The Corporate Applicant, NAC ADVERTISING INDIA PRIVATE LIMITED, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP).
NAC ADVERTISING INDIA PRIVATE LIMITED was incorporated on 12.12.1983 under the Companies Act, 1956.
The Corporate Applicant has an authorized share capital of Rs. 25,00,000/- and is involved in the business of advertisement services.
The Corporate Applicant took loans from Fortune Credit Capital (United Petro Finance Limited), IndusInd Bank, and Insta Capital Bank, as well as operational debt from some creditors.
The Company has been incurring losses for the last 6 to 8 years and is unable to pay off its creditors.
IndusInd Bank transferred the financial asset to Edelweiss Asset Reconstruction Company Ltd. on 28.03.2022.
The total debt amounting to default is Rs. 9,92,04,452.09/-.
The liabilities of the Corporate Applicant exceed its assets.
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NAC ADVERTISING INDIA…
IndusInd Bank transferred the financial asset…
The Corporate Applicant, NAC ADVERTISING INDIA PRIVATE LIMITED, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP).
NAC ADVERTISING INDIA PRIVATE LIMITED was incorporated on 12.12.1983 under the Companies Act, 1956.
The Corporate Applicant has an authorized share capital of Rs. 25,00,000/- and is involved in the business of advertisement services.
The Corporate Applicant took loans from Fortune Credit Capital (United Petro Finance Limited), IndusInd Bank, and Insta Capital Bank, as well as operational debt from some creditors.
The Company has been incurring losses for the last 6 to 8 years and is unable to pay off its creditors.
IndusInd Bank transferred the financial asset to Edelweiss Asset Reconstruction Company Ltd. on 28.03.2022.
The total debt amounting to default is Rs. 9,92,04,452.09/-.
The liabilities of the Corporate Applicant exceed its assets.
…NAC ADVERTISING INDIA…
IndusInd Bank transferred the financial asset…