L&T Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Brownish Realty Private Limited, the Corporate Debtor, due to default in repayment of a loan. The loan was sanctioned for Rs. 185,00,00,000, with Rs. 168,80,00,000 disbursed. The Corporate Debtor defaulted on interest payments after April 15, 2021, leading to the financial creditor classifying the account as NPA on October 13, 2021, and issuing a recall notice on November 25, 2021.
L&T Finance Limited (Financial Creditor) sanctioned a loan of Rs. 185,00,00,000 to Brownish Realty Private Limited (Corporate Debtor) for real estate development. A loan agreement was executed on January 14, 2020, with Rs. 150,00,00,000 earmarked for mortgage properties, Rs. 25,00,00,000 for marketing, and Rs. 10,00,00,000 for stamp duty. The loan repayment period was 72 months, including a 36-month moratorium. Rs. 168,80,00,000 was disbursed. The Corporate Debtor granted exclusive rights on immovable properties and executed a share pledge agreement, deed of personal guarantee, and security trustee agreement. Interest was remitted from February 2020 to April 15, 2021. The Financial Creditor shared balance statements on March 13, 2021, which were accepted by the
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Brownish Realty…
Corporate Debtor submitted loan applications…
L&T Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Brownish Realty Private Limited, the Corporate Debtor, due to default in repayment of a loan. The loan was sanctioned for Rs. 185,00,00,000, with Rs. 168,80,00,000 disbursed. The Corporate Debtor defaulted on interest payments after April 15, 2021, leading to the financial creditor classifying the account as NPA on October 13, 2021, and issuing a recall notice on November 25, 2021.
L&T Finance Limited (Financial Creditor) sanctioned a loan of Rs. 185,00,00,000 to Brownish Realty Private Limited (Corporate Debtor) for real estate development. A loan agreement was executed on January 14, 2020, with Rs. 150,00,00,000 earmarked for mortgage properties, Rs. 25,00,00,000 for marketing, and Rs. 10,00,00,000 for stamp duty. The loan repayment period was 72 months, including a 36-month moratorium. Rs. 168,80,00,000 was disbursed. The Corporate Debtor granted exclusive rights on immovable properties and executed a share pledge agreement, deed of personal guarantee, and security trustee agreement. Interest was remitted from February 2020 to April 15, 2021. The Financial Creditor shared balance statements on March 13, 2021, which were accepted by the
…Brownish Realty…
Corporate Debtor submitted loan applications…