Asset Reconstruction Company (India) Limited Vs ACCIL Corporation Private Limited (NCLT Jaipur)
NCLT Jaipur held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] for initiation of Corporate Insolvency Resolution Process [CIRP] of ACCIL Corporation Pvt. Ltd. [Corporate Debtor] admitted as debt and default stands duly established.
Facts- The present Application has been preferred under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Asset Reconstruction Company (India) Limited (Tinancial Creditor’/ ‘Applicant’) seeking Corporate Insolvency Resolution Process (CIRP) of M/s Accil Corporation Pvt. Ltd. (`Corporate Debtor’/ ‘Respondent’) on account of default in payment of Rs. 107,18,81,910/-.
Conclusion- In the instant Company Petition it is no where in dispute that the Corporate Debtor availed financial facilities to the tune of Rs. 50 Crores from the Financial Creditor and the same is duly supported by Sanction Letter dated 18.04.2011. Further, due to non-adherence of financial discipline the loan account of the Corporate Debtor was classified as NPA on 31.03.2016. Pursuant to the aforesaid default, a statutory demand notice was under Section 13(2) of the SARFAESI Act, 2002 to the Corporate Debtor on 27.04.2016 and symbolic possession of immovable assets were taken under Section 13(4) of the SARFAESI Act on 02.12.2021. Further, the factum of default is also corroborated by record of default issued by NeSL and the statement of loan account of the Corporate Debtor
