The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant, ASREC (INDIA) Ltd, filed an application, IBA/861/2020, against the respondent, Arun Processor Ltd. The applicant never appeared before the Adjudicating Authority on any of the five occasions. The respondent's counsel argued that the application was barred by limitation, as the transactions occurred between 1992 and 1993. The applicant obtained an Assignment Deed from the State Bank of Mysore dated 26.03.2007, and the application was based on this deed.
ASREC (INDIA) Ltd filed an application (IBA/861/2020) against Arun Processor Ltd under Section 7 Rule 4 of IBC, 2016. The hearing was held on 2021-07-29. The applicant, ASREC (INDIA) Ltd, failed to appear before the Adjudicating Authority on five occasions. The respondent's counsel argued that the application was barred by limitation because the transactions occurred between 1992 and 1993. ASREC (INDIA) Ltd obtained an Assignment Deed from the State Bank of Mysore dated 2007-03-26, and the application was based on this deed. The relevance of the 1992-1993 transactions is that they form the basis of the debt that ASREC (INDIA) Ltd is trying to recover. The Assignment Deed of 2007-03-26 is relevant because it is the legal instrument by which ASREC (INDIA) Ltd acquired
…Sign in to view the parties.
The transactions…
ASREC (INDIA) Ltd…
Sign in to view related legal provisions.
The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant, ASREC (INDIA) Ltd, filed an application, IBA/861/2020, against the respondent, Arun Processor Ltd. The applicant never appeared before the Adjudicating Authority on any of the five occasions. The respondent's counsel argued that the application was barred by limitation, as the transactions occurred between 1992 and 1993. The applicant obtained an Assignment Deed from the State Bank of Mysore dated 26.03.2007, and the application was based on this deed.
ASREC (INDIA) Ltd filed an application (IBA/861/2020) against Arun Processor Ltd under Section 7 Rule 4 of IBC, 2016. The hearing was held on 2021-07-29. The applicant, ASREC (INDIA) Ltd, failed to appear before the Adjudicating Authority on five occasions. The respondent's counsel argued that the application was barred by limitation because the transactions occurred between 1992 and 1993. ASREC (INDIA) Ltd obtained an Assignment Deed from the State Bank of Mysore dated 2007-03-26, and the application was based on this deed. The relevance of the 1992-1993 transactions is that they form the basis of the debt that ASREC (INDIA) Ltd is trying to recover. The Assignment Deed of 2007-03-26 is relevant because it is the legal instrument by which ASREC (INDIA) Ltd acquired
…The transactions…
ASREC (INDIA) Ltd…
Sign in to view related legal provisions.