Turbo Metals Private Limited filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The Corporate Applicant's registered office is located in Kadivili, Taluka Wada, District Palghar. The shareholders passed a Special Resolution in an Extra Ordinary General Meeting held on 07.06.2018 to file the application. The Corporate Applicant disclosed outstanding dues of Rs. 50,49,85,283/- to Financial Creditors and Rs. 4,13,67,415/- to Operational Creditors. Bank of India had previously filed an application against the Corporate Applicant before the debt recovery Tribunal No. 1 Mumbai, seeking a decree for Rs. 41,83,37,661/-.
Turbo Metals Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is in Kadivili, Palghar. A special resolution was passed on 2018-06-07 to file the application. The company owes Rs. 50,49,85,283 to financial creditors and Rs. 4,13,67,415 to operational creditors. Bank of India had previously filed a case against the company for recovery of Rs. 41,83,37,661. The company submitted financial statements for 2016-17 and 2017-18, along with a list of assets, liabilities, creditors, and security details. Mr. Shailesh Bhalchandra Desai was proposed as the Interim Resolution Professional. The court found that the company had defaulted and admitted the petition, declaring a moratorium.
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Turbo Metals Private…
Shareholders of Turbo Metals Private Limited…
Turbo Metals Private Limited filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The Corporate Applicant's registered office is located in Kadivili, Taluka Wada, District Palghar. The shareholders passed a Special Resolution in an Extra Ordinary General Meeting held on 07.06.2018 to file the application. The Corporate Applicant disclosed outstanding dues of Rs. 50,49,85,283/- to Financial Creditors and Rs. 4,13,67,415/- to Operational Creditors. Bank of India had previously filed an application against the Corporate Applicant before the debt recovery Tribunal No. 1 Mumbai, seeking a decree for Rs. 41,83,37,661/-.
Turbo Metals Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is in Kadivili, Palghar. A special resolution was passed on 2018-06-07 to file the application. The company owes Rs. 50,49,85,283 to financial creditors and Rs. 4,13,67,415 to operational creditors. Bank of India had previously filed a case against the company for recovery of Rs. 41,83,37,661. The company submitted financial statements for 2016-17 and 2017-18, along with a list of assets, liabilities, creditors, and security details. Mr. Shailesh Bhalchandra Desai was proposed as the Interim Resolution Professional. The court found that the company had defaulted and admitted the petition, declaring a moratorium.
Turbo Metals Private…
Shareholders of Turbo Metals Private Limited…