The case pertains to a Company Petition (IB) No. 133/ALD/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The petition was filed by Asset Reconstruction Company (India) Limited, the financial creditor, against Shamken Multifab Limited, the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor raised objections, citing issues with the power of attorney, incomplete application, and prior proceedings before BIFR and other forums.
Asset Reconstruction Company (India) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shamken Multifab Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Shamken Multifab Limited had approached Bank of India (BOI) for financial assistance, and BOI sanctioned term loans and working capital term loans. The corporate debtor accepted the terms and conditions of the credit facilities and executed loan and security documents. Subsequently, Bank of India assigned its rights, title, interest, and benefits in respect of the debts to Asset Reconstruction Company (India) Limited. The amount claimed to be in default by the applicant was Rs. 188,76,74,041/-. The corporate debtor filed objections, stating that
…Sign in to view the parties.
M/s Shamken M…
Date of the sanction…
The case pertains to a Company Petition (IB) No. 133/ALD/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The petition was filed by Asset Reconstruction Company (India) Limited, the financial creditor, against Shamken Multifab Limited, the corporate debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor raised objections, citing issues with the power of attorney, incomplete application, and prior proceedings before BIFR and other forums.
Asset Reconstruction Company (India) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shamken Multifab Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Shamken Multifab Limited had approached Bank of India (BOI) for financial assistance, and BOI sanctioned term loans and working capital term loans. The corporate debtor accepted the terms and conditions of the credit facilities and executed loan and security documents. Subsequently, Bank of India assigned its rights, title, interest, and benefits in respect of the debts to Asset Reconstruction Company (India) Limited. The amount claimed to be in default by the applicant was Rs. 188,76,74,041/-. The corporate debtor filed objections, stating that
…M/s Shamken M…
Date of the sanction…