Kadkomp Systems Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company cited financial difficulties due to a slowdown in the automotive industry, demonetization, and the COVID-19 pandemic as reasons for defaulting on its debts. The application was filed on 31.10.2021.
Kadkomp Systems Private Limited, incorporated on 07.07.1989, filed an application on 31.10.2021 under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company operates as an engineering services company providing Weld-line Fixture designing and CAD/CAM software solutions. The company's business was impacted by a slowdown in the automotive industry, demonetization, and the COVID-19 pandemic. The company has seventeen Operational Creditors and two Financial Creditors. The total debt obligation stands at Rs. 5,33,74,171/-, including Rs. 4,08,28,150/- owed to Financial Creditors and Rs. 44,02,022.87/- owed to Operational Creditors, along with statutory liabilities totalling Rs.81,43,997.96/-. Indian Overseas Bank and IDFC First Bank
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Kadkomp Systems…
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Kadkomp Systems Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company cited financial difficulties due to a slowdown in the automotive industry, demonetization, and the COVID-19 pandemic as reasons for defaulting on its debts. The application was filed on 31.10.2021.
Kadkomp Systems Private Limited, incorporated on 07.07.1989, filed an application on 31.10.2021 under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The company operates as an engineering services company providing Weld-line Fixture designing and CAD/CAM software solutions. The company's business was impacted by a slowdown in the automotive industry, demonetization, and the COVID-19 pandemic. The company has seventeen Operational Creditors and two Financial Creditors. The total debt obligation stands at Rs. 5,33,74,171/-, including Rs. 4,08,28,150/- owed to Financial Creditors and Rs. 44,02,022.87/- owed to Operational Creditors, along with statutory liabilities totalling Rs.81,43,997.96/-. Indian Overseas Bank and IDFC First Bank
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