Vizag Agriport Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. It was a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited. The project faced heavy losses, leading to a mutual decision to terminate it. The Corporate Applicant defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. A board resolution was passed on 30.05.2020 to initiate CIRP, and shareholders
…Vizag Agriport Private Limited, a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited, was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. The company was awarded a 30-year concession on 18.05.2012. During the initial five years, the company incurred heavy expenditure and sustained heavy losses. A consultation meeting on 17.02.2016 led to a mutual decision to terminate the project, and a Deed of Mutual Cancellation was executed on 21.02.2017. Due to the closure of business operations, the company defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. The company's financial statements as of 31.03.2021 showed a negative balance of Rs.22.91 crores and a
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Vizag Agriport Private Limited was…
The Corporate Applicant was awarded a 30-year…
Vizag Agriport Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. It was a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited. The project faced heavy losses, leading to a mutual decision to terminate it. The Corporate Applicant defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. A board resolution was passed on 30.05.2020 to initiate CIRP, and shareholders
…Vizag Agriport Private Limited, a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited, was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. The company was awarded a 30-year concession on 18.05.2012. During the initial five years, the company incurred heavy expenditure and sustained heavy losses. A consultation meeting on 17.02.2016 led to a mutual decision to terminate the project, and a Deed of Mutual Cancellation was executed on 21.02.2017. Due to the closure of business operations, the company defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. The company's financial statements as of 31.03.2021 showed a negative balance of Rs.22.91 crores and a
…Vizag Agriport Private Limited was…
The Corporate Applicant was awarded a 30-year…