The case pertains to an application filed by Sarga Udaipur Hotels and Resorts Private (formerly known as Shristi Udaipur Hotels and Resorts Private Limited) under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts, with financial creditors initiating proceedings under the SARFAESI Act, 2002, and operational creditors sending demand notices. The corporate applicant was incorporated on 02.02.2007 and is involved in the business of hotels, camping sites, and other provisions of short-stay accommodations.
Sarga Udaipur Hotels and Resorts Private, formerly known as Shristi Udaipur Hotels and Resorts Private Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on February 2, 2007, operates in the hospitality sector, providing hotel and camping site services. The application was prompted by the company's inability to repay debts owed to various financial and operational creditors, totaling Rs. 29,52,27,575 as of July 15, 2021. Financial creditors had initiated proceedings under the SARFAESI Act, 2002, and operational creditors had issued demand notices. The company's financial distress was compounded by a lack of new
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The Corporate Applicant,…
Board Resolution dated…
The case pertains to an application filed by Sarga Udaipur Hotels and Resorts Private (formerly known as Shristi Udaipur Hotels and Resorts Private Limited) under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts, with financial creditors initiating proceedings under the SARFAESI Act, 2002, and operational creditors sending demand notices. The corporate applicant was incorporated on 02.02.2007 and is involved in the business of hotels, camping sites, and other provisions of short-stay accommodations.
Sarga Udaipur Hotels and Resorts Private, formerly known as Shristi Udaipur Hotels and Resorts Private Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on February 2, 2007, operates in the hospitality sector, providing hotel and camping site services. The application was prompted by the company's inability to repay debts owed to various financial and operational creditors, totaling Rs. 29,52,27,575 as of July 15, 2021. Financial creditors had initiated proceedings under the SARFAESI Act, 2002, and operational creditors had issued demand notices. The company's financial distress was compounded by a lack of new
…The Corporate Applicant,…
Board Resolution dated…