Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge its financial obligations. Indian Bank and Aditya Birla Finance Limited opposed the application.
Vanathi Exports Private Limited filed an application under Section 10 of the IBC seeking initiation of CIRP against itself.
The Corporate Debtor had availed various financial facilities from several financial creditors, including Indian Bank, Fullerton India Credit Company Limited, Capital Float, and Aditya Birla Finance Limited.
The Corporate Debtor defaulted in repayment of its financial obligations due to adverse financial conditions and severe cash flow constraints.
Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings before the Debt Recovery Tribunal-II, Chennai.
The total amount in default towards financial creditors aggregates to Rs.8,44,57,904/-.
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Board Resolution dated 22.04.2023 authorized…
Order Pronounced on…
Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge its financial obligations. Indian Bank and Aditya Birla Finance Limited opposed the application.
Vanathi Exports Private Limited filed an application under Section 10 of the IBC seeking initiation of CIRP against itself.
The Corporate Debtor had availed various financial facilities from several financial creditors, including Indian Bank, Fullerton India Credit Company Limited, Capital Float, and Aditya Birla Finance Limited.
The Corporate Debtor defaulted in repayment of its financial obligations due to adverse financial conditions and severe cash flow constraints.
Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings before the Debt Recovery Tribunal-II, Chennai.
The total amount in default towards financial creditors aggregates to Rs.8,44,57,904/-.
…Board Resolution dated 22.04.2023 authorized…
Order Pronounced on…