U Foam Pvt Ltd filed a petition as a Corporate Debtor to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to its inability to meet financial obligations to its Secured Financial Creditor, Indian Overseas Bank. The company, incorporated in 1959, faced a setback in 2009 due to a fire accident, leading to operational halt and working capital blockage. Financial facilities were restructured in 2013, but the company couldn't sustain operations, resulting in the banker declaring the account as a Non-Performing Asset on March 31, 2015.
U Foam Pvt Ltd, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company, incorporated on December 8, 1959, manufactures Polyurethane Foam Products. It suffered a fire accident in 2009, halting operations and blocking working capital. Indian Overseas Bank, the Financial Creditor, restructured the company's financial facilities in 2013. However, the company's operations remained unsustainable, leading to the account being declared a Non-Performing Asset on March 31, 2015. As of the date of the application, the Corporate Debtor owed Rs.60.78 Cr to its creditors. The total debt raised was Rs.34,41,00,000/-, with a default amount of
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U Foam Pvt Ltd was…
The Corporate Debtor suffered a serious…
U Foam Pvt Ltd filed a petition as a Corporate Debtor to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to its inability to meet financial obligations to its Secured Financial Creditor, Indian Overseas Bank. The company, incorporated in 1959, faced a setback in 2009 due to a fire accident, leading to operational halt and working capital blockage. Financial facilities were restructured in 2013, but the company couldn't sustain operations, resulting in the banker declaring the account as a Non-Performing Asset on March 31, 2015.
U Foam Pvt Ltd, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company, incorporated on December 8, 1959, manufactures Polyurethane Foam Products. It suffered a fire accident in 2009, halting operations and blocking working capital. Indian Overseas Bank, the Financial Creditor, restructured the company's financial facilities in 2013. However, the company's operations remained unsustainable, leading to the account being declared a Non-Performing Asset on March 31, 2015. As of the date of the application, the Corporate Debtor owed Rs.60.78 Cr to its creditors. The total debt raised was Rs.34,41,00,000/-, with a default amount of
…U Foam Pvt Ltd was…
The Corporate Debtor suffered a serious…