The case involves a Company Petition filed by Suraksha Asset Reconstruction Private Limited, acting as a trustee of Suraksha ARC-016 Trust (Financial Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Star Marketing Private Limited (Corporate Debtor). The Financial Creditor alleges that the Corporate Debtor defaulted on payments related to six loan transactions (Term Loans I to VI) executed between the Corporate Debtor and Yes Bank Limited (YBL). Term Loans I & II were repaid, leaving four loans (Term Loans III to VI) in default. Yes Bank assigned these four loans to the Financial Creditor via an Assignment Agreement dated September 29, 2017.
Suraksha Asset Reconstruction Private Limited, acting as a trustee of Suraksha ARC-016 Trust, filed a Company Petition against Mack Star Marketing Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the Corporate Debtor's alleged default on loan repayments. The genesis of the debt lies in six loan transactions (Term Loans I to VI) between the Corporate Debtor and Yes Bank Limited (YBL). Term Loans I and II were repaid, but Term Loans III, IV, V, and VI were not. The outstanding principal amount as of March 15, 2019, was Rs. 133,48,70,378, with interest of Rs. 26,18,96,795, totaling Rs. 159,67,40,173. Yes Bank assigned the four defaulted loans to Suraksha Asset Reconstruction via an Assignment Agreement
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Yes Bank Ltd (YBL) assigned the four term…
A criminal complaint regarding the fraud…
The case involves a Company Petition filed by Suraksha Asset Reconstruction Private Limited, acting as a trustee of Suraksha ARC-016 Trust (Financial Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Star Marketing Private Limited (Corporate Debtor). The Financial Creditor alleges that the Corporate Debtor defaulted on payments related to six loan transactions (Term Loans I to VI) executed between the Corporate Debtor and Yes Bank Limited (YBL). Term Loans I & II were repaid, leaving four loans (Term Loans III to VI) in default. Yes Bank assigned these four loans to the Financial Creditor via an Assignment Agreement dated September 29, 2017.
Suraksha Asset Reconstruction Private Limited, acting as a trustee of Suraksha ARC-016 Trust, filed a Company Petition against Mack Star Marketing Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the Corporate Debtor's alleged default on loan repayments. The genesis of the debt lies in six loan transactions (Term Loans I to VI) between the Corporate Debtor and Yes Bank Limited (YBL). Term Loans I and II were repaid, but Term Loans III, IV, V, and VI were not. The outstanding principal amount as of March 15, 2019, was Rs. 133,48,70,378, with interest of Rs. 26,18,96,795, totaling Rs. 159,67,40,173. Yes Bank assigned the four defaulted loans to Suraksha Asset Reconstruction via an Assignment Agreement
…Yes Bank Ltd (YBL) assigned the four term…
A criminal complaint regarding the fraud…