The case involves company petitions filed against subsidiary companies, namely Bhisham Infrastructure Pvt. Ltd., Manogyan Estates Pvt. Ltd., and Superlative Infrastructure Pvt. Ltd., which are subsidiaries of Adel Landmarks Limited. Edelweiss Asset Reconstruction Company Pvt. Ltd., the financial creditor, initiated CIRP against Adel Landmarks Limited and subsequently filed Section 7 applications against the subsidiary companies after Adel defaulted on a loan of ₹170 Crore. The NCLAT directed the NCLT to admit these petitions and consolidate the CIRP proceedings with the holding company, Adel Landmarks Limited.
Edelweiss Asset Reconstruction Company Pvt. Ltd. filed applications under Section 7 of the IBC against Manogyan Estates Pvt. Ltd. and other subsidiary companies (Bhisham Infrastructure Pvt. Ltd. and Superlative Infrastructure Pvt. Ltd.) of Adel Landmarks Limited. These subsidiary companies had guaranteed a total debt of ₹170 Crore on behalf of Adel Landmarks Limited. Adel Landmarks Limited defaulted on the loan, leading the financial creditor to recall the loan facility and invoke the guarantees. The subsidiary companies admitted to the debt and default. The NCLAT directed the NCLT to consolidate the CIRP of these companies with that of Adel Landmarks Limited. The loan recall notice was issued on 2018-07-02.
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The financial creditor, Edelweiss Asset…
The NCLT delivered the order admitting the…
The case involves company petitions filed against subsidiary companies, namely Bhisham Infrastructure Pvt. Ltd., Manogyan Estates Pvt. Ltd., and Superlative Infrastructure Pvt. Ltd., which are subsidiaries of Adel Landmarks Limited. Edelweiss Asset Reconstruction Company Pvt. Ltd., the financial creditor, initiated CIRP against Adel Landmarks Limited and subsequently filed Section 7 applications against the subsidiary companies after Adel defaulted on a loan of ₹170 Crore. The NCLAT directed the NCLT to admit these petitions and consolidate the CIRP proceedings with the holding company, Adel Landmarks Limited.
Edelweiss Asset Reconstruction Company Pvt. Ltd. filed applications under Section 7 of the IBC against Manogyan Estates Pvt. Ltd. and other subsidiary companies (Bhisham Infrastructure Pvt. Ltd. and Superlative Infrastructure Pvt. Ltd.) of Adel Landmarks Limited. These subsidiary companies had guaranteed a total debt of ₹170 Crore on behalf of Adel Landmarks Limited. Adel Landmarks Limited defaulted on the loan, leading the financial creditor to recall the loan facility and invoke the guarantees. The subsidiary companies admitted to the debt and default. The NCLAT directed the NCLT to consolidate the CIRP of these companies with that of Adel Landmarks Limited. The loan recall notice was issued on 2018-07-02.
The financial creditor, Edelweiss Asset…
The NCLT delivered the order admitting the…