The case pertains to an application filed by ABP Apparels Pvt. Ltd. under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, engaged in the business of apparels, faced financial hardships due to the lockdown imposed by the Government of India, leading to unsaleable stock and inability to meet financial obligations. The application was filed after a special resolution was passed by the members of the company.
ABP Apparels Pvt. Ltd., the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP. Incorporated on 14/05/2016, the company was involved in designing, manufacturing, and selling apparels. To operate its business, the company availed loans from various banks and started stores on a franchisee model. The authorized share capital is Rs. 2,00,000/-, with a paid-up share capital of Rs. 1,29,180/-. In 2019-20, the company purchased raw materials for manufacturing and supplied finished goods. The company faced financial hardships due to the lockdown imposed by the Government of India, rendering the manufactured stock unsaleable. The company was unable to pay monthly installments to financial
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ABP Apparels Pvt. Ltd.…
Shareholders of ABP Apparels Pvt. Ltd. held an…
The case pertains to an application filed by ABP Apparels Pvt. Ltd. under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, engaged in the business of apparels, faced financial hardships due to the lockdown imposed by the Government of India, leading to unsaleable stock and inability to meet financial obligations. The application was filed after a special resolution was passed by the members of the company.
ABP Apparels Pvt. Ltd., the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP. Incorporated on 14/05/2016, the company was involved in designing, manufacturing, and selling apparels. To operate its business, the company availed loans from various banks and started stores on a franchisee model. The authorized share capital is Rs. 2,00,000/-, with a paid-up share capital of Rs. 1,29,180/-. In 2019-20, the company purchased raw materials for manufacturing and supplied finished goods. The company faced financial hardships due to the lockdown imposed by the Government of India, rendering the manufactured stock unsaleable. The company was unable to pay monthly installments to financial
…ABP Apparels Pvt. Ltd.…
Shareholders of ABP Apparels Pvt. Ltd. held an…