The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Shirdi Industries Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). The company defaulted in repaying its debts. The Debtor Company was incorporated on 15.12.2013. Prior to this petition, the company had approached BIFR and was declared a sick company, but with the repeal of the Sick Industrial Companies Act (SICA), the BIFR proceedings were abated.
M/s. Shirdi Industries Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to its inability to repay debts. The company was incorporated on 15.12.2013 with an authorized share capital of ₹30 Crore. The company defaulted on loans taken from a consortium of banks, including Union Bank of India, UCO Bank, Indian Bank, Vijaya Bank, Bank of India, and State Bank of India, with outstanding financial credit reaching ₹411.46 crores as of 31.3.2017. Union Bank of India, the lead bank, had issued a notice on 26.12.2013 under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The company had
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The Debtor Company,…
Union Bank of India issued notice u/s 13 of…
The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Shirdi Industries Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). The company defaulted in repaying its debts. The Debtor Company was incorporated on 15.12.2013. Prior to this petition, the company had approached BIFR and was declared a sick company, but with the repeal of the Sick Industrial Companies Act (SICA), the BIFR proceedings were abated.
M/s. Shirdi Industries Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to its inability to repay debts. The company was incorporated on 15.12.2013 with an authorized share capital of ₹30 Crore. The company defaulted on loans taken from a consortium of banks, including Union Bank of India, UCO Bank, Indian Bank, Vijaya Bank, Bank of India, and State Bank of India, with outstanding financial credit reaching ₹411.46 crores as of 31.3.2017. Union Bank of India, the lead bank, had issued a notice on 26.12.2013 under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The company had
…The Debtor Company,…
Union Bank of India issued notice u/s 13 of…