The case pertains to a petition filed by GSA Retail Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). GSA Retail Limited, incorporated in 2011, is 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 payments to its secured creditors, unsecured creditors, and operational creditors.
GSA Retail Limited, incorporated on January 11, 2011, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company, engaged in the retail business of apparel and appliances, has experienced declining sales since 2015 due to store closures and reduced prices on old stock. The company defaulted on payments to financial creditors (ICICI Bank and Axis Bank are secured financial creditors, while NBFCs are unsecured financial creditors) and operational creditors. The company's financial difficulties were exacerbated by the COVID-19 lockdown. The Corporate Applicant has proposed Mr. Vishnu Kumar Tulsyan as the Interim Resolution Professional (IRP). The company owes Rs.5,79,22,900 to the secured creditors and
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GSA Retail Limited was…
Board Resolution…
The case pertains to a petition filed by GSA Retail Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). GSA Retail Limited, incorporated in 2011, is 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 payments to its secured creditors, unsecured creditors, and operational creditors.
GSA Retail Limited, incorporated on January 11, 2011, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company, engaged in the retail business of apparel and appliances, has experienced declining sales since 2015 due to store closures and reduced prices on old stock. The company defaulted on payments to financial creditors (ICICI Bank and Axis Bank are secured financial creditors, while NBFCs are unsecured financial creditors) and operational creditors. The company's financial difficulties were exacerbated by the COVID-19 lockdown. The Corporate Applicant has proposed Mr. Vishnu Kumar Tulsyan as the Interim Resolution Professional (IRP). The company owes Rs.5,79,22,900 to the secured creditors and
…GSA Retail Limited was…
Board Resolution…