The case pertains to a petition filed by GSA Retail Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiation of Corporate Insolvency Resolution Process (CIRP). GSA Retail Limited, the Corporate Applicant, is a company incorporated under the Companies Act, 1956, engaged in the business of dealing with apparel, garments, and appliances. The company's sales have been declining since 2015, leading to financial difficulties. The Corporate Applicant has defaulted on its loan repayments to various financial and operational creditors.
GSA Retail Limited, incorporated under the Companies Act, 1956, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company, engaged in the business of apparel and appliances, has faced declining sales since 2015. It has defaulted on payments to secured creditors (Rs. 5,79,22,900), unsecured creditors (Rs. 6,38,64,485), and operational creditors (Rs. 8,63,09,931). ICICI Bank and Axis Bank are the secured financial creditors. The Corporate Applicant submitted a board resolution authorizing the filing of the petition and proposed Mr. Vishnu Kumar Tulsyan as the Interim Resolution Professional (IRP). The company's financial difficulties were exacerbated by the lockdown due
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GSA Retail Limited was…
Board Resolution dated 5th January 2021…
The case pertains to a petition filed by GSA Retail Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiation of Corporate Insolvency Resolution Process (CIRP). GSA Retail Limited, the Corporate Applicant, is a company incorporated under the Companies Act, 1956, engaged in the business of dealing with apparel, garments, and appliances. The company's sales have been declining since 2015, leading to financial difficulties. The Corporate Applicant has defaulted on its loan repayments to various financial and operational creditors.
GSA Retail Limited, incorporated under the Companies Act, 1956, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company, engaged in the business of apparel and appliances, has faced declining sales since 2015. It has defaulted on payments to secured creditors (Rs. 5,79,22,900), unsecured creditors (Rs. 6,38,64,485), and operational creditors (Rs. 8,63,09,931). ICICI Bank and Axis Bank are the secured financial creditors. The Corporate Applicant submitted a board resolution authorizing the filing of the petition and proposed Mr. Vishnu Kumar Tulsyan as the Interim Resolution Professional (IRP). The company's financial difficulties were exacerbated by the lockdown due
…GSA Retail Limited was…
Board Resolution dated 5th January 2021…