The case involves an application filed by Brahmaputra Tubulars Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company is engaged in the manufacturing, supply, import, and export of steel and special steel, primarily serving the North Eastern States of India. The company faced substantial financial losses over several years, leading to its classification as a non-performing asset (NPA) by its major financial creditors, State Bank of India (SBI) and North Eastern Development Finance Corporation Ltd. (NEDFi).
Brahmaputra Tubulars Pvt. Ltd., incorporated on 08.10.2012, filed an application under Section 10 of the IBC seeking CIRP initiation against itself. The company is in the business of manufacturing, supplying, importing, and exporting steel and special steel, primarily serving the North Eastern States of India. The company incurred substantial losses from FY 2019-20 to FY 2021-22, resulting in cumulative losses of Rs. 5,62,952.22 as of 31.03.2022. SBI classified the company's credit facilities as NPA on 16.02.2014, and NEDFi did so on 01.07.2014. SBI initiated actions under the SARFAESI Act, 2002, and recovered Rs. 16,00,16,118 from the sale of secured assets. The total financial debt raised was Rs. 72.47 Crores, with a default of Rs. 63.69 Crores. The company's key
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M/s. Brahmaputra…
State Bank of India (SBI) classified the…
The case involves an application filed by Brahmaputra Tubulars Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company is engaged in the manufacturing, supply, import, and export of steel and special steel, primarily serving the North Eastern States of India. The company faced substantial financial losses over several years, leading to its classification as a non-performing asset (NPA) by its major financial creditors, State Bank of India (SBI) and North Eastern Development Finance Corporation Ltd. (NEDFi).
Brahmaputra Tubulars Pvt. Ltd., incorporated on 08.10.2012, filed an application under Section 10 of the IBC seeking CIRP initiation against itself. The company is in the business of manufacturing, supplying, importing, and exporting steel and special steel, primarily serving the North Eastern States of India. The company incurred substantial losses from FY 2019-20 to FY 2021-22, resulting in cumulative losses of Rs. 5,62,952.22 as of 31.03.2022. SBI classified the company's credit facilities as NPA on 16.02.2014, and NEDFi did so on 01.07.2014. SBI initiated actions under the SARFAESI Act, 2002, and recovered Rs. 16,00,16,118 from the sale of secured assets. The total financial debt raised was Rs. 72.47 Crores, with a default of Rs. 63.69 Crores. The company's key
…M/s. Brahmaputra…
State Bank of India (SBI) classified the…