Asset Reconstruction Company (India) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shamken Spinners Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor had taken financial assistance from Development Credit Bank Limited (DCB), which sanctioned a term loan of Rs 6 crores. Later, DCB assigned its rights to Asset Reconstruction Company (India) Limited. The corporate debtor defaulted on the loan, leading to the application for CIRP.
Asset Reconstruction Company (India) Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited, the corporate debtor. Shamken Spinners Limited had obtained a term loan of Rs 6 crores from Development Credit Bank Limited (DCB). DCB later assigned its rights, title, and interest in the debt to Asset Reconstruction Company (India) Limited through a Deed of Assignment dated 14.03.2008. The corporate debtor defaulted on the loan, with the amount in default being Rs. 40,53,83,922 as of 31.03.2017. The corporate debtor had previously filed references with the Board for Industrial and Financial Reconstruction (BIFR) under the Sick
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Development Credit Bank Limited (DCB)…
A Deed of Assignment was executed between The…
Asset Reconstruction Company (India) Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shamken Spinners Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The corporate debtor had taken financial assistance from Development Credit Bank Limited (DCB), which sanctioned a term loan of Rs 6 crores. Later, DCB assigned its rights to Asset Reconstruction Company (India) Limited. The corporate debtor defaulted on the loan, leading to the application for CIRP.
Asset Reconstruction Company (India) Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited, the corporate debtor. Shamken Spinners Limited had obtained a term loan of Rs 6 crores from Development Credit Bank Limited (DCB). DCB later assigned its rights, title, and interest in the debt to Asset Reconstruction Company (India) Limited through a Deed of Assignment dated 14.03.2008. The corporate debtor defaulted on the loan, with the amount in default being Rs. 40,53,83,922 as of 31.03.2017. The corporate debtor had previously filed references with the Board for Industrial and Financial Reconstruction (BIFR) under the Sick
…Development Credit Bank Limited (DCB)…
A Deed of Assignment was executed between The…