The case pertains to an application filed by M/s Brown Multiwall Paper Bags Ltd. ('BMPBL'), the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 28.08.1992. The petition was filed through Mr. R Ragunath, Director, authorized by a Board resolution dated 11.06.2018. The Corporate Debtor faced financial difficulties, including defaults to financial creditors like Karnataka Bank Limited (later assigned to Phoenix ARC Private Limited) and operational creditors. The application was initially found to have certain defects, which were subsequently rectified. The Adjudicating Authority considered the application and the documents submitted

The case pertains to an application filed by M/s Brown Multiwall Paper Bags Ltd. ('BMPBL'), the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 28.08.1992. The petition was filed through Mr. R Ragunath, Director, authorized by a Board resolution dated 11.06.2018. The Corporate Debtor faced financial difficulties, including defaults to financial creditors like Karnataka Bank Limited (later assigned to Phoenix ARC Private Limited) and operational creditors. The application was initially found to have certain defects, which were subsequently rectified. The Adjudicating Authority considered the application and the documents submitted