The case involves an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by RSH Agro Products Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company, originally incorporated as a Private Limited Company in Kolkata on June 26, 2012, later converted to a Public Limited Company on September 6, 2017. It manufactures and supplies edible oils. The Corporate Debtor faced financial difficulties, incurring substantial losses and defaulting on credit facilities availed from Punjab National Bank (PNB), ICICI Bank, and HDFC Bank. PNB classified the Corporate Debtor's facilities as non-performing assets (NPA) on March 31, 2021, and issued a notice under the SARFAESI Act on May
…RSH Agro Products Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company is engaged in manufacturing and supplying edible oils. The Corporate Debtor availed credit facilities from Punjab National Bank (PNB), ICICI Bank, and HDFC Bank. The Corporate Debtor incurred substantial losses of Rs.16.63 crores, Rs.26.05 Crores and Rs.2.04 crores during the FY's 2019-20 and 2021-22 (up to 31.07.2021) respectively. The cumulative losses amounted to Rs.28.39 crores as on 31.07.2021. The total dues payable to PNB as on 31.07.2021 were Rs.46.95 Crores. PNB classified the Corporate Debtor's facilities as non-performing assets
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RSH Agro Products Limited was originally…
RSH Agro Products…
The case involves an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by RSH Agro Products Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company, originally incorporated as a Private Limited Company in Kolkata on June 26, 2012, later converted to a Public Limited Company on September 6, 2017. It manufactures and supplies edible oils. The Corporate Debtor faced financial difficulties, incurring substantial losses and defaulting on credit facilities availed from Punjab National Bank (PNB), ICICI Bank, and HDFC Bank. PNB classified the Corporate Debtor's facilities as non-performing assets (NPA) on March 31, 2021, and issued a notice under the SARFAESI Act on May
…RSH Agro Products Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company is engaged in manufacturing and supplying edible oils. The Corporate Debtor availed credit facilities from Punjab National Bank (PNB), ICICI Bank, and HDFC Bank. The Corporate Debtor incurred substantial losses of Rs.16.63 crores, Rs.26.05 Crores and Rs.2.04 crores during the FY's 2019-20 and 2021-22 (up to 31.07.2021) respectively. The cumulative losses amounted to Rs.28.39 crores as on 31.07.2021. The total dues payable to PNB as on 31.07.2021 were Rs.46.95 Crores. PNB classified the Corporate Debtor's facilities as non-performing assets
…RSH Agro Products Limited was originally…
RSH Agro Products…