The case involves an application filed by M/s. Vee Ess Forgings Private Limited, the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application is supported by a special resolution passed by the shareholders of the Corporate Debtor. The Financial Creditor, Indian Overseas Bank, raised objections to the admission of the application.
M/s. Vee Ess Forgings Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is engaged in the manufacture of forged and machined components for various industries. The Corporate Debtor is reeling under financial crisis and is unable to service its debt. The outstanding debt owed by the Corporate Debtor to the Financial Creditors is Rs.1,42,37,534/-. The Corporate Debtor has placed on record the provisional profit and loss statement as on 30.06.2018, showing a loss of Rs.78,39,867/-. Indian Overseas Bank, the Financial Creditor, has raised objections to the admission of the application. The Corporate Debtor has
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The Corporate Debtor's provisional profit…
Indian Overseas Bank…
The case involves an application filed by M/s. Vee Ess Forgings Private Limited, the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application is supported by a special resolution passed by the shareholders of the Corporate Debtor. The Financial Creditor, Indian Overseas Bank, raised objections to the admission of the application.
M/s. Vee Ess Forgings Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is engaged in the manufacture of forged and machined components for various industries. The Corporate Debtor is reeling under financial crisis and is unable to service its debt. The outstanding debt owed by the Corporate Debtor to the Financial Creditors is Rs.1,42,37,534/-. The Corporate Debtor has placed on record the provisional profit and loss statement as on 30.06.2018, showing a loss of Rs.78,39,867/-. Indian Overseas Bank, the Financial Creditor, has raised objections to the admission of the application. The Corporate Debtor has
…The Corporate Debtor's provisional profit…
Indian Overseas Bank…