A.P.I. Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed in statutory form No. 6 as prescribed by sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Board of Directors of A.P.I. Industries Private Limited had resolved to file the petition in their meeting held on January 22, 2018. The company is registered under the Companies Act and has a registered office in Bhavnagar, Gujarat, with a paid-up share capital of Rs. 350.00 lacs. The State Bank of India, being a financial creditor, raised objections to the application, contending that the petition was
…A.P.I. Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's board of directors resolved to file the petition on January 22, 2018. The company has a registered office in Bhavnagar, Gujarat, with a paid-up share capital of Rs. 350.00 lacs. The company has financial creditors, including State Bank of India, with a total debt of Rs. 34,05,84,774/-. The company also has operational creditors, including AL Hawai Co LLC, Equate Petrochemicals Co. KSCC, and Hardware Trading Corporation, with significant outstanding debts. The company has other deposits to the extent of Rs. 20,47,57,187/- and statutory liabilities of Rs. 18,51,966/-. The company also
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The Board of Directors of M/s. API Industries…
Order delivered on 19th February, 2019,…
A.P.I. Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed in statutory form No. 6 as prescribed by sub-rule (1) of Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Board of Directors of A.P.I. Industries Private Limited had resolved to file the petition in their meeting held on January 22, 2018. The company is registered under the Companies Act and has a registered office in Bhavnagar, Gujarat, with a paid-up share capital of Rs. 350.00 lacs. The State Bank of India, being a financial creditor, raised objections to the application, contending that the petition was
…A.P.I. Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's board of directors resolved to file the petition on January 22, 2018. The company has a registered office in Bhavnagar, Gujarat, with a paid-up share capital of Rs. 350.00 lacs. The company has financial creditors, including State Bank of India, with a total debt of Rs. 34,05,84,774/-. The company also has operational creditors, including AL Hawai Co LLC, Equate Petrochemicals Co. KSCC, and Hardware Trading Corporation, with significant outstanding debts. The company has other deposits to the extent of Rs. 20,47,57,187/- and statutory liabilities of Rs. 18,51,966/-. The company also
…The Board of Directors of M/s. API Industries…
Order delivered on 19th February, 2019,…