The case involves an application filed by Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shri PKP Spintex Mills Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facilities from State Bank of India, including a term loan of Rs 12 Crores in 2010 and Rs 1 Crore in 2011. The account was declared a Non-Performing Asset (NPA) on 01.12.2012. State Bank of Mysore assigned the debts to ARCIL on 30.09.2014. The Corporate Debtor approached ARCIL for settlement, but outstanding dues remained unpaid. The Respondent contended that the application was barred by limitation.
Shri PKP Spintex Mills Private Limited (Corporate Debtor) availed financial facilities from State Bank of India, including a term loan of Rs 12 Crores in 2010 and Rs 1 Crore in 2011. To secure the loan, the Corporate Debtor executed various financial documents, including agreements of guarantee and hypothecation. The account was declared a Non-Performing Asset (NPA) on 01.12.2012. As of 30.06.2014, the amount of default was Rs.18,14,42,364. State Bank of Mysore assigned the debts to Asset Reconstruction Company (India) Limited (ARCIL) on 30.09.2014. The Corporate Debtor approached ARCIL for settlement and issued various letters acknowledging the liability. As of 12.02.2021, the outstanding dues were Rs 59,51,29,538. The Corporate Debtor argued that the application was
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The Corporate Debtor availed a Term Loan of Rs…
The Corporate Debtor…
The case involves an application filed by Asset Reconstruction Company (India) Limited (ARCIL), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shri PKP Spintex Mills Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facilities from State Bank of India, including a term loan of Rs 12 Crores in 2010 and Rs 1 Crore in 2011. The account was declared a Non-Performing Asset (NPA) on 01.12.2012. State Bank of Mysore assigned the debts to ARCIL on 30.09.2014. The Corporate Debtor approached ARCIL for settlement, but outstanding dues remained unpaid. The Respondent contended that the application was barred by limitation.
Shri PKP Spintex Mills Private Limited (Corporate Debtor) availed financial facilities from State Bank of India, including a term loan of Rs 12 Crores in 2010 and Rs 1 Crore in 2011. To secure the loan, the Corporate Debtor executed various financial documents, including agreements of guarantee and hypothecation. The account was declared a Non-Performing Asset (NPA) on 01.12.2012. As of 30.06.2014, the amount of default was Rs.18,14,42,364. State Bank of Mysore assigned the debts to Asset Reconstruction Company (India) Limited (ARCIL) on 30.09.2014. The Corporate Debtor approached ARCIL for settlement and issued various letters acknowledging the liability. As of 12.02.2021, the outstanding dues were Rs 59,51,29,538. The Corporate Debtor argued that the application was
…The Corporate Debtor availed a Term Loan of Rs…
The Corporate Debtor…