The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Y. Pani and Company Pvt. Ltd. to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated in 1956, has its registered office in Bhubaneswar, Odisha. The company states that it is unable to pay its debt of ₹7,97,73,547. The company's primary business is lodging, boarding, and restaurant services, operating a hotel named 'Raaz'. The Orissa State Financial Corporation had taken possession of the hotel asset due to unpaid dues.
Y. Pani and Company Pvt. Ltd., incorporated in 1956, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company's registered office is in Bhubaneswar, Odisha. The company's primary business is lodging, boarding, and restaurant services, operating a hotel named 'Raaz'. The company claims it is unable to pay a debt of ₹7,97,73,547. The hotel asset was previously taken into possession by the Orissa State Financial Corporation. The applicant was incorporated on 15.01.1990. The Orissa State Financial Corporation informed the applicant to sell the unit to the petitioner for ₹36,00,000/- which inclusive of total loan amount ₹90,164.27/- with interest @ 12.5% per annum for purchase of hotel and for
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Y. Pani and Company…
The applicant was…
The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Y. Pani and Company Pvt. Ltd. to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated in 1956, has its registered office in Bhubaneswar, Odisha. The company states that it is unable to pay its debt of ₹7,97,73,547. The company's primary business is lodging, boarding, and restaurant services, operating a hotel named 'Raaz'. The Orissa State Financial Corporation had taken possession of the hotel asset due to unpaid dues.
Y. Pani and Company Pvt. Ltd., incorporated in 1956, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company's registered office is in Bhubaneswar, Odisha. The company's primary business is lodging, boarding, and restaurant services, operating a hotel named 'Raaz'. The company claims it is unable to pay a debt of ₹7,97,73,547. The hotel asset was previously taken into possession by the Orissa State Financial Corporation. The applicant was incorporated on 15.01.1990. The Orissa State Financial Corporation informed the applicant to sell the unit to the petitioner for ₹36,00,000/- which inclusive of total loan amount ₹90,164.27/- with interest @ 12.5% per annum for purchase of hotel and for
…Y. Pani and Company…
The applicant was…