Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mantri Techzone Private Limited due to a default of Rs. 128,29,77,857/-.
Indiabulls Housing Finance Limited sanctioned two loan facilities to Mantri Techzone Private Limited totaling Rs. 274,00,00,000.
The aggregate disbursed loan amount under the two loan agreements was Rs. 2,16,88,93,000.
The Corporate Debtor defaulted on payments, leading to a total default amount of Rs. 128,29,77,857, including interest and other charges.
The Financial Creditor issued loan recall notices dated 29.12.2021 and 03.01.2022 under the SARFAESI Act, 2002.
The Corporate Debtor's loan accounts were declared as NPA on 13.10.2021.
The Corporate Debtor proposed an OTS/Settlement to the Financial Creditor.
The date of default as mentioned in Form-1 is 01.01.2022 and the Company Petition has been filed on 15.02.2022.
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The present Petition has been filed on…
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Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mantri Techzone Private Limited due to a default of Rs. 128,29,77,857/-.
Indiabulls Housing Finance Limited sanctioned two loan facilities to Mantri Techzone Private Limited totaling Rs. 274,00,00,000.
The aggregate disbursed loan amount under the two loan agreements was Rs. 2,16,88,93,000.
The Corporate Debtor defaulted on payments, leading to a total default amount of Rs. 128,29,77,857, including interest and other charges.
The Financial Creditor issued loan recall notices dated 29.12.2021 and 03.01.2022 under the SARFAESI Act, 2002.
The Corporate Debtor's loan accounts were declared as NPA on 13.10.2021.
The Corporate Debtor proposed an OTS/Settlement to the Financial Creditor.
The date of default as mentioned in Form-1 is 01.01.2022 and the Company Petition has been filed on 15.02.2022.
…The present Petition has been filed on…
Order delivered…