The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust (Petitioner/Financial Creditor), against M/s. Frontline Printers Private Limited (Respondent/Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claims that the corporate debtor defaulted on loan repayments. The respondent opposed the petition, arguing that it was not maintainable due to being filed by a wrong entity and that the applicant had already initiated recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which were dismissed.
Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust, filed a petition against M/s. Frontline Printers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed that the respondent had availed various loans from M/s Indian Bank amounting to Rs. 20,14,00,000/-. This debt was assigned to the applicant through an Assignment Agreement dated 31.10.2011. A Restructuring Agreement was entered into on 04.04.2012, fixing the debt at Rs. 19,00,00,000/-, payable in two installments by 30.06.2012 and 30.10.2012. The respondent failed to repay these installments. The petitioner approached the Adjudicating Authority, claiming Rs. 61,09,26,925/- including interest. The respondent opposed the petition,
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The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust (Petitioner/Financial Creditor), against M/s. Frontline Printers Private Limited (Respondent/Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claims that the corporate debtor defaulted on loan repayments. The respondent opposed the petition, arguing that it was not maintainable due to being filed by a wrong entity and that the applicant had already initiated recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which were dismissed.
Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust, filed a petition against M/s. Frontline Printers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed that the respondent had availed various loans from M/s Indian Bank amounting to Rs. 20,14,00,000/-. This debt was assigned to the applicant through an Assignment Agreement dated 31.10.2011. A Restructuring Agreement was entered into on 04.04.2012, fixing the debt at Rs. 19,00,00,000/-, payable in two installments by 30.06.2012 and 30.10.2012. The respondent failed to repay these installments. The petitioner approached the Adjudicating Authority, claiming Rs. 61,09,26,925/- including interest. The respondent opposed the petition,
…The petitioner/FC, an…
An Assignment Agreement…