The Financial Creditor filed an application under Section 7 of the IBC seeking to initiate CIRP against the Corporate Debtor due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor contended that the debt was under dispute in the Rajasthan High Court and that the application was time-barred.
Asset Reconstruction Company (India) Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Accil Corporation Private Limited, the Corporate Debtor. The application was filed due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor had availed a term loan facility of Rs. 50,00,00,000/- from Indian Overseas Bank, which was later assigned to ARCIL via an Assignment Agreement dated March 7, 2024.
…Indian Overseas Bank sanctioned a Term Loan…
The loan account of the Corporate Debtor was…
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The Financial Creditor filed an application under Section 7 of the IBC seeking to initiate CIRP against the Corporate Debtor due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor contended that the debt was under dispute in the Rajasthan High Court and that the application was time-barred.
Asset Reconstruction Company (India) Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Accil Corporation Private Limited, the Corporate Debtor. The application was filed due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor had availed a term loan facility of Rs. 50,00,00,000/- from Indian Overseas Bank, which was later assigned to ARCIL via an Assignment Agreement dated March 7, 2024.
…Indian Overseas Bank sanctioned a Term Loan…
The loan account of the Corporate Debtor was…
Sign in to view related legal provisions.