The case involves an application filed by Syndicate Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Akshaya Imaging Systems Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor had availed credit facilities from the Financial Creditor and defaulted on payments. Prior to this application, the Financial Creditor had initiated proceedings under the SARFAESI Act, 2002, including issuing a demand notice.
Syndicate Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Akshaya Imaging Systems Private Limited, the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed various credit facilities from the Financial Creditor amounting to Rs. 10,55,69,000 on various dates. In consideration of these facilities, the Corporate Debtor hypothecated movables and mortgaged immovable property. The Corporate Debtor defaulted on payments as per the agreed terms. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, issuing a demand notice on 17.10.2016. The Corporate Debtor replied on 24.11.2016, to which the Financial
…Sign in to view the parties.
The Corporate Debtor executed a Memorandum…
The Financial Creditor issued a demand notice…
The case involves an application filed by Syndicate Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Akshaya Imaging Systems Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor had availed credit facilities from the Financial Creditor and defaulted on payments. Prior to this application, the Financial Creditor had initiated proceedings under the SARFAESI Act, 2002, including issuing a demand notice.
Syndicate Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Akshaya Imaging Systems Private Limited, the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed various credit facilities from the Financial Creditor amounting to Rs. 10,55,69,000 on various dates. In consideration of these facilities, the Corporate Debtor hypothecated movables and mortgaged immovable property. The Corporate Debtor defaulted on payments as per the agreed terms. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, issuing a demand notice on 17.10.2016. The Corporate Debtor replied on 24.11.2016, to which the Financial
…The Corporate Debtor executed a Memorandum…
The Financial Creditor issued a demand notice…