Corporate Insolvency Resolution Process
DistressDeterioratingCriticalmateriality 100 out of 100
What happened
FactCorporate Insolvency Resolution Process. IBC, 2016 against the Company alleging default of debt (net debt US$ 165.41 mn) by Samalkot. Power Limited (SPL), a subsidiary, guaranteed by the Company.
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.
Watch next
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; +2 corroborating keywords; +5 quantified amount; explicit insolvency/default evidence present; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 90%