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260423.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, April 23, 2026, Vol. 29, No. 81 Headlines A U S T R A L I A BELIEVE EARLY: Enters Voluntary Administration FEVER ENTERPRISES: First Creditors' Meeting Set for May 1 GAMA JEWELLERY: First Creditors' Meeting Set for April 30 GFG ALLIANCE: 3-Weeks Wages Guaranteed For Liberty Bell Workers LUCINDAAN PTY: First Creditors' Meeting Set for April 28 PPW SERVICES: First Creditors' Meeting Set for April 29 PREMIER COAL: Set to Reduce Production, Cut Jobs from Collie Mine WACO BUSINESS: First Creditors' Meeting Set for April 28 B A N G L A D E S H BANGLADESH: Foreign Debt Stands at US$78 Billion as of February C H I N A LONGFOR GROUP: Moody's Cuts CFR to B1 & Alters Outlook to Stable POWERLONG REAL ESTATE: Scheme Meeting Scheduled for May 12 H O N G K O N G KAISA GROUP: Seeks U.S. Recognition of Chapter 15 Restructuring I N D I A AGS TRANSACT: CRISIL Moves D Debt Ratings to Not Cooperating AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category AMARAVATHI POLLUTECH: Voluntary Liquidation Process Case Summary CANDID INDUSTRIES: Insolvency Resolution Process Case Summary CHELSEA TEXTILES: CRISIL Keeps B- Debt Ratings in Not Cooperating D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating EKS SPINNERS: Insolvency Resolution Process Case Summary ESTIRE RESEARCH: Voluntary Liquidation Process Case Summary FALCON GORAKHPUR: CRISIL Lowers Rating on INR1cr Cash Loan to B GREY'S EXIM: Liquidation Process Case Summary H. N. AGRI: CRISIL Lowers Rating on INR15cr Cash Loan to B HARJIT SINGH: CRISIL Keeps C Debt Ratings in Not Cooperating HARSHANA NATURALS: CRISIL Lowers Rating on INR10cr Loan to B HOTEL ASHOK: CRISIL Keeps B Debt Ratings in Not Cooperating HPCL-MITTAL ENERGY: Moody's Withdraws Ba1 Corporate Family Rating IMAGINE ESTATE: Insolvency Resolution Process Case Summary IMAGINE HABITAT: Insolvency Resolution Process Case Summary IMAGINE HOME: Insolvency Resolution Process Case Summary IMAGINE RESIDENCE: Insolvency Resolution Process Case Summary INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating J K POLYMERS: CRISIL Keeps B- Debt Ratings in Not Cooperating JAGAN INDUSTRIES: CRISIL Lowers Rating on INR4.5cr Cash Loan to B JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating JIMOTO HOSPITALITY: Voluntary Liquidation Process Case Summary K. DINESH: CRISIL Keeps B Debt Ratings in Not Cooperating Category K.R. THANGA: CRISIL Withdraws B Rating on INR10cr Cash Loan KAMESHWARI FOODS: CRISIL Withdraws B Rating on INR15cr Cash Loan KAVINGANGA WEAVING: CRISIL Keeps B- Ratings in Not Cooperating KV DEVELOPERS: ReaRCo Acquires Firm Through Insolvency Process MAYLARI AGRO: Voluntary Liquidation Process Case Summary NEW GENESIS: CRISIL Lowers Rating on INR1cr Proposed Loan to B PERRY JOHNSON: Voluntary Liquidation Process Case Summary PRAKASH SHIKSHAN: CRISIL Withdraws B Rating on INR47cr Term Loan PURE LIFE: CRISIL Lowers Rating on INR1cr Proposed LT Loan to B R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary RANJAY CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating RATAN ALUMINUM: CRISIL Withdraws B Rating on INR35cr Cash Loan RJD BUILDCON: CRISIL Moves D Debt Rating to Not Cooperating SAMOO DESIGNERS: Voluntary Liquidation Process Case Summary VAIBHAV COTTON: CRISIL Withdraws B Rating on INR29cr Cash Loan VANATHI EXPORTS: Insolvency Resolution Process Case Summary VINAYAKHA SPINNING: Insolvency Resolution Process Case Summary [] INDIA: SBI Moves SC to Review Spectrum Ruling Under IBC N E W Z E A L A N D ANDIFICE GROUP: Court to Hear Wind-Up Petition on May 1 COROHAWK LIMITED: Creditors' Proofs of Debt Due on June 5 GORDON & RYAN: Court to Hear Wind-Up Petition on April 30 L K MCCORMACK: Building Firm Placed In Liquidation LAUNDROMAP NZ: Baker Tilly Appointed as Receivers MAVERICK RESIDENTIAL: Placed in Liquidation WHĀNAU SHEARING: Owes Nearly NZD482,000, Liquidators Report Show S I N G A P O R E FOX CONSULTING: Creditors' Proofs of Debt Due on May 20 GOODWILL SHIPPING: Court Enters Wind-Up Order IRON SUITES: Creditors' Proofs of Debt Due on May 20 PANACEA NATURAL: Creditors' Proofs of Debt Due on May 21 SINGPET PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= BELIEVE EARLY: Enters Voluntary Administration ---------------------------------------------- The Sector reports that a regional Victorian early childhood education and care (ECEC) provider has entered voluntary administration, with notices published by the Australian Securities and Investments Commission confirming the appointment of an administrator on April 11, 2026. Believe Early Learning Pty Ltd operates two services in regional Victoria, located in Mooroopna near Shepparton and Eaglehawk outside Bendigo. ASIC records confirm that Andrew Blundell of Cathro & Partners has been appointed as administrator. According to The Sector, the appointment marks the formal commencement of the voluntary administration process, under which an independent administrator assesses the financial position of the business and determines the best outcome for creditors. The Sector relates that public reporting indicates that both centres will continue to operate during this period, consistent with standard administration practice aimed at maintaining continuity of care, enrolments and workforce stability. ASIC records list Asli Dastan as director and secretary of Believe Early Learning Pty Ltd, The Sector discloses. A related entity, Accept Group Pty Ltd, is also reported to be in administration. FEVER ENTERPRISES: First Creditors' Meeting Set for May 1 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Fever Enterprises Pty Ltd (trading as SprayFever Smash Repairs) will be held on May 1, 2026, at 11:00 a.m. via virtual meeting. Daniel Robert Soire and Bruce Gleeson of Jones Partners were appointed as administrators of the company on April 20, 2026. GAMA JEWELLERY: First Creditors' Meeting Set for April 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Gama Jewellery Pty Limited (trading as Evans Jewellers and Evans Manufacturing Jewellers) will be held on April 30, 2026, at 11:00 a.m. via virtual meeting. Daniel Robert Soire of Jones Partners was appointed as administrator of the company on April 17, 2026. GFG ALLIANCE: 3-Weeks Wages Guaranteed For Liberty Bell Workers --------------------------------------------------------------- ABC News reports that wages for workers at the Liberty Bell Bay Smelter have been secured for the next three weeks, in a deal reached between the Tasmanian and federal governments. Australia's last ferromanganese smelter, at Bell Bay in Northern Tasmania, was put into administration on March 23 this year, and a search for a new buyer continues, the ABC notes. Last week, the near 200 strong workforce had been told to take unpaid leave from tomorrow [April 24], or lose their jobs. According to the ABC, Federal Industry Minister Tim Ayres visited the site with Premier Jeremy Rockliff on April 22 to announce a deal had been reached to provide the surety for three weeks of workers' wages. The loan, worth AUD3 million, will be split evenly between the two governments. The ABC relates that Premier Jeremy Rockliff said, "We need to give the sale process the best possible chance." Administrators from Ernst & Young have indicated there are a dozen potential buyers for Liberty Bell Bay, and said a sale could take two to six months, the ABC relays. The ABC relates that local industry groups and unions said the smelter remains a profitable business in "the right hands", but that retaining the highly skilled workforce remains key to a deal. The Australian Workers' Union assistant national secretary, Chris Donovan, said the fortnightly wage bill for the site was about AUD1.6 million. The ABC notes that workers were originally told they needed to decide if they would leave their jobs by 5:00 p.m. on April 21. However, with the state and federal governments nearing a deal, that deadline was extended until April 23. Asked why a deal had taken so long, Senator Ayres said the smelter entering administration was an "extraordinary development", and that there were "uncertain circumstances". The ABC adds that Mr. Donovan said the AWU would have liked to have seen action sooner, and that there was "great uncertainty". "Could the result have been better? Yes, it could have, but we are happy with where we are now," the ABC quotes Mr. Donovan as saying. "We are hopeful for longer-term support, and the successful sale and ongoing operation of Liberty Bell Bay," he said. He said the union would continue to heap pressure on the state and federal government for longer-term support. Mr. Rockliff did not close the door on further support in three weeks if a buyer was not found, the ABC adds. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. LUCINDAAN PTY: First Creditors' Meeting Set for April 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Lucindaan Pty Ltd will be held on April 28, 2026, at 11:00 a.m. via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on April 16, 2026. PPW SERVICES: First Creditors' Meeting Set for April 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of PPW Services Pty Ltd will be held on April 29, 2026, at 10:00 a.m. via Microsoft Teams. Duncan Clubb and Jeff Marsden of BDO were appointed as administrators of the company on April 16, 2026. PREMIER COAL: Set to Reduce Production, Cut Jobs from Collie Mine ----------------------------------------------------------------- ABC News reports that one of Western Australia's two remaining coal mines is set to cut jobs and production, citing slowing demand for coal-fired power as a key factor. Premier Coal, which employs an estimated 500 workers at its mine near Collie, some 160 kilometres south of Perth, announced the reduction in its operations in a statement released on April 21. The ABC understands between 70 and 100 jobs will be impacted by the cuts. "The proposed reduction in operations will result in a downsizing of the workforce over coming weeks," the company said in the statement. "Initially, the decrease is focused on reducing the reliance on labour hire and contractor requirements. "Consultation with affected workers and stakeholders has commenced this week." According to the ABC, the Chinese owned company supplies coal to Synergy's Muja Power Station. The WA government intends to retire the state's coal-fired power generation assets by 2030, but policy shifts and announcements over the past year have led some to question the reliability of that deadline. According to the ABC, a Cook government spokesperson said it stood ready to support workers impacted by the announcement. "We have been advised the restructure is a commercial decision, as a result of reduced customer demand for coal," the ABC quotes spokesperson as saying. "It is important to note this announcement will have no impact on energy supplies, however we understand this is a difficult time for the community. "We expect [Premier] and their contractors to work with their workforce to identify redeployment opportunities where possible." The ABC adds that Mining and Energy Union WA district secretary Greg Busson said he had met with Premier Coal management on April 21, and discussions around job losses with the workforce were expected to start on Tuesday evening [April 21]. "They'll be speaking to their workforce, both permanent and labour hire components of the production workforce," Mr Busson said. "Over the period of the next few weeks, through low coal volumes, they have the unenviable decision of having to reduce some numbers. "At this time of year, with the amount of rooftop solar . . . Muja power station and the Synergy assets don't provide the cheapest power; it's the renewables and Bluewaters Power Station." In its statement, Premier said it acknowledged the impact the cuts would have on the workforce and the Collie community. The company said it would "engage proactively" with the WA government's Collie transition working group to support workers and other community members impacted by the downsizing, the ABC adds. About Premier Coal Premier Coal Limited operates as a coal producer. The Company offers exploration, mining, and coal processing services. Premier Coal serves customers in Australia. WACO BUSINESS: First Creditors' Meeting Set for April 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Waco Business Services Pty Ltd will be held on April 28, 2026, at 15:00 p.m. via virtual meeting. Melissa Joy Smith, Damien Mark Pasfield and Jason Preston were McgrathNicol were appointed as administrators of the company on April 15, 2026. =================== B A N G L A D E S H =================== BANGLADESH: Foreign Debt Stands at US$78 Billion as of February --------------------------------------------------------------- The Daily Star reports that Finance Minister Amir Khosru Mahmud Chowdhury said on April 22 that Bangladesh's outstanding foreign debt stood at US$78.07 billion as of February. Replying to a query from independent MP Rumeen Farhana in parliament, he said the BNP government has repaid loans amounting to $0.91 billion since assuming office. According to The Daily Star, the minister also told the House that between FY 2008-09 and FY 2025-26, the government borrowed a total of $85.99 billion in foreign loans. During the same period, $22.70 billion was repaid as principal and $8.70 billion as interest, he said in response to a question from another lawmaker, Shamsur Rahman Simul Biswas. In a supplementary question, Rumeen Farhana said borrowing from banks has been steadily increasing since the new government took office, The Daily Star relates. Within just 52 days of assuming power, the government borrowed BDT44,500 crore from banks, she observed, adding that the target set in the current fiscal year’s budget has already been exceeded due to the rapid rise. She asked whether the government has any new plans to increase revenue under such circumstances. In reply, Amir Khosru said the borrowing being referred to is largely carried over from the previous term, The Daily Star relays. "BNP’s economic policy is to reduce borrowing from local banks. After the upcoming budget, it will be evident how the government is reducing reliance on local banks. This will be reflected in the future and in the next budget as well," the report quotes Amir Khosru as saying. He further said many businesses are under existential threat. "They cannot repay bank loans, cannot pay staff salaries, and factories are becoming redundant. These problems have been carried over from before. In this situation, the tax-to-GDP ratio that we had maintained at a higher level was gradually lowered by previous governments. To bring it back to where we had left it, time will be needed," he added. About Bangladesh Bangladesh is a country in South Asia. It is the eighth-most populous country in the world and is among the most densely populated countries with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Dhaka, the capital and largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and is the busiest port on the Bay of Bengal. As reported in the Troubled Company Reporter-Asia Pacific in late May 2025, Fitch Ratings has affirmed Bangladesh's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. In early December 2024, Moody's Ratings downgraded the Government of Bangladesh's long-term issuer and senior unsecured ratings to B2 from B1 and affirmed short-term issuer ratings at Not Prime. The outlook has been changed to negative from stable. ========= C H I N A ========= LONGFOR GROUP: Moody's Cuts CFR to B1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has downgraded Longfor Group Holdings Limited's corporate family rating to B1 from Ba3 and its senior unsecured ratings to B2 from B1. At the same time, Moody's have changed the outlook to stable from negative. "The downgrade reflects Longfor's still-elevated leverage, which is unlikely to return to a level appropriate for its previous ratings within the next 12 months. The company's weak property development business continued to pressure profitability amid prolonged industry challenges, diluting the steady cash flow from its investment property (IP) segment," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The stable outlook reflects Moody's expectations that the company will continue to transition to a recurring income-led business model, through steady expansion of its IPs operation and property management services, while sustaining positive operating cashflow and preserving good liquidity," adds Zhou. RATINGS RATIONALE Longfor's B1 CFR reflects its recurring income from IPs operation and property management services, strong brand name, disciplined financial management and good liquidity. These strengths are counterbalanced by the company's weakened credit metrics due to exposure to business volatility in the residential property sector and its constrained access to long-term unsecured financing. In 2025, Longfor's property development segment reported a loss at the gross profit level, which resulted in the company's adjusted net debt/EBITDA sharply rising beyond 10x from 6.4x one year earlier. Moody's projects the development property segment margin will remain under pressure in the next 12 months, as industry challenges and destocking activities continue. Longfor will continue its business transition through expanding the IPs operation and property management services, with recurring income from these businesses expected to grow at approximately 2%-5% annually over the next one to two years. The steady growth is driven by organic growth from its existing retail malls following upgrades and renovations, incremental revenue contributions from newly opened malls, as well as the expansion of gross floor area (GFA) under management. Despite losses in its property development business, Longfor achieved approximately RMB5.8 billion operating cash inflow in 2025, mainly supported by stable recurring income from non-property development businesses and reduced land payments and construction costs. Moody's expects the company to sustain positive operating cash flow and deploy this inflow for gradual debt reduction over the next one to two years. Longfor has demonstrated a strong commitment to debt reduction, with adjusted net debt decreasing from RMB150.8 billion at the end of 2022 to RMB138.6 billion at the end of 2025. As such, Moody's projects that Longfor's adjusted net debt/EBITDA will gradually trend below 10x in 2027. However, this leverage remains weak compared to its previous Ba3 rating. Longfor's liquidity is good. The company's debt maturity profile will smooth out over the next few years, with annual unsecured debt maturities – including bonds and offshore loans - of around RMB6 billion scheduled for both 2026 and 2027. Moody's estimates the company's cash holdings, along with its operating cash flow, can cover its short-term debt and committed land payments over the next 12-18 months. Longfor's B2 senior unsecured rating is one notch lower than its CFR because of the risk of structural subordination. This subordination risk reflects the fact that the company has increased its usage of secured bank loans to refinance its unsecured bonds. Most of Longfor's claims are at the operating subsidiaries and have priority over claims at the holding company in a bankruptcy scenario. In terms of environmental, social and governance (ESG) factors, Moody's have considered Longfor's concentrated ownership by its key shareholder Madam Cai Xinyi – who is the daughter of Madam Wu Yajun – through XTH Trust, which holds a 42.84% stake in the company as of March 2026. The company also has a track record of disciplined financial and liquidity management. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Longfor's rating if the company strengthens its financial position. Specifically, Moody's could upgrade the ratings if the company's adjusted net debt/EBITDA falls below 8.0x and EBITDA interest coverage rises above 2.0x for a sustained period. Moody's could downgrade Longfor's rating if the company's IPs operation and property management business experience deterioration, such as a decline in recurring income or occupancy rates, or its liquidity weakens. Key metrics indicative of a downgrade include adjusted net debt/EBITDA not trending below 10x over the next two years, or EBITDA to interest coverage falling below 1.5x, on a prolonged basis. This rating action is based on a baseline scenario of a contained impact on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure. Although Longfor has no direct project exposure to the Middle East region, its credit profile may be exposed to the macro financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in March 2026. Longfor's B1 CFR is two notches below the scorecard-indicated outcome of Ba2 for 2025. The difference reflects the company's losses in its property development business and the challenges it faces during its business transition amid the volatility in China's property market. Longfor Group Holdings Limited is a developer in China's residential and commercial property development sector. Founded in 1993, the company began its business in Chongqing and has eventually established a solid brand name in the country. As of the end of 2025, Longfor operated 99 retail malls in 25 higher-tier cities of China with a total GFA of 10.5 million sqm. The company also had 22.4 million sqm land bank for property development in China. POWERLONG REAL ESTATE: Scheme Meeting Scheduled for May 12 ---------------------------------------------------------- TipRanks reports that Powerlong Real Estate Holdings will convene a scheme meeting for its creditors on May 12, 2026 in Hong Kong, following a court order to consider a proposed scheme of arrangement under the company's broader holistic debt solution. TipRanks relates that the meeting will allow scheme creditors, including existing noteholders and other lenders, to attend and vote either in person, by proxy, or via video conference, with specific procedures and deadlines set for submitting custody instructions and voting forms. According to TipRanks, the announcement details how scheme creditors must submit required documentation through clearing systems and the designated transaction portal by early May deadlines in order to participate in the vote and, if the scheme proceeds, receive restructuring consideration on the effective date. TipRanks says the process marks a key step in Powerlong's ongoing debt restructuring efforts, with the scheme's approval expected to shape the distribution of restructuring consideration and influence the company's capital structure and relationships with its offshore creditors. About Powerlong Powerlong Real Estate Holdings Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Powerlong Real Estate Holdings also operates hotel operation, tourism development, and other businesses. In October 2025, Powerlong Real Estate Holdings Ltd. entered into a Restructuring Support Agreement (RSA) with holders of approximately 31% of its Scheme Debt, aiming to implement a holistic solution that includes various options for creditors, such as cash, shares, and bonds. The company is seeking broader support from all debt holders to ensure the successful implementation of the restructuring plan, which is crucial for stabilizing its financial position and complying with regulatory requirements. As reported in the Troubled Company Reporter-Asia Pacific in early July 2022, Moody's Investors Service has downgraded Powerlong Real Estate Holdings Limited's corporate family rating to Caa2 from Caa1 and senior unsecured rating to Caa3 from Caa2. The outlook remains negative. On June 29, 2022, S&P Global Ratings lowered its long-term issuer credit rating on Powerlong Real Estate Holdings Ltd. to 'CCC+' from 'B'. S&P also lowered the long-term issue rating on the developer's senior unsecured notes to 'CCC' from 'B-'. At the same time, S&P placed the ratings on CreditWatch with negative implications. S&P subsequently withdrew its issuer credit rating and issue rating on Powerlong at the company's request. In December 2023, Powerlong Real Estate Holdings said it missed a coupon payment on an offshore bond and hiring restructuring advisors, according Mingtiandi. Having failed to pay US$15.9 million in interest on a set of dollar bonds by the Oct. 30, 2023, due date, the developer said that it had failed to honour that obligation within the 30-day grace period, triggering a default and setting the stage for a debt restructuring. ================= H O N G K O N G ================= KAISA GROUP: Seeks U.S. Recognition of Chapter 15 Restructuring --------------------------------------------------------------- Randi Love of Law360 reports that Kaisa Group Holdings Ltd., a Hong Kong-based investment firm, has asked a U.S. bankruptcy court to recognize its foreign restructuring proceeding amid significant liquidity constraints. The request comes as the company seeks protection for its ongoing restructuring efforts. The firm filed for Chapter 15 relief on April 10, 2026, aiming to halt a New York state court lawsuit initiated by a holder of secured notes totaling about $90 million. The case forms part of broader creditor disputes tied to the company's financial restructuring. At issue is litigation brought by Oasis Investments II Master Fund Ltd. against Kaisa and another investment entity. Kaisa argued that an adverse judgment of roughly $20 million could trigger defaults under its debt structure and undermine its restructuring process. About Kaisa Group Holdings Ltd. Kaisa Group is a Hong Kong investment firm. Kaisa Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10818) on April 10, 2026. Honorable Bankruptcy Judge John P. Mastando III. The Debtor is represented by Anthony Grossi, Esq., of Sidley Austin LLP. ========= I N D I A ========= AGS TRANSACT: CRISIL Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------ CRISIL Ratings has migrated the rating on bank facilities of AGS Transact Technologies Limited (AGS) to 'CRISIL D Issuer not cooperating' from 'CRISIL D' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 153.76 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 38 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 70.79 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 160.44 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 31.67 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 72.33 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 43.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 110.96 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 24.75 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Working Capital 50 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 18 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 15 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 30 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 35 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 25 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 19.8 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) Working Capital 1 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with AGS for obtaining information through letters and emails dated February 13, 2026, February 17, 2026, February 20, 2026, February 25, 2026 and March 02, 2026 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 noncooperation 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 has received no information on the financial performance and strategic intent of AGS. This restricts the ability of CRISIL Ratings to take a forward-looking view on the credit quality of the entity. CRISIL Ratings believes that the rating action on AGS is consistent with the criteria detailed in 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of AGS to 'CRISIL D Issuer not cooperating' from 'CRISIL D' Analytical Approach CRISIL Ratings has combined the financial and business risk profiles of AGS and its subsidiaries as they have common management and are in similar lines of business. AGS has two main subsidiaries – SVIL, which is engaged in cash management services, and India Transact Services Ltd (ITSL) which is engaged in creating and dealing with digital payment solutions. AGS is one of India's leading providers of end-to-end cash and digital payment solutions including customized solutions serving the banking, retail, petroleum and transit sectors. Operations covered approximately 2,200 cities and towns, servicing about 4,90,000 machines or customer touch points across India, as of March 31, 2024. AGS has two main subsidiaries – SVIL (engaged in cash management services) and ITSL (engaged in creating and dealing with electronic payment systems). The company has also expanded its operations to Southeast Asia and other countries by forming overseas stepdown subsidiaries in Sri Lanka, Philippines and Cambodia through a subsidiary in Singapore. AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Al Karma continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.75 CRISIL D (Issuer Not Cooperating) Cash Credit 3.50 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 0.25 CRISIL D (Issuer Not Facility Cooperating) CRISIL Ratings has been consistently following up with Al Karma for obtaining information through letter and email dated March 23, 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 Al Karma, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Al Karma is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Al Karma continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Al Karma, set up as a partnership firm in 1989 by Ms. Anjali Chaudhary and Mr. Sandeep Chaudhary, manufactures aluminum doors, windows, and glass panels. Its manufacturing facility is at Najafargarh in Delhi. AMARAVATHI POLLUTECH: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Amaravathi Pollutech Limited Cholan Nagar, Chinna Andan Koil Road, Karur - 639001 Liquidation Commencement Date: April 6, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Bhagyalakshmi Ramesh Boosam No. 10, Dr. Radhakrishnan Sreet, Charles Nagar, Pattabiram, Chennai - 600072 Tel: 044-26562026 Email: blassociates2003@gmail.com Last date for submission of claims: May 6, 2026 CANDID INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Candid Industries Limited Plot No.1, Survey No.308, Venkateswara Cooperative Industrial Estate, Jeedimetla, Hyderabad, Telangana - 500855 Insolvency Commencement Date: April 2, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: October 3, 2026 Insolvency professional: V. Duraisamy Interim Resolution Professional: V. Duraisamy 397, Precision Plaza, 3rd Floor, No. 23, Anna Salai, Teynampet, Chennai - 600018 Email: karurdurai.samy@gmail.com candidcirp@gmail.com Last date for submission of claims: April 21, 2026 CHELSEA TEXTILES: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chelsea Textiles Private Limited (CTPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL B- (ISSUER NOT COOPERATING) Proposed Long Term 8.55 CRISIL B- (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 0.20 CRISIL B- (ISSUER NOT Term Loan COOPERATING) CRISIL Ratings has been consistently following up with CTPL for obtaining information through letter and email dated March 23, 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 CTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CTPL continues to be 'CRISIL B-/Stable Issuer not cooperating'. CTPL was incorporated in 2011 and promoted by Mr. Jeyaraghuraman Chockappan Reddy and family. It is engaged in manufacturing cotton yarn. The company has spinning mill located at Nanded, Maharashtra. D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of D K Ceramic (DKC) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 2.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.20 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DKC for obtaining information through letter and email dated March 23, 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 DKC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DKC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DKC continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. DKC is a Morbi, Gujarat-based partnership firm set up in 2014. The firm manufactures ceramic wall and floor tiles. DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Deluxe Knitting Mill (DKM) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 0.5 CRISIL C (Issuer Not Cooperating) Mortgage Loan 8 CRISIL C (Issuer Not Facility Cooperating) Packing Credit 3.5 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DKM for obtaining information through letter and email dated March 23, 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 DKM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DKM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DKM continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987, DKM exports knitted garments. DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dhanya Steel Industries Private Limited (DSIPL; part of the Dhanya group) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DSIPL for obtaining information through letter and email dated March 23, 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 DSIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DSIPL continues to be 'CRISIL D Issuer not cooperating'. Established in December 2007, DSIPL manufactures ingots and billets. The company has its manufacturing facility in Chittoor district (Andhra Pradesh). EKS SPINNERS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: EKS Spinners Private Limited Ganapathy, No. 2/120, Ranganathapuram Street, Dhalavaipuram, Rajapalayam Thaluk, Virudhunagar District, Tamil Nadu - 626188 Insolvency Commencement Date: April 2, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Jasin Jose Interim Resolution Professional: Jasin Jose Ponmattam Madaserry, Mookannoor, Angamaly P.O., 683577, Kerala, India Email: jasinjoseponmattam@gmail.com 5D, Skyline Riverscape, Thottumugham, Aluva, Kerala, India - 683105 Email: spinnerseks@gmail.com Last date for submission of claims: April 21, 2026 ESTIRE RESEARCH: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Estire Research & Analytics Private Limited Office No. 308, Hilton Centre, Plot No. 66, Sector 11, Palm Beach Road, CBD Belapur, Navi Mumbai, Thane 400614, Maharashtra Liquidation Commencement Date: April 7, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Pankaj Kumar Gupta 70D, Pocket-A, Opposite Flyover Pillar No. 11, Outer Ring Road, Vikas Puri Extension, Tilak, Nagar 110018 Flat #804, Building No. -8 Sector - 2, Raunak City, Kalyan West, Maharashtra - 421301 Tel No: 97167 77757 Email: ippankajgupta2011@gmail.com Last date for submission of claims: May 7, 2026 FALCON GORAKHPUR: CRISIL Lowers Rating on INR1cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Falcon - Gorakhpur (FALGOR) to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING; Migrated from 'CRISIL BB/Stable') CRISIL Ratings has been consistently following up with FALGOR for obtaining information through letter and email dated March 10, 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 FALGOR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on FALGOR is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of FALGOR to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB/Stable'. FALGOR is engaged in the business of securing government tenders for increasing awareness about government initiatives like sanitation, Swach Bharat Mission, water preservation and storage etc. through door-to-door campaigns, public plays, demonstrations, LED displays, graffiti and wall paintings etc, since 2017. It is owned and managed by Mahatab Alam. GREY'S EXIM: Liquidation Process Case Summary --------------------------------------------- Debtor: Grey's Exim Pvt. Ltd A/2, 309, Shah & Nahar Industrial Estate, Dhanraj Mill Compound, Lower Parel, Mumbai, 400013, Maharashtra Liquidation Commencement Date: April 1, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Jayant Prabhakar Pimpalgaonkar Plot No. 216, Prabhurang, Shilpa Society, Behind UCO Bank, Narendra Nagar Extension, Nagpur, Maharashtra - 440015 Email: pimpalgaonkarjayant1971@gmail.com Suite No. 5, 8th Floor, 207, Embassy Centre, Jamnalal Bajaj Marg, Nariman Point, Mumbai, Maharashtra - 400021 Email: greyexim.liq@gmail.com Last date for submission of claims: May 1, 2026 H. N. AGRI: CRISIL Lowers Rating on INR15cr Cash Loan to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of H. N. Agri Serve Private Limited (HNAS; part of the Harshna group) to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Term Loan 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with HNAS for obtaining information through letter and email dated March 26, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of HNAS revised to 'CRISIL B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. '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 HNAS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HNAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HNAS revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB/Stable Issuer not cooperating'. The Harshna group is based in Jammu and Kashmir and promoted by Mr Rakesh Kohli, Mr Naresh Kohli, Mr Aman Kohli, Mr Mir Mohammad Shafi and Mr Mir Khuram Shafi. HN, a partnership firm, was set up in 2007, while HNAS was incorporated in 2011 and started operations in October 2013. The entities have controlled-atmosphere cold storage facility in Kashmir with capacity of 5,000 tonne each, and packing and grading lines for apples. HARJIT SINGH: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Harjit Singh Dugal (HSD) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 0.75 CRISIL C (Issuer Not Cooperating) Overdraft Facility 8.25 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HSD for obtaining information through letter and email dated March 23, 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 HSD, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HSD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSD continues to be 'CRISIL C Issuer not cooperating'. HSD was established as a proprietorship firm by Mr Harjit Singh Dugal in 2008. The firm undertakes real estate development in Delhi. HARSHANA NATURALS: CRISIL Lowers Rating on INR10cr Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Harshana Naturals (HN; part of the Harshana group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') Term Loan 5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with HN for obtaining information through letter and email dated March 26, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of HN revised to 'CRISIL B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. '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 HN, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HN revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB/Stable Issuer not cooperating'. The Harshna group is based in Jammu and Kashmir and promoted by Mr Rakesh Kohli, Mr Naresh Kohli, Mr Aman Kohli, Mr Mir Mohammad Shafi and Mr Mir Khuram Shafi. HN, a partnership firm, was set up in 2007, while HNAS was incorporated in 2011 and started operations in October 2013. The entities have controlled-atmosphere cold storage facility in Kashmir with capacity of 5,000 tonne each, and packing and grading lines for apples. HOTEL ASHOK: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hotel Ashok - Thanjavur (HA) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.2 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.8 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HA for obtaining information through letter and email dated March 23, 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 HA, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HA continues to be 'CRISIL B/Stable Issuer not cooperating'. Set up in 2015 as a partnership firm by Mr. V Ashok, Mr. R Vijaykumar, and their families, HA is setting up a 22-room hotel, Hotel Ashok, in Thanjavur, Tamil Nadu. The project is currently under construction and operations are expected to begin from April 2017. HPCL-MITTAL ENERGY: Moody's Withdraws Ba1 Corporate Family Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn HPCL-Mittal Energy Limited's (HMEL) Ba1 corporate family rating. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). HPCL-Mittal Energy Limited, which commenced operations in 2011, owns an 11.3 million metric tons per annum (mmtpa) refinery in Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it one of the highest complex refineries in Asia. The company also operates a 1.2 mmtpa dual feed petrochemical unit at the existing refinery. HMEL is a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and Mittal Energy Investment Pte Ltd, with each having a 49% shareholding. The remaining 2% is held by Indian financial institutions. IMAGINE ESTATE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Imagine Estate Private Limited 307 & 308, 3rd Floor, Midas, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Mamta Binani Interim Resolution Professional: Mamta Binani 3rd Floor, Nicco House, 2 Hare Street, Kolkata, 700001, West Bengal Email: mamtabinani@gmail.com D-38, LGF (L/S), South Extension Part-II, New Delhi - 110049 Email: cirp.imagineestate@gmail.com Last date for submission of claims: April 23, 2026 IMAGINE HABITAT: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Imagine Habitat Private Limited 307 & 308, 3rd Floor, Midas, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Mamta Binani Interim Resolution Professional: Mamta Binani 3rd Floor, Nicco House, 2 Hare Street, Kolkata, 700001, West Bengal Email: mamtabinani@gmail.com D-38, LGF (L/S), South Extension Part-II, New Delhi - 110049 Email: cirp.imaginehabitat@gmail.com Last date for submission of claims: April 23, 2026 IMAGINE HOME: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Imagine Home Private Limited 307 & 308, 3rd Floor, Midas, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Mamta Binani Interim Resolution Professional: Mamta Binani 3rd Floor, Nicco House, 2 Hare Street, Kolkata, 700001, West Bengal Email: mamtabinani@gmail.com D-38, LGF (L/S), South Extension Part-II, New Delhi - 110049 Email: cirp.imaginehome@gmail.com Last date for submission of claims: April 23, 2026 IMAGINE RESIDENCE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Imagine Residence Private Limited 307 & 308, 3rd Floor, Midas, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India Insolvency Commencement Date: April 7, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 4, 2026 Insolvency professional: Mamta Binani Interim Resolution Professional: Mamta Binani 3rd Floor, Nicco House, 2 Hare Street, Kolkata, 700001, West Bengal Email: mamtabinani@gmail.com D-38, LGF (L/S), South Extension Part-II, New Delhi - 110049 Email: cirp.imagineresidence@gmail.com Last date for submission of claims: April 23, 2026 INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Innovative Technomics Private Limited (ITPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ITPL for obtaining information through letter and email dated March 23, 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 ITPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ITPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ITPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1993, manufactures high-voltage soft starters, high-speed testing equipment, and linear motor systems. J K POLYMERS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J K Polymers (JKP) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 2.37 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with JKP for obtaining information through letter and email dated March 23, 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 JKP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JKP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JKP continues to be 'CRISIL B-/Stable Issuer not cooperating'. JKP was set up in 2006 as a partnership firm by Mr Ambalal J Patel, Mr Bhavesh J Patel, Mr Iswar J Patel and Mr Jignesh N Patel. This Mehsana (Gujarat)-based firm manufactures HDPE/PP bags such as woven sacks, paper sacks, liner bags and tarpaulin. JAGAN INDUSTRIES: CRISIL Lowers Rating on INR4.5cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Jagan Industries Private Limited (JIPL; part of JTL group), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with JIPL for obtaining information through letter and email dated March 23, 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 JIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JIPL revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL B+/Stable Issuer not cooperating'. Incorporated in 1991 and promoted by the Chandigarh-based Singla family, JTL manufactures black and galvanised steel tubes, galvanised solar structures, and road crash barriers. The unit in Dera Bassi, Punjab, has black steel tube manufacturing capacity of 8,000 tonne per month (tpm) and galvanised steel tube capacity of 4,000 tpm. Products are sold under the Jagan, Olympic, and Shri Ganesh brands. CIL manufactures steel tubes and hot-rolled (HR) coils at its unit in Raipur, Chhattisgarh, which has black steel tube manufacturing capacity of 10,000 tpm, galvanised steel tube capacity of 5,000 tpm, and HR coil manufacturing capacity of 10,000 tpm. JIPL, incorporated in 1990 and promoted by the same family, manufactures HR coils, galvanised pipes, and mild steel tubes. The manufacturing unit in Mandi Gobindgarh, Punjab, has black steel manufacturing capacity of 22,418 tonne per day. JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jawahar Education Society (JES) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 12.65 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 18.35 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JES for obtaining information through letter and email dated March 23, 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 JES, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JES continues to be 'CRISIL D Issuer not cooperating'. JES was founded in 1991 by Mr. Annasaheb Patil. It runs two colleges and one school in Maharashtra, which are A C Patil College of Engineering and Technology, Jawahar Institute of Technology, Management and Research and North Point School. The trust is managed by Mr. Vinay Patil and Mr. Kamal Patil. JIMOTO HOSPITALITY: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Jimoto Hospitality Private Limited Flat No. 2, Building No. 3b/1, New Ajanta Avenue, Kothrud, Pune, Maharashtra, India, 411038 Liquidation Commencement Date: February 28, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076 Karnataka, India Tel No: +91 94483 84064, +080 7963 4233 Email: gthirupal@gmail.com Last date for submission of claims: March 30, 2026 K. DINESH: CRISIL Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of K. Dinesh Furnishing Private Limited (KDFPL) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 4 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with KDFPL for obtaining information through letter and email dated March 23, 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 KDFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KDFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KDFPL continues to be 'CRISIL B/Stable Issuer not cooperating'. KDFPL, incorporated in 2013, by Shah, Baua, and Furia families, is an authorised distributor for home furnishings of D'decor Home Fabrics. The business is managed by Mr. Kalyanji Shah, Mr. Mehul Baua, Mr. Hasmukh Baua, and Mr. Vishal Furia. K.R. THANGA: CRISIL Withdraws B Rating on INR10cr Cash Loan ----------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of K.R. Thanga Maligai (KRTM) on the request of the company and after receiving no objection certificate from the bank. 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 ---------- ----------- ------- Cash Credit/ 10 CRISIL B/Stable/Issuer Not Overdraft facility Cooperating (Withdrawn) Cash Credit/ 3 CRISIL B/Stable/Issuer Not Overdraft facility Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with KRTM for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KRTM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KRTM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has continued the rating on bank facilities of KRTM to 'CRISIL B/Stable Issuer not cooperating'. Set up in 2001 as a partnership firm, KRTM is engaged in jewelry retailing. The firm is based in Ramanathapuram (Tamil Nadu). The operations are managed by Mr. Purushothaman. KAMESHWARI FOODS: CRISIL Withdraws B Rating on INR15cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Shri Kameshwari Foods India Private Limited (SKFIPL) on the request of the company and after receiving no objection certificate from the bank. 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 ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SKFIPL for obtaining information through letter and email dated March 24, 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 SKFIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SKFIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SKFIPL to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. Incorporated in 2021, SKFIPL is engaged in milling, polishing and sorting of basmati rice. It has a milling facility in Bareli, Madhya Pradesh. It has installed capacity of 8 tonne per hour (tph) for rice milling. It trades rice under its own brand, 'Five Flowers'. It is promoted by Mr Sumit Verma and Mr Sachin Verma. KAVINGANGA WEAVING: CRISIL Keeps B- Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kavinganga Weaving Mills Private Limited (KWMPL) continue to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 5.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with KWMPL for obtaining information through letter and email dated March 23, 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 KWMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KWMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KWMPL continues to be 'CRISIL B-/Stable Issuer not cooperating'. Established as a proprietorship firm in the name of Ganga Weaving by Mr. D. Boopathi, and later converted into a private limited company in November 2017, Dindigul (Tamil Nadu)-based KWMPL is engaged in the manufacture of fabrics. KV DEVELOPERS: ReaRCo Acquires Firm Through Insolvency Process -------------------------------------------------------------- The Economic Times reports that real estate asset resolution company ReaRCo Private Limited has acquired KV Developers through the insolvency resolution process, giving hope to nearly 400 homebuyers in Greater Noida who had invested in the project in 2013. The firm has also secured INR195 crore from the government-backed SWAMIH Fund to finish the stalled project. Construction is underway on five towers, with possession expected by year-end. Dues to financial institutions and the development authority have been cleared. MAYLARI AGRO: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Maylari Agro Products Limited No. SB/168, Ground Floor, 3rd Cross, Peenya Industrial Area, Near Maini Company, Peenya 1st Stage, Bangalore, Karnataka - 560058 Liquidation Commencement Date: April 10, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ratnakar Shetty RPAR & Co LLP #16, Level 3, Skyline Towers, 7th Cross, Sampige Road, Malleswaram, Bangalore - 560003 Tel No: 99864 04040 Email: rcshetty.co@gmail.com Last date for submission of claims: May 10, 2026 NEW GENESIS: CRISIL Lowers Rating on INR1cr Proposed Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the rating on bank facilities of New Genesis (NG) to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 1 CRISIL B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'CRISIL BB-/Stable') CRISIL Ratings has been consistently following up with NG for obtaining information through letter and email dated March 10, 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 NG, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NG is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of NG to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. Set up in 2023 as a partnership firm by Mr Mahtab Alam, Mr Ashfaque Alam and Mr Aftab Alam, NG is associated with the Jal Jeevan Mission and works for information, education, communication, human resource development and behavioral change programmes at the ground level. It is based in Lucknow, Uttar Pradesh. PERRY JOHNSON: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Perry Johnson Associates Private Limited #50 Opposite Big Bazar, Above Karnataka Bank, 3rd Floor, K H Road, Bangalore, Karnataka, India- 560027 Liquidation Commencement Date: March 30, 2026 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Thirupal Gorige No. 87, 2nd Floor, 21st Cross, 7th Main, N S. Palya, BTM 2nd Stage, Bangalore - 560076 Karnataka, India Tel No: +91-94483-84064, +91-080-7963-4233 Email: gthirupal@gmail.com Last date for submission of claims: April 29, 2026 PRAKASH SHIKSHAN: CRISIL Withdraws B Rating on INR47cr Term Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Prakash Shikshan Mandal (PSM) on the request of the company and after receiving no objection certificate from the bank. 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 ---------- ----------- ------- Cash Credit 20 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 23 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 2 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 14.8 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 23.2 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 47 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with PSM for obtaining information through letter and email dated April 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PSM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, CRISIL Ratings has continued the rating on bank facilities of PSM to 'CRISIL B/Stable Issuer not cooperating'. PSM was set up in 2000 under the Bombay Public Trust Act, 1950. PSM operates an ayurvedic medical college, an MBBS college, a nursing college, two hospitals attached with colleges and primary & secondary CBSE school. Its campus is located at Peth-Sangli Road, Urun Islampur, Maharashtra. PSM was founded by Shri. Nishikant Bhosale Patil. PURE LIFE: CRISIL Lowers Rating on INR1cr Proposed LT Loan to B --------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Pure Life Society (PLS) to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Migrated from 'CRISIL BB-/Stable') CRISIL Ratings has been consistently following up with PLS for obtaining information through letter and email dated March 10, 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 PLS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PLS is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of PLS to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. PLS, set up in 2023, is an NGO registered, recognised social organisation working since 2023 for the upliftment and rehabilitation of rural parts of Uttar Pradesh. It provides education services which includes free education for children, host informational seminars, etc along with orphan sustenance, medical facilities, clothes donation and other social activities. R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R.S. Foods (RF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 18, 2025, placed the rating(s) of RF under the 'issuer non-cooperating' category as RF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 4, 2026, January 14, 2026, January 24,2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable R.S. Foods (RSF) was established in April, 2015 as a proprietorship firm by Mr. Satish Kumar. The constitution was converted into a partnership firm in April 2016 and is currently being managed by Mr. Ram Lal Singla and Mr. Atul Singla as its partners sharing profit and losses equally. The firm is engaged in processing of paddy and trading of rice at its manufacturing facility in Karnal, Haryana. RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Raheja Developers Limited W4D, 204/5, Keshav Kunj Cariappa Marg, Western Avenue, Sainik Farms, South Delhi, New Delhi, Delhi, India, 110062 Project Site: Sector-14, Sohana, Gurugram, Haryana Insolvency Commencement Date: August 21, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: February 17, 2026 Insolvency professional: Brijesh Singh Bhadauriya Interim Resolution Professional: Brijesh Singh Bhadauriya Unit No. 122, Vardhaman Sunrise Plaza, Vasundhara Enclave, Delhi - 110096 Email: bsb@bsbandassociates.in G-40, Vardhaman Sunrise Plaza, Vasundhara Enclave, Delhi - 110096 Email: cirp.raheja.developers.khs@gmail.com Last date for submission of claims: April 24, 2026 RANJAY CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ranjay Constructions (RC) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RC for obtaining information through letter and email dated March 25, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of RC continues to be 'CRISIL B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated July 11, 2025. '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 RC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RC continues to be 'CRISIL B/Stable Issuer not cooperating'. Established in 2017, RC is engaged in real estate development in Hyderabad. Mr T Jaipal Reddy, Mr T. Bala Avinash Reddy, Mr T. Anvesh Reddy, Mr V. Jeevan Reddy, Mr B. Sridhar Reddy, Mr T. Vijaya Pratap Reddy, Mr K. Sudharshan Rao and Mr N. Avinash Rao are partners in RC. RATAN ALUMINUM: CRISIL Withdraws B Rating on INR35cr Cash Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Ratan Aluminum Recycling Private Limited (RARPL) on the request of the company and after receiving no objection certificate from the bank. 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 ---------- ----------- ------- Cash Credit 35 CRISIL B/Issuer Not Cooperating (Withdrawn) Channel Financing 10.76 CRISIL B/Issuer Not Cooperating (Withdrawn) Channel Financing 2.24 CRISIL B/Issuer Not Cooperating (Withdrawn) Long Term Loan 2.83 CRISIL B/Issuer Not Cooperating (Withdrawn Proposed Term Loan 0.93 CRISIL B/Issuer Not Cooperating (Withdrawn) Working Capital 3.24 CRISIL B/Issuer Not Term Loan Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with RARPL for obtaining information through letter and email dated September 8, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RARPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RARPL is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has revised the rating on bank facilities of RARPL revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'. RARPL was incorporated in 2011, by promoters, Mr OP Paliwal, Ms Rajni Paliwal, and their family members. The Faridabad (Haryana)-based company manufactures aluminium ingots, mainly for supplies to the automotive sector. RJD BUILDCON: CRISIL Moves D Debt Rating to Not Cooperating ----------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Rjd Buildcon Limited (RJDBL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with RJDBL for obtaining information through letter and email dated March 18, 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 RJDBL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RJDBL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of RJDBL to 'CRISIL D Issuer not cooperating'. Incorporated in 2007 and promoted by Mr Rameshbhai Desai, Mr Rajeshbhai Desai and Mr Rajnibhai Desai, RJDPL develops residential and commercial spaces. The company has undertaken 8 projects in Ahmedabad. SAMOO DESIGNERS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Samoo Designers & Engineers India Private Limited Unit No. 16, Ground Floor, Square One, C-2 District Centre, Saket, South Delhi, New Delhi - 110017, India Liquidation Commencement Date: April 9, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mohammad Khalid G3/2 2nd Floor, Malviya Nagar, New Delhi - 110017 Email: volliq.sdeipl@gmail.com cskhalid01@gmail.com Last date for submission of claims: May 9, 2026 VAIBHAV COTTON: CRISIL Withdraws B Rating on INR29cr Cash Loan -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Vaibhav Cotton Corporation (VCC) on the request of the company and after receiving no objection certificate from the bank. 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 ---------- ----------- ------- Cash Credit 29 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term Bank Loan Facility 0.13 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 4.87 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with VCC for obtaining information through letter and email dated March 31, 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 VCC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VCC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of VCC to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL BB-/Stable'. VCC is engaged in cotton ginning and processing of cotton seed to produce cotton seed oil and cotton seed oil cake. It also trades in cotton seed and lint as per the market need. Its facility is in Jammikunta, with an installed capacity of 36 ginning machines. The firm has capacity of ginning 300 bales per day and seed crushing capacity of 50 tonne per day. Mr Mukka Shivakumar and Mr Mukka Narayana are the partners. VANATHI EXPORTS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Vanathi Exports Private Limited No. 3/1, 2nd Floor, Flat No. 2/5, Ramachandra Road, T.Nagar, Chennai - 600017 Insolvency Commencement Date: April 2, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: October 7, 2026 Insolvency professional: N. Kumar Interim Resolution Professional: N. Kumar Old, No. 8, New No. 3, 3rd Street, Race View Colony, Guindy, Chennai - 600032 Tel: 99524 18350 Email: naraykumar71@rediffmail.com cirpvanathiexports@gmail.com Last date for submission of claims: April 24, 2026 VINAYAKHA SPINNING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: SRI Vinayakha Spinning Mills Private Limited 144/2, Komarapalayam Main Road, Veppadai Elanthakuttai Post, Erode, Tamil Nadu - 638008 Insolvency Commencement Date: April 2, 2026 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 29, 2026 Insolvency professional: SPP Insolvency Professionals LLP Interim Resolution Professional: SPP Insolvency Professionals LLP 2nd Floor, CODISSIA, G.D. Naidu Towers, Huzur Road, Coimbatore - 641018 Tel No: +91-94888-10404 Email: svsmpl.ibc@gmail.com ipadmin@sppgroups.com Last date for submission of claims: April 22, 2026 [] INDIA: SBI Moves SC to Review Spectrum Ruling Under IBC ---------------------------------------------------------- CNBC-TV18 reports that State Bank of India (SBI) has moved the Supreme Court seeking a review of its recent judgment that held telecom spectrum cannot be treated as an asset under the Insolvency and Bankruptcy Code (IBC), following a similar plea by Reliance Communications (RCom). In its review petition, SBI flagged what it termed "patent errors" in the ruling and cautioned that the judgment could have far-reaching consequences for the banking sector, CNBC-TV18 relates. According to CNBC-TV18, the lender argued that excluding spectrum from the definition of assets under the IBC framework could significantly impact recovery prospects for banks. SBI also said that the ruling may not be limited to the telecom sector alone but could extend to other industries dependent on natural resources, such as mining and power. According to the plea, this could weaken lenders' confidence and make them more reluctant to extend credit to regulated sectors, CNBC-TV18 relays. CNBC-TV18 says the Supreme Court, in its earlier judgment, had held that spectrum allocated to telecom companies cannot be subjected to insolvency proceedings under the IBC. It had rejected pleas by lenders and defaulting telcos, including SBI, Aircel, and Reliance Communications, that sought to classify the right to use spectrum as an asset, according to CNBC-TV18. CNBC-TV18 relates that the court had also upheld the Centre's position that spectrum is a national resource and, therefore, cannot be restructured or transferred under the IBC process. SBI's review plea now brings the issue back before the top court, with lenders seeking clarity on how such resources should be treated in insolvency cases going forward, CNBC-TV18 adds. ===================== N E W Z E A L A N D ===================== ANDIFICE GROUP: Court to Hear Wind-Up Petition on May 1 ------------------------------------------------------- A petition to wind up the operations of Andifice Group Limited will be heard before the High Court at Auckland on May 1, 2026, at 10:00 a.m. Forest Landscaping Limited filed the petition against the company on March 5, 2026. The Petitioner's solicitor is: Alden Ho Crimson Legal 1 St Georges Bay Road Parnell, Auckland COROHAWK LIMITED: Creditors' Proofs of Debt Due on June 5 --------------------------------------------------------- Creditors of Corohawk Limited are required to file their proofs of debt by June 5, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 16, 2026. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald C/o BDO Tauranga Limited Level 1, The Hub 525 Cameron Road Tauranga GORDON & RYAN: Court to Hear Wind-Up Petition on April 30 --------------------------------------------------------- A petition to wind up the operations of Gordon & Ryan Industries Limited will be heard before the High Court at Auckland on April 30, 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: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 L K MCCORMACK: Building Firm Placed In Liquidation -------------------------------------------------- Otago Daily Times reports that Invercargill-based building firm L K McCormack has been placed in liquidation for appearing to fail to account for taxation. The company was placed in liquidation in the High Court at Invercargill on March 12, owing an estimated NZD339,000, ODT discloses. That was on the application of the Commissioner of Inland Revenue Te Tari Taake and the official assignee was appointed liquidator. The company - whose sole shareholder and director was listed as Logan Kevin McCormack - had ceased trading, the liquidator's first report said. ODT says communication had been established with Mr. McCormack to obtain the company's financial statements and a statement of affairs. They were investigating whether there were any assets of benefit to creditors, the report said. LAUNDROMAP NZ: Baker Tilly Appointed as Receivers ------------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland Limited on April 15, 2026, were appointed as receivers and managers of Laundromap NZ Limited, Adam Plowman and Samuel Hamish Macdonald. The receivers and managers may be reached at: Jared Booth Tony Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 MAVERICK RESIDENTIAL: Placed in Liquidation ------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates was appointed as liquidator of Maverick Residential Limited on April 14, 2026, and Safetypro Limited and Shayan Enterprises Limited on April 16, 2026. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 WHĀNAU SHEARING: Owes Nearly NZD482,000, Liquidators Report Show ----------------------------------------------------------------- Otago Daily Times reports that Whānau Shearing was placed in liquidation in the High Court at Dunedin on March 12, on the application of the Commissioner of Inland Revenue and the official assignee was appointed liquidator. ODT relates that the company - whose sole director and shareholder was listed as Philisea Halliday, of Gore - ceased trading in October 2025 and total claims were estimated at nearly $482,000, the liquidators first report said. Establishing communication with the director to obtain the company's financial statements and a statement of affairs was in the works, the report said. ================= S I N G A P O R E ================= FOX CONSULTING: Creditors' Proofs of Debt Due on May 20 ------------------------------------------------------- Creditors of Fox Consulting Services Pte. Ltd. are required to file their proofs of debt by May 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 15, 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 GOODWILL SHIPPING: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of Goodwill Shipping Supply & Services (S) Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 IRON SUITES: Creditors' Proofs of Debt Due on May 20 ---------------------------------------------------- Creditors of The Iron Suites Pte. Ltd. are required to file their proofs of debt by May 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 20, 2026. The company's liquidator is: Yio Swee Khim c/o 20 Peck Seah Street, #05-00 Singapore 079312 PANACEA NATURAL: Creditors' Proofs of Debt Due on May 21 -------------------------------------------------------- Creditors of Panacea Natural Sciences Pte. Ltd. are required to file their proofs of debt by May 21, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 14, 2026. The company's liquidator is: Seah Chee Wei 60 Paya Lebar Road #04-03 Paya Lebar Square Singapore 409051 SINGPET PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on April 10, 2026, to wind up the operations of Singpet Pte. Ltd. The Hongkong And Shanghai Banking Corporation Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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