Kingfisher Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, registered in Ludhiana, Punjab, declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, citing outstanding debts and questioning the applicant's financial disclosures. The bank had also initiated actions under the SARFAESI Act, 2002, against the company. The NCLT considered the application, objections raised by Allahabad Bank, and relevant provisions of the IBC.
Kingfisher Industries Private Limited, a company registered in Ludhiana, Punjab, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, claiming the company had defaulted on debts amounting to ₹14,40,06,724.22 as of 28.11.2017. The bank had also declared the company's account as NPA and initiated actions under the SARFAESI Act, 2002, including issuing a possession notice. The company's authorized share capital was 3 crores, and its paid-up share capital was 2,86,00,000. The company also had unsecured financial debts and operational debts. The company's
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Kingfisher Industries…
Allahabad Bank issued…
Kingfisher Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, registered in Ludhiana, Punjab, declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, citing outstanding debts and questioning the applicant's financial disclosures. The bank had also initiated actions under the SARFAESI Act, 2002, against the company. The NCLT considered the application, objections raised by Allahabad Bank, and relevant provisions of the IBC.
Kingfisher Industries Private Limited, a company registered in Ludhiana, Punjab, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, claiming the company had defaulted on debts amounting to ₹14,40,06,724.22 as of 28.11.2017. The bank had also declared the company's account as NPA and initiated actions under the SARFAESI Act, 2002, including issuing a possession notice. The company's authorized share capital was 3 crores, and its paid-up share capital was 2,86,00,000. The company also had unsecured financial debts and operational debts. The company's
…Kingfisher Industries…
Allahabad Bank issued…