The case involves a petition filed by Phoenix ARC Private Limited, the Financial Creditor/Petitioner, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive and Tublar Products Limited, the Corporate Debtor/Respondent. The petition was filed due to the Corporate Debtor's default in repayment of Rs. 9,68,20,63,285/-. The debt was initially assigned by Bank of India, KKR India Financial Services Limited, and Corporation Bank to Phoenix Trust FY 19 - 11, Phoenix Trust FY 19 - 13, and Phoenix Trust FY 19 - 20 respectively. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) with effect from 31.03.2015. Several attempts were made to restructure and settle the debts
…Phoenix ARC Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive and Tublar Products Limited due to a default of Rs. 9,68,20,63,285/-. The debt originated from credit facilities extended by Bank of India, KKR India Financial Services Limited, and Corporation Bank, which were later assigned to Phoenix Trust FY 19 - 11, Phoenix Trust FY 19 - 13, and Phoenix Trust FY 19 - 20 respectively. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015. Several attempts to restructure the debt through Letters of Acceptance (LoA) failed. The Corporate Debtor acknowledged the debt in a Tripartite Assignment Agreement dated
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The account of the Corporate Debtor was…
The debt owed by the Corporate Debtor to Bank…
The case involves a petition filed by Phoenix ARC Private Limited, the Financial Creditor/Petitioner, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive and Tublar Products Limited, the Corporate Debtor/Respondent. The petition was filed due to the Corporate Debtor's default in repayment of Rs. 9,68,20,63,285/-. The debt was initially assigned by Bank of India, KKR India Financial Services Limited, and Corporation Bank to Phoenix Trust FY 19 - 11, Phoenix Trust FY 19 - 13, and Phoenix Trust FY 19 - 20 respectively. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) with effect from 31.03.2015. Several attempts were made to restructure and settle the debts
…Phoenix ARC Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KLT Automotive and Tublar Products Limited due to a default of Rs. 9,68,20,63,285/-. The debt originated from credit facilities extended by Bank of India, KKR India Financial Services Limited, and Corporation Bank, which were later assigned to Phoenix Trust FY 19 - 11, Phoenix Trust FY 19 - 13, and Phoenix Trust FY 19 - 20 respectively. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2015. Several attempts to restructure the debt through Letters of Acceptance (LoA) failed. The Corporate Debtor acknowledged the debt in a Tripartite Assignment Agreement dated
…The account of the Corporate Debtor was…
The debt owed by the Corporate Debtor to Bank…