The case involves an application filed by Piramal Capital and Housing Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Earthbuild Greencity Private Limited (Corporate Debtor). The Financial Creditor had sanctioned a loan of Rs. 35 Crore to Crystal Facilities Management Private Limited (CFMPL), of which Rs. 28 Crore 10 Lakh was disbursed. The Corporate Debtor acted as a guarantor for the loan. CFMPL has already been admitted to CIRP.
Piramal Capital and Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Earthbuild Greencity Private Limited (Corporate Debtor). The Financial Creditor had sanctioned a loan of Rs. 35 Crore to Crystal Facilities Management Private Limited (CFMPL), with Rs. 28.10 Crore disbursed. Earthbuild Greencity Private Limited acted as a guarantor for the loan. CFMPL was already admitted to CIRP. The Corporate Debtor executed a guarantee deed on 29.03.2018. The date of default was alleged to be 15.04.2018. The Corporate Debtor was proceeded against ex-parte due to non-appearance. The application was filed on 27.05.2022.
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The Corporate Debtor…
Alleged date of default…
The case involves an application filed by Piramal Capital and Housing Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Earthbuild Greencity Private Limited (Corporate Debtor). The Financial Creditor had sanctioned a loan of Rs. 35 Crore to Crystal Facilities Management Private Limited (CFMPL), of which Rs. 28 Crore 10 Lakh was disbursed. The Corporate Debtor acted as a guarantor for the loan. CFMPL has already been admitted to CIRP.
Piramal Capital and Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Earthbuild Greencity Private Limited (Corporate Debtor). The Financial Creditor had sanctioned a loan of Rs. 35 Crore to Crystal Facilities Management Private Limited (CFMPL), with Rs. 28.10 Crore disbursed. Earthbuild Greencity Private Limited acted as a guarantor for the loan. CFMPL was already admitted to CIRP. The Corporate Debtor executed a guarantee deed on 29.03.2018. The date of default was alleged to be 15.04.2018. The Corporate Debtor was proceeded against ex-parte due to non-appearance. The application was filed on 27.05.2022.
The Corporate Debtor…
Alleged date of default…