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Awarding of order(s)/contract(s)
DistressDeterioratingCriticalmateriality 98 out of 100
What happened
FactAwarding of order(s)/contract(s). has received the Relief Order in the Matter of M/s. Ashapura Intimates Fashion Limited. passed by the National Company Law Tribunal (NCLT), Mumbai Bench.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
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Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- INSOLVENCY base 93; +5 quantified amount; explicit insolvency/default evidence present; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%