Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ashiana Fincap Private Limited, alleging a default of Rs. 9,44,95,594.97.
Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ashiana Fincap Private Limited.
The alleged default amount was Rs. 9,44,95,594.97 as on 20.02.2025.
Ashiana Fincap Private Limited disputed the maintainability of the application, alleging collusion between the Financial Creditor and Yes Bank.
The Corporate Debtor claimed that the mortgaged property was transferred to third parties without their consent.
Ashiana Ispat Ltd., the principal borrower, allegedly made part payments of Rs. 1,14,58,417 towards outstanding installments.
The Applicant bank had also initiated recovery proceedings before the Debts Recovery Tribunal, Chandigarh Bench.
The Sanction Letter was dated 17.05.2024.
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Alleged default date…
Date of the Sanction…
Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ashiana Fincap Private Limited, alleging a default of Rs. 9,44,95,594.97.
Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ashiana Fincap Private Limited.
The alleged default amount was Rs. 9,44,95,594.97 as on 20.02.2025.
Ashiana Fincap Private Limited disputed the maintainability of the application, alleging collusion between the Financial Creditor and Yes Bank.
The Corporate Debtor claimed that the mortgaged property was transferred to third parties without their consent.
Ashiana Ispat Ltd., the principal borrower, allegedly made part payments of Rs. 1,14,58,417 towards outstanding installments.
The Applicant bank had also initiated recovery proceedings before the Debts Recovery Tribunal, Chandigarh Bench.
The Sanction Letter was dated 17.05.2024.
…Alleged default date…
Date of the Sanction…