Gujarat Integrated Maritime Complex Private Limited (GIMCO), a 'Red List' classified entity within the IL&FS Group, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. GIMCO is financially distressed, unable to meet its financial obligations, and lacks substantial ongoing business operations, having defaulted on a financial debt of INR 4165.71 Million involving three financial creditors and four operational creditors. The resolution framework for the IL&FS Group, including GIMCO, was approved by the NCLAT and supervised by Hon'ble Justice (Retd.) D.K. Jain. The decision to initiate CIRP for GIMCO was approved by its board, shareholders, the IL&FS
…Gujarat Integrated Maritime Complex Private Limited (GIMCO) filed an application under Section 10 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself.
GIMCO, as the Corporate Applicant, has committed default in paying a financial debt of INR 4165.71 Million.
The debt involves three financial creditors and four operational creditors.
In 2018, the Union of India, through the Ministry of Corporate Affairs, filed Company Petition No. 3638 of 2018 under Sections 241-242 of the Companies Act before the NCLT, Mumbai, concerning IL&FS.
On 01.10.2018, NCLT Mumbai superseded the erstwhile board of directors of IL&FS and appointed a 'New Board'.
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Gujarat Integrated Maritime Complex Private…
The Additional…
Gujarat Integrated Maritime Complex Private Limited (GIMCO), a 'Red List' classified entity within the IL&FS Group, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. GIMCO is financially distressed, unable to meet its financial obligations, and lacks substantial ongoing business operations, having defaulted on a financial debt of INR 4165.71 Million involving three financial creditors and four operational creditors. The resolution framework for the IL&FS Group, including GIMCO, was approved by the NCLAT and supervised by Hon'ble Justice (Retd.) D.K. Jain. The decision to initiate CIRP for GIMCO was approved by its board, shareholders, the IL&FS
…Gujarat Integrated Maritime Complex Private Limited (GIMCO) filed an application under Section 10 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself.
GIMCO, as the Corporate Applicant, has committed default in paying a financial debt of INR 4165.71 Million.
The debt involves three financial creditors and four operational creditors.
In 2018, the Union of India, through the Ministry of Corporate Affairs, filed Company Petition No. 3638 of 2018 under Sections 241-242 of the Companies Act before the NCLT, Mumbai, concerning IL&FS.
On 01.10.2018, NCLT Mumbai superseded the erstwhile board of directors of IL&FS and appointed a 'New Board'.
…Gujarat Integrated Maritime Complex Private…
The Additional…