The case pertains to an application filed by Dunn Foods Private Limited, the 'Corporate Debtor', under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to meet its financial obligations, leading to defaults with various financial institutions and operational creditors. The company's financial difficulties were compounded by notices issued under Section 13(2) of the SARFAESI Act, 2002, by Punjab National Bank and other banks, demanding the delivery of secured assets due to outstanding debts. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench.
Dunn Foods Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's authorized share capital is ₹13,50,00,000, and its paid-up capital is ₹13,42,00,000. The company has three directors and six shareholders. The company defaulted on payments to financial institutions, leading Punjab National Bank to issue a notice dated 02.11.2016 under Section 13(2) of the SARFAESI Act, 2002. Similar notices were issued by other banks. The total outstanding amount as per the notices under Section 13(2) of the SARFAESI Act, 2002, issued by the four banks was ₹82,47,04,012.64. The company's financial statements indicate accumulated losses, significant long-term
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Punjab National Bank issued a notice to Dunn…
Dunn Foods Private Limited passed a resolution…
The case pertains to an application filed by Dunn Foods Private Limited, the 'Corporate Debtor', under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to meet its financial obligations, leading to defaults with various financial institutions and operational creditors. The company's financial difficulties were compounded by notices issued under Section 13(2) of the SARFAESI Act, 2002, by Punjab National Bank and other banks, demanding the delivery of secured assets due to outstanding debts. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench.
Dunn Foods Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's authorized share capital is ₹13,50,00,000, and its paid-up capital is ₹13,42,00,000. The company has three directors and six shareholders. The company defaulted on payments to financial institutions, leading Punjab National Bank to issue a notice dated 02.11.2016 under Section 13(2) of the SARFAESI Act, 2002. Similar notices were issued by other banks. The total outstanding amount as per the notices under Section 13(2) of the SARFAESI Act, 2002, issued by the four banks was ₹82,47,04,012.64. The company's financial statements indicate accumulated losses, significant long-term
…Punjab National Bank issued a notice to Dunn…
Dunn Foods Private Limited passed a resolution…