The case involves an application filed by Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Anandram Developers Private Limited, the Corporate Debtor. The application seeks 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 taken loans from Indian Overseas Bank (IOB) and Oriental Bank of Commerce (OBC), which were subsequently assigned to ARCIL. The Corporate Debtor defaulted on payments, leading to the filing of the application.
On 2005-11-28, Indian Overseas Bank (IOB) sanctioned a Term Loan of Rs.30 Crores to Anandram Developers Private Limited (Corporate Debtor). IOB assigned the loans to Asset Reconstruction Company (India) Limited (ARCIL) on 2015-02-10. The Corporate Debtor defaulted on payments. ARCIL filed Original Application No. 430/2014 before Debts Recovery Tribunal-II, Chennai (DRT) on 2012-06-04. The DRT allowed the OA on 2016-10-31, entitling ARCIL to recover Rs.22,77,65,247 with 12% interest. The Debt Recovery Certificate (DRC) was issued quantifying the debt as Rs.34,85,49,748.48. Oriental Bank of Commerce (OBC) sanctioned a Term Loan of Rs.30 Crores on 2006-01-31 and a Funded Interest Term Loan of Rs.2.06 Crores on 2009-06-30. OBC assigned the loans to ARCIL on 2014-03-28.
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Indian Overseas Bank…
ARCIL filed Original Application No. 430/2014…
The case involves an application filed by Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Anandram Developers Private Limited, the Corporate Debtor. The application seeks 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 taken loans from Indian Overseas Bank (IOB) and Oriental Bank of Commerce (OBC), which were subsequently assigned to ARCIL. The Corporate Debtor defaulted on payments, leading to the filing of the application.
On 2005-11-28, Indian Overseas Bank (IOB) sanctioned a Term Loan of Rs.30 Crores to Anandram Developers Private Limited (Corporate Debtor). IOB assigned the loans to Asset Reconstruction Company (India) Limited (ARCIL) on 2015-02-10. The Corporate Debtor defaulted on payments. ARCIL filed Original Application No. 430/2014 before Debts Recovery Tribunal-II, Chennai (DRT) on 2012-06-04. The DRT allowed the OA on 2016-10-31, entitling ARCIL to recover Rs.22,77,65,247 with 12% interest. The Debt Recovery Certificate (DRC) was issued quantifying the debt as Rs.34,85,49,748.48. Oriental Bank of Commerce (OBC) sanctioned a Term Loan of Rs.30 Crores on 2006-01-31 and a Funded Interest Term Loan of Rs.2.06 Crores on 2009-06-30. OBC assigned the loans to ARCIL on 2014-03-28.
…Indian Overseas Bank…
ARCIL filed Original Application No. 430/2014…