Corporate Insolvency Initiated for Loss-Making Builder Despite Financial Creditor Objections

In re Vasoo Builders Private Limited (NCLT Bengaluru) Conclusion: Application for voluntary initiation of Corporate Insolvency Resolution Process (CIRP) had been admitted under section 10 of IBC, 2016, read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) as from the audited financials of assessee for the years 2020-2021 to 2022-2023, it was seen that the Corporate Applicant was suffering substantial Losses. Held: The petition was filed u/s 10 of IBC by Vasoo Builders Pvt. Ltd. (Corporate Applicant) seeking initiation of CIRP read with Rule 7 of Insolvency and B...