The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by Meenesh Irrigation India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, a private limited MSME, was incorporated on 25.04.2012 and is engaged in manufacturing and trading irrigation systems and pipes. The company faced financial difficulties due to demonetization and the Covid-19 pandemic, leading to its inability to repay its debts. IDBI Bank and MPFC objected to the admission of the application.
Meenesh Irrigation India Private Limited, a private limited MSME company incorporated on 25.04.2012, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against itself. The company is engaged in the business of manufacturing and trading irrigation systems and pipes. The company took a loan of Rs. 315 lacs from Madhya Pradesh Financial Corporation (MPFC) in 2016 and another loan of Rs. 105 lacs in 2018, of which only Rs. 28.5 lacs were disbursed. It also availed a cash credit facility of Rs. 90 lacs from IDBI Bank on 25.05.2017. Due to demonetization in November 2016 and the Covid-19 pandemic in 2020 and 2021, the company's operations were severely affected, leading to its inability to repay its debts. The company's
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Meenesh Irrigation…
The applicant took a…
The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by Meenesh Irrigation India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, a private limited MSME, was incorporated on 25.04.2012 and is engaged in manufacturing and trading irrigation systems and pipes. The company faced financial difficulties due to demonetization and the Covid-19 pandemic, leading to its inability to repay its debts. IDBI Bank and MPFC objected to the admission of the application.
Meenesh Irrigation India Private Limited, a private limited MSME company incorporated on 25.04.2012, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against itself. The company is engaged in the business of manufacturing and trading irrigation systems and pipes. The company took a loan of Rs. 315 lacs from Madhya Pradesh Financial Corporation (MPFC) in 2016 and another loan of Rs. 105 lacs in 2018, of which only Rs. 28.5 lacs were disbursed. It also availed a cash credit facility of Rs. 90 lacs from IDBI Bank on 25.05.2017. Due to demonetization in November 2016 and the Covid-19 pandemic in 2020 and 2021, the company's operations were severely affected, leading to its inability to repay its debts. The company's
…Meenesh Irrigation…
The applicant took a…