Qualitronics (Madras) Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge financial obligations. The Corporate Debtor had availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and numerous operational creditors, leading to defaults and recall notices.
Qualitronics (Madras) Private Limited (Corporate Debtor) filed an application under Section 10 of the IBC, 2016, for initiation of CIRP.
The application was filed through its Managing Director and authorised signatory, Mr. Raghu Sambasivam, by a Board Resolution dated 08.03.2024.
The Corporate Debtor was incorporated on 07.05.1996 with an Authorized Capital and paid-up share capital of Rs. 40,00,000/- each.
Mr. G. Ramachandran was proposed as the Interim Resolution Professional (IRP).
The total amount of debt in default as on the date of petition was Rs. 9,66,81,177/-, including financial and operational creditors.
The Corporate Debtor availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and operational creditors.
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Qualitronics (Madras)…
Credit arran…
Qualitronics (Madras) Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge financial obligations. The Corporate Debtor had availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and numerous operational creditors, leading to defaults and recall notices.
Qualitronics (Madras) Private Limited (Corporate Debtor) filed an application under Section 10 of the IBC, 2016, for initiation of CIRP.
The application was filed through its Managing Director and authorised signatory, Mr. Raghu Sambasivam, by a Board Resolution dated 08.03.2024.
The Corporate Debtor was incorporated on 07.05.1996 with an Authorized Capital and paid-up share capital of Rs. 40,00,000/- each.
Mr. G. Ramachandran was proposed as the Interim Resolution Professional (IRP).
The total amount of debt in default as on the date of petition was Rs. 9,66,81,177/-, including financial and operational creditors.
The Corporate Debtor availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and operational creditors.
…Qualitronics (Madras)…
Credit arran…