maybank Investment Bank note flagged a delay
in Capital A's exit from its financially troubled status, and
expects the lifting of its PN17 status in August from May/June
previously, recalls The Edge.

It said although Capital A sold its aviation business in December
2025, it must show two consecutive profitable quarters to exit PN17
status. Maybank IB said the 4QFY2025 profits may not count, so the
company may need to present its 1QFY2026 and 2QFY2026 profits
instead.

Another firm, MBSB Research, said Capital A's management is asking
for a waiver to use past profits to speed up its exit from PN17
status, according to The Edge.

Capital A's disposal of its aviation business to AirAsia X has
resulted in a positive equity position, The Edge notes.  The group
has been in the black at the net profit level for four consecutive
quarters since 1QFY2025. At the net operating level, Capital A has
been profitable for eight quarters, Mr. Fernandes said.

He added that the group plans to first exit PN17 status before it
can move forward with its plan to list its brand management company
AirAsia Next in the US, The Edge adds.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provided
low-cost air carrier service. The company provided services on
short-haul, point-to-point domestic and international routes.

Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.

AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.

Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.

In January 2026, Capital A completed its aviation business disposal
(AirAsia Berhad and AirAsia Aviation Group Limited) to AirAsia X
Berhad. The completion of this transaction consolidates all
AirAsia-branded airlines under a single airline platform ("AirAsia
Group") while Capital A pivots to grow its non-aviation portfolio.




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

BROADTECH GROUP: Creditors' Proofs of Debt Due on May 1
-------------------------------------------------------
Creditors of The Broadtech Group Limited are required to file their
proofs of debt by May 1, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 11, 2026.

The company's liquidators are:

          Benjamin Francis
          Garry Whimp
          C/- Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


CORE TRADE: Creditors' Proofs of Debt Due on April 23
-----------------------------------------------------
Creditors of Core Trade Services Limited are required to file their
proofs of debt by April 23, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 23, 2026.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


GANLEY & RICHARDSON: Court to Hear Wind-Up Petition on April 23
---------------------------------------------------------------
A petition to wind up the operations of Ganley & Richardson Smash
Repairs Limited will be heard before the High Court at Auckland on
April 23, 2026, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 3, 2026.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MAD BUTCHER: Christchurch Store Closes Down After 15 Years
----------------------------------------------------------
Stuff.co.nz reports that a Mad Butcher store in Christchurch has
closed after nearly 15 years in the city, leaving just two of the
butcher's shops in the South Island.

The Ferry Rd store in Waltham closed its doors for the last time on
Sunday [March 29].

In a social media announcement on March 27, owners Shane and Nicole
Vickery said the "tough news" of the closure would "come as a shock
to a lot of people," Stuff relates.

"It's hard to explain what this place means to us. This store isn't
just a business. It's our family," they said.

"We've watched young staff come in as after-school workers and grow
into managers. We've seen both my son and my nephew complete their
apprenticeships here.

"We've shared laughs, long days, early mornings, and built
something we're incredibly proud of.

"Together, we've grown this into the busiest shop in the group.
That didn't happen by accident. That's because of our team, and
because of you."

According to Stuff, the store's owners said they were unable to
reach a new Mad Butcher franchise agreement to continue operating
from this site. "So this it it," they said.

On March 29, Shane Vickery told The Press issues related to the
closure were now before the courts and he could not comment
further, Stuff relays.

From April 7, a new independent local supermarket will operate from
the Ferry Rd site, the Vickerys said.

Last month, the Mad Butcher in Dunedin announced it was set to
close after nearly 15 years in the city, recalls Stuff.

Stuff adds that the latest closure over the weekend leaves just two
Mad Butcher stores in the South Island: one on Blenheim Rd in
Christchurch, and another in Nelson. There are 16 in the North
Island.


MEVO LIMITED: Wellington Car-Share Enters Administration
--------------------------------------------------------
The Post reports that Mevo, New Zealand's first climate-positive,
"free-floating" car share service, has been placed into
administration.

BDO's Iain Shephard and Jessica Kellow have been appointed to
administer the company, which ran short of money, despite having
just a month ago raised NZD3.28 million via the Snowball Effect
platform, The Post discloses.

Even after this funding injection, and a further NZD1.7 million in
funding set to be received this week from an unnamed investor, as
well as a strategic pivot to a less costly, peer-to-peer car rental
service, the company had called in the administrators after
realising it was not enough, according to The Post.

Mevo is an app-based platform that provides electric cars for
rents.


SPOONER CONCRETE: Court to Hear Wind-Up Petition on April 20
------------------------------------------------------------
A petition to wind up the operations of Spooner Concrete Limited
will be heard before the High Court at Hamilton on April 20, 2026,
at 10:45 a.m.

Allied Concrete Limited filed the petition against the company on
Feb. 18, 2026.

The Petitioner's solicitor is:

          Sarah Nichole McKenzie
          PRLaw, Solicitors
          45 Yarrow Street (PO Box 355)
          Invercargill


SUPERSTORE PROPERTIES: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------------------
Creditors of Superstore Properties Limited are required to file
their proofs of debt by April 30, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 20, 2026.

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27
          Nelson 7040




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

BOTHAR OPERATIONS: Creditors' Proofs of Debt Due on April 26
------------------------------------------------------------
Creditors of Bothar Operations (Singapore) Pte. Ltd. are required
to file their proofs of debt by April 26, 2026, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on March 19, 2026.

The company's liquidators are:

          Abuthahir s/o Abdul Gafoor
          Yessica Budiman
          c/o AAG Corporate Advisory  
          11 Collyer Quay
          #07-02 The Arcade
          Singapore 049317


CLI EIGHTEEN: Commences Wind-Up Proceedings
-------------------------------------------
Members of CLI Eighteen Pte. Ltd. on March 19, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


DONG XING: Court to Hear Wind-Up Petition on April 17
-----------------------------------------------------
A petition to wind up the operations of Dong Xing Doors Pte. Ltd.
will be heard before the High Court of Singapore on April 17, 2026,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 24, 2026.

The Petitioner's solicitors are:

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


MOOLOOLABAR PTE: Court to Hear Wind-Up Petition on April 20
-----------------------------------------------------------
A petition to wind up the operations of Mooloolabar Pte. Ltd. will
be heard before the High Court of Singapore on April 20, 2026, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 20,
2026.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


MSQM PTE: Court to Hear Wind-Up Petition on April 13
----------------------------------------------------
A petition to wind up the operations of MSQM Pte. Ltd. will be
heard before the High Court of Singapore on April 13, 2026, at
10:00 a.m.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore filed the petition against the company on Feb. 20, 2026.

The Petitioner's solicitors are:

          TKQP Law LLP
          1 Wallich Street
          #07-02 Guoco Tower
          Singapore 078881



                           *********


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.

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