The appeal challenges an order dated February 28, 2023, passed by the Adjudicating Authority (NCLT), New Delhi, which admitted a Section 7 application filed by CFM Asset Reconstruction Pvt. Ltd. against Nikhil Footwears Pvt. Ltd. The appellant, a shareholder of the corporate debtor, argues that the assignment agreement was unregistered and that simultaneous CIRP applications for the same debt are not permissible.
State Bank of India sanctioned various credit facilities to Action Ispat and Power Private Limited, the principal borrower. In 2013, a Master Restructuring Agreement was executed between the State Bank of India and other banks with the principal borrower. The corporate debtor, M/s Nikhil Footwear Pvt. Ltd., executed a Deed of Guarantee on September 30, 2013, in favor of SBICAP Trustee Company Ltd. Another Master Restructuring Agreement was executed on June 29, 2016. State Bank of India filed Company Petition CP (IB) No. 1096 of 2018 against the principal borrower, which was admitted on March 23, 2022. Subsequently, on January 18, 2021, the State Bank of India entered into an agreement with Respondent No. 1, CFM Asset Reconstruction Pvt. Ltd., assigning the debt owed by
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M/s Nikhil Footwear Pvt. Ltd. (Corporate…
Another Master…
The appeal challenges an order dated February 28, 2023, passed by the Adjudicating Authority (NCLT), New Delhi, which admitted a Section 7 application filed by CFM Asset Reconstruction Pvt. Ltd. against Nikhil Footwears Pvt. Ltd. The appellant, a shareholder of the corporate debtor, argues that the assignment agreement was unregistered and that simultaneous CIRP applications for the same debt are not permissible.
State Bank of India sanctioned various credit facilities to Action Ispat and Power Private Limited, the principal borrower. In 2013, a Master Restructuring Agreement was executed between the State Bank of India and other banks with the principal borrower. The corporate debtor, M/s Nikhil Footwear Pvt. Ltd., executed a Deed of Guarantee on September 30, 2013, in favor of SBICAP Trustee Company Ltd. Another Master Restructuring Agreement was executed on June 29, 2016. State Bank of India filed Company Petition CP (IB) No. 1096 of 2018 against the principal borrower, which was admitted on March 23, 2022. Subsequently, on January 18, 2021, the State Bank of India entered into an agreement with Respondent No. 1, CFM Asset Reconstruction Pvt. Ltd., assigning the debt owed by
…M/s Nikhil Footwear Pvt. Ltd. (Corporate…
Another Master…