Business Medical Dialogues
    • facebook
    • twitter
    Login Register
    • facebook
    • twitter
    Login Register
    • Medical Dialogues
    • Speciality Dialogues
    • Education Dialogues
    • Medical Jobs
    • Medical Matrimony
    • MD Brand Connect
    Business Medical Dialogues
    • News
        • Financial Results
        • Hospitals & Diagnostics
        • IT / Health Venture
        • Implants / Devices
        • Insurance
        • Key Movement
        • Pharmaceuticals
        • Policy
        • Technology
        • pharma-news
    • blog
    LoginRegister
    Business Medical Dialogues
    LoginRegister
    • Home
    • News
      • Financial Results
      • Hospitals & Diagnostics
      • IT / Health Venture
      • Implants / Devices
      • Insurance
      • Key Movement
      • Pharmaceuticals
      • Policy
      • Technology
      • pharma-news
    • blog
    • Home
    • Latest News
    • Amar Remedies files...

    Amar Remedies files for bankruptcy petition

    Written by Ruby Khatun Khatun Published On 2017-06-22T10:32:23+05:30  |  Updated On 22 Jun 2017 10:32 AM IST
    Amar Remedies files for bankruptcy petition

    Mumbai: Amar Remedies, a Mumbai-based company, which is manufacturing personal healthcare products is heading for liquidation as the company has filed a bankruptcy petition. The move comes at a time when the Reserve Bank of India is identifying mega defaulters to initiate bankruptcy proceedings against them, the company itself has gone ahead to initiate the proceedings.


    Under the Insolvency and Bankruptcy Code, the National Company Law Tribunal (Mumbai Bench) has admitted the petition appointing Delhi-based Jayashree Shukla Dasgupta as an interim resolution professional.


    Economic Times reports that the company had defaulted loans of Rs 464 crore from lenders. While Bank of India lent Rs 4,93,72,342 through their Mumbai mid-corporate branch, Saraswat Co-op Bank had extended a credit line of Rs 87,64,90,270.


    Lenders, including Bank of India, have already served legal or recall notices to reclaim the defaulted sum to the borrower.


    “On reading the petition and the supporting documents annexed with the petition, this Bench is of the view that the corporate debtor has committed a default,” said N Nallasenapathy, member (technical) and BSV Prakash Kumar, member (judicial), while admitting the petition.


    The Bench stated that “the debt due to various financial institutions to the extent of Rs 463.99 crore as disclosed in the petition is in default.”Sanction letters has been issued to the borrower by various financial institutions sanctioning facilities in favour of the company.

    The company has an authorized capital of Rs 28 crore and paid-up share capital of Rs 26.16 crore

    Shares of the company have now been suspended for trading at the Bombay Stock Exchange.

    The company had already applied to the Board for Industrial and Financial Reconstruction (BIFR), a government organisation dedicated to determine the level of sickness of industrial companies and assist them with a viable revival plan.
    Amar Remediesbankruptbankruptcybankruptcy petitionBoard for Industrial and Financial ReconstructionBSV Prakash KumarfilesinsolvencyJayashree Shukla DasguptaliquidationN NallasenapathyNational Company Law TribunalReserve Bank of India
    Source : with inputs

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Ruby Khatun Khatun
    Ruby Khatun Khatun
      Show Full Article
      Next Story
      Similar Posts
      NO DATA FOUND

      Popular Stories

      • Email: info@medicaldialogues.in
      • Phone: 011 - 4372 0751

      Website Last Updated On : 13 Oct 2022 5:14 AM GMT
      Company
      • About Us
      • Contact Us
      • Our Team
      • Reach our Editor
      • Feedback
      • Submit Article
      Ads & Legal
      • Advertise
      • Advertise Policy
      • Terms and Conditions
      • Privacy Policy
      • Editorial Policy
      • Comments Policy
      • Disclamier
      Medical Dialogues is health news portal designed to update medical and healthcare professionals but does not limit/block other interested parties from accessing our general health content. The health content on Medical Dialogues and its subdomains is created and/or edited by our expert team, that includes doctors, healthcare researchers and scientific writers, who review all medical information to keep them in line with the latest evidence-based medical information and accepted health guidelines by established medical organisations of the world.

      Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription.Use of this site is subject to our terms of use, privacy policy, advertisement policy. You can check out disclaimers here. © 2025 Minerva Medical Treatment Pvt Ltd

      © 2025 - Medical Dialogues. All Rights Reserved.
      Powered By: Hocalwire
      X
      We use cookies for analytics, advertising and to improve our site. You agree to our use of cookies by continuing to use our site. To know more, see our Cookie Policy and Cookie Settings.Ok