Bank of Baroda, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Neo Infrastructure Private Limited, the corporate debtor. The financial creditor sought to trigger CIRP due to defaults in repayment of a term loan facility. Neo Infrastructure Private Limited, as a co-borrower with Brys International Pvt. Ltd., had approached Bank of Baroda for credit facilities to finance a residential housing project called 'BRYS BUZZ'. The loan was sanctioned on 18.06.2014 and 10.07.2014 for Rs. 150 crores. The corporate debtor executed several documents towards availing the credit facilities. The account of the corporate debtor was declared as Non-Performing
…Neo Infrastructure Private Limited (Corporate Debtor) approached Bank of Baroda (Financial Creditor) for credit facilities to finance a residential housing project called 'BRYS BUZZ' in Noida. The loan of Rs. 150 crores was sanctioned on 18.06.2014 and 10.07.2014. Neo Infrastructure acted as a co-borrower with Brys International Pvt. Ltd. Rahul Gaur and Navneet Bhadla, directors of both firms, provided personal guarantees. Arnica Financials Consultants Private Limited acted as a corporate guarantor. The loan was secured by a second Pari Passu charge on leasehold rights of land at Plot No. SC-01/A-02 Logix Sports City, Sector-150, Noida, and a first Pari Passu charge on the super structure of the project, moveable assets, book debts, and bank accounts. The account was
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Bank of Baroda…
Modification in sanction terms for the loan of…
Bank of Baroda, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Neo Infrastructure Private Limited, the corporate debtor. The financial creditor sought to trigger CIRP due to defaults in repayment of a term loan facility. Neo Infrastructure Private Limited, as a co-borrower with Brys International Pvt. Ltd., had approached Bank of Baroda for credit facilities to finance a residential housing project called 'BRYS BUZZ'. The loan was sanctioned on 18.06.2014 and 10.07.2014 for Rs. 150 crores. The corporate debtor executed several documents towards availing the credit facilities. The account of the corporate debtor was declared as Non-Performing
…Neo Infrastructure Private Limited (Corporate Debtor) approached Bank of Baroda (Financial Creditor) for credit facilities to finance a residential housing project called 'BRYS BUZZ' in Noida. The loan of Rs. 150 crores was sanctioned on 18.06.2014 and 10.07.2014. Neo Infrastructure acted as a co-borrower with Brys International Pvt. Ltd. Rahul Gaur and Navneet Bhadla, directors of both firms, provided personal guarantees. Arnica Financials Consultants Private Limited acted as a corporate guarantor. The loan was secured by a second Pari Passu charge on leasehold rights of land at Plot No. SC-01/A-02 Logix Sports City, Sector-150, Noida, and a first Pari Passu charge on the super structure of the project, moveable assets, book debts, and bank accounts. The account was
…Bank of Baroda…
Modification in sanction terms for the loan of…