Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited. The bank had sanctioned a term loan of Rs. 150 Crore to the respondent on 10.09.2013 for the Serene Residency Group Housing Project. The applicant bank initiated the present proceeding under Section 7 of the IBC 2016 claiming the default amount of Rs.2,01,78,08,222.25/- along with interest.
Indian Bank, the applicant, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ansal Properties and Infrastructure Limited, the respondent, seeking to initiate CIRP. The bank had sanctioned a term loan of Rs. 150 Crore to the respondent on 10.09.2013 for the 'Serene Residency Group Housing Project' at Sector ETA II, Greater Noida. The estimated project cost was Rs. 528 Crore. The interest rate was 4.50% (floating). The applicant bank claimed a default amount of Rs. 2,01,78,08,222.25/- along with interest. The respondent is a company incorporated on 30.06.1967. The court noted that CIRP had already been initiated against the respondent, and a moratorium was in place under Section 14 of the Code. NCLAT had confined the CIRP to the
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M/s Ansal Properties…
Indian Bank sanctioned a Term Loan of Rs.150…
Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited. The bank had sanctioned a term loan of Rs. 150 Crore to the respondent on 10.09.2013 for the Serene Residency Group Housing Project. The applicant bank initiated the present proceeding under Section 7 of the IBC 2016 claiming the default amount of Rs.2,01,78,08,222.25/- along with interest.
Indian Bank, the applicant, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ansal Properties and Infrastructure Limited, the respondent, seeking to initiate CIRP. The bank had sanctioned a term loan of Rs. 150 Crore to the respondent on 10.09.2013 for the 'Serene Residency Group Housing Project' at Sector ETA II, Greater Noida. The estimated project cost was Rs. 528 Crore. The interest rate was 4.50% (floating). The applicant bank claimed a default amount of Rs. 2,01,78,08,222.25/- along with interest. The respondent is a company incorporated on 30.06.1967. The court noted that CIRP had already been initiated against the respondent, and a moratorium was in place under Section 14 of the Code. NCLAT had confined the CIRP to the
…M/s Ansal Properties…
Indian Bank sanctioned a Term Loan of Rs.150…