IFCI Venture Capital Funds Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against VVA Developers Private Limited, the Corporate Debtor. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 19.04.2007. The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 22 crores, leading to the account being declared a Non-Performing Asset (NPA) on 30.09.2017. The Financial Creditor issued default notices, and subsequently, the Respondent filed an application (C.A. No. 1205(PB)/2018) after notices under Section 13(2) of the SARFAESI Act. The property was put up for auction, but no bids were
…IFCI Venture Capital Funds Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VVA Developers Private Limited (Corporate Debtor). VVA Developers Private Limited is a company registered under the Companies Act, 1956, incorporated on 19.04.2007. The Financial Creditor granted financial assistance of Rs. 22 crores to the Corporate Debtor, who executed several documents, including a Corporate Loan Agreement, Promissory Note, and Deed of Hypothecation. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 30.09.2017 due to repeated defaults. The Financial Creditor issued default notices to the Corporate Debtor. The total amount in
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VVA Developers Private…
The account of the Corporate Debtor was…
IFCI Venture Capital Funds Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against VVA Developers Private Limited, the Corporate Debtor. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 19.04.2007. The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 22 crores, leading to the account being declared a Non-Performing Asset (NPA) on 30.09.2017. The Financial Creditor issued default notices, and subsequently, the Respondent filed an application (C.A. No. 1205(PB)/2018) after notices under Section 13(2) of the SARFAESI Act. The property was put up for auction, but no bids were
…IFCI Venture Capital Funds Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VVA Developers Private Limited (Corporate Debtor). VVA Developers Private Limited is a company registered under the Companies Act, 1956, incorporated on 19.04.2007. The Financial Creditor granted financial assistance of Rs. 22 crores to the Corporate Debtor, who executed several documents, including a Corporate Loan Agreement, Promissory Note, and Deed of Hypothecation. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 30.09.2017 due to repeated defaults. The Financial Creditor issued default notices to the Corporate Debtor. The total amount in
…VVA Developers Private…
The account of the Corporate Debtor was…