RSI Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company, an MSME, faced financial difficulties due to market conditions and inability to meet export obligations. It had outstanding dues to Customs Authorities and had previously been declared a sick unit, with references to BIFR. The application was filed after earlier proceedings were dismissed or withdrawn.
RSI Private Limited, an MSME with 150-200 workers, engaged in manufacturing, importing, and exporting polymer and cast-iron products, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company faced financial distress due to market conditions, leading to its inability to meet export obligations under advance licenses granted under the Foreign Trade Policy. The company defaulted on payments to the Customs Authorities, with outstanding dues of Rs. 5,17,47,242/- as of 01.12.2016 and Rs. 9,12,81,472/- as of 15.03.2019. The company's net worth was negative as of March 2017, with liabilities exceeding assets. The company had previously been declared a sick unit and
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RSI Private Lim…
RSI Private Limited converted into a public…
RSI Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company, an MSME, faced financial difficulties due to market conditions and inability to meet export obligations. It had outstanding dues to Customs Authorities and had previously been declared a sick unit, with references to BIFR. The application was filed after earlier proceedings were dismissed or withdrawn.
RSI Private Limited, an MSME with 150-200 workers, engaged in manufacturing, importing, and exporting polymer and cast-iron products, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company faced financial distress due to market conditions, leading to its inability to meet export obligations under advance licenses granted under the Foreign Trade Policy. The company defaulted on payments to the Customs Authorities, with outstanding dues of Rs. 5,17,47,242/- as of 01.12.2016 and Rs. 9,12,81,472/- as of 15.03.2019. The company's net worth was negative as of March 2017, with liabilities exceeding assets. The company had previously been declared a sick unit and
…RSI Private Lim…
RSI Private Limited converted into a public…