Vasoo Builders Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The total default amount is stated to be Rs. 27,46,30,139/- comprising Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against the Operational Creditor.
Vasoo Builders Private Limited filed a petition for voluntary initiation of CIRP under Section 10 of the IBC.
The total default amount is Rs. 27,46,30,139/-, with Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against Operational Creditors.
State Bank of India, a Financial Creditor, filed objections to the application.
The Petitioner was incorporated on 20.09.1982 and is engaged in civil engineering, public works, and building contracting.
The Petitioner's financial performance has been declining, with losses reported from FY 2019-2020 to FY 2022-2023.
The Adjudicating Authority allowed the petition and initiated CIRP.
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Petition for voluntary…
State Bank of India…
Vasoo Builders Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The total default amount is stated to be Rs. 27,46,30,139/- comprising Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against the Operational Creditor.
Vasoo Builders Private Limited filed a petition for voluntary initiation of CIRP under Section 10 of the IBC.
The total default amount is Rs. 27,46,30,139/-, with Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against Operational Creditors.
State Bank of India, a Financial Creditor, filed objections to the application.
The Petitioner was incorporated on 20.09.1982 and is engaged in civil engineering, public works, and building contracting.
The Petitioner's financial performance has been declining, with losses reported from FY 2019-2020 to FY 2022-2023.
The Adjudicating Authority allowed the petition and initiated CIRP.
Petition for voluntary…
State Bank of India…