JM Financial Asset Reconstruction Company 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) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The applicant claimed that Tiger Surgical Disposable Private Limited defaulted on debts owed to UCO Bank, which were later assigned to JM Financial Asset Reconstruction Company Limited. The corporate debtor raised objections, including the petition being time-barred and issues related to UCO Bank's handling of financial transactions.
JM Financial Asset Reconstruction Company Limited filed a petition against Tiger Surgical Disposable Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that the corporate debtor defaulted on a total amount of Rs. 22,12,05,556/- as of 15.03.2018, which was outstanding against debts owed to UCO Bank. These debts were transferred to the applicant via a registered assignment agreement dated 26.03.2014. The account was classified as a Non-Performing Asset (NPA) on 31.03.2013. The corporate debtor raised objections, including the petition being time-barred under Section 238A of the IB Code, and alleged negligence by UCO Bank in handling financial transactions, specifically the loss of cheques and issues with interest rates. The
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The account of Tiger Surgical Disposable Private…
UCO Bank entered into a registered…
JM Financial Asset Reconstruction Company 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) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The applicant claimed that Tiger Surgical Disposable Private Limited defaulted on debts owed to UCO Bank, which were later assigned to JM Financial Asset Reconstruction Company Limited. The corporate debtor raised objections, including the petition being time-barred and issues related to UCO Bank's handling of financial transactions.
JM Financial Asset Reconstruction Company Limited filed a petition against Tiger Surgical Disposable Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that the corporate debtor defaulted on a total amount of Rs. 22,12,05,556/- as of 15.03.2018, which was outstanding against debts owed to UCO Bank. These debts were transferred to the applicant via a registered assignment agreement dated 26.03.2014. The account was classified as a Non-Performing Asset (NPA) on 31.03.2013. The corporate debtor raised objections, including the petition being time-barred under Section 238A of the IB Code, and alleged negligence by UCO Bank in handling financial transactions, specifically the loss of cheques and issues with interest rates. The
…The account of Tiger Surgical Disposable Private…
UCO Bank entered into a registered…