Indiabulls Housing Finance Limited, the financial creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aashita Builders Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default amount of Rs. 63,76,39,587, along with TDS of Rs. 1,34,49,890, as of August 24, 2018. The loan, amounting to Rs. 54,00,00,000, was advanced under a Loan Agreement dated September 28, 2015, and an Addendum dated September 30, 2015, with an interest rate of 18.10% per annum. The repayment schedule involved 60 equal monthly installments from October 5, 2015, to October 5, 2020.

Indiabulls Housing Finance Limited, the financial creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aashita Builders Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default amount of Rs. 63,76,39,587, along with TDS of Rs. 1,34,49,890, as of August 24, 2018. The loan, amounting to Rs. 54,00,00,000, was advanced under a Loan Agreement dated September 28, 2015, and an Addendum dated September 30, 2015, with an interest rate of 18.10% per annum. The repayment schedule involved 60 equal monthly installments from October 5, 2015, to October 5, 2020.