The case involves an application filed by CFM Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Micro Stock Holdings Pvt. Ltd. (Corporate Debtor). The Corporate Debtor acted as a guarantor for loan facilities availed by Action Ispat & Power Private Limited from State Bank of India (SBI) and other banks. The borrower defaulted, leading SBI to declare the account as Non-Performing Assets (NPA) and invoke the guarantee. The Financial Creditor is an assignee of the debt owed by the Corporate Debtor to SBI. The application was filed on 03.02.2022.
CFM Asset Reconstruction Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Micro Stock Holdings Pvt. Ltd. (Corporate Debtor) on 03.02.2022. The Corporate Debtor acted as a guarantor for loan facilities availed by Action Ispat & Power Private Limited from State Bank of India (SBI) and other banks. The total outstanding amount was approximately ₹1025.53 Crore. The borrower defaulted, leading SBI to declare the account as Non-Performing Assets (NPA) w.e.f. 31.03.2017 and invoke the guarantee provided by the Corporate Debtor. SBI issued demand letters dated 29.08.2017 to the borrower and Corporate Debtor. The Financial Creditor is an
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CFM Asset Reconstruction…
The Tribunal issued…
The case involves an application filed by CFM Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Micro Stock Holdings Pvt. Ltd. (Corporate Debtor). The Corporate Debtor acted as a guarantor for loan facilities availed by Action Ispat & Power Private Limited from State Bank of India (SBI) and other banks. The borrower defaulted, leading SBI to declare the account as Non-Performing Assets (NPA) and invoke the guarantee. The Financial Creditor is an assignee of the debt owed by the Corporate Debtor to SBI. The application was filed on 03.02.2022.
CFM Asset Reconstruction Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Micro Stock Holdings Pvt. Ltd. (Corporate Debtor) on 03.02.2022. The Corporate Debtor acted as a guarantor for loan facilities availed by Action Ispat & Power Private Limited from State Bank of India (SBI) and other banks. The total outstanding amount was approximately ₹1025.53 Crore. The borrower defaulted, leading SBI to declare the account as Non-Performing Assets (NPA) w.e.f. 31.03.2017 and invoke the guarantee provided by the Corporate Debtor. SBI issued demand letters dated 29.08.2017 to the borrower and Corporate Debtor. The Financial Creditor is an
…CFM Asset Reconstruction…
The Tribunal issued…