The case involves two appeals filed by Andhra Pradesh State Financial Corporation (APSFC) challenging orders passed by the Adjudicating Authority (National Company Law Tribunal). The first order, dated 14.02.2020, approved the Resolution Plan of the Corporate Debtor, Kalptaru Steel Rolling Mills Ltd. The second order, dated 19.11.2020, allowed an application (I.A. No.2123 (PB)/2019) filed by the Resolution Professionals seeking direction to the Appellant (APSFC) for releasing original title deeds of the property mortgaged with the Appellant by the Corporate Debtor. APSFC had sanctioned term loans to Kalptaru Steel Rolling Mills Ltd., secured by mortgage and hypothecation of land, plant, and machinery. APSFC took possession of the mortgaged property due to default by
…Andhra Pradesh State Financial Corporation (APSFC) sanctioned a Term Loan of Rs.7.70 Crores on 2008-01-11 and an Additional Term Loan of Rs.12.30 Crore on 2009-01-27 to Kalptaru Steel Rolling Mills Ltd. The loan was secured by the mortgage and hypothecation of land, plant, and machinery. On 2013-06-17, APSFC took possession of the mortgaged property due to default by the Corporate Debtor. APSFC attempted to sell the mortgaged assets but could not complete the sale. Andhra Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Kalptaru Steel Rolling Mills Ltd., which was admitted on 2018-08-14. Andhra Bank and APSFC were financial creditors with claims of Rs.90,33,20,878/- and Rs.46,26,59,125/- respectively. A resolution plan was
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Andhra Pradesh State Financial Corporation…
Andhra Pradesh State Financial Corporation…
The case involves two appeals filed by Andhra Pradesh State Financial Corporation (APSFC) challenging orders passed by the Adjudicating Authority (National Company Law Tribunal). The first order, dated 14.02.2020, approved the Resolution Plan of the Corporate Debtor, Kalptaru Steel Rolling Mills Ltd. The second order, dated 19.11.2020, allowed an application (I.A. No.2123 (PB)/2019) filed by the Resolution Professionals seeking direction to the Appellant (APSFC) for releasing original title deeds of the property mortgaged with the Appellant by the Corporate Debtor. APSFC had sanctioned term loans to Kalptaru Steel Rolling Mills Ltd., secured by mortgage and hypothecation of land, plant, and machinery. APSFC took possession of the mortgaged property due to default by
…Andhra Pradesh State Financial Corporation (APSFC) sanctioned a Term Loan of Rs.7.70 Crores on 2008-01-11 and an Additional Term Loan of Rs.12.30 Crore on 2009-01-27 to Kalptaru Steel Rolling Mills Ltd. The loan was secured by the mortgage and hypothecation of land, plant, and machinery. On 2013-06-17, APSFC took possession of the mortgaged property due to default by the Corporate Debtor. APSFC attempted to sell the mortgaged assets but could not complete the sale. Andhra Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Kalptaru Steel Rolling Mills Ltd., which was admitted on 2018-08-14. Andhra Bank and APSFC were financial creditors with claims of Rs.90,33,20,878/- and Rs.46,26,59,125/- respectively. A resolution plan was
…Andhra Pradesh State Financial Corporation…
Andhra Pradesh State Financial Corporation…