Global Coke Limited, a Non-Government Company, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process. The corporate applicant was engaged in the business of manufacturing coke but stopped manufacturing activities. They availed loans from various financial creditors and were indebted to Rs.416.55 crores to financial creditors and Rs.25.16 crores to operational creditors. Due to failure in repayment, creditors initiated proceedings under the SARFAESI Act, 2002. The corporate applicant also initiated proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, which was
…Global Coke Limited, a non-government company, engaged in manufacturing coke, faced financial difficulties and stopped manufacturing. It had significant debts: Rs. 416.55 crores to financial creditors (including State Bank of India, Punjab National Bank, Corporation Bank, Bajaj Finance Limited, and Kotak Mahindra Bank Limited) and Rs. 25.16 crores to operational creditors. The company failed to repay dues, leading creditors to initiate proceedings under the SARFAESI Act, 2002. The company also initiated proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, later repealed. The Board of Directors decided to file an application under Section 10 of the IBC. The financial creditors, including State Bank of India, Corporation Bank, and Punjab
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The Sick Industrial Companies (Special…
The Sick Industrial Companies (Special…
Global Coke Limited, a Non-Government Company, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process. The corporate applicant was engaged in the business of manufacturing coke but stopped manufacturing activities. They availed loans from various financial creditors and were indebted to Rs.416.55 crores to financial creditors and Rs.25.16 crores to operational creditors. Due to failure in repayment, creditors initiated proceedings under the SARFAESI Act, 2002. The corporate applicant also initiated proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, which was
…Global Coke Limited, a non-government company, engaged in manufacturing coke, faced financial difficulties and stopped manufacturing. It had significant debts: Rs. 416.55 crores to financial creditors (including State Bank of India, Punjab National Bank, Corporation Bank, Bajaj Finance Limited, and Kotak Mahindra Bank Limited) and Rs. 25.16 crores to operational creditors. The company failed to repay dues, leading creditors to initiate proceedings under the SARFAESI Act, 2002. The company also initiated proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, later repealed. The Board of Directors decided to file an application under Section 10 of the IBC. The financial creditors, including State Bank of India, Corporation Bank, and Punjab
…The Sick Industrial Companies (Special…
The Sick Industrial Companies (Special…