Sarthak Creation Private Limited, through its Authorised Person, Shri Subhas Kedarnath Tibrewal, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant/corporate debtor stated that it has debts of Rs. 62,85,23,199/- to the Financial Creditors. Bank of Baroda, one of the financial creditors, had initiated securitization action under Section 13(4) of the SARFAESI Act, 2002, but the proceedings were abated before BIFR. The applicant stated that it has become difficult to revive the company considering the present market condition and proposed the name of Mr. Kailash T. Shah as Interim Insolvency Resolution Professional.
Sarthak Creation Private Limited (the Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, through its authorized person Shri Subhas Kedarnath Tibrewal, stated that it owed Rs. 62,85,23,199/- to its Financial Creditors. Bank of Baroda, one of the Financial Creditors, had initiated securitization action under Section 13(4) of the SARFAESI Act, 2002, but these proceedings were abated before the Board for Industrial and Financial Reconstruction (BIFR). The Corporate Debtor admitted to defaults in repayment to the Financial Creditors, including Bank of Baroda. The Corporate Debtor proposed the name of Mr. Kailash T. Shah as the Interim
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Sarthak Creation Private Limited resolved in…
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Sarthak Creation Private Limited, through its Authorised Person, Shri Subhas Kedarnath Tibrewal, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant/corporate debtor stated that it has debts of Rs. 62,85,23,199/- to the Financial Creditors. Bank of Baroda, one of the financial creditors, had initiated securitization action under Section 13(4) of the SARFAESI Act, 2002, but the proceedings were abated before BIFR. The applicant stated that it has become difficult to revive the company considering the present market condition and proposed the name of Mr. Kailash T. Shah as Interim Insolvency Resolution Professional.
Sarthak Creation Private Limited (the Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, through its authorized person Shri Subhas Kedarnath Tibrewal, stated that it owed Rs. 62,85,23,199/- to its Financial Creditors. Bank of Baroda, one of the Financial Creditors, had initiated securitization action under Section 13(4) of the SARFAESI Act, 2002, but these proceedings were abated before the Board for Industrial and Financial Reconstruction (BIFR). The Corporate Debtor admitted to defaults in repayment to the Financial Creditors, including Bank of Baroda. The Corporate Debtor proposed the name of Mr. Kailash T. Shah as the Interim
…Sarthak Creation Private Limited resolved in…
The matter was listed before the Tribunal for…