The case involves a Company Petition filed by Marmagoa Steel Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process. The Corporate Debtor, Marmagoa Steel Ltd., incorporated in 1987, faced financial difficulties, leading to the classification of its account as a non-performing asset by Bank of Maharashtra and Union Bank of India. A scheme for revival of the sick corporate debtor, previously sanctioned by the Board for Industrial and Financial Reconstruction, was unsuccessful.
Marmagoa Steel Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process. The company was incorporated on July 17, 1987, with a registered office in Goa. The Board of Directors authorized Mr. R.K. Radhakrishna to file the application. The company provided audited financial statements for 2014-15 and 2015-16, along with provisional statements as of December 31, 2016. Bank of Maharashtra and Union Bank of India, as financial creditors, had classified the company's account as a non-performing asset and issued notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002, demanding repayment. Union Bank of India
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Marmagoa Steel…
Union Bank of India assigned the loans and…
The case involves a Company Petition filed by Marmagoa Steel Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process. The Corporate Debtor, Marmagoa Steel Ltd., incorporated in 1987, faced financial difficulties, leading to the classification of its account as a non-performing asset by Bank of Maharashtra and Union Bank of India. A scheme for revival of the sick corporate debtor, previously sanctioned by the Board for Industrial and Financial Reconstruction, was unsuccessful.
Marmagoa Steel Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process. The company was incorporated on July 17, 1987, with a registered office in Goa. The Board of Directors authorized Mr. R.K. Radhakrishna to file the application. The company provided audited financial statements for 2014-15 and 2015-16, along with provisional statements as of December 31, 2016. Bank of Maharashtra and Union Bank of India, as financial creditors, had classified the company's account as a non-performing asset and issued notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002, demanding repayment. Union Bank of India
…Marmagoa Steel…
Union Bank of India assigned the loans and…