The case involves an application filed by M/s ASREC (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s R.K. Jain Construction (India) Pvt. Ltd. The application was filed due to a default on a loan availed by the Corporate Debtor from Allahabad Bank, which was later assigned to the applicant.
M/s ASREC (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s R.K. Jain Construction (India) Pvt. Ltd. The Corporate Debtor had availed a loan of 15.95 Crores from Allahabad Bank, sanctioned on 2010-06-30. The loan was secured by hypothecation and mortgage of movable and immovable properties. Allahabad Bank initiated recovery proceedings under the SARFAESI Act. Subsequently, Allahabad Bank assigned the loan to M/s ASREC (India) Limited via a Deed of Assignment dated 2017-07-17. The applicant claimed that a sum of Rs. 28,64,67,561/- was due and payable by the Corporate Debtor. The Corporate Debtor was served notice but remained unrepresented, leading to
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Allahabad Bank sanctioned a loan of 15.95…
Allahabad Bank assigned…
The case involves an application filed by M/s ASREC (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s R.K. Jain Construction (India) Pvt. Ltd. The application was filed due to a default on a loan availed by the Corporate Debtor from Allahabad Bank, which was later assigned to the applicant.
M/s ASREC (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s R.K. Jain Construction (India) Pvt. Ltd. The Corporate Debtor had availed a loan of 15.95 Crores from Allahabad Bank, sanctioned on 2010-06-30. The loan was secured by hypothecation and mortgage of movable and immovable properties. Allahabad Bank initiated recovery proceedings under the SARFAESI Act. Subsequently, Allahabad Bank assigned the loan to M/s ASREC (India) Limited via a Deed of Assignment dated 2017-07-17. The applicant claimed that a sum of Rs. 28,64,67,561/- was due and payable by the Corporate Debtor. The Corporate Debtor was served notice but remained unrepresented, leading to
…Allahabad Bank sanctioned a loan of 15.95…
Allahabad Bank assigned…