2022 (5) TMI 870

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.... (J)) For the Appellant : P. Vikram, Advocate For the Respondents : Naveeni Jain, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This Company Petition is filed by M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited ("hereinafter referred to as Financial Creditor") seeking for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Andhra Cemen....

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....ited and FIDFC Limited. Thereafter, the Financial Creditor acquired loans to an extent of Rs. 804,72,79,210/- and underlying security interest including all rights, title and interest therein held by Edelweiss Asset Reconstruction Company Limited and Karur Vysya Bank Limited. The Corporate Debtor failed to abide by its repayment obligations. Hence, this application seeking to initiate CIRP against....

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....tance and that the Corporate Debtor all along cooperated with the lenders for undertaking Expression of Interest (EoI) process as well as Assignment process. It is submitted that the Corporate Debtor Company has not willfully defaulted the amounts. 4. Hence, from the contents of the counter it is clear that there is an admission of debt and also the default. The reasons put forth for not being ....

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....lvency Resolution Process of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence. i. Mr. Nirav Kirit Pujara, (Registration No. IBBI/IPA-001/IP-P-01450/2018-2019/12285), having office at Tower 3, 27th floor, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, West, Mumbai City, Maharashtra-400013; e-mail: [email protected]; Mobil....