The case pertains to an application filed by M/s Asis Plywood Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The applicant company, incorporated in 1956, faced financial difficulties, leading to its net worth becoming negative and referral to the BIFR. The BIFR was later dissolved. The applicant had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The applicant also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Defaults occurred, leading to SARFAESI actions and recovery proceedings.
M/s Asis Plywood Limited, the applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company was incorporated under the Companies Act, 1956. The company availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. The company defaulted on its obligations, leading to SARFAESI actions and recovery proceedings. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, claiming it was filed to defeat a recovery certificate. The applicant company's net worth became negative, and it was previously referred
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The case pertains to an application filed by M/s Asis Plywood Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The applicant company, incorporated in 1956, faced financial difficulties, leading to its net worth becoming negative and referral to the BIFR. The BIFR was later dissolved. The applicant had availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The applicant also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. Defaults occurred, leading to SARFAESI actions and recovery proceedings.
M/s Asis Plywood Limited, the applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company was incorporated under the Companies Act, 1956. The company availed credit facilities from Janakalyan Sahakari Bak Ltd. (JSBL) and State Bank of India (SBI). The company also provided a corporate guarantee for a loan availed by M/s Shirdi Industries Limited. The company defaulted on its obligations, leading to SARFAESI actions and recovery proceedings. The financial creditor, Jan Kalyan Sahakari Bank, objected to the application, claiming it was filed to defeat a recovery certificate. The applicant company's net worth became negative, and it was previously referred
…The Insolven…
The Board for Industrial and Financial…