The case pertains to an application filed by M/s Seven H Logistics Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company claimed a total default amount of Rs. 15,56,40,912/-. The application was filed due to financial difficulties, including the collapse of its main operations and the accumulation of debt. An operational creditor, M/s Advanced Construction Technologies (P) Ltd., opposed the petition, alleging malafide intention and claiming to be a secured creditor. The petitioner denied these allegations and argued that the operational creditor was legally classified as such under the IBC.
M/s Seven H Logistics Private Limited, a private limited company incorporated on 29.02.2008, filed an application under Section 10 of the IBC, 2016, to initiate CIRP in respect of itself. The company's registered office is located in Bangalore. The authorized capital is Rs. 1,00,00,000/-, and the paid-up capital is Rs. 51,00,000/-. The main business is cargo handling. The company defaulted on payments to its creditors, with a total debt of Rs 27,84,31,366/-, out of which accepted default dues are Rs 15,54,40,912/-. The company's logistics services for SICAL were abandoned due to landslides, and operations at Karaikal Port were withdrawn due to pollution control board directions. The net worth of the company is eroding due to financial losses. M/s Advanced Construction
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The case pertains to an application filed by M/s Seven H Logistics Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company claimed a total default amount of Rs. 15,56,40,912/-. The application was filed due to financial difficulties, including the collapse of its main operations and the accumulation of debt. An operational creditor, M/s Advanced Construction Technologies (P) Ltd., opposed the petition, alleging malafide intention and claiming to be a secured creditor. The petitioner denied these allegations and argued that the operational creditor was legally classified as such under the IBC.
M/s Seven H Logistics Private Limited, a private limited company incorporated on 29.02.2008, filed an application under Section 10 of the IBC, 2016, to initiate CIRP in respect of itself. The company's registered office is located in Bangalore. The authorized capital is Rs. 1,00,00,000/-, and the paid-up capital is Rs. 51,00,000/-. The main business is cargo handling. The company defaulted on payments to its creditors, with a total debt of Rs 27,84,31,366/-, out of which accepted default dues are Rs 15,54,40,912/-. The company's logistics services for SICAL were abandoned due to landslides, and operations at Karaikal Port were withdrawn due to pollution control board directions. The net worth of the company is eroding due to financial losses. M/s Advanced Construction
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