The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Edelweiss Asset Reconstruction Company Limited (acting as trustee of EARC Trust - SC 30) against M/s Alps Industries Limited. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Alps Industries Limited due to a default on financial debt. The financial creditor, Edelweiss, claims that Alps Industries Limited defaulted on a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss, as an asset reconstruction company, acquired the debt from various banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank
…Edelweiss Asset Reconstruction Company Limited, acting as trustee of EARC Trust - SC 30, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Alps Industries Limited. The application was filed on 2024-06-04. The financial creditor claims a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss acquired the debt from several banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank of India, Punjab National Bank, and State Bank of Bikaner and Jaipur. The corporate debtor underwent multiple restructuring agreements and CDR mechanisms but failed to meet its repayment obligations. The corporate debtor
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The Corporate Debtor…
A Master Restructuring Agreement was entered…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Edelweiss Asset Reconstruction Company Limited (acting as trustee of EARC Trust - SC 30) against M/s Alps Industries Limited. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Alps Industries Limited due to a default on financial debt. The financial creditor, Edelweiss, claims that Alps Industries Limited defaulted on a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss, as an asset reconstruction company, acquired the debt from various banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank
…Edelweiss Asset Reconstruction Company Limited, acting as trustee of EARC Trust - SC 30, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Alps Industries Limited. The application was filed on 2024-06-04. The financial creditor claims a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss acquired the debt from several banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank of India, Punjab National Bank, and State Bank of Bikaner and Jaipur. The corporate debtor underwent multiple restructuring agreements and CDR mechanisms but failed to meet its repayment obligations. The corporate debtor
…The Corporate Debtor…
A Master Restructuring Agreement was entered…