Phoenix ARC Private Limited, acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sovereign Developers and Infrastructure Limited, the corporate debtor, due to a default on a total outstanding amount of Rs. 42,80,92,640. Sovereign Developers had initially approached Karnataka Bank for a loan of Rs. 25,00,00,000 for constructing residential apartments. After repeated defaults, Karnataka Bank assigned the debt to Phoenix ARC. Subsequently, Sovereign Developers sought additional funding from Phoenix ARC, leading to a new loan agreement. However, defaults continued, prompting Phoenix ARC to issue a recall notice and file a case
…Sovereign Developers and Infrastructure Limited approached Karnataka Bank for a loan of Rs. 25,00,00,000 for the construction of residential apartments. Due to repeated defaults by Sovereign Developers, Karnataka Bank classified the account as a Non-Performing Asset (NPA) on August 16, 2013, and issued a demand notice under Section 13(2) of the SARFAESI Act. Subsequently, Karnataka Bank assigned the debt to Phoenix ARC Private Limited on March 29, 2016. Sovereign Developers then sought additional funding of Rs. 5,00,00,000 from Phoenix ARC, leading to a new loan agreement on June 9, 2016. Despite this, Sovereign Developers continued to default, leading Phoenix ARC to issue a recall notice on August 24, 2017, for Rs. 35,33,34,286. As of September 2, 2018, the total
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Phoenix ARC Private Limited, acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sovereign Developers and Infrastructure Limited, the corporate debtor, due to a default on a total outstanding amount of Rs. 42,80,92,640. Sovereign Developers had initially approached Karnataka Bank for a loan of Rs. 25,00,00,000 for constructing residential apartments. After repeated defaults, Karnataka Bank assigned the debt to Phoenix ARC. Subsequently, Sovereign Developers sought additional funding from Phoenix ARC, leading to a new loan agreement. However, defaults continued, prompting Phoenix ARC to issue a recall notice and file a case
…Sovereign Developers and Infrastructure Limited approached Karnataka Bank for a loan of Rs. 25,00,00,000 for the construction of residential apartments. Due to repeated defaults by Sovereign Developers, Karnataka Bank classified the account as a Non-Performing Asset (NPA) on August 16, 2013, and issued a demand notice under Section 13(2) of the SARFAESI Act. Subsequently, Karnataka Bank assigned the debt to Phoenix ARC Private Limited on March 29, 2016. Sovereign Developers then sought additional funding of Rs. 5,00,00,000 from Phoenix ARC, leading to a new loan agreement on June 9, 2016. Despite this, Sovereign Developers continued to default, leading Phoenix ARC to issue a recall notice on August 24, 2017, for Rs. 35,33,34,286. As of September 2, 2018, the total
…M/s. Sovereign…
M/s. Phoenix Arc…