Assets Care and Reconstruction Enterprise Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Lakshya Forrum for Competition Private Limited, the Corporate Debtor. The Corporate Debtor, along with its holding company M/s MT Educare Limited, had been sanctioned INR 110,00,00,000 under a common facility agreement dated 2017-04-12 by M/s Xander Finance Private Limited (Original Lender), out of which the Corporate Debtor availed INR 33.25 Crores. The date of default was stated as 2021-03-01, with a total default amount of Rs.13,87,59,120/- as of 2021-10-14. The Corporate Debtor objected to the petition, stating that the demand notice was
…Assets Care and Reconstruction Enterprise Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Lakshya Forrum for Competition Private Limited (Corporate Debtor). The Corporate Debtor, along with its holding company, had been sanctioned INR 110,00,00,000 under a common facility agreement dated 2017-04-12. The Corporate Debtor availed INR 33.25 Crores. The date of default was 2021-03-01, with a total default amount of Rs.13,87,59,120/- as of 2021-10-14. The Financial Creditor's application stated the date of default as 2021-03-01, confirmed by information utility records. The Corporate Debtor objected, stating the demand notice was issued during the moratorium period and challenged the petitioner's locus standi. The
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INR 110,00,00,000 sanctioned under a common…
Date of defaul…
Assets Care and Reconstruction Enterprise Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Lakshya Forrum for Competition Private Limited, the Corporate Debtor. The Corporate Debtor, along with its holding company M/s MT Educare Limited, had been sanctioned INR 110,00,00,000 under a common facility agreement dated 2017-04-12 by M/s Xander Finance Private Limited (Original Lender), out of which the Corporate Debtor availed INR 33.25 Crores. The date of default was stated as 2021-03-01, with a total default amount of Rs.13,87,59,120/- as of 2021-10-14. The Corporate Debtor objected to the petition, stating that the demand notice was
…Assets Care and Reconstruction Enterprise Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Lakshya Forrum for Competition Private Limited (Corporate Debtor). The Corporate Debtor, along with its holding company, had been sanctioned INR 110,00,00,000 under a common facility agreement dated 2017-04-12. The Corporate Debtor availed INR 33.25 Crores. The date of default was 2021-03-01, with a total default amount of Rs.13,87,59,120/- as of 2021-10-14. The Financial Creditor's application stated the date of default as 2021-03-01, confirmed by information utility records. The Corporate Debtor objected, stating the demand notice was issued during the moratorium period and challenged the petitioner's locus standi. The
…INR 110,00,00,000 sanctioned under a common…
Date of defaul…