The Asset Reconstruction Company (India) Limited filed a petition 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, for initiating Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited. The applicant, Asset Reconstruction Company (India) Limited, is a public limited company registered with the RBI and engaged in securitization and reconstruction of financial assets. Shamken Spinners Limited, the corporate debtor, is a company incorporated in 1990. The corporate debtor had approached Development Credit Bank Limited (DCB) for a term loan, which was sanctioned. Subsequently, a Deed of Assignment was executed between DCB and Asset
…Asset Reconstruction Company (India) Limited (Applicant) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited (Corporate Debtor). The Corporate Debtor had obtained a term loan from Development Credit Bank Limited (DCB), which was later assigned to the Applicant via a Deed of Assignment dated 2008-03-14. The Corporate Debtor defaulted on the loan, with an outstanding amount of Rs. 40,53,83,922 as of 2017-03-31. The Corporate Debtor raised objections, including the maintainability of the petition due to a defective power of attorney and concealment of facts regarding the Corporate Debtor being declared NPA by ICICI Bank Ltd and other lenders in 2004. The
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Development Credit Bank Limited (DCB)…
The corporate debtor executed the loan and…
The Asset Reconstruction Company (India) Limited filed a petition 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, for initiating Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited. The applicant, Asset Reconstruction Company (India) Limited, is a public limited company registered with the RBI and engaged in securitization and reconstruction of financial assets. Shamken Spinners Limited, the corporate debtor, is a company incorporated in 1990. The corporate debtor had approached Development Credit Bank Limited (DCB) for a term loan, which was sanctioned. Subsequently, a Deed of Assignment was executed between DCB and Asset
…Asset Reconstruction Company (India) Limited (Applicant) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shamken Spinners Limited (Corporate Debtor). The Corporate Debtor had obtained a term loan from Development Credit Bank Limited (DCB), which was later assigned to the Applicant via a Deed of Assignment dated 2008-03-14. The Corporate Debtor defaulted on the loan, with an outstanding amount of Rs. 40,53,83,922 as of 2017-03-31. The Corporate Debtor raised objections, including the maintainability of the petition due to a defective power of attorney and concealment of facts regarding the Corporate Debtor being declared NPA by ICICI Bank Ltd and other lenders in 2004. The
…Development Credit Bank Limited (DCB)…
The corporate debtor executed the loan and…