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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 1, 2026, Vol. 29, No. 130
Headlines
A U S T R A L I A
AF TOOLS: First Creditors' Meeting Set for July 1
BETTS GROUP: First Creditors' Meeting Set for July 3
DYNAMIC JOINERY: First Creditors' Meeting Set for July 3
INTERGROUP AUSTRALIA: Enters Liquidation, Leaving AUD2.3MM in Debts
NBAA PTY: First Creditors' Meeting Set for July 3
PAMA DEVELOPMENT: First Creditors' Meeting Set for July 3
REX AIRLINES: Held Accountable for Continuous Disclosure Failure
C H I N A
CBAK ENERGY: Completes Redomicile from Nevada to Cayman Islands
WANDA GROUP: Ordered to Pay Suning.Com USD260MM for Contract Breach
H O N G K O N G
CIMG INC: Closes Initial Tranche of $650M Capital Raise
SHIMAO GROUP: Places Two Tung Chung Hotels in Receivership
I N D I A
A.R.T. FABRICATION: CARE Keeps B- Debt Rating in Not Cooperating
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
ALPHA PACIFIC: CARE Lowers Rating on INR6.0cr LT Loan to B-
AMIT OILS: CARE Keeps B- Debt Rating in Not Cooperating Category
ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating
BANSI PULP: Insolvency Resolution Process Case Summary
BER SARAI: Voluntary Liquidation Process Case Summary
BIHAR STATE: On Verge of Bankruptcy, Says Tejashwi Yadav
GAURI RICE: CARE Lowers Rating on INR15cr Long Term Loan to B-
GLOBUS STEEL: CARE Lowers Rating on INR124cr LT Loan to B-
ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating
INDHAA BOUTIQUE: Voluntary Liquidation Process Case Summary
J AND P METALS: CARE Keeps B- Debt Rating in Not Cooperating
JAY IBER CARE Keeps B- Debt Rating in Not Cooperating Category
JYOTI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
KGOC TERMINALS: Insolvency Resolution Process Case Summary
M C INDUSTRIES: Insolvency Resolution Process Case Summary
MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category
P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating
QUADRANT TELEVENTURES: CARE Keeps D Debt Rating in Not Cooperating
RGM FUTURE: CARE Keeps B- Debt Rating in Not Cooperating Category
RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
S.B. IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category
S.C.P. INFRACON: CARE Keeps C Debt Rating in Not Cooperating
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
SARAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating Category
SHAPE ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
SYNGENE MANUFACTURING: Voluntary Liquidation Process Case Summary
TIRUPATI BUILD-CON: Insolvency Resolution Process Case Summary
TRUE NORTH: Voluntary Liquidation Process Case Summary
TYCOONS INDUSTRIES: Insolvency Resolution Process Case Summary
UDYOG & INFRASTRUCTURE: CARE Keeps B- Rating in Not Cooperating
N E W Z E A L A N D
ATWAL CONTRACTING: Court to Hear Wind-Up Petition on July 16
CRITICAL PIXELS: Creditors' Proofs of Debt Due on Aug. 7
KAIKOURA BUSINESS: Calibre Partners Appointed as Receivers
PARADIGM GROUP: Creditors' Proofs of Debt Due on July 27
SPORTCLUB COMPANY: Creditors Still Out of Pocket as Probe Continues
SPQR: Creditors Left Short by More Than NZD2 Million
TUPPERWARE BRANDS: Nears New Zealand Relaunch After Bankruptcy
WAKATIPU BREWCO: Court to Hear Wind-Up Petition on July 16
S I N G A P O R E
BROADWAY HOTEL: Creditors' Proofs of Debt Due on July 27
CN LOGISTICS: Creditors' Proofs of Debt Due on July 26
GRACE OCEAN: Dali Chief Engineer Reaches Deferred Prosecution Deal
OMAR SHARIFF: Court Enters Wind-Up Order
TS POWER: Court Enters Wind-Up Order
YYY SEAFOOD: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
AF TOOLS: First Creditors' Meeting Set for July 1
-------------------------------------------------
A first meeting of the creditors in the proceedings of AF Tools Pty
Ltd will be held on July 1, 2026, at 10:00 a.m. via via Microsoft
Teams.
Travis Pullen of B&T Advisory was appointed as administrator of the
company on June 23, 2026.
BETTS GROUP: First Creditors' Meeting Set for July 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Betts Group Pty Ltd;
- Alec Breckler Shoes Pty Ltd;
- Cecil Bros Properties Pty Ltd;
- Airflex Pty Ltd;
- Zu Pty Ltd;
- Cecil Bros. (S.A.) Pty Ltd;
- Betts Pty Ltd;
- F.D.R Pty Ltd; and
- Oceanic Brands Pty Ltd
will be held on July 3, 2026, at 1:00 p.m. via virtual meeting.
Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on June
24, 2026.
DYNAMIC JOINERY: First Creditors' Meeting Set for July 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Dynamic
Joinery Fitouts Pty Ltd will be held on July 3, 2026, at 11:00 a.m.
via Microsoft Teams Videoconferencing Facility.
Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the company on June 23, 2026.
INTERGROUP AUSTRALIA: Enters Liquidation, Leaving AUD2.3MM in Debts
-------------------------------------------------------------------
Herald Sun reports that North Melbourne freight and logistics
company Intergroup Australia collapsed into liquidation, leaving
workers and creditors chasing more than AUD2.3 million in unpaid
debts.
It is alleged the firm was trading while insolvent since June 2024,
recording consecutive deficits of AUD340,523 in FY24 and AUD363,944
in FY25, Herald Sun says.
Herald Sun relates that sole director Vincent Barnes cited a "loss
of significant clients" for the downfall. Revenue had dropped from
AUD3.56 million in FY24 to AUD3.26 million in FY25, and Mr. Barnes
was owed more than AUD1 million himself due to ongoing personal
cash injections to keep the business afloat.
NBAA PTY: First Creditors' Meeting Set for July 3
-------------------------------------------------
A first meeting of the creditors in the proceedings of NBAA Pty Ltd
will be held on July 3, 2026, at 11:00 a.m. via Microsoft Teams
teleconference facilities.
Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on June 23, 2026.
PAMA DEVELOPMENT: First Creditors' Meeting Set for July 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pama
Development Group Pty Ltd will be held on July 3, 2026, at 10:30
a.m. via virtual facilities only.
Graeme Beattie of Worrells was appointed as administrator of the
company on June 23, 2026.
REX AIRLINES: Held Accountable for Continuous Disclosure Failure
----------------------------------------------------------------
The Supreme Court of New South Wales has found that Regional
Express Holdings Limited (Rex) breached its continuous disclosure
obligations over a Feb. 28, 2023 profit forecast.
In the February 2023 forecast, Rex told the market it was
'optimistic the Group will have positive operating profits for the
full FY23 barring any further external shocks.' However, the Court
found that Rex did not have reasonable grounds from April 14, 2023
to expect that the Rex Group would have those positive operating
profits.
Rex later disclosed a profit downgrade on June 20, 2023,
forecasting a AUD35 million Group operational loss. The company
entered voluntary administration on July 30, 2024.
The decision comes six weeks after Rex's former executive chair,
Lim Kim Hai admitted to all alleged contraventions against him and
accepted he should face a pecuniary penalty and disqualification
orders for his director duties breaches and involvement in Rex's
continuous disclosure contravention.
ASIC Chair Sarah Court said, 'Continuous disclosure is a core
obligation for listed entities and underpins Australia's corporate
governance framework. It is critical that investors have access to
accurate and timely information that would impact their investment
decisions.'
ASIC was unsuccessful in its case against the former non-executive
directors The Hon John Sharp AM, Siddharth Khotkar and Lincoln Pan
for allegedly contravening their directors' duties, and its alleged
misleading conduct case against Rex.
The matter will return to Court for a hearing on the relief against
Mr. Lim.
Rex was listed on the Australian Securities Exchange from November
2005 to September 2025, although shares were suspended from trading
when it entered voluntary administration on July 30, 2024.
It was bought by United States-based company Air T in December
2025, and its name was subsequently changed to Regional Express
Holdings Pty Ltd.
On May 18, 2021, ASIC announced that Rex paid an infringement
notice of AUD66,000 issued by ASIC for an alleged continuous
disclosure breach.
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C H I N A
=========
CBAK ENERGY: Completes Redomicile from Nevada to Cayman Islands
---------------------------------------------------------------
CBAK Energy Technology, Inc. announced that it has completed its
previously announced merger to redomicile from Nevada to the Cayman
Islands. The Redomicile Merger became effective at 8:00 a.m.
Pacific Daylight Time on June 23, 2026.
Pursuant to the Redomicile Merger, each outstanding share of the
common stock of the Company was converted into the right to receive
one ordinary share of CBAK Energy Technology Limited, a company
incorporated under the laws of the Cayman Islands and the successor
issuer of the Company pursuant to Rule 12g-3 under the Securities
Exchange Act of 1934, as amended. The ordinary shares of CBAK
Cayman will be listed on the Nasdaq Capital Market under the
trading symbol "CBAT," the same symbol under which the common stock
of the Company was listed.
The Redomicile Merger did not change the Company's business,
day-to-day operations, strategy, operating subsidiaries, management
team, employees, production facilities, customer and supplier
relationships, or consolidated assets and liabilities. CBAK Cayman
also assumed the Company's existing equity incentive plans and
outstanding awards, which continue on substantially the same terms
and now relate to ordinary shares of CBAK Cayman. The Company
undertook the Redomicile Merger to reduce certain ongoing
operational, administrative, legal and accounting costs, simplify
corporate administration, and align the legal structure of its
parent company more closely with the international nature of its
business. The Company also expects the Cayman structure to
streamline governance procedures and provide greater flexibility
for future corporate transactions.
"Moving our place of incorporation to the Cayman Islands brings the
legal structure of the parent company closer to the international
profile of our business," said Zhiguang Hu, Chief Executive Officer
of CBAK Energy. "The change is intended to reduce certain recurring
public-company costs and simplify corporate administration. It does
not alter our operations, management team or business plans."
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.
As of March 31, 2026, the Company had $491 million in total assets,
$388.8 million in total liabilities, and $102.2 million in total
equity.
Hong Kong, China -based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 31, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of December 31, 2025.
WANDA GROUP: Ordered to Pay Suning.Com USD260MM for Contract Breach
-------------------------------------------------------------------
Yicai Global reports that the Nanjing Intermediate People's Court
has issued a first-instance judgment in the dispute between Wanda
Group and Suning.Com, ordering the former to pay the latter CNY1.7
billion (USD260 million) for a contract breach of a 2018 share
buyback deal.
Yicai relates that the cash-strapped Chinese property developer
should pay Suning.Com the CNY1.7 billion in 10 days from the date
of judgment, as well as the delayed payment losses calculated at
1.5 times the one-year loan prime rate from Feb. 26, 2024, to Feb.
13, 2026, Suning.Com announced on June 29, citing the court
ruling.
According to Yicai, the Nanjing Intermediate People's Court also
ruled that Wanda bears the CNY8.8 million (USD1.3 million) case
acceptance fee, the Beijing-based retail giant added, noting that
all of its other claims were dismissed.
Wanda's property management arm Wanda Commercial Management Group
went public in Hong Kong in 2014, but its founder Wang Jianlin
thought that the stock was undervalued, so he took the firm private
to prepare for a listing in the Chinese mainland, Yicai recalls.
As part of the privatization deal, Tencent Holdings, Suning.Com,
Sunac China, and JD.Com spent a total of CNY34 billion (USD5
billion) to purchase a 14 percent stake in Wanda Commercial
Management, Wanda said in January 2018. Of this, Suning paid CNY9.5
billion for a 4 percent stake.
However, Wanda Commercial Management failed to go public in the
mainland, Yicai relates.
In October 2024, Suning.Com announced it had filed a lawsuit,
alleging that Wanda and Wanda Commercial Management had violated
the terms of their cooperation agreement. Suning.Com claimed that
Wanda owed it CNY5 billion worth of share buyback fees.
In the first quarter of the year, Suning.Com reported a net profit
of CNY28.9 million (USD4.3 million), up 61 percent from a year
earlier. However, after excluding non-recurring gains and losses,
the company actually recorded a loss of CNY861 million (USD130
million), widening 334 percent in the period.
About Dalian Wanda
Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
11, 2024, Fitch Ratings has downgraded Dalian Wanda Commercial
Management Group Co., Ltd.'s (Wanda Commercial) and Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK)
Long-Term Foreign-Currency Issuer Default Ratings to 'C', from
'CC'.
Fitch has also downgraded the rating on the US-dollar notes
guaranteed by Wanda HK and issued by Wanda Commercial's
subsidiaries to 'C' with Recovery Rating of 'RR5', from 'CC' with
'RR4'. Fitch has removed the Rating Watch Negative (RWN) from all
the ratings.
=================
H O N G K O N G
=================
CIMG INC: Closes Initial Tranche of $650M Capital Raise
-------------------------------------------------------
CIMG Inc. announced in a regulatory filing that it entered into
securities purchase agreements with non-U.S. investors, pursuant to
which the Company agreed to issue and sell, in one or more
closings, units of the Company's securities, with each Unit
consisting of one share of the Company's common stock, par value
$0.00001 per share, and one warrant to purchase one share of Common
Stock, at a purchase price of $0.015 per Unit.
The Purchase Agreements provide for the issuance and sale of up to
43,333,333,333 Units for aggregate gross proceeds of up to
approximately $650,000,000, payable in Bitcoin or U.S. dollars in
accordance with the Purchase Agreements, with the U.S. dollar value
of any Bitcoin payment determined as set forth in the Purchase
Agreements. For purposes of the Purchase Agreements, the purchase
price to be paid in Bitcoin is based on a reference price of
$65,000 per Bitcoin, unless otherwise agreed in writing by the
Company and the applicable Investor. The Purchase Agreements
contemplate that the Units will be issued in tranches.
Each Warrant has an exercise price of $0.015 per share, is
exercisable for a period of two years from the date of issuance,
and is exercisable for cash in U.S. dollars or in Bitcoin, with the
Bitcoin exercise price determined in accordance with the Purchase
Agreements and the terms of the Warrant.
On June 22, 2026, the Company issued and sold an aggregate of
900,000,000 Units to the Investors for aggregate consideration of
approximately $13,500,000, payable in Bitcoin based on a reference
price of $65,000 per Bitcoin. Accordingly, at the Initial Closing,
the Company issued an aggregate of 900,000,000 shares of Common
Stock and Warrants to purchase an aggregate of 900,000,000 shares
of Common Stock. The Warrants issued at the Initial Closing have
been fully exercised, and the Company has issued an additional
900,000,000 shares of Common Stock upon exercise of such Warrants.
As a result of the Initial Closing and the exercise of the Warrants
issued in connection therewith, the Company issued an aggregate of
1,800,000,000 shares of Common Stock.
The Purchase Agreements contain customary representations,
warranties and covenants of the Company and the Investors, and
customary closing conditions. The Company obtained stockholder
approval on December 24, 2025 for purposes of Nasdaq Listing Rule
5635(d) in connection with the transactions contemplated by the
Purchase Agreements and Warrants. The shares of Common Stock
included in the Units and the shares of Common Stock issued upon
exercise of the Warrants were offered and sold pursuant to the
Company's registration statement on Form S-1 (SEC File No.
333-294624), as amended, and the related prospectus filed with the
Securities and Exchange Commission pursuant to Rule 424(b)(4).
Full text copies of the form of Purchase Agreement and the form of
Warrant are available at https://tinyurl.com/3crr6vsz and
https://tinyurl.com/7cnxhnzb.
About CIMG Inc.
CIMG is a business group specializing in digital health and sales
development, with a cryptocurrency-focused strategy. The Company
leverages AI and cryptocurrencies (such as Bitcoin and stablecoins)
to drive business growth, helping clients maximize user growth and
enhance brand management value. The Company's current client
portfolio includes brands such as Kangduoyuan, Maca-Noni, Qianmao,
Huomao, and Coco-mango.
Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated February
13, 2026, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended September 30, 2025, citing that the Company
has experienced recurring losses from operations and negative
working capital, which raises substantial doubt about its ability
to continue as a going concern.
As of March 31, 2026, the Company had $53.2 million in total
assets, $12.1 million in total liabilities, and $41.1 million in
total stockholders' equity.
SHIMAO GROUP: Places Two Tung Chung Hotels in Receivership
----------------------------------------------------------
TipRanks reports that Shimao Group Holdings Ltd. has confirmed that
its Tung Chung hotel assets have entered receivership after
securing syndicated project loans with the properties under a
debenture and mortgage arrangement. The development comes as the
embattled property developer continues addressing financial
pressures and restructuring efforts.
The company said hotel operations will continue uninterrupted under
the supervision of the appointed receivers. Shimao's board has
endorsed an orderly disposal of the properties, saying the
objective is to maximize the assets' value for lenders and other
stakeholders.
An international sales agent has been retained to conduct the
marketing process and seek qualified buyers. Shimao added that it
intends to cooperate fully with the receivers while pursuing a
broader restructuring of its debt obligations, the report states.
About Shimao Group
China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.
As previously reported in the Troubled Company Reporter-Asia
Pacific, Shimao Group has missed the interest and principal payment
of a US$1 billion offshore bond due on July 3, 2022.
* * * *
The two hotels in Tung Chung, Hong Kong, have entered receivership
after being pledged as collateral for syndicated project financing
secured by a debenture and mortgage. The move follows defaults tied
to the loans as the financially distressed property developer
continues to address its debt obligations.
Receivers have been appointed over the hotel assets and are
overseeing the properties while normal hotel operations continue.
Shimao's board stated that it supports an orderly marketing and
sale process designed to preserve the value of the assets and
maximize recoveries for lenders and other stakeholders.
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I N D I A
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A.R.T. FABRICATION: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.R.T.
Fabrication Industries Private Limited (AFIPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.17 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 16, 2025, placed the rating(s) of AFIPL under the 'issuer
non-cooperating' category as AFIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AFIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
1, 2026, April 11, 2026, April 21, 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
Haryana based A.R.T Fabrication Industries Private Limited (AFIPL)
was incorporated in August, 1995 as a private limited company and
is currently being managed by Mr. Jatinder Singh Grover and Mr.
Harinder Singh Grover. The company is engaged in the manufacturing
of crane parts such as bumper of cranes, compactor chassis,
counters weights, frames, etc. other associated sheet metal
components and electricity panels at its manufacturing facility
located in Faridabad, Haryana.
ALEPH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aleph
Enterprises (AE) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 22, 2025, placed the rating(s) of AE under the 'issuer
non-cooperating' category as AE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 7, 2026,
April 17, 2026, April 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
Aleph Enterprises (AE) was established in 1996 as a proprietorship
concern for processing and exports of cashew. Mrs. Leelama John is
the proprietor. The operations are also supported by her husband
Mr. John. M. George. The firm owns three processing units located
in Mampuzha, Puthensagatm and Villur in Kerala with a combined
installed capacity of 2000 MT (80 kg per bag). All the three
processing units are semi-automated. APE also purchases and sells
cashew kernel from other processing units in Kerala when the
particular variety ordered by customers is not available with APE
and to fulfil the demand of customers in a timely manner. Some of
the cashew varieties processed is white wholes (W180, W210, W240,
W280, W320, and W450), butts, splits, pieces, small pieces, baby
bits etc. The products are packed in 25 and 50 pounds packs and
then into cartons and exported depending upon the requirement of
customers.
ALPHA PACIFIC: CARE Lowers Rating on INR6.0cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Alpha Pacific Systems Private Limited (APSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Long-term/Short- 4.00 CARE B-; Stable/CARE A4
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and LT rating
downgraded from CARE B; Stable
and ST rating reaffirmed
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 16, 2025, placed the rating(s) of APSPL under the 'issuer
non-cooperating' category as APSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
1, 2026, April 11, 2026, April 21, 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 bank facilities of APSPL have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Alpha Pacific Systems Private Limited (APSPL) is a private limited
company incorporated in July 2016. The company succeeded an
erstwhile proprietorship firm established by the director Mr.
Neeraj Kumar established in 2000. Currently the overall operation
of the firm is managed by both the directors i.e. Mr. Neeraj Kumar
and Mr. Subhash Singh Soam. APS provides engineering, procurement
and construction services to government and private companies
particularly in civil infrastructure i.e. Engineering, Procurement
& Construction for Hydro Projects, Road Construction; automation
and solar panel installation divisions in northern India. The major
raw material used in the project execution is cement, dust, soil
etc. that is procured as per the tender specification. APS has been
executing various projects for government entities/government
departments i.e. Public Works Department (PWD), National
Hydroelectric Power Corporation (NHPC), Uttarakhand Jalvidyut Nigam
Limited (UJVN), Tehri Hydro Development Corporation Limited (THDC),
Larsen and Turbo, APS Hydra Private Limited. In the recent
development, the company has become the authorized dealer of
Siemens India for undertaking the automation projects.
AMIT OILS: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit Oils
Private Limited (AOPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 7, 2025, placed the rating(s) of AOPL under the 'issuer
non-cooperating' category as AOPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AOPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 23, 2026,
April 2, 2026, April 12, 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 Amit Oils Private Limited (AOPL) (erstwhile
known as Amit Oils Limited) was incorporated in August, 1995. The
company is having one extraction unit running under the name and
style of "M/s Amit Solvex" under Amit Oils Private Limited. The
company is currently managed by Mr. Chandra Prakash Agarwal, Mr.
Deepak Kumar Agarwal, Mrs. Sweety Agarwal and Mrs. Kamla Devi
Agarwal. The company is engaged in the refining of edible oils
(rice bran, palm and soya bean). The company has its manufacturing
unit located at Jaunpur, Uttar Pradesh.
ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapoorani
Yarns (AY) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 27, 2025, placed the rating(s) of AY under the 'issuer
non-cooperating' category as AY had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AY continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 12, 2026,
April 22, 2026, May 2, 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
Annapoorani Yarns (AY) was established as a partnership concern in
2000 by Mr. R Jayachandran and Ms. J Thavamani with equal
profit-sharing ratio. AY is engaged in trading of blended yarns
like poly cotton, poly viscose etc. and grey and finished fabric.
The yarn is purchased from suppliers located in New Delhi, Punjab
and Tamil Nadu. The firm deals with 20s-40s counts of yarn. The
yarn purchased is fabricated into grey cloth and finished fabric on
job work basis and sold to customers located in Tamil Nadu. The
registered office of the firm is located in Tirupur, Tamil Nadu.
BANSI PULP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Bansi Pulp and Paper Mills Private Limited
Survey No. 655/657,
AtPost Kasbe Digraj, Samdoli Road,
Tal. Miraj Sangli,
Maharashtra - 416305, India
Insolvency Commencement Date: June 15, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 12, 2026
Insolvency professional: Pankaj Bhattad
Interim Resolution
Professional: Pankaj Bhattad
Finvin Turnaround and Restructuring Pvt Ltd.
605, Sunteck Crest,
Mukund Nagar, Andheri Kurla Road,
Andheri East, Mumbai City,
Maharashtra, 400059
Email: rppankajbhattad@gmail.com
cirp.bansi@gmail.com
Last date for
submission of claims: June 29, 2026
BER SARAI: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Ber Sarai Labs Private Limited
Sy No. 8 to 14 & 55,
Embassy Tech Village,
Outer Ring Road, Devarbisanahalli,
Varthur Hobli, Bellandur,
Bangalore, Karnataka,
India, 560103
Liquidation Commencement Date: June 15, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Sumana Rao
No. 56, 4th Cross,
2nd Sector, Nobonagar,
Bannerghatta Road,
Bengaluru - 560076, Karnataka
Tel: +91 94485 21179
Email: csraosumana@gmail.com
bersarai.vl@gmail.com
Last date for
submission of claims: July 16, 2026
BIHAR STATE: On Verge of Bankruptcy, Says Tejashwi Yadav
--------------------------------------------------------
The Hindu reports that Tejashwi Yadav, leader of the Opposition
(LoP) in the Bihar Legislative Assembly, on June 28, criticised the
Samrat Choudhary-led National Democratic Alliance (NDA) government,
claiming it to be "on the verge of bankruptcy." The Rashtriya
Janata Dal (RJD) leader also hit out at the CM over the alleged
tender scam.
On May 30, the Bihar General Administration Department had
suspended two IAS officers - Yogesh Sagar and Abhilasha Kumari
Sharma - and initiated a departmental inquiry against them for
allegedly accepting bribes in exchange for awarding tenders to a
contractor named Rishu Ranjan Sinha, alias Rishu Shree. All three
have since been arrested, and further probe is on, The Hindu
relates.
According to The Hindu, the former Deputy CM said the Treasury
lacks the funds to pay employee salaries, student scholarships,
pensions, and dues to farmers. "The Bihar government recently
withdrew INR3,660 crore from the Contingency Fund. They keep
begging and pleading before the Centre, even as the Centre has
expressed its inability to help," Mr. Yadav said.
On the issue of the "tender scam", the RJD leader said, "Chats
revealed during the investigation show that Rishu Shree enjoyed the
protection of those in power," The Hindu relays. The LoP alleged
that the "big fish" were left out of the chargesheet that the
police filed in the matter last month.
In response, Bihar BJP spokesperson Niraj Kumar alleged that the
accused contractor enjoyed patronage during Mr. Yadav's term in
office, The Hindu relates. "All these scams involving Rishu Shree
date back to the time when Tejashwi was the Minister of the
department concerned," he said.
Meanwhile, Mr. Choudhary on June 28 asserted his government's
"zero-tolerance approach" towards crime and said that most
criminals have fled the State and taken refuge in neighbouring
Nepal, The Hindu adds.
Bihar is a state in eastern India. It borders Uttar Pradesh to its
west, Nepal to the north, the northern part of West Bengal to the
east, and Jharkhand to the south.
GAURI RICE: CARE Lowers Rating on INR15cr Long Term Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Gauri Rice Mill Private Limited (SGRMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 13, 2025, placed the rating(s) of SGRMPL under the
'issuer non-cooperating' category as SGRMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGRMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
29, 2026, April 8, 2026, April 18, 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 SGRMPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Ahmedabad (Gujarat) based SGRMPL is part of 'Janki Group' based out
at Sanand (Ahmedabad). SGRMPL was incorporated in 2009 by Mr.
Dilipkumar Kela and Mr. Ashokkumar Kela and currently managed by
Mr. Dilipkumar Kela, Mr. Pradip Ramwani and Mr. Sunilkumar Ramwani.
The company is engaged in the milling and processing of non-basmati
rice. SGRMPL is operating from its sole manufacturing plant located
in Dantali (Kheda, Gujarat) having installed capacity of 55,680
Metric Tonne Per Annum as on March 31, 2019.
GLOBUS STEEL: CARE Lowers Rating on INR124cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Globus Steel & Power Private Limited (GSPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 124.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated April 29, 2025, placed the rating(s) of GSPPL under the
'issuer non-cooperating' category as GSPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GSPPL 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).
The ratings assigned to the bank facilities of GSPPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Not Applicable
GSPPL, a part of the Focal Energy group and a double step-down
subsidiary of Focal Energy Holdings BV (FEHL), has developed a
solar photo-voltaic plant of 20 MW AC capacity in Mandsaur
district, Madhya Pradesh under the MP state policy in collaboration
with BPIPL, Indian subsidiary of Germany-based Belectric GmbH, with
BPIPL holding 17.50% stake in the company. The remaining 82.50%
shareholding is held by Focal Energy Solar Three Limited (FESTL).
The project was synchronized to the grid on January 29, 2016. The
company has entered into a long-term PPA with MPPMCL for a duration
of 25 years for the entire capacity at a tariff of Rs.6.969/ unit.
ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ilasakaa
Steels Limited (ISL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 15, 2025, placed the rating(s) of ISL under the 'issuer
non-cooperating' category as ISL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ISL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 10, 2026,
April 20, 2026, June 22, 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
Ilasakaa Steels Limited was established in January 2009 by Mr.
Ashwani Kumar Sharma, Mr. Ashok Kumar Jain, Mr. Anand Kumar Bindal,
and Mr. Ajay Kumar Bindal (brother of Mr. Anand Kumar Bindal). The
company is engaged into manufacturing steel CR strips and sheets
and has its plant located in Bahadurgarh (Haryana).
INDHAA BOUTIQUE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Indhaa Boutique Resorts Private Limited
Office No. O-III-17 (B-17),
3rd Floor, Palam Vyapar Kendra,
Palam Vihar, (Gurgaon),
Haryana - 122017, India
Liquidation Commencement Date: May 5, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Rajeev Sharma
H.No. 58, (Near Gate No. 9)
Shivalik City, Sector-127,
Kharar, Near Mansa Devi Mandir,
Sahibzada Ajit Singh Nagar,
Punjab - 140307
Tel: 09855618446
Email: rsrajeevsharmaca@gmail.com
Last date for
submission of claims: June 4, 2026
J AND P METALS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J and P
Metals (JPM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING
Rationale and key rating drivers
CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated May 14, 2025, placed the rating(s) of JPM under the 'issuer
non-cooperating' category as JPM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 30, 2026,
April 10, 2026, April 19, 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
New Delhi based, J & P Metals (JPM) was established in September,
2015 as a proprietorship concern by Mr. Ayush Jain. The firm is
engaged in trading of aluminium scraps, stainless steel scraps and
stainless-steel utensils. JPM imports aluminium scraps talons and
aluminium tense scraps from Nigeria and Dubai. The firm also deals
in trading of stainless-steel utensils which it procures
domestically from suppliers located in Rajasthan and Uttar Pradesh.
The firm caters to various construction and infrastructure
companies based in Northern India viz. Delhi, Punjab, Faridabad,
and Haryana etc. like Padia Exports (P) Limited, JSB Aluminium
Private Limited, Ravi Enterprises, Namo Alloys Private Limited,
Vardhman Sale Agency and Century Metal Recycling Private Limited
etc.
JAY IBER CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jay Iber
Private Limited (JIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.57 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 13, 2025, placed the rating(s) of JIPL under the 'issuer
non-cooperating' category as JIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 29, 2026,
April 8, 2026, April 18, 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
Jay Iber Pvt. Ltd (JIPL) is promoted by the JP Minda group and was
incorporated on April 19, 2012, with technical collaboration from
Iber Medior S.L, Spain. JIPL has gravity die casting unit, which
manufactures fully machined components of aluminium casting for
automobile industries. The product portfolio of JIPL includes
engine mounting brackets, CNG regulators and brake master
cylinders. The manufacturing unit is located at Gurgaon (Haryana).
JYOTI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jyoti
Hospital Private Limited (JHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.58 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 April 29, 2025, placed the rating(s) of JHPL under the
'issuer non-cooperating' category as JHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JHPL 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
Allahabad (Uttar Pradesh) based JHPL was formed as a private
limited company in 1994 by Late Dr. Ashwani Kumar Bansal and Dr.
Vandana Bansal. JHPL is operating a multi-specialty hospital and
infertility research centre, under the name of "Jeevan Jyoti
Hospital" at Prayagraj having 300 beds which includes general
wards, private rooms and Intensive-Care Units (ICU) etc. The
hospital provides specialized services related to various medical
specialties viz. Infertility & IVF, Obstetrics & Gynaecology,
Dental, Pediatrics & Neonatology, Orthopaedics & Joint Replacement,
ENT, cardiology, urology, nephrology and neurology etc.
KGOC TERMINALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: KGOC Terminals Private Limited
D.No. 70-15-15,
Chunduru Govindaraju Street,
Road No. 2, Suresh Nagar,
Kakinada - 533033,
Andhra Pradesh
Insolvency Commencement Date: June 16, 2026
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: December 13, 2026
Insolvency professional: Dommeti Surya Rama Krishna Saibaba
Interim Resolution
Professional: Dommeti Surya Rama Krishna Saibaba
Flat No. A-105, Mahindra Ashvita,
Hafeejpet Road, Near Hi-Tech City,
MMTS Railway Station,
KPHB Colony, Hyderabad,
Telangana, 500085
Email: dsrk39@yahoo.com
Plot No. 4&5, Flat No.104,
Kavuri Supreme Enclave,
Kavuri Hills, Madhapur,
Hyderabad, Telangana, 500081
Email: cirpkgoc@gmail.com
Last date for
submission of claims: June 30, 2026
M C INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M C Industries Limited
NH-6, South Chamrail,
Bombay Road,
Near Lokenath Seva Pratisthan,
P.O. - Liluah, Howrah,
West Bengal, India - 711114
Insolvency Commencement Date: June 12, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 9, 2026
Insolvency professional: Sanjai Kumar Gupta
Interim Resolution
Professional: Sanjai Kumar Gupta
27/A, AKMA Heights Bagmari Road,
Kolkata - 700054
Email: casanjaigupta@gmail.com
cirp.mcind@gmail.com
Last date for
submission of claims: June 26, 2026
MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meena
Jewels Exports (MJE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.00 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 27, 2025, placed the rating(s) of MJE under the 'issuer
non-cooperating' category as MJE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MJE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 12, 2026,
April 22, 2026, May 2, 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
Meena Jewels Exports, incorporated in 2012, belongs to the Meena
Jewellers group (MJG) which is the jewellery arm of the Meena Bazar
group which has over 75 years of presence in the twin cities of
Hyderabad/Secunderabad. Meena Bazar group has varied business
interests consisting of retailing in sarees, textiles, garments and
jewellery, exhibition of films, construction, etc.
P.M. CARIAPPA: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M.
Cariappa (P) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 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 13, 2025, placed the rating(s) of PMC under the 'issuer
non-cooperating' category as PMC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PMC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 29, 2026,
April 8, 2026, April 18, 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
P.M. Cariappa (PMC), established in 1998, is Karnataka based sole
proprietorship concern engaged in the trading of Stationery,
Invitation, Greeting Cards, and paper Products all-over Dubai. The
firm procure the raw materials from domestic market based on the
order flow. The business was originally established and controlled
by Mr. P.M. Cariappa. After his demise during 2018, the business is
being managed by his brother Mr P.M. Vasanth, who has almost more
than two decades of experience in the same line of business.
QUADRANT TELEVENTURES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quadrant
Televentures Limited (QTL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.40 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 4, 2025, placed the rating(s) of QTL under the 'issuer
non-cooperating' category as QTL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
QTL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 18, 2026,
February 28, 2026, March 10, 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
Quadrant Televentures Limited (QTL) (ISIN: INE527B01020) was
incorporated in August 1946 by the name- The Investment Trust of
India Limited (ITIL). The name of the company was changed to HFCL
Infotel Limited (HIL) in May 2003. In August 2009, the ownership of
HIL was transferred to the Videocon group, subsequent to which, the
company was rechristened as QTL. QTL is a Unified Access Services
(UAS) Licensee in the Punjab Telecom Circle comprising of the state
of Punjab, Chandigarh and Panchkula. The company started its
operations as a fixed line service provider under the brand name
'Connect' in the year 2000. It was later granted UAS License in the
Punjab Telecom Circle (including Chandigarh and Panchkula) in 2003
subsequent to which it launched its CDMA based mobile services
under the brand name 'Ping' (from September 2007) and GSM based
mobile services in March 2010. Currently, QTL is providing Fixed
Voice (Landline) services, DSL (Internet) services, Leased Line
services and CDMA Mobile Services in the Punjab Telecom Circle
(including Chandigarh and Panchkula). The company discontinued its
GSM business operations from February 15, 2017.
RGM FUTURE: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RGM Future
Vision 21 Private Limited (RFVPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.02 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 15, 2025, placed the rating(s) of RFV2PL under the
'issuer non-cooperating' category as RFV2PL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RFV2PL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
26, 2025, April 10, 2026, April 20, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
RGM Future Vision 21 Private limited was incorporated on July 23,
2020, by Mr. Roshan Lal Ranga, to establish 6 CBG (Compressed
Biogas) manufacturing plant under the greenfield project. The
company has entered into an agreement with oil marketing companies
for supply of CBG. The company has entered into an agreement with
the below mentioned companies for acquisition of land (5- acre land
@40 lacs per acre i.e., INR2.00 Cr) on a lease for a period of 15
years & above. The promoters the following entities have provided
land for the project against a share of 20% profits of the company
over a period of 15 years.
RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMJ Modern
Rice Mill (RMRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.89 CARE C; 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 RMRM under the 'issuer
non-cooperating' category as RMRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RMRM 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
RMRM, engaged in rice milling business, was established in June
2006, by Mr J. Thangapandi and Mr J. Sundarapandian as a
partnership firm sharing profits and losses equally. The raw
material, paddy is procured from farmers in and around the
districts of Madurai, Theni, Usulampati and Sivagangai.
S.B. IMPEX: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.B. Impex
(SI) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.00 CARE B-; Stable; ISSUER NOT
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 13, 2025, placed the rating(s) of SI under the 'issuer
non-cooperating' category as SI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated March 29, 2026,
April 8, 2026, April 18, 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
Satna based SI was formed in 2014 as a proprietorship concern by
Mr. Nikhil Khandelwal. SBIM is engaged in the business of trading
of minerals & chemicals which includes mainly Gypsums as well as
industrial machinery equipment's that includes Pumps etc. The firm
purchases Gypsums from United Arab Emirates (U.A.E.) and industrial
equipment's from Japan and China. It sells its product in local
market mainly to cement industries like J K laxmi Cement Limited,
Shree Cement, Century Cement and Birla Corporation etc. The
proprietor has also promoted Madan Mohan Vinod Kumar distributors
Private Limited (Engaged in trading of Industrial spare parts and
hardware etc.)
S.C.P. INFRACON: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.C.P.
Infracon Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues to
remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; 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 30, 2025, placed the rating(s) of SIPL under the
'issuer non-cooperating' category as SIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SIPL 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
Meerut, Uttar Pradesh based S.C.P Infracon Private Limited
[formerly Sudhir Cement Pipe Industries Private Limited] (SIPL) was
incorporated in August, 1987. The company is managed by Mr. Rajeev
Kumar Garg and Mr. Deepak Kumar Garg. The company is engaged in
manufacturing of cement pipes.
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Rice
Industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 22, 2025, placed the rating(s) of SRI under the 'issuer
non-cooperating' category as SRI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 7, 2026,
April 17, 2026, April 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
S.K. Rice Industries was Established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SRI is promoted by Mr. Syed Altaf Ahmed
(partner), Mr. Syed Israr Ahmed (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahmed has over two decades of
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka.
SARAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saran
Alloys Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.35 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 April 15, 2025, placed the rating(s) of SAPL under the
'issuer non-cooperating' category as SAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated March
1, 2026, March 11, 2026, March 21, 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
Saran Alloy Private Limited (SAPL) was incorporated on July 17,
2008, promoted by Mr. Sobhi Nath Rai and Mr. Aniket Gaurav of
Durgapur, West Bengal. Since its inception, SAPL has been engaged
in manufacturing of MS ingots. The manufacturing facility of the
company is located at industrial area, Durgapur, West Bengal with
an installed capacity of 24000metric tons per annum.
SHAPE ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shape
Engineering Co. Private Limited (SECPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 0.58 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank 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 29, 2025, placed the rating(s) of SECPL under the
'issuer non-cooperating' category as SECPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SECPL 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
Uttarakhand based, Shape Engineering Co. Private Limited (SECPL)
was established on November 09, 1984 as a private limited company
and is currently being managed by Mr. Shri Sudhir Kumar Jain and
Mr. Shri Saurabh Jain. The company is engaged in manufacturing of
turbine parts with its manufacturing unit located in Uttarakhand.
The company procures raw materials namely, M.S. Plates, Steel and
Iron Ingots from the domestic suppliers.
SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Plastics Manufacturing Private Limited (SPMPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 16, 2025, placed the rating(s) of SPMPL under the 'issuer
non-cooperating' category as SPMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
1, 2026, April 11, 2026, April 21, 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
Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016. The company is engaged in
manufacturing of non -woven fabric and Poly Propylene (PP) tape.
The key raw material i.e. Plastic granules are procured from
distributors of Reliance Industries Limited (RIL), IOC Ltd and
Haldia Petro Chemicals Ltd and also from open market of Delhi and
local traders in Bhiwani (Haryana). The company markets non-woven
fabric through dealers located in Delhi, Haryana and Rajasthan
etc.
SYNGENE MANUFACTURING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Syngene Manufacturing Solutions Limited
Aryabhata Room, Ground Floor,
The Hub, Tower 8A,
360 Degrees Business Park,
Doddahoguru, Electronic City,
Phase 1, Electronics City,
Bengaluru - 560100,
Bengaluru South,
Karnataka, India
Liquidation Commencement Date: June 15, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Joby Chacko
No. 120, 3rd Cross,
3rd Main, Pride Valley View Layout,
Jigani Hobli,
Bengaluru - 560105
Tel: +91 96633 08656
Email: syngene.vl@gmail.com
jobykc@gmail.com
Last date for
submission of claims: July 15, 2026
TIRUPATI BUILD-CON: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tirupati Build-Con Private Limited
50, Weston Street,
Kolkata - 700012,
West Bengal, India
Insolvency Commencement Date: June 10, 2026
Court: National Company Law Tribunal, Kolkata Bench-I
Estimated date of closure of
insolvency resolution process: December 7, 2026
Insolvency professional: Mamta Binani
Interim Resolution
Professional: Mamta Binani
3rd Floor, Nicco House (Hare Street Entry),
2 Hare Street,
Kolkata, 700001,
West Bengal
Email: mamtabinani@gmail.com
cirp.tirupatibuildcon@gmail.com
Last date for
submission of claims: June 24, 2026
TRUE NORTH: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: True North Software Private Limited
6-B Maker Mahal,
249 Perry Road,
Above Kotak Mahindra Bank,
Bandra West, Bandra Suburban,
Mumbai, Maharashtra,
India, 400050
Liquidation Commencement Date: June 17, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Raghunath Sabanna Bhandari
Flat No. 501, Raj Atlantis 2,
Opposite SVP High School,
Kanaki4 Mira Road, Thane,
Maharashtra - 401107
Email: raghunathsb@yahoo.com
Office No. 402, 4th Floor,
"A" Wing, Pushp Vinod No. 2,
S.V. Road, Borivali West,
Mumbai - 400092
Tel: 7021 400658
Email: liquidation.truenorth@gmail.com
Last date for
submission of claims: July 17, 2026
TYCOONS INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tycoons Industries Private Limited
Registered Office:
1st Floor, Nawa-1,
Subh Building, 1st Floor,
Zero Bridge, Srinagar,
Jammu & Kashmir (190001)
Corporate Office:
487D, Mandir Marg,
Ashok Nagar, Ranchi,
Jharkhand - 834002
Insolvency Commencement Date: June 11, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 8, 2026
Insolvency professional: Neehal Mahamulal Pathan
Interim Resolution
Professional: Neehal Mahamulal Pathan
Plot No. 27, R.S. No. 825,
Sahjeevan Parisar,
Near TPM Church,
Behind Circuit House,
Kolhapur - 416003 MH
Email: cirp.tycoons@gmail.com
Last date for
submission of claims: June 25, 2026
UDYOG & INFRASTRUCTURE: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indus
Udyog & Infrastructure Private Limited (IUIPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.09 CARE B-; 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 April 21, 2025, placed the rating(s) of IUIPL under the
'issuer non-cooperating' category as IUIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IUIPL 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
Chhattisgarh-based IUIPL was incorporated in August 2011 for
setting up a coal rotary crusher unit. The company was promoted by
the Agrawal family of Chhattisgarh. IUIPL is into coal processing
and logistics services which includes activities like procurement
of coal by participating in e-auction, lifting of coal from mines,
crushing it as per client's requirements and supplying it to
client's location through rail and road. IUIPL's coal breaking
facility is located at Korba with an aggregate installed capacity
of 5 lakh metric ton per annum. The company has commenced
operations from November 2014 onwards.
=====================
N E W Z E A L A N D
=====================
ATWAL CONTRACTING: Court to Hear Wind-Up Petition on July 16
------------------------------------------------------------
A petition to wind up the operations of Atwal Contracting Limited
will be heard before the High Court at Christchurch on July 16,
2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2026.
The Petitioner's solicitor is:
Rosa Brooke
Inland Revenue, Legal Services
663 Colombo Street
Christchurch Central
Christchurch
CRITICAL PIXELS: Creditors' Proofs of Debt Due on Aug. 7
--------------------------------------------------------
Creditors of Critical Pixels Design Limited (trading as Critical
Design) are required to file their proofs of debt by Aug. 7, 2026,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on June 16, 2026.
The company's liquidators are:
Paul Thomas Manning
Eve Ellen Bachellier
C/o BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
Tauranga
KAIKOURA BUSINESS: Calibre Partners Appointed as Receivers
----------------------------------------------------------
Daniel Stoneman and Grant Robert Graham of Calibre Partners on
Sept. 11, 2024, were appointed as receivers and managers of
Kaikoura Business Park 2021 Limited.
The receivers and managers may be reached at:
Daniel Stoneman
Grant Robert Graham
Calibre Partners
Level 21
88 Shortland Street
Auckland
PARADIGM GROUP: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------
Creditors of Paradigm Group Limited and Flying Out Limited are
required to file their proofs of debt by July 27, 2026, to be
included in the company's dividend distribution.
Paradigm Group commenced wind-up proceedings on June 18, 2026.
Flying Out commenced wind-up proceedings on June 20, 2026.
The company's liquidator is:
Bryan Williams
c/o BWA Insolvency Limited
PO Box 609
Kumeu 0841
SPORTCLUB COMPANY: Creditors Still Out of Pocket as Probe Continues
-------------------------------------------------------------------
NZ Herald reports that creditors of uniform provider Sportclub are
set to miss out on NZD1.1 million, as liquidators continue to probe
the company's collapse.
Sportclub was placed into liquidation in November 2025, with Steven
Khov and Kieran Jones appointed joint liquidators on November 19.
Sportclub Company was founded in 2002 and provided schools and
sports teams with sporting equipment and uniforms.
SPQR: Creditors Left Short by More Than NZD2 Million
----------------------------------------------------
Stuff.co.nz reports that creditors of the now-closed popular
Auckland restaurant SPQR have been left over NZD2 million worse
off, with liquidators recovering only around NZD38,000.
The restaurant on Ponsonby Rd went into liquidation in July 2024
after more than 30 years in business, owing millions of dollars,
Stuff recalls.
SPQR closed after IRD served a statutory demand for tax arrears.
The business was unable to pay the debt or negotiate a repayment
plan, which saw it enter liquidation.
Its owner, Christopher Rupe, was declared bankrupt in February 2025
on the Insolvency Register and, in April this year, was banned from
running a company for eight years.
Now, nearly two years after the closure, the final liquidators'
report shows that only NZD38,947 was recovered to pay creditors,
according to Stuff.
Stuff relates that out of 70 creditor claims received, ANZ Bank got
back the most money in the liquidation, totalling NZD9,855. This
distribution was made from the proceeds from the sale of items to
which ANZ's security is attached.
However, the remaining money went to things such as liquidator
fees, leaving both former staff and the IRD with nothing.
Inland Revenue had submitted a preferential claim of over NZD1
million for employer activities and GST arrears, Stuff says.
According to Stuff, the liquidators also received 24 claims from
former employees for NZD132,727 in wages owed and holiday pay.
Over NZD2.3 million remains owed to creditors, including around
NZD1.199 million to preferential creditors, NZD457,000 to secured
creditors, and NZD664,000 to unsecured creditors.
Two overdrawn shareholder accounts, both under Mr. Rupe's name,
were identified, totalling over NZD1.3 million; however, Mr. Rupe
confirmed through a statement of financial position that he does
not have the means to repay the debt.
In the final report, it was confirmed that the company has no
realisable assets and that all proceeds from realisation have been
accounted for and distributed, Stuff relays.
Liquidators attributed the business's liquidation to a combination
of creditor legal action, poor economic conditions, and trading
losses.
With the liquidation now complete, the company will be removed from
the register, adds Stuff.
The liquidation was carried out by Christopher McCullagh and
Stephen Lawrence of PKF Corporate Recovery & Insolvency.
First opened in 1992, SPQR became a staple on the Auckland
hospitality scene and was often frequented by celebrities,
including Mick Jagger.
TUPPERWARE BRANDS: Nears New Zealand Relaunch After Bankruptcy
--------------------------------------------------------------
Harry Booth at Inside Retail reports that iconic storage brand
Tupperware is nearing a return in New Zealand, after a deal with
Hag Import Corp. ensured the company's return to Australia just two
years after the brand filed for bankruptcy.
Inside Retail says the return will bring a new line of products to
New Zealand through distribution partner Hag, which manages
homeware brands including Maxwell & Williams, Casa Domani, Krosno
and Woll.
Tupperware left New Zealand in October 2022, two years before its
bankruptcy, Inside Retail notes. Its importer at the time, UOL,
said the impact of the Covid pandemic was the reason behind its
departure. After entering Chapter 11 bankruptcy in 2024,
Tupperware's new owner, Party Products, then decided to focus
operations on just eight countries across the Americas and Asia.
"For 60 years, Tupperware has been a fixture in Australian
kitchens, and for so many of us, it's tied to memories of family
dinners, school lunches and the unmistakable pop of a perfect
seal," Inside Retail quotes Tupperware Australia and soon-to-be New
Zealand distributor's director of sales and head of product, Daniel
Grundmann, as saying.
"We're thrilled to bring that legacy back with a range that holds
onto everything people loved about the original while being built
for the way Australians cook, store and live today."
In Australia, business has resumed immediately through Tupperware's
website. It comes as the brand celebrates its 60th anniversary.
About Tupperware Brands
Tupperware Brands -- https://www.tupperwarebrands.com/ -- is a
global consumer products company that designs innovative,
functional, and environmentally responsible products. Founded in
1946, Tupperware's signature container created the modern food
storage category that revolutionized the way the world stores,
serves, and prepares food. Today, this iconic brand has more than
8,500 functional design and utility patents for solution-oriented
kitchen and home products.
Tupperware Brands sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17,
2024. In the bankruptcy petition, Tupperware reported more than
$1.2 billion in total debts and $679.5 million in total assets.
Kirkland & Ellis LLP is serving as legal advisor to Tupperware,
Moelis & Company LLC is serving as the Company's investment banker,
and Alvarez & Marsal is serving as the Company's financial and
restructuring advisor. Epiq is the claims agent and has put up the
page https://dm.epiq11.com/Tupperware
In November 2024, during Tupperware's Chapter 11 bankruptcy
proceedings, the company's secured lenders acquired the Tupperware
brand, intellectual property and core operating assets through a
court-approved sale. The assets were purchased by Party Products
LLC, a company formed by the lender group for the acquisition.
In June 2025, Tupperware Brands Corporation's post-sale liquidation
plan took effect, formally winding up the original public company.
The remaining assets were placed into a liquidation trust for
distribution to creditors, while existing shares were cancelled.
The Tupperware brand and operating business continued under the
ownership of Party Products LLC.
WAKATIPU BREWCO: Court to Hear Wind-Up Petition on July 16
----------------------------------------------------------
A petition to wind up the operations of Wakatipu Brewco Limited
will be heard before the High Court at Christchurch on July 16,
2026, at 10:00 a.m.
Queenstown Lakes District Council filed the petition against the
company on May 21, 2026.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19
191 Queen Street
Auckland
=================
S I N G A P O R E
=================
BROADWAY HOTEL: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------
Creditors of Broadway Hotel (Pte) Ltd. are required to file their
proofs of debt by July 27, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 16, 2026.
The company's liquidators are:
Lin Yueh Hung
Goh Wee Teck
c/o 8 Wilkie Rd
#03-08 Wilkie Edge
Singapore 228095
CN LOGISTICS: Creditors' Proofs of Debt Due on July 26
------------------------------------------------------
Creditors of CN Logistics Pte. Ltd. are required to file their
proofs of debt by July 26, 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:
Don M Ho
David Ho
c/o DHA+ pac
9 Raffles Place
#08-04 Republic Plaza
Singapore 048619
GRACE OCEAN: Dali Chief Engineer Reaches Deferred Prosecution Deal
------------------------------------------------------------------
Reuters reports that the chief engineer of the cargo ship Dali that
destroyed Baltimore's Francis Scott Key Bridge in a March 2024
collision that killed six construction workers reached a deferred
prosecution agreement, the government said on June 25.
According to Reuters, the Justice Department said Karthikeyan
Deenadayalan admitted to failing to report a hazardous condition to
the U.S. Coast Guard, including that he was aware the 984-foot ship
used an unsafe fuel supply pump. Last month, a federal grand jury
indicted two foreign operators and a shoreside superintendent in
the incident.
Reuters relates that Deenadayalan, an Indian national, will face 36
months of probation and, if he complies with the terms of the
agreement, will not face prosecution.
Last month, Maryland reached a final settlement of $2.25 billion
with Grace Ocean Private Limited and Synergy Marine Pte Ltd, the
owner and operator of the Dali.
The Justice Department said the collision caused at least $5
billion in damage and significant environmental damage. The
National Transportation Safety Board last year found a single loose
wire in the electrical system caused a breaker to unexpectedly
open, launching a sequence of events that led to two vessel
blackouts and a loss of propulsion and steering.
Maryland has not resolved claims against the shipbuilder, Hyundai
Heavy Industries, Reuters notes.
Reuters says the Dali's operators - Synergy Marine Pte Ltd, based
in Singapore, and Synergy Maritime Pte Ltd, based in Chennai,
India - along with Radhakrishnan Karthik Nair, 47, an Indian
national who worked for both firms as the technical superintendent
for the Dali, were charged in the incident.
Prosecutors said Nair is believed to be in India.
The two Synergy companies said in a statement they would defend
themselves against the charges. Synergy Marine said it was
troubled the Justice Department has kept the Dali crew members in
the U.S. for over two years "despite evidence that their actions
were timely and reasonable under the circumstances."
The Justice Department said the defendants are accused of
relying on a flushing pump to supply fuel to two of the Dali's four
generators, but the flushing pump was not designed to automatically
restart following a blackout, and the Dali's generators could
not operate without a fuel supply, Reuters relays.
The indictment alleged that if the Dali was using proper fuel
supply pumps, the vessel would have regained power in time to
safely navigate under the bridge.
About Grace Ocean
Singaporean companies Grace Ocean Private Limited and Synergy
Marine Pte Ltd are the owner and manager, respectively, of MV Dali.
On March 26, 2024, the Dali catastrophically allided with the
Francis Scott Key Bridge, precipitating its immediate downfall,
claiming lives, ravaging local property, and crippling economic
lifeline at the Baltimore Harbor. Since the disastrous allision,
commercial activities in and around Baltimore have virtually come
to a standstill. It could take several years for the area to
recover fully.
The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco
River at the outer crossing of the Baltimore Harbor.
OMAR SHARIFF: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 19, 2026, to
wind up the operations of Omar Shariff Authentic Indian Cuisine
Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TS POWER: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on June 19, 2026, to
wind up the operations of TS Power Construction Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
YYY SEAFOOD: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 19, 2026, to
wind up the operations of YYY Seafood Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***