The case involves an application filed by Canara Bank (formerly Syndicate Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Clarion Townships Pvt. Ltd. and M/s Linaks Microelectronics Ltd. for defaulting on a loan of Rs. 25,69,65,915/-. Clarion Townships Pvt. Ltd. was undergoing CIRP under a separate order. Linaks Microelectronics Ltd. was the owner of the land on which Clarion Townships Pvt. Ltd. was developing a residential complex. A development agreement was entered into between the two companies. Canara Bank sanctioned a term loan to Clarion Townships Pvt. Ltd., with Linaks Microelectronics Ltd. acting as a corporate guarantor. The loan was disbursed in tranches, but Clarion
…Syndicate Bank (now Canara Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Clarion Townships Pvt. Ltd. and M/s Linaks Microelectronics Ltd. for a default of Rs. 25,69,65,915/-. Clarion Townships Pvt. Ltd. was already undergoing CIRP under a separate order. Linaks Microelectronics Ltd. owned the land on which Clarion Townships Pvt. Ltd. was developing a residential complex. A development agreement was in place between the two companies. Canara Bank sanctioned a term loan of Rs. 30,00,00,000/- to Clarion Townships Pvt. Ltd., with Linaks Microelectronics Ltd. acting as a corporate guarantor. Rs. 19,00,00,000 was disbursed. Clarion Townships Pvt. Ltd. failed to
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CD No.2 entered into a Development Agreement…
FC vide sanction letter dated 29.08.2014…
The case involves an application filed by Canara Bank (formerly Syndicate Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Clarion Townships Pvt. Ltd. and M/s Linaks Microelectronics Ltd. for defaulting on a loan of Rs. 25,69,65,915/-. Clarion Townships Pvt. Ltd. was undergoing CIRP under a separate order. Linaks Microelectronics Ltd. was the owner of the land on which Clarion Townships Pvt. Ltd. was developing a residential complex. A development agreement was entered into between the two companies. Canara Bank sanctioned a term loan to Clarion Townships Pvt. Ltd., with Linaks Microelectronics Ltd. acting as a corporate guarantor. The loan was disbursed in tranches, but Clarion
…Syndicate Bank (now Canara Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Clarion Townships Pvt. Ltd. and M/s Linaks Microelectronics Ltd. for a default of Rs. 25,69,65,915/-. Clarion Townships Pvt. Ltd. was already undergoing CIRP under a separate order. Linaks Microelectronics Ltd. owned the land on which Clarion Townships Pvt. Ltd. was developing a residential complex. A development agreement was in place between the two companies. Canara Bank sanctioned a term loan of Rs. 30,00,00,000/- to Clarion Townships Pvt. Ltd., with Linaks Microelectronics Ltd. acting as a corporate guarantor. Rs. 19,00,00,000 was disbursed. Clarion Townships Pvt. Ltd. failed to
…CD No.2 entered into a Development Agreement…
FC vide sanction letter dated 29.08.2014…