The case involves a company petition filed by M/s. Triumph India Software Services Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant states it was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The corporate debtor is in default since 2007-08, with a total due of Rs. 13,59,88,797, including operational, financial, and statutory dues. The corporate applicant has two immovable properties mortgaged and movable property hypothecated.
M/s. Triumph India Software Services Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The company has been in default since 2007-08, owing a total of Rs. 13,59,88,797, comprising operational, financial, and statutory dues. The company has mortgaged two immovable properties and hypothecated movable property. Corporation Bank, a financial creditor, opposed the petition, stating that the company filed it to delay or escape recovery proceedings under the SARFAESI Act. The corporate debtor had availed an overdraft loan of Rs. 100
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M/s. Triumph India…
Board of Directors of the Corporate applicant…
The case involves a company petition filed by M/s. Triumph India Software Services Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant states it was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The corporate debtor is in default since 2007-08, with a total due of Rs. 13,59,88,797, including operational, financial, and statutory dues. The corporate applicant has two immovable properties mortgaged and movable property hypothecated.
M/s. Triumph India Software Services Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company was incorporated on March 1, 1991, with its registered office in Bangalore. The authorized share capital is Rs. 2,50,00,000, and the paid-up capital is Rs. 1,83,55,530. The company has been in default since 2007-08, owing a total of Rs. 13,59,88,797, comprising operational, financial, and statutory dues. The company has mortgaged two immovable properties and hypothecated movable property. Corporation Bank, a financial creditor, opposed the petition, stating that the company filed it to delay or escape recovery proceedings under the SARFAESI Act. The corporate debtor had availed an overdraft loan of Rs. 100
…M/s. Triumph India…
Board of Directors of the Corporate applicant…