The case involves a petition filed by India Resurgence ARC Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indian Steel Corporation Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor failed to make payment of ₹1487.59 crore as of 30.09.2019. The debt was acquired by the Financial Creditor through an Assignment Agreement dated 03.05.2019 with State Bank of India (SBI). The Corporate Debtor challenged the maintainability of the petition, raising issues of limitation, breach of inter-creditor agreements, and inadequacy of stamp duty on documents.
1. India Resurgence ARC Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indian Steel Corporation Limited (Corporate Debtor).
2. The Financial Creditor claimed that the Corporate Debtor failed to make payment of ₹1487.59 crore as of 30.09.2019.
3. The Financial Creditor acquired the debt through an Assignment Agreement dated 03.05.2019 with State Bank of India (SBI).
4. The debt included loans extended to the Corporate Debtor by SBI and its erstwhile associate banks.
5. A consortium of ten banks extended Term Loan Facility to the Corporate Debtor under a Joint Agreement for Term Loan dated 09.09.2008 to the extent of ₹663 crore.
6. Separately,
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A consortium of ten banks extended Term Loan…
A second consortium of nine banks advanced…
The case involves a petition filed by India Resurgence ARC Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indian Steel Corporation Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor failed to make payment of ₹1487.59 crore as of 30.09.2019. The debt was acquired by the Financial Creditor through an Assignment Agreement dated 03.05.2019 with State Bank of India (SBI). The Corporate Debtor challenged the maintainability of the petition, raising issues of limitation, breach of inter-creditor agreements, and inadequacy of stamp duty on documents.
1. India Resurgence ARC Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indian Steel Corporation Limited (Corporate Debtor).
2. The Financial Creditor claimed that the Corporate Debtor failed to make payment of ₹1487.59 crore as of 30.09.2019.
3. The Financial Creditor acquired the debt through an Assignment Agreement dated 03.05.2019 with State Bank of India (SBI).
4. The debt included loans extended to the Corporate Debtor by SBI and its erstwhile associate banks.
5. A consortium of ten banks extended Term Loan Facility to the Corporate Debtor under a Joint Agreement for Term Loan dated 09.09.2008 to the extent of ₹663 crore.
6. Separately,
A consortium of ten banks extended Term Loan…
A second consortium of nine banks advanced…