ASREC (INDIA) LTD. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The Corporate Debtor had obtained credit facilities from Bharat Co-operative Bank (Mumbai) Limited, which later assigned the debt to ASREC (INDIA) LTD. The Corporate Debtor defaulted in repaying the dues, leading to the account being classified as a Non-Performing Asset. The Financial Creditor presented documents demonstrating the existence of the debt, including forwarding letters, demand notices, assignment agreements, and records of default.
ASREC (INDIA) LTD. filed a petition to initiate CIRP against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The debt originated from credit facilities granted by Bharat Co-operative Bank (Mumbai) Limited to the Corporate Debtor. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset on 09.09.2019. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 09.10.2020, for Rs. 8,03,93,967. An assignment agreement was executed on 25.03.2021, transferring the debt from Bharat Co-operative Bank to ASREC (INDIA) LTD. The petition was filed on 26.08.2022. The Corporate Debtor was set ex-parte by an order dated 10.10.2022, due to non-appearance. The
…Sign in to view the parties.
The account of the…
Bharat Co-operative Bank issued a demand notice…
ASREC (INDIA) LTD. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The Corporate Debtor had obtained credit facilities from Bharat Co-operative Bank (Mumbai) Limited, which later assigned the debt to ASREC (INDIA) LTD. The Corporate Debtor defaulted in repaying the dues, leading to the account being classified as a Non-Performing Asset. The Financial Creditor presented documents demonstrating the existence of the debt, including forwarding letters, demand notices, assignment agreements, and records of default.
ASREC (INDIA) LTD. filed a petition to initiate CIRP against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The debt originated from credit facilities granted by Bharat Co-operative Bank (Mumbai) Limited to the Corporate Debtor. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset on 09.09.2019. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 09.10.2020, for Rs. 8,03,93,967. An assignment agreement was executed on 25.03.2021, transferring the debt from Bharat Co-operative Bank to ASREC (INDIA) LTD. The petition was filed on 26.08.2022. The Corporate Debtor was set ex-parte by an order dated 10.10.2022, due to non-appearance. The
…The account of the…
Bharat Co-operative Bank issued a demand notice…