The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Jiji Industries Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated in 2003, faced financial difficulties leading to the cessation of its business operations in 2012. The application was filed on 23.02.2023 by Mr. Gourav Mungad, a director of the company. The company has outstanding financial and operational debts. The applicant has also provided balance sheets for the financial years 2020-21, 2021-22, and a provisional balance sheet for 2022-23.
Jiji Industries Limited, incorporated on 01.05.2003, filed an application on 23.02.2023 under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company's business operations ceased in 2012 due to financial crisis and a fire that destroyed raw materials, finished goods, and records. As of 10.02.2023, the company had outstanding financial debts of Rs 4,20,57,394 and operational debts of Rs 8,32,65,518. The company availed loan facilities from banks, which were paid in full until 2019. The company's board passed a resolution on 02.01.2023 to consider CIRP, and a special resolution was passed on 24.01.2023. The Adjudicating Authority directed the applicant to serve notices to creditors and advertise the hearing, which was complied
…Sign in to view the parties.
Jiji Industries…
Jiji Industries Limited…
The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Jiji Industries Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated in 2003, faced financial difficulties leading to the cessation of its business operations in 2012. The application was filed on 23.02.2023 by Mr. Gourav Mungad, a director of the company. The company has outstanding financial and operational debts. The applicant has also provided balance sheets for the financial years 2020-21, 2021-22, and a provisional balance sheet for 2022-23.
Jiji Industries Limited, incorporated on 01.05.2003, filed an application on 23.02.2023 under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company's business operations ceased in 2012 due to financial crisis and a fire that destroyed raw materials, finished goods, and records. As of 10.02.2023, the company had outstanding financial debts of Rs 4,20,57,394 and operational debts of Rs 8,32,65,518. The company availed loan facilities from banks, which were paid in full until 2019. The company's board passed a resolution on 02.01.2023 to consider CIRP, and a special resolution was passed on 24.01.2023. The Adjudicating Authority directed the applicant to serve notices to creditors and advertise the hearing, which was complied
…Jiji Industries…
Jiji Industries Limited…