ASREC (India) Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Visakha Prime Properties Constructions Limited for default in repayment of dues amounting to Rs. 55,84,83,415.16 as on 31.03.2025, along with future interest.
ASREC (India) Ltd. is the assignee of a debt originally advanced by UCO Bank to Visakha Prime Properties Constructions Ltd.
UCO Bank sanctioned a term loan of Rs. 75,00,000/- to the Corporate Debtor on 09.06.1998, secured by an equitable mortgage of immovable properties and hypothecation of assets.
The Corporate Debtor defaulted in repayment, and the loan account was declared NPA on 30.06.2002.
UCO Bank initiated recovery proceedings before the DRT, which were continued by ASREC as the assignee.
An earlier Section 7 petition filed by ASREC was dismissed on 06.12.2021 due to pending DRT proceedings.
The DRT disposed of the OA in favor of the Financial Creditor on 03.08.2024.
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UCO Bank sanctioned a…
The loan account was…
ASREC (India) Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Visakha Prime Properties Constructions Limited for default in repayment of dues amounting to Rs. 55,84,83,415.16 as on 31.03.2025, along with future interest.
ASREC (India) Ltd. is the assignee of a debt originally advanced by UCO Bank to Visakha Prime Properties Constructions Ltd.
UCO Bank sanctioned a term loan of Rs. 75,00,000/- to the Corporate Debtor on 09.06.1998, secured by an equitable mortgage of immovable properties and hypothecation of assets.
The Corporate Debtor defaulted in repayment, and the loan account was declared NPA on 30.06.2002.
UCO Bank initiated recovery proceedings before the DRT, which were continued by ASREC as the assignee.
An earlier Section 7 petition filed by ASREC was dismissed on 06.12.2021 due to pending DRT proceedings.
The DRT disposed of the OA in favor of the Financial Creditor on 03.08.2024.
…UCO Bank sanctioned a…
The loan account was…