Alchemist Asset Reconstruction Co. Ltd. (AARC), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Moser Baer India Ltd., the corporate debtor. The financial creditor acquired the secured debt of State Bank of Hyderabad (now merged with State Bank of India) through an assignment deed dated 30.03.2016. The corporate debtor was admitted to the Board for Industrial and Financial Reconstruction (BIFR), but the reference abated due to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003.
Alchemist Asset Reconstruction Co. Ltd. (AARC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Moser Baer India Ltd. (MBIL). AARC acquired the secured debt of State Bank of Hyderabad (now merged with State Bank of India) via an assignment deed dated 30.03.2016. The total outstanding debt of MBIL to AARC as of 10.09.2017 was Rs. 1,85,37,13,958/-. The account of MBIL was declared NPA on 26.11.2014. AARC issued a recall notice on 04.04.2017, but MBIL defaulted on payment. MBIL was previously registered with BIFR, but the reference abated on 01.12.2016. The Corporate Debtor did not oppose the application. The financial creditor provided evidence of the debt, including
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Alchemist Asset Reconstruction Co. Ltd.…
The account of Moser…
Alchemist Asset Reconstruction Co. Ltd. (AARC), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Moser Baer India Ltd., the corporate debtor. The financial creditor acquired the secured debt of State Bank of Hyderabad (now merged with State Bank of India) through an assignment deed dated 30.03.2016. The corporate debtor was admitted to the Board for Industrial and Financial Reconstruction (BIFR), but the reference abated due to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003.
Alchemist Asset Reconstruction Co. Ltd. (AARC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Moser Baer India Ltd. (MBIL). AARC acquired the secured debt of State Bank of Hyderabad (now merged with State Bank of India) via an assignment deed dated 30.03.2016. The total outstanding debt of MBIL to AARC as of 10.09.2017 was Rs. 1,85,37,13,958/-. The account of MBIL was declared NPA on 26.11.2014. AARC issued a recall notice on 04.04.2017, but MBIL defaulted on payment. MBIL was previously registered with BIFR, but the reference abated on 01.12.2016. The Corporate Debtor did not oppose the application. The financial creditor provided evidence of the debt, including
…Alchemist Asset Reconstruction Co. Ltd.…
The account of Moser…