Phoenix ARC Private Ltd. (Appellant), an Asset Reconstruction Company, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Cherupushpam Films Private Limited (Respondent/Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a debt assigned to the Appellant by South Indian Bank, stemming from loan facilities for a joint venture construction project. The NCLT dismissed the application, primarily on two grounds: the assignment deed dated 17.03.2017 was deemed unenforceable due to insufficient stamping under the Kerala Stamp Act, 1959, and the Appellant failed to prove its authority to institute the petition due to the non-production of the original Trust Deed.
The Appellant, Phoenix ARC Private Ltd., filed an application under Section 7 of the I&B Code, 2016, for initiation of CIRP against the Respondent, Cherupushpam Films Private Limited (Corporate Debtor).
The application concerned loan facilities for the construction of a building on a joint venture basis between M/s. Kerala Chamber of Commerce (Principal Borrower) and M/s. Cherupushpam Films Private Limited (Corporate Debtor).
A default occurred, and the debt was not remitted despite a demand notice.
The Appellant is an Asset Reconstruction Company registered under the SARFAESI Act and acquired the debt through an assignment deed from the original financial creditor, South Indian Bank.
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An amount of Rs 1.10…
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Phoenix ARC Private Ltd. (Appellant), an Asset Reconstruction Company, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Cherupushpam Films Private Limited (Respondent/Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a debt assigned to the Appellant by South Indian Bank, stemming from loan facilities for a joint venture construction project. The NCLT dismissed the application, primarily on two grounds: the assignment deed dated 17.03.2017 was deemed unenforceable due to insufficient stamping under the Kerala Stamp Act, 1959, and the Appellant failed to prove its authority to institute the petition due to the non-production of the original Trust Deed.
The Appellant, Phoenix ARC Private Ltd., filed an application under Section 7 of the I&B Code, 2016, for initiation of CIRP against the Respondent, Cherupushpam Films Private Limited (Corporate Debtor).
The application concerned loan facilities for the construction of a building on a joint venture basis between M/s. Kerala Chamber of Commerce (Principal Borrower) and M/s. Cherupushpam Films Private Limited (Corporate Debtor).
A default occurred, and the debt was not remitted despite a demand notice.
The Appellant is an Asset Reconstruction Company registered under the SARFAESI Act and acquired the debt through an assignment deed from the original financial creditor, South Indian Bank.
…An amount of Rs 1.10…
A credit facility agreement was executed by…