Axis Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Prius Commercial Projects Private Limited, the Corporate Debtor. The financial creditor, Axis Bank, had extended a credit facility of Rs. 424 Crores to the Corporate Debtor for securitization of lease rentals receivables from a property in Saket, New Delhi. The facility was later reduced to Rs. 99,71,14,625/- due to assignment to third parties. The entire amount was disbursed in two tranches on March 31, 2015. A separate proceeding in the Delhi High Court, OMP (EFA) (COMM) 6 of 2016, restrained the
…Axis Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prius Commercial Projects Private Limited, the Corporate Debtor. A credit facility of Rs. 424 Crores was availed by the Corporate Debtor for securitization of lease rentals receivables from a property in Saket, New Delhi. The facility was later reduced to Rs. 99,71,14,625/-. The entire amount was disbursed in two tranches on March 31, 2015. An order dated November 13, 2018, passed by the Delhi High Court in OMP (EFA) (COMM) 6 of 2016, restrained the Corporate Debtor from transferring or creating third-party interests in its immovable properties. This restraint constituted an event of
…Sign in to view the parties.
The Financial Creditor…
The Delhi High Court passed an order…
Axis Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Prius Commercial Projects Private Limited, the Corporate Debtor. The financial creditor, Axis Bank, had extended a credit facility of Rs. 424 Crores to the Corporate Debtor for securitization of lease rentals receivables from a property in Saket, New Delhi. The facility was later reduced to Rs. 99,71,14,625/- due to assignment to third parties. The entire amount was disbursed in two tranches on March 31, 2015. A separate proceeding in the Delhi High Court, OMP (EFA) (COMM) 6 of 2016, restrained the
…Axis Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prius Commercial Projects Private Limited, the Corporate Debtor. A credit facility of Rs. 424 Crores was availed by the Corporate Debtor for securitization of lease rentals receivables from a property in Saket, New Delhi. The facility was later reduced to Rs. 99,71,14,625/-. The entire amount was disbursed in two tranches on March 31, 2015. An order dated November 13, 2018, passed by the Delhi High Court in OMP (EFA) (COMM) 6 of 2016, restrained the Corporate Debtor from transferring or creating third-party interests in its immovable properties. This restraint constituted an event of
…The Financial Creditor…
The Delhi High Court passed an order…