Phoenix ARC Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Drastee Realcon Private Limited (Corporate Debtor) due to default in repayment of a loan.
L&T Finance Limited initially sanctioned a loan of Rs. 100,00,00,000/- to Drastee Realcon Private Limited on 14.02.2020.
An amount of Rs. 86,00,00,000/- was disbursed out of the sanctioned loan amount.
The loan agreement was executed on 27.02.2020, and the loan was to be utilized for a residential group housing project.
The Corporate Debtor remitted interest on the loan until 15 June 2021 and subsequently defaulted.
The Financial Creditor issued a recall notice on 25.11.2021, demanding the total outstanding amount of Rs. 92,63,44,418.98/-.
The Corporate Debtor failed to pay the outstanding amount, leading to the filing of the Section 7 application.
L&T Finance Limited was substituted by Phoenix ARC Private Limited as the Financial Creditor via an order dated 26.05.2023.
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Corporate Debtor…
L&T Housing Finance Limited sanctioned a loan…
Phoenix ARC Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Drastee Realcon Private Limited (Corporate Debtor) due to default in repayment of a loan.
L&T Finance Limited initially sanctioned a loan of Rs. 100,00,00,000/- to Drastee Realcon Private Limited on 14.02.2020.
An amount of Rs. 86,00,00,000/- was disbursed out of the sanctioned loan amount.
The loan agreement was executed on 27.02.2020, and the loan was to be utilized for a residential group housing project.
The Corporate Debtor remitted interest on the loan until 15 June 2021 and subsequently defaulted.
The Financial Creditor issued a recall notice on 25.11.2021, demanding the total outstanding amount of Rs. 92,63,44,418.98/-.
The Corporate Debtor failed to pay the outstanding amount, leading to the filing of the Section 7 application.
L&T Finance Limited was substituted by Phoenix ARC Private Limited as the Financial Creditor via an order dated 26.05.2023.
…Corporate Debtor…
L&T Housing Finance Limited sanctioned a loan…