The case involves a petition filed by Parikh Fabrics Private Limited, the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on its financial obligations to its Secured Financial Creditors, namely, State Bank of India and Punjab National Bank. The Corporate Debtor was incorporated on June 4, 2002, and is a 100% Export Oriented Unit (EOU) engaged in the manufacture of socks. After establishing a successful track record, the Corporate Debtor embarked on expansion of its manufacturing facilities, but due to delay in disbursement of funds by Banks, the expansion project ended up with Time Overrun and Cost Overrun, leading to delayed arrival of
…Parikh Fabrics Private Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate a Corporate Insolvency Resolution Process (CIRP) due to its inability to meet its financial obligations to its Secured Financial Creditors, State Bank of India and Punjab National Bank. The Corporate Debtor, incorporated on June 4, 2002, is a 100% Export Oriented Unit (EOU) manufacturing socks. After initial success, the Corporate Debtor embarked on an expansion project, which was hampered by delays in fund disbursement by banks, leading to time and cost overruns. This resulted in delayed arrival of machinery and subsequent cancellation of orders. Economic slowdown in Europe and the USA, increased raw material costs (cotton
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Parikh Fabrics Private Limited was incorporated…
The Corporate Debtor's accounts were classified…
The case involves a petition filed by Parikh Fabrics Private Limited, the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on its financial obligations to its Secured Financial Creditors, namely, State Bank of India and Punjab National Bank. The Corporate Debtor was incorporated on June 4, 2002, and is a 100% Export Oriented Unit (EOU) engaged in the manufacture of socks. After establishing a successful track record, the Corporate Debtor embarked on expansion of its manufacturing facilities, but due to delay in disbursement of funds by Banks, the expansion project ended up with Time Overrun and Cost Overrun, leading to delayed arrival of
…Parikh Fabrics Private Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate a Corporate Insolvency Resolution Process (CIRP) due to its inability to meet its financial obligations to its Secured Financial Creditors, State Bank of India and Punjab National Bank. The Corporate Debtor, incorporated on June 4, 2002, is a 100% Export Oriented Unit (EOU) manufacturing socks. After initial success, the Corporate Debtor embarked on an expansion project, which was hampered by delays in fund disbursement by banks, leading to time and cost overruns. This resulted in delayed arrival of machinery and subsequent cancellation of orders. Economic slowdown in Europe and the USA, increased raw material costs (cotton
…Parikh Fabrics Private Limited was incorporated…
The Corporate Debtor's accounts were classified…