The case involves a petition filed by Asset Reconstruction Company (India) Limited (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prabhu Hira Ice & Cold Storage Ltd. The petition was filed due to an aggregate debt of Rs. 56,07,02,586 as of 31.12.2018. The Respondent, Prabhu Hira Ice & Cold Storage Ltd, argued that the application was barred by limitation and questioned the locus standi of the Petitioner, ARCIL, as the original lender, Central Bank of India, had assigned the debt to ARCIL.
The Asset Reconstruction Company (India) Limited (ARCIL) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prabhu Hira Ice & Cold Storage Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The aggregate debt claimed was Rs. 56,07,02,586 as of 31.12.2018. The Respondent had requested the Petitioner (original lender) to grant Term Loan and Working Capital Limit on 19.11.1997, and a sum of Rs.540 Lakh was sanctioned on 23.12.1997. The date of NPA was 06.03.2003. The Respondent argued that the application was barred by limitation, as it was filed in February 2019, more than 16 years after the date of default. The Respondent also challenged the locus standi of the Petitioner, as the debt was assigned from
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The Respondent requested the Petitioner…
A sum of Rs.540 Lakh…
The case involves a petition filed by Asset Reconstruction Company (India) Limited (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prabhu Hira Ice & Cold Storage Ltd. The petition was filed due to an aggregate debt of Rs. 56,07,02,586 as of 31.12.2018. The Respondent, Prabhu Hira Ice & Cold Storage Ltd, argued that the application was barred by limitation and questioned the locus standi of the Petitioner, ARCIL, as the original lender, Central Bank of India, had assigned the debt to ARCIL.
The Asset Reconstruction Company (India) Limited (ARCIL) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prabhu Hira Ice & Cold Storage Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The aggregate debt claimed was Rs. 56,07,02,586 as of 31.12.2018. The Respondent had requested the Petitioner (original lender) to grant Term Loan and Working Capital Limit on 19.11.1997, and a sum of Rs.540 Lakh was sanctioned on 23.12.1997. The date of NPA was 06.03.2003. The Respondent argued that the application was barred by limitation, as it was filed in February 2019, more than 16 years after the date of default. The Respondent also challenged the locus standi of the Petitioner, as the debt was assigned from
…The Respondent requested the Petitioner…
A sum of Rs.540 Lakh…