Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sigma Leisure Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default on a loan agreement dated 28.09.2015, and an addendum agreement dated 30.09.2015, with Indiabulls. The loan, amounting to Rs. 48,00,00,000/-, carried an interest rate of 18.80% p.a. The Corporate Debtor allegedly defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The Corporate Debtor raised objections, including the non-registration of the mortgage deed, alleged miscalculation of interest, and arguments related to the routing of funds through Shree
…Indiabulls Housing Finance Limited ('Petitioner') sanctioned a loan of Rs. 48,00,00,000/- to Sigma Leisure Private Limited ('Corporate Debtor') on 28.09.2015, with an interest rate of 18.80% p.a., repayable within 60 months. An addendum agreement was executed on 30.09.2015. The loan was secured by a mortgage deed and corporate guarantees from Mr. Vikas S. Kasliwal and Shree Ram Urban Infrastructure Limited. The Corporate Debtor defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The loan account was declared a Non-Performing Asset (NPA) on 04.07.2016. A SARFAESI notice was issued on 23.07.2018, claiming Rs. 77,22,33,736/-. The Corporate Debtor argued that the mortgage deed was not registered, the interest calculation was incorrect, and the funds were
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Loan Agreement dated 28.09.2015 sanctioned…
Addendum Agreement…
Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sigma Leisure Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default on a loan agreement dated 28.09.2015, and an addendum agreement dated 30.09.2015, with Indiabulls. The loan, amounting to Rs. 48,00,00,000/-, carried an interest rate of 18.80% p.a. The Corporate Debtor allegedly defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The Corporate Debtor raised objections, including the non-registration of the mortgage deed, alleged miscalculation of interest, and arguments related to the routing of funds through Shree
…Indiabulls Housing Finance Limited ('Petitioner') sanctioned a loan of Rs. 48,00,00,000/- to Sigma Leisure Private Limited ('Corporate Debtor') on 28.09.2015, with an interest rate of 18.80% p.a., repayable within 60 months. An addendum agreement was executed on 30.09.2015. The loan was secured by a mortgage deed and corporate guarantees from Mr. Vikas S. Kasliwal and Shree Ram Urban Infrastructure Limited. The Corporate Debtor defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The loan account was declared a Non-Performing Asset (NPA) on 04.07.2016. A SARFAESI notice was issued on 23.07.2018, claiming Rs. 77,22,33,736/-. The Corporate Debtor argued that the mortgage deed was not registered, the interest calculation was incorrect, and the funds were
…Loan Agreement dated 28.09.2015 sanctioned…
Addendum Agreement…