The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by J.M. Financial Asset Reconstruction Company Limited (JMFARC), the Financial Creditor, against Howrah Mills Company Limited, the Corporate Debtor. JMFARC sought to initiate CIRP against Howrah Mills. Subsequently, JMFARC entered into an agreement with Abhinandan Holdings Private Limited to assign the debts of Howrah Mills. JMFARC then filed an application to withdraw the CIRP petition, which was initially allowed. However, the settlement with Abhinandan failed, leading JMFARC to file a restoration application. Howrah Mills objected to the restoration, but the Tribunal allowed it. Howrah Mills then appealed to the Appellate Tribunal, which directed the Adjudicating
…J.M. Financial Asset Reconstruction Company Limited (JMFARC) initiated CIRP against Howrah Mills Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. JMFARC, as the Financial Creditor, entered into an agreement on 15.01.2020 with Abhinandan Holdings Private Limited to assign the debts of Howrah Mills. Abhinandan Holdings was to pay Rs. 26.01 crores in installments. An initial 25% (Rs. 6.50 crores) was paid. Subsequent installments were due on 31.01.2020, 29.02.2020, and 25.03.2020. Abhinandan defaulted on payments. JMFARC attempted to forfeit the money paid and cancel the agreement, but the Commercial Court issued an injunction restraining JMFARC from doing so. JMFARC then sought to restore the CIRP against Howrah Mills. The Appellate Tribunal
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The Loan account was assigned by the Bank…
An Agreement to assign the debts of Howrah…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by J.M. Financial Asset Reconstruction Company Limited (JMFARC), the Financial Creditor, against Howrah Mills Company Limited, the Corporate Debtor. JMFARC sought to initiate CIRP against Howrah Mills. Subsequently, JMFARC entered into an agreement with Abhinandan Holdings Private Limited to assign the debts of Howrah Mills. JMFARC then filed an application to withdraw the CIRP petition, which was initially allowed. However, the settlement with Abhinandan failed, leading JMFARC to file a restoration application. Howrah Mills objected to the restoration, but the Tribunal allowed it. Howrah Mills then appealed to the Appellate Tribunal, which directed the Adjudicating
…J.M. Financial Asset Reconstruction Company Limited (JMFARC) initiated CIRP against Howrah Mills Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. JMFARC, as the Financial Creditor, entered into an agreement on 15.01.2020 with Abhinandan Holdings Private Limited to assign the debts of Howrah Mills. Abhinandan Holdings was to pay Rs. 26.01 crores in installments. An initial 25% (Rs. 6.50 crores) was paid. Subsequent installments were due on 31.01.2020, 29.02.2020, and 25.03.2020. Abhinandan defaulted on payments. JMFARC attempted to forfeit the money paid and cancel the agreement, but the Commercial Court issued an injunction restraining JMFARC from doing so. JMFARC then sought to restore the CIRP against Howrah Mills. The Appellate Tribunal
…The Loan account was assigned by the Bank…
An Agreement to assign the debts of Howrah…