- (1.) The present Company Petition bearing C.P.(IB) .No.l91/7/HDJ3/2017 is filed by Central Bank of India u/s 7 of the Insolvency and Bankruptcy Code, 2016 R/W Rule 4 of the l&B (Application to Adjudicating Authority) Rules, 2016 by seeking to initiate Corporate Insolvency Resolution Process in the matter of M/s.ASR Engineering & Projects Limited under 1BC, 2016.
(2.) Heard, Mr. Praveen Kumar Jain, Learned Counsel for Petitioner. Mr.R.Raghunandan Rao, Learned Senior Counsel for Respondent.
(3.) Mr. Praveen Kumar Jain, Learned Counsel for Petitioner submit that M/s.ASR Engineering & Projects Limited is incorporated on 01.12.2005. The Corporate Debtor has availed debts in the form of Working Capital (fund based and non-fund based) from Financial Creditor and other leaders viz Canara Bank, IDBI Bank Lrd, SBH and Lakshmi Vilas Bank for an amount of Rs.470 Crores vide Working Capital Consortium Agreement dated 15.02.2010. Subsequently, the working capital limits was increased from Rs.470 Cr to Rs.750 Cr and from Rs.750 Cr to Rs.896 Cr dated 16.03.2012. Finally, the working capital increased from 896 Crores to Rs.963.50 Crores dated 12.09.2014.;