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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 29, 2026, Vol. 29, No. 150

                           Headlines



A U S T R A L I A

360 DEGREE: First Creditors' Meeting Set for Aug. 3
CAPITAL GUARD: Court Winds Up Company and Appoints Liquidators
HARVEY NORMAN: Ordered to Pay Penalties for Misleading Customers
HOME76 PTY: First Creditors' Meeting Set for Aug. 3
IMPERIAL HOTEL: First Creditors' Meeting Set for Aug. 4

VANILLA FOOD: First Creditors' Meeting Set for Aug. 3
VITALE CONCRETE: First Creditors' Meeting Set for Aug. 3


B A N G L A D E S H

BANGLADESH: S&P Affirms B+/B Sovereign Credit Ratings, Outlook Neg.


I N D I A

AL-NASIR EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
BRIDGETALENT PRIVATE: Voluntary Liquidation Process Case Summary
BRIGHT WESTECH: Insolvency Resolution Process Case Summary

BRUHAT BENGALURU: ICRA Keeps B+ Debt Ratings in Not Cooperating
BYJU'S: RP Moves NCLT Against Google in Fresh Data-Access Dispute
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
DAON AUTO: Insolvency Resolution Process Case Summary
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category

EVERRENEW ENERGY: Insolvency Resolution Process Case Summary
FNM PROPERTY: Insolvency Resolution Process Case Summary
FUTURE CONSUMER: Insolvency Resolution Process Case Summary
GONGLU AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
GSR TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating

HANUMAN RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category
J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
JRN PHARMA: Insolvency Resolution Process Case Summary
KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
KASTURI COMMODITIES: ICRA Keeps D Debt Ratings in Not Cooperating

KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
MURARI PAVAN: ICRA Keeps B+ Debt Rating in Not Cooperating Category
NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating Category
NAV VIDYA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
NICIA FOOD: Insolvency Resolution Process Case Summary

PUNJ SECURITY: Liquidation Process Case Summary
RADIUS & DESERVE: NCLT Approves Aspect JV's Resolution Plan
REGAL ENTERPRISES: Insolvency Resolution Process Case Summary
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
SANDEEP RICE: ICRA Keeps B Debt Rating in Not Cooperating Category

SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category
SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating Category
TCI RESEARCH: Voluntary Liquidation Process Case Summary
WEST COAST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
ZADAFIYA CREATIONS: ICRA Keeps D Debt Ratings in Not Cooperating



I N D O N E S I A

POS INDONESIA: Settles Overdue Bond Payment


N E W   Z E A L A N D

ATWAL CONTRACTING: Creditors' Proofs of Debt Due on Aug. 31
BURGERBURGER LTD: Placed Into Liquidation
NZ BUILD: Court to Hear Wind-Up Petition on July 31
SIMPLY ASIA: Creditors' Proofs of Debt Due on Aug. 17
V & S HOLDINGS: Court to Hear Wind-Up Petition on Aug. 6

WRIGHT & SONS: Creditors' Proofs of Debt Due on Aug. 17


S I N G A P O R E

BIGMAMA: Singapore Korean Restaurant Closes After Over a Decade
INVESTREE SINGAPORE: Court to Hear Wind-Up Petition on July 31
MENG HENG: Court to Hear Wind-Up Petition on Aug. 7
MEP DECK: Court Enters Wind-Up Order
MEP SYSTEMS: Court Enters Wind-Up Order

POOLIN TECHNOLOGY: Seeks Chapter 11 After Market Slump, China Ban
POOLIN TECHNOLOGY: Seeks to Sell Mining Assets via Auction
THE CHRYSALLID: Court to Hear Wind-Up Petition on Aug. 7


S R I   L A N K A

SRI LANKA: S&P Affirms 'CCC+/C' Sovereign Credit Ratings


X X X X X X X X

[] Nicholas Dunstone Joins Jones Day in Sydney

                           - - - - -


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

360 DEGREE: First Creditors' Meeting Set for Aug. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of 360 Degree
Media Group Pty Ltd, 360 Holdings Pty Ltd and 360 Monks Pty Ltd
will be held on Aug. 3, 2026, at 2:30 p.m. via virtual meeting.

Jialan Xu and Lisa Gibb of Grant Thornton Australia were appointed
as administrators of the company on July 22, 2026.


CAPITAL GUARD: Court Winds Up Company and Appoints Liquidators
--------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
successfully sought Court orders to wind up Capital Guard AU Pty
Ltd and appoint independent liquidators to take control of the
company.

Capital Guard promoted itself – on its website, in online
advertisements, on social media and in online news articles – as
a regulated financial services provider that specialised in
acquiring and holding corporate bonds on behalf of clients.

The Supreme Court of NSW made the orders on July 27, 2026 to wind
up Capital Guard on just and equitable grounds and appointed Robert
Kirman and Jacinta Nielsen of McGrathNicol as joint and several
liquidators.

The liquidators will take control of the company, investigate its
affairs and seek to preserve and recover assets for the benefit of
creditors and investors. The liquidators can be contacted at
capitalguard@mcgrathnicol.com.

ASIC Chair Sarah Court said, 'these orders are an important step in
protecting investors and ensuring an independent investigation into
Capital Guard's affairs.

'ASIC's concerns about Capital Guard include the handling of
investor funds, the apparent promotion of bond investments that may
not have existed as represented, and serious failures in governance
and compliance.

'The appointment of independent liquidators will help determine
what has happened to investor money, preserve available assets and
maximise prospects for recovery where possible.'

ASIC's investigation indicates that Capital Guard raised
approximately AUD17.4 million from around 80 investors and that
only a small proportion of those funds remained in known company
bank accounts and payment platforms.

ASIC previously cancelled Capital Guard's Australian financial
services licence after finding it had engaged in serious
misconduct, including promoting a fake Macquarie Bank bond,
providing false documents to its auditor and making misleading
statements on its website.

ASIC's investigation into Capital Guard and related persons and
entities remains ongoing.

On July 14, 2026, ASIC applied to the Supreme Court of New South
Wales to wind up Capital Guard.

On June 29, 2026, ASIC cancelled Capital Guard's Australian
financial services licence.

On July 3, 2026, ASIC added Capital Guard to the Moneysmart
Investor Alert List following the licence cancellation.


HARVEY NORMAN: Ordered to Pay Penalties for Misleading Customers
----------------------------------------------------------------
The Federal Court on July 28 imposed penalties of AUD35 million
against Harvey Norman Holdings Ltd and AUD20 million against
Latitude Finance Australia for misleading conduct and false or
misleading representations they made in a national advertising
campaign promoting a 60-month interest free and no deposit payment
method for goods purchased at Harvey Norman stores.

The combined penalty is the highest obtained by ASIC for misleading
conduct and false or misleading representations relating to
financial products and services.

The advertisements were published and broadcast thousands of times
across Australia between January 2020 and August 2021 in
newspapers, on radio and on television and would have been viewed
by millions of Australians.

ASIC was concerned the advertisements masked that consumers were
required to take out a credit card, such as the Latitude GO
Mastercard, to purchase goods, and were liable to pay monthly
account service fees and, up to March 15, 2021, also establishment
fees.

ASIC Chair Sarah Court said, 'The substantial penalties and the
corrective advertising orders imposed on Harvey Norman and Latitude
is a significant outcome for consumers and sends a strong warning
to the market about the importance of truthful and transparent
advertising.

'This case is about integrity in consumer finance marketing.
Consumers were entitled to know that this offer involved more than
simply paying for their purchase in 60 instalments. The advertising
encouraged consumers into an ongoing credit arrangement that
carried additional costs and obligations.

'Today's outcome sends a strong message that businesses must give
consumers a clear and accurate picture of the products they are
promoting and the costs that come with them.'

In delivering his Honour's reasons, Justice O'Bryan said Harvey
Norman and Latitude 'put sales and their commercial interests above
the interests of consumers, and also distorted the markets in which
competing goods and finance are offered.' The Court said that 'the
compliance processes of both defendants were wholly inadequate to
prevent the contravening conduct.' Justice O'Bryan further said,
'Given the scale and sophistication of both defendants, that is an
extraordinary state of affairs' and 'is particularly striking in
the case of Harvey Norman'.

Justice O'Bryan said that 'Harvey Norman and Latitude were equally
responsible for the contravening advertisements', however, his
Honour ordered Harvey Norman to pay a higher penalty because 'the
defendants have . . . exhibited a different level of contrition',
'public statements made by Harvey Norman's Chairman show a
disregard for the potential harm suffered by consumers from Harvey
Norman's misleading conduct', and 'A higher penalty is warranted to
deter repetition and to motivate Harvey Norman to improve its
compliance processes'.

The Court also ordered both Harvey Norman and Latitude to publish
immediately visible corrective advertising on website home pages
for 90 days.

On Oct. 4, 2022, ASIC commenced proceedings in the Federal Court
against Latitude and Harvey Norman, alleging breaches of sections
12DA, 12DB and 12DF of the Australian Securities and Investments
Commission Act 2001 (Cth), by pursuing a national advertising
campaign, which failed to adequately disclose the true scope and
cost of the promoted payment method.

Consumers who signed up to the GO Mastercard on or after March 16,
2021 and before Aug. 11, 2021, and made a purchase at Harvey Norman
using the 60 month interest free payment method and paid off their
purchase over 60 months, would be liable to pay at least AUD537 in
fees, on top of their purchase amount.

On Oct. 18, 2024, Justice Yates found that Latitude and Harvey
Norman had breached the law by engaging in misleading conduct and
making false or misleading representations. On Nov. 5, 2024,
Justice Yates made declarations as to their liability. On Nov. 19,
2024, Latitude and Harvey Norman each filed an application for
leave to appeal the declarations.

On Sept. 3, 2025, the Full Federal Court dismissed Latitude and
Harvey Norman's appeals.


HOME76 PTY: First Creditors' Meeting Set for Aug. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Home76 Pty
Ltd (trading as Hamilton Homes NSW) will be held on Aug. 3, 2026,
at 3:30 p.m. via Teleconference and Video Conference Only.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on July 22, 2026.


IMPERIAL HOTEL: First Creditors' Meeting Set for Aug. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Imperial
Hotel Ops Pty Ltd will be held on Aug. 4, 2026, at 10:00 a.m. at
Suite 4, Level 26, 25 Bligh Street in Sydney, NSW, and virtually.

Andrew John Cummins and Peter Paul Krejci of BRI Ferrier were
appointed as administrators of the company on July 23, 2026.


VANILLA FOOD: First Creditors' Meeting Set for Aug. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Vanilla Food
Pty Ltd will be held on Aug. 3, 2026, at 2:30 p.m. via
Teleconference and Video Conference Only.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on July 22, 2026.


VITALE CONCRETE: First Creditors' Meeting Set for Aug. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vitale
Concrete Pumping Pty Ltd (trading as VCP NSW) will be held on Aug.
3, 2026, at 10:30 a.m. via Microsoft Teams.

Stephen John Hundy of Worrells was appointed as administrator of
the company on July 22, 2026.




===================
B A N G L A D E S H
===================

BANGLADESH: S&P Affirms B+/B Sovereign Credit Ratings, Outlook Neg.
-------------------------------------------------------------------
S&P Global Ratings, on July 27, 2026, revised its long-term rating
outlook on Bangladesh to negative from stable. S&P also affirmed
its 'B+' long-term and 'B' short-term sovereign credit ratings.

Outlook

The negative rating outlook on Bangladesh reflects S&P's view that
trend economic growth and Bangladesh's external balance sheet
position could weaken further as a result ofadverse conditions.
These include the war in the Middle East, financial sector
imbalances, and energy market vulnerabilities, which could impede a
faster export and economic recovery over the next 12-18 months.

Downside scenario

S&P said, "We could lower our ratings on Bangladesh if the
country's long-term trend growth rate slides to levels more in line
with peers of similar average income, reflecting our expectations
that economic growth is unlikely to rebound much from current
levels over the following two to three years.

"We could also lower the ratings if Bangladesh's external position
worsens such that, for example, narrow net external debt surpasses
100% of current account receipts on a sustained basis."

Factors that could contribute to downward pressure include:

-- Lower generation of current account receipts than S&P expects;

-- A higher overall current account deficit than S&P forecasts;
or

-- A failure to materially boost foreign exchange reserves.

Upside scenario

S&P said, "We could revise the outlook to stable if Bangladesh's
economic growth picks up strongly over the next three to four
years, signifying that a more powerful recovery is taking hold.

"We could also revise the outlook to stable if there is a
significant strengthening of Bangladesh's external and fiscal
performance." Stronger external settings could include current
account receipts or foreign exchange reserves rising substantially
beyond our forecasts, such that gross external financing needs
remain lower than 100% of current account receipts plus usable
reserves on a sustained basis. Fiscal improvement would be
indicated by significantly lower net accumulation of government
debt, with a declining trend, on a sustained basis.

Rationale

S&P said, "We revised the outlook to negative due to the increasing
risks to Bangladesh's economy posed by a weak domestic banking
sector, fiscal constraints, external headwinds, and the growing
prospects of a more protracted recovery.

"Our ratings on Bangladesh reflect the economy's modest per capita
income and limited fiscal flexibility owing to a combination of low
revenue-generation capacity and the government's elevated interest
burden. Evolving administrative and institutional settings
represent additional rating constraints.

"We weigh these factors against the Bangladesh economy's
historically strong long-term growth rate and the government's
moderate debt burden. Continued external financial support bolsters
Bangladesh's credit profile, in our view." The economy would also
benefit from further engagement with bilateral and multilateral
development partners, consistent remittances from overseas
Bangladeshi workers, and solid export receipts from Bangladesh's
globally competitive garment manufacturing sector.

Institutional and economic profile: Economic recovery hampered by
banking sector, energy challenges

-- Bangladesh's economy decelerated meaningfully over the past
three years, and myriad challenges to its recovery persist.

-- Annual growth could average around 4.5% over the next three
years amid domestic banking sector weakness, energy market
uncertainties, and an uncertain readymade garments market.

-- Bangladesh's legislative elections in February 2026 yielded a
strong mandate for the Bangladesh Nationalist Party (BNP)-led
government. This could support more stable policymaking conditions
going forward, which will be a key determinant of the government's
ability to adopt effective reforms.

Bangladesh's economy faces continued challenges that could slow its
ongoing recovery. This follows a political crisis in 2024, and
coincides with lingering weakness in the banking sector, which is
undergoing a sweeping consolidation to address poor asset quality
at some of the country's banks.

Inflation also remains elevated amid the energy market dislocation.
This could put the brakes on a stronger recovery in private
consumption growth, as incomes are stretched by elevated fuel and
electricity prices.

Modest per capita income, which S&P estimates at about US$2,750 in
the fiscal year ended June 2026, remains one of the main
constraints on its rating on Bangladesh. The country's strong
underlying growth has historically helped to mitigate this
weakness.

However, Bangladesh's 10-year weighted-average real per capita GDP
growth rate has fallen to about 3.3%, versus a 10-year average of
5.8% in 2022, owing to a material decline in the economy's headline
growth rate. A continued decline in this metric would jeopardize
Bangladesh's outperformance on this metric compared with global
peers, and further weaken credit support.

Bangladesh's garment industry remains highly competitive, with low
unit labor costs and an ample supply of labor. However, mixed
external demand conditions continued to weaken readymade garment
exports in fiscal 2026 (ended June 30), with total exports in this
apparel category falling by 2.6% year on year in the first eleven
months of the fiscal year.

The government is working on strengthening access to key markets
ahead of Bangladesh's expected graduation from its status as one of
the least developed countries (as classified by the U.N.) later
this year. Efforts such as improving the domestic business
environment and boosting competitiveness will, however, take time
to implement.

The U.S. tariff policy to be applied to Bangladesh remains in flux.
On July 24, 2026, the U.S. introduced new tariffs on a variety of
economies, including Bangladesh, which will be subject to a 10%
tariff rate on most goods exports to the U.S. Bangladesh's export
profile is highly concentrated in the readymade garments sector,
which represents more than 85% of merchandise exports.

From January to March 2026 period, 18% of Bangladesh's exports were
to the U.S., and about 86% of these were readymade garments,
excluding leather products and other textiles.

Bangladesh's 2026 general elections delivered a strong mandate for
the BNP, which returned to government following two decades in the
political opposition.

The relatively smooth election process and formation of government,
following a period of political disruption and uncertainty, could
support a return to more stable policymaking conditions in
Bangladesh. The new government has pledged to boost foreign direct
investment, increase the tax-to-GDP ratio to 10% over the
medium-term, manage inflation, and emphasize investment into
infrastructure.

A more stable political environment could help to alleviate
persistently low foreign direct investment inflows and set the
foundation for long-term structural reforms. In S&P's view, the
country continues to face pronounced challenges, including evolving
institutional settings, infrastructure deficiencies, and
bureaucratic inefficiencies. Reforms to effectively address these
vulnerabilities will take a longer period of time.

Flexibility and performance profile: Continued external
improvements hinge on energy market, multilateral support; banking
sector and fiscal reforms key for broader stability

-- S&P expects the gradual accumulation of foreign exchange
reserves to continue even as Bangladesh's current account
transitions into a moderate deficit position. Downside risks could
emerge if energy prices remain elevated for longer.

-- Bangladesh's interest burden will remain elevated in the
absence of more effective fiscal revenue reforms.

Bangladesh relies entirely on official bilateral and multilateral
partners for its foreign currency borrowing, which partially
mitigates risks to its debt profile. A new IMF program requested by
the government would likely include fiscal and banking sector
reforms, and could help to further bolster forex reserves with
continued funding.

Bangladesh's external profile has shown resilience amid the energy
market disruption driven by the conflict in the Middle East, but
could see renewed pressure in the second half of 2026 if energy
exports from the region continue to be impeded.

Foreign exchange reserves rose by about US$6.2 billion in fiscal
2026 to US$32.9 billion, marking a notable recovery from previous
lows below US$20 billion. This covers about 4.5 months of current
account payments, compared with only about 3.3 months at the end of
fiscal 2024, and about 4.1 months at the end of fiscal 2025.

Monetary and external policy reforms undertaken by Bangladesh Bank
continue to restore the country's external stability. In May 2025,
the central bank agreed to adopt a more flexible exchange rate
mechanism, which was a key policy condition under its previous
Extended Funding Facility (EFF) program with the IMF. The BNP
government exited this program before its completion, and as of
mid-July 2026 has begun negotiations with the IMF on a new
program.

Meanwhile, Bangladesh Bank has also maintained its key policy rate
at a multiyear high of 10% amid persistently high inflation, which
could rise further following the surge in oil prices since
early-July 2026.

S&P estimates the current account tracked toward a small deficit of
about 0.1% of GDP in the June 2026 fiscal year, roughly stable
compared with the previous fiscal year.

Remittance inflows also grew at a rapid pace of about 19% in the
first 11 months of fiscal 2026, compared with the same period in
the previous year, signifying continued confidence in official
remittance channels and the Bangladeshi taka. This compares to a
decline in goods exports of 2% over the same period, driven by
weakness in the readymade garments sector.

S&P said, "We expect the current account deficit to widen slightly
to 1.7%-2.2% of GDP over the next three years as import activity
normalizes, with some near-term impact of higher energy prices also
contributing to the larger shortfall. With the nascent return of
political stability, we believe demand for goods imports into the
country is likely to rise."

The combination of higher borrowed reserves and a growing current
account deficit will contribute to a gradual worsening in
Bangladesh's external liquidity metric, by our measures. S&P
expects gross external financing needs to average about 102% of
current account receipts plus usable reserves over the next three
years.

Bangladesh ended its previous EFF arrangement with the IMF at the
request of the new government earlier this year. An IMF team
visited Dhaka in July 2026, also at the request of the government
for a new IMF-supported economic reform program. The fund noted the
need for decisive reforms to strengthen revenue mobilization and
create fiscal space, and to address banking sector weakness, in
order to prevent a further slowdown in economic growth. The parties
anticipate further discussions over the coming months.

A new EFF program would act as an important anchor for continued
reform implementation and to coalesce ongoing multilateral lender
support for Bangladesh, in S&P's view. This support has played an
important role in stabilizing Bangladesh's external metrics over
the past three years.

S&P forecasts that Bangladesh's fiscal deficit will rise slightly
over the next three years, to about 4.7% of GDP. The annual change
in net general government debt is likely to be slightly higher,
hitting 5% in fiscals 2028 and 2029. This is due to depreciation of
the taka, and the government's material exposure to foreign
currency-denominated debt, which stands at more than 40% of its
outstanding public debt stock.

Despite efforts to boost capital expenditure over recent years,
many basic social and infrastructure needs in Bangladesh remain
unmet. This could imply a higher potential spending burden in the
future, particularly if the government is able to strengthen its
revenue generation framework.

Bangladesh's net general government debt is on a gradual rising
trend, set forth by slower nominal GDP growth and the pace of the
government's net debt accumulation. S&P estimates it will rise to
around 43% by fiscal 2029. The country's public interest burden is
very high, at about 30% of revenues.

Bangladesh's narrow revenue base constrains the government's
flexibility to provide fiscal support in times of stress. Revenue
generation, at 8%-9% of GDP, remains critically low as a share of
the economy and when benchmarked against other sovereigns.

The new government is emphasizing better revenue administration and
new measures including the separation of tax collection and policy
formation at the National Board of Revenue, the implementation of
electronic tax filing and a broader, digitized tax collection
system, and the simplification of tax rates. S&P expects these
measures to have some effect, contributing to a moderate rise in
the revenue-to-GDP ratio, to slightly more than 9%.

The composition of public debt is mixed. External public debt is
owed entirely to bilateral and multilateral partners, ensuring that
the bulk is low-cost borrowing with long maturities. Domestic
public debt is, in contrast, considerably more expensive.

While the government has reduced its reliance on costly national
savings certificates and reformed the rates structure of new
certificates, its shift to a heavier reliance on bank funding is
driving a higher concentration of banking sector assets that are
owed by the government.

In combination with the broader banking sector's modest credit
growth and asset quality challenges, S&P sees an increasing risk
that private credit creation could be crowded out by the emphasis
on government lending.

The central bank's limited independence and multiple mandates,
together with underdeveloped capital markets, hamper monetary
flexibility, in S&P's view. In May 2024, Bangladesh Bank abolished
the benchmark (known as the six-month moving average rate of
T-bills, or SMART) for retail interest rates. It now permits banks
to set lending and deposit interest rates in line with market
conditions. This should improve monetary policy transmission but
may also dampen domestic demand amid high market rates.

Domestic inflation remains well above the central bank's target,
and continued elevation of energy prices could further exacerbate
price pressures over the coming quarters. Headline inflation was
9.2% year on year in June 2026, compared with a 12-month average of
8.7%.

In 2023, Bangladesh Bank transitioned from a monetary supply
targeting framework to an interest rate-targeting one. The bank's
current policy rate of 10%, which has been held at this level for
an extended period, is slightly positive in real terms.

S&P said, "Our industry risk trend on Bangladesh's Banking Industry
Country Risk Assessment (BICRA) is stable. We classify Bangladesh's
banking sector in group '9' (with '1' being the highest assessment
and '10' the lowest)." That said, the sovereign faces limited
contingent liabilities from the banking sector. The sector is
relatively small, with gross assets of slightly less than 50% of
GDP.

The banking sector faces significant capital needs owing to poor
aggregate asset quality, though these conditions are generally
concentrated at state-owned and Islamic banks. Poor capital
adequacy and asset quality are likely to hamper the sector's
ability to provide greater support to Bangladesh's economic
recovery.

Although private sector banks are in better shape, there are
notable risks in the state-owned commercial banks, which account
for less than 30% of total banking sector assets. However, their
nonperforming loans ratio is much higher than that of peer
commercial banks, standing at about 40% on aggregate.
Recapitalization needs could potentially be met over time through
fiscal or monetary support measures, but the large scale of the
issue implies resolution will likely require multiple years.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed; Outlook Action
   
                                  To             From

  Bangladesh  

  Sovereign Credit Rating    B+/Negative/B    B+/Stable/B

  Ratings Affirmed  

  Bangladesh  

  Transfer & Convertibility Assessment  
  Local Currency                               B+




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I N D I A
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AL-NASIR EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Al-Nasir
Exports Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term-         10.70       [ICRA]D; ISSUER NOT
   Fund based                     COOPERATING; Rating Continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' Category

   Long Term/         20.00       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                    COOPERATING; Rating continues
   Fund Based-                    to remain in the 'Issuer Not
   Cash Credit                    Cooperating' category

   Long Term/         19.30       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                    COOPERATING; Rating continues
   Unallocated                    to remain in the 'Issuer Not
                                  Cooperating' category

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

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

Established in 2001, Al-Nasir Exports Private Limited is involved
in the processing and export of frozen hallal buffalo meat to
Middle East, and Western African countries. The company is promoted
by Qureshi family. The company's promoters, Mohd Saalim Qureshi and
Shakir Husain Qureshi have more than two decades of experience in
the meat processing industry. The company's fully integrated
processing plant is located in Uttar Pradesh, with an installed
capacity of 52,650 MTPA. The plant is approved by the Agriculture
and Processed Foods Export Development Authority (APFEDA). It is
also certified by Jamiat Ulama-i-Hind Halal Trust.


ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term and Short Term rating of Arshit Gems in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        28.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based-                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

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

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

Incorporated in 1988, Arshit Gems is a partnership firm based in
Mumbai. The firm is engaged in importing rough diamonds, cutting,
polishing and marketing them in India as well as to other
countries. The firm has manufacturing units situated at Surat (two
units), Bhavnagar (three units) and Rajkot (one unit).


AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Short-Term rating of Avera Resource Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term         11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

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

Incorporated in 2005, ARPL is engaged in opportunistic trading of
steel products and chemicals. ARPL is promoted by Mr. Alok Gupta
and Mrs. Divya Gupta. Earlier, Mr. Alok Gupta was the Chairman and
Managing Director of ACI Infocom Limited (AIL), which was engaged
in trading of steel, coal and scrap. Mr. Alok Gupta sold his stake
in AIL and resigned from its board of directors in February 2012. A
part of the trading business of AIL was spun-off and transferred to
ARPL during that period. Mr. Alok Gupta continued the steel trading
business henceforth under ARPL. The promoters of ARPL entered into
biomass pellet.


BRIDGETALENT PRIVATE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Bridgetalent Private Limited
        6th Floor, Suma Center,
        S No. 8/1, Near Deenanath Hospital,
        Deccan Gymkhana, Pune City,
        Maharashtra, India, 411004

Liquidation Commencement Date: July 6, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Varsha Shyamprasad Limaye
            303, Parag Wahini CHS Ltd.,
            126, Dahanukar Colony,
            Lane No. 4, Kothrud,
            Pune - 411038
            Tel: 9422317111
            Email: varsha.limaye@gmail.com

Last date for
submission of claims: August 6, 2026


BRIGHT WESTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bright Westech Solution Private Limited

Registered Office: 150/3, Daulatpur Pandeypur,
                   Near Awas Vikash Park,
                   Varanasi, Uttar Pradesh - 221001

Other Office at which
the books of account
is maintained:     C-23, Sector-85,
                   Noida, Gautam Buddha Nagar,
                   Uttar Pradesh - 202140

Insolvency Commencement Date: July 8, 2026

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: January 4, 2027

Insolvency professional: Sapan Mohan Garg

Interim Resolution
Professional: Sapan Mohan Garg
              D-54, 1st Floor,
              Defence Colony,
              New Delhi - 110024
              Email: sapan10@yahoo.com

              C-621, 6th Floor,
              Tower C, IThum,
              Plot No. A-40, Sector 62,
              Noida, UP - 201301
              Email: cirp.brightwestech@gmail.com

Last date for
submission of claims: July 24, 2026


BRUHAT BENGALURU: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Bruhat Bengaluru Mahanagara
Palike in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-       1,257.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category
  
   Long Term          843.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

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

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

Bruhat Bengaluru Mahanagara Palike (BBMP), established under the
Karnataka Municipal Corporations Act 1976 (now replaced with the
BBMP Act 2020), is an urban local body (ULB), which serves a
population of 84.25 lakh (Census 2011) in Bengaluru, one of the
largest cities in the country. Bengaluru, apart from being the
state capital, is a major information technology (IT)/IT-enabled
Services (ITeS) sector hub. The ULB is divided into 198
administrative wards and extends over an area of 813.62 sq. km. The
obligatory functions of the BBMP include solid waste management,
maintenance of roads, bridges, drains, streetlights, parks,
playgrounds etc. The BBMP Council comprises 198 Ward Councillors
and is headed by a Mayor, who is elected by the Councillors. Its
executive wing is headed by a Municipal Commissioner, who is
appointed by the GoK and is supported by the heads of various
departments. The last election of the council was held in August
2015 and the next election is overdue since July 2020.


BYJU'S: RP Moves NCLT Against Google in Fresh Data-Access Dispute
-----------------------------------------------------------------
The Economic Times reports that the resolution professional (RP)
overseeing the insolvency of Byju's parent Think & Learn has moved
the Bengaluru bench of the National Company Law Tribunal (NCLT)
against Google LLC and Google India Private Limited, in a dispute
over access to company data and digital services.

According to ET, resolution professional Shailendra Ajmera, who’s
backed by EY, has filed an application under Section 60 (5) of the
Insolvency and Bankruptcy Code, which allows the NCLT to decide
disputes arising from a company’s insolvency process. The
application was listed for the first time before the Bengaluru
bench on July 29.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, the National Company Law Tribunal (NCLT) on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.

Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than US$3 billion. Byju's has
denied any wrongdoing.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.

However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
US$1.2 billion term loan, have filed an insolvency petition
against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Ciemme Jewels Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING.".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        13.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

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

Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 3, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on June
06, 2003. The company was converted into a public limited company
and name was further changed to Ciemme Jewels Limited with effect
from June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in trading
of diamonds.


DAON AUTO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Daon Auto Parts India Private Limited
        Survey No. 73, A Block 100,
        Thandalam Post, Mevalaurkuppam,
        Sriperumpudur, Kancheepuram District,
        Tamil Nadu - 602105

Insolvency Commencement Date: July 3, 2026

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 30, 2026

Insolvency professional: Sandeep Kothari

Interim Resolution
Professional: Sandeep Kothari
              Prince Plaza, 1st Floor,
              No. 73, Pantheon Road,
              Egmore, Chennai,
              Tamil Nadu - 600008
              Email: ipsandeepkothari@gmail.com
                     daonautocirp@gmail.com

Last date for
submission of claims: July 23, 2026


DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Short-Term rating of DNP Foods Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short Term-        16.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

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

Incorporated in September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds
and spices, mainly guar gum splits. The company has set up a 12,000
metric tons per annum (MTPA) processing plant at Umber gam,
Gujarat, which commenced operations in April 2010. The process
involves sifting, de-stoning, removing metal particles, sorting as
per color and size, and packaging the processed guar gum splits.
Prior to the commercialization of the plant in April 2010, DNP was
engaged in the trading of seeds and spices. Mr. Devji N Palani, the
promoter of the company, has more than five decades of experience
in the field of seeds and spice exports, mainly guar gum exports.
The company is closely held by the Palani family and is not listed
on any of the stock exchanges in India.


EVERRENEW ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Everrenew Energy Private Limited
        Aneja Towers, Plot No. 4 & 5,
        Developed Plot Estate for Electrical,
        Electronics and Instrument Industries,
        B-Block, 2nd Floor,
        OMR, Perungudi,
        Chennai - 600096, Tamil Nadu

Insolvency Commencement Date: June 18, 2026

Court: National Company Law Tribunal, Chennai Bench-I

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

Insolvency professional: S. Kangayan

Interim Resolution
Professional: S. Kangayan
              Plot No.81, 3rd Street,
              Phase I, Dollars Colony,
              Vengambakkam Tambaram East,
              Chennai - 600126
              Email: kangayan.s@gmail.com

Last date for
submission of claims: July 2, 2026


FNM PROPERTY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: FNM Property Services Private Limited
        M-56, 3rd Floor,
        M-Block Market Greater Kailash-2,
        South Delhi, New Delhi,
        Delhi, India, 110048

Insolvency Commencement Date: July 8, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 4, 2027

Insolvency professional: Manish Agarwal

Interim Resolution
Professional: Manish Agarwal
              307, Prakash Deep Building,
              Tolstoy Marg, Connaught Place,
              New Delhi - 110001
              Email: vrregisteredvaluer@gmail.com
                     cirp.fnmproperty@gmail.com

Last date for
submission of claims: July 22, 2026


FUTURE CONSUMER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Future Consumer Limited
        Knowledge House, Shyam Nagar,
        Off Jogeshwari Vikhroli Link Road,
        Jogeshwari (East) Mumbai,
        400060, Maharashtra

Insolvency Commencement Date: July 8, 2026

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 4, 2027

Insolvency professional: Avil Jerome Menezes

Interim Resolution
Professional: Avil Jerome Menezes
              106, 1st Floor,
              Kanakia Atrium 2, Cross Road A,
              Behind Courtyard Marriott,
              Chakala, Andheri East,
              Mumbai - 400093
              Email: avil@caavil.com
                     irp.fcl@aegisipe.com

Last date for
submission of claims: July 22, 2026


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

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        45.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        15.02      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

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



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

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        12.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         5.77       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         1.35       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term/         4.22       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

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

Incorporated in December 2005, GSR Textiles Private Limited is
primarily engaged in production of cotton yarn. The company has a
spinning mill located in Nandimpalem village in Guntur district
with an installed capacity of 15,072 spindles per annum. The
company's production facility can produce cotton and bended yarn in
counts ranging from 30s to 60s. The company commenced its
production in December 2006.


HANUMAN RICE: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Hanuman Rice
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term-        5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

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

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr. Rajesh Garg and Mr. Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in
2009, the partnership firm was reconstituted and Mr. Vipin Garg was
admitted as a partner with equal share in the firm. HRM carries out
processing and trading of rice in the domestic market and also
exports to the Middle East and Europe. HRM has two plants with an
overall capacity of 10 tonnes per hour at Taraori, Karnal
(Haryana).


J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of J.Y.
International in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING."

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

   Long-term-         1.28      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         4.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Fund Based-                  remain under 'Issuer Not
   Cash Credit                  Cooperating' Category

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

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

Established in year 2004 by Mr. Mehul Parekh and Ms. Yogini Parekh,
JY International is a partnership firm engaged in manufacturing of
stainless steel (SS) utensils like fry pan, cookware, buckets,
canisters etc. The company operates a plant located at Vasai,
Mumbai where the SS utensils are manufactured. In the last six
years, the promoters have regularly expanded the ancillary
capacities to increase the production capacity and 3 improve the
automation in the manufacturing process. These investments have
been primarily funded through unsecured loans from promoters and
internal accruals. The products so produced are mainly exported to
Middle East, African and Far East Countries. The promoters have
been in this business for more than three decades and during this
period have developed relationships with various wholesalers,
agents and export houses. The products are generally exported
through JNPT port.


JRN PHARMA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: JRN Pharma and Laboratories LLP
        102, Boragaon,
        P.O. Killing Velly,
        P.S. Jagiroad, Marigaon,
        Assam, 782413

Insolvency Commencement Date: July 8, 2026

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: January 4, 2027

Insolvency professional: Purshotam Gaggar

Interim Resolution
Professional: Purshotam Gaggar
              P.Gaggar & Associates,
              Chartered Accountants, Advika,
              3rd Floor, Opposite Sukreswar Ghat Garden,
              MG Road, Panbazar,
              Guwahati - 781001, Assam
              Email: purshotamgaggar@gmail.com
                     ip.jmpharma@gmail.com

Last date for
submission of claims: July 22, 2026


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

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

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

Kamarli Steels Private Limited (KSPL) is a private limited company,
established in the year 2004. The company is engaged in the
business of trading of various types of steel. The company has its
registered office in Mumbai and rented warehouse at Kalamboli and
Bhavnagar. In FY 2014 and FY 2015, the company was only dealing in
trading of MS Scrap and other scrap items


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

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        (16.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       (10.50)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

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

Kasturi Commodities Private Limited (KCPL) was incorporated in 1993
and was acquired by its present promoters Mr. Shreenath Das Agarwal
and his sister-in-law Mrs. Puja Agarwal in 2003. KCPL is mainly
engaged in ship breaking business. It currently operatesfrom its
allotted plot no. 29 by Gujarat Maritime Board (GMB) for this
purpose at Alang (Gujarat) and Darukhana, Mumbai (Maharashtra).
Till now, the company has demolished more than 200 ships.


KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Krishna Cotton (Tankara) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING."

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

   Long-term-         0.20      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
   Limits                       'Issuer Not Cooperating'
                                Category

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

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

Established in 2011 as a partnership firm, Krishna Cotton ('KC' or
the 'firm') is in the business of ginning and pressing of raw
cotton. The firm commenced commercial production in October 2012
from its manufacturing facility at Rajkot in Gujarat. The unit is
equipped with 24 ginning machines, one pressing machine and four
expellers and has a processing capacity of ~19000 metric tonnes per
annum (MTPA) of raw cotton. The promoters of K C have a decade long
experience in the cotton ginning business by virtue of their
association with other related companies.


MURARI PAVAN: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term rating of Sri Murari Pavan Agrotech in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

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

Sri Murari Pavan Agrotech (SMPA) was incorporated in 2015 as a
partnership firm and is based out in Nandyal town of Kurnool
district, Andhra Pradesh and is involved in the ginning & pressing
of raw cotton to produce cotton lint & seeds. The firm has 24 gins
and one pressing unit. The current capacity of the plant is 48000
bales of lint per annum. The operations are currently managed by
Mr. B. Srihari and his family members who have more than 20 years
of experience in ginning Industry.


NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term rating of Narula Tools International in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

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

NTI was established in 1995 as a proprietorship firm, to be later
converted into a partnership firm in 2012. The firm is engaged in
manufacturing scaffolding products. NTI's facility is located at
Jalandhar, Punjab, with an installed manufacturing capacity of
3,143 Tonnes Per Annum (TPA).


NAV VIDYA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Nav Vidya Society for
Education Research & Training in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         54.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

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

Nav Vidya Society for Education, Research & Training (NVS) had
entered into an agreement with GD Goenka Pvt. Ltd. for establishing
a school campus in the name of G D Goenka Public School, Gurgaon.
The society has rights to serve as exclusive franchise of GD Goenka
Public School (CBSE board) in Gurgaon. The promoter group has
significant experience in the education sector, as it already
operates the Rohini branch of GD Goenka Public School since the
year 2007, and reputed colleges in Delhi, namely Maharaja Agrasen
Institute of Technology (MAIT), Maharaja Agrasen Institute of
Management Studies (MAIM) and Maharaja Agrasen Institute of
Advanced Studies (MAIA). It has also recently started operations in
Sarita Vihar branch of GD Goenka Public school from April 2015
onwards.


NICIA FOOD: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Nicia Food and Drinks Private Limited
        Ground Floor, Khasra No. 112,
        Near Balhara Hospital,
        Main IGNOU Road, Neb Sarai,
        South Delhi, New Delhi - 110068

Insolvency Commencement Date: July 10, 2026

Court: National Company Law Tribunal, New Delhi Bench-IV

Estimated date of closure of
insolvency resolution process: January 6, 2027

Insolvency professional: Shailendra Singh

Interim Resolution
Professional: Shailendra Singh
              1112, 11th Floor,
              Ansal Bhawan, 16,
              K.G. Marg, Connaught Place,
              New Delhi - 110001
              Email: shailendralaw@gmail.com
                     cirp.nfdpl@gmail.com

Last date for
submission of claims: July 24, 2026


PUNJ SECURITY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Punj Security & House Keeping Services Private Limited
        House No. 3531, 2nd Floor,
        Sector 35-D, Chandigarh - 160022

Liquidation Commencement Date: July 7, 2026

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Maya Gupta
            CP 60, 2nd Floor,
            Central Plaza Market,
            Emaar Mohali Hills,
            Sector 105, Mohali - 140306
            Tel: 7838777116
            Email: fcsmayagupta@gmail.com
                   cirp.punj@gmail.com

Last date for
submission of claims: July 21, 2026


RADIUS & DESERVE: NCLT Approves Aspect JV's Resolution Plan
-----------------------------------------------------------
The Economic Times reports that the NCLT approved Aspect Group's
resolution plan for Radius & Deserve Land Developers.  This
approval concludes the company's corporate insolvency resolution
process initiated in May 2023.

ET relates that Bharadvaja Buildcon LLP will now take over the
bankrupt real estate firm. The secured creditor will receive
constructed free-sale area in a slum rehabilitation project.
Construction is expected to commence within twenty-five months of
plan approval.


REGAL ENTERPRISES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Regal Enterprises Limited

        Registered Address:
        Shop No G-2, Plot No 5,
        Kohli Plaza Block-CU Market,
        Pitampura, Maurya Enclave,
        North West Delhi, Delhi,
        Delhi, India, 110034

        Address at which the books of account
        are to be maintained:

        Office No-5, Fountain Chamber,
        Nana Bhai Lane, Fort,
        Mumbai, Maharashtra, India, 400001

Insolvency Commencement Date: July 9, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2027

Insolvency professional: Sandeep Agrawal

Interim Resolution
Professional: Sandeep Agrawal
              78/3 2nd Floor,
              Janpath, New Delhi - 110001
              Email: info@saassociates.in
                     cirp.regalenterprises@gmail.com

Last date for
submission of claims: July 23, 2026


SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Samruddha Resources Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

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

Incorporated in 1997 and formerly known as Samruddha Overseas
Limited), SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr. Vinay Rohidas Patil, son of the
Mr. Namdar Daji Saheb Rohidas Patil (former Minister of Agriculture
Maharashtra State and belonging to Dhule district of Maharashtra).
Prior to 1997, the promoters were engaged in the textile business.


SANDEEP RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the Long-Term rating of Sandeep Rice Mills in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

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

SRM was established in 2000 as a partnership firm by Mr. Amarjeet
Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The firm is
engaged in milling and trading of basmati rice. The firm's milling
unit is based out of Cheek and has an installed capacity of 6
ton/hour for milling of rice.


SHANKAR RICE: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Shankar Rice and Gen. Mills
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         74.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

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

Incorporated in 2001, Shankar Rice & Gen. Mills is a partnership
firm engaged in milling, processing and sorting of basmati and
non-basmati rice. The firm has plants at Moga (Punjab) with a
milling capacity of 4.5 tonnes per hour and sorting capacity of 5
tonnes per hour.


SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Shiv Shakti Enterprise in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

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

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first residential real
estate project viz. Siddhi Vinayak Heights in April 2014. The
project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of
Surat, the management is targeting the people employed in companies
located in the Hazira industrial belt as prospective buyers. The
management had rescheduled the project completion from September
2016 to July 2017.


TCI RESEARCH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: TCI Research Private Limited
        SF-02, RVS Sumeru,
        2nd Main, Ganigarapalya,
        Hosahalli, Doddakallasandra,
        Bengaluru - 560062,
        Karnataka, India

Liquidation Commencement Date: July 3, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ratnakar Shetty
            RPAR & Co LLP
            #16, Level 3,
            Skyline Towers, 7th Cross,
            Sampige Road, Malleswaram,
            Bangalore - 560003
            Tel: +91-9986404040
            Email: rcshetty.co@gmail.com

Last date for
submission of claims: August 1, 2026


WEST COAST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of West Coast Foods in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.29        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short-term-         5.00        [ICRA]A4; ISSUER NOT
   Fund-based-                     COOPERATING; Rating continues
   Cash credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

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

West Coast Foods (WCF) was established in 2012 as a proprietorship
concern of Mr. Mo. Ashfaq Dandia. It processes and exports seafood
products such as ribbon fish, cuttlefish, squid, croaker fish, and
leather jacket fish. Its processing unit is located at Porbandar,
Gujarat, with an installed processing capacity of 79 Metric Tonnes
Per Day (MTPD) and storage capacity of 1,600 tonnes of seafood
products. Mr. Mo. Ashfaq has more than four decades of experience
in the seafood industry through former association with various
concerns involved in the seafood sector.


ZADAFIYA CREATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Zadafiya Creations Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         3.75       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating and continues to remain
   Cash Credit                   under 'Issuer Not Cooperating'
                                 category

   Long-term-        14.25       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating and continues to remain
   Term Loan                     under 'Issuer Not Cooperating'
                                 Category

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

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

Surat based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and has been engaged in trading of
sarees. In current fiscal the company has setup knitted fabric
manufacturing facility and commenced commercial production from
June 2017. The installed capacity for knitted fabric manufacturing
is 7,500 MTPA (considering 300 working days). The company is
promoted by the Zadafiya family and the promoters have been
associated with other entities which are majorly engaged into
fabric embroidery and knitted fabric manufacturing.




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

POS INDONESIA: Settles Overdue Bond Payment
-------------------------------------------
The Jakarta Post reports that PT Pos Indonesia said it has settled
an overdue payment on the sixth periodic return of its Sustainable
Ijarah Sukuk I Phase I 2024, along with compensation for the delay,
after a missed payment earlier this month.

In an Indonesia Stock Exchange (IDX) disclosure on July 27, the
company said it had completed the payment of the sixth ijarah
return installment and compensation for late payment on July 24
through the Indonesian Central Securities Depository (KSEI),
according to The Jakarta Post.

The Jakarta Post says the company had previously failed to make the
payment, valued at IDR24.12 billion (US$1.4 million), which fell
due on July 7, prompting the KSEI to postpone the distribution of
returns to sukuk holders.

Pos Indonesia is the state-owned company responsible for providing
postal service in Indonesia.

As reported in the Troubled Company Reporter-Asia Pacific on July
20, 2026, Fitch Ratings Indonesia has downgraded PT Pos Indonesia
(Persero)'s (POST) National Long-Term Rating and senior unsecured
rating to 'C(idn)' from 'A(idn) following its missed ijarah return
installments or periodic distribution payments. Fitch does not
typically assign Outlooks to ratings in the 'C' category since the
volatility of these ratings is very high, in line with its rating
definitions.

The downgrade follows confirmation that the company did not pay the
ijarah return instalments due on July 8, 2026 for the first tranche
of its sukuk. This led to POST entering a 14-day grace period.




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

ATWAL CONTRACTING: Creditors' Proofs of Debt Due on Aug. 31
-----------------------------------------------------------
Creditors of Atwal Contracting Limited are required to file their
proofs of debt by Aug. 31, 2026, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 16, 2026.

The company's liquidators are:

          Malcolm Hollis
          Wendy Somerville
          Teneo NZ
          Suite 6.4 1 Albert Street
          Auckland CBD
          Auckland 1010


BURGERBURGER LTD: Placed Into Liquidation
-----------------------------------------
Stuff.co.nz reports that the company behind Burger Burger has been
placed into liquidation, a week after it was revealed that a buyer
was being sought to save the gourmet burger chain.

Burger Burger began in 2014 with a store in Auckland before
expanding with branches in Tauranga and Hamilton.

The company, Burgerburger Ltd, entered voluntary administration in
June, and in a report to creditors earlier this month,
administrators said that finding a purchaser offered the best
pathway to protect the brand’s future, Stuff relays.

"The administrators are of the view that the company should
actively seek out a buyer of the business, who may continue the
core business and engage with suppliers, landlords and staff to
continue to trade the brand into the future," the report stated.

It can now be revealed, though, that both Burgerburger Ltd and
Burgerburger IP Ltd are in liquidation, with Gareth Hoole and
Raymond Cox appointed as joint and several liquidators, Stuff
discloses.

A notice in the Gazette published on July 27 said creditors have
until August 21 to make any claims and establish any priority their
claims may have. Stuff has approached the appointed liquidators for
comment.

A staff member at Burger Burger restaurant in Auckland’s
Commercial Bay told The Post operations would continue this week.
"But we don’t know about next week," they said. "We have no clue
what’s going on."

According to Stuff, efforts had been made to find a buyer for
Burger Burger, and administrators had previously said they were in
active discussions with prospective buyers.

They said they had been engaging with three parties who had
indicated a "level of intent that merited investment of time and
effort in due diligence and assisting to facilitate new lease
arrangements".

All five operating restaurants were continuing to trade on a
"business-as-usual" basis while those talks were taking place.

The company owes approximately NZD5.32 million in total
liabilities, Stuff discloses. That includes about NZD1.5 million to
unsecured creditors, NZD800,000 to Inland Revenue, NZD500,000 to
secured creditors, and around NZD250,000 to staff for unpaid
holiday pay and alternate leave.

A further sum exceeding NZD2 million is recorded as owed to
shareholder Burgerburger Holdings Ltd.


NZ BUILD: Court to Hear Wind-Up Petition on July 31
---------------------------------------------------
A petition to wind up the operations of NZ Build Group Limited will
be heard before the High Court at Auckland on July 31, 2026, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 5, 2026.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SIMPLY ASIA: Creditors' Proofs of Debt Due on Aug. 17
-----------------------------------------------------
Creditors of Simply Asia Food Group Limited, The Miracle Asian
Restaurant Limited and Bamboo Gardens (2013) Limited are required
to file their proofs of debt by Aug. 17, 2026, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 17, 2026.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          PwC
          PwC Waikato
          PO Box 191
          Hamilton 3240


V & S HOLDINGS: Court to Hear Wind-Up Petition on Aug. 6
--------------------------------------------------------
A petition to wind up the operations of V & S Holdings Limited will
be heard before the High Court at Auckland on Aug. 6, 2026, at
10:00 a.m.

Bank of India (New Zealand) Limited filed the petition against the
company on June 8, 2026.

The Petitioner's solicitor is:

          Luke Craig Sizer
          Buddle Findlay
          Level 18, HSBC Tower
          188 Quay Street
          Auckland 1010


WRIGHT & SONS: Creditors' Proofs of Debt Due on Aug. 17
-------------------------------------------------------
Creditors of Wright & Sons Transport Solutions Limited are required
to file their proofs of debt by Aug. 17, 2026, to be included in
the company's dividend distribution.

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

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

BIGMAMA: Singapore Korean Restaurant Closes After Over a Decade
---------------------------------------------------------------
VnExpress.net reports that Bigmama, a Korean restaurant in
Singapore, has shut its doors following more than a decade in
business.

VnExpress.net relates that the owner confirmed in social media
posts and comments on July 27 that Bigmama, located on Kim Tian
Road, had served its last meal a day earlier.

"After 16 wonderful years, the time has come to bring the beautiful
journey of Bigmama to a close," she wrote in a post, adding that
she was preparing to return to South Korea.

According to VnExpress.net, the establishment was set up in January
2012 by a former caretaker and tutor who had earlier spent years
cooking for her Korean students when they were studying in
Singapore, according to food publication SethLui.

The restaurant was best known for its suyuk (steamed pork belly)
and dakgalbi (pan-fried chicken), according to AsiaOne.

"Words cannot express how grateful I am for your unwavering love
and the precious memories we've shared," Bigmama’s post read.
"Thank you for filling a significant chapter of my life with your
warm smiles."


INVESTREE SINGAPORE: Court to Hear Wind-Up Petition on July 31
--------------------------------------------------------------
A petition to wind up the operations of Investree Singapore Pte.
Ltd. will be heard before the High Court of Singapore on July 31,
2026, at 10:00 a.m.

SBI Ventures Asset Pte. Ltd. filed the petition against the company
on July 10, 2026.

The Petitioner's solicitors are:

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


MENG HENG: Court to Hear Wind-Up Petition on Aug. 7
---------------------------------------------------
A petition to wind up the operations of Meng Heng Glass Pte. Ltd.
will be heard before the High Court of Singapore on Aug. 7, 2026,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on July 14, 2026.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


MEP DECK: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 17, 2026, to
wind up the operations of MEP Deck Solutions Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Lim Loo Khoon
          Christina Khoo
          c/o Deloitte Singapore SR&T Restructuring
          6 Shenton Way, #33-00
          OUE Downtown 2
          Singapore 068809


MEP SYSTEMS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 17, 2026, to
wind up the operations of MEP Systems Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Lim Loo Khoon
          Christina Khoo
          c/o Deloitte Singapore SR&T Restructuring
          6 Shenton Way, #33-00
          OUE Downtown 2
          Singapore 068809


POOLIN TECHNOLOGY: Seeks Chapter 11 After Market Slump, China Ban
-----------------------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that
cryptocurrency miner Poolin Technology has sought Chapter 11
bankruptcy protection in New Jersey after reporting more than $173
million in debt, with the company planning to market and sell its
remaining assets under court supervision.

Poolin attributed its financial collapse to sharp swings in
cryptocurrency prices, deteriorating market conditions and China's
crackdown on digital asset mining, which disrupted operations and
significantly reduced revenue. The company said those pressures
left it unable to meet its financial obligations, according to
report.

Poolin is a global Bitcoin mining platform that has provided mining
pool services, digital wallets and blockchain infrastructure to
cryptocurrency miners. Through Chapter 11, the company hopes to
complete a structured sale process and distribute proceeds to
creditors, the report states.

                    About Poolin Technology

Founded in 2017, Poolin Technology is a blockchain technology
company focused on cryptocurrency mining services. The company
operates one of the world's largest Bitcoin mining pools and offers
digital asset wallets, staking products and mining management
tools. Poolin serves a global customer base of cryptocurrency
miners and digital asset participants.

Poolin Technology sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 26-18325) on July 22, 2026.
In its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $100
million and $500 million.

The Debtor is represented by Stephen M. Packman, Esq. of Archer &
Greiner, P.C.


POOLIN TECHNOLOGY: Seeks to Sell Mining Assets via Auction
----------------------------------------------------------
Poolin Technology Pte. Ltd. and its affiliate, Lonestar Dream Inc.
(LSD) and  Lonestar Taproot LLC (LST), seek permission from the
U.S. Bankruptcy Court for the District of New Jersey, to sell
substantially all Assets at auction, free and clear of liens,
claims, interests, and encumbrances.

Prior to cessation of business operations on July 10, 2026, LSD had
two core business segments: mining digital assets for its own
account; and providing top-tier equipment hosting services at its
Mining Facilities for other large-scale mining clients, utilizing
advanced technologies like air cooling, hydro cooling, and a
proprietary immersion cooling system. As part of its operations,
LSD operated two mining facilities: a "land leased" facility
located at 4143 N US Highway 285, Pecos, Texas 79772 (Tarbush
Facility), and an owned facility located at 3072 FM 1927 Pyote,
Texas 79777.

LST owns the real property (Pyote Site) where the Pyote Facility is
located, and certain equipment used in the Mining Facilities.

The Debtors retained Michael DuFrayne of DuFrayne LLC as the Chief
Restructuring Officer of the Debtors to implement an
enterprise-wide restructuring initiative to preserve and enhance
its value for the benefit of creditors and other
parties-in-interest to the Debtors' estates.

The Debtors determined that Thor CALAP LLC (Stalking Horse Bidder)
submitted the highest or otherwise best offers for the Assets. The
Debtors signed Letters of Intent with Thor for the purchase of the
Pyote Site and associated power rights, equipment and other assets,
and the power rights and equipment and other assets associated with
the Tarbush Facility excluding certain specified assets.

On July 22, 2026, the Debtors and Thor entered into two asset
purchase agreements - one for the Tarbush Assets (Tarbush APA) and
another for the Pyote APA. Each APA represents a separate and
independent asset purchase transaction, and each will proceed on
its own terms, with the rights and obligations of the parties under
each APA being separate and distinct.

Under the Tarbush APA, Thor CALAP agrees to purchase the Tarbush
Assets for a purchase price of $37 million plus certain assumed
liabilities.

Under the Pyote APA, Thor CALAP agrees to purchase the Pyote Assets
for a purchase price of $15 million.

Each Stalking Horse APA also provides certain bid protections,
including a break-up fee and expense reimbursement, to the Stalking
Horse Bidder.

In connection with the Sale of the Assets, the Debtors submit that
conducting an Auction in accordance with the Bidding Procedures
will obtain the highest or otherwise best offer for the Assets and
will maximize the value of the Debtors' estates.

          About Poolin Technology Pte. Ltd.

Poolin Technology Pte. Ltd. is a private limited company registered
under the laws of Singapore. Poolin historically operated under the
Poolin brand in the People's Republic of China through affiliated
operating entities, including Beijing Satoshi Smart Technology Co.
Ltd., and provided cryptocurrency mining pool, wallet, and related
blockchain infrastructure services.

Poolin Technology sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.J. Case No. 26-18325) on  July 22,
2026.

Stephen M. Packman at Archer & Greiner, P.C., represents the Debtor
as legal counsel.


THE CHRYSALLID: Court to Hear Wind-Up Petition on Aug. 7
--------------------------------------------------------
A petition to wind up the operations of The Chrysallid Pte. Ltd.
will be heard before the High Court of Singapore on Aug. 7, 2026,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 15, 2026.

The Petitioner's solicitors are:

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




=================
S R I   L A N K A
=================

SRI LANKA: S&P Affirms 'CCC+/C' Sovereign Credit Ratings
--------------------------------------------------------
S&P Global Ratings, on July 27, 2026, affirmed its long- and
short-term foreign and local currency sovereign credit ratings on
Sri Lanka at 'CCC+/C'. The outlook on the long-term foreign and
local currency ratings is stable. S&P has revised the transfer and
convertibility assessment to 'B-' from 'CCC+'.

Outlook

S&P said, "The stable outlook reflects our expectations that the
conditions allowing for continued economic growth and fiscal repair
in Sri Lanka will persist over the next six to 12 months. We expect
improvements in fiscal indicators even as economic growth
decelerates and current account deficits return. Risks to external
demand, inflation, and financing conditions are significant. Hence,
we do not expect material improvements to sovereign credit support
over this period."

Downside scenario

S&P could lower the ratings on Sri Lanka if it sees indications of
renewed risks of funding and liquidity stresses. Developments that
could precede such signs include significantly weaker external or
fiscal performances, leading to funding pressures.

Upside scenario

S&P could raise the ratings if it believes that economic growth
will continue and will help to drive further improvements in Sri
Lanka's external and fiscal metrics. This would allow the
government to accumulate more credit buffers and improve its
ability to manage its repayment needs.

Rationale

The 'CCC+' ratings reflect S&P's views that Sri Lanka's
creditworthiness is vulnerable and dependent upon favorable
financial and economic conditions but the government does not face
a near-term credit or payment crisis.

Sri Lankan government debt levels are high. General government
interest burden, at about 45% of revenue, is also heavy. S&P also
sees a temporary weakening of Sri Lanka's external and fiscal
balances due to recent exogenous shocks, including Cyclone Ditwah
in late 2025 and war in the Middle East.

S&P believes official financing should continue to help the
government to meet its financing needs, and the country's economic
recovery and structural reform efforts to anchor fiscal and
external improvements should remain intact.

Institutional and economic profile: Higher energy costs could
temporarily derail growth without harming underlying economic
drivers

-- Higher energy and input costs could dampen Sri Lanka's economic
growth in the next few quarters as the Middle East war continues to
disrupt energy and stockfeed supply chains.

-- Disruption to flights and economic activities in that region
could also reduce tourism earnings and remittances.

-- However, S&P expects the impact on economic activities to be
temporary due to the government's proactive policies to secure
energy and fertilizers supply.

Political stability and policy predictability have improved
following the strong mandate that the National People's Power (NPP)
party won at the presidential and parliamentary elections in late
2024.

S&P expects the impact of exogenous shocks, particularly the Middle
East war and Cyclone Ditwah, to be temporary. In both cases, the
government's policy responses have contained the economic damage.
For instance, the government's post-cyclone emergency relief helped
to restore key transport connectivity to the most-affected regions,
even though substantial reconstruction work remains. The timely
disbursement of assistance and cash transfers to vulnerable groups
supported consumption.

After the closure of Strait of Hormuz, Sri Lanka was one of the
first countries to introduce fuel rationing and a shorter work week
to preserve energy supplies. The government also acted early to
secure fuel and fertilizer supplies, even at high costs. This has
helped to minimize disruption to economic activities, particularly
the agricultural and industrial sectors.

As a result, Sri Lanka's economy remained largely resilient. Real
GDP grew 4.8% in the fourth quarter of 2025 and 5.1% in the first
quarter of 2026, exceeding our earlier expectations.

Sri Lanka is more vulnerable than many countries in the region to a
prolonged disruption in the energy markets, however, given its high
reliance on imported crude oil and fertilizers, limited storage
options, and weak external buffers following its 2022 economic
crisis.

Despite the government and state-owned enterprises such as Ceylon
Petroleum Corporation (CPC) and Ceylon Electricity Board taking on
some of the burden, substantial costs will be passed onto
consumers. CPI inflation had risen to 6.8% as of June 30, 2026.
With the currency also under pressure, the central bank has raised
the policy rate 100 basis points (bps) in May 2026, which aims to
anchor inflation expectations.

Renewed escalations in the Middle East might also affect tourism
earnings and remittances in Sri Lanka. Even though Middle Eastern
tourists accounted for a small share of arrivals, around one-third
of visitors to Sri Lanka transit through aviation hubs in the
Middle East. The region also accounts for 40% of remittances, which
have become an increasingly important pillar of Sri Lanka's current
account.

In addition, Sri Lanka could face higher risks from a more severe
El Nino event in 2026 and 2027. More adverse weather events, such
as droughts and flooding, could affect Sri Lanka's sizeable
agricultural economy and strain electricity generation.

S&P said, "Against this backdrop, we expect Sri Lanka's economic
growth to slow to 3.8% in 2026, with the negative effects more
pronounced the longer that energy markets are disrupted. We
forecast real GDP growth to rebound to 4.2% in 2027 as the energy
supply chain normalizes."

This would put Sri Lanka's 10-year weighted average per capita real
GDP growth at 3.1%, which is in line with peers with similar income
levels and indicates that the Sri Lankan economy has largely shaken
off the effects of the 2022 crisis. S&P believes Sri Lanka's GDP
per capita would reach US$5,200 in 2026 despite a weakening Sri
Lankan rupee. The government's ability to address chronic
underspending in capital infrastructure would likely be key to
further increases in the country's potential growth.

The ruling NPP secured a supermajority parliament following the
2024 general elections and controls most local councils following
elections in May 2025. This situation is relatively uncommon for
Sri Lanka, which has historically been characterized by frequent
political factionalism and crossovers. S&P believes the
government's strong mandate and policy responses to recent crises
demonstrate improved political stability and policy predictability.
However, a longer track record would be a stronger indication of a
structural improvement in Sri Lanka's institutional settings.

S&P anticipates the government will continue the reform agenda
under the current International Monetary Fund (IMF) Extended Fund
Facility program, particularly in implementing revenue-based budget
repair, cost-recovery pricing for utilities, and other structural
reforms of public financial and debt management. The government has
demonstrated strong commitment to the IMF program, meeting most of
the quantitative indicators and structural benchmarks, albeit some
with delays, even when they are politically challenging.

Flexibility and performance profile: Fiscal deterioration is likely
contained as pressure increases on the external position

-- While revenue growth remains strong, higher spending on
reconstruction and subsidies will widen the deficit this year.

-- Debt remains high, with an exceptionally heavy interest
burden.

-- The external position has worsened due to a surging import
bill, greater currency volatility, and uncertainty over remittances
and tourism earnings.

Sri Lanka's fiscal position has improved significantly since 2022,
underpinned by a series of revenue measures and robust economic
growth. The performance in 2025 was particularly strong due to the
lifting of all vehicle import restrictions and the pent-up demand
for vehicles. Overall revenue surged 34% in 2025 to reach 16.7% of
GDP. The fiscal deficit narrowed to 2.3% of GDP and the primary
balance rose to a record 5.4%.

This outperformance in revenue continued in the first five months
of 2026, posting growth of 30%, even when compared with a strong
base in the same period of 2025. Besides revenue measures, such as
the repeal of the Simplified Value-Added Tax scheme and increasing
excise duties, the sustained growth in revenue is driven by a
broad-based recovery in economic activities. The government's
commitment toward additional revenue measures, including the
introduction of a property tax, is likely to lead to a more
sustained path of fiscal consolidation.

S&P said, "On the expenditure front, we expect higher spending due
to post-disaster relief and reconstruction as well as increased
subsidies to CPC and groups most affected by higher energy costs.
As a result, we project that the fiscal deficit will widen to 5% of
GDP this year before narrowing toward 4% by 2029."

Importantly, the government's debt servicing burden has fallen due
to strong revenue growth and the phasing out of expensive debt
incurred in 2022. Even after factoring higher coupon payments from
triggering the MLB upsides, S&P expects Sri Lanka's
interest-to-revenue ratio to improve to 39% by 2029 from 64% in
2024. This is still onerous and much higher than most other
countries.

S&P said, "We forecast net general government (GG) debt, including
state-owned enterprise (SOE) guarantees, will be about 92% of GDP
for 2026. Given the economy's strong performance and the
appreciation of the Sri Lankan rupee from the 2023 level, it is
likely that the upside threshold in Sri Lanka's macro-linked bonds
(MLBs) will be breached. This would trigger higher coupon payouts
of 1.75%-2% over 2029-2032 and higher principal payouts of 17%-22%,
depending on the bond series.

"We expect net GG debt to decline to about 83% in 2029. In addition
to the higher principal payout from the MLBs, we have added the
Chinese renminbi (RMB) 10 billion currency swap with the Chinese
central bank to government debt data. Sri Lankan banks also
purchase substantial quantities of government debt, with aggregate
exposure significantly exceeding 20% of system assets."

While the fiscal outlook is more benign, Sri Lanka's external
outlook is becoming more challenging due to the rapidly rising
import bill and continuing uncertainties posed by the Middle East
war. Fuel imports rose more than 100% year on year in rupee terms
in April and May and the currency has depreciated around 8% against
the U.S. dollar in the first half of the year. This has eroded
external buffers.

S&P does not expect the deterioration in the external position to
be significant. This is due to the government's actions to
stabilize the currency, including raising the policy rate by 100
bps in May, shortening the export proceeds conversion timeframe,
and allowing the currency to act as a shock absorber to avoid
draining reserves excessively.

Remittances, particularly in the first five months, have held up
well. S&P estimates inflows from the IMF program and other
multilateral organizations at around US$1.7 billion this year.
These flows could mitigate the deterioration in the trade balance.

However, the risks to Sri Lanka's external position and external
financing capacity will increase if the Middle East war drags on.
Growth in remittances, which continued at more than 30% year on
year in May, slowed to 9% in June. With tourist arrivals falling
nearly 10% in June, tourism earnings are unlikely to recover
substantially. Gross official reserves fell to US$6.45 billion in
June from US$6.88 billion in May.

S&P said, "We expect the current account to flip to a deficit of
1.7% of GDP in 2026. Gross external financing needs as a share of
current account receipts and usable reserves will widen to around
110% this year from 104% in 2025 before improving to 106% by 2029.
This still compares favorably with the precrisis average of more
than 120%. We expect external debt net of public and financial
sector external assets to average 103% of current account receipts
from 2026-2029.

"Inflation has risen sharply due to the energy crisis, but this
supply-induced inflationary shock is likely to be temporary. Even
though we continue to view Sri Lanka's monetary settings as a
credit weakness, policy credibility will likely improve with a
longer record of policy autonomy following the passage of the
Central Bank Act in 2023. We also note that extensive foreign
exchange restrictions imposed during the previous period have
largely been removed. Remaining minor restrictions will likely be
phased out in the next two years."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed  

  Sri Lanka  

   Sovereign Credit Rating    CCC+/Stable/C
   Foreign Currency           CCC+/Stable/C
   Senior Unsecured           CCC+

  Upgraded  
                         To       From

  Sri Lanka  

  Transfer & Convertibility Assessment  

  Local Currency         B-       CCC+

  Ratings Unchanged  

  Sri Lanka  

  Senior Unsecured D




===============
X X X X X X X X
===============

[] Nicholas Dunstone Joins Jones Day in Sydney
----------------------------------------------
The global law firm Jones Day announced on July 27 that Nicholas
Dunstone, a leading pan-APAC restructuring lawyer, has joined the
Firm as a Partner in its Business Restructuring & Reorganization
Practice. He will be in Jones Day's Sydney Office.

With more than 25 years of experience advising on complex
cross-border restructuring and insolvency matters across the
Asia-Pacific region and globally, Mr. Dunstone is a seasoned
restructuring practitioner whose career spans leading international
law firms and a prominent distressed-debt investment fund. His
notable recent representations include advising bondholders owed
$4.2 billion in one of Europe's largest restructurings totaling $25
billion in debt; representing an Asian based oil & gas engineering
company in a multi-jurisdictional restructuring that involved a
multi-billion dollar arbitration claim and a complex UK
Restructuring Plan; and advising the bondholder steering committee
in a successful and highly contested groundbreaking UK
restructuring plan paving a way for its sale.

"Nick is an exceptional addition to our Business Restructuring &
Reorganization Practice and to Jones Day as a whole," said Heather
Lennox, who leads Jones Day's Business Restructuring &
Reorganization Practice. "His deep experience representing
creditors, distressed investors, and debtors across multiple
jurisdictions gives him the ability to see restructurings from
every angle. Nick's track record of leading complex cross-border
matters in Europe, Asia, and Australia—combined with his
investment-side perspective gained from building ARCM's
restructuring platform—makes him uniquely positioned to deliver
innovative solutions to our clients on their most challenging
matters."

At Jones Day, Mr. Dunstone will join an international team of more
than 100 experienced restructuring lawyers in financial centers
worldwide who resolve complex restructuring issues and problems in
jurisdictions throughout the world. He will work alongside his
colleagues to advise debtors, creditors, and other parties involved
in business restructurings, out-of-court workouts, and other
transactions with financially distressed entities. Jones Day's
Business Restructuring & Reorganization Practice provides clients
with a full range of restructuring capabilities, including
dedicated distress-related resources from other Firm practices such
as litigation, tax, finance, benefits, and M&A; extensive
experience on all sides of restructuring matters enabling lawyers
to see the entire picture and offer valuable perspectives; and
global knowledge about restructurings in all major money centers,
including Europe, Australia, and Asia.

"Nick built one of the leading restructuring practices in Australia
early in his career and went on to develop an extensive network
across Asia-Pacific and global financial centers, which makes him a
tremendous asset to our clients in Australia, Asia, and across the
globe," said John Cooper, Partner-in-Charge of Jones Day's Sydney
Office. "His arrival will strengthen our ability to serve clients
on complex cross-border restructuring matters that connect Sydney
to Singapore, Hong Kong, London, and beyond."

Added Chris Lovrien, Partner-in-Charge of Jones Day's Australia
Region, "When we began our strategic growth push in Australia in
mid-2024, one of our priorities was to build a world-class practice
representing sophisticated financial institutions, investors, and
corporates in cross-border finance, private credit, distressed
finance and work outs. Nick's experience, accomplishments and
reputation will further enhance Jones Day's ability to serve our
clients in their most complex restructuring and financial matters.
His arrival also underscores the Firm's continued investment in
world-class legal talent in the Australian market. He is the fifth
lateral partner to join us here since the start of the year, and
the 13th to join us since we began our strategic growth plan."

Mr. Dunstone holds Bachelor of Laws (Honours) and Bachelor of Arts
(Jurisprudence) degrees from the University of Adelaide and
graduate certificates in Applied Finance from FINSIA and Advanced
Insolvency from USQ. He is admitted as a Solicitor in England &
Wales and as a Barrister & Solicitor of the Supreme Court of South
Australia and NSW. Mr. Dunstone is also the Founder and Chair of
the ILA and Light Cultural Foundation, which won the 2021 Creative
Partnership National Award for Emerging Philanthropists, and has
served on the boards of the Pembroke Foundation and TMA Australia
(NSW). He has previously held board positions in a range of
companies whilst at ARCM including corporate groups running Bulk
and Chemical Shipping businesses and a large multinational audio
technology company.

"Throughout my career, I have seen that the most complex
restructuring matters demand a coordinated, multidisciplinary
approach that draws on expertise in litigation, tax, finance, M&A,
and beyond. Jones Day's one-firm culture and the mutual commitment
of its partners to work as a unified team means I can deliver to
clients the full resources of a global firm operating on five
continents," said Mr. Dunstone. "I look forward to contributing to
this collaborative partnership to provide integrated and
client-focused solutions."



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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