The applicant, ARCL Organics Ltd., filed an application for the execution of an order sanctioning a scheme of arrangement/compromise dated January 14, 2009, in CA No. 414 of 2008, arising out of CP No. 306 of 2008 under Section 391(2) of the Companies Act, 1956. The applicant seeks a direction upon the respondent, Stressed Asset Stabilization Fund, to issue a 'No Objection Certificate' for the release of all charges on the applicant's assets and properties, arguing that such charges have been extinguished.
ARCL Organics Ltd. is the successor-in-interest of Allied Resin, which merged with ARCL Organics Ltd. on September 15, 2010.
A scheme of compromise was sanctioned between Allied Resin and its secured creditors on January 14, 2009.
ARCL Organics Ltd. claims to have complied with the terms of the scheme and paid the entire settlement amount with interest.
The respondent, Stressed Asset Stabilization Fund, issued a notice under Section 13(2) of the SARFAESI Act, alleging default by Allied Resin.
The applicant argues that the sanctioned scheme debars the respondent from initiating any new proceedings for recovery of dues.
The respondent contends that Allied Resin defaulted in making payments under the sanctioned scheme, commencing in April 2010 and continuing until July 2011.
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The applicant, ARCL Organics Ltd., filed an application for the execution of an order sanctioning a scheme of arrangement/compromise dated January 14, 2009, in CA No. 414 of 2008, arising out of CP No. 306 of 2008 under Section 391(2) of the Companies Act, 1956. The applicant seeks a direction upon the respondent, Stressed Asset Stabilization Fund, to issue a 'No Objection Certificate' for the release of all charges on the applicant's assets and properties, arguing that such charges have been extinguished.
ARCL Organics Ltd. is the successor-in-interest of Allied Resin, which merged with ARCL Organics Ltd. on September 15, 2010.
A scheme of compromise was sanctioned between Allied Resin and its secured creditors on January 14, 2009.
ARCL Organics Ltd. claims to have complied with the terms of the scheme and paid the entire settlement amount with interest.
The respondent, Stressed Asset Stabilization Fund, issued a notice under Section 13(2) of the SARFAESI Act, alleging default by Allied Resin.
The applicant argues that the sanctioned scheme debars the respondent from initiating any new proceedings for recovery of dues.
The respondent contends that Allied Resin defaulted in making payments under the sanctioned scheme, commencing in April 2010 and continuing until July 2011.
…Scheme of compromise…
Scheme bec…
Sign in to view related legal provisions.