Arvind Interiors Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The company had defaulted on its obligations to pay INR 6,17,13,063/- to its creditors, including a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd., with defaults occurring from 2019 onwards due to financial distress. The board of directors recommended CIRP, and shareholders approved the filing via a special resolution on 28.12.2024.
Arvind Interiors Private Limited (Corporate Applicant) filed a petition under Section 10 of the IBC, 2016, for voluntary initiation of CIRP.
The Corporate Applicant failed to discharge obligations to pay INR 6,17,13,063/- to its creditors.
The company was incorporated on 23.09.2009, with its main object being interior designs and furnishers.
Its Authorised and Paid-up capital is Rs.30,00,000/-.
The Corporate Applicant took a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd. against a sanction letter dated 23.09.2013.
Loan disbursements occurred on 27.09.2013 (INR 2.5 crores), 09.01.2014 (INR 1.25 crores), and 30.03.2014 (Rs.1.25 crores).
The last loan payment of INR 12,33,162/- was made on 15.03.2014.
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Arvind Interiors Private Limited filed a…
The Corporate Applicant was directed to serve…
Arvind Interiors Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The company had defaulted on its obligations to pay INR 6,17,13,063/- to its creditors, including a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd., with defaults occurring from 2019 onwards due to financial distress. The board of directors recommended CIRP, and shareholders approved the filing via a special resolution on 28.12.2024.
Arvind Interiors Private Limited (Corporate Applicant) filed a petition under Section 10 of the IBC, 2016, for voluntary initiation of CIRP.
The Corporate Applicant failed to discharge obligations to pay INR 6,17,13,063/- to its creditors.
The company was incorporated on 23.09.2009, with its main object being interior designs and furnishers.
Its Authorised and Paid-up capital is Rs.30,00,000/-.
The Corporate Applicant took a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd. against a sanction letter dated 23.09.2013.
Loan disbursements occurred on 27.09.2013 (INR 2.5 crores), 09.01.2014 (INR 1.25 crores), and 30.03.2014 (Rs.1.25 crores).
The last loan payment of INR 12,33,162/- was made on 15.03.2014.
…Arvind Interiors Private Limited filed a…
The Corporate Applicant was directed to serve…