The case involves a petition filed by Alchemist Asset Reconstruction Company Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Associated Lighting Systems Private Limited, the Corporate Debtor. The Financial Creditor claimed default on financial facilities extended to the Corporate Debtor.
Alchemist Asset Reconstruction Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Associated Lighting Systems Private Limited, the Corporate Debtor. The Corporate Debtor is a company incorporated on 08.05.2008. The Karnataka Bank originally provided credit facilities to the Corporate Debtor, which were later assigned to the Financial Creditor via an Assignment Agreement dated 22.03.2017. The credit facilities were provided for manufacturing CFL components, Decorative Lamps, and other Lightning Products. In 2011, total Credit Facilities of Rs. 500 Lakhs were granted, including PS Overdraft and Import/Inland LC. In 2012, additional Credit
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The account of the…
The Loan account of the Corporate Debtor was…
The case involves a petition filed by Alchemist Asset Reconstruction Company Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Associated Lighting Systems Private Limited, the Corporate Debtor. The Financial Creditor claimed default on financial facilities extended to the Corporate Debtor.
Alchemist Asset Reconstruction Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Associated Lighting Systems Private Limited, the Corporate Debtor. The Corporate Debtor is a company incorporated on 08.05.2008. The Karnataka Bank originally provided credit facilities to the Corporate Debtor, which were later assigned to the Financial Creditor via an Assignment Agreement dated 22.03.2017. The credit facilities were provided for manufacturing CFL components, Decorative Lamps, and other Lightning Products. In 2011, total Credit Facilities of Rs. 500 Lakhs were granted, including PS Overdraft and Import/Inland LC. In 2012, additional Credit
…The account of the…
The Loan account of the Corporate Debtor was…