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 loan was sanctioned on 09.09.2015 for Rs. 51,00,00,000/- for acquisition and development of residential units with an interest of 18.75% p.a. The Corporate Debtor argued that Indiabulls is not merely a financial creditor but has a vested interest in the 'Palais Royale' project undertaken by Shree Ram Urban Infrastructure Limited (SRUIL), where Indiabulls is a partner. The Corporate Debtor also contended that the funds advanced were used to service SRUIL's debts, making Indiabulls a strategic advisor rather than a financial creditor. SARFAESI notices were
…Indiabulls Housing Finance Limited sanctioned a loan of Rs. 51,00,00,000/- to Mithiya Developers Private Limited 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 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. Indiabulls issued a SARFAESI notice on 06.08.2018 claiming Rs. 82,04,96,567/- as on 17.07.2018. The Corporate Debtor argued that Indiabulls has a vested interest in the 'Palais Royale' project through SRUIL and that the funds were used to service SRUIL's debts. The Corporate Debtor also
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Indiabulls Housing Finance Limited sanctioned…
A loan agreement was executed between…
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 loan was sanctioned on 09.09.2015 for Rs. 51,00,00,000/- for acquisition and development of residential units with an interest of 18.75% p.a. The Corporate Debtor argued that Indiabulls is not merely a financial creditor but has a vested interest in the 'Palais Royale' project undertaken by Shree Ram Urban Infrastructure Limited (SRUIL), where Indiabulls is a partner. The Corporate Debtor also contended that the funds advanced were used to service SRUIL's debts, making Indiabulls a strategic advisor rather than a financial creditor. SARFAESI notices were
…Indiabulls Housing Finance Limited sanctioned a loan of Rs. 51,00,00,000/- to Mithiya Developers Private Limited 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 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. Indiabulls issued a SARFAESI notice on 06.08.2018 claiming Rs. 82,04,96,567/- as on 17.07.2018. The Corporate Debtor argued that Indiabulls has a vested interest in the 'Palais Royale' project through SRUIL and that the funds were used to service SRUIL's debts. The Corporate Debtor also
…Indiabulls Housing Finance Limited sanctioned…
A loan agreement was executed between…