The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, regarding a debt of Rs. 109,22,84,085/- against Luxora Infrastructure Pvt. Ltd. The petitioner, IFCI Limited, later assigned the debt to Edelweiss ARC through a Deed of Assignment dated February 15, 2017. Edelweiss ARC then moved to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance and requesting permission to withdraw the Company Petition with the liberty to file proper proceedings as per law.
IFCI Limited filed a petition against Luxora Infrastructure Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a debt of Rs. 109,22,84,085/-. Subsequently, IFCI Limited executed a Deed of Assignment dated February 15, 2017, assigning the debt to Edelweiss ARC. Edelweiss ARC, as the assignee, is registered as an Asset Reconstruction Company under Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Edelweiss ARC then filed an application to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance. The assignment of the debt effectively transferred all rights, title, and interest in the debt to Edelweiss ARC, including
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IFCI Limited executed a…
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, regarding a debt of Rs. 109,22,84,085/- against Luxora Infrastructure Pvt. Ltd. The petitioner, IFCI Limited, later assigned the debt to Edelweiss ARC through a Deed of Assignment dated February 15, 2017. Edelweiss ARC then moved to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance and requesting permission to withdraw the Company Petition with the liberty to file proper proceedings as per law.
IFCI Limited filed a petition against Luxora Infrastructure Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a debt of Rs. 109,22,84,085/-. Subsequently, IFCI Limited executed a Deed of Assignment dated February 15, 2017, assigning the debt to Edelweiss ARC. Edelweiss ARC, as the assignee, is registered as an Asset Reconstruction Company under Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Edelweiss ARC then filed an application to withdraw the petition, stating that the Corporate Resolution Process should be kept in abeyance. The assignment of the debt effectively transferred all rights, title, and interest in the debt to Edelweiss ARC, including
…IFCI Limited executed a…
The Petitioner filed…
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