Bank of India, as the lead bank of a consortium, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Infraprojects Pvt. Ltd., the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for a term loan facility of Rs. 70 Crores, part of a larger Rs. 300 Crores requirement for setting up a five-star hotel cum retail space. A term loan of Rs. 50 Crores was sanctioned in January 2009, secured by personal guarantees and a pari passu charge on project assets. The loan was to be repaid in quarterly installments commencing March 2011. The account became irregular due to non-servicing of interest, leading to restructuring in 2011 and 2013. Despite
…Bank of India, acting as the lead bank for a consortium, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Infraprojects Pvt. Ltd. Tirupati Infraprojects Pvt. Ltd. had approached Bank of India for a term loan of Rs. 70 Crores, which was part of a larger requirement of Rs. 300 Crores for establishing a five-star hotel cum retail space in New Delhi. Bank of India sanctioned a term loan of Rs. 50 Crores on January 19, 2009, with specific terms and conditions. The loan was secured by personal guarantees from the promoters and a first pari passu charge on the project assets, including the land measuring 3.25 acres. The repayment schedule stipulated 31 quarterly
…Sign in to view the parties.
The 'Corporate Debtor'…
The 'Financial Creditor' sanctioned a term…
Bank of India, as the lead bank of a consortium, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Infraprojects Pvt. Ltd., the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for a term loan facility of Rs. 70 Crores, part of a larger Rs. 300 Crores requirement for setting up a five-star hotel cum retail space. A term loan of Rs. 50 Crores was sanctioned in January 2009, secured by personal guarantees and a pari passu charge on project assets. The loan was to be repaid in quarterly installments commencing March 2011. The account became irregular due to non-servicing of interest, leading to restructuring in 2011 and 2013. Despite
…Bank of India, acting as the lead bank for a consortium, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Infraprojects Pvt. Ltd. Tirupati Infraprojects Pvt. Ltd. had approached Bank of India for a term loan of Rs. 70 Crores, which was part of a larger requirement of Rs. 300 Crores for establishing a five-star hotel cum retail space in New Delhi. Bank of India sanctioned a term loan of Rs. 50 Crores on January 19, 2009, with specific terms and conditions. The loan was secured by personal guarantees from the promoters and a first pari passu charge on the project assets, including the land measuring 3.25 acres. The repayment schedule stipulated 31 quarterly
…The 'Corporate Debtor'…
The 'Financial Creditor' sanctioned a term…