International Asset Reconstruction Company Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Swastik Aqua Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor had availed credit facilities from Axis Bank Ltd, and the debt was later assigned to the Applicant Company. The Corporate Debtor allegedly defaulted on repayment of a restructured loan amounting to Rs. 5,22,85,492.94.
International Asset Reconstruction Company Private Limited (IARC) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Swastik Aqua Limited. Swastik Aqua Limited, the Corporate Debtor, had availed credit facilities from Axis Bank Ltd. The debt was assigned to IARC. The Corporate Debtor defaulted on repayment of a restructured loan amounting to Rs. 5,22,85,492.94. The Applicant issued a demand notice dated 29.04.2016. The Corporate Debtor argued that the demand notice was not served and was created after filing the application. The Corporate Debtor filed its last Balance Sheet for the financial year 2017-2018 on 09.09.2019. The Corporate Debtor acknowledged a liability of Rs. 2,45,71,976/- as on 31.01.2015. The Corporate Debtor's
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Axis Bank Ltd assigned the financial assets…
The amount of Rs.…
International Asset Reconstruction Company Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Swastik Aqua Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor had availed credit facilities from Axis Bank Ltd, and the debt was later assigned to the Applicant Company. The Corporate Debtor allegedly defaulted on repayment of a restructured loan amounting to Rs. 5,22,85,492.94.
International Asset Reconstruction Company Private Limited (IARC) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Swastik Aqua Limited. Swastik Aqua Limited, the Corporate Debtor, had availed credit facilities from Axis Bank Ltd. The debt was assigned to IARC. The Corporate Debtor defaulted on repayment of a restructured loan amounting to Rs. 5,22,85,492.94. The Applicant issued a demand notice dated 29.04.2016. The Corporate Debtor argued that the demand notice was not served and was created after filing the application. The Corporate Debtor filed its last Balance Sheet for the financial year 2017-2018 on 09.09.2019. The Corporate Debtor acknowledged a liability of Rs. 2,45,71,976/- as on 31.01.2015. The Corporate Debtor's
…Axis Bank Ltd assigned the financial assets…
The amount of Rs.…