The case involves an application filed by the suspended Director of M/s Master Weaver Ethinics Private Limited, seeking suspension of a demand notice issued under Section 13(2) of the SARFAESI Act, 2002. The demand notice, dated 15.06.2022, was issued by the Financial Creditor, M/s. India Resurgence ARC PRIVATE LTD, demanding payment of Rs. 6,15,53,652/-. The Corporate Debtor, M/s Master Weavers Ethinics India Private Limited, is undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order dated 04.04.2022. The applicant contends that the demand notice and subsequent actions of taking forcible possession of the schedule property are not maintainable due to the ongoing CIRP.
Udata Venkateswar Rao, the suspended Director of M/s Master Weaver Ethinics Private Limited, filed an application against M/s Master Weavers Ethinics India Private Limited (Corporate Debtor) and M/s. India Resurgence ARC PRIVATE LTD (Financial Creditor). The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 04.04.2022. The Financial Creditor issued a demand notice dated 15.06.2022 under Section 13(2) of the SARFAESI Act, 2002, demanding payment of Rs. 6,15,53,652/-. The applicant sought suspension of the demand notice. The Financial Creditor argued that the Corporate Debtor defaulted on loan repayments since 2017-18, becoming a stressed asset/NPA on 31.05.2019. The Financial Creditor also filed CRL. M. P. No. 151
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CP(IB) No.255/7/HDB/2021…
Corporate Insolvency Resolution Process (CIRP)…
The case involves an application filed by the suspended Director of M/s Master Weaver Ethinics Private Limited, seeking suspension of a demand notice issued under Section 13(2) of the SARFAESI Act, 2002. The demand notice, dated 15.06.2022, was issued by the Financial Creditor, M/s. India Resurgence ARC PRIVATE LTD, demanding payment of Rs. 6,15,53,652/-. The Corporate Debtor, M/s Master Weavers Ethinics India Private Limited, is undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an order dated 04.04.2022. The applicant contends that the demand notice and subsequent actions of taking forcible possession of the schedule property are not maintainable due to the ongoing CIRP.
Udata Venkateswar Rao, the suspended Director of M/s Master Weaver Ethinics Private Limited, filed an application against M/s Master Weavers Ethinics India Private Limited (Corporate Debtor) and M/s. India Resurgence ARC PRIVATE LTD (Financial Creditor). The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 04.04.2022. The Financial Creditor issued a demand notice dated 15.06.2022 under Section 13(2) of the SARFAESI Act, 2002, demanding payment of Rs. 6,15,53,652/-. The applicant sought suspension of the demand notice. The Financial Creditor argued that the Corporate Debtor defaulted on loan repayments since 2017-18, becoming a stressed asset/NPA on 31.05.2019. The Financial Creditor also filed CRL. M. P. No. 151
…CP(IB) No.255/7/HDB/2021…
Corporate Insolvency Resolution Process (CIRP)…