Indiabulls Housing Finance Limited filed a petition seeking Corporate Insolvency Resolution Process (CIRP) against Mithiya Developers Private Limited, alleging a default of Rs. 83,61,33,208/- as of 21.08.2018. The petitioner had sanctioned a loan of Rs. 51,00,00,000/- to the corporate debtor on 09.09.2015 for acquisition and development of residential units, carrying an interest of 18.75% p.a., repayable within 60 months. The loan was secured by a pledge of shares and a mortgage of the residential property 'Palais Royal'. The corporate debtor contested the petition, arguing that the petitioner was not merely a financial creditor but had a vested interest in the 'Palais Royale' project undertaken by Shree Ram Urban Infrastructure Limited (SRUIL), of which the petitioner
…Indiabulls Housing Finance Limited (the Petitioner) sanctioned a loan of Rs. 51,00,00,000/- to Mithiya Developers Private Limited (the Corporate Debtor) on 09.09.2015 for acquisition and development of residential units. The loan carried an interest rate of 18.75% p.a. and was repayable within 60 months. The loan was secured by a 100% pledge of shares of the Corporate Debtor and a registered mortgage of the residential property 'Palais Royal'. The Corporate Debtor defaulted on 21.08.2018 to the extent of Rs. 83,61,33,208/- including interest @18.80% p.a. The Petitioner issued a SARFAESI notice on 06.08.2018, claiming Rs. 82,04,96,567/- as on 17.07.2018. The Corporate Debtor argued that the Petitioner was not merely a financial creditor but had a vested interest in the
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Indiabulls Housing Finance Limited sanctioned…
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Indiabulls Housing Finance Limited filed a petition seeking Corporate Insolvency Resolution Process (CIRP) against Mithiya Developers Private Limited, alleging a default of Rs. 83,61,33,208/- as of 21.08.2018. The petitioner had sanctioned a loan of Rs. 51,00,00,000/- to the corporate debtor on 09.09.2015 for acquisition and development of residential units, carrying an interest of 18.75% p.a., repayable within 60 months. The loan was secured by a pledge of shares and a mortgage of the residential property 'Palais Royal'. The corporate debtor contested the petition, arguing that the petitioner was not merely a financial creditor but had a vested interest in the 'Palais Royale' project undertaken by Shree Ram Urban Infrastructure Limited (SRUIL), of which the petitioner
…Indiabulls Housing Finance Limited (the Petitioner) sanctioned a loan of Rs. 51,00,00,000/- to Mithiya Developers Private Limited (the Corporate Debtor) on 09.09.2015 for acquisition and development of residential units. The loan carried an interest rate of 18.75% p.a. and was repayable within 60 months. The loan was secured by a 100% pledge of shares of the Corporate Debtor and a registered mortgage of the residential property 'Palais Royal'. The Corporate Debtor defaulted on 21.08.2018 to the extent of Rs. 83,61,33,208/- including interest @18.80% p.a. The Petitioner issued a SARFAESI notice on 06.08.2018, claiming Rs. 82,04,96,567/- as on 17.07.2018. The Corporate Debtor argued that the Petitioner was not merely a financial creditor but had a vested interest in the
…Indiabulls Housing Finance Limited sanctioned…
A loan agreement was executed between…