The case involves an application filed by Asset Reconstruction Company(India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Barnaparichay Book Mall Private Limited, the Corporate Debtor. The Financial Creditor alleges that the Corporate Debtor defaulted on a repayment of Rs. 48,39,19,222/-. State Bank of Patiala (SBP) had assigned the debt to the Financial Creditor. The Corporate Debtor approached the Financial Creditor for settlement and restructuring of the debt, but the proposal was rejected. The SBP had declared the Corporate Debtor's account as NPA on 31-03-2011 and filed OA 238/2014 before the Debt Recovery Tribunal-III, Kolkata.
Asset Reconstruction Company(India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Barnaparichay Book Mall Private Limited, alleging a default in repayment of Rs. 48,39,19,222/-. State Bank of Patiala (SBP) had originally extended credit facilities to the Corporate Debtor, secured by hypothecation of moveable assets and mortgage of immovable property. SBP declared the account as NPA on 31-03-2011 and filed OA 238/2014 before the Debt Recovery Tribunal-III, Kolkata. Subsequently, SBP assigned the debt to Asset Reconstruction Company(India) Limited via an Assignment Deed dated 26-03-2014. The Corporate Debtor approached the Financial Creditor for settlement and restructuring of the debt, but the proposal was rejected.
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State Bank of Patiala (SBP) declared the…
State Bank of Patiala (SBP) assigned the debt…
The case involves an application filed by Asset Reconstruction Company(India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Barnaparichay Book Mall Private Limited, the Corporate Debtor. The Financial Creditor alleges that the Corporate Debtor defaulted on a repayment of Rs. 48,39,19,222/-. State Bank of Patiala (SBP) had assigned the debt to the Financial Creditor. The Corporate Debtor approached the Financial Creditor for settlement and restructuring of the debt, but the proposal was rejected. The SBP had declared the Corporate Debtor's account as NPA on 31-03-2011 and filed OA 238/2014 before the Debt Recovery Tribunal-III, Kolkata.
Asset Reconstruction Company(India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Barnaparichay Book Mall Private Limited, alleging a default in repayment of Rs. 48,39,19,222/-. State Bank of Patiala (SBP) had originally extended credit facilities to the Corporate Debtor, secured by hypothecation of moveable assets and mortgage of immovable property. SBP declared the account as NPA on 31-03-2011 and filed OA 238/2014 before the Debt Recovery Tribunal-III, Kolkata. Subsequently, SBP assigned the debt to Asset Reconstruction Company(India) Limited via an Assignment Deed dated 26-03-2014. The Corporate Debtor approached the Financial Creditor for settlement and restructuring of the debt, but the proposal was rejected.
…State Bank of Patiala (SBP) declared the…
State Bank of Patiala (SBP) assigned the debt…