The case involves an application filed by Piramal Capital and Housing Finance Limited under Section 60(5)(b) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking various reliefs related to escrow accounts of Asten Realtors Private Limited, the Corporate Debtor. The applicant had provided a project loan to the Corporate Debtor, secured by an Escrow Agreement. The dispute arose when the Resolution Professional (Respondent No. 1) allegedly started withdrawing monies from the Cash Retention Account without the required permission and directed homebuyers to deposit receivables into RERA accounts instead of the Master Escrow Accounts, violating the Escrow Agreement. The applicant claims a lien on the escrow accounts and seeks to restrain the respondents from
…Asten Realtors Private Limited (Corporate Debtor) requested a project loan of Rs. 55,00,00,000/- from Piramal Capital and Housing Finance Limited (Applicant) for its projects "Aurumwoods" and "Campus Court". The Applicant sanctioned the loan on 19th November 2018, and a loan agreement was executed on 22nd January 2019. A Deed of Hypothecation was executed on 15th February 2019, where the Corporate Debtor hypothecated, assigned, charged, and assured all amounts owing to and received by them in favor of the Applicant. To secure the loan, the Corporate Debtor agreed to enter into an Escrow Agreement for the deposit of all receivables. HDFC Bank (Respondent No. 2) agreed to hold and administer the monies deposited in the escrow accounts. The Corporate
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Applicant sanctioned…
Loan agreement executed…
The case involves an application filed by Piramal Capital and Housing Finance Limited under Section 60(5)(b) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking various reliefs related to escrow accounts of Asten Realtors Private Limited, the Corporate Debtor. The applicant had provided a project loan to the Corporate Debtor, secured by an Escrow Agreement. The dispute arose when the Resolution Professional (Respondent No. 1) allegedly started withdrawing monies from the Cash Retention Account without the required permission and directed homebuyers to deposit receivables into RERA accounts instead of the Master Escrow Accounts, violating the Escrow Agreement. The applicant claims a lien on the escrow accounts and seeks to restrain the respondents from
…Asten Realtors Private Limited (Corporate Debtor) requested a project loan of Rs. 55,00,00,000/- from Piramal Capital and Housing Finance Limited (Applicant) for its projects "Aurumwoods" and "Campus Court". The Applicant sanctioned the loan on 19th November 2018, and a loan agreement was executed on 22nd January 2019. A Deed of Hypothecation was executed on 15th February 2019, where the Corporate Debtor hypothecated, assigned, charged, and assured all amounts owing to and received by them in favor of the Applicant. To secure the loan, the Corporate Debtor agreed to enter into an Escrow Agreement for the deposit of all receivables. HDFC Bank (Respondent No. 2) agreed to hold and administer the monies deposited in the escrow accounts. The Corporate
…Applicant sanctioned…
Loan agreement executed…