Gargo Motors Ltd., a public limited company and authorized dealer of Tata Motors Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company cited its inability to discharge financial and operational liabilities, including a financial debt of ₹1,07,60,711/- to Tata Motors Finance Limited (evidenced by an arbitral award) and statutory GST liabilities to the Central Goods and Services Tax Department. The company's directors and members had passed resolutions to initiate CIRP.
Gargo Motors Ltd. (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge financial and operational liabilities.
Gargo Motors Ltd. is a public limited company incorporated on 2nd June 1997 under the Companies Act, 1956.
The company is registered with the Registrar of Companies, Guwahati, bearing CIN No. U50101AS1997PLC005081.
Its registered office is situated at A.T. road, Hijuguri, Tinsukia, Assam-786125.
The Nominal Share Capital of the Corporate Debtor is Rs.2,00,00,000.00, and the paid-up Share Capital is Rs.1,64,50,000.00.
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Gargo Motors Ltd. was incorporated as a public…
An Agreement for Promotion of Tata Vehicles…
Gargo Motors Ltd., a public limited company and authorized dealer of Tata Motors Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company cited its inability to discharge financial and operational liabilities, including a financial debt of ₹1,07,60,711/- to Tata Motors Finance Limited (evidenced by an arbitral award) and statutory GST liabilities to the Central Goods and Services Tax Department. The company's directors and members had passed resolutions to initiate CIRP.
Gargo Motors Ltd. (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge financial and operational liabilities.
Gargo Motors Ltd. is a public limited company incorporated on 2nd June 1997 under the Companies Act, 1956.
The company is registered with the Registrar of Companies, Guwahati, bearing CIN No. U50101AS1997PLC005081.
Its registered office is situated at A.T. road, Hijuguri, Tinsukia, Assam-786125.
The Nominal Share Capital of the Corporate Debtor is Rs.2,00,00,000.00, and the paid-up Share Capital is Rs.1,64,50,000.00.
…Gargo Motors Ltd. was incorporated as a public…
An Agreement for Promotion of Tata Vehicles…