The Alchemist Asset Reconstruction Company Limited, acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Haryana Steel & Alloys Limited, the corporate debtor. The petitioner's application was supported by an affidavit from Mr. Amrit Agrawal, Chief Financial Advisor. The corporate debtor was incorporated in 1969 and had availed loan facilities from IFCI Ltd. and Industrial Investment Bank of India (IIBI) in 1993 and 1997 respectively. The corporate debtor defaulted on loan repayments, leading to IFCI Ltd. issuing a recall notice in 1999. Subsequently, IFCI Ltd. filed OA No.390/2000 before the Debts Recovery Tribunal-l, Delhi. The debt was
…Alchemist Asset Reconstruction Company Limited (Petitioner), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Haryana Steel & Alloys Limited (Respondent), the corporate debtor. The petitioner's claim is based on the corporate debtor's default on loan facilities originally granted by IFCI Ltd. and Industrial Investment Bank of India (IIBI). IFCI Ltd. granted loans to the corporate debtor in 1993 and 1994, but the corporate debtor failed to abide by the terms of the loan and defaulted. IFCI Ltd. issued a recall notice on 19.11.1999 for ₹4,40,90,557/- plus interest. IFCI Ltd. then filed OA No.390/2000 before the Debts Recovery Tribunal-I, Delhi. The
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Haryana Steel & Alloys Limited was…
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The Alchemist Asset Reconstruction Company Limited, acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Haryana Steel & Alloys Limited, the corporate debtor. The petitioner's application was supported by an affidavit from Mr. Amrit Agrawal, Chief Financial Advisor. The corporate debtor was incorporated in 1969 and had availed loan facilities from IFCI Ltd. and Industrial Investment Bank of India (IIBI) in 1993 and 1997 respectively. The corporate debtor defaulted on loan repayments, leading to IFCI Ltd. issuing a recall notice in 1999. Subsequently, IFCI Ltd. filed OA No.390/2000 before the Debts Recovery Tribunal-l, Delhi. The debt was
…Alchemist Asset Reconstruction Company Limited (Petitioner), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Haryana Steel & Alloys Limited (Respondent), the corporate debtor. The petitioner's claim is based on the corporate debtor's default on loan facilities originally granted by IFCI Ltd. and Industrial Investment Bank of India (IIBI). IFCI Ltd. granted loans to the corporate debtor in 1993 and 1994, but the corporate debtor failed to abide by the terms of the loan and defaulted. IFCI Ltd. issued a recall notice on 19.11.1999 for ₹4,40,90,557/- plus interest. IFCI Ltd. then filed OA No.390/2000 before the Debts Recovery Tribunal-I, Delhi. The
…Haryana Steel & Alloys Limited was…
Haryana Steel & Alloys Limited approached…