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    Form No. Nclt.1 Before The National Company Law Tribunal, Cuttack Bench

    Uploaded by

    Dinesh Patra
    Edelweiss Asset Reconstruction Co. Ltd has filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against ARSS Infrastructure Projects Limited. Edelweiss alleges that ARSS has failed to honor the terms of an One Time Settlement from August 2019 and owes Edelweiss Rs. 340.62 crore as of January 2020. Edelweiss requests that the National Company Law Tribunal commence corporate insolvency resolution proceedings against ARSS to enable recovery of the outstanding dues.

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    Form No. Nclt.1 Before The National Company Law Tribunal, Cuttack Bench

    Uploaded by

    Dinesh Patra
    230 views4 pages
    Edelweiss Asset Reconstruction Co. Ltd has filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against ARSS Infrastructure Projects Limited. Edelweiss alleges that ARSS has failed to honor the terms of an One Time Settlement from August 2019 and owes Edelweiss Rs. 340.62 crore as of January 2020. Edelweiss requests that the National Company Law Tribunal commence corporate insolvency resolution proceedings against ARSS to enable recovery of the outstanding dues.

    Original Title

    FORM NO. NCLT 1

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    Edelweiss Asset Reconstruction Co. Ltd has filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against ARSS Infrastructure Projects Limited. Edelweiss alleges that ARSS has failed to honor the terms of an One Time Settlement from August 2019 and owes Edelweiss Rs. 340.62 crore as of January 2020. Edelweiss requests that the National Company Law Tribunal commence corporate insolvency resolution proceedings against ARSS to enable recovery of the outstanding dues.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    230 views4 pages

    Form No. Nclt.1 Before The National Company Law Tribunal, Cuttack Bench

    Uploaded by

    Dinesh Patra
    Edelweiss Asset Reconstruction Co. Ltd has filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against ARSS Infrastructure Projects Limited. Edelweiss alleges that ARSS has failed to honor the terms of an One Time Settlement from August 2019 and owes Edelweiss Rs. 340.62 crore as of January 2020. Edelweiss requests that the National Company Law Tribunal commence corporate insolvency resolution proceedings against ARSS to enable recovery of the outstanding dues.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    FORM NO. NCLT.

    BEFORE THE NATIONAL COMPANY LAW TRIBUNAL,


    CUTTACK BENCH

    C.P. NO. __________/CTB/2020

    In the matter of:


    An application under Section 7 of the Insolvency & Bankruptcy Code, 2016

    AND

    In the matter of:

    Edelweiss Asset Reconstruction Co. Ltd

    Edelweiss House, Off CST Road,

    Kalina, Santacruz (East),

    Mumbai 400 098

    …… Applicant

    Versus

    ARSS Infrastructure Projects Limited

    Plot No. 38, Sector-A, Zone-D, Mancheswar

    Industrial Estate, Bhubaneshwar-751010,


    …… Respondent

    The humble petition on behalf of the

    applicant abovementioned MOST

    RESPECTFULLY SHEWETH:

    (i) Details of Application:

    An application under Section 7 of the Insolvency & Bankruptcy Code, 2016.


    Particulars of the Applicant:

    i. Name of the Applicant:

    Edelweiss Asset Reconstruction Co. Ltd

    ii. Address of registered office of the Applicant:

    Edelweiss House, Off CST Road,


    Kalina, Santacruz (East),
    Mumbai 400 098

    iii. Address of service of all notices:

    Edelweiss Asset Reconstruction Co. Ltd


    Edelweiss House, Off CST Road,
    Kalina, Santacruz (East),
    Mumbai 400 098

    iv. Telephone number and e-mail address:

    +91 – 7675873645
    saloni.toshniwal@edelweissfin.com

    Particulars of the Respondents:

    i. Name of the Respondent No. 1:

    ARSS Infrastructure Projects Limited

    ii. Address of service of all notices:

    Plot No. 38, Sector-A, Zone-D, Mancheswar


    Industrial Estate, Bhubaneshwar-751010.
    iii. Telephone number and e-mail address:

    +91 – 9437001409
    subash@arssgroup.in

    (ii) Jurisdiction of the Tribunal:

    The applicant declares that the matter of application falls within the jurisdiction of the

    Tribunal.

    (iii) Limitation:

    The applicant further declares that the application is within the Limitation as prescribed

    in the Insolvency an Bankruptcy Code, 2016.

    (iv) The facts of the case are given below:

    1. The is pertinent to mention herein that the in the event of default by the

    Corporate Debtor in adherence to the schedule of payment or in case of failure in

    adherence to the terms of the and conditions of the settlement/OTS in terms of the letter

    dated 30.08.2019, the Applicant had a right to unilaterally revoke the OTS and pursuant

    to such revocation, the Applicant would be entitled to recover the total outstanding loan

    amount from the Corporate Debtor.

    2. That the Corporate Debtor miserably failed to honour the terms of OTS letter

    dated 30.08.2019 and failed to make the payment, as enumerated in the Payment

    Schedule. Therefore, the Applicant is entitled to recover the total outstanding dues of

    Rs. 340,62,12,637.75 (Rupees Three Hundred and Forty Crore Sixty-Two Lakhs Twelve

    Thousand Six Hundred and Thirty-Seven and Seven Five Paise only) as on 31.01.2020

    from the Corporate Debtor.

    3. That in the interest of justice this Hon’ble Tribunal may be pleased to Corporate

    Insolvency Resolution process in terms of Section 7 of the Insolvency and Bankruptcy


    Code, 2016. And may be pleased to pass any order/orders as deemed fit in the interest of

    justice.

    (v) Reliefs Sought for:

    In view of the facts mentioned above, the applicant prays for the following relief(s):

    a. This Hon’ble Tribunal may be pleased to Corporate Insolvency Resolution process

    in terms of Section 7 of the Insolvency and Bankruptcy Code, 2016. And may be

    pleased to pass any order/orders as deemed fit in the interest of justice

    b. And may be pleased to pass any order/orders as deemed fit in the interest of justice,

    (vi) Particulars of Bank draft evidencing payment of fee for the application made:
    Branch of the Bank on which drawn:
    Name of the issuing Branch: IDBI Bank
    Demand Draft No.: 023375
    Date: 13.02.2020
    Amount of Rs.: Rs. 25,000/-

    Place: Cuttack
    Date: 14.02.20

    Identified By: APPLICANT

    Advocate

    THROUGH

    Satya Smruti Mohanty


    Advocate for the Applicant
    Mohantys, Jhanjiri Mangala Gada,
    Cuttack, Odisha – 753009
    Ph. Nos: 8895090000
    7752090000
    Email: s.satyamohanty@gmail.com
    Place: Cuttack
    Date:

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