The case pertains to an application filed by M/s Wizard Biotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant, being the Corporate Debtor itself, sought to initiate CIRP. The company's financial status revealed a negative amount of reserves and surplus. The company also acknowledged a default against Axis Bank and other operational creditors. The application was filed due to the company's inability to meet its financial obligations, including a significant debt to Axis Bank, which had already initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Mumbai.
M/s Wizard Biotech Private Limited (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's CIN is U24232RJ2000PTC016627, and its registered office is located in Kota, Rajasthan. The company's authorized and paid-up share capital is Rs. 50,00,000/- each. The Corporate Debtor has three shareholders and directors: Mr. Rajeev Bajpai, Mr. Bijnath Shivshankar Bajpai (deceased), and Ms. Richa Rajeev Bajpai. A special resolution was passed on 02.03.2022 for filing the application. Axis Bank Limited, a financial creditor, has filed a case before Debt Recovery Tribunal (DRT), Mumbai, for a default of Rs. 6,24,11,928/-. The Corporate Debtor's assets,
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M/s Wizard Biotech…
Mr. Rajeev Baijnath…
The case pertains to an application filed by M/s Wizard Biotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant, being the Corporate Debtor itself, sought to initiate CIRP. The company's financial status revealed a negative amount of reserves and surplus. The company also acknowledged a default against Axis Bank and other operational creditors. The application was filed due to the company's inability to meet its financial obligations, including a significant debt to Axis Bank, which had already initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Mumbai.
M/s Wizard Biotech Private Limited (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's CIN is U24232RJ2000PTC016627, and its registered office is located in Kota, Rajasthan. The company's authorized and paid-up share capital is Rs. 50,00,000/- each. The Corporate Debtor has three shareholders and directors: Mr. Rajeev Bajpai, Mr. Bijnath Shivshankar Bajpai (deceased), and Ms. Richa Rajeev Bajpai. A special resolution was passed on 02.03.2022 for filing the application. Axis Bank Limited, a financial creditor, has filed a case before Debt Recovery Tribunal (DRT), Mumbai, for a default of Rs. 6,24,11,928/-. The Corporate Debtor's assets,
…M/s Wizard Biotech…
Mr. Rajeev Baijnath…