M/s. Advance Recycling Solutions LLP filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 05.07.2018, faced financial difficulties due to accumulated operational and financial debt, leading to an erosion of its net worth. The application was filed to resolve these debts and revive the company.
M/s. Advance Recycling Solutions LLP, incorporated on 05.07.2018, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Delhi. The company's business involves manufacturing and trading machinery and equipment. The company faced financial difficulties due to operational and financial debts. As of 31.03.2024, the company recorded a net revenue of Rs. 7,74,67,357/- but incurred a net loss of Rs. 5,38,41,037/-. The total outstanding debt was Rs. 4,72,20,344/-. The Corporate Applicant passed a special resolution on 02.04.2024 to pursue resolution under Section 10 of the IBC. HDFC Bank, a financial creditor, was served notice but did not
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M/s. Advance Recycling…
Application under…
M/s. Advance Recycling Solutions LLP filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 05.07.2018, faced financial difficulties due to accumulated operational and financial debt, leading to an erosion of its net worth. The application was filed to resolve these debts and revive the company.
M/s. Advance Recycling Solutions LLP, incorporated on 05.07.2018, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Delhi. The company's business involves manufacturing and trading machinery and equipment. The company faced financial difficulties due to operational and financial debts. As of 31.03.2024, the company recorded a net revenue of Rs. 7,74,67,357/- but incurred a net loss of Rs. 5,38,41,037/-. The total outstanding debt was Rs. 4,72,20,344/-. The Corporate Applicant passed a special resolution on 02.04.2024 to pursue resolution under Section 10 of the IBC. HDFC Bank, a financial creditor, was served notice but did not
…M/s. Advance Recycling…
Application under…