Power Max (India) Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company faced financial difficulties due to the COVID-19 pandemic and subsequent lockdown, which disrupted operations, affected contract execution, and eroded liquidity. The company's application was supported by a special resolution passed by its shareholders. Cobit Engineering Private Limited and Singhvi Rolling Shutters & Engineering Works, being operational creditors, filed applications (IA (I.B.C) No. 825/KB/2022 and IA (I.B.C) No. 58/KB/2023 respectively) seeking directions for Power Max to pay outstanding amounts.
Power Max (India) Private Limited, incorporated on April 28, 1984, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against itself. The company, engaged in providing integrated engineering services, faced financial difficulties due to the COVID-19 pandemic and lockdown. The company's operations were disrupted, leading to failure in honoring contract timelines. Customers adjusted caution money deposits and invoked bank guarantees, resulting in defaults on cash credit and other facilities. The company approached Indian Bank for restructuring its credit facilities, but the bank did not provide the necessary support. The company defaulted on payments to the tune of Rs. 40.50 Crores as of January 3, 2022. The company
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Power Max (India) Private Limited was…
Board Resolution dated…
Power Max (India) Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company faced financial difficulties due to the COVID-19 pandemic and subsequent lockdown, which disrupted operations, affected contract execution, and eroded liquidity. The company's application was supported by a special resolution passed by its shareholders. Cobit Engineering Private Limited and Singhvi Rolling Shutters & Engineering Works, being operational creditors, filed applications (IA (I.B.C) No. 825/KB/2022 and IA (I.B.C) No. 58/KB/2023 respectively) seeking directions for Power Max to pay outstanding amounts.
Power Max (India) Private Limited, incorporated on April 28, 1984, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against itself. The company, engaged in providing integrated engineering services, faced financial difficulties due to the COVID-19 pandemic and lockdown. The company's operations were disrupted, leading to failure in honoring contract timelines. Customers adjusted caution money deposits and invoked bank guarantees, resulting in defaults on cash credit and other facilities. The company approached Indian Bank for restructuring its credit facilities, but the bank did not provide the necessary support. The company defaulted on payments to the tune of Rs. 40.50 Crores as of January 3, 2022. The company
…Power Max (India) Private Limited was…
Board Resolution dated…