The appeal arises from an order dated 14.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench-I) in C.P.(IB) No. 1593/KB/2018, admitting the Corporate Debtor into CIRP under Section 7 of the IBC.
ICICI Bank and IFCI Ltd. sanctioned loan facilities to Uniworth Textiles Ltd. ("UTL").
In 2004, SICA proceedings were initiated by the Corporate Debtor, and the account was declared NPA on 31.08.2007.
The loans of ICICI and IFCI were assigned to Assets Reconstruction Company (India) Ltd. ("ARC") on 31.03.2004 and 12.01.2007.
On 05.09.2014, ARC filed an Original Application before the DRT for SARFAESI proceedings.
On 19.09.2016, the Uniworth Group made a Global Offer of Settlement (GSA) to ARC for Rs 75 Cr, and paid Rs 51.10 Cr.
On 27.11.2018, ARC filed a Section 7 petition against the Corporate Debtor for Rs 205 Cr.
On 17.03.2020, the Adjudicating Authority dismissed the Section 7 application as time-barred, but this was set aside by the Tribunal on 10.07.2023.
…Sign in to view the parties.
Proceedings under Sick Industrial Companies…
The account of…
The appeal arises from an order dated 14.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench-I) in C.P.(IB) No. 1593/KB/2018, admitting the Corporate Debtor into CIRP under Section 7 of the IBC.
ICICI Bank and IFCI Ltd. sanctioned loan facilities to Uniworth Textiles Ltd. ("UTL").
In 2004, SICA proceedings were initiated by the Corporate Debtor, and the account was declared NPA on 31.08.2007.
The loans of ICICI and IFCI were assigned to Assets Reconstruction Company (India) Ltd. ("ARC") on 31.03.2004 and 12.01.2007.
On 05.09.2014, ARC filed an Original Application before the DRT for SARFAESI proceedings.
On 19.09.2016, the Uniworth Group made a Global Offer of Settlement (GSA) to ARC for Rs 75 Cr, and paid Rs 51.10 Cr.
On 27.11.2018, ARC filed a Section 7 petition against the Corporate Debtor for Rs 205 Cr.
On 17.03.2020, the Adjudicating Authority dismissed the Section 7 application as time-barred, but this was set aside by the Tribunal on 10.07.2023.
…Proceedings under Sick Industrial Companies…
The account of…