Intarvo Technologies Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself as the Corporate Debtor. The company acknowledged its inability to meet financial obligations due to accumulated losses and economic setbacks. The application was supported by a special resolution passed by the shareholders.
Intarvo Technologies Private Limited, incorporated on 28.01.2001, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company cited accumulated losses and economic setbacks as reasons for its inability to discharge statutory and contractual obligations. As of 30.11.2022, the company had an aggregated debt of Rs.2,29,10,842/-, including a Financial Debt of Rs.67,65,488/- and an Operational Debt of Rs.1,61,45,354/-. The shareholders passed a Special Resolution on 05.12.2022 to initiate CIRP. The company's audited financial statements for 2021-22 indicated that the balance sheet was prepared other than on a Going Concern Assumption, with the company incurring cash losses and its net worth fully eroded.
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Intarvo Technologies…
Shareholders of the…
Intarvo Technologies Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself as the Corporate Debtor. The company acknowledged its inability to meet financial obligations due to accumulated losses and economic setbacks. The application was supported by a special resolution passed by the shareholders.
Intarvo Technologies Private Limited, incorporated on 28.01.2001, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company cited accumulated losses and economic setbacks as reasons for its inability to discharge statutory and contractual obligations. As of 30.11.2022, the company had an aggregated debt of Rs.2,29,10,842/-, including a Financial Debt of Rs.67,65,488/- and an Operational Debt of Rs.1,61,45,354/-. The shareholders passed a Special Resolution on 05.12.2022 to initiate CIRP. The company's audited financial statements for 2021-22 indicated that the balance sheet was prepared other than on a Going Concern Assumption, with the company incurring cash losses and its net worth fully eroded.
…Intarvo Technologies…
Shareholders of the…