JM Financial Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sandhya Prakash Limited, treating it as the Corporate Debtor. The application was based on the Corporate Debtor's failure to repay loans obtained from HUDCO and Dena Bank, which were subsequently assigned to JM Financial. The Financial Creditor also granted additional financial assistance to the Corporate Debtor. The Corporate Debtor acknowledged its inability to meet loan obligations and requested restructuring. The Financial Creditor initiated measures under the SARFAESI Act, leading to the current application before the NCLT.
JM Financial Asset Reconstruction Company Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Sandhya Prakash Limited (the Respondent), the Corporate Debtor. The Respondent initially obtained loans from Housing and Urban Development Corporation Limited (HUDCO) and Dena Bank, which were later assigned to the Applicant. The Applicant also provided additional loans to the Respondent. The loans were secured by hypothecation, mortgage, personal guarantees, and corporate guarantees. The Respondent defaulted on the repayment of the loans. The Applicant initiated measures under the Securitisation and Reconstruction of Financial Assets and Enforcement of
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A Loan Agreement dated 4th April, 2008 was…
The Term Loan of Rs.…
JM Financial Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sandhya Prakash Limited, treating it as the Corporate Debtor. The application was based on the Corporate Debtor's failure to repay loans obtained from HUDCO and Dena Bank, which were subsequently assigned to JM Financial. The Financial Creditor also granted additional financial assistance to the Corporate Debtor. The Corporate Debtor acknowledged its inability to meet loan obligations and requested restructuring. The Financial Creditor initiated measures under the SARFAESI Act, leading to the current application before the NCLT.
JM Financial Asset Reconstruction Company Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Sandhya Prakash Limited (the Respondent), the Corporate Debtor. The Respondent initially obtained loans from Housing and Urban Development Corporation Limited (HUDCO) and Dena Bank, which were later assigned to the Applicant. The Applicant also provided additional loans to the Respondent. The loans were secured by hypothecation, mortgage, personal guarantees, and corporate guarantees. The Respondent defaulted on the repayment of the loans. The Applicant initiated measures under the Securitisation and Reconstruction of Financial Assets and Enforcement of
…A Loan Agreement dated 4th April, 2008 was…
The Term Loan of Rs.…