The case involves an application filed by Phoenix ARC Private Ltd, the Financial Creditor, against Kerala Chamber of Commerce and Industries, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total amount of Rs. 8,60,00,000/- due from the Corporate Debtor. The Corporate Debtor availed various credit facilities from South Indian Bank, later assigned to Phoenix ARC. The loans were for business purposes, including the purchase of elevators and generators, and construction of a commercial building. The Corporate Debtor acknowledged the debt in balance sheets until 2019. The Corporate Debtor contested the application, citing limitation issues and
…Phoenix ARC Private Ltd, as the assignee of South Indian Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kerala Chamber of Commerce and Industries, claiming a debt of Rs. 8,60,00,000/-. The Corporate Debtor had availed credit facilities from South Indian Bank for business purposes, including purchasing passenger elevators and generators, and constructing a commercial building. The loans were secured by hypothecation and equitable mortgage. The Corporate Debtor acknowledged the debt in its balance sheets until 2019. The loan account was declared NPA on 30.09.2013. The Corporate Debtor argued that the application was barred by limitation and that the applicant was
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Application for loan…
South Indian Bank…
The case involves an application filed by Phoenix ARC Private Ltd, the Financial Creditor, against Kerala Chamber of Commerce and Industries, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total amount of Rs. 8,60,00,000/- due from the Corporate Debtor. The Corporate Debtor availed various credit facilities from South Indian Bank, later assigned to Phoenix ARC. The loans were for business purposes, including the purchase of elevators and generators, and construction of a commercial building. The Corporate Debtor acknowledged the debt in balance sheets until 2019. The Corporate Debtor contested the application, citing limitation issues and
…Phoenix ARC Private Ltd, as the assignee of South Indian Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kerala Chamber of Commerce and Industries, claiming a debt of Rs. 8,60,00,000/-. The Corporate Debtor had availed credit facilities from South Indian Bank for business purposes, including purchasing passenger elevators and generators, and constructing a commercial building. The loans were secured by hypothecation and equitable mortgage. The Corporate Debtor acknowledged the debt in its balance sheets until 2019. The loan account was declared NPA on 30.09.2013. The Corporate Debtor argued that the application was barred by limitation and that the applicant was
…Application for loan…
South Indian Bank…