The case pertains to an application filed by M/s BimlaMaru Fashions Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, originally incorporated as Bimla Silk Impex Private Limited, faced financial difficulties due to fluctuations in the textile import business and the impact of demonetization and GST implementation. The company approached financial creditors for credit facilities but failed to make payments, leading to the application for CIRP.
M/s BimlaMaru Fashions Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP). The company was originally incorporated as Bimla Silk Impex Private Limited on January 29, 1999. The company's business involved manufacturing, exporting, and importing clothing, apparels, and other goods. The company faced financial difficulties due to fluctuations in the textile import business during 2012-13. The company approached financial creditors for credit facilities. During the demonetization period, Rs. 3 Crore of working capital was blocked by Bank of Baroda and Rs. 1.25 Crore by Standard Chartered Bank. The implementation of Goods and Services Tax (GST) further affected the
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Bimla Silk Impex…
Trading business of textile import got…
The case pertains to an application filed by M/s BimlaMaru Fashions Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, originally incorporated as Bimla Silk Impex Private Limited, faced financial difficulties due to fluctuations in the textile import business and the impact of demonetization and GST implementation. The company approached financial creditors for credit facilities but failed to make payments, leading to the application for CIRP.
M/s BimlaMaru Fashions Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP). The company was originally incorporated as Bimla Silk Impex Private Limited on January 29, 1999. The company's business involved manufacturing, exporting, and importing clothing, apparels, and other goods. The company faced financial difficulties due to fluctuations in the textile import business during 2012-13. The company approached financial creditors for credit facilities. During the demonetization period, Rs. 3 Crore of working capital was blocked by Bank of Baroda and Rs. 1.25 Crore by Standard Chartered Bank. The implementation of Goods and Services Tax (GST) further affected the
…Bimla Silk Impex…
Trading business of textile import got…