Super Multicolor Printers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed as the Corporate Debtor itself. The company's financial difficulties were evident from its accumulated losses, declining revenue, and defaults in payments to financial and operational creditors. The company had previously been registered with the Board for Industrial and Financial Reconstruction (BIFR), but this registration was abated by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, had been issued by Punjab National Bank, Canara Bank, and ICICI Bank due to defaults in
…Super Multicolor Printers Pvt. Ltd., a company based in Chandigarh, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) as a Corporate Applicant/Debtor. The company was incorporated on 21.07.1992. The company's authorized share capital is ₹6,00,00,000, and its paid-up capital is ₹5,45,77,750. The company's board has two directors: Sunil Guglani and Suman Guglani. The company defaulted on payments to financial creditors, including Punjab National Bank (₹110.70 crores), Canara Bank (₹67.12 crores), and ICICI Bank (₹8.15 crores). Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, were issued by these banks. The total debt raised from financial creditors is ₹206.64
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Super Multicolor Printers Pvt. Ltd. was…
The Board of Industrial and Financial…
Super Multicolor Printers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed as the Corporate Debtor itself. The company's financial difficulties were evident from its accumulated losses, declining revenue, and defaults in payments to financial and operational creditors. The company had previously been registered with the Board for Industrial and Financial Reconstruction (BIFR), but this registration was abated by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, had been issued by Punjab National Bank, Canara Bank, and ICICI Bank due to defaults in
…Super Multicolor Printers Pvt. Ltd., a company based in Chandigarh, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) as a Corporate Applicant/Debtor. The company was incorporated on 21.07.1992. The company's authorized share capital is ₹6,00,00,000, and its paid-up capital is ₹5,45,77,750. The company's board has two directors: Sunil Guglani and Suman Guglani. The company defaulted on payments to financial creditors, including Punjab National Bank (₹110.70 crores), Canara Bank (₹67.12 crores), and ICICI Bank (₹8.15 crores). Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, were issued by these banks. The total debt raised from financial creditors is ₹206.64
…Super Multicolor Printers Pvt. Ltd. was…
The Board of Industrial and Financial…