The case pertains to a Company Petition No. 182/2017 filed before the National Company Law Tribunal (NCLT), Kolkata Bench, concerning M/s. Gujarat NRE Coke Limited. The petition was filed under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a resolution passed by the Board of Directors on March 21, 2017. The company acknowledged defaults to financial and operational creditors, with the default amounts ascertained based on a Corporate Debt Restructuring (CDR) scheme.
M/s. Gujarat NRE Coke Limited, a listed public non-government company, filed a Company Petition No. 182/2017 under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's Board of Directors passed a resolution on March 21, 2017, to initiate CIRP. The company defaulted on payments to financial creditors, amounting to Rs. 3,698.58 Crores, and operational creditors, amounting to Rs. 181.13 Crores as of March 15, 2017. The total default was Rs. 3,879.71 Crores. The company had negative cash flow in 2013-14 (Rs. 482.85 Crores) and 2014-15 (Rs. 65.49 Crores). The total assets were Rs. 3849.75 Crores, and the amount due to secured and unsecured creditors was Rs. 3673.21 Crores. The application was
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The Insolven…
The Board of Directors of Gujarat NRE Coke…
The case pertains to a Company Petition No. 182/2017 filed before the National Company Law Tribunal (NCLT), Kolkata Bench, concerning M/s. Gujarat NRE Coke Limited. The petition was filed under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a resolution passed by the Board of Directors on March 21, 2017. The company acknowledged defaults to financial and operational creditors, with the default amounts ascertained based on a Corporate Debt Restructuring (CDR) scheme.
M/s. Gujarat NRE Coke Limited, a listed public non-government company, filed a Company Petition No. 182/2017 under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's Board of Directors passed a resolution on March 21, 2017, to initiate CIRP. The company defaulted on payments to financial creditors, amounting to Rs. 3,698.58 Crores, and operational creditors, amounting to Rs. 181.13 Crores as of March 15, 2017. The total default was Rs. 3,879.71 Crores. The company had negative cash flow in 2013-14 (Rs. 482.85 Crores) and 2014-15 (Rs. 65.49 Crores). The total assets were Rs. 3849.75 Crores, and the amount due to secured and unsecured creditors was Rs. 3673.21 Crores. The application was
…The Insolven…
The Board of Directors of Gujarat NRE Coke…