The case pertains to a petition filed by M/s. Kaanha Shipping Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its inability to meet its obligations to its Operational Creditors. The Corporate Debtor was incorporated on 25.02.2005. The shareholders passed a special resolution on 11.11.2022 to initiate CIRP. One of the Operational Creditors, Visakhapatnam Port Trust, had issued demand notices and filed a suit for recovery of dues.
M/s. Kaanha Shipping Private Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 25.02.2005. The Corporate Debtor defaulted on repayment of Rs.4,14,29,056/- as on 16.08.2017. The shareholders passed a special resolution on 11.11.2022 to initiate CIRP. Visakhapatnam Port Trust, an Operational Creditor, issued demand notices on 16.08.2017 and 20.07.2018 and filed a suit for recovery of Rs. 5,77,16,671/- on 12.09.2018. The Corporate Debtor's net worth is completely eroded. The Corporate Debtor filed the petition seeking to initiate CIRP.
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Kaanha Shipping…
Visakhapatnam Port…
The case pertains to a petition filed by M/s. Kaanha Shipping Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its inability to meet its obligations to its Operational Creditors. The Corporate Debtor was incorporated on 25.02.2005. The shareholders passed a special resolution on 11.11.2022 to initiate CIRP. One of the Operational Creditors, Visakhapatnam Port Trust, had issued demand notices and filed a suit for recovery of dues.
M/s. Kaanha Shipping Private Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 25.02.2005. The Corporate Debtor defaulted on repayment of Rs.4,14,29,056/- as on 16.08.2017. The shareholders passed a special resolution on 11.11.2022 to initiate CIRP. Visakhapatnam Port Trust, an Operational Creditor, issued demand notices on 16.08.2017 and 20.07.2018 and filed a suit for recovery of Rs. 5,77,16,671/- on 12.09.2018. The Corporate Debtor's net worth is completely eroded. The Corporate Debtor filed the petition seeking to initiate CIRP.
Kaanha Shipping…
Visakhapatnam Port…