Invent Assets Securitization & Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Singh Medicare Institute Private Limited. The applicant, as the assignee of debts from Bombay Mercantile Co-operative Bank Ltd. (BMC Bank), claimed a default of Rs. 6,88,02,538.92 as of 09.10.2022. The corporate debtor's account was declared NPA on 30.03.2000. The applicant contended that the corporate debtor acknowledged the debt in its audited balance sheets. The corporate debtor argued that the application was time-barred and not maintainable, denying acknowledgement of the debt to BMC Bank.
Invent Assets Securitization & Reconstruction Private Limited (Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Singh Medicare Institute Private Limited (Respondent/Corporate Debtor). The applicant is the assignee of debts owed by the corporate debtor to Bombay Mercantile Co-operative Bank Ltd. (BMC Bank) through an assignment agreement dated 31.03.2017. The corporate debtor is a private limited company incorporated on May 08, 1998. The claimed default amount is Rs. 6,88,02,538.92 as of 09.10.2022. The account was declared NPA on 30.03.2000, with the date of default claimed as November 30, 1999. BMC Bank had granted term loans of Rs.
…Sign in to view the parties.
Singh Medicare…
Erstwhile Bank (BMC…
Invent Assets Securitization & Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Singh Medicare Institute Private Limited. The applicant, as the assignee of debts from Bombay Mercantile Co-operative Bank Ltd. (BMC Bank), claimed a default of Rs. 6,88,02,538.92 as of 09.10.2022. The corporate debtor's account was declared NPA on 30.03.2000. The applicant contended that the corporate debtor acknowledged the debt in its audited balance sheets. The corporate debtor argued that the application was time-barred and not maintainable, denying acknowledgement of the debt to BMC Bank.
Invent Assets Securitization & Reconstruction Private Limited (Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Singh Medicare Institute Private Limited (Respondent/Corporate Debtor). The applicant is the assignee of debts owed by the corporate debtor to Bombay Mercantile Co-operative Bank Ltd. (BMC Bank) through an assignment agreement dated 31.03.2017. The corporate debtor is a private limited company incorporated on May 08, 1998. The claimed default amount is Rs. 6,88,02,538.92 as of 09.10.2022. The account was declared NPA on 30.03.2000, with the date of default claimed as November 30, 1999. BMC Bank had granted term loans of Rs.
…Singh Medicare…
Erstwhile Bank (BMC…