260625.mbx

260625.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, June 25, 2026, Vol. 29, No. 126 Headlines A U S T R A L I A CORPORATE TRAVEL: To Miss ASX Return Deadline as Refund Deal Stalls GEEDUP ONLINE: Court Orders Wind-Up Following ATO Action HEALTH TEAMS: First Creditors' Meeting Set for June 26 HOLSTON PTY: Second Creditors' Meeting Set for June 29 LION AUSTRALIA: Union Launches Petition to Save Boag's Brewery MAISON PROPERTY: First Creditors' Meeting Set for July 2 QUEENSLAND COKING: Second Creditors' Meeting Set for June 29 VITRINITE PTY: Second Creditors' Meeting Set for June 29 C H I N A CHINA EVERGRANDE: HK Court to Review Liquidators Challenge to SFC I N D I A AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating CHAITANYA SEEDS: CARE Keeps B- Debt Rating in Not Cooperating CLASS 21A: Voluntary Liquidation Process Case Summary EVOQ REMEDIES: Insolvency Resolution Process Case Summary GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating GOVINDAM PROJECTS: CARE Lowers Rating on INR11cr LT Loan to B- GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating HK TOLL: Insolvency Resolution Process Case Summary IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating KARANJA KRAFT: CARE Assigns B+ Rating to INR50.0cr LT Loan KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating KSK WIND: Insolvency Resolution Process Case Summary LAKSHMI NARAYAN: CARE Keeps B- Debt Rating in Not Cooperating NIRUPAM ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating NIRVIKAR FILMS: Insolvency Resolution Process Case Summary OM SMELTERS: CARE Keeps B- Debt Rating in Not Cooperating Category P. MUTHUKUMAR: CARE Keeps B- Debt Rating in Not Cooperating P.M.R CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating PITHADAI CONSTRUCTION: Insolvency Resolution Process Case Summary REGENCY EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating RM ROCKS: CARE Keeps C Debt Rating in Not Cooperating Category ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating RVD SALES: Insolvency Resolution Process Case Summary SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category SARASWATI EXIM: CARE Keeps B- Debt Rating in Not Cooperating SHANTI INFRACONSTRUCT: Insolvency Resolution Process Case Summary SHRI GIRIJA: Insolvency Resolution Process Case Summary TECHNO DRUGS: CARE Keeps B- Debt Rating in Not Cooperating THINK ANALYTICS: Voluntary Liquidation Process Case Summary VEDANTA RESOURCES: S&P Affirms 'BB' Long-Term ICR, Outlook Stable VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating VIKRAM SOLAR: NCLT Admits Insolvency Petition Against Company WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category I N D O N E S I A [] INDONESIA: Ceramic Industry Troubles Put 55k Jobs on the Line M A L A Y S I A AIRASIA X: Missing Payments to Some Suppliers as Fuel Costs Bite DAMAI CITY: Judicial Mgt Bid Delays GDB's 8 Conlay Debt Recovery N E W Z E A L A N D C MX INVESTMENT: Court to Hear Wind-Up Petition on July 8 JAMAR FINANCE: Kevin John Whitley Appointed as Liquidator PHARMEKS LIMITED: Creditors' Proofs of Debt Due on Aug. 15 PLASTIC MATERIALS: Creditors' Proofs of Debt Due on Aug. 18 WAIMATE HOSPITALITY: Court to Hear Wind-Up Petition on June 29 S I N G A P O R E CONVERSANT GLOBAL: Commences Wind-Up Proceedings IMAX SG: Court to Hear Wind-Up Petition on July 3 LATRADE PTE: Court to Hear Wind-Up Petition on July 3 OCEAN & CAPITAL: Creditors' Proofs of Debt Due on July 22 ONE PLANTATION: Court to Hear Wind-Up Petition on July 10 - - - - - ================= A U S T R A L I A ================= CORPORATE TRAVEL: To Miss ASX Return Deadline as Refund Deal Stalls ------------------------------------------------------------------- The Australian Financial Review reports that Corporate Travel Management will miss its self-imposed end-of-month deadline to return to the ASX because overcharged customers have not agreed to its 18-month payment terms. The company - which The Australian Financial Review's Street Talk column revealed entered safe harbour at the end of May - now faces the prospect of being delisted if it does not produce properly audited accounts by August 31. "Given this company's record and how the disclosure to investors has been so far, I don't hold out much hope for good news," said Wilson Asset Management portfolio manager Oscar Oberg, who added that the "silence had been deafening" since the last update. In late May, Corporate Travel asked lenders at HSBC, Commonwealth Bank and Westpac to allow it to access debt facilities to make GBP95 million (AUD180 million) in repayments to customers, which it planned to release in stages over 18 months, the Financial Review recalls. But people briefed on the matter, who requested anonymity given the sensitive nature of the discussions, said Corporate Travel has still not convinced its customers to agree to staggered payments. The Financial Review notes that shares in Corporate Travel stopped trading in August after Deloitte - which took over from long-time auditor PwC – uncovered discrepancies in accounts dating back years, delaying the release of financial results. But Corporate Travel's woes have progressively worsened – and its cash reserves have been run down – since its shares were first suspended 10 months ago and forensic auditors from KPMG started combing through its European accounts. In November, Corporate Travel revealed it had overcharged the British government GBP80 million and would need to repay the money. By April, that ballooned to GBP128 million, with the board admitting it had known about the overcharging issue for at least four years. Jamie Pherous, who founded Corporate Travel and led it on to the ASX in 2010 as its chief executive, stepped down in February. At the same time, the company assured investors it would come to an agreement with officials in the United Kingdom and produce signed-off accounts, allowing it to begin the process to resume trading by June. But when KPMG's forensic audit concluded, Corporate Travel also admitted it had known about the overcharging issues since 2022, prompting the corporate regulator to launch an investigation into whether directors had breached continuous disclosure obligations. According to the Financial Review, the Australian Securities and Investments Commission had initially granted Corporate Travel a waiver to lodge its accounts late last August, but the regulator's chairman, Sarah Court, told a Senate inquiry last month that no further extensions would be granted. Court also confirmed ASIC was investigating whether Corporate Travel directors breached their duties and disclosure obligations. Under listing rules, the ASX could delist the company if its accounts for the last financial year are not lodged within 12 months of the first deadline, or by August 31. Before it can ask the ASX to reinstate trading, Corporate Travel needs auditors at Deloitte to sign off its accounts for the last financial year, as well as its restated historical accounts. Highlighting the interdependency of the steps it must now trace to resume trading, Deloitte cannot sign off those accounts unless it is satisfied that Corporate Travel will remain solvent for 12 months. Its solvency remains dependent on agreement with lenders and customers around maintaining liquidity, the Financial Review states. The ASX needs to review the audit process before agreeing to any resumption in trading, a spokesperson for the exchange confirmed. The Financial Review adds that the company's largest investors including WAM, Bennelong Funds Management and ECP Asset Management, have largely written down their holdings in Corporate Travel since its shares were suspended at $16.07. About Corporate Travel Management Based in Brisbane, Australia, Corporate Travel Management Limited (ASX:CTD) -- https://au.travelctm.com/ -- a travel management solutions company, manages the procurement and delivery of travel services in Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travels, meetings and event travel management, resources travel, sports travel, leisure travel, loyalty travel, and wholesale travel services, as well as accommodation agency services. GEEDUP ONLINE: Court Orders Wind-Up Following ATO Action -------------------------------------------------------- SmartCompany reports that the Australian Taxation Office has succeeded in its bid to wind up Sydney streetwear brand Geedup, after investigations into the collapsed business uncovered alleged tax debts of AUD2.2 million. Founded in 2010, Geedup built a cult following for its bold designs and limited-edition apparel, with some 'drops' selling out in just minutes. Its success catapulted co-founder Jake 'Paco' Catley onto the Australian Financial Review's Young Rich List, with an estimated net worth of AUD98 million in 2025. According to SmartCompany, the Deputy Commissioner of Taxation sought a winding-up order against Expialidocious Investments Holdings Pty Ltd, formerly known as Geedup Online Pty Ltd, in March this year. Geedup Online Pty Ltd is the business associated with the brand's online store, the primary conduit for consumers chasing its product 'drops'. The Federal Court has now approved that winding-up order, spelling an uncertain future for one of Australia's most notable clothing labels. Following the ATO's March application for a winding-up order, Geedup Online Pty Ltd, and Geedup Online (Australia) Pty Ltd, entered voluntary administration in late April, SmartCompany notes. Documents prepared over that process showed some of the financial challenges facing the brand, according to SmartCompany. One report alleged Geedup Online Pty Ltd owed debts of AUD2.2 million to the tax office, according to the Daily Telegraph, with both businesses collectively owing some AUD16.5 million to various creditors. Documents seen by that masthead suggested the businesses had lost more than AUD5 million in the current financial year, SmartCompany relays. HEALTH TEAMS: First Creditors' Meeting Set for June 26 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Health Teams Pty Ltd will be held on June 26, 2026, at 10:30 a.m. via Teleconference and Video Conference Only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on June 16, 2026. HOLSTON PTY: Second Creditors' Meeting Set for June 29 ------------------------------------------------------ A second meeting of creditors in the proceedings of: - Holston Pty Ltd; - Vector Civil & Construction Pty Ltd; - Vulcan Mine Management Pty Ltd; and - Vulcan Sales & Marketing Pty Ltd; has been set for June 29, 2026, at 10:00 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 26, 2026 at 5:00 p.m. Thomas Birch of Cor Cordis was appointed as administrator of the company on Feb. 25, 2026. LION AUSTRALIA: Union Launches Petition to Save Boag's Brewery -------------------------------------------------------------- ABC News reports that the union that represents workers at Boag's Brewery in Launceston has started a community petition and written to Premier Jeremy Rockliff, urging him to intervene and stop the brewery's slated closure. The ABC relates that the petition stated that if parent company Lion Australia "no longer wants to brew Boag's in Tasmania, it must sell the brewery and brand to someone who does". "Boag's stays Tasmanian." Lion announced in early June its plan to stop production in Tasmania by November, the ABC recalls. Boag's first opened in Launceston in 1881 and is one of Australia's longest continuously operating brewing locations. According to the ABC, the United Workers Union's Ben Dudman said the brewery currently employed about 40 people and should be sold to a new owner, rather than closed down. "Boag's has a 145-year history in this state and in Launceston, where it's been brewed," the ABC quotes Mr. Dudman as saying. "It's important for local jobs, not just at the brewery where workers are most impacted, but more broadly as well. "There's close to 40 workers that will be impacted at Boag's in Launceston should this decision go ahead, it is a larger employer in Launceston and the impacts flow further than just the brewery technicians." The ABC relates that Lion Australia said the decision came amid a decline in the national beer market and high costs. "It is currently operating at about a fifth of its capacity," the company said in a statement in June. "This, combined with significant cost inflation, means the brewery is no longer viable." The union has launched an online petition. "Boag's belongs to Tasmania. It's part of our history. It's a symbol of Northern Tasmania, an important tourist attraction and a significant boost to our local economy," the ABC quotes Amy Brumby from the United Workers Union as saying. "We need to save our history, protect Tasmanian jobs, and invest in our future. We saw Lion shut down West End brewing in Adelaide - we can't let that happen to us." When asked about a possible sale to another brewer, a Lion spokesperson said the company had explored "every possible way" to make the brewery a viable operation, in the context of rising costs and a long-term decline the national beer market, the ABC relays. "We continue to engage openly and constructively in relation to the future of the site," the spokesperson said. "We remain committed to supporting the brand and the community of Tasmania into the future, including through the continuing operation of the Boag's Brewhouse, which will remain open as the home of Boag's in Launceston." MAISON PROPERTY: First Creditors' Meeting Set for July 2 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Maison Property Management Group Pty Limited (Hunter Health Collective/Maison Buyers Agents Group) will be held on July 2, 2026, at 10:00 a.m. at the offices of JLA Insolvency & Advisory, at Level 13, 50 Margaret Street, in Sydney, NSW. Jamieson Louttit of JLA Insolvency & Advisory was appointed as administrator of the company on June 22, 2026. QUEENSLAND COKING: Second Creditors' Meeting Set for June 29 ------------------------------------------------------------ A second meeting of creditors in the proceedings of: - Queensland Coking Coal Pty Ltd - Qld Coal Aust No.1 Pty Ltd - Callan Coking Coal Pty Ltd - Togara South Pty Ltd has been set for June 29, 2026, at 1:00 p.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 26, 2026 at 5:00 p.m. Thomas Birch of Cor Cordis was appointed as administrator of the company on Feb. 22, 2026. VITRINITE PTY: Second Creditors' Meeting Set for June 29 -------------------------------------------------------- A second meeting of creditors in the proceedings of Vitrinite Pty Ltd has been set for June 29, 2026, at 10:00 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 26, 2026 at 5:00 p.m. Thomas Birch of Cor Cordis was appointed as administrator of the company on Feb. 22, 2026. ========= C H I N A ========= CHINA EVERGRANDE: HK Court to Review Liquidators Challenge to SFC ----------------------------------------------------------------- Bloomberg News reports that a Hong Kong court will hear China Evergrande liquidators' challenge to a deal brokered by the city's market regulator on Aug. 19, as parties race to extract funds from what was once China's biggest and most indebted developer. According to Bloomberg, liquidators have asked for a judicial review of a HK$1 billion (US$127.6 million) fund that PricewaterhouseCoopers' Hong Kong affiliate agreed to set up to compensate shareholders. The Securities and Futures Commission (SFC) struck the deal in April to settle investigations into the firm's auditing work for the developer, whose downfall was emblematic of China's property crisis and dragged down the country's economic growth. In a June 12 filing, the liquidators argued the regulator "avoided judicial oversight and misapplied its powers" by bypassing the courts, Bloomberg says. An August hearing, two months after their request, is a relatively quick turnaround, given some judicial review cases can take years to reach the courtroom. The docket for June 23, for example, includes more than a dozen judicial review cases filed in 2023. The liquidators told Bloomberg last week that they would proceed with their legal action, after the SFC said it would move ahead with the payout plan, brushing aside the legal challenge. Separately, the liquidators are pursuing their own legal action against the auditor, Bloomberg reports. Last month, they sued PwC International alongside its Hong Kong and mainland China affiliates, seeking CNY57 billion (US$8.4 billion) in damages for claims including alleged negligence and misrepresentation in its auditing of Evergrande. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case sNumber BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. ========= I N D I A ========= AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AISIRI Agro Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 AISIRI Agro Private Limited (erstwhile ISIRI Agro Private Limited) is a private limited company incorporated in the year December 23, 2015 by Mr. Gowrishankar Uday Kumar, Mrs. Vimala Uday Kumar, Mr. Annaiah, Mr. S Devanand and Ms. K. Lalitha as its Directors. The AAPL started its commercial operations in January 2016. In FY19, the company has reconstituted by changing its name from ISIRI agro Private Limited to AISIRI Agro Private Limited and continued its operations under new name. The company is engaged in providing services like assisting farmers in protected cultivation in poly houses/greenhouses by undertaking poly houses construction and providing help in cultivation activities. BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Brij Kishore Prasad (BKP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of BKP under the 'issuer non-cooperating' category as BKP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BKP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 Brij Kishore Prasad (BKP) was established in 1995 as a proprietorship firm by Mr. Brij Kishore Prasad based out of Siliguri, West Bengal. The firm is engaged in exporting of food grains mainly rice, pulses, flour, mustard oil cake, coal, soyabeans etc. to Bangladesh. BKP procures its traded goods mainly from Uttar Pradesh, Bihar, West Bengal etc. The registered office of the firm is situated in Siliguri, West Bengal. CHAITANYA SEEDS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chaitanya Seeds Private Limited (CSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.88 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 May 19, 2025, placed the rating(s) of CSPL under the 'issuer non-cooperating' category as CSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 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 Telangana based, Chaitanya Seeds Private Limited was incorporated in 2000 as a Private Limited Company by Mr. Rajeshwar Rao and Mrs. Saroja. The Company is engaged in processing of vegetable seeds on job work basis to BASF (MNC) with its registered office located at Dilsukhnagar, Hyderabad. The company has installed capacity of 2 tonnes per hour and the company generally works in 9 am to 6 pm from (July to February) and from (April to June) the company works in 2 shifts. Moreover, the company has given warehouse leases of 2 units. Unit 1 with 40,000 sq. feet and unit 2 with 1, 28,000 sq. feet out of which Unit 1 is completely leased and from Unit 2 (88,000) sq. feet have been given for lease and 40,000 sq. feet is using for Job work basis. CLASS 21A: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Class 21A Technologies Private Limited B4, 12A03, Parasvnath Exotica, Sector 53, Gurgaon, Haryana, India, 122011 Liquidation Commencement Date: June 12, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mansij Arya B-182, Surajmal Vihar, East Delhi, Near Sanatan Dharam Mandir, East Delhi - 110092 Tel: +91 11011-46518956 Email: pcsmansij@gmail.com class21atpl.vl@gmail.com Last date for submission of claims: July 12, 2026 EVOQ REMEDIES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Evoq Remedies Limited A-1106, Empire Business Hub, Near AUDA Water Tank, Science City Road, Sola, Ahmedabad 380060 - Gujarat Insolvency Commencement Date: June 9, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 6, 2026 Insolvency professional: Dipti Narayan Mundra Interim Resolution Professional: Dipti Narayan Mundra DBS House, 31, Floor-G-2, Plot-31, Marzban Road, Bombay Gymkhana, Fort, Mumbai City, Maharashtra, 400001 Email: ip.dipti@gmail.com cirp.evoq@gmail.com Last date for submission of claims: June 23, 2026 GANAPATI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganapati Builders Limited (GBL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of GBL under the 'issuer non-cooperating' category as GBL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GBL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 Odhisa based GBL was incorporated on March 29, 1995 and it is currently managed by Mr. Santosh Agarwal, Mr. Anand Agarwal and Mr. Krishna Kumar Agarwal. Since its incorporation, the company has been engaged in development of commercial and residential real estate projects. In past, the company has developed various real estate projects in the state of Odhisa namely Ganapati Villa, Ganapati residency, Ganapati Market Complex, New Ganapati Villa, KRP Residency Block A. The company gives construction activities of its projects to contractor and it focus mainly on marketing aspects. The promoters have satisfactory business experience of more than two decades in real estate industry. GOVINDAM PROJECTS: CARE Lowers Rating on INR11cr LT Loan to B- -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Govindam Projects and Marketing (SGPM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of GPPL under the 'issuer non-cooperating' category as GPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Govindam Projects Private Limited (GPPL) was incorporated in February 2003 to initiate a sponge iron manufacturing business. The company has set up its manufacturing unit at Kuarmunda, Rourkela in Odisha. Since its inception, the company has been engaged in manufacturing of sponge iron and from FY16 the company has also started iron ore crushing unit in its existing plant. GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of GTN Textiles Limited (GTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.43 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 58.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 24, 2025, placed the rating(s) of GTN under the 'issuer non-cooperating' category as GTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 10, 2026, March 20, 2026, March 30, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable GTN Textiles Limited (GTL) (ISIN Number: INE302H01017) is part of Kerala-based GTN-BKP (GTN-BK Patodia) having its production facilities in the state of Kerala. The primary business activity of GTL is production and sale of cotton yarn. GTL had a capacity of 56,848 spindles which includes 34,896 compact spindles and 21,952 ring spinning as on March 31, 2018. The company produces fine and super fine counts of cotton yarn in the range of 40s to 140s. HK TOLL: Insolvency Resolution Process Case Summary --------------------------------------------------- Debtor: HK Toll Private Limited Reliance Centre, 19, Walchand Hirachand Marg, Ballard Estate, Mumbai, Maharashtra - 400001 Insolvency Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Mumbai Bench-6 Estimated date of closure of insolvency resolution process: December 7, 2026 Insolvency professional: Sanjay Kumar Mishra Interim Resolution Professional: Sanjay Kumar Mishra Dreams Complex, 4C-1605, LBS Marg, Bhandup West, Mumbai - 400078 Email: ipsanjaymishra@rediffmail.com 304, The Summit, Western Express Highway, Vile Parle East, Mumbai - 400057 Email: cirp.hktollroad@gmail.com Last date for submission of claims: June 26, 2026 IND-BARATH POWER MADRAS: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ind-Barath Power (Madras) Limited (IPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,655 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of IPL under the 'issuer non-cooperating' category as IPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Power (Madras) Limited (IPL) belongs to Ind-Barath group and is an SPV incorporated for implementation of a coal based thermal power plant with a capacity of 660 MW in Tuticorin, Tamil Nadu. The project was earlier envisaged to achieve COD in December 2013 which got revised to June 2016. However, due to delay in civil works and due to laying of transmission lines and grid connectivity issues the project construction got delayed and revised the COD to June 30, 2016 but the project could not start. IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ind-Barath Power Gencom Limited (IPGL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 228.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 96.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of IPGL under the 'issuer non-cooperating' category as IPGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPGL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Power Gencom Limited (IPGL) belongs to Ind-Barath Group and is a subsidiary (70.74%) of IndBarath Power Infra Limited (IBPIL), the flagship company of the group. Incorporated on 25th July 2005, IPGL has set up a coastal coal based Thermal Power Project of capacity 189 (3x63) MW power plant in Thoothukudi District in Tamil Nadu. IPGL has Fuel Supply Agreement (FSA) in place with the group's coal mine in Indonesia. Government of Indonesia mining development could not start. The company has been referred to Corporate Insolvency Resolution Process under Indian Bankruptcy Code (IBC), 2016. IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ind-Barath Thermal Power Limited (ITPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 940.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 75.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated April 21, 2025, placed the rating(s) of ITPL under the 'issuer non-cooperating' category as ITPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 7, 2026, March 17, 2026, March 27, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ind-Barath Thermal Power Limited (ITPL) is a special purpose vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was incorporated in January 2007 as IndBarath Power (Karwar) Limited with the objective of setting up of a 300 MW (150 imported coal-based power plant at Hankon Village in Uttara Kannada district of Karnataka. However, despite getting all statutory clearances including Environment Clearance and Consent for Establishment, commencement of construction activities at project site was held up on account of protests from local political & environmental groups. Hence, the company shifted the project to alternate location to Tuticorin in Tamil Nadu. Consequent to the change in location, the name of the company was changed to the current nomenclature. ITPL commenced commercial operations on February 7, 2013 of Unit 1 and in November 2013 of Unit 2. The company has been referred to corporate insolvency resolution process (under IBC 2016). KARANJA KRAFT: CARE Assigns B+ Rating to INR50.0cr LT Loan ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Karanja Kraft Industries LLP (KKI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE B+; Stable Assigned Facilities Rationale and key rating drivers Rating assigned to bank facilities of KKI factors firm's small scale of operations given recently commenced operations post transfer of business from Karanja Industries Private Limited. While the present management has significant experience since they were long associated with the earlier entity however ability of KKI to scale up operations along with generating healthy accruals remains a monitorable. The ratings are further constrained by leveraged capital structure, strained debt coverage indicators, exposure to intense competition in a commoditized industry, and risks inherent to its constitution as a Limited Liability Partnership. The rating weaknesses are partially offset by long presence of the promoters in the industry and established relations with clients. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in TOI to INR65 Cr with sustainable EBITDA margin Negative factors * Deterioration of capital structure with overall gearing exceeding 6.00x * Deterioration in liquidity profile of the firm. Analytical approach: Standalone Outlook: Stable CARE Ratings Limited (CareEdge Ratings) believes that the firm will benefit from the business experience of the promoter group Detailed description of key rating drivers: Key weaknesses * Project stabilisation risk emanating from nascent stage of operations: The firm's operations remain at a nascent stage, as it was incorporated in May 2024. In its first year of operations (FY25), KKI achieved a turnover of INR27.61 crore, with moderate profitability reflected in a PBILDT margin of 6.65% and a PAT margin of 0.24%. Operational performance has improved during FY26, and the firm is expected to book revenue of over INR65 crore during the year. * Leveraged Capital Structure and Strained Debt Coverage Indicators: As of March 31, 2025, the entity's capital structure, reflected by an overall gearing of 5.32x, stood leveraged. Debt-coverage indicators also remained strained, as evidenced by a Total Debt to GCA ratio of 33.65x. Its debt profile comprises of term debt, WC facility and USL from promoters. * Exposure to Intense Competition in the Kraft Paper Industry: The kraft paper industry is highly competitive due to its commoditized nature, which limits the pricing flexibility of manufacturers. Additionally, end users of packaging paper are highly price‑sensitive, further constraining margins. This challenging environment is expected to persist over the medium to long term, driven by volatility in raw material prices caused by demand–supply imbalances. The industry also follows a cyclical pattern, with smaller players often shutting down operations during downturns and resuming production when market conditions improve. Such dynamics prevent even well‑established manufacturers from achieving substantial profitability during periods of economic growth. As a result, the company's business risk profile is expected to remain constrained over the medium term due to its exposure to these structural industry challenges. * Constitution as a Limited Liability partnership firm: KKI's legal status as an LLP exposes it to the risk of withdrawal of capital by the partners. The firm does not have any articulated policy for capital withdrawal. In future also, capital withdrawal will depend upon availability of surplus fund with firm. Key strengths * Experienced Promoters: KKI is promoted by Mr. Shivaraj Kalwatte, Mr. Satyanarayan Damodar Surampallya, Mr. Santhosh Patil, and Ms. Mamata Suppalli. The Partners bring decades of industry experience and are ably supported by a team of professionals down the line. By virtue of long presence in the industry, management has established strong relationship with clients thereby ensuring regular flow of orders. Liquidity: Stretched Liquidity remains stretched, marked by high utilisation of WC limits averaging 87% in the past 12-months period ended January 2026. The company recorded cash flow from operations of INR1.84 crore in the last fiscal year, and a current ratio stood thin at 1.04x as of March 31, 2025. The firm is however projected to generate sufficient cash accruals to service debt repayment. Karanja Kraft Industries LLP (KKILLP), located in Bidar, Karnataka, was incorporated on May 26, 2024, by Mr. Shivaraj Kalwatte, Mr. Satyanarayan Damodar Surampallya, Mr. Santhosh Patil, Mr. Umesh, and Ms. Mamata Suppalli as a Limited Liability Partnership. The firm is engaged in the manufacturing of kraft paper. As of March 31, 2025, it has an installed production capacity of 36,000 MT per annum and operates its manufacturing facility in Bidar, Karnataka. KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kommineni Infotech Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kommineni Infotech Private Limited (KIPL) was incorporated in the year 1998 as a Private Limited company. Presently, the directors of the company are Mr Praveen Kumar (Managing Director), Mrs Uma (Director), Mrs Y. Saila Rani (Director) and Mr Ajay Kumar (Director). KIPL has its registered office located at Hyderabad and is engaged in supply, installation and maintenance of computers, laptops, printers, networking products and related computer peripherals. The company receives the orders from State and Central government through participating in tenders (online and offline bidding) for supply, repairs and annual maintenance services (AMC) services. The company supplies its products and renders services to government departments like Andhra Pradesh State Road Transport Corporation (APSRTC), Telangana State Power. However as per MCA website Mr. K Srinivas (Director) and Mr. K Raghu Ramu (Additional Director). KSK WIND: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: KSK Wind Energy Private Limited D.No. 6-219, Sy. No. 491 & 492, Gowdavally Village, Mandal, Malkajgiri District, Medchal, Hyderabad, Telangana, India, 501401 Insolvency Commencement Date: June 12, 2026 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: December 9, 2026 Insolvency professional: Sabbani Maruthi Interim Resolution Professional: Sabbani Maruthi New Mhada Towers, Block 3C, Flat No. 303, Bangurnagar, Goregaon West, Mumbai, Maharashtra, 400104 Email: maruthi.sabbani18@gmail.com cirp.kskwind@gmail.com Last date for submission of claims: June 26, 2026 LAKSHMI NARAYAN: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Lakshmi Narayan Sugar Industries Private Limited (SLNSIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 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 May 12, 2025, placed the rating(s) of SLNSIPL under the 'issuer non-cooperating' category as SLNSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLNSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 Uttar Pradesh based, Shree Lakshmi Narayan Sugar Industries Private Limited is a private limited company incorporated on April 9, 2020. The company is managed by Mr. Rajat Agarwal, Mr. Pranshu Agarwal, Mr. Durgesh Kumar Vishwakarma, Mrs. Anu Agarwal and Mr. Simarjeet Ajmani. The company is proposing to put up a Khandsari Udyog plant for manufacturing of sugar by open pan Khandsari process and its by-products i.e. bagasse, molasses etc. The raw material of the company is sugarcane which the company will procure from farmers based in nearby areas. The product will be provided to the distributors under the brand name of "SLN Sugar". NIRUPAM ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nirupam Associates (NA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of NA under the 'issuer non-cooperating' category as NA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 Bhopal (Madhya Pradesh) based NA was formed as a proprietorship concern by Mr. Ram Babu Singh in 1997 with an objective to develop real estate projects. NA is the renowned real estate developer in Bhopal being present in the industry since 1997 and executed multiple real estate projects in and around Bhopal city. It has completed its Nirupam Royal Palms (NRP) in Bhopal project with total 150 bungalows. The firm undertook expansion project of NRP namely 'Nirupam Royal Palms - I' (NRP-I) and 'Nirupam Royal Palms – II' (NRP-II). Further, it undertook one commercial project 'Nirupam Yadav Trade Centre' (NYTC) in Sehore (Madhya Pradesh). NIRVIKAR FILMS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Nirvikar Films LLP B-1/E-23, Mohan Cooperative Industrial Area, Mathura Road, South Delhi, Delhi - 110044 Insolvency Commencement Date: June 12, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 9, 2026 Insolvency professional: Loveneet Handa Interim Resolution Professional: Loveneet Handa 201, Plot No. 48, Park View Complex, Hasanpur, I.P. Extension, Delhi - 110092 Email: loveneet.cs@gmail.com cirp.nirvikarfilmsllp@gmail.com Last date for submission of claims: June 26, 2026 OM SMELTERS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Om Smelters and Rollers Private Limited (OSRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.60 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 May 12, 2025, placed the rating(s) of OSRPL under the 'issuer non-cooperating' category as OSRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 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 Jhansi (U.P.) based, Om Smelters and Rollers Private Limited (OSRPL) was established in April, 2009 as a private limited company and is currently being managed by Mr. Ashutosh Bansal and Mr. Kapil Bansal. The company is engaged in manufacturing of TMT bars and billets at its manufacturing facility located at Gwalior, Madhya Pradesh with an installed capacity of 18,000 metric tonnes per annum as on October 15, 2018. The company sells its products under the brand name Kamdhenu Steel. The company procures it's the raw-material i.e. sponge iron from traders and manufacturers in Chhattisgarh, Raipur and Orissa and scrap from local auctions and vendors. P. MUTHUKUMAR: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P. Muthukumar (HUF) (PM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 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 May 20, 2025, placed the rating(s) of PM under the 'issuer non-cooperating' category as PM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 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 M/s. P Muthukumar (HUF) is a proprietorship firm started in the year 1978, by Mr. P Muthukumar in Namakkal district, Tamil Nadu. After the demise of Mr. P Muthukumar, his son Mr. Senthil kumar took care of day to day operations. Mr. C.M. Subramani is the Karta and Mrs. Rajammal Muthukumar and Mr. M Senthil Kumar are co percener. The firm engaged in farming of egg laying poultry birds (chickens) and trading of eggs, Cull birds and their Manure. Currently, the firm has 40000 chicks, 40000 grower and 200000-layer birds. The firm has the capacity to produce 140000 eggs per day. The firm has availed moratorium from march to September 2020 on its bank facilities amid COVID-19 RBI guidelines. Further the firm has availed moratorium as per RBI announcement on COVID-19 from March 2020 to September 2020. P.M.R CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of P.M.R Constructions India Private Limited (PCIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 21, 2025, placed the rating(s) of PCIPL under the 'issuer non-cooperating' category as PCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2026, April 16, 2026, April 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Andhra Pradesh based, PMR Costructions India Private Limited (PCIPL), was incorporated in the year 2015 with its registered office at Pulivendula, Cuddapah. The promoters of the company are Mr. P Maheswara reddy (Managing Director) and Mrs. P Lakshmi Prasanna (Director). PCIPL started its business operations after taking over an existing proprietorship concern i.e. M/s Palem Maheswara Reddy (established in the year 2000). Currently, PCIPL is engaged in civil construction works such as construction of buildings, sub stations and transmission lines of all voltage levels. The company procures its work orders from government (Andhra Pradesh and Telangana), by participating in online tenders, and also from private authorities. PITHADAI CONSTRUCTION: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Pithadai Construction Private Limited Unit No. FF-36A, Vaibhav Shopping Complex, Bhavya Park, Bopal, Ahmedabad, Gujarat - 380058 Insolvency Commencement Date: June 10, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: December 7, 2026 Insolvency professional: Khushvinder Singhal Interim Resolution Professional: Khushvinder Singhal H.No. 399, Sector-12-A, Panchkula, Haryana - 134112 Tel: 91400 30030 Email: kvsinghal@gmail.com cirp.pithadai@gmail.com Last date for submission of claims: June 24, 2026 REGENCY EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Regency Exports Private Limited (REPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1990, Regency Exports Private Limited (REPL) is mainly engaged in manufacturing of terry towels. REPL procures its entire raw material from domestic suppliers and generated majority of its revenue from exports. RM ROCKS: CARE Keeps C Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RM Rocks and Sand Private Limited (RRSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 9, 2025, placed the rating(s) of RRSPL under the 'issuer non-cooperating' category as RRSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 26, 2026, April 4, 2026, April 14, 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 Kerala Based, R.M. Rocks and Sand Private Limited (RRSPL) was incorporated in the year 2011 promoted by Mr. Rohit Mathai Roger and Mrs. Miinu Roger. The company carries quarrying and mining of rocks activities on its own quarry land and then converts the blocks of rock into small stones. The rock is converted into metal aggregate of different sizes and sells the products to its customers Viz. Indtech Interior & Contractors Private Limited (Interior designers), Sanu Industries, SeenaiEldho and Roger Mathew & company among all. All the customers are based out of Kerala. ROCKDUDE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Rockdude Impex Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2009, Rockdude Impex Private Limited (RIPL) is engaged into manufacturing and trading of aluminium foil, reprocessed plastic granules and steel. RIPL generates more than 90% of its total operating income from aluminium foil business and rest through trading of reprocessed plastic granules. RIPL sells aluminium foils by resizing it as per customer's requirements and has also exported aluminium foils and containers. Further, company also imports aluminium foils from China. RVD SALES: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: RVD Sales Private Limited c/o Raj Kumar Mittal, Khasra No. 2022/746, Opposite Urdu Training Centre, Power House Road, Saproon, Solan (HP) - 173211 Insolvency Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: December 8, 2026 Insolvency professional: Rajeev Bhambri Interim Resolution Professional: Rajeev Bhambri SCO No.9, 2nd Floor, Jandu Tower, Miller Ganj, Ludhiana - 141003 Email: rajeev.bhambri@gmail.com rvdcirp@gmail.com Last date for submission of claims: June 25, 2026 SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sai Poultry Farm (Ananthavaram) (SPFA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of SPFA under the 'issuer non-cooperating' category as SPFA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPFA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 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 Andhra Pradesh based, Sai Poultry Farm (Ananthavaram) (SPFA), was established in 2008 as a proprietorship firm by Mr. B. Sudhakarrao. The firm is engaged in farming of egg laying poultry birds (chickens) and trading of eggs and cull birds and its registered office is at Mylavaram Mandal, Krishna District with installed capacity of 124000 number of birds per annum. The day to day operations of the firm are managed by Mr. B. Sudhakarrao. The firm purchases its raw material like maize, medicines in Krishna district. The firm trades eggs to Jai Mahankali Traders. SARASWATI EXIM: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Saraswati Exim Private Limited (SEPL) 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 Limited (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of SEPL under the 'issuer non-cooperating' category as SEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 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 Incorporated in January 2011, Saraswati Exim Pvt Ltd (SEPL) is engaged in trading and exports of agro based commodities (viz., Maize, Wheat, Rice etc.). The company is located at Kolkata. The company sells its products in domestic market and export (i.e. 22.8% of total sales during FY15) as well (to the countries like Bangladesh, Dubai, Malaysia etc). The day-to-day affairs of the company are looked after by Mr Amit Ghosh, with adequate support from the other two directors and a team of experienced personnel. SHANTI INFRACONSTRUCT: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Shanti Infraconstruct Private Limited Galaxy Blue Sapphire Plaza, Plot No. C-03 Studio Apartment, Sector 4, Greater Noida, Sector 62, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201309 Insolvency Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: December 8, 2026 Insolvency professional: Vinay Kumar Singhal Interim Resolution Professional: Vinay Kumar Singhal 411, 4th Floor, Essel House, Asaf Ali Road, New Delhi - 110002 Email: vinaysinghal.ip@gmail.com cirp.sicpl@gmail.com Last date for submission of claims: June 25, 2026 SHRI GIRIJA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Shri Girija Alloy & Power (I) Private Limited D.No. 88-3-5, Trip School Road, Gadalamma Nagar, Morampudi Junction, Rajahmundry, Andhra Pradesh - 533103 Insolvency Commencement Date: June 8, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: December 5, 2026 Insolvency professional: Sourabh Malpani Interim Resolution Professional: Sourabh Malpani Guru Kripa, Plot No. 93, Neelkanth Colony, Queens Road, Jaipur, 302021, Rajasthan Email: malpanijpr@gmail.com ibc.shrigirija@gmail.com Last date for submission of claims: June 25, 2026 TECHNO DRUGS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Techno Drugs and Intermediates Private Limited (TDIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 30, 2025, placed the rating(s) of TDIPL under the 'issuer non-cooperating' category as TDIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TDIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 16, 2026, March 26, 2026, April 5, 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 Established in March 1992, Techno Drugs & Intermediates Private Limited (TDIPL) as a private limited company and is engaged in manufacturing of intermediates and bulk drugs. The promoters of the company are Dr. Vipin Chandra Gandhi and Mr. Sameer Gandhi. TDIPL's manufacturing unit is situated in GIDC Panoli, Ankleshwar, Gujarat. THINK ANALYTICS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Think Analytics Consultancy Services Private Limited 2078 B Wing, Oberoi Garden Estate, Chandivali Farm Road, Mumbai City, Andheri East, Maharashtra, India, 400072 Liquidation Commencement Date: June 11, 2026 Court: National Company Law Tribunal, Chennai Bench Liquidator: Vasudevan Gopu G.V. Enclave, 18/30 Ramani Street, K.K. Pudur, Saibaba Colony (4th Right Opposite Road to Saibaba Colony Hotel Annapoorna Road), Coimbatore - 641038, Tamil Nadu, India Tel: 0422-4347063 Email: vasudevangopu.ip@gmail.com vasudevanacs@gmail.com Last date for submission of claims: July 11, 2026 VEDANTA RESOURCES: S&P Affirms 'BB' Long-Term ICR, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on Vedanta Resources. At the same time, S&P assigned its 'BB-' issue rating to the company's proposed senior notes. The stable rating outlook reflects S&P's expectation that Vedanta Resources' cash flow will improve, and the company will be proactive in refinancing and continue to reduce debt over next 12-24 months. Resilient commodity prices will support Vedanta Resources' earnings. S&P said, "We now estimate Vedanta Resources' EBITDA will be about US$7.5 billion-US$8 billion in fiscal 2027 (year ending March 31) and US$7 billion-US$7.5 billion in fiscal 2028, as against our earlier estimate of about US$7 billion in each year. This reflects our recent upward revision in price assumptions for several metals." This will likely improve the ratio of funds from operations (FFO) to debt to more than 40% over the next 12-24 months, up from 35%-40%. While the higher earnings provide adequate cushion against our rating downside threshold of 30%, any sharp correction in commodity prices remains a key risk. On May 14, 2026, S&P raised its rating on Vedanta Resources to 'BB' from 'B+' on improving operating performance and liquidity. Vedanta Resources' proposed refinancing will reinforce its liquidity and improve financial flexibility. The company proposes to issue notes that will extend its debt maturity profile and lower interest expense. In such a scenario, brand fees and dividends from operating companies would provide sufficient coverage for annual debt servicing requirements of US$800 million-US$900 million at the holding company. This is in line with S&P's expectation of proactive refinancing to manage holding company debt. On June 9, 2026, Vedanta Resources announced a tender offer and consent solicitation for its US$2.1 billion in outstanding notes maturing between 2030 and 2033. Additionally, the company issued a conditional redemption notice for its US$1.5 billion notes due in 2028 and 2029. These actions are part of a broader US$5.2 billion refinancing exercise at the holding company, aimed at extending debt maturities and reducing borrowing costs. Vedanta Resources could incur a premium of US$250 million-US$300 million for redeeming its existing notes above par value under its proposed refinancing plan. However, S&P estimates annual interest cost savings of about US$150 million will more than offset this cost over the tenure of the proposed notes. S&P said, "We rate Vedanta Resources' proposed guaranteed notes 'BB-'. This is one notch lower than the issuer credit rating on the company and mainly reflects the risk that operating company earnings may not reach the holding company during a scenario of financial distress. The recovery rating on the notes is '5', indicating modest (10%-30%) recovery prospects under our hypothetical default scenario." Vedanta Resources Finance II plc, a wholly owned subsidiary of Vedanta Resources, will issue the U.S. dollar-denominated notes. Vedanta Resources, along with wholly owned subsidiaries Twin Star Holdings Ltd., Welter Trading Ltd., and Vedanta Holdings Mauritius II Ltd. will guarantee the notes. The issue rating is subject to S&P's review of the final issuance documentation. S&P said, "The stable rating outlook reflects our expectation that Vedanta Resources' strengthened earnings will aid deleveraging, such that the ratio of FFO to debt remains comfortably above 30% over the next 12-24 months. "We expect brand fees and dividends to more than adequately cover interest servicing and any capital commitments. Improved cash flows, proactive refinancing, and continued deleveraging at the holding and operating company levels, in line with management guidance, will ensure adequate liquidity, in our view. "We may lower our rating if Vedanta Resources' liquidity at the holding and operating company levels weakens, resulting in a deviation from the stated intent to deleverage." Any deterioration in credit metrics due to unexpected large debt-funded acquisitions or weaker earnings could also result in a downgrade. An FFO-to-debt ratio of less than 30% would indicate such a scenario. An upgrade will require Vedanta Resources to demonstrate a track record of operating at lower leverage while maintaining business diversity and access to operating companies' cash flows. This will cushion the company from industry downcycles and increasing growth ambitions. A sustained FFO-to-debt ratio of more than 45% would indicate such a scenario. An upward rating momentum could also arise in the case of material reduction in debt at the holding company, such that S&P believes inherent risks arising from a complex corporate structure have diminished materially. VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Venta Realtech Private Limited (VRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 12, 2025, placed the rating(s) of VRPL under the 'issuer non-cooperating' category as VRPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. VRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 28, 2026, April 7, 2026, April 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Venta Realtech Private Limited was incorporated in June 5, 2010 as Krrish Realtynirman Pvt Ltd (KRPL) was engaged in the development of residential/group housing project in Gurgaon (Haryana). Company was engaged in the construction and development of the project viz. Monde De Provence (MDP). The project is a residential (group housing) project on a land area measuring 12.36 acres situated at Sector 2, Gwal Pahari, Gurgaon, Haryana and comprises of 174 residential units. Effective from March 8, 2018, the name of the company has been changed to Venta Realtech Private Limited. VIKRAM SOLAR: NCLT Admits Insolvency Petition Against Company ------------------------------------------------------------- The Economic Times reports that the Kolkata bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by Isitva Steels Private Limited against Vikram Solar over alleged dues worth INR9.44 crore. In an exchange filing released on June 19, Vikram Solar said that Isitva Steels (ISPL) alleged non-payment of dues in its petition regarding civil works sub-contracted to ISPL in 2018 for a solar EPC power project being set up in Andhra Pradesh, ET relays. "The alleged claim amount is approximately INR9.44 crore (including an interest of approximately INR4.21 crore), which has been actively and vigorously disputed by the company, inter alia, in light of the existence of a full and final settlement agreement dated December 7, 2019, entered into between ISPL and the company," Vikram Solar added. ET relates that the solar module maker said it is in the process of filing an appeal against the NCLT order before the NCLAT and is consulting its legal advisors for other possible legal courses of action. Meanwhile, Tripti Agarwal has been appointed as the Interim Resolution Professional. Vikram Solar Limited manufactures solar photovoltaic (PV) modules and develops solar power projects through engineering, procurement, and construction (EPC) and operations and maintenance (O&M) services. WEST COAST FROZEN: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of West Coast Frozen Foods Private Limited (WCFFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 106.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of WCFFPL under the 'issuer non-cooperating' category as WCFFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WCFFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable West Coast Frozen Foods processes and exports shrimps, predominantly the Black tiger and Vannamei variety. The company's hatchery, located in Diu, has a production capacity of approximately 120 million larvae. The company's prawn farms are spread across 400 acres of land in the coastal region of Gujarat. The company is part of West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, an integrated aquaculture enterprise operating in the West Coast of India and in the Gulf of Cambay in Gujarat State. The Group is engaged in the business of prawn hatching, farming, processing, freezing, trading and exporting of prawns, distribution of frozen food products, trading/distribution of aquatic feed and feed supplement products and running quick service restaurants to serve seafood products. WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of West Coast Fine Foods India Private Limited (WCFFIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of WCFFIPL under the 'issuer non-cooperating' category as WCFFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WCFFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable West Coast Fine Foods is into the supply of farm bred shrimps and prawns in the domestic market. The trading, distribution and Quick Service Restaurants (under the brand name Fisheteria) are operated through this entity. In the trading/distribution business, the company is the sole dealer of aquatic feed and feed supplement products of CP Aqua (a part of Charoen Pokphand Group, Thailand - one of the leading conglomerates of the seafood and aquaculture industry in the world), for the states of Gujarat and Maharashtra. The company is part of West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, an integrated aquaculture enterprise operating in the West Coast of India and in the Gulf of Cambay in Gujarat State. ================= I N D O N E S I A ================= [] INDONESIA: Ceramic Industry Troubles Put 55k Jobs on the Line ---------------------------------------------------------------- Jakarta Globe reports that Confederation of Indonesian Trade Unions (KSPSI) has warned of a looming wave of layoffs across the manufacturing sector, particularly in the ceramic industry, as manufacturers struggle with industrial gas supply and pricing issues. Jakarta Globe relates that the warning comes amid mounting concerns over natural gas availability and costs in the ceramic sector. In March, the Indonesian Ceramic Industry Association (ASAKI) said manufacturers were grappling with gas supply disruptions, rising energy costs, and growing import pressure, which pushed production utilization to around 70-72%, below the industry's 80% target. The industry has previously linked gas supply disruptions to job losses. Last year, ASAKI reported that two tableware factories in Tangerang had laid off around 700 workers after gas shortages disrupted operations. According to Jakarta Globe, KSPSI President Andi Gani Nena Wea said several ceramic manufacturers are under severe pressure, with two major factories in Bekasi facing the risk of closure. "We are facing extraordinary difficulties. Two of the largest factories whose workers are members of our union in Bekasi are at risk of shutting down. This is because of industrial gas. This is very dangerous," Jakarta Globe quotes Andi Gani as saying during the National Working Meeting of the Confederation of Indonesian Trade Unions in Jakarta on June 23. He warned that the industrial gas issue could trigger a new wave of layoffs in the near term if left unresolved. Andi Gani said the situation is particularly alarming because manufacturing remains one of Indonesia's largest sources of employment, Jakarta Globe relays. He urged the government and the House of Representatives to immediately address industrial gas supply and pricing problems. KSPSI also called on the government to take concrete measures to stabilize industrial gas prices and ensure adequate supply in order to prevent mass layoffs and maintain the competitiveness of domestic industries. "It is certain that by next week, or within the next 10 days at most, 55,000 workers will be at risk of losing their jobs. This is a concern for all of us because of industrial gas," Andi Gani said. =============== M A L A Y S I A =============== AIRASIA X: Missing Payments to Some Suppliers as Fuel Costs Bite ---------------------------------------------------------------- Bloomberg News reports that AirAsia X has fallen behind on payments to suppliers and asked for deferrals on at least a dozen planes, according to sources familiar with the matter, after higher fuel prices strained the low-cost carrier's finances. According to Bloomberg, Rolls-Royce has informed the airline that the budget carrier missed payments on its TotalCare Agreement to maintain jet engines, some of the sources said, asking not to be identified discussing a private matter. Rolls-Royce makes and maintains the engines for about one tenth of AirAsia's entire fleet of about 250 planes. Separately, AirAsia has also asked some plane-leasing firms to push back rental payments on more than 16 aircraft, citing the surge in fuel costs in the wake of the Iran war, other sources familiar with the situation said. Bloomberg relates that AirAsia X Group CEO Bo Lingam said in a separate interview earlier this week that some leasing companies were understanding and have given the company extra time to make payments. While it was not immediately clear how many planes were involved, the Iran conflict has been particularly painful for budget carriers as they have less room to raise fares for price-conscious passengers. In the US, no-frills airline Spirit Aviation became the industry's biggest casualty when it collapsed last month, and UK-based EasyJet's woes have turned it into a takeover target for investment firm Castlelake. Like other budget airlines, AirAsia leases the majority of its jets – 98 per cent, according to aviation consultancy Cirium – to avoid the high upfront costs of buying planes, since large aircraft orders can cost hundreds of millions of US dollars, Bloomberg notes. Asked to comment, AirAsia co-founder Tony Fernandes said in a video call last month: "We may be in dispute with Rolls-Royce over their treatment of our engines". And on the lease payments, he said: "There's nothing out of the ordinary," recalls Bloomberg. The company is not in financial trouble because if it were, it would not have been able to borrow money from the likes of Deutsche Bank, he said. AirAsia earlier this year raised US$230 million through a private-credit deal from Deutsche Bank. A Rolls-Royce representative declined to comment for this article or respond to Mr. Fernandes's comments. Representatives at some of AirAsia's lessors did not reply to requests for comment. According to Bloomberg, higher fuel costs have been challenging for AirAsia as the company last month reported its biggest quarterly loss in three years. Its debts are also high relative to its earnings and equity levels, according to a Bloomberg Intelligence index tracking Asian budget carriers. But Mr. Fernandes is still in expansion mode, recently announcing a multibillion-dollar deal to buy 150 new Airbus SE A220 planes. He signalled that the carrier, which survived the Covid-19 pandemic by restructuring its debt, will also emerge from the Iran conflict. "Why waste a crisis? There are opportunities in a crisis," Bloomberg quotes Mr. Fernandes as saying. "We cannot control what happens in the Middle East, but we have to take a view that it's not going to last for two years." And AirAsia's earnings, before several costs, are high enough to cover its interest expenses five times, which is higher than average in the Bloomberg Intelligence index. Jet fuel prices have tumbled from their high in late March but remain at historically elevated levels as the US and Iran close in on a peace deal, Bloomberg notes. Airlines face an extra US$100 billion in jet fuel costs this year, which will nearly halve industry profits in 2026, according to the International Air Transport Association. AirAsia, which does not hedge fuel prices, has seen its shares fall more than 30 per cent since the onset of conflict in Iran, making it among the worst performers on the Bloomberg World Airlines Index during that time. But its shares have rebounded lately after US President Donald Trump signalled a US-Iran peace deal was close, driving down oil prices. Other low-cost carriers have also suffered because of the Iran oil shock. Indian no-frills airline SpiceJet has scrubbed more than 40 per cent of flights in June compared with February, according to Cirium, and repeatedly missed payments on staff salaries. The company said that "employee payments are being disbursed in a phased manner". AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a long-haul, low-cost airline operating primarily in the Asia-Pacific region. DAMAI CITY: Judicial Mgt Bid Delays GDB's 8 Conlay Debt Recovery ---------------------------------------------------------------- The Malaysian Reserve reports that GDB Holdings Bhd is facing another delay in its efforts to recover debts tied to the troubled 8 Conlay development after a creditor filed a judicial management application against the project's developer. In a filing with Bursa Malaysia on June 22, GDB said its wholly owned unit Grand Dynamic Builders Sdn Bhd had been informed that an individual creditor had filed an application to place Damai City Sdn Bhd under judicial management. The application was filed at the High Court in Kuala Lumpur on June 16 by Sharifuddin Abdul Wahab, The Malaysian Reserve relates. Under the Companies Act 2016, the filing triggers an automatic six-month moratorium, temporarily shielding Damai City from creditor actions, including winding-up proceedings and enforcement measures, unless approved by the court or a judicial manager. According to The Malaysian Reserve, GDB's unit was appointed main contractor for the project in November 2020 under a RM1.25 billion contract, but works were halted following payment disputes before the contract was terminated in April 2023. Since then, GDB has secured several legal wins, including an adjudication award under the Construction Industry Payment and Adjudication Act (CIPAA), which was later upheld by the High Court, as well as a February 2026 judgment ordering parent company KSK Land Sdn Bhd, now in liquidation, to pay MYR102.08 million plus interest under a corporate guarantee. While those rulings strengthened GDB's claims, the judicial management application effectively halts immediate enforcement against Damai City, The Malaysian Reserve notes. The Malaysian Reserve adds that GDB said it is consulting its legal advisers on the next course of action and will make further announcements should there be any material developments. Damai City Sdn Bhd (DCSB) is a Malaysian real estate development primarily known as the developer for the stalled 8 Conlay luxury mixed-development project in Kuala Lumpur, which featured the branded Kempinski Hotel and YOO8 serviced residences. DCSB is a wholly-owned subsidiary of KSK Land Sdn Bhd. ===================== N E W Z E A L A N D ===================== C MX INVESTMENT: Court to Hear Wind-Up Petition on July 8 --------------------------------------------------------- A petition to wind up the operations of C MX Investment Limited will be heard before the High Court at Auckland on July 8, 2026, at 10:00 a.m. Leanne Kate Lawrence filed the petition against the company on May 20, 2026. The Petitioner's solicitor is: Sam Douglas c/o Foley Douglas Level 2, 286 Victoria Street Hamilton JAMAR FINANCE: Kevin John Whitley Appointed as Liquidator --------------------------------------------------------- Kevin John Whitley on June 16, 2026, was appointed as liquidator of Jamar Finance Limited. The liquidator may be reached at: Kevin John Whitley PO Box 34041 Birkenhead Auckland 0746 PHARMEKS LIMITED: Creditors' Proofs of Debt Due on Aug. 15 ---------------------------------------------------------- Creditors of Pharmeks Limited are required to file their proofs of debt by Aug. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2026. The company's liquidator is: David Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre PLASTIC MATERIALS: Creditors' Proofs of Debt Due on Aug. 18 ----------------------------------------------------------- Creditors of Plastic Materials and Processes (New Zealand) Limited are required to file their proofs of debt by Aug. 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 18, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery PO Box 3678 Auckland 1140 WAIMATE HOSPITALITY: Court to Hear Wind-Up Petition on June 29 -------------------------------------------------------------- A petition to wind up the operations of Waimate Hospitality Limited will be heard before the High Court at Timaru on June 29, 2026, at 10:00 a.m. Attorney-General filed the petition against the company on March 19, 2026. The Petitioner's solicitor is: Elizabeth Rutherford Meredith Connell Level 7, 8 Hardinge Street Auckland Central 1010 ================= S I N G A P O R E ================= CONVERSANT GLOBAL: Commences Wind-Up Proceedings ------------------------------------------------ Members of Conversant Global Pte. Ltd., Conversant Partners Pte Ltd and Conversant Solutions Pte. Ltd. on June 11, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Joshua James Taylor and Chew Ee Ling, both of Alvarez & Marsal (SE Asia) Pte. Ltd. IMAX SG: Court to Hear Wind-Up Petition on July 3 ------------------------------------------------- A petition to wind up the operations of Imax Sg Ventures Pte. Ltd. will be heard before the High Court of Singapore on July 3, 2026, at 10:00 a.m. Oxprop Capital Pte. Ltd. filed the petition against the company on June 11, 2026. The Petitioner's solicitors are: Lee & Lee LLP 25 North Bridge Road Level 7 Singapore 179104 LATRADE PTE: Court to Hear Wind-Up Petition on July 3 ----------------------------------------------------- A petition to wind up the operations of Latrade Pte Ltd will be heard before the High Court of Singapore on July 3, 2026, at 10:00 a.m. Choo Guek Hook filed the petition against the company on June 12, 2026. The Petitioner's solicitors are: FC Legal Asia LLC 36 Armenian Street #03-03 Singapore 179934 OCEAN & CAPITAL: Creditors' Proofs of Debt Due on July 22 --------------------------------------------------------- Creditors of Ocean & Capital Properties Pte Ltd are required to file their proofs of debt by July 22, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 17, 2026. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ONE PLANTATION: Court to Hear Wind-Up Petition on July 10 --------------------------------------------------------- A petition to wind up the operations of One Plantation Holdings Pte Ltd will be heard before the High Court of Singapore on July 10, 2026, at 10:00 a.m. Sinoasia Allied Solutions Limited (Formerly known as SAG Brokers(Hong Kong) Limited) and Choy Yuk Leung filed the petition against the company on June 4, 2026. The Petitioner's solicitors are: Aequitas Law LLP 28 Maxwell Road #04-05 Maxwell Chambers Suites Singapore 069120 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***