The application was filed by Piramal Capital and Housing Finance Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against Crystal Facilities Management Pvt. Ltd. The application was based on the alleged default by Crystal Facilities Management Pvt. Ltd. in settling an amount of Rs. 53,26,52,972 as on 11.05.2022. The applicant, Piramal Capital and Housing Finance Ltd., had extended a loan of Rs. 35 crores to Crystal Facilities Management Pvt. Ltd. pursuant to a loan agreement dated 29.03.2018. The corporate debtor had defaulted in repayment of the loan amount.
Piramal Capital and Housing Finance Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Crystal Facilities Management Pvt. Ltd. (Corporate Debtor). The application was based on the Corporate Debtor's alleged default in settling an amount of Rs. 53,26,52,972 as of 11.05.2022. A loan agreement dated 29.03.2018 was entered into between the parties, where the Financial Creditor sanctioned a loan of Rs. 35 crores to the Corporate Debtor. The Corporate Debtor defaulted on its payment obligations under the loan agreement. The Financial Creditor issued a recall notice dated 22.02.2020 for an amount of Rs. 37,17,10,172. The Corporate Debtor's name was
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Sanction letter…
Loan Agreement entered into between Crystal…
The application was filed by Piramal Capital and Housing Finance Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against Crystal Facilities Management Pvt. Ltd. The application was based on the alleged default by Crystal Facilities Management Pvt. Ltd. in settling an amount of Rs. 53,26,52,972 as on 11.05.2022. The applicant, Piramal Capital and Housing Finance Ltd., had extended a loan of Rs. 35 crores to Crystal Facilities Management Pvt. Ltd. pursuant to a loan agreement dated 29.03.2018. The corporate debtor had defaulted in repayment of the loan amount.
Piramal Capital and Housing Finance Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Crystal Facilities Management Pvt. Ltd. (Corporate Debtor). The application was based on the Corporate Debtor's alleged default in settling an amount of Rs. 53,26,52,972 as of 11.05.2022. A loan agreement dated 29.03.2018 was entered into between the parties, where the Financial Creditor sanctioned a loan of Rs. 35 crores to the Corporate Debtor. The Corporate Debtor defaulted on its payment obligations under the loan agreement. The Financial Creditor issued a recall notice dated 22.02.2020 for an amount of Rs. 37,17,10,172. The Corporate Debtor's name was
…Sanction letter…
Loan Agreement entered into between Crystal…