The case involves an application filed by India Factoring and Finance Solutions Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcons Infrastructure and Construction Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on payments related to a factoring agreement. The Corporate Debtor argued that the debt was not a 'Financial Debt' as defined under the IBC due to the nature of the factoring agreement and the involvement of IL&FS Transportation Networks Limited.
India Factoring and Finance Solutions Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcons Infrastructure and Construction Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 09.06.2006. The Financial Creditor and Corporate Debtor entered into a factoring agreement dated 05.07.2018, following a facility letter dated 04.07.2018. The Corporate Debtor had an agreement for construction of Check Posts with IL&FS Transportation Networks Ltd (ITNL). The Corporate Debtor approached the Financial Creditor for financial assistance to meet working capital requirements. The Financial Creditor purchased approved bills
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Arcons Infrastructure and Construction…
Financial Creditor…
The case involves an application filed by India Factoring and Finance Solutions Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcons Infrastructure and Construction Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on payments related to a factoring agreement. The Corporate Debtor argued that the debt was not a 'Financial Debt' as defined under the IBC due to the nature of the factoring agreement and the involvement of IL&FS Transportation Networks Limited.
India Factoring and Finance Solutions Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcons Infrastructure and Construction Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 09.06.2006. The Financial Creditor and Corporate Debtor entered into a factoring agreement dated 05.07.2018, following a facility letter dated 04.07.2018. The Corporate Debtor had an agreement for construction of Check Posts with IL&FS Transportation Networks Ltd (ITNL). The Corporate Debtor approached the Financial Creditor for financial assistance to meet working capital requirements. The Financial Creditor purchased approved bills
…Arcons Infrastructure and Construction…
Financial Creditor…