The case involves a petition filed by International Asset Reconstruction Company Private Limited (Financial Creditor) against Shri Maruthi Textiles Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 26,60,58,116/- as on 13.12.2000, along with interest. The Corporate Debtor had initially availed credit facilities from Industrial Credit and Investment Corporation of India Ltd (ICICI) which were later assigned to Standard Chartered Bank and subsequently to the Financial Creditor. The Corporate Debtor's assets were subject to attachment orders from Debt Recovery Tribunal (DRT) and Employees Provident Fund Organization (EPFO).
Shri Maruthi Textiles Limited (Corporate Debtor) availed credit facilities from Industrial Credit and Investment Corporation of India Ltd (ICICI), later changed to ICICI Ltd, under agreements dated 05.10.1990, 06.03.1991, 28.03.1991 and 30.03.1992, amounting to Rs. 110 Lakhs, Rs. 105 Lakhs, 712,000 DM and Rs. 280 Lakhs respectively. These loans, along with underlying security interests, were assigned by ICICI Ltd to Standard Chartered Bank on 18.02.2006, and subsequently to International Asset Reconstruction Company Private Limited (Financial Creditor) via registered Assignment Agreements dated 31.07.2012. The Corporate Debtor defaulted on repayments, leading ICICI Ltd to classify the account as NPA on 07.08.2000 and file OA No.1297/2000 before DRT Chennai. The DRT
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Corporate Debtor availed Rupee Term Loan and…
Corporate Debtor availed Rupee Term Loan and…
The case involves a petition filed by International Asset Reconstruction Company Private Limited (Financial Creditor) against Shri Maruthi Textiles Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 26,60,58,116/- as on 13.12.2000, along with interest. The Corporate Debtor had initially availed credit facilities from Industrial Credit and Investment Corporation of India Ltd (ICICI) which were later assigned to Standard Chartered Bank and subsequently to the Financial Creditor. The Corporate Debtor's assets were subject to attachment orders from Debt Recovery Tribunal (DRT) and Employees Provident Fund Organization (EPFO).
Shri Maruthi Textiles Limited (Corporate Debtor) availed credit facilities from Industrial Credit and Investment Corporation of India Ltd (ICICI), later changed to ICICI Ltd, under agreements dated 05.10.1990, 06.03.1991, 28.03.1991 and 30.03.1992, amounting to Rs. 110 Lakhs, Rs. 105 Lakhs, 712,000 DM and Rs. 280 Lakhs respectively. These loans, along with underlying security interests, were assigned by ICICI Ltd to Standard Chartered Bank on 18.02.2006, and subsequently to International Asset Reconstruction Company Private Limited (Financial Creditor) via registered Assignment Agreements dated 31.07.2012. The Corporate Debtor defaulted on repayments, leading ICICI Ltd to classify the account as NPA on 07.08.2000 and file OA No.1297/2000 before DRT Chennai. The DRT
…Corporate Debtor availed Rupee Term Loan and…
Corporate Debtor availed Rupee Term Loan and…