The case involves an application filed by ASREC (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Industries Ltd. The dispute originates from a sale agreement dated 27.11.1990, where Shree Industries Ltd. purchased assets from Ganpati Pulp and Paper Ltd. (GPPL) through a consortium arrangement led by Gujarat State Financial Corporation (GSFC). ASREC (India) Ltd. acquired the financial assets/debts of GPPL from Bank of Baroda via an assignment agreement dated 29.03.2011. The core issue is whether the 1990 agreement constitutes a sale agreement or a loan agreement, impacting ASREC's status as a Financial Creditor.
1. ASREC (India) Ltd. filed an application under Section 7 of the IBC, 2016, seeking initiation of CIRP against Shree Industries Ltd.
2. Shree Industries Ltd. was initially known as Rama Finance Ltd.
3. ASREC (India) Ltd. is the successor in interest to the financial assets/debts of Ganpati Pulp and Paper Mills Ltd. (GPPL), which it acquired from Bank of Baroda through an assignment agreement dated 29.03.2011.
4. The dispute stems from a transaction where Shree Industries Ltd. purchased assets from GPPL in 1990 through a consortium arrangement led by Gujarat State Financial Corporation (GSFC).
5. GSFC published a sale notice dated 27.08.1990 for the sale of assets of GPPL.
6. Shree Industries Ltd. purchased the assets for Rs. 3.88 crores, confirmed by GSFC.
7. An agreement
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M/s. Shree Industries…
Gujarat State Financial Corporation (GSFC)…
The case involves an application filed by ASREC (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Industries Ltd. The dispute originates from a sale agreement dated 27.11.1990, where Shree Industries Ltd. purchased assets from Ganpati Pulp and Paper Ltd. (GPPL) through a consortium arrangement led by Gujarat State Financial Corporation (GSFC). ASREC (India) Ltd. acquired the financial assets/debts of GPPL from Bank of Baroda via an assignment agreement dated 29.03.2011. The core issue is whether the 1990 agreement constitutes a sale agreement or a loan agreement, impacting ASREC's status as a Financial Creditor.
1. ASREC (India) Ltd. filed an application under Section 7 of the IBC, 2016, seeking initiation of CIRP against Shree Industries Ltd.
2. Shree Industries Ltd. was initially known as Rama Finance Ltd.
3. ASREC (India) Ltd. is the successor in interest to the financial assets/debts of Ganpati Pulp and Paper Mills Ltd. (GPPL), which it acquired from Bank of Baroda through an assignment agreement dated 29.03.2011.
4. The dispute stems from a transaction where Shree Industries Ltd. purchased assets from GPPL in 1990 through a consortium arrangement led by Gujarat State Financial Corporation (GSFC).
5. GSFC published a sale notice dated 27.08.1990 for the sale of assets of GPPL.
6. Shree Industries Ltd. purchased the assets for Rs. 3.88 crores, confirmed by GSFC.
7. An agreement
M/s. Shree Industries…
Gujarat State Financial Corporation (GSFC)…