The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Encore Asset Reconstruction Company Private Limited against Nayagarh Sugar Complex Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was initially filed due to defaults on loans originally sanctioned by Indian Bank, which later assigned the debt to Encore Asset Reconstruction Company. The corporate debtor's account was classified as NPA, and notices were issued regarding the default. The corporate debtor's address issues complicated the service of notices.
Encore Asset Reconstruction Company Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nayagarh Sugar Complex Limited. The corporate debtor, Nayagarh Sugar Complex Limited, had taken various term loans from Indian Bank, including MTL-I, MTL-II, FITL-I, and FITL-II, amounting to Rs. 300 lakhs, Rs. 248 lakhs, Rs. 8,06,875, and Rs. 20,04,815 respectively. Subsequently, the account was transferred to Encore Asset Reconstruction Company Private Limited via an assignment deed dated 21.12.2017. Indian Bank had classified the account as NPA on 30.06.2015, with an outstanding amount of Rs. 1,36,84,346/- plus interest. The financial creditor issued a notice on 14.05.2019. The corporate debtor acknowledged the debt in its
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Indian Bank classified the account of Nayagarh…
Board of resolution dated 13.04.2017, thereby…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Encore Asset Reconstruction Company Private Limited against Nayagarh Sugar Complex Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was initially filed due to defaults on loans originally sanctioned by Indian Bank, which later assigned the debt to Encore Asset Reconstruction Company. The corporate debtor's account was classified as NPA, and notices were issued regarding the default. The corporate debtor's address issues complicated the service of notices.
Encore Asset Reconstruction Company Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nayagarh Sugar Complex Limited. The corporate debtor, Nayagarh Sugar Complex Limited, had taken various term loans from Indian Bank, including MTL-I, MTL-II, FITL-I, and FITL-II, amounting to Rs. 300 lakhs, Rs. 248 lakhs, Rs. 8,06,875, and Rs. 20,04,815 respectively. Subsequently, the account was transferred to Encore Asset Reconstruction Company Private Limited via an assignment deed dated 21.12.2017. Indian Bank had classified the account as NPA on 30.06.2015, with an outstanding amount of Rs. 1,36,84,346/- plus interest. The financial creditor issued a notice on 14.05.2019. The corporate debtor acknowledged the debt in its
…Indian Bank classified the account of Nayagarh…
Board of resolution dated 13.04.2017, thereby…