The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Small Industries Development Bank of India (SIDBI) against a corporate debtor. The respondent company had approached Phoenix ARC Pvt. Ltd. to take over the dues from Petitioner/SIDBI. The ARC has agreed to take over the outstanding of Rs 11.00 Crores as full and final settlement of all dues of the Petitioner/SIDBI.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against a corporate debtor. The corporate debtor has around 25 employees and is a going concern. The Respondent Company had made an One Time Settlement offer of Rs 9.00 Crores to SIDBI. The offer was made after discounting accumulated losses of Rs 8.50 Crores. The Respondent Company had repaid a sum of Rs 7,51,05,829/- to SIDBI. The Respondent Company has approached M/s Phoenix ARC Pvt. Ltd., to take over the dues from Petitioner/SIDBI. The ARC has agreed to take over the outstanding of Rs 11.00 Crores as full and final settlement of all dues of the Petitioner/SIDBI. The Petitioner failed to accept the proposal.
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Hearing of the National…
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The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Small Industries Development Bank of India (SIDBI) against a corporate debtor. The respondent company had approached Phoenix ARC Pvt. Ltd. to take over the dues from Petitioner/SIDBI. The ARC has agreed to take over the outstanding of Rs 11.00 Crores as full and final settlement of all dues of the Petitioner/SIDBI.
Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against a corporate debtor. The corporate debtor has around 25 employees and is a going concern. The Respondent Company had made an One Time Settlement offer of Rs 9.00 Crores to SIDBI. The offer was made after discounting accumulated losses of Rs 8.50 Crores. The Respondent Company had repaid a sum of Rs 7,51,05,829/- to SIDBI. The Respondent Company has approached M/s Phoenix ARC Pvt. Ltd., to take over the dues from Petitioner/SIDBI. The ARC has agreed to take over the outstanding of Rs 11.00 Crores as full and final settlement of all dues of the Petitioner/SIDBI. The Petitioner failed to accept the proposal.
Hearing of the National…
The learned Counsel for Respondent has filed…