The case pertains to an application filed by Ultramine Pipetech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts and its admission of default amounting to ₹12,33,36,549/-. The company cited adverse market conditions, volatility, and continuous losses as reasons for its financial distress.
Ultramine Pipetech Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company, incorporated on April 3, 2007, with a nominal share capital of ₹20,00,000/- and a paid-up share capital of ₹14,50,000/-, admitted to a default of ₹12,33,36,549/-. The application was filed through its Director, Mr. Gopi Krishna Ganguly, authorized by a Board Resolution dated July 1, 2022, and an Extra Ordinary General Meeting held on July 28, 2022. The shareholders consented to the application through a special resolution passed in the Annual General Meeting held on July 28, 2022. The company cited adverse market conditions and continuous losses as reasons for its financial distress, leading to its
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Ultramine Pipetech…
Board Resolution passed…
The case pertains to an application filed by Ultramine Pipetech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts and its admission of default amounting to ₹12,33,36,549/-. The company cited adverse market conditions, volatility, and continuous losses as reasons for its financial distress.
Ultramine Pipetech Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company, incorporated on April 3, 2007, with a nominal share capital of ₹20,00,000/- and a paid-up share capital of ₹14,50,000/-, admitted to a default of ₹12,33,36,549/-. The application was filed through its Director, Mr. Gopi Krishna Ganguly, authorized by a Board Resolution dated July 1, 2022, and an Extra Ordinary General Meeting held on July 28, 2022. The shareholders consented to the application through a special resolution passed in the Annual General Meeting held on July 28, 2022. The company cited adverse market conditions and continuous losses as reasons for its financial distress, leading to its
…Ultramine Pipetech…
Board Resolution passed…