The case involves an application by Asset Reconstruction Company India Limited (ARCIL), acting as trustee of Arcil AST – I Trust, against the liquidator of Cethar Limited, Venkatramanrao Nagarajan, and JM Financial Asset Reconstruction Company Ltd. Cethar Limited had borrowed from IDFC Bank, defaulted, and was declared a Non-Performing Asset (NPA). IDFC Bank assigned the debt to ARCIL. ARCIL initiated recovery proceedings. Subsequently, Lloyds Insulations India Ltd. filed an application under Section 9 of IBC, 2016, leading to CIRP initiation against Cethar Limited and appointment of an Interim Resolution Professional. With no viable resolution plan, liquidation was ordered on April 25, 2018. ARCIL, a secured creditor, expressed willingness to stand outside liquidation
…Cethar Limited defaulted on a loan from IDFC Bank, leading to its account being declared an NPA. IDFC Bank assigned the debt to Asset Reconstruction Company India Limited (ARCIL). Lloyds Insulations India Ltd. initiated CIRP against Cethar Limited under Section 9 of IBC, 2016. Liquidation was ordered on April 25, 2018. ARCIL, a secured creditor, sought to stand outside the liquidation process under Section 52 of IBC, 2016, requesting possession of assets to proceed under SARFAESI Act. The liquidator did not hand over the assets. Unit VII, a factory unit, is situated at Boothagudi and Melapachangudi Village, Illupur Taluk, Viralimalai, Pudukottai District, consisting of 164.05 acres. ARCIL claimed exclusive charge over 28.41 acres and 13.60 acres, and first pari passu
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Tribunal admitted application under Section 9…
Corporate Debtor was…
The case involves an application by Asset Reconstruction Company India Limited (ARCIL), acting as trustee of Arcil AST – I Trust, against the liquidator of Cethar Limited, Venkatramanrao Nagarajan, and JM Financial Asset Reconstruction Company Ltd. Cethar Limited had borrowed from IDFC Bank, defaulted, and was declared a Non-Performing Asset (NPA). IDFC Bank assigned the debt to ARCIL. ARCIL initiated recovery proceedings. Subsequently, Lloyds Insulations India Ltd. filed an application under Section 9 of IBC, 2016, leading to CIRP initiation against Cethar Limited and appointment of an Interim Resolution Professional. With no viable resolution plan, liquidation was ordered on April 25, 2018. ARCIL, a secured creditor, expressed willingness to stand outside liquidation
…Cethar Limited defaulted on a loan from IDFC Bank, leading to its account being declared an NPA. IDFC Bank assigned the debt to Asset Reconstruction Company India Limited (ARCIL). Lloyds Insulations India Ltd. initiated CIRP against Cethar Limited under Section 9 of IBC, 2016. Liquidation was ordered on April 25, 2018. ARCIL, a secured creditor, sought to stand outside the liquidation process under Section 52 of IBC, 2016, requesting possession of assets to proceed under SARFAESI Act. The liquidator did not hand over the assets. Unit VII, a factory unit, is situated at Boothagudi and Melapachangudi Village, Illupur Taluk, Viralimalai, Pudukottai District, consisting of 164.05 acres. ARCIL claimed exclusive charge over 28.41 acres and 13.60 acres, and first pari passu
…Tribunal admitted application under Section 9…
Corporate Debtor was…