The case pertains to an application filed by Rudraksh Dealcom Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on 29/01/2008, faced financial difficulties, with its net worth eroding in F.Y. 2014-15. Despite efforts and support from stakeholders, the company could not achieve its planned turnover due to external and internal environmental changes and the impact of the COVID-19 pandemic.
Rudraksh Dealcom Private Limited (CIN: U51109WB2008PTC122189) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against itself. The company's net worth eroded in F.Y. 2014-15, and financial statements were not prepared on a going concern basis. The company faced challenges due to external and internal environmental changes and the COVID-19 pandemic. As of 20.10.2021, the total debt owed to Financial Creditors was Rs. 5,00,000, and to Operational Creditors was Rs. 2,64,51,390. The application was authorized by a Board Resolution dated 16/09/2021. The Corporate Applicant proposed Mr. Neeraj Jain as the IRP. The members of the Corporate Applicant gave their consent by way of a resolution passed in the Extra
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The Corporate Applicant…
In F.Y. 2014-15, the…
The case pertains to an application filed by Rudraksh Dealcom Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on 29/01/2008, faced financial difficulties, with its net worth eroding in F.Y. 2014-15. Despite efforts and support from stakeholders, the company could not achieve its planned turnover due to external and internal environmental changes and the impact of the COVID-19 pandemic.
Rudraksh Dealcom Private Limited (CIN: U51109WB2008PTC122189) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against itself. The company's net worth eroded in F.Y. 2014-15, and financial statements were not prepared on a going concern basis. The company faced challenges due to external and internal environmental changes and the COVID-19 pandemic. As of 20.10.2021, the total debt owed to Financial Creditors was Rs. 5,00,000, and to Operational Creditors was Rs. 2,64,51,390. The application was authorized by a Board Resolution dated 16/09/2021. The Corporate Applicant proposed Mr. Neeraj Jain as the IRP. The members of the Corporate Applicant gave their consent by way of a resolution passed in the Extra
…The Corporate Applicant…
In F.Y. 2014-15, the…