HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Turnrest Resources Private Limited, claiming a default of Rs. 30,50,29,341.25. Turnrest Resources Private Limited filed an Interlocutory Application (IA/1078(AHM)/2025) under Section 65 of the IBC, alleging that the petition was filed with fraudulent and malicious intent.
HDFC Bank Limited sanctioned and disbursed various credit facilities to Turnrest Resources Private Limited from December 2020 onwards, aggregating to a total financial exposure of approximately Rs. 160 crores.
The Corporate Debtor defaulted in payment of the outstanding Financial Debt of Rs.30,50,29,341.25ps including interest, with the date of default stated as 16.07.2024.
The Corporate Debtor acknowledged its liability towards the Financial Creditor to the tune of Rs. 91,85,91,810/- vide letter dated 01.10.2023.
The Financial Creditor issued a show cause notice dated 05.07.2024 and a Loan Recall notice dated 14.08.2024 demanding payment of Rs. 66,50,06,262.87/-.
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HDFC Bank Limited sanctioned and disbursed…
The Corporate Debtor acknowledged its…
HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Turnrest Resources Private Limited, claiming a default of Rs. 30,50,29,341.25. Turnrest Resources Private Limited filed an Interlocutory Application (IA/1078(AHM)/2025) under Section 65 of the IBC, alleging that the petition was filed with fraudulent and malicious intent.
HDFC Bank Limited sanctioned and disbursed various credit facilities to Turnrest Resources Private Limited from December 2020 onwards, aggregating to a total financial exposure of approximately Rs. 160 crores.
The Corporate Debtor defaulted in payment of the outstanding Financial Debt of Rs.30,50,29,341.25ps including interest, with the date of default stated as 16.07.2024.
The Corporate Debtor acknowledged its liability towards the Financial Creditor to the tune of Rs. 91,85,91,810/- vide letter dated 01.10.2023.
The Financial Creditor issued a show cause notice dated 05.07.2024 and a Loan Recall notice dated 14.08.2024 demanding payment of Rs. 66,50,06,262.87/-.
…HDFC Bank Limited sanctioned and disbursed…
The Corporate Debtor acknowledged its…