Reliance Home Finance Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Zaveri Constructions Private Limited, claiming default on a financial debt. The financial creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The corporate debtor had taken a construction finance loan from the financial creditor for a project called 'Upakram'. The corporate debtor defaulted in payment of installments, leading to the financial creditor issuing a notice under Section 13(2) of the SARFAESI Act. The NCLT admitted the application, finding that the debt and default were established, and appointed an Interim Resolution Professional (IRP).
On 26.02.2009, Upakram Co-Operative Housing Society Limited entered into a Development Agreement with Zaveri Constructions Private Limited (Corporate Debtor) for developing a project called 'Upakram'. In August 2016, the Corporate Debtor approached Reliance Home Finance Private Limited (Financial Creditor) for a construction finance loan of Rs. 10,00,00,000/- to meet the development cost of the project. On 20.09.2016, the Corporate Debtor signed and executed the Application Form for availing the loan facility. On 21.10.2016, the Financial Creditor sanctioned the construction finance loan. On 24.10.2016, a Demand Promissory Note was executed by the Corporate Debtor. On 25.10.2016, an Indenture of Mortgage Deed was registered. The Corporate Debtor defaulted in payment of
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Upakram Co-Operative Housing Society Limited…
The Corporate Debtor…
Reliance Home Finance Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Zaveri Constructions Private Limited, claiming default on a financial debt. The financial creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The corporate debtor had taken a construction finance loan from the financial creditor for a project called 'Upakram'. The corporate debtor defaulted in payment of installments, leading to the financial creditor issuing a notice under Section 13(2) of the SARFAESI Act. The NCLT admitted the application, finding that the debt and default were established, and appointed an Interim Resolution Professional (IRP).
On 26.02.2009, Upakram Co-Operative Housing Society Limited entered into a Development Agreement with Zaveri Constructions Private Limited (Corporate Debtor) for developing a project called 'Upakram'. In August 2016, the Corporate Debtor approached Reliance Home Finance Private Limited (Financial Creditor) for a construction finance loan of Rs. 10,00,00,000/- to meet the development cost of the project. On 20.09.2016, the Corporate Debtor signed and executed the Application Form for availing the loan facility. On 21.10.2016, the Financial Creditor sanctioned the construction finance loan. On 24.10.2016, a Demand Promissory Note was executed by the Corporate Debtor. On 25.10.2016, an Indenture of Mortgage Deed was registered. The Corporate Debtor defaulted in payment of
…Upakram Co-Operative Housing Society Limited…
The Corporate Debtor…