The case pertains to an application filed by Sagar Automobiles Pvt Ltd under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, engaged in the business of selling vehicles, faced financial difficulties leading to the cessation of business in 2017. The applicant defaulted on loan repayments to various financial creditors, including Punjab National Bank and Mahindra & Mahindra Financial Services Ltd. The application was filed through its director, Mr. Yahaya Khan, and the corporate applicant proposed the name of Mr. Ashutosh Gokhale as the Interim Resolution Professional (IRP). However, the consent for the proposed IRP was later withdrawn.
Sagar Automobiles Pvt Ltd, incorporated on 06.07.1995, engaged in the business of selling vehicles, with a registered address at 8/13, Babji Nagar, A.B. Road, Niranjanpur, Dewas Naka, Indore, Madhya Pradesh- 452010. The company's nominal share capital is Rs 3,15,00,000/- and the paid-up share capital is Rs 2,37,00,000/-. Due to financial difficulties, the business stopped in 2017. The company took loans from Mahindra and Mahindra Financial Services Ltd, secured by a mortgage on immovable property, and from Punjab National Bank for Rs 9.5 Crore, hypothecated on stocks and mortgaged immovable property. Mahindra and Mahindra Finance Ltd and Punjab National Bank issued notices due to non-payment of the loan. As of 18.01.2020, the company had 10 financial creditors
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Sagar Automobi…
The business of the…
The case pertains to an application filed by Sagar Automobiles Pvt Ltd under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, engaged in the business of selling vehicles, faced financial difficulties leading to the cessation of business in 2017. The applicant defaulted on loan repayments to various financial creditors, including Punjab National Bank and Mahindra & Mahindra Financial Services Ltd. The application was filed through its director, Mr. Yahaya Khan, and the corporate applicant proposed the name of Mr. Ashutosh Gokhale as the Interim Resolution Professional (IRP). However, the consent for the proposed IRP was later withdrawn.
Sagar Automobiles Pvt Ltd, incorporated on 06.07.1995, engaged in the business of selling vehicles, with a registered address at 8/13, Babji Nagar, A.B. Road, Niranjanpur, Dewas Naka, Indore, Madhya Pradesh- 452010. The company's nominal share capital is Rs 3,15,00,000/- and the paid-up share capital is Rs 2,37,00,000/-. Due to financial difficulties, the business stopped in 2017. The company took loans from Mahindra and Mahindra Financial Services Ltd, secured by a mortgage on immovable property, and from Punjab National Bank for Rs 9.5 Crore, hypothecated on stocks and mortgaged immovable property. Mahindra and Mahindra Finance Ltd and Punjab National Bank issued notices due to non-payment of the loan. As of 18.01.2020, the company had 10 financial creditors
…Sagar Automobi…
The business of the…