The case pertains to a company petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s Deepak Pneumatics Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company was incorporated in 1969. The application was filed due to the company's inability to liquidate its debts, which exceeded the minimum default amount of Rs. One lakh. The Corporate Debtor is desirous of implementing a debt restructuring plan.
M/s Deepak Pneumatics Private Limited, incorporated on 26.06.1969, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company defaulted in liquidating its debts, exceeding the minimum default amount of Rs. One lakh. The company applied to the Labour Commissioner Faridabad, Haryana for closure of the establishment, which was allowed w.e.f. 06.05.1999. A union review was rejected on 23.09.1999. A writ petition was dismissed by the High Court of Punjab and Haryana. At the time of closure, there were 110 employees, and the Corporate Debtor settled the claim of 86 workers. Mr. Deepak Khosla, a shareholder, provided Rs. 17,66,456/-, becoming a Financial Creditor. The applicant affirmed it was not disqualified
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M/s Deepak Pneumatics…
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The case pertains to a company petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s Deepak Pneumatics Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company was incorporated in 1969. The application was filed due to the company's inability to liquidate its debts, which exceeded the minimum default amount of Rs. One lakh. The Corporate Debtor is desirous of implementing a debt restructuring plan.
M/s Deepak Pneumatics Private Limited, incorporated on 26.06.1969, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company defaulted in liquidating its debts, exceeding the minimum default amount of Rs. One lakh. The company applied to the Labour Commissioner Faridabad, Haryana for closure of the establishment, which was allowed w.e.f. 06.05.1999. A union review was rejected on 23.09.1999. A writ petition was dismissed by the High Court of Punjab and Haryana. At the time of closure, there were 110 employees, and the Corporate Debtor settled the claim of 86 workers. Mr. Deepak Khosla, a shareholder, provided Rs. 17,66,456/-, becoming a Financial Creditor. The applicant affirmed it was not disqualified
…M/s Deepak Pneumatics…
Workmen went on a Tool…