The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Guruanand Silk Mills Private Limited, the Corporate Applicant, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Applicant facing difficulties in its survival during the Covid-19 pandemic, leading to a suspension of operations and unrealized receivables, resulting in financial losses. The company defaulted on its financial obligations to its Financial Creditor and Operational Creditors, amounting to Rs. 12,71,35,392/-. The account was classified as a Non-Performing Asset (NPA). The Board of Directors passed a resolution to file the application, and a special resolution was passed by the members at
…Guruanand Silk Mills Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The company faced difficulties during the Covid-19 pandemic, leading to a suspension of operations and unrealized receivables, resulting in financial losses. The company defaulted on its financial obligations to its Financial Creditor and Operational Creditors, amounting to Rs. 12,71,35,392/- as of 27.01.2022. Axis Bank Limited is the only Secured Financial Creditor with outstanding dues of Rs. 3,90,06,475 on account of CC limit, Rs. 77,44,965 on account of term loan, and Rs. 1,57,16,653 on account of ECLGS. The account of the Corporate Applicant was
…Sign in to view the parties.
Guruanand Silk Mills…
The financial debt…
The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Guruanand Silk Mills Private Limited, the Corporate Applicant, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Applicant facing difficulties in its survival during the Covid-19 pandemic, leading to a suspension of operations and unrealized receivables, resulting in financial losses. The company defaulted on its financial obligations to its Financial Creditor and Operational Creditors, amounting to Rs. 12,71,35,392/-. The account was classified as a Non-Performing Asset (NPA). The Board of Directors passed a resolution to file the application, and a special resolution was passed by the members at
…Guruanand Silk Mills Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The company faced difficulties during the Covid-19 pandemic, leading to a suspension of operations and unrealized receivables, resulting in financial losses. The company defaulted on its financial obligations to its Financial Creditor and Operational Creditors, amounting to Rs. 12,71,35,392/- as of 27.01.2022. Axis Bank Limited is the only Secured Financial Creditor with outstanding dues of Rs. 3,90,06,475 on account of CC limit, Rs. 77,44,965 on account of term loan, and Rs. 1,57,16,653 on account of ECLGS. The account of the Corporate Applicant was
…Guruanand Silk Mills…
The financial debt…