We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company cited financial difficulties exacerbated by COVID-19 and the transition to BS-VI emission norms as reasons for its inability to service its debt obligations.
We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor's financial difficulties were exacerbated by the COVID-19 pandemic and the transition to BS-VI emission norms.
The Corporate Debtor defaulted on its debt to South Indian Bank Limited.
The South Indian Bank Limited, the Secured Financial Creditor, did not object to the admission of the petition.
The loan account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 16.05.2022.
A demand notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 14.07.2022.
Symbolic possession of secured assets was taken in October 2022.
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Order Pronoun…
Board Resolution dated…
We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company cited financial difficulties exacerbated by COVID-19 and the transition to BS-VI emission norms as reasons for its inability to service its debt obligations.
We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor's financial difficulties were exacerbated by the COVID-19 pandemic and the transition to BS-VI emission norms.
The Corporate Debtor defaulted on its debt to South Indian Bank Limited.
The South Indian Bank Limited, the Secured Financial Creditor, did not object to the admission of the petition.
The loan account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 16.05.2022.
A demand notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 14.07.2022.
Symbolic possession of secured assets was taken in October 2022.
…Order Pronoun…
Board Resolution dated…