Edelweiss Asset Reconstruction Company Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aakash Tiles Private Limited, claiming a financial debt of ₹20,58,86,599. The Debtor Company remained absent despite being granted opportunities for a hearing. The Bench directed intimation of the hearing date through advertisement. The Petitioner presented an Affidavit of Service with evidence of the advertisement. The Respondent did not present a defense, leading to ex-parte proceedings.
Edelweiss Asset Reconstruction Company Ltd. filed a petition against Aakash Tiles Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a financial debt of ₹20,58,86,599. The debt originated from Oriental Bank of Commerce, which assigned it to Edelweiss ARC. The date of default was 31.12.2011, and the date of NPA was 31.03.2012. The assigned debt, including interest up to 13.08.2013, was ₹9,46,99,229. A suit was also filed with DRT, Ahmedabad, on 13.08.2013. Aakash Tiles Private Limited did not attend the hearing despite multiple opportunities, leading to ex-parte proceedings. The Corporate Debtor offered security including non-agricultural land, plant and machinery, current assets, bills receivable, and personal guarantees.
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Edelweiss Asset Reconstruction Company Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aakash Tiles Private Limited, claiming a financial debt of ₹20,58,86,599. The Debtor Company remained absent despite being granted opportunities for a hearing. The Bench directed intimation of the hearing date through advertisement. The Petitioner presented an Affidavit of Service with evidence of the advertisement. The Respondent did not present a defense, leading to ex-parte proceedings.
Edelweiss Asset Reconstruction Company Ltd. filed a petition against Aakash Tiles Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a financial debt of ₹20,58,86,599. The debt originated from Oriental Bank of Commerce, which assigned it to Edelweiss ARC. The date of default was 31.12.2011, and the date of NPA was 31.03.2012. The assigned debt, including interest up to 13.08.2013, was ₹9,46,99,229. A suit was also filed with DRT, Ahmedabad, on 13.08.2013. Aakash Tiles Private Limited did not attend the hearing despite multiple opportunities, leading to ex-parte proceedings. The Corporate Debtor offered security including non-agricultural land, plant and machinery, current assets, bills receivable, and personal guarantees.
Date of Defaul…
Date of account being…