Surya Bakery and Confectionery Pvt. Ltd. (Corporate Applicant/Debtor) filed an application under Section 10 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company reported a financial debt of Rs. 17,85,81,0401- to five financial creditors and certain operational creditors, along with an operational debt of Rs. 1,43,13,787/-. The Corporate Debtor attributed its inability to repay debts to severe business disruptions and substantial losses, particularly during the COVID-19 pandemic, which severely impacted the food and hospitality sector. The company's plant and machinery were auctioned and sold by Indian Bank in April 2022, and it incurred continuous losses from FY 2018-19 to FY 2021-22, rendering the business
…Surya Bakery and Confectionery Pvt. Ltd. (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant sought to initiate Corporate Insolvency Resolution Process (CIRP) against itself.
The Corporate Applicant committed default in paying a financial debt of Rs. 17,85,81,0401- to five financial creditors and certain operational creditors.
The Corporate Debtor was unable to repay outstanding dues to Financial Creditors due to severe business disruptions, particularly during the COVID-19 pandemic.
The company, engaged in the bakery and confectionery business, suffered substantial losses as the food and hospitality sector was severely affected.
…Sign in to view the parties.
Copy of Sanctio…
Copy of notice under…
Surya Bakery and Confectionery Pvt. Ltd. (Corporate Applicant/Debtor) filed an application under Section 10 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company reported a financial debt of Rs. 17,85,81,0401- to five financial creditors and certain operational creditors, along with an operational debt of Rs. 1,43,13,787/-. The Corporate Debtor attributed its inability to repay debts to severe business disruptions and substantial losses, particularly during the COVID-19 pandemic, which severely impacted the food and hospitality sector. The company's plant and machinery were auctioned and sold by Indian Bank in April 2022, and it incurred continuous losses from FY 2018-19 to FY 2021-22, rendering the business
…Surya Bakery and Confectionery Pvt. Ltd. (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant sought to initiate Corporate Insolvency Resolution Process (CIRP) against itself.
The Corporate Applicant committed default in paying a financial debt of Rs. 17,85,81,0401- to five financial creditors and certain operational creditors.
The Corporate Debtor was unable to repay outstanding dues to Financial Creditors due to severe business disruptions, particularly during the COVID-19 pandemic.
The company, engaged in the bakery and confectionery business, suffered substantial losses as the food and hospitality sector was severely affected.
…Copy of Sanctio…
Copy of notice under…