The case involves a petition filed by UR Sinter Private Limited, the corporate debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor's account with Kangra Central Co-operative Bank Ltd. was declared NPA due to business recession in 2019. The State Taxes and Excise Department also issued GST demand orders and sealed the factory premises, attaching movable and immovable assets. The corporate debtor claims inability to repay its liabilities and seeks relief from the Adjudicating Authority.
UR Sinter Private Limited filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's account was declared NPA by Kangra Central Co-operative Bank Ltd. on 01.11.2019 due to business recession in 2019. The State Taxes and Excise Department issued GST demand orders on 20.05.2019 and 23.04.2021. The factory premises were sealed, and assets were attached on 30.07.2021. An auction notice was issued on 03.09.2021. The company's nominal and paid-up share capital is ₹4,40,00,000/-. The company is engaged in manufacturing and exporting chaff cutter machines and spare parts. Kangra Central Co-operative Bank Ltd. sanctioned a loan of 19.50 Cr on 09.04.2015. The State Taxes and Excise Department claimed ₹30,40,72,355.065/- towards GST for the years
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Kangra Central Co-operative Bank Ltd.…
The account of UR Sinter Private Limited was…
The case involves a petition filed by UR Sinter Private Limited, the corporate debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor's account with Kangra Central Co-operative Bank Ltd. was declared NPA due to business recession in 2019. The State Taxes and Excise Department also issued GST demand orders and sealed the factory premises, attaching movable and immovable assets. The corporate debtor claims inability to repay its liabilities and seeks relief from the Adjudicating Authority.
UR Sinter Private Limited filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's account was declared NPA by Kangra Central Co-operative Bank Ltd. on 01.11.2019 due to business recession in 2019. The State Taxes and Excise Department issued GST demand orders on 20.05.2019 and 23.04.2021. The factory premises were sealed, and assets were attached on 30.07.2021. An auction notice was issued on 03.09.2021. The company's nominal and paid-up share capital is ₹4,40,00,000/-. The company is engaged in manufacturing and exporting chaff cutter machines and spare parts. Kangra Central Co-operative Bank Ltd. sanctioned a loan of 19.50 Cr on 09.04.2015. The State Taxes and Excise Department claimed ₹30,40,72,355.065/- towards GST for the years
…Kangra Central Co-operative Bank Ltd.…
The account of UR Sinter Private Limited was…