M/s. GNB Technologies (India) Private Limited filed C.P.(IB)No.167/BB/2019 under Section 10 of the IBC, 2016, seeking to initiate CIRP/Liquidation. The company claimed insolvency with a debt of Rs.49,97,96,558/- and limited current assets of INR 65,000/-. Incorporated in 1997, GNB Technologies manufactured sealed maintenance-free batteries. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed a significant amount to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board of Directors resolved to propose Mr. Malav Jitendra Ajmera as the Interim
…M/s. GNB Technologies (India) Private Limited, incorporated on June 13, 1997, engaged in manufacturing sealed maintenance-free batteries, filed for insolvency under Section 10 of the IBC, 2016. The company's authorized share capital was INR 10,00,00,000, and paid-up share capital was INR 8,01,84,180. Exide Holding Asia Pte Ltd., Singapore, held 80,18,397 shares. The manufacturing facility was located in Hosur, Tamil Nadu. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed INR 49,97,96,558/- to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board
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M/s. GNB Technologies…
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M/s. GNB Technologies (India) Private Limited filed C.P.(IB)No.167/BB/2019 under Section 10 of the IBC, 2016, seeking to initiate CIRP/Liquidation. The company claimed insolvency with a debt of Rs.49,97,96,558/- and limited current assets of INR 65,000/-. Incorporated in 1997, GNB Technologies manufactured sealed maintenance-free batteries. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed a significant amount to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board of Directors resolved to propose Mr. Malav Jitendra Ajmera as the Interim
…M/s. GNB Technologies (India) Private Limited, incorporated on June 13, 1997, engaged in manufacturing sealed maintenance-free batteries, filed for insolvency under Section 10 of the IBC, 2016. The company's authorized share capital was INR 10,00,00,000, and paid-up share capital was INR 8,01,84,180. Exide Holding Asia Pte Ltd., Singapore, held 80,18,397 shares. The manufacturing facility was located in Hosur, Tamil Nadu. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed INR 49,97,96,558/- to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board
…M/s. GNB Technologies…
The company started facing financial…
Sign in to view related legal provisions.