The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by The Rubber Products Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on December 9, 1965, to manufacture rubber sheets. The petition was filed on December 5, 2017. The company's financial position included debts to financial and operational creditors. The lead banker, State Bank of India, had issued a notice to the borrower on August 29, 2017, regarding default in servicing interest and payment dues, leading to the account being classified as NPA according to RBI guidelines. A provisional balance sheet as of November 30, 2017, disclosed long-term borrowings of
…The Rubber Products Limited, incorporated on December 9, 1965, filed a petition on December 5, 2017, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's financial position as of November 30, 2017, included debts to financial creditors amounting to ₹870.30 lakhs and operational creditors amounting to ₹927.10 lakhs. State Bank of India, the lead banker, issued a notice on August 29, 2017, regarding default in servicing interest and payment dues, leading to the account being classified as NPA. A provisional balance sheet as of November 30, 2017, disclosed long-term borrowings of ₹4,22,79,806/- and short-term borrowings of ₹4,47,49,803/-. The company's tangible assets were
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The Rubber Products Limited was incorporated to…
State Bank of India issued a notice to the…
The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by The Rubber Products Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on December 9, 1965, to manufacture rubber sheets. The petition was filed on December 5, 2017. The company's financial position included debts to financial and operational creditors. The lead banker, State Bank of India, had issued a notice to the borrower on August 29, 2017, regarding default in servicing interest and payment dues, leading to the account being classified as NPA according to RBI guidelines. A provisional balance sheet as of November 30, 2017, disclosed long-term borrowings of
…The Rubber Products Limited, incorporated on December 9, 1965, filed a petition on December 5, 2017, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's financial position as of November 30, 2017, included debts to financial creditors amounting to ₹870.30 lakhs and operational creditors amounting to ₹927.10 lakhs. State Bank of India, the lead banker, issued a notice on August 29, 2017, regarding default in servicing interest and payment dues, leading to the account being classified as NPA. A provisional balance sheet as of November 30, 2017, disclosed long-term borrowings of ₹4,22,79,806/- and short-term borrowings of ₹4,47,49,803/-. The company's tangible assets were
…The Rubber Products Limited was incorporated to…
State Bank of India issued a notice to the…