The case pertains to a Company Petition (IB) No.244/KB/2017 filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Burn Standard Co. Ltd., the Corporate Debtor/Corporate Applicant, before the National Company Law Tribunal (NCLT), Kolkata Bench. The application was submitted in Form 6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, supported by an affidavit to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant stated that the reference made to the BIFR stood abated due to the SICA Repeal Act and that they were at liberty to submit the application within 180 days from the commencement of the Insolvency and Bankruptcy Code, 2016.
Burn Standard Co. Ltd. filed a Company Petition (IB) No.244/KB/2017 under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's application was submitted in Form 6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, supported by an affidavit. The company stated that its reference to the BIFR was abated due to the SICA Repeal Act, allowing it to apply under the IBC within 180 days. The company presented a chart detailing financial and operational creditors, with outstanding amounts. It was revealed that the company was in default of approximately Rs.81,902,987.43 to financial creditors. The balance sheet for 2016-17 showed accumulated
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The case pertains to a Company Petition (IB) No.244/KB/2017 filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Burn Standard Co. Ltd., the Corporate Debtor/Corporate Applicant, before the National Company Law Tribunal (NCLT), Kolkata Bench. The application was submitted in Form 6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, supported by an affidavit to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant stated that the reference made to the BIFR stood abated due to the SICA Repeal Act and that they were at liberty to submit the application within 180 days from the commencement of the Insolvency and Bankruptcy Code, 2016.
Burn Standard Co. Ltd. filed a Company Petition (IB) No.244/KB/2017 under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's application was submitted in Form 6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, supported by an affidavit. The company stated that its reference to the BIFR was abated due to the SICA Repeal Act, allowing it to apply under the IBC within 180 days. The company presented a chart detailing financial and operational creditors, with outstanding amounts. It was revealed that the company was in default of approximately Rs.81,902,987.43 to financial creditors. The balance sheet for 2016-17 showed accumulated
…The hearing for the…
The order for the…