The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by M/s. Hariom Rice Mills Pvt. Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) as the Corporate Person is unable to pay its debt of Rs. 27,33,57,528.36. The company faced severe financial crisis due to a fire incident on 17.05.2017, which resulted in a loss of approximately Rs. 35.00 crores, leading to the inability to repay banks and other creditors, and eventually resulting in the account becoming a Non-Performing Asset (NPA). The applicant has disclosed all information relating to the Books of Account and produced a Board Resolution dated 03.10.2020 authorizing Mr. Subhash Agrawal to file the application.
M/s. Hariom Rice Mills Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company faced a severe financial crisis due to a fire incident on 17.05.2017, resulting in a loss of approximately Rs. 35.00 crores. This loss led to the company's inability to repay its debts to banks and other creditors, causing its account to become a Non-Performing Asset (NPA). The financial debt owed to Punjab National Bank was sanctioned on 30.03.2017. The company disclosed all relevant information and provided a Board Resolution dated 03.10.2020, authorizing Mr. Subhash Agrawal, a director, to file the application. The Corporate Person proposed Mr. Pratim Bayal as the Interim
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A severe fire incident occurred at the rice…
Financial debt owed to…
The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by M/s. Hariom Rice Mills Pvt. Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) as the Corporate Person is unable to pay its debt of Rs. 27,33,57,528.36. The company faced severe financial crisis due to a fire incident on 17.05.2017, which resulted in a loss of approximately Rs. 35.00 crores, leading to the inability to repay banks and other creditors, and eventually resulting in the account becoming a Non-Performing Asset (NPA). The applicant has disclosed all information relating to the Books of Account and produced a Board Resolution dated 03.10.2020 authorizing Mr. Subhash Agrawal to file the application.
M/s. Hariom Rice Mills Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company faced a severe financial crisis due to a fire incident on 17.05.2017, resulting in a loss of approximately Rs. 35.00 crores. This loss led to the company's inability to repay its debts to banks and other creditors, causing its account to become a Non-Performing Asset (NPA). The financial debt owed to Punjab National Bank was sanctioned on 30.03.2017. The company disclosed all relevant information and provided a Board Resolution dated 03.10.2020, authorizing Mr. Subhash Agrawal, a director, to file the application. The Corporate Person proposed Mr. Pratim Bayal as the Interim
…A severe fire incident occurred at the rice…
Financial debt owed to…