The case involves an application filed by Recorders and Medicare Systems Pvt. Ltd., a 'Corporate Debtor,' under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process. The company's registered office is in Chandigarh. The company was previously declared a sick industrial unit by the Board of Industrial and Financial Reconstruction (BIFR), with State Bank of Patiala appointed as the operating agency. The BIFR proceedings were ongoing but abated due to the repeal of the Sick Industrial Companies Act (SICA). The company has significant debts to financial and operational creditors and has defaulted on payments. Notices were issued under Section 13(2) of the SARFAESI Act, 2002, by State Bank of Patiala and State Bank of

The case involves an application filed by Recorders and Medicare Systems Pvt. Ltd., a 'Corporate Debtor,' under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process. The company's registered office is in Chandigarh. The company was previously declared a sick industrial unit by the Board of Industrial and Financial Reconstruction (BIFR), with State Bank of Patiala appointed as the operating agency. The BIFR proceedings were ongoing but abated due to the repeal of the Sick Industrial Companies Act (SICA). The company has significant debts to financial and operational creditors and has defaulted on payments. Notices were issued under Section 13(2) of the SARFAESI Act, 2002, by State Bank of Patiala and State Bank of