Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Andes Town Planners Private Limited. The application was filed due to a default on a debt of Rs. 1,56,16,92,505/-. The Financial Creditor claimed that the Corporate Debtor failed to repay a loan of Rs. 90 crores sanctioned on 10.09.2014, leading to the issuance of a loan recall notice on 01.02.2020.
On 29.09.2014, Andes Town Planners (Borrower) Corporate Debtor, M/s Rohtas Project (Co-borrower) and Financial creditor entered into a loan agreement. A loan of Rs. 90 crores was approved and sanctioned to the Corporate Debtor for a duration of 60 months (5 years) based on a sanction letter dated 10.09.2014. The Financial creditor extended loan facility to the Corporate debtor relying on the representations and warranties of the Corporate debtor. Due to the non-payment of the term loans by Corporate debtor, the Financial creditor issued a Loan Recall Notice upon the Corporate debtor dated 1.02.2020 to pay the entire remaining dues amount. The Corporate debtor failed to respond to the notices. The Financial Creditor disbursed Rs. 88,35,13,404/- to the Corporate Debtor
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Andes Town Planners,…
Loan of Rs. 90 crores…
Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Andes Town Planners Private Limited. The application was filed due to a default on a debt of Rs. 1,56,16,92,505/-. The Financial Creditor claimed that the Corporate Debtor failed to repay a loan of Rs. 90 crores sanctioned on 10.09.2014, leading to the issuance of a loan recall notice on 01.02.2020.
On 29.09.2014, Andes Town Planners (Borrower) Corporate Debtor, M/s Rohtas Project (Co-borrower) and Financial creditor entered into a loan agreement. A loan of Rs. 90 crores was approved and sanctioned to the Corporate Debtor for a duration of 60 months (5 years) based on a sanction letter dated 10.09.2014. The Financial creditor extended loan facility to the Corporate debtor relying on the representations and warranties of the Corporate debtor. Due to the non-payment of the term loans by Corporate debtor, the Financial creditor issued a Loan Recall Notice upon the Corporate debtor dated 1.02.2020 to pay the entire remaining dues amount. The Corporate debtor failed to respond to the notices. The Financial Creditor disbursed Rs. 88,35,13,404/- to the Corporate Debtor
…Andes Town Planners,…
Loan of Rs. 90 crores…