The case pertains to an application filed by Antal Infotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Antal Infotech, an IT staffing services company, faced financial difficulties due to various factors, including the decline in business from a major client (Dell), challenges in raising funds, and an overall economic slowdown. The company defaulted on its debt obligations to banks, NBFCs, individuals, and operational creditors. Despite efforts to revive the business, the company's liabilities exceeded its assets, leading to the application for CIRP.
Antal Infotech Private Limited, incorporated on 2014-08-01, provides IT staffing services. The company faced financial difficulties due to a decline in business from Dell, challenges in raising funds, and an economic slowdown. As of 2020-02-29, the company had significant debts, including Rs. 27,73,347/- owed to banks and NBFCs, Rs. 13,17,955/- in Compulsorily Convertible Debentures, Rs. 91,89,800/- owed to individuals, Rs. 96,15,036/- in other loans/financial liabilities, and Rs. 7,75,92,688/- owed to operational creditors. The company's efforts to revive the business included a deal with Buzzworks to build a 50-100 Crore INR annual revenue portfolio. However, the company's liabilities exceeded its assets, and it was unable to repay its debts. The Board of Directors
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Antal Infotech Private Limited was…
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The case pertains to an application filed by Antal Infotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Antal Infotech, an IT staffing services company, faced financial difficulties due to various factors, including the decline in business from a major client (Dell), challenges in raising funds, and an overall economic slowdown. The company defaulted on its debt obligations to banks, NBFCs, individuals, and operational creditors. Despite efforts to revive the business, the company's liabilities exceeded its assets, leading to the application for CIRP.
Antal Infotech Private Limited, incorporated on 2014-08-01, provides IT staffing services. The company faced financial difficulties due to a decline in business from Dell, challenges in raising funds, and an economic slowdown. As of 2020-02-29, the company had significant debts, including Rs. 27,73,347/- owed to banks and NBFCs, Rs. 13,17,955/- in Compulsorily Convertible Debentures, Rs. 91,89,800/- owed to individuals, Rs. 96,15,036/- in other loans/financial liabilities, and Rs. 7,75,92,688/- owed to operational creditors. The company's efforts to revive the business included a deal with Buzzworks to build a 50-100 Crore INR annual revenue portfolio. However, the company's liabilities exceeded its assets, and it was unable to repay its debts. The Board of Directors
…Antal Infotech Private Limited was…
Company found Pinnacle Capital Solutions, an…
Sign in to view related legal provisions.