Asset Reconstruction Company Initiates CIRP u/s 7 IBC After Acquiring Assets via SARFAESI Act Assignment Deed.

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....Initiation of CIRP - application made on the basis of an Assignment Deed - the Respondent No.1 having clearly stepped into the shoes of SBI and on having acquired the assets under the Assignment Agreement in the capacity of an Asset Reconstruction Company in the manner and procedure laid down by the SARFAESI Act, it had become the deemed lender and therefore entitled to exercise its right to initiate proceedings under Section 7 of IBC. - AT....