Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Positive Housing Private Limited, claiming a default on a financial debt.
Indiabulls Housing Finance Limited filed a petition under Section 7 of the IBC to initiate CIRP against Positive Housing Private Limited.
The total outstanding debt claimed by Indiabulls is Rs. 77,94,34,430 as of 11.12.2023.
The date of default is 14.11.2023.
Positive Housing Private Limited argued that the loan agreements were merely paper documents and that the funds were used to repay loans to other Indiabulls Group companies.
Positive Housing Private Limited alleged evergreening of loans and money laundering.
The Tribunal observed that the petition was filed within the period of limitation.
The Tribunal noted that Positive Housing Private Limited admitted to availing and utilizing the loan amount.
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Loan Agreement between Indiabulls Housing…
The date of de…
Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Positive Housing Private Limited, claiming a default on a financial debt.
Indiabulls Housing Finance Limited filed a petition under Section 7 of the IBC to initiate CIRP against Positive Housing Private Limited.
The total outstanding debt claimed by Indiabulls is Rs. 77,94,34,430 as of 11.12.2023.
The date of default is 14.11.2023.
Positive Housing Private Limited argued that the loan agreements were merely paper documents and that the funds were used to repay loans to other Indiabulls Group companies.
Positive Housing Private Limited alleged evergreening of loans and money laundering.
The Tribunal observed that the petition was filed within the period of limitation.
The Tribunal noted that Positive Housing Private Limited admitted to availing and utilizing the loan amount.
…Loan Agreement between Indiabulls Housing…
The date of de…