Magma Autolinks Private Limited, as the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant stated that it had been facing financial difficulties due to general business slowdown and increasing operational costs, leading to its account being declared NPA. The application was filed in Form 6 as prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The company's financial status was detailed, showing significant defaults to various financial creditors, including State Bank of India, UCO Bank, Punjab National Bank, Central Bank of India, Reliance Capital Finance Limited, HDB Financial

Magma Autolinks Private Limited, as the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant stated that it had been facing financial difficulties due to general business slowdown and increasing operational costs, leading to its account being declared NPA. The application was filed in Form 6 as prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The company's financial status was detailed, showing significant defaults to various financial creditors, including State Bank of India, UCO Bank, Punjab National Bank, Central Bank of India, Reliance Capital Finance Limited, HDB Financial