The case involves an application filed by Piramal Capital and Housing Finance Limited (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Babu A. Dhammangi, the personal guarantor to the corporate debtor, Dhammangi Developers Private Limited. The application arises from a default on a loan agreement between Dhammangi Developers Private Limited and Piramal Enterprises Limited, which was later assigned to Piramal Capital and Housing Finance Limited. The financial creditor extended financial
…1. Piramal Capital and Housing Finance Limited (Financial Creditor) filed an application under Section 95(1) of the IBC against Mr. Babu A. Dhammangi (Personal Guarantor) for initiating the insolvency resolution process.
2. The application is based on a default in a loan agreement between Dhammangi Developers Private Limited (Corporate Debtor) and Piramal Enterprises Limited, later assigned to the Financial Creditor.
3. The Financial Creditor extended financial assistance of Rs. 70 crores to the Corporate Debtor.
4. The Corporate Debtor defaulted on its payment obligations, leading the Financial Creditor to issue notices dated 10th July 2018 and 29th October 2020, recalling the loan.
5. The Security Trustee also issued a notice to the Personal Guarantor on 6th November
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An Inter Corporate Deposit Agreement (ICD)…
The ICD was transferred to Piramal Capital and…
The case involves an application filed by Piramal Capital and Housing Finance Limited (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Babu A. Dhammangi, the personal guarantor to the corporate debtor, Dhammangi Developers Private Limited. The application arises from a default on a loan agreement between Dhammangi Developers Private Limited and Piramal Enterprises Limited, which was later assigned to Piramal Capital and Housing Finance Limited. The financial creditor extended financial
…1. Piramal Capital and Housing Finance Limited (Financial Creditor) filed an application under Section 95(1) of the IBC against Mr. Babu A. Dhammangi (Personal Guarantor) for initiating the insolvency resolution process.
2. The application is based on a default in a loan agreement between Dhammangi Developers Private Limited (Corporate Debtor) and Piramal Enterprises Limited, later assigned to the Financial Creditor.
3. The Financial Creditor extended financial assistance of Rs. 70 crores to the Corporate Debtor.
4. The Corporate Debtor defaulted on its payment obligations, leading the Financial Creditor to issue notices dated 10th July 2018 and 29th October 2020, recalling the loan.
5. The Security Trustee also issued a notice to the Personal Guarantor on 6th November
An Inter Corporate Deposit Agreement (ICD)…
The ICD was transferred to Piramal Capital and…