The present case involves an application filed by CJ Infradevelopers Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, facing financial difficulties, was incorporated on 03.05.2012 and is engaged in real estate businesses. The company has defaulted on payments to its operational creditors and statutory dues, leading to this application.
CJ Infradevelopers Private Limited, incorporated on 03.05.2012, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company's authorized share capital is Rs 10,00,000/-, with a paid-up share capital of Rs 1,00,000/-. The company is engaged in real estate businesses. As of 31.03.2023, the company had operational creditors amounting to Rs 1,36,70,476/-. Additionally, it faces a contingent liability of Rs 1,08,70,465/- related to GST and Central Excise demands. The company defaulted in repayment of debts exceeding Rs 1 Crore. A special resolution was passed on 25.05.2023, authorizing Mr. Samarendra Mohapatra to file the CIRP application. The company has work in progress valued at Rs 23,50,000/- and long-term borrowings
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The corporate applicant, CJ Infradevelopers…
A special resolution was passed in the…
The present case involves an application filed by CJ Infradevelopers Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, facing financial difficulties, was incorporated on 03.05.2012 and is engaged in real estate businesses. The company has defaulted on payments to its operational creditors and statutory dues, leading to this application.
CJ Infradevelopers Private Limited, incorporated on 03.05.2012, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company's authorized share capital is Rs 10,00,000/-, with a paid-up share capital of Rs 1,00,000/-. The company is engaged in real estate businesses. As of 31.03.2023, the company had operational creditors amounting to Rs 1,36,70,476/-. Additionally, it faces a contingent liability of Rs 1,08,70,465/- related to GST and Central Excise demands. The company defaulted in repayment of debts exceeding Rs 1 Crore. A special resolution was passed on 25.05.2023, authorizing Mr. Samarendra Mohapatra to file the CIRP application. The company has work in progress valued at Rs 23,50,000/- and long-term borrowings
…The corporate applicant, CJ Infradevelopers…
A special resolution was passed in the…