Phoenix ARC Limited, as the Financial Creditor and assignee of a loan originally sanctioned by L&T Housing Finance Limited, filed two petitions under Section 7 of the IBC, 2016, against Virgo Realtors Private Limited (Borrower) and Virgo Properties Private Limited (Co-Borrower). The Corporate Debtors had availed a term loan of Rs. 107 Crores in 2017 for construction projects, with joint and several liability. The loan was subsequently assigned multiple times, eventually to Phoenix ARC Limited. The Corporate Debtors defaulted on repayments, leading to the account being classified as an NPA. Despite reminders, notices, and even One Time Settlement (OTS) offers from the Corporate Debtors (which were not accepted), the debt remained outstanding. The Corporate Debtors
…L&T Housing Finance Limited sanctioned a term loan of Rs. 107,00,00,000/- to Virgo Realtors Private Limited (Borrower) and Virgo Properties Private Limited (Co-Borrower) on June 15, 2017.
Loan documents, including a loan agreement, were executed on June 23, 2017, stipulating joint and several liability for both Corporate Debtors.
The loan was granted for construction projects: Tranquil Square by Virgo Realtors Private Limited and Bounty Acres by Virgo Properties Private Limited.
Rs. 44,70,34,770/- was disbursed to Virgo Realtors Private Limited, and Rs. 56,85,98,913/- was disbursed to Virgo Properties Private Limited.
The loan was assigned by L&T Housing Finance Limited to L&T Finance Limited via an assignment deed dated March 29, 2019.
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L&T Housing Finance Limited sanctioned a term…
Loan documents,…
Phoenix ARC Limited, as the Financial Creditor and assignee of a loan originally sanctioned by L&T Housing Finance Limited, filed two petitions under Section 7 of the IBC, 2016, against Virgo Realtors Private Limited (Borrower) and Virgo Properties Private Limited (Co-Borrower). The Corporate Debtors had availed a term loan of Rs. 107 Crores in 2017 for construction projects, with joint and several liability. The loan was subsequently assigned multiple times, eventually to Phoenix ARC Limited. The Corporate Debtors defaulted on repayments, leading to the account being classified as an NPA. Despite reminders, notices, and even One Time Settlement (OTS) offers from the Corporate Debtors (which were not accepted), the debt remained outstanding. The Corporate Debtors
…L&T Housing Finance Limited sanctioned a term loan of Rs. 107,00,00,000/- to Virgo Realtors Private Limited (Borrower) and Virgo Properties Private Limited (Co-Borrower) on June 15, 2017.
Loan documents, including a loan agreement, were executed on June 23, 2017, stipulating joint and several liability for both Corporate Debtors.
The loan was granted for construction projects: Tranquil Square by Virgo Realtors Private Limited and Bounty Acres by Virgo Properties Private Limited.
Rs. 44,70,34,770/- was disbursed to Virgo Realtors Private Limited, and Rs. 56,85,98,913/- was disbursed to Virgo Properties Private Limited.
The loan was assigned by L&T Housing Finance Limited to L&T Finance Limited via an assignment deed dated March 29, 2019.
…L&T Housing Finance Limited sanctioned a term…
Loan documents,…