Diamond Power Transformers Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company's director, Jayramrao Chandravadan Marathe, was authorized via a Board Resolution to file the application. The company cited defaults in payments to three secured creditors: UCO Bank, Indian Overseas Bank, and SICOM Ltd. SICOM Ltd. had initiated proceedings under the SARFAESI Act, leading Diamond Power Transformers to initiate proceedings before the DRT and obtain a stay order. The company also faced a notice from an operational creditor, AMBA Shipping & Logistics P. Ltd., for unpaid dues.
Diamond Power Transformers Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company defaulted on payments to three secured creditors: Indian Overseas Bank (Rs. 46.98 crores), UCO Bank (Rs. 35.86 crores), and SICOM Ltd. (Rs. 31.00 crores). SICOM Ltd. initiated SARFAESI Act proceedings, leading Diamond Power Transformers to file proceedings before the Debt Recovery Tribunal (DRT) and obtain a stay. The company received a notice from operational creditor AMBA Shipping & Logistics P. Ltd. for Rs. 13,22,051. The company's director, Jayramrao Chandravadan Marathe, was authorized to file the application. The company had previously taken a plea of no default in DRT
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Diamond Power Transformers Ltd. passed a…
SICOM Ltd. issued a…
Diamond Power Transformers Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company's director, Jayramrao Chandravadan Marathe, was authorized via a Board Resolution to file the application. The company cited defaults in payments to three secured creditors: UCO Bank, Indian Overseas Bank, and SICOM Ltd. SICOM Ltd. had initiated proceedings under the SARFAESI Act, leading Diamond Power Transformers to initiate proceedings before the DRT and obtain a stay order. The company also faced a notice from an operational creditor, AMBA Shipping & Logistics P. Ltd., for unpaid dues.
Diamond Power Transformers Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company defaulted on payments to three secured creditors: Indian Overseas Bank (Rs. 46.98 crores), UCO Bank (Rs. 35.86 crores), and SICOM Ltd. (Rs. 31.00 crores). SICOM Ltd. initiated SARFAESI Act proceedings, leading Diamond Power Transformers to file proceedings before the Debt Recovery Tribunal (DRT) and obtain a stay. The company received a notice from operational creditor AMBA Shipping & Logistics P. Ltd. for Rs. 13,22,051. The company's director, Jayramrao Chandravadan Marathe, was authorized to file the application. The company had previously taken a plea of no default in DRT
…Diamond Power Transformers Ltd. passed a…
SICOM Ltd. issued a…