The case involves an application by Schweitzer Systemtek India Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor had raised debt from Dhanlaxmi Bank and Standard Chartered Bank. Dhanlaxmi Bank assigned its debt to Phoenix ARC Private Limited. Phoenix ARC is contesting the application, while the Corporate Debtor seeks the imposition of a moratorium under Section 14 of the IBC. The Corporate Debtor's application is under Section 10 of the IBC.
Schweitzer Systemtek India Private Limited (Corporate Debtor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had raised debt from Dhanlaxmi Bank and Standard Chartered Bank. Dhanlaxmi Bank sanctioned a loan on 2011-12-19, and Standard Chartered Bank sanctioned a loan on 2012-04-17. Dhanlaxmi Bank assigned its debt to Phoenix ARC Private Limited on 2014-03-28. Phoenix ARC Private Limited is contesting the application. The Corporate Debtor's application seeks a moratorium under Section 14 of the IBC. The Corporate Debtor's financial statements show a discrepancy between the liabilities and assets. The Corporate Debtor's balance sheet does not clearly
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The petition was filed…
Dhanlaxmi Bank…
The case involves an application by Schweitzer Systemtek India Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor had raised debt from Dhanlaxmi Bank and Standard Chartered Bank. Dhanlaxmi Bank assigned its debt to Phoenix ARC Private Limited. Phoenix ARC is contesting the application, while the Corporate Debtor seeks the imposition of a moratorium under Section 14 of the IBC. The Corporate Debtor's application is under Section 10 of the IBC.
Schweitzer Systemtek India Private Limited (Corporate Debtor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had raised debt from Dhanlaxmi Bank and Standard Chartered Bank. Dhanlaxmi Bank sanctioned a loan on 2011-12-19, and Standard Chartered Bank sanctioned a loan on 2012-04-17. Dhanlaxmi Bank assigned its debt to Phoenix ARC Private Limited on 2014-03-28. Phoenix ARC Private Limited is contesting the application. The Corporate Debtor's application seeks a moratorium under Section 14 of the IBC. The Corporate Debtor's financial statements show a discrepancy between the liabilities and assets. The Corporate Debtor's balance sheet does not clearly
…The petition was filed…
Dhanlaxmi Bank…