The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Stera Engineering (India) Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company defaulted on financial obligations to its Financial Creditors and Operational Creditors. The Corporate Applicant's entire capital was lost, and no business was carried on for over a year. The applicant preferred this application to initiate CIRP against itself.
Stera Engineering (India) Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 10.09.2008, defaulted on financial obligations to its Financial Creditors and Operational Creditors. The total default amount was Rs.19,54,27,845/-. The company's entire capital was lost, and no business was conducted for over a year. A loan agreement dated 04.01.2019 with Stera Group OY for 0.3 Million Euro was in default. The company also defaulted on repayments to Finnish Fund for Industrial Corporation Ltd and received a demand notice from the Income Tax Department, which imposed a penalty of Rs.40,00,000/-. The shareholders passed a special
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Stera Engineering…
The Corporate Applicant entered into a Loan…
The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Stera Engineering (India) Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company defaulted on financial obligations to its Financial Creditors and Operational Creditors. The Corporate Applicant's entire capital was lost, and no business was carried on for over a year. The applicant preferred this application to initiate CIRP against itself.
Stera Engineering (India) Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 10.09.2008, defaulted on financial obligations to its Financial Creditors and Operational Creditors. The total default amount was Rs.19,54,27,845/-. The company's entire capital was lost, and no business was conducted for over a year. A loan agreement dated 04.01.2019 with Stera Group OY for 0.3 Million Euro was in default. The company also defaulted on repayments to Finnish Fund for Industrial Corporation Ltd and received a demand notice from the Income Tax Department, which imposed a penalty of Rs.40,00,000/-. The shareholders passed a special
…Stera Engineering…
The Corporate Applicant entered into a Loan…