The case pertains to an application filed by Bhagat Ram Motor Ways Private Limited ("BRMWPL"), the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor stated that it was incorporated on 10.06.2011 and had been advanced various financial facilities by several banks and financial institutions. Due to the closure of operations of General Motors Pvt. Ltd. in India, a general business slowdown, and increasing operational costs, the Corporate Debtor started incurring business losses, and its inventory became unsaleable. The application was initially found to have certain defects, which were subsequently rectified. The Corporate Debtor also submitted
…Bhagat Ram Motor Ways Private Limited (BRMWPL), the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). BRMWPL was incorporated on 10.06.2011. The company faced financial difficulties due to the closure of General Motors Pvt. Ltd. in India, a general business slowdown, and increasing operational costs, leading to business losses and unsaleable inventory. The Corporate Debtor had been advanced financial facilities by State Bank of India, Central Bank of India, HDB Financial Services, Daimler Financial Services India Pvt. Ltd., Kangra Central Cooperative Bank Ltd., and Vinayak Construction Co. The application initially had defects, including missing
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Bhagat Ram Motor Ways…
Special resolution passed in the Extra…
The case pertains to an application filed by Bhagat Ram Motor Ways Private Limited ("BRMWPL"), the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor stated that it was incorporated on 10.06.2011 and had been advanced various financial facilities by several banks and financial institutions. Due to the closure of operations of General Motors Pvt. Ltd. in India, a general business slowdown, and increasing operational costs, the Corporate Debtor started incurring business losses, and its inventory became unsaleable. The application was initially found to have certain defects, which were subsequently rectified. The Corporate Debtor also submitted
…Bhagat Ram Motor Ways Private Limited (BRMWPL), the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). BRMWPL was incorporated on 10.06.2011. The company faced financial difficulties due to the closure of General Motors Pvt. Ltd. in India, a general business slowdown, and increasing operational costs, leading to business losses and unsaleable inventory. The Corporate Debtor had been advanced financial facilities by State Bank of India, Central Bank of India, HDB Financial Services, Daimler Financial Services India Pvt. Ltd., Kangra Central Cooperative Bank Ltd., and Vinayak Construction Co. The application initially had defects, including missing
…Bhagat Ram Motor Ways…
Special resolution passed in the Extra…