Asset Reconstruction Company (India) Ltd. (ARCIL), acting as a Trustee of ARCIL - Precision Fasteners Ltd. - Trust, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Precision Fasteners Ltd. (PFL). The petition alleges that PFL is liable to pay a sum of ₹129,34,66,897.7 as of 2017-07-13 and defaulted on 2002-01-01. ARCIL acquired some financial assets of PFL from Industrial Development Bank of India (IDBI) for a consideration of ₹4.64 crores via an Assignment Agreement dated 2003-12-30.
Asset Reconstruction Company (India) Ltd. (ARCIL) filed a petition to initiate CIRP against Precision Fasteners Ltd. (PFL), claiming a default of ₹129,34,66,897.7 as of 2017-07-13, with the original default occurring on 2002-01-01. ARCIL acquired financial assets of PFL from IDBI through an Assignment Agreement dated 2003-12-30 for ₹4.64 crores. The assignment related to assets mortgaged with IDBI for a working capital facility. PFL argued that ARCIL's claim was not valid, the certificate under the Bankers Book Evidence Act was not satisfactory, and the claim was time-barred. The AAIFR had dismissed an appeal filed by the Corporate Debtor on 2015-10-12. The court noted that the limitation period would start after the termination of proceedings before BIFR or AAIFR, and
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Precision Fasteners…
ARCIL acquired…
Asset Reconstruction Company (India) Ltd. (ARCIL), acting as a Trustee of ARCIL - Precision Fasteners Ltd. - Trust, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Precision Fasteners Ltd. (PFL). The petition alleges that PFL is liable to pay a sum of ₹129,34,66,897.7 as of 2017-07-13 and defaulted on 2002-01-01. ARCIL acquired some financial assets of PFL from Industrial Development Bank of India (IDBI) for a consideration of ₹4.64 crores via an Assignment Agreement dated 2003-12-30.
Asset Reconstruction Company (India) Ltd. (ARCIL) filed a petition to initiate CIRP against Precision Fasteners Ltd. (PFL), claiming a default of ₹129,34,66,897.7 as of 2017-07-13, with the original default occurring on 2002-01-01. ARCIL acquired financial assets of PFL from IDBI through an Assignment Agreement dated 2003-12-30 for ₹4.64 crores. The assignment related to assets mortgaged with IDBI for a working capital facility. PFL argued that ARCIL's claim was not valid, the certificate under the Bankers Book Evidence Act was not satisfactory, and the claim was time-barred. The AAIFR had dismissed an appeal filed by the Corporate Debtor on 2015-10-12. The court noted that the limitation period would start after the termination of proceedings before BIFR or AAIFR, and
…Precision Fasteners…
ARCIL acquired…