The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by SREI Equipment Finance Limited, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Avarsekar Realty Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default in repaying a loan of INR 616,37,08,329/- as of 31.07.2023.
SREI Equipment Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avarsekar Realty Private Limited, the Corporate Debtor. The Financial Creditor's administrator, Rajneesh Sharma, had executed a Power of Attorney in favor of Mr. Pallab Bose to initiate recovery actions. The Corporate Debtor defaulted on a loan of INR 616,37,08,329/- as of 31.07.2023. The loan agreement, No. 149328, was dated 22nd December 2017, for Rs. 200 Crores, with a tenure of 36 months and a 6-month moratorium. The interest rate was 0.01% per annum with a Yield to Maturity at 11%. A supplementary loan agreement was entered on 31st December 2019. The
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Loan Agreement No.…
A supplementary loan…
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by SREI Equipment Finance Limited, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Avarsekar Realty Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default in repaying a loan of INR 616,37,08,329/- as of 31.07.2023.
SREI Equipment Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avarsekar Realty Private Limited, the Corporate Debtor. The Financial Creditor's administrator, Rajneesh Sharma, had executed a Power of Attorney in favor of Mr. Pallab Bose to initiate recovery actions. The Corporate Debtor defaulted on a loan of INR 616,37,08,329/- as of 31.07.2023. The loan agreement, No. 149328, was dated 22nd December 2017, for Rs. 200 Crores, with a tenure of 36 months and a 6-month moratorium. The interest rate was 0.01% per annum with a Yield to Maturity at 11%. A supplementary loan agreement was entered on 31st December 2019. The
…Loan Agreement No.…
A supplementary loan…