SBI Global Factors Ltd. (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against AKS Electricals & Electronics Pvt. Ltd. (Respondent/Corporate Debtor) for a default of Rs. 1,19,00,502.34/-. The Applicant provided factoring services to PSR Metals Pvt. Ltd., which assigned its trade receivables from the Corporate Debtor to the Applicant. The Corporate Debtor defaulted on payments, leading to dishonoured cheques and legal notices. The application was initially dismissed by the NCLT on 16.02.2023, citing that the factoring agreement was 'on recourse basis' and the debt should be reckoned against the assignor (PSR Metals Pvt. Ltd.), not the Corporate Debtor. The NCLAT, in an appeal, set aside this order on 07.08.2025
…SBI Global Factors Ltd. (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against AKS Electricals & Electronics Pvt. Ltd. (Respondent/Corporate Debtor).
The Corporate Debtor committed a default in payment of Rs. 1,19,00,502.34/-.
The Applicant, an NBFC, provides factoring services, acting as a financer by discounting/rediscounting invoices.
The Applicant provided Domestic Factoring Facility of Rs. 3 Crores to PSR Metals Pvt. Ltd. ("PSR") since May 2019, sanctioned on 02.05.2019.
Various documents, including a Global Account Receivables Management Agreement and Deed of Assignment of receivables, were executed on 09.05.2019 by PSR Metals Pvt. Ltd. and Personal Guarantors.
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SBI Global Factors Ltd. sanctioned a Domestic…
Various documents, including Global Account…
SBI Global Factors Ltd. (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against AKS Electricals & Electronics Pvt. Ltd. (Respondent/Corporate Debtor) for a default of Rs. 1,19,00,502.34/-. The Applicant provided factoring services to PSR Metals Pvt. Ltd., which assigned its trade receivables from the Corporate Debtor to the Applicant. The Corporate Debtor defaulted on payments, leading to dishonoured cheques and legal notices. The application was initially dismissed by the NCLT on 16.02.2023, citing that the factoring agreement was 'on recourse basis' and the debt should be reckoned against the assignor (PSR Metals Pvt. Ltd.), not the Corporate Debtor. The NCLAT, in an appeal, set aside this order on 07.08.2025
…SBI Global Factors Ltd. (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against AKS Electricals & Electronics Pvt. Ltd. (Respondent/Corporate Debtor).
The Corporate Debtor committed a default in payment of Rs. 1,19,00,502.34/-.
The Applicant, an NBFC, provides factoring services, acting as a financer by discounting/rediscounting invoices.
The Applicant provided Domestic Factoring Facility of Rs. 3 Crores to PSR Metals Pvt. Ltd. ("PSR") since May 2019, sanctioned on 02.05.2019.
Various documents, including a Global Account Receivables Management Agreement and Deed of Assignment of receivables, were executed on 09.05.2019 by PSR Metals Pvt. Ltd. and Personal Guarantors.
…SBI Global Factors Ltd. sanctioned a Domestic…
Various documents, including Global Account…