The case involves an application by Shandong Chunlong Group India Private Limited, the Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to financial distress, rejection of Foreign Direct Investment (FDI) proposals, and a decline in business operations during the COVID-19 pandemic. The Corporate Applicant is primarily engaged in the manufacturing of detergent powder.
Shandong Chunlong Group India Private Limited (the Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company's authorized representative filed the application, supported by a Board Resolution dated 24.07.2023. The company was incorporated on 29.05.2017 and is engaged in the manufacturing of detergent powder. The company faced financial difficulties due to the rejection of FDI proposals and the COVID-19 pandemic, leading to a decline in business operations and financial losses. The company has no financial creditors but has operational creditors. A contract/agreement dated 29.05.2017 was executed between the Corporate Applicant and the
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Shandong Chunlong Group…
A contract/agreement was executed between…
The case involves an application by Shandong Chunlong Group India Private Limited, the Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to financial distress, rejection of Foreign Direct Investment (FDI) proposals, and a decline in business operations during the COVID-19 pandemic. The Corporate Applicant is primarily engaged in the manufacturing of detergent powder.
Shandong Chunlong Group India Private Limited (the Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company's authorized representative filed the application, supported by a Board Resolution dated 24.07.2023. The company was incorporated on 29.05.2017 and is engaged in the manufacturing of detergent powder. The company faced financial difficulties due to the rejection of FDI proposals and the COVID-19 pandemic, leading to a decline in business operations and financial losses. The company has no financial creditors but has operational creditors. A contract/agreement dated 29.05.2017 was executed between the Corporate Applicant and the
…Shandong Chunlong Group…
A contract/agreement was executed between…