This appeal was filed by the Suspended Director of the Corporate Debtor (CD) challenging the order dated 28.11.2024 passed by the National Company Law Tribunal, Chandigarh Bench (Court-I), admitting Section 7 Application and directing commencement of Corporate Insolvency Resolution Process (CIRP) against the CD.
Indusland Bank sanctioned a Term Loan Facility of Rs.300 crores to G.P. Realtors Pvt. Ltd. in 2016.
The Sanction Letter was issued on 29.06.2016, and a Master General Terms Agreement was executed on 04.08.2016.
The repayment was to be made in one-shot bullet payment of Rs.300 crores at the end of 48 months.
An addendum was issued extending the availability period of the credit facility.
The CD requested a moratorium due to the Covid-19 pandemic.
The 48-month repayment schedule ended on 11.02.2021.
A demand notice was issued on 01.06.2021, demanding payment of Rs.272,66,31,168/- as principal and Rs.15,40,73,336/- as interest.
Indusland Bank assigned the Loan Facility to Omkara Asset Reconstruction Pvt. Ltd. on 30.09.2021.
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Indusland Bank…
Sanction Lett…
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This appeal was filed by the Suspended Director of the Corporate Debtor (CD) challenging the order dated 28.11.2024 passed by the National Company Law Tribunal, Chandigarh Bench (Court-I), admitting Section 7 Application and directing commencement of Corporate Insolvency Resolution Process (CIRP) against the CD.
Indusland Bank sanctioned a Term Loan Facility of Rs.300 crores to G.P. Realtors Pvt. Ltd. in 2016.
The Sanction Letter was issued on 29.06.2016, and a Master General Terms Agreement was executed on 04.08.2016.
The repayment was to be made in one-shot bullet payment of Rs.300 crores at the end of 48 months.
An addendum was issued extending the availability period of the credit facility.
The CD requested a moratorium due to the Covid-19 pandemic.
The 48-month repayment schedule ended on 11.02.2021.
A demand notice was issued on 01.06.2021, demanding payment of Rs.272,66,31,168/- as principal and Rs.15,40,73,336/- as interest.
Indusland Bank assigned the Loan Facility to Omkara Asset Reconstruction Pvt. Ltd. on 30.09.2021.
…Indusland Bank…
Sanction Lett…
Sign in to view related legal provisions.