The case pertains to an application filed by M/s Veertam Comtrade Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The Corporate Applicant has committed default in paying the debt, which is a financial debt of Rs. 11,50,00,000/- owed to 2 Financial Creditors. The Corporate Applicant is a private limited company incorporated on 16.05.2011 under the provisions of the Companies Act, 2013.
M/s Veertam Comtrade 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). The company defaulted on a financial debt of Rs. 11,50,00,000/- owed to two financial creditors: Komaf Financial Services Private Limited (Rs. 3,00,00,000/-) and Infina Finance Private Limited (Rs. 8,50,00,000/-). A board resolution dated 14.12.2022 authorized the filing of the application. The total debt raised was Rs. 17.50 crores. The Corporate Applicant proposed Mr. Chetan T. Shah as the IRP. The financial creditors submitted their no objection to the matter. The applicant filed a compliance affidavit stating that it is not regulated or registered with any
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The Corporate Applicant, Veertam Comtrade…
The board of directors of the Corporate…
The case pertains to an application filed by M/s Veertam Comtrade Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The Corporate Applicant has committed default in paying the debt, which is a financial debt of Rs. 11,50,00,000/- owed to 2 Financial Creditors. The Corporate Applicant is a private limited company incorporated on 16.05.2011 under the provisions of the Companies Act, 2013.
M/s Veertam Comtrade 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). The company defaulted on a financial debt of Rs. 11,50,00,000/- owed to two financial creditors: Komaf Financial Services Private Limited (Rs. 3,00,00,000/-) and Infina Finance Private Limited (Rs. 8,50,00,000/-). A board resolution dated 14.12.2022 authorized the filing of the application. The total debt raised was Rs. 17.50 crores. The Corporate Applicant proposed Mr. Chetan T. Shah as the IRP. The financial creditors submitted their no objection to the matter. The applicant filed a compliance affidavit stating that it is not regulated or registered with any
…The Corporate Applicant, Veertam Comtrade…
The board of directors of the Corporate…