Ashoka Designs LLP filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company faced financial distress due to the COVID-19 pandemic, leading to its inability to pay debts to financial and operational creditors. The company defaulted on payments to Financial Creditors amounting to Rs. 3,66,80,026/- and to Operational Creditors amounting to Rs. 4,44,68,484/-. Defaults began in December 2022.
Ashoka Designs LLP, a company engaged in the trading of textile fabrics, faced severe financial stress due to the COVID-19 pandemic. This led to defaults in payments to both financial and operational creditors. The company owed Rs. 3,66,80,026/- to financial creditors and Rs. 4,44,68,484/- to operational creditors. Defaults commenced in December 2022. The company's financial statements revealed ongoing losses and a significant portion of its turnover locked up in inventories and trade receivables. A large part of the inventory was outdated, making it difficult to recover. The company had obtained loans from Union Bank of India, Axis Bank, HDFC Bank, and YES Bank, along with unsecured loans from private financial creditors. Financial creditors had initiated recovery
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Corporate Debtor…
Unaudited financial statement of assets and…
Ashoka Designs LLP filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company faced financial distress due to the COVID-19 pandemic, leading to its inability to pay debts to financial and operational creditors. The company defaulted on payments to Financial Creditors amounting to Rs. 3,66,80,026/- and to Operational Creditors amounting to Rs. 4,44,68,484/-. Defaults began in December 2022.
Ashoka Designs LLP, a company engaged in the trading of textile fabrics, faced severe financial stress due to the COVID-19 pandemic. This led to defaults in payments to both financial and operational creditors. The company owed Rs. 3,66,80,026/- to financial creditors and Rs. 4,44,68,484/- to operational creditors. Defaults commenced in December 2022. The company's financial statements revealed ongoing losses and a significant portion of its turnover locked up in inventories and trade receivables. A large part of the inventory was outdated, making it difficult to recover. The company had obtained loans from Union Bank of India, Axis Bank, HDFC Bank, and YES Bank, along with unsecured loans from private financial creditors. Financial creditors had initiated recovery
…Corporate Debtor…
Unaudited financial statement of assets and…