Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Takshashila Heights India Pvt. Ltd., the Corporate Debtor. The applicant, acting as a trustee of EARC Trust, claimed that the Corporate Debtor defaulted on loan repayments. The original lender, ECL Finance Ltd., had sanctioned financial assistance to the Corporate Debtor, which was later assigned to the applicant. The Corporate Debtor's object was changed in 2018 and involved construction and development of a residential cum commercial project. The respondent objected to the application, citing delays due to legal and statutory approvals and the COVID-19 pandemic. They

Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Takshashila Heights India Pvt. Ltd., the Corporate Debtor. The applicant, acting as a trustee of EARC Trust, claimed that the Corporate Debtor defaulted on loan repayments. The original lender, ECL Finance Ltd., had sanctioned financial assistance to the Corporate Debtor, which was later assigned to the applicant. The Corporate Debtor's object was changed in 2018 and involved construction and development of a residential cum commercial project. The respondent objected to the application, citing delays due to legal and statutory approvals and the COVID-19 pandemic. They