Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer Ltd. [C.P. No. IB-378(PB)/2017] - Synopsis
Team SoOLEGAL 20 Jan 2021

In this case, Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer Ltd. [C.P. No. IB-378(PB)/2017], the Financial Creditor had filed an instant application against Moser Baer India Ltd to begin the Corporate Insolvency Resolution Process. It was important to note that the financial creditor is a corporation that has purchased the secured loan of the State Bank of Hyderabad (now merged with State Bank of India). In the application, the Financial Creditor had presented the details of the financial debt issued to the Corporate Debtor on the date of the disbursement. The financial creditor had also recorded an enormous amount of evidence to prove the amount paid to the Corporate Debtor. The Learned Lawyer for Corporate Debtor acknowledged the notice of the application and indicated at the hearing that it would not be necessary to file a reply. It was also clear that the Corporate Debtor did not object to the application of the Financial Creditor submitted under Section 7 of Insolvency and Bankruptcy Code, 2016, and therefore had nothing to say with regard to the default commission.
The petition had been admitted by the Tribunal.

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