Indiabulls Housing Finance Limited (IHFL) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Akund Buildcon Private Limited (ABPL). IHFL claimed that ABPL defaulted on a loan of ₹47 Crores granted under a Loan Agreement dated 2015-09-28. The total amount claimed in default as of 2018-08-24 was ₹79,49,28,344 along with pending TDS of ₹22,43,285. IHFL issued a recall notice dated 2018-07-21 under Section 13(2) of SARFAESI Act, 2002. ABPL had created a mortgage over properties as security. The account was classified as a Non-Performing Asset (NPA) on 2016-05-05.
Indiabulls Housing Finance Limited (IHFL) sanctioned a loan of ₹47 Crores to Akund Buildcon Private Limited (ABPL) on 2015-09-28 for the acquisition and development of residential units. The loan agreement was executed on the same date. ABPL defaulted on the loan, with no EMI payments made after 2016-01-21. IHFL declared the loan as a Non-Performing Asset (NPA). IHFL issued a recall notice under Section 13(2) of SARFAESI Act on 2018-07-21. As of 2018-08-24, the total outstanding amount was ₹79,49,28,344 along with pending TDS of ₹22,43,285. ABPL had mortgaged properties to IHFL as security for the loan. IHFL filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against ABPL.
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Loan Agreement between Indiabulls Housing…
Akund Buildcon Private…
Indiabulls Housing Finance Limited (IHFL) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Akund Buildcon Private Limited (ABPL). IHFL claimed that ABPL defaulted on a loan of ₹47 Crores granted under a Loan Agreement dated 2015-09-28. The total amount claimed in default as of 2018-08-24 was ₹79,49,28,344 along with pending TDS of ₹22,43,285. IHFL issued a recall notice dated 2018-07-21 under Section 13(2) of SARFAESI Act, 2002. ABPL had created a mortgage over properties as security. The account was classified as a Non-Performing Asset (NPA) on 2016-05-05.
Indiabulls Housing Finance Limited (IHFL) sanctioned a loan of ₹47 Crores to Akund Buildcon Private Limited (ABPL) on 2015-09-28 for the acquisition and development of residential units. The loan agreement was executed on the same date. ABPL defaulted on the loan, with no EMI payments made after 2016-01-21. IHFL declared the loan as a Non-Performing Asset (NPA). IHFL issued a recall notice under Section 13(2) of SARFAESI Act on 2018-07-21. As of 2018-08-24, the total outstanding amount was ₹79,49,28,344 along with pending TDS of ₹22,43,285. ABPL had mortgaged properties to IHFL as security for the loan. IHFL filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against ABPL.
Loan Agreement between Indiabulls Housing…
Akund Buildcon Private…