Announced Tue, 16 Jun · 19:33 IST
Company files for insolvency under IBC, owes Canara Bank ~Rs 27.68 crores
Regulatory & Legal View source PDF
CEREBRAINT · price
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Price reaction · full curve 14 horizons · vs prior close
+2.0%1-day move
₹3.99
prior close
₹3.97
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+0.0+2.5+2.5+3.3+2.0-1.0-5.3-5.5-6.0-13.0-19.8-24.6——
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AI summary
Cerebra Integrated Technologies has filed an application with NCLT Bengaluru under Section 10 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (CIRP). The default is Rs 27,67,60,247 (~Rs 27.68 crores) owed to Canara Bank. The company itself has initiated the insolvency process. NCLT's admission of the application is pending.
Likely market impact
Negative for shareholders. If NCLT admits, trading may be suspended, board replaced by insolvency professional, and equity could be wiped out.