The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (Application to Adjudicating Authority) Rules, 2016, by Synew Steel Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed to have defaulted on a total amount of Rs. 1,18,56,964/-, which includes dues to both Financial Creditors (Rs. 27,84,394/-) and Operational Creditors (Rs. 90,72,570/-). The company cited unfavorable business environment and economic scenario as reasons for its inability to repay the debts.
Synew Steel Private Limited, incorporated on 24.03.2008, filed an application under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's authorized share capital is Rs. 10,00,00,000/-, and its paid-up share capital is Rs. 4,96,25,000/-. The company defaulted on payments to Financial Creditors amounting to Rs. 27,84,394/- and Operational Creditors amounting to Rs. 90,72,570/-, totaling Rs. 1,18,56,964/-. The Financial Creditors include Vinod R Tanti, Samanvaya Holdings Private Limited, and Tanti Holdings Private Limited. The Operational Creditors include Hatch Associates India Private Limited, Hatch Associates UK, Jalakam Solutions Private Limited, Korn Ferry International, NL, and M.N. Dastur R. Co. Private Limited. The company's Board of Directors
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Synew Steel Private…
The Company was…
The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (Application to Adjudicating Authority) Rules, 2016, by Synew Steel Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed to have defaulted on a total amount of Rs. 1,18,56,964/-, which includes dues to both Financial Creditors (Rs. 27,84,394/-) and Operational Creditors (Rs. 90,72,570/-). The company cited unfavorable business environment and economic scenario as reasons for its inability to repay the debts.
Synew Steel Private Limited, incorporated on 24.03.2008, filed an application under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's authorized share capital is Rs. 10,00,00,000/-, and its paid-up share capital is Rs. 4,96,25,000/-. The company defaulted on payments to Financial Creditors amounting to Rs. 27,84,394/- and Operational Creditors amounting to Rs. 90,72,570/-, totaling Rs. 1,18,56,964/-. The Financial Creditors include Vinod R Tanti, Samanvaya Holdings Private Limited, and Tanti Holdings Private Limited. The Operational Creditors include Hatch Associates India Private Limited, Hatch Associates UK, Jalakam Solutions Private Limited, Korn Ferry International, NL, and M.N. Dastur R. Co. Private Limited. The company's Board of Directors
…Synew Steel Private…
The Company was…