The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Gugani Leasing & Hire Purchase Private Limited, the Corporate Applicant, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Applicant's default in meeting its financial obligations to its Financial Creditors and Operational Creditors. The Corporate Applicant is a private limited company incorporated on June 6, 1997, and its primary business involves finance, hire purchase, leasing, and finance lease operations. The application was filed after the Corporate Applicant defaulted on payments to financial creditors amounting to Rs. 9,123,641,347.14 and operational creditors amounting to Rs. 92,06,350.
Gugani Leasing & Hire Purchase Private Limited (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) due to its inability to meet financial obligations. The Corporate Applicant, incorporated on June 6, 1997, is engaged in finance, hire purchase, and leasing. The total default amount to Financial Creditors is Rs. 9,123,641,347.14, and to Operational Creditors is Rs. 92,06,350. The Corporate Applicant had proposed Mr. S.S. Ravichandran as IRP, but he withdrew his consent, followed by Mr. Gopinath and Mr. S. Kangayan. Eventually, Mr. G. Ramachandran gave his consent. The Corporate Applicant provided a corporate guarantee to SBQ Steels Limited, leading to
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Gugani Leasing & Hire…
The Board of Directors of the Corporate…
The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Gugani Leasing & Hire Purchase Private Limited, the Corporate Applicant, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Applicant's default in meeting its financial obligations to its Financial Creditors and Operational Creditors. The Corporate Applicant is a private limited company incorporated on June 6, 1997, and its primary business involves finance, hire purchase, leasing, and finance lease operations. The application was filed after the Corporate Applicant defaulted on payments to financial creditors amounting to Rs. 9,123,641,347.14 and operational creditors amounting to Rs. 92,06,350.
Gugani Leasing & Hire Purchase Private Limited (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) due to its inability to meet financial obligations. The Corporate Applicant, incorporated on June 6, 1997, is engaged in finance, hire purchase, and leasing. The total default amount to Financial Creditors is Rs. 9,123,641,347.14, and to Operational Creditors is Rs. 92,06,350. The Corporate Applicant had proposed Mr. S.S. Ravichandran as IRP, but he withdrew his consent, followed by Mr. Gopinath and Mr. S. Kangayan. Eventually, Mr. G. Ramachandran gave his consent. The Corporate Applicant provided a corporate guarantee to SBQ Steels Limited, leading to
…Gugani Leasing & Hire…
The Board of Directors of the Corporate…