The case involves a petition filed by Asset Reconstruction Company (India) Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maeksin Shipping Company Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of debt.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Financial Creditor, Asset Reconstruction Company (India) Limited, filed the petition against the Corporate Debtor, Maeksin Shipping Company Private Limited.
The Corporate Debtor defaulted in a sum of Rs. 5,95,24,264.00 as on 31 May, 2019.
The Corporate Debtor's account was declared as NPA on 29 March, 2012.
State Bank of India (SBI) had sanctioned term loan and cash credit facility to the Corporate Debtor in 2006.
SBI assigned its debt to the Financial Creditor on 18 July, 2014.
The Corporate Debtor admitted their claim and requested for one time settlement to the Financial Creditor on 22 November, 2017.
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The account of the…
SBI assigned its debt…
The case involves a petition filed by Asset Reconstruction Company (India) Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maeksin Shipping Company Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of debt.
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The Financial Creditor, Asset Reconstruction Company (India) Limited, filed the petition against the Corporate Debtor, Maeksin Shipping Company Private Limited.
The Corporate Debtor defaulted in a sum of Rs. 5,95,24,264.00 as on 31 May, 2019.
The Corporate Debtor's account was declared as NPA on 29 March, 2012.
State Bank of India (SBI) had sanctioned term loan and cash credit facility to the Corporate Debtor in 2006.
SBI assigned its debt to the Financial Creditor on 18 July, 2014.
The Corporate Debtor admitted their claim and requested for one time settlement to the Financial Creditor on 22 November, 2017.
…The account of the…
SBI assigned its debt…