- (1.) This is an insolvency and bankruptcy application for initiation of insolvency resolution process by a financial creditor M/s. VIP Finvest Consultancy Pvt. Ltd. against the corporate debtor M/s. Bhupan Electronic Ltd. (formerly M/s. Parasarampuria Polymides Ltd.).
(2.) The said financial creditor is an assignee of the assets and liabilities of the corporate debtor for a consideration of Rs. 15,00,000/- in terms of assignment agreement dated 23-09-14 with M/s. India SME Asset Reconstruction Company Ltd.
(3.) Previously M/s. Industrial Investment Bank of India Ltd. (IIBI) has sanctioned a Term Loan of Rs. 4,60,00,000/- to the corporate debtor vide loan agreement dated 23-12-95 and the corporate debtor executed a deed of hypothecation over the stock of materials and book debts, likewise the directors of the corporate debtor have given their personal guarantees and the immovable assets of the company as security to the loan.;