The case involves an application filed by Omkara Assets Reconstruction Private Limited (Financial Creditor/Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Divya Infra Properties Private Limited (Corporate Debtor/Respondent). The application is based on the Corporate Debtor's alleged default on a total outstanding amount of Rs. 47,59,12,611 as of September 6, 2022. The Corporate Debtor had availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) in 2015, which was later assigned to Omkara Assets Reconstruction Private Limited. The petition was initially filed on 20.10.2022.
Divya Infra Properties Private Limited (Corporate Debtor) availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) on January 31, 2015. The loan carried a floating interest rate of 18.50% p.a. and a penal interest of 24% p.a. The Corporate Debtor defaulted on its payment obligations, with the initial date of default mentioned as September 15, 2016. DHFL underwent a reverse merger with Piramal Capital & Housing Finance Limited (PCHFL), which later assigned the loan to Omkara Assets Reconstruction Private Limited (Financial Creditor) on January 10, 2023. As of September 6, 2022, the total outstanding amount was Rs. 47,59,12,611, including principal and interest. The Corporate Debtor acknowledged the debt in an email dated March 2,
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Divya Infra Properties Private Limited availed a…
The Corporate Debtor…
The case involves an application filed by Omkara Assets Reconstruction Private Limited (Financial Creditor/Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Divya Infra Properties Private Limited (Corporate Debtor/Respondent). The application is based on the Corporate Debtor's alleged default on a total outstanding amount of Rs. 47,59,12,611 as of September 6, 2022. The Corporate Debtor had availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) in 2015, which was later assigned to Omkara Assets Reconstruction Private Limited. The petition was initially filed on 20.10.2022.
Divya Infra Properties Private Limited (Corporate Debtor) availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) on January 31, 2015. The loan carried a floating interest rate of 18.50% p.a. and a penal interest of 24% p.a. The Corporate Debtor defaulted on its payment obligations, with the initial date of default mentioned as September 15, 2016. DHFL underwent a reverse merger with Piramal Capital & Housing Finance Limited (PCHFL), which later assigned the loan to Omkara Assets Reconstruction Private Limited (Financial Creditor) on January 10, 2023. As of September 6, 2022, the total outstanding amount was Rs. 47,59,12,611, including principal and interest. The Corporate Debtor acknowledged the debt in an email dated March 2,
…Divya Infra Properties Private Limited availed a…
The Corporate Debtor…