The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Brahmaputra Galvochem Pvt. Ltd., the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The State Bank of India (SBI), the major financial creditor, classified the petitioner's credit facilities as non-performing assets (NPA) on 27.06.2014 and issued a notice under the SARFAESI Act, 2002. The Corporate Debtor incurred substantial losses over several financial years, eroding its paid-up share capital and reserves. The company faced financial stress due to operational losses, interest costs, and lack of working capital. SBI initiated recovery actions under SARFAESI and the Recovery of Debts and Bankruptcy Act, 1993.

The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Brahmaputra Galvochem Pvt. Ltd., the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The State Bank of India (SBI), the major financial creditor, classified the petitioner's credit facilities as non-performing assets (NPA) on 27.06.2014 and issued a notice under the SARFAESI Act, 2002. The Corporate Debtor incurred substantial losses over several financial years, eroding its paid-up share capital and reserves. The company faced financial stress due to operational losses, interest costs, and lack of working capital. SBI initiated recovery actions under SARFAESI and the Recovery of Debts and Bankruptcy Act, 1993.