The case involves two appeals filed by Andhra Pradesh State Financial Corporation (APSFC) challenging orders passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi). 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 APSFC for releasing original title deeds of the property mortgaged with APSFC by the Corporate Debtor.
Andhra Pradesh State Financial Corporation (APSFC) sanctioned a Term Loan of Rs.7.70 Crores on 2008-01-11 and 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 the 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 IBC against the Corporate Debtor, 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. Publication was made calling for Expression of Interest on
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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, Principal Bench, New Delhi). 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 APSFC for releasing original title deeds of the property mortgaged with APSFC by the Corporate Debtor.
Andhra Pradesh State Financial Corporation (APSFC) sanctioned a Term Loan of Rs.7.70 Crores on 2008-01-11 and 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 the 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 IBC against the Corporate Debtor, 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. Publication was made calling for Expression of Interest on
…Andhra Pradesh State Financial Corporation…
Andhra Pradesh State Financial Corporation…