The case involves two appeals (CA (AT) (Ins) No. 1527 of 2022 and CA (AT) (Ins) No. 1526 of 2022) filed against the same impugned order dated 06.12.2022. The appeals arise from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India (Financial Creditor) against A A Estates Private Limited (Corporate Debtor) for the resolution of an unresolved financial debt of Rs. 1,35,26,12,129/-. The first appeal was filed by a shareholder/director of the Corporate Debtor, while the second appeal was filed by a federal society comprising nine societies incorporated under the Maharashtra Co-operative Societies Act, 1960. The Corporate Debtor is engaged in real estate construction and development. The Financial Creditor had granted cash
…The Corporate Debtor, A A Estates Private Limited, defaulted on a financial debt of Rs. 1,35,26,12,129/- owed to the State Bank of India (Financial Creditor). The debt arose from cash credit facilities granted by the Financial Creditor, secured by various means including charges on flats, escrow agreements, hypothecation agreements, and mortgages. The Corporate Debtor failed to maintain its account and defaulted on 31.03.2014. The Financial Creditor requested the Corporate Debtor to regularize its account. The Corporate Debtor addressed a revival letter dated 18.03.2014 and acknowledged the outstanding debt. The Financial Creditor vide letter of arrangement dated 18.03.2014 informed the Corporate Debtor that it had sanctioned shifting the Date of Commencement of
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Nine societies incorporated under the…
A A Estates Private…
The case involves two appeals (CA (AT) (Ins) No. 1527 of 2022 and CA (AT) (Ins) No. 1526 of 2022) filed against the same impugned order dated 06.12.2022. The appeals arise from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India (Financial Creditor) against A A Estates Private Limited (Corporate Debtor) for the resolution of an unresolved financial debt of Rs. 1,35,26,12,129/-. The first appeal was filed by a shareholder/director of the Corporate Debtor, while the second appeal was filed by a federal society comprising nine societies incorporated under the Maharashtra Co-operative Societies Act, 1960. The Corporate Debtor is engaged in real estate construction and development. The Financial Creditor had granted cash
…The Corporate Debtor, A A Estates Private Limited, defaulted on a financial debt of Rs. 1,35,26,12,129/- owed to the State Bank of India (Financial Creditor). The debt arose from cash credit facilities granted by the Financial Creditor, secured by various means including charges on flats, escrow agreements, hypothecation agreements, and mortgages. The Corporate Debtor failed to maintain its account and defaulted on 31.03.2014. The Financial Creditor requested the Corporate Debtor to regularize its account. The Corporate Debtor addressed a revival letter dated 18.03.2014 and acknowledged the outstanding debt. The Financial Creditor vide letter of arrangement dated 18.03.2014 informed the Corporate Debtor that it had sanctioned shifting the Date of Commencement of
…Nine societies incorporated under the…
A A Estates Private…