The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by Phoenix ARC Private Limited (Financial Creditor) against New Chennai Township Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on repaying a loan amount of ₹412,42,86,369 as of 2017-10-09. The case was adjourned multiple times at the request of the Corporate Debtor, who promised to repay the loan or settle with the Financial Creditor. However, no significant progress was made in settlement talks.
Phoenix ARC Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against New Chennai Township Private Limited, the Corporate Debtor, due to a default in repaying a loan of ₹412,42,86,369 as of 2017-10-09. The initial hearing was on 2017-11-10. The Corporate Debtor repeatedly requested adjournments, promising repayment or settlement. The debt was originally sanctioned by Central Bank of India and later assigned to Phoenix ARC Private Limited. Central Bank of India had sanctioned Rental Discounting Facility-I for ₹44.35 Crores on 2011-09-27 and Term Loan-I (LRD) facility to a tune of ₹100 Crores on 2012-03-26. The Corporate Debtor provided an Assignment of Future Rent Receivables and mortgage over land.
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The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by Phoenix ARC Private Limited (Financial Creditor) against New Chennai Township Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on repaying a loan amount of ₹412,42,86,369 as of 2017-10-09. The case was adjourned multiple times at the request of the Corporate Debtor, who promised to repay the loan or settle with the Financial Creditor. However, no significant progress was made in settlement talks.
Phoenix ARC Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against New Chennai Township Private Limited, the Corporate Debtor, due to a default in repaying a loan of ₹412,42,86,369 as of 2017-10-09. The initial hearing was on 2017-11-10. The Corporate Debtor repeatedly requested adjournments, promising repayment or settlement. The debt was originally sanctioned by Central Bank of India and later assigned to Phoenix ARC Private Limited. Central Bank of India had sanctioned Rental Discounting Facility-I for ₹44.35 Crores on 2011-09-27 and Term Loan-I (LRD) facility to a tune of ₹100 Crores on 2012-03-26. The Corporate Debtor provided an Assignment of Future Rent Receivables and mortgage over land.
…The Insolven…
The Corporate Debtor…