This case involves an application filed by Canara Bank, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bellona Estate Developers Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1,75,81,72,267.90 as of 31.05.2021, including Term Liability Plus Equity Exposure Liability as per SDR mechanism. The date of default was stated as 01.08.2015, based on the repayment schedule stipulated in the sanction letter dated 22.03.2014, 29.03.2014 and 07.08.2015. The Corporate Debtor is a limited company engaged in real estate development and had approached the Financial Creditor for financial assistance.
Canara Bank (formerly Syndicate Bank) extended a Term Loan of Rs. 80 Crores to Bellona Estate Developers Limited on 22nd March 2014 under a Lease Rental Discounting facility, disbursed on 29th March 2014. A Composite Hypothecation Agreement was executed. The initial repayment was structured in 87 monthly installments from April 2015, later changed to August 2015, and further extended to April 2016. Extensions were conditional on a payment of Rs. 2,78,27,569.52, which the Corporate Debtor failed to make. On 29th March 2016, a First Supplemental Agreement, Shareholders Agreement, Inter Creditor Agreement, Debtor Creditor Agreement, and Undertaking were signed. The Financial Creditor issued a Demand Notice on 6th May 2019, followed by a SARFAESI Notice on 26th July 2019.
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Syndicate Bank (merged with Canara Bank)…
The Term Loan of…
This case involves an application filed by Canara Bank, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bellona Estate Developers Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1,75,81,72,267.90 as of 31.05.2021, including Term Liability Plus Equity Exposure Liability as per SDR mechanism. The date of default was stated as 01.08.2015, based on the repayment schedule stipulated in the sanction letter dated 22.03.2014, 29.03.2014 and 07.08.2015. The Corporate Debtor is a limited company engaged in real estate development and had approached the Financial Creditor for financial assistance.
Canara Bank (formerly Syndicate Bank) extended a Term Loan of Rs. 80 Crores to Bellona Estate Developers Limited on 22nd March 2014 under a Lease Rental Discounting facility, disbursed on 29th March 2014. A Composite Hypothecation Agreement was executed. The initial repayment was structured in 87 monthly installments from April 2015, later changed to August 2015, and further extended to April 2016. Extensions were conditional on a payment of Rs. 2,78,27,569.52, which the Corporate Debtor failed to make. On 29th March 2016, a First Supplemental Agreement, Shareholders Agreement, Inter Creditor Agreement, Debtor Creditor Agreement, and Undertaking were signed. The Financial Creditor issued a Demand Notice on 6th May 2019, followed by a SARFAESI Notice on 26th July 2019.
…Syndicate Bank (merged with Canara Bank)…
The Term Loan of…