The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Intellicity Business Park Private Limited (Financial Creditor) against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan of Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) and a Memorandum of Understanding (MoU) with the Financial Creditor. The Corporate Debtor approached the Financial Creditor for an unsecured loan
…Intellicity Business Park Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The claim is based on a default in repayment of a loan amounting to Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor, holding 99.94% of its shares. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) for land admeasuring 1,00,000 sq. mtrs. and a Memorandum of Understanding (MoU) with the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019.
…Sign in to view the parties.
Corporate Debtor entered into a Lease Deed…
Corporate Debtor entered into a Memorandum of…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Intellicity Business Park Private Limited (Financial Creditor) against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan of Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) and a Memorandum of Understanding (MoU) with the Financial Creditor. The Corporate Debtor approached the Financial Creditor for an unsecured loan
…Intellicity Business Park Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The claim is based on a default in repayment of a loan amounting to Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor, holding 99.94% of its shares. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) for land admeasuring 1,00,000 sq. mtrs. and a Memorandum of Understanding (MoU) with the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019.
…Corporate Debtor entered into a Lease Deed…
Corporate Debtor entered into a Memorandum of…