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 on a term loan of Rs. 150 crores sanctioned on 18.06.2014 and 10.07.2014 for part financing of the 'BRYS BUZZ' residential housing project. The corporate debtor, acting as a co-borrower with Brys International Pvt. Ltd., defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA) on 31.12.2015. The financial creditor issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
…Bank of Baroda sanctioned a term loan of Rs. 150 crores to Neo Infrastructure Private Limited on 18.06.2014 and 10.07.2014 for part financing of the 'BRYS BUZZ' residential housing project. Neo Infrastructure acted as a co-borrower with Brys International Pvt. Ltd. The corporate debtor defaulted on repayments, leading to the account being declared an NPA on 31.12.2015. The financial creditor issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The corporate debtor issued Registration of Charge Form No. CHG-1 in favor of the Financial Creditor. The amount in default as on 31.12.2015 was Rs. 81,36,69,690.40/-. The Corporate Debtor sent a letter dated 27.10.2015 to the Financial
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Bank of Baroda…
Bank of Baroda…
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 on a term loan of Rs. 150 crores sanctioned on 18.06.2014 and 10.07.2014 for part financing of the 'BRYS BUZZ' residential housing project. The corporate debtor, acting as a co-borrower with Brys International Pvt. Ltd., defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA) on 31.12.2015. The financial creditor issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
…Bank of Baroda sanctioned a term loan of Rs. 150 crores to Neo Infrastructure Private Limited on 18.06.2014 and 10.07.2014 for part financing of the 'BRYS BUZZ' residential housing project. Neo Infrastructure acted as a co-borrower with Brys International Pvt. Ltd. The corporate debtor defaulted on repayments, leading to the account being declared an NPA on 31.12.2015. The financial creditor issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The corporate debtor issued Registration of Charge Form No. CHG-1 in favor of the Financial Creditor. The amount in default as on 31.12.2015 was Rs. 81,36,69,690.40/-. The Corporate Debtor sent a letter dated 27.10.2015 to the Financial
…Bank of Baroda…
Bank of Baroda…